From 77b405e4f3024729c87b9cc5148c79e44ed75907 Mon Sep 17 00:00:00 2001 From: geometrybase Date: Mon, 15 Jun 2026 14:51:44 +0000 Subject: [PATCH] Add T0 analyst reports for active IPOs Request: - Analyze HK IPO ticker 01392 with the analyst skill. - Preserve the in-flight 06132 archive/report work already created for the prior request. Changes: - Archived official HKEX prospectus PDFs and extracted text for 01392 and 06132. - Seeded structured T0 facts into the SQLite archive and refreshed CSV snapshots and sync state. - Rebuilt the v0 analysis dataset and model calibration report. - Generated Simplified Chinese T0 prospectus-stage analyst reports for 01392 and 06132. - Adjusted report stage calendars so T2 uses the previous business day before D1 when listing is separated from allocation by a weekend. Verification: - Compiled modified Python scripts with in-memory syntax checks. - Ran SQLite quick_check and foreign_key_check. - Confirmed DB row counts match CSV snapshots for key tables. - Verified 01392/06132 source paths are repo-relative, raw files exist, hashes match, and PDF text manifest rows are ok. - Ran git diff --cached --check. Next useful context: - 01392 T1 is due on 2026-06-18; rerun analyst after allotment results are archived. - 06132 T1 is due on 2026-06-22; rerun analyst after allotment results are archived. --- .../prospectus_2026-06-11_2026061100015.txt | 20790 +++++++++++++++ .../prospectus_2026-06-12_2026061200083.txt | 22067 ++++++++++++++++ data/hk_ipo.sqlite | Bin 2215936 -> 2215936 bytes .../prospectus_2026-06-11_2026061100015.pdf | Bin 0 -> 4358546 bytes .../prospectus_2026-06-12_2026061200083.pdf | Bin 0 -> 7575003 bytes data/snapshots/analysis_model_v0_dataset.csv | 588 +- data/snapshots/extracted_text_manifest.csv | 2 + data/snapshots/ipo_master.csv | 2 + data/snapshots/offering_terms.csv | 2 + data/snapshots/source_refs.csv | 2 + data/snapshots/sync_runs.csv | 2 + data/snapshots/sync_tasks.csv | 820 +- data/snapshots/ticker_sync_state.csv | 4116 +-- ...2026-06-15_01392_T0_prospectus_analysis.md | 95 + ...2026-06-15_06132_T0_prospectus_analysis.md | 96 + reports/2026-06-15_analysis_model_v0.md | 10 +- scripts/archive_hkex_documents.py | 5 +- scripts/generate_ipo_report.py | 32 +- 18 files changed, 45869 insertions(+), 2760 deletions(-) create mode 100644 data/extracted_text/01392/prospectus_2026-06-11_2026061100015.txt create mode 100644 data/extracted_text/06132/prospectus_2026-06-12_2026061200083.txt create mode 100644 data/raw/01392/prospectus_2026-06-11_2026061100015.pdf create mode 100644 data/raw/06132/prospectus_2026-06-12_2026061200083.pdf create mode 100644 reports/2026-06-15_01392_T0_prospectus_analysis.md create mode 100644 reports/2026-06-15_06132_T0_prospectus_analysis.md diff --git a/data/extracted_text/01392/prospectus_2026-06-11_2026061100015.txt b/data/extracted_text/01392/prospectus_2026-06-11_2026061100015.txt new file mode 100644 index 0000000..34c13f9 --- /dev/null +++ b/data/extracted_text/01392/prospectus_2026-06-11_2026061100015.txt @@ -0,0 +1,20790 @@ +--- page 1 --- +Shenzhen HQVT Technology Co., Ltd. +ʮ̡ +(A joint stock company incorporated in the People’s Republic of China with limited liability) +Stock Code : 1392 +Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators, Joint Global Coordinators, +Joint Bookrunners, and Joint Lead Managers +GLOBAL +OFFERING +Financial Adviser +Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager +Joint Bookrunners and Joint Lead Managers + + +--- page 2 --- +If you are in any doubt about this prospectus, you should obtain independent professional advice. +Shenzhen HQVT Technology Co., Ltd. +ʮ̡ +(A joint stock company incorporated in the People’ s Republic of China with limited liability) +GLOBAL OFFERING +Number of Offer Shares under the Global Offering : 85,162,500 H Shares +Number of International Placing Shares : 76,646,000 H Shares (subject to reallocation) +Number of Hong Kong Offer Shares : 8,516,500 H Shares (subject to reallocation) +Offer Price : HK$7.20 per H Share plus brokerage of 1.0%, SFC +transaction levy of 0.0027%, Hong Kong Stock +Exchange trading fee of 0.00565% and AFRC +transaction levy of 0.00015% (payable in full on +application in Hong Kong dollars and subject to +refund) +Nominal value : RMB0.0125 per H Share +Stock code : 1392 +Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators, Joint Global Coordinators, +Joint Bookrunners, and Joint Lead Managers +Financial Adviser +Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager +Joint Bookrunners and Joint Lead Managers +SOMERLEY CAPITAL LIMITED +Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsib ility for the contents of +this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever ar ising from or in reliance upon the whole +or any part of the contents of this prospectus. +A copy of this prospectus, having attached thereto the documents specified in the section headed “Appendix VII — Documents delivered to the Registrar of Companies and available on +display” to this prospectus, has been registered by the Registrar of Companies in Hong Kong as required by section 342C of the Companies (Winding Up and Miscellaneous Provisions) +Ordinance (Chapter 32 of the Laws of Hong Kong). The Securities and Futures Commission of Hong Kong and the Registrar of Companies in Hong Kong take no re sponsibility as to the +contents of this prospectus or any of the other documents referred to above. +The Offer Price will be HK$7.20. Applicants for the Offer Shares may be required to pay, on application (subject to application channels), the Offer Pr ice of HK$7.20 for each Hong Kong +Offer Share together with brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00 565%. +The Overall Coordinators (for themselves and on behalf of the Underwriters) may, with our consent, reduce the number of Offer Shares and/or the Offer P rice below that stated in this +prospectus at any time prior to the morning of the last day for lodging applications under the Hong Kong Public Offering. In such a case, as soon as practi cable following the decision to +make such reduction, and in any event not later than the morning of the last day for lodging applications under the Hong Kong Public Offering on Tuesday, 16 June 2026, notices of the +reduction in the number of Hong Kong Offer Shares being offered under the Global Offering and/or the Offer Price will be published on our Company’s webs ite at www.hqvt.com and the +website of the Stock Exchange at www.hkexnews.hk . Further details are set out in the sections headed “Structure and Conditions of the Global Offering” and “How to Apply for Hong +Kong Offer Shares” of this prospectus. +Prior to making an investment decision, prospective investors should consider carefully all of the information set out in this prospectus, includin g the risk factors set out in the section +headed “Risk factors” of this prospectus. +The Offer Shares have not been and will not be registered under the US Securities Act or any state securities law in the United States and may not be offere d, sold, pledged or transferred in +the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in accordance with any applicable US +securities laws. The Offer Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S. +The obligations of the Underwriters under the Underwriting Agreements to subscribe for, and to procure applicants for