These transactions mainly included the sales of our products to a related party, and provision of our services to our related parties.
Financial Information · 第 200 页
These transactions were conducted on normal commercial terms in the ordinary course of our business, with pricing policies consistent with those transactions conducted with independent third parties.
During the Track Record Period, we procured overseas delivery services from a subsidiary of our associate, namely Alreach Group (HK) Limited, the transaction amount of which amounted to RMB279.4 million, RMB15.3 million and nil in 2023, 2024 and 2025, respectively.
Financial Information · 第 211 页
During the Track Record Period, we procured customs clearance and international transportation services from our associate, namely Guangdong Deyun, the transaction amount of which amounted to RMB233.1 million and RMB17.9 million in 2023 and 2024, respectively.
Financial Information · 第 211 页
Our Directors are of the view that each of the above related party transactions was conducted on an arm's length basis and would not distort our track record results or cause our historical results to become non-reflective of our future performance.
During the Track Record Period, we provided loans to certain related parties, including our managed medical institutions and Puxiang Ren’ai.
Financial Information · 第 238 页
The amounts due from our managed medical institutions increased from RMB49.3 million as of December 31, 2023 to RMB53.4 million as of December 31, 2024, primarily due to additional loans provided to Beijing Fengtai Yikang Hospital to supports its business development.
Financial Information · 第 248 页
In September 2025, we entered into a supplemental agreement with Puxiang Ren’ai and agreed to change the intended use of the loan under the Loan Agreement, pursuant to which such loan in the amount of RMB48.8 million will solely be used to settle the considerations for the transfer of minority interests of the existing VIE Hospitals back to Puxiang Investment when it is legally permissible for us to hold these minority interests directly.
Our balances with related parties that are non-trade in nature, including capital contributions from non-controlling shareholders, dividends payable and loans from a related party, have been fully settled as of the date of this document.
Financial Information · 第 247 页
Our Directors are of the view that each of our transactions with related parties during the Track Record Period were conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Financial Information · 第 247 页
Our other receivables decreased from RMB301.3 million as of December 31, 2023 to RMB171.2 million as of December 31, 2024, primarily due to (i) a decrease in other payments on behalf of others of RMB116.1 million as we gradually ceased providing vehicle operation services to automobile dealerships; and (ii) a decrease in amount due from related parties of RMB16.0 million as we settled outstanding amounts with related parties.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
往绩记录期间关联交易（贷款担保及采购）
During the Track Record Period, we entered into transactions with related parties in relation to guarantee of loans and purchase of pharmaceuticals and related products.
Financial Information · 第 246 页
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountants’ Report in Appendix I to this Document was conducted on an arm’s length basis and would not distort our track record results or cause our historical results to be not reflective of our future performance.
中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
与控股公司大额非贸易往来及股东贷款经债转股处理
Our Directors are of the view that each such transaction was conducted in the ordinary course of business on an arm’s length basis and on normal commercial terms between the relevant parties.
Financial Information · 第 189 页
Our non-trade amounts due to holding companies primarily represented (i) intra-group funding arrangements, which were unsecured, interest-free and repayable on demand; and
Financial Information · 第 189 页
As part of the Spin-off Reorganization, non-trade amounts due to holding companies and the loans from China Travel HK of HKD4,358.4 million as of December 31, 2025 were assigned to the Company on May 13, 2026, in consideration of which the Company allotted and issued a certain number of Shares to China Travel HK.
The amounts due to a related party represent our payables to a related party in connection with our purchases of R&D and clinical-related services from such related party. We recorded RMB907 thousand and RMB1.8 million in amounts due to a related party as of December 31, 2024 and 2025, respectively.
Financial Information · 第 236 页
Our Directors confirm that the material related party transaction during the Track Record Period was conducted on an arm’s length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, our transactions with related parties mainly consisted of (i) sales of products; (ii) purchases of raw materials; and (iii) leased of low-value assets.
Financial Information · 第 268 页
It is the view of our Directors that each of the related party transactions (i) were conducted on normal commercial terms and/or on terms not less favorable than terms available from Independent Third Parties, which are considered fair, reasonable and in the interest of our Shareholders as a whole; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.
We enter into transactions with our related parties from time to time. For details about our material related party transactions, see Note 29 to the Accountants’ Report included in Appendix I to this document.
Financial Information · 第 188 页
Our Directors are of the view that each of the material related party transactions set out in Note 29 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, our related party transactions mainly included (i) provision of guarantees by Mr. Lu to our Company; and (ii) remuneration of key management personnel during the Track Record Period.
Financial Information · 第 241 页
In respect of the related-party transactions set forth in Note 39 to the Accountants' Report contained in Appendix I to this document, our Directors confirm that these transactions were conducted on normal commercial terms, and that their terms were fair and reasonable and in the interests of our Company and the Shareholders as a whole.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
与持股50%合营企业的分包关连交易
During the Track Record Period, our related party transactions involved amount due from a joint venture, Shanxi Cellular.
Financial Information · 第 229 页
Our Directors are of the view that each of the related party transactions set out in note 39 to the Accountant's Report as set out in Appendix I to this document were conducted at arm's length and on normal commercial terms or better, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
Financial Information · 第 229 页
Shanxi Cellular | A joint venture company which was owned as to 50% by our Group, which principally engaging in construction of power projects.
We have entered into certain transactions with associates of Mr. Wong and Ms. Wong in the ordinary and usual course of business which, upon [REDACTED], will constitute continuing connected transactions of our Company under the Listing Rules.
Summary · 第 11 页
Our Directors are of the view that each of the related party transactions set out in Note 29 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Our Directors confirm that all material related party transactions during the Track Record Period were conducted on an arm's length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
Financial Information · 第 303 页
Our prepayments, other receivables and other assets then increased from RMB4.1 million as of December 31, 2024 to RMB7.6 million as of December 31, 2025, primarily due to (i) an occurrence of RMB3.8 million in deferred listing expenses, and (ii) an increase of RMB2.5 million in prepayments, mainly relating to the advance in our clinical trials in 2025, partially offset by our settlement of the receivable with Dr. Ma in 2025.
Pursuant to loan agreements entered between our Group and Mr. Kang in 2024, loans with a total principal amount of US$0.9 million and interest rates from 4% to 5% per annum was granted and repayable in year of 2030.
Financial Information · 第 224 页
Such loan receivables has been fully settled during FY2025.
Financial Information · 第 224 页
Amounts due to related parties are unsecured, interest-free and repayable on demand. Outstanding amounts due to related parties as of 31 December 2024 have been fully settled as of 31 December 2025.
Trade receivables due from related parties | 25,381 | 26,929 | 393
Financial Information · 第 241 页
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and they did not distort our results of operations or make our historical results not reflective of our future performance.
Financial Information · 第 255 页
Our non-trade balances with related parties will be settled prior to [REDACTED].
During the Track Record Period, we had entered into certain related party transactions, details of which are set out in Note 43 of the Accountants' Report included in Appendix I to this document. All of the amounts due to/from the related parties are trade in nature.
Financial Information · 第 257 页
Our Directors are of the view that each of the related party transactions set out in Note 43 to the Accountants' Report included in Appendix I to this document was conducted in the ordinary course of business on an arm's length basis and with normal commercial terms between the relevant parties.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
向联营公司成都成飞的销售及应收款项
Since the establishment of Chengdu Chenfei and as at the Latest Practicable Date, we held 14.48% equity interest in Chengdu Chenfei. Chengdu Chenfei was accounted for as an associate of our Company.
Business · 第 168 页
In FY2022, we entered into a sales contract with Chengdu Chenfei in a contract sum of RMB109.8 million for the sale of aviation and aerospace intelligent manufacturing equipment, namely six horizontal flip-type milling five-axis machine tools.
Business · 第 168 页
The increase in our trade receivables to RMB206.0 million as at 31 December 2025 was primarily attributable to the addition of trade receivables of RMB71.3 million due from Chengdu Chenfei (a subsidiary of Customer E, one of our top five customers in FY2025), as it completed final acceptance of aviation and aerospace intelligent manufacturing equipment during the year.
These transactions primarily include (i) our sales of autonomous driving solutions to our joint venture, (ii) office rental expenses paid to a company controlled by our chief executive, and (iii) compensation of key management personnel of our Group.
Financial Information · 第 280 页
It is the view of our Directors that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis and with normal commercial terms.
Financial Information · 第 280 页
Due from related parties was RMB34 thousand as of December 31, 2023, then increased to RMB2.1 million as of December 31, 2024, and decreased to RMB12.1 thousand as of December 31, 2025.
We enter into transactions with our related parties from time to time.
Financial Information · 第 224 页
Our Directors are of the view that each of the related party transactions set out in Note 42 to the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business on an arm’s-length basis and with normal commercial terms between the relevant parties.
As of December 31, 2023, 2024 and 2025, we had RMB10.0 thousand, nil and nil, respectively, due from a related party, and RMB275.8 million, RMB68.1 million and RMB8.0 million due to related parties.
Financial Information · 第 244 页
We recorded non-current non-trade nature amounts due to related parties of RMB100.0 million, nil, nil and nil, respectively, as of December 31, 2023, 2024 and 2025 and March 31, 2026.
Financial Information · 第 242 页
The decrease in amounts due to related parties/subsidiaries was primarily because (i) the decrease in non-trade in nature due to software license fees to Apollo Intelligent Techniques (Beijing) Co., Ltd, which were paid in annual installments and fully settled in 2025 and (ii) the decrease in both current and non-current non-trade in nature to Lionbridge Financing Leasing (China) Co., Ltd. as we made repayments to the shareholders’ borrowings.