the subscription for, the Offe r Shares, are subject to termination by +the Overall Coordinators (for themselves and on behalf of the Underwriters) if certain grounds arise prior to 8:00 a.m. (Hong Kong time) on the Listing Date. Such grounds are set out in +the section headed “Underwriting — Underwriting Arrangements and Expenses — Grounds for termination” of this prospectus. It is important that you re fer to that section for further +details. +ATTENTION +We have adopted a fully electronic application process for the Hong Kong Public Offering. We will not provide printed copies of this prospectus to the p ublic in relation to the Hong +Kong Public Offering. +This document is available at the website of the Hong Kong Stock Exchange at www.hkexnews.hk and our website at www.hqvt.com . +If you require a printed copy of this prospectus, you may download and print from the website addresses above. +IMPORTANT +11 June 2026 + + +--- page 3 --- +IMPORTANT NOTICE TO INVESTORS OF HONG KONG OFFER SHARES +FULLY ELECTRONIC APPLICATION PROCESS +We have adopted a fully electronic application process for the Hong Kong Public Offering. We will not +provide printed copies of this prospectus to the public in relation to the Hong Kong Public Offering. +This prospectus is available at the website of the Stock Exchange at www.hkexnews.hk under the +“HKEXnews > New Listings > New Listing Information ” section, and our website at www.hqvt.com .I f +you require a printed copy of this prospectus, you may download and print from the website addresses +above. +To apply for the Hong Kong Offer Shares, you may: +(1) apply online via the HK eIPO White Form service at www.hkeipo.hk ;o r +(2) apply electronically through the HKSCC EIPO channel and cause HKSCC Nominees to apply on +your behalf by instructing your broker or custodian who is a HKSCC Participant to give +electronic application instructions via HKSCC’s FINI system to apply for the Hong Kong Offer +Shares on your behalf. +We will not provide any physical channels to accept any application for the Hong Kong Offer Shares by +the public. The contents of the electronic version of this prospectus are identical to the printed +prospectus as registered with the Registrar of Companies in Hong Kong pursuant to Section 342C of +the Companies (WUMP) Ordinance. +If you are an intermediary, broker or agent , please remind your customers, clients or principals, as +applicable, that this prospectus is available online at the website addresses stated above. +Please see the section headed “How to Apply for Hong Kong Offer Shares” in this prospectus for +further details of the procedures through which you can apply for the Hong Kong Offer Shares +electronically. Your application through the HK eIPO White Form service or the HKSCC EIPO +service must be for a minimum of 500 Hong Kong Offer Shares and in one of the numbers set out in +the table. You are required to pay the amount next to the number you select. +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +HK$ HK$ HK$ HK$ +500 3,636.31 7,000 50,908.29 50,000 363,630.60 700,000 5,090,828.40 +1,000 7,272.61 8,000 58,180.90 60,000 436,356.72 800,000 5,818,089.60 +1,500 10,908.92 9,000 65,453.51 70,000 509,082.85 900,000 6,545,350.80 +2,000 14,545.22 10,000 72,726.12 80,000 581,808.95 1,000,000 7,272,612.00 +2,500 18,181.54 15,000 109,089.18 90,000 654,535.08 2,000,000 14,545,224.00 +3,000 21,817.83 20,000 145,452.25 100,000 727,261.20 3,000,000 21,817,836.00 +3,500 25,454.14 25,000 181,815.30 200,000 1,454,522.40 4,258,000 +(1) 30,966,781.90 +4,000 29,090.45 30,000 218,178.35 300,000 2,181,783.60 +4,500 32,726.75 35,000 254,541.42 400,000 2,909,044.80 +5,000 36,363.05 40,000 290,904.48 500,000 3,636,306.00 +6,000 43,635.67 45,000 327,267.55 600,000 4,363,567.20 +Note: +(1) Maximum number of Hong Kong Offer Shares you may apply for and this is approximately 50% of the Hong Kong Offer +Shares initially offered. +(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Stock Exchange trading fee and AFRC transaction +levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the Listing Rules) +or to the HK eIPO White Form Service Provider (for applications made through the application channel of the HK eIPO +White Form service) while the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction levy will +be paid to the SFC, the Stock Exchange and the AFRC, respectively. +No application for any other number of the Hong Kong Offer Shares will be considered and any such +application is liable to be rejected. +IMPORTANT + + +--- page 4 --- +If there is any change in the following expected timetable of the Hong Kong Public Offering, +we will issue an announcement in Hong Kong to be published on our website at www.hqvt.com and +the website of the Stock Exchange at www.hkexnews.hk . +Date (Note 1) +2026 +Hong Kong Public Offering commences ..................................... 9:00 a.m. on +Thursday, 11 June +Latest time to complete electronic applications under +the HK eIPO White Form service through the designated website +www.hkeipo.hk (Note 2) .............................................1 1:30 a.m. on +Tuesday, 16 June +Application lists open (Note 3) ...........................................1 1:45 a.m. on +Tuesday, 16 June +Latest time to give electronic application instructions +to HKSCC (Note 4) ................................................. 12:00 noon on +Tuesday, 16 June +Latest time to complete payment of the HK eIPO White Form +applications by effecting internet banking transfer(s) or +PPS payment transfer(s) ............................................. 12:00 noon on +Tuesday, 16 June +If you are instructing your broker or custodian who is a HKSCC Participant to give electronic +application instructions via HKSCC’s FINI System to apply for the Hong Kong Offer Shares on your +behalf through the HKSCC EIPO channel, you are advised to contact your broker or custodian for the +latest time for giving such instructions which may be different from the latest time as stated above. +Application lists close ................................................ 12:00 noon on +Tuesday, 16 June +Announcement of: + the level of applications in the Hong Kong Public Offering; + the level of indications of interest in the International Placing; + the basis of allocation of the Hong Kong Offer Shares; and + the number of Offer Shares reallocated, if any, between +the Hong Kong Public Offering and the International Placing, +will be published on our website at www.hqvt.com +(Note 5) +and the website of the Stock Exchange at www.hkexnews.hk +(Note 6) on or before .............................................1 1:00 p.m. on +Thursday, 18 June +EXPECTED TIMETABLE +–i– + + +--- page 5 --- +Results of allocations in the Hong Kong Public Offering +(with successful applicants’ identification document numbers, +where appropriate) will be available through a variety +of channels as described in the paragraph headed +“How to Apply for Hong Kong Offer Shares — B. Publication +of Results” in this prospectus from ......................................1 1:00 p.m. on +Thursday, 18 June +Results of allocations in the Hong Kong Public Offering +from the designated results of allocations website +at www.hkeipo.hk/IPOResult +or www.tricor.com.hk/ipo/result +with a “search by ID” function from .....................................1 1:00 p.m. on +Thursday, 18 June +H Share certificates in respect of wholly or partially +successful applications will be despatched or deposited +into CCASS on or before (Note 7) ................................... Thursday, 18 June +HK eIPO White Form e-Auto Refund payment instructions/refund +cheques in respect of wholly or partially unsuccessful applications +will be despatched on or before +(Notes 7, 8 and 9) ................................................ Monday, 22 June +Dealings in H Shares on the Stock Exchange expected to +expected to commence at 9:00 a.m. on ................................. Monday, 22 June +Notes: +1. All dates and times refer to Hong Kong dates and local time unless otherwise stated. Details of the structure of the Global +Offering, including its conditions, are set out in the section headed “Structure and Conditions of the Global Offering” in +this prospectus. If there is any change in the above expected timetable, we will issue a separate announcement in Hong +Kong to be published on our website at www.hqvt.com +and the website of the Stock Exchange at www.hkexnews.hk . +2. You will not be permitted to submit your application through the designated website at www.hkeipo.hk after 11:30 a.m. +on the last day for submitting applications. If you have already submitted your application and obtained a payment +reference number from the designated website prior to 11:30 a.m., you will be permitted to continue the application +process (by completing payment of application monies) until 12:00 noon on the last day for submitting applications, when +the application lists close. +3. If there is a “black” rainstorm warning, Extreme Conditions and/or a tropical cyclone warning signal number 8 or above in +force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Tuesday, 16 June 2026, the application lists will not +open or close on that day. Please see the paragraph headed “How to Apply for Hong Kong Offer Shares — E. Severe +Weather Arrangements” in this prospectus. +4. Applicants who apply for the Hong Kong Offer Shares by giving electronic application instructions to HKSCC should +see the paragraph headed “How to Apply for Hong Kong Offer Shares — A. Application for Hong Kong Offer Shares” in +this prospectus. +5. None of the website or any of the information contained on the website forms part of this prospectus. +6. The announcement will be available for viewing on the Stock Exchange’s website at www.hkexnews.hk +. +7. Applicants who apply for 1,000,000 or more Hong Kong Offer Shares and have provided all required information may +collect H Share certificates (where applicable) in person from our H Share Registrar, Tricor Investor Services Limited at +17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong from 9:00 a.m. to 1:00 p.m. on Monday, 22 June 2026. +Applicants being individuals who are eligible for personal collection must not authorise any other person to make +collection on their behalf. If you are a corporate applicant which is eligible for personal collection, your authorised +representative must bear a letter of authorisation from your corporation stamped with your corporation’s chop. Both +individuals and authorised representatives must produce, at the time of collection, evidence of identity acceptable to the H +Share Registrar. Applicants who have applied for the Hong Kong Offer Shares through the HKSCC EIPO channel should +see the paragraph headed “How to Apply for Hong Kong Offer Shares — D. Despatch/Collection of H Share Certificates +and Refund of Application Monies” in this prospectus for details. +EXPECTED TIMETABLE +–i i– + + +--- page 6 --- +8. Applicants who apply through the HK eIPO White Form service by paying the application monies through a single bank +account, may have HK eIPO White Form e-Auto Refund payment instructions (if any) despatched to their application +payment bank account. Applicants who apply through the HK eIPO White Form service by paying the application +monies through multiple bank accounts, may have refund cheques in favour of the applicant (or, in the case of joint +applications, the first-named applicant) sent to the address specified in their application instructions by ordinary post and +at their own risk. +9. HK eIPO White Form e-Auto Refund payment instructions/refund cheques will be issued in respect of wholly or +partially unsuccessful applications. +The H Share certificates will only become valid evidence of title provided that the Global +Offering has become unconditional in all respects and neither of the Underwriting Agreements is +terminated in accordance with its respective terms prior to 8:00 a.m. on the Listing Date. The +Listing Date is expected to be on or about Monday, 22 June 2026. Investors who trade the H +Shares on the basis of publicly available allocation details prior to the receipt of H Share +certificates or prior to the H Share certificates becoming valid evidence of title do so entirely at +their own risk. +EXPECTED TIMETABLE +– iii – + + +--- page 7 --- +IMPORTANT NOTICE TO INVESTORS +This prospectus is issued by our Company solely in connection with the Hong Kong Public +Offering and the Hong Kong Offer Shares and does not constitute an offer to sell or a solicitation of +an offer to buy any security other than the Hong Kong Offer Shares offered by this prospectus. This +prospectus may not be used for the purpose of, and does not constitute, an offer to sell or a +solicitation of an offer in any other jurisdiction or in any other circumstances. No action has been +taken to permit a public offering of the Offer Shares or the distribution of this prospectus in any +jurisdiction other than Hong Kong. The distribution of this prospectus for purposes of a public +offering and the offering and sale of the Offer Shares in other jurisdictions are subject to restrictions +and may not be made except as permitted under applicable securities laws of such jurisdictions +pursuant to registration with, or authorisation by, the relevant securities regulatory authorities or an +exemption therefrom. +You should rely only on the information contained in this prospectus to make your investment +decision. Our Company, the Joint Sponsors, the Sponsor-Overall Coordinators, the Overall +Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers and +the Underwriters, any of their respective directors or affiliates or any other persons or parties +involved in the Global Offering have not authorised anyone to provide you with information that is +different from what is contained in this prospectus. Any information or representation not made or +contained in this prospectus must not be relied on by you as having been authorised by our +Company, the Joint Sponsors, the Sponsor-Overall Coordinators, the Overall Coordinators, the Joint +Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Underwriters and the +Capital Market Intermediaries, any of their respective directors or affiliates or any other persons or +parties involved in the Global Offering. The contents of our website at www.hqvt.com +do not form +part of this prospectus. +Page +EXPECTED TIMETABLE ................................................ i +CONTENTS ........................................................... i v +SUMMARY AND HIGHLIGHTS ........................................... 1 +DEFINITIONS ......................................................... 1 4 +GLOSSARY OF TECHNICAL TERMS ...................................... 2 3 +FORW ARD-LOOKING STATEMENTS ...................................... 2 8 +RISK FACTORS ........................................................ 3 0 +W AIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES .......... 5 1 +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING ...... 5 4 +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING ........... 5 8 +CORPORATE INFORMATION ............................................ 6 3 +INDUSTRY OVERVIEW ................................................. 6 5 +CONTENTS +–i v– + + +--- page 8 --- +REGULATORY OVERVIEW .............................................. 7 8 +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE ................... 9 5 +BUSINESS ............................................................ 1 1 7 +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS ..................... 1 7 6 +SUBSTANTIAL SHAREHOLDERS .......................................... 1 8 1 +DIRECTORS AND SENIOR MANAGEMENT ................................. 1 8 2 +SHARE CAPITAL ...................................................... 1 9 6 +FINANCIAL INFORMATION .............................................. 1 9 9 +FUTURE PLANS AND USE OF PROCEEDS .................................. 2 4 0 +UNDERWRITING ....................................................... 2 4 5 +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING ................ 2 5 5 +HOW TO APPLY FOR HONG KONG OFFER SHARES ......................... 2 6 0 +APPENDIX I — ACCOUNTANTS’ REPORT .............................. I - 1 +APPENDIX II — UNAUDITED PRO FORMA FINANCIAL INFORMATION ...... II-1 +APPENDIX III — TAXATION AND FOREIGN EXCHANGE ................... III-1 +APPENDIX IV — SUMMARY OF PRINCIPAL LEGAL AND +REGULATORY PROVISIONS .......................... I V - 1 +APPENDIX V — SUMMARY OF THE ARTICLES OF ASSOCIATION ........... V - 1 +APPENDIX VI — STATUTORY AND GENERAL INFORMATION ............... VI-1 +APPENDIX VII — DOCUMENTS DELIVERED TO THE REGISTRAR +OF COMPANIES AND A V AILABLE ON DISPLAY ........... VII-1 +CONTENTS +–v– + + +--- page 9 --- +This summary aims to give you an overview of the information contained in this prospectus. As +this is a summary, it does not contain all the information that may be important to you. You should +read this prospectus in its entirety before you decide to invest in our Offer Shares. In addition, we +have incurred net losses in the Track Record Period, and we may incur net losses for the foreseeable +future. We had net cash used in operating activities during the Track Record Period. We did not +declare or pay any dividends during the Track Record Period and may not pay any dividends in the +foreseeable future. Your investment decision should be made in light of these considerations. +There are risks associated with any investment. Some of the particular risks in investing in the +Offer Shares are set out in the section headed “Risk factors” of this prospectus. You should read that +section carefully before you decide to invest in the Offer Shares. V arious expressions used in this +section are defined or explained in the sections headed “Definitions” and “Glossary of Technical +Terms” of this prospectus. +BUSINESS OVERVIEW +We are a multispectral AI technology enterprise in China, specialising in the acquisition, +processing, and analysis of optical information captured from multiple specific spectrum bands to +provide more detailed information than visible lights imaging. Leveraging our proprietary technology in +multispectral perception and AI algorithms, we offer products and services designed to detect both +visible and invisible spectral information to human eyes, which includes (1) Multispectral AI Modules, +which are embedded hardware components that collect and process multispectral data (including visible +light, infrared, and UV) through AI algorithms for integration into third-party devices; (2) Multispectral +AI Perception Terminals, which are devices that integrate multispectral sensors, enhanced multispectral +AI algorithms, and standard hardware components, to provide real-time perception insights; and (3) +Multispectral AI Large Model Services, which are large model solutions with our proprietary “Zhiyuan +Origin Large Model”. Our solutions deliver enhanced perception and safety monitoring, providing +additional information decisions for multi-scenario safety and intelligent perception purposes for +diverse customers who are mainly engaged in business related to software and information technology +services, electronic products, information data centres (IDCs), intelligent driving systems, +telecommunication operators, internet-of-things (IoT) system integration, and construction. Our +technologies have been widely applied across numerous application scenarios beyond traditional safety +solutions, including smart cities, intelligent campus management, IDC safety optimisation, industrial +and commercial safety and IoT-enabled facility management, showcasing the applicability of our +multispectral AI solutions. +According to Frost & Sullivan, multispectral AI modules and multispectral AI large model +services are subsets of the multispectral AI market, which forms a segment of the broader perceptual +intelligence market. In 2025, the multispectral AI modules and multispectral AI large model services +industries in China accounted for approximately 27.5% and 7.5% of China’s total multispectral AI +industry, respectively. Meanwhile, the multispectral AI industry in China accounted for approximately +5.9% of China’s total perceptual intelligence industry. +We were certified by the Ministry of Industry and Information Technology (ʷ௅ )a sa +National-Level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ၚतอ˜ʃ̶ɛ™Ά +ุ) in 2022, and as a National-level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ +ၚतอ˜ʃ̶ɛ™Άุ ) and National-level Specialised and Sophisticated Key “Little Giant” Enterprise +(ᓃ˜ʃ̶ɛ™Άุ ) in 2025. In recent years, we have received multiple awards, +including recognitions for outstanding contribution, excellence in innovation, and partnership +excellence from major telecommunication operators in China. Since our establishment in 2013, we have +built a full-chain products and services offering encompassing Multispectral AI Modules, Multispectral +AI Perception Terminals and Multispectral AI Large Model Services. Our technological expertise spans +SUMMARY AND HIGHLIGHTS +–1– + + +--- page 10 --- +a wide range of fields, including AI, optical electronics, integrated circuits, embedded systems, safety +engineering and cloud computing. As at the Latest Practicable Date, we have registered 101 invention +patents and 46 software copyrights, and have actively contributed to the drafting and formulation of +around ten national and association standards in the multi-scenario safety industry. +During the Track Record Period, our revenue for FY2023, FY2024 and FY2025 was +approximately RMB117.1 million, RMB522.6 million and RMB668.5 million, respectively, with a +CAGR of approximately 138.9%. Notably, we recorded a net loss of approximately RMB18.4 million +for FY2023, but achieved a turnaround to a net profit of approximately RMB40.4 million and RMB29.4 +million in FY2024 and FY2025, respectively. +With over a decade of technical expertise in the multispectral AI industry, we have accumulated +experience in R&D and product designs and have established a comprehensive +“optics-sensor-imaging-computing” technology architecture encompassing our three core technologies: +(1) multispectral perception-computing integration; (2) lightweight on-device AI computing; and (3) +multispectral AI large model platform. +OUR BUSINESS MODEL +We adopt a vertically integrated business model which covers full-chain AI perception solutions, +building on modular design, multi-scenario scalability, and life-cycle value creation. Our core +capabilities cover upstream multispectral optics and embedded AI hardware development to downstream +application software development, which enable us to deliver deployable, adaptable and comprehensive +perception intelligent solutions tailored to various multi-scenario safety sector user cases. +Our product system and service portfolio comprised three core multispectral AI products that +underpins our capabilities, covering the full product stack from hardware to application software. We +may offer these three core multispectral AI products as an integrated unit or separate components, +depending on customer needs. Our customers may directly use our three core products to solve their +own production or multi-scenario safety needs. Alternatively, they may incorporate our products into +their AI solutions. +SUMMARY AND HIGHLIGHTS +–2– + + +--- page 11 --- +The following diagram illustrates our business model as well as the service flow in relation to our +products and services: +0GGFSJOHT +JOUFHSBUJOHPVS +IBSEXBSFBOE +TPGUXBSF +4FSWJDFGMPX +"TPVSDVTUPNFST +4VQQMJFST +4ZTUFN +*OUFHSBUPST + + + +&OUFSQSJTFMFWFM +6TFST + +h.JDSPQSPDFTTPST +QSPWJEFST +h$.04JNBHFTFOTPST +QSPWJEFST +h1SJOUFEDJSDVJUCPBSET + 1$#T +QSPWJEFST +h0QUJDBMFMFNFOUT +QSPWJEFST +h0UIFSSBXNBUFSJBMT +BOEDPNQPOFOUT +QSPWJEFST +h 5FMFDPNNVOJDBUJPO + DPNQBOJFT +h &OFSHZTFDUPS + FOUFSQSJTFT +h 1VCMJDTFDUPSFOUJUJFT +h *OUFMMJHFOUESJWJOH + EFWFMPQFST +h 0UIFSFOUFSQSJTFT +h 5FMFDPNNVOJDBUJPO + DPNQBOJFT +h &OFSHZTFDUPS + FOUFSQSJTFT +h 1VCMJDTFDUPSFOUJUJFT +h *OUFMMJHFOUESJWJOH + EFWFMPQFST +h 0UIFSFOUFSQSJTFT +&OUFSQSJTFMFWFM +6TFST +.VMUJTQFDUSBM"* +.PEVMFT +.VMUJTQFDUSBM"* +1FSDFQUJPO5FSNJOBMT +BOE +.VMUJTQFDUSBM"*-BSHF.PEFMT +.VMUJTQFDUS +BM"* +1FSD +FQUJPO5FSNJO +BMT +BOE +.VMUJTQFDUS +BM"*-BSHF + +.PEFMT +Specifically, our customers of our products and services during the Track Record Period included: +(i) system integrators that integrated our products and services into their offerings to enterprise-level +users; and (ii) enterprise-level users that used our products and services directly. +OUR COMPETITIVE STRENGTHS +We believe that the following competitive strengths and advantages are key factors to our success +to date: + Proprietary technology in the multispectral AI industry + A diversified customer base + Stable R&D and innovation capabilities + Established mass production and quality delivery capabilities + Experienced senior management team and strategic investors +Please refer to the section headed “Business — Our Competitive Strengths” in this prospectus for +further details. +SUMMARY AND HIGHLIGHTS +–3– + + +--- page 12 --- +OUR BUSINESS STRATEGIES +With the aim of further developing our business and continuing our growth, we will implement +the following strategies: + Enhancing R&D capabilities and increasing investment in product development + Expanding production capacity to support business growth and new product development + Pursuing strategic investments and M&As to enhance our industrial layout and technological +strengths + Strengthening business expansion and accelerating global market penetration +Please refer to the section headed “Business — Our Business Strategies” in this prospectus for +further details. +OUR PRODUCTS AND SERVICES +Our three core multispectral products and services consist of: (1) Multispectral AI Modules; (2) +Multispectral AI Perception Terminals; and (3) Multispectral AI Large Model Services. Our products +also include Other AI Vision Modules. Our aforementioned product and services categories collectively +constitute a full-chain product and service offering that enables our customers to deploy intelligent +multispectral perception operational systems. Such products could be used individually as well as a +system-level complete integration solutions, enhancing our competitiveness across a wide range of +application scenarios. +OUR CUSTOMERS +During the Track Record Period, our customers primarily comprised the following two types: (i) +system integrators that integrated our products and services into their offerings to enterprise-level users; +and (ii) enterprise-level users that used our products and services directly. +During the Track Record Period, our revenue from the five largest customers in each year +accounted for 38.3%, 59.0% and 46.8% of our total revenue, and the revenue from our largest customer +amounted to approximately RMB23.0 million, RMB185.7 million and RMB94.0 million, respectively, +accounting for 19.6%, 35.5% and 14.1% of our total revenue during the same year, respectively. +OUR SUPPLIERS +We have established stable relationships with a group of selected suppliers to ensure supply chain +stability, including but not limited to domestic semiconductor component manufacturers, optical and +sensor manufacturers, printed circuit board manufacturers, and outsourced assembly and testing service +providers. These relationships ensure product quality, supply chain continuity and delivery efficiency, +covering all types of our hardware product lines. During the Track Record Period, our purchases from +the top five suppliers in each year accounted for 54.2%, 66.4% and 62.2% of our total purchases, and +the purchases from our largest supplier amounted to approximately RMB18.8 million, RMB152.4 +million and RMB100.5 million, respectively, accounting for 18.6%, 39.9% and 18.5% of our total +purchases during the same year, respectively. +SUMMARY AND HIGHLIGHTS +–4– + + +--- page 13 --- +OUR PRODUCTION BASES +As at the Latest Practicable Date, our production facilities are located in two key regions in +China, namely Shenzhen and the Longyou Economic Development Zone in Zhejiang Province. The +Zhejiang production base performs the full range of production processes, including the SMT automated +assembly, sensor optical calibration and firmware programming, product configuration and assembly, +quality sampling and automated testing, product ageing and packaging and warehousing. Meanwhile, +the Shenzhen production base mainly undertakes the subsequent production processes after SMT +automated assembly, including sensor optical calibration and firmware programming, product +configuration and assembly, quality sampling and automated testing, product ageing and packaging and +warehousing. In addition, the Shenzhen production base also undertakes R&D activities as required, as +it is located in close proximity to our Company’s R&D centre. This dual-base structure allows us to +combine efficient mass delivery capabilities with technological flexibility and innovation incubation. As +our business continues to expand, we plan to further expand our production capacity in the future to +accommodate our growing needs. The utilisation rates of our Shenzhen and Zhejiang production bases +are 24.0%, 87.0% and 49.0% in FY2023, FY2024 and FY2025, respectively. For details of our +utilisation rate, please refer the section headed “Business — Production — Our Production Bases” in +this prospectus. +OUR COST STRUCTURE +Raw material and consumables cost is the largest component in our Group’s cost structure. During +the Track Record Period, raw materials and consumables used accounted for 69.9%, 90.1% and 91.9% +of the cost of sales in FY2023, FY2024 and FY2025, respectively. +For a breakdown of our cost of sales, please refer to section headed “Financial Information — +Description of Selected Components of Statements of Profit or Loss and Other Comprehensive Income +— Cost of Sales” in this prospectus. +OUR PRE-IPO INVESTORS +We received certain rounds of Pre-IPO Investments since our establishment. See “History, +Development and Corporate Structure — Pre-IPO Investments” for details. +SUMMARY OF HISTORICAL FINANCIAL INFORMATION +The following tables set forth summary financial data from our consolidated financial information +for the Track Record Period, derived from our consolidated financial statements included in “Appendix +I — Accountants’ Report” to this prospectus. +SUMMARY AND HIGHLIGHTS +–5– + + +--- page 14 --- +Summary of Consolidated Statements of Profit or Loss and Other Comprehensive Income +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Revenue ........................... 117,063 522,568 668,519 +Cost of sales ........................ (102,756) (424,399) (519,127) +Gross profit ........................ 14,307 98,169 149,392 +Other income ....................... 6,863 5,051 7,430 +Other (losses)/gains, net ................ (958) 56 (3,897) +General and administrative expenses ....... (11,874) (13,040) (46,802) +Selling and marketing expenses .......... (16,035) (16,470) (17,700) +Research and development expenses ....... (11,084) (25,151) (50,793) +Net impairment losses on financial assets ... (1,631) (5,413) (6,484) +Operating (loss)/profit ................ (20,412) 43,202 31,146 +Finance income ...................... 613 273 207 +Finance costs ....................... (3,055) (1,016) (3,862) +(Loss)/Profit before income tax ......... (22,854) 42,459 27,491 +Income tax credit/(expense) .............. 4,441 (2,047) 1,863 +(Loss)/Profit and total comprehensive +(loss)/income for the year ............ (18,413) 40,412 29,354 +Non-IFRS Measure +We define adjusted net (loss)/profit (non-IFRS measure) as net (loss)/profit for the years adjusted +by adding back share-based payment expenses, which is a non-cash item, and listing expenses. +To supplement our consolidated financial statements, we also use adjust net (loss)/profit +(non-IFRS measure) as an additional financial measure, which is not required by, or presented in +accordance with IFRS. We believe this non-IFRS measure facilitates comparisons of operating +performance from year to year and company to company by eliminating potential impacts of certain +items. We believe this measure provides useful information to investors and others in understanding and +evaluating our consolidated results of operations in the same manner as they help our management. +However, our presentation of adjusted net (loss)/profit (non-IFRS measure) may not be comparable to +similarly titled measures presented by other companies. The use of this non-IFRS measure as an +analytical tool has limitations, and you should not consider it in isolation from, or as a substitute for an +analysis of, our results of operations or financial condition as reported under IFRS. +SUMMARY AND HIGHLIGHTS +–6– + + +--- page 15 --- +The following table reconciles our adjusted net (loss)/profit (non-IFRS measure) for the years +presented in accordance with IFRS, which is net (loss)/profit for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Reconciliation of net (loss)/profit to +adjusted net (loss)/profit (non-IFRS +measure) +(Loss)/profit for the year ................ (18,413) 40,412 29,354 +Add: +Listing expenses ..................... — — 17,426 +Share-based payment expenses +(1) ......... 242 2,532 8,465 +Adjusted net (loss)/profit (non-IFRS +measure) ......................... (18,171) 42,944 55,245 +Note: +(1) Share-based payment expenses is a non-cash item. +Revenue by products and services +FY2023 FY2024 FY2025 +RMB’000 % of Total RMB’000 % of Total RMB’000 % of Total +Multispectral AI +Multispectral AI Modules .......... 99,121 84.6 299,228 57.3 209,044 31.3 +Multispectral AI Perception Terminals .. 12,586 10.8 61,229 11.7 92,638 13.9 +Multispectral AI Large Model Services .. — — 113,791 21.8 355,364 53.1 +111,707 95.4 474,248 90.8 657,046 98.3 +Others +Other AI Vision Modules (1) ......... 5,150 4.4 47,080 9.0 10,258 1.5 +Others (2) .................... 206 0.2 1,240 0.2 1,215 0.2 +5,356 4.6 48,320 9.2 11,473 1.7 +Total...................... 117,063 100.0 522,568 100.0 668,519 100.0 +Notes: +(1) Our Other AI Vision Modules represent embedded hardware components designed for visible light perception, providing +standardised visual capture and preliminary processing for cost-effective applications. +(2) Others represent primarily fees from subscription service and maintenance services. +Our revenue increased by 27.9% from RMB522.6 million in FY2024 to RMB668.5 million in +FY2025, primarily attributable to (i) significant increase in the sales of our Multispectral AI Large +Model Services as a result of our products gaining market recognition; (ii) the strong sales performance +from Multispectral AI Perception Terminals; (iii) the implementation of supportive industry policy +boosted market demand; and (iv) the expansion of our customer base. +Our revenue significantly increased by 346.4% from RMB117.1 million in FY2023 to RMB522.6 +million in FY2024. This growth was primarily attributable to (i) the relatively strong market demand +for our products targeting safety-related applications; (ii) the acquisition of new customers that +contributed significant orders for our Multispectral AI Modules and Multispectral AI Perception +SUMMARY AND HIGHLIGHTS +–7– + + +--- page 16 --- +Terminals; and (iii) the launch of our Multispectral AI Large Model Services. The relatively significant +revenue growth in FY2024 was primarily attributable to the relatively low revenue level in FY2023, as +a result of the slow down of the economy. +Gross profit and gross profit margin by products and services +FY2023 FY2024 FY2025 +Gross profit +Gross profit +margin Gross profit +Gross profit +margin Gross profit +Gross profit +margin +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Multispectral AI Modules ......... 10,832 10.9 22,753 7.6 23,414 11.2 +Multispectral AI Perception Terminals .. 2,481 19.7 15,347 25.1 16,408 17.7 +Multispectral AI Large Model Services . — — 56,282 49.5 107,901 30.4 +Other AI Vision Modules ......... 996 19.3 2,976 6.3 802 7.8 +Others ..................... (2) (1.0) 811 65.4 867 71.3 +Total...................... 14,307 12.2 98,169 18.8 149,392 22.3 +Our gross profit increased by 52.2% from RMB98.2 million in FY2024 to RMB149.4 million in +FY2025. This significant growth was primarily driven by the strong performance of our Multispectral +AI Large Model Services, which accounted for 53.1% of total revenue in FY2025, increased from +21.8% in FY2024. Our gross profit margin rose from 18.8% in FY2024 to 22.3% in FY2025, primarily +attributable to change in our revenue composition, where Multispectral AI Large Model Services with +higher gross profit margin contributed larger portion of our revenue in FY2025. +Our gross profit significantly increased by 586.2% from RMB14.3 million in FY2023 to RMB98.2 +million in FY2024, primarily as a result of our revenue growth. Our gross profit margin rose from +12.2% in FY2023 to 18.8% in FY2024, mainly due to launch of our Multispectral AI Large Model +services which enjoyed a higher gross profit margin than those of the other products. +Our income from others in FY2023 primarily comprise our fee income from maintenance services. +Our income, gross profit and gross profit margin from others increased in FY2024 primarily because we +also received income from subscription services. Our income from others was relatively stable in +FY2025. +Profit/Loss for the year +Our profit for the year decreased from RMB40.4 million in FY2024 to RMB29.4 million in +FY2025, mainly due to a significant increase in our general and administrative expenses (in particular, +listing expenses) and our research and development expenses. +We achieved a significant turnaround from a loss of RMB18.4 million for FY2023 to a profit of +RMB40.4 million for FY2024, which was mainly due to (i) a significant increase in gross profit from +RMB14.3 million in FY2023 to RMB98.2 million in FY2024; (ii) general and administrative expenses +and selling and marketing expenses in FY2024 remained relatively stable; and (iii) a RMB14.1 million +increase in R&D expenses. +SUMMARY AND HIGHLIGHTS +–8– + + +--- page 17 --- +Summary of Consolidated Statements of Financial Position +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Total non-current assets ................ 87,053 103,017 153,166 +Total current assets ................... 173,908 302,225 570,726 +Total non-current liabilities .............. 14,512 7,907 55,738 +Total current liabilities ................. 85,016 162,958 305,958 +Net current assets .................... 88,892 139,267 264,768 +Net assets .......................... 161,433 234,377 362,196 +Changes in net assets and net current assets +Our net assets increased from RMB161.4 million as at 31 December 2023 to RMB234.4 million as +at 31 December 2024, and further increased to RMB362.2 million as at 31 December 2025. The +increase was a result of (i) capital injections by our Company’s shareholders of RMB30.0 million and +RMB90.0 million during FY2024 and FY2025, respectively; (ii) our net profit of RMB40.4 million and +RMB29.4 million during FY2024 and FY2025, respectively; and (iii) the share based compensation +expenses of RMB2.5 million and RMB8.5 million for shares issued to eligible employees and directors +of the Group pursuant to an employee share incentive plan during FY2024 and FY2025, respectively. +Our net current assets increased from RMB88.9 million as at 31 December 2023 to RMB139.3 +million as at 31 December 2024, primarily due to the increases of trade and notes receivables and trade +and notes payables. Our net current assets further increased to RMB264.8 million as at 31 December +2025, primarily due to the increase in our prepayments and other receivables. For details of the +fluctuation of our net current assets during the Track Record Period, please refer to section headed +“Financial Information — Liquidity and Capital Resources — Current Assets and Liabilities” in this +prospectus. +Summary of the Consolidated Statements of Cash Flows +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Cash generated from/(used in) operations ... 68,958 (6,736) (129,362) +Interest received ...................... 613 273 207 +Income tax paid ...................... — (28) (760) +Net cash generated from/(used in) operating +activities .......................... 69,571 (6,491) (129,915) +Net cash generated from/(used in) investing +activities ......................... 34,084 (22,678) (110,478) +Net cash (used in)/generated from financing +activities ......................... (152,758) 48,759 249,244 +Net (decrease)/increase in cash and cash +equivalents ....................... (49,103) 19,590 8,851 +Cash and cash equivalents at beginning of the +year ............................. 86,218 37,115 56,705 +Cash and cash equivalents at the end of +the year ......................... 37,115 56,705 65,556 +SUMMARY AND HIGHLIGHTS +–9– + + +--- page 18 --- +Our net cash generated from operating activities amounted to RMB69.6 million for FY2023, +during which we recorded a loss before income tax of RMB22.9 million, adjusted for items mainly +including non-cash and non-operating items, primarily comprising increase in payables of +approximately RMB54.8 million, decrease in receivables of RMB29.7 million, which was off-set by an +increase of inventories of RMB15.8 million. +Our net cash used in operating activities amounted to RMB6.5 million for FY2024 despite a profit +before income tax of RMB42.5 million, due to changes in working capital, primarily comprising an +increase in receivables of RMB152.3 million, as offset by an increase in payables of RMB53.9 million. +Net cash used in operating activities amounted to RMB129.9 million for FY2025, primarily +consisting of our profit before income tax of RMB27.5 million, adjusted for items mainly including (i) +non-cash and non-operating items, primarily comprising depreciation and amortisation of non-current +assets of RMB21.7 million; and (ii) changes in working capital, primarily comprising (a) an increase in +receivables of RMB172.6 million, which was mainly attributable to the increase in our prepayments of +approximately RMB146.9 million to certain suppliers in order to secure a stable supply of +high-performance computing (HPC) servers, which have recently been in high demand; (b) an increase +in inventories of RMB55.5 million; and (c) an increase in payables of RMB21.3 million. +SUMMARY OF KEY FINANCIAL RATIOS +The table below sets forth our key financial ratios as at the dates indicated: +For the year ended/As at 31 December +2023 2024 2025 +Gross profit margin (1) .................. 12.2% 18.8% 22.3% +Net profit margin (2).................... (15.7)% 7.7% 4.4% +Gearing ratio (3) ....................... 0.14 0.20 0.59 +Current ratio (4) ....................... 2.0 1.9 1.9 +Quick ratio (5) ....................... 1.4 1.7 1.6 +Notes: +(1) Gross profit margin equals gross profit divided by total revenue during the period, multiplied by 100%. +(2) Net profit margin equals net profit divided by total revenue during the period, multiplied by 100%. +(3) Gearing ratio equals total borrowings and lease liabilities divided by total equity as at the relevant dates. +(4) Current ratio represents current assets divided by current liabilities as at the relevant dates. +(5) Quick ratio represents current assets minus inventories, divided by current liabilities as of the relevant date. +RECENT DEVELOPMENTS SUBSEQUENT TO THE TRACK RECORD PERIOD AND NO +MATERIAL ADVERSE CHANGE +Subsequent to the Track Record Period and up to the Latest Practicable Date, we continued to +focus on the sales and provision of our Multispectral AI Modules, Multispectral AI Perception +Terminals, Multispectral AI Large Model Services and Other AI Vision Modules. +For the four months ended 30 April 2026 (“ 4M2026 ”), we recorded an increase of our revenue +from that for the four months ended 30 April 2025 (“ 4M2025 ”). This increase was primarily due to an +increase in revenue from our Multispectral AI Large Model Services was recognised during 4M2026, as +there was an increase in demand and acceptance works of such services in 4M2026 as compared to +4M2025. +SUMMARY AND HIGHLIGHTS +–1 0– + + +--- page 19 --- +Our Directors confirm that up to the date of this prospectus, there has been no material adverse +change in our sales performance, trading position or prospects since 31 December 2025 being the end +of the year reported on as set out in “Appendix I — Accountants’ Report” to this prospectus. +APPLICATION FOR LISTING ON THE STOCK EXCHANGE +We have applied to the Listing Committee for the granting of the listing of, and permission to deal +in, the H Shares to be issued pursuant to the Global Offering and the H Shares to be converted from the +existing Unlisted Shares. +We applied on the basis that, among other things, we satisfy the market capitalisation/revenue test +under Rule 8.05(3) of the Listing Rules. +GLOBAL OFFERING STATISTICS +All statistics in the following table are based on the assumption that the Global Offering has been +completed and 85,162,500 H Shares are issued pursuant to the Global Offering and 774,208,420 Shares +are issued and outstanding following the completion of the Global Offering. +Based on an Offer Price +of HK$7.20 +per H Share +Market Capitalisation of our Shares (1) .............................. HK$5,574.3 million +Unaudited pro forma adjusted net tangible asset per Share (2) ............. HK$1.09 +Notes: +(1) The calculation of market capitalisation is based on 774,208,420 Shares, comprising 18,064,480 Unlisted Shares and +756,143,940 H Shares, expected to be in issue and conversion following completion of the Share Subdivision and the +Global Offering. +(2) The unaudited pro forma adjusted consolidated net tangible assets per Share is arrived at after the adjustments referred to +in “Appendix II — Unaudited Pro Forma Financial Information” in this prospectus. +(3) No adjustment has been made to the unaudited pro forma adjusted net tangible assets of our Group to reflect any trading +results or other transactions of our Group entered into subsequent to 31 December 2025. +DIVIDENDS +No dividend has been declared or paid by us during FY2023, FY2024 and FY2025. The earnings +per share for FY2024 and FY2025 are approximately RMB5.09 and RMB3.49, respectively. The loss +per share for FY2023 was approximately RMB2.33. +After the completion of the Global Offering, we may distribute dividends in the form of cash or +by other means permitted by our Articles of Association. As at the Latest Practicable Date, we did not +have any specific dividend policy nor any pre-determined dividend payout ratio. In principle, we +prioritise cash dividends as the profit distribution method if the conditions for cash dividends are met. +When we have major investment plans or significant cash expenditures, we may distribute dividends in +the form of share equity. A decision to declare or to pay dividends in the future and the amount of +dividends will be at the discretion of our Board and will depend on a number of factors, including our +results of operations, cash flows, financial condition, payments by our subsidiaries of cash dividends to +us, business prospects, statutory and regulatory restrictions on our declaration and payment of dividends +and other factors that our Board may consider important. Any declaration and payment as well as the +amount of dividends will be subject to our constitutional documents and the relevant laws. As advised +SUMMARY AND HIGHLIGHTS +–1 1– + + +--- page 20 --- +by our PRC legal advisers, a PRC company can pay dividends after covering all accumulated losses +from prior years with its current profits after tax and statutory reserve allocations. Our Shareholders +may approve any declaration of dividends. +USE OF PROCEEDS +We estimate the aggregate net proceeds from the Global Offering, after deducting underwriting +fees and other estimated expenses in connection with the Global Offering and an Offer Price of +HK$7.20 per Share, will be approximately HK$536.8 million. +In accordance with our strategy, we intend to use the net proceeds from the Global Offering for +the following purposes in the following amounts: + approximately 50.0% of the net proceeds (approximately HK$268.4 million) is expected to +be used to enhance our R&D capabilities and increase investment in product development; + approximately 25.0% of the net proceeds (approximately HK$134.2 million) will be used to +expand our production capacity to support business growth and new product development; + approximately 15.0% of the net proceeds (approximately HK$80.5 million) will be used for +strengthening our business expansion and accelerating global market penetration; and + approximately 10.0% of the net proceeds (approximately HK$53.7 million) will be used to +provide funding for our general working capital and for general corporate uses. +Please refer to the section headed “Future Plans and Use of Proceeds” in this prospectus for +further details. +RISK FACTORS +Our business is subject to certain risks and uncertainties and there are risks relating to an +investment in the Offer Shares. A summary of certain of these risk factors is set forth below. This +summary should be read together with the section headed “Risk Factors” in this prospectus in its +entirety. Any of the following developments may have a material adverse effect on our business, results +of operations, financial condition and future prospects: (i) our business development is subject to +uncertainties in end-market demand and competitive pressures from technological iteration, and failure +to maintain technological leadership could materially and adversely affect our operating results and +financial condition; (ii) we have invested, and intend to continue investing, significantly in R&D, which +may adversely affect our profitability and operating cash flow and may not yield the anticipated results; +(iii) failure to develop and launch new products and services could materially and adversely affect our +future business, operating results, financial condition, and competitive position; and (iv) the size of our +addressable markets and the demand for our products and services may not increase as rapidly as we +anticipate due to a variety of factors, which would materially and adversely affect our business, results +of operations, financial condition and prospects. +LISTING EXPENSES +The total listing expenses payable by our Company are estimated to be RMB66.4 million and +based on an Offer Price of HK$7.2, accounting for 12.5% of gross IPO proceeds. Among such +estimated total listing expenses, (i) underwriting-related expenses, including underwriting commission, +are expected to be RMB32.0 million; and (ii) non-underwriting-related expenses of RMB34.4 million, +comprising (a) fees and expenses of the Joint Sponsors, legal advisers and reporting accountants of +RMB20.3 million; and (b) other fees and expenses of RMB14.1 million. +SUMMARY AND HIGHLIGHTS +–1 2– + + +--- page 21 --- +Among the total listing expenses payable of RMB66.4 million, (i) approximately RMB17.4 +million was charged to the statement of profit or loss during FY2025; (ii) approximately RMB13.6 +million is expected to be expensed through the statement of profit or loss after the Track Record Period; +and (iii) the remaining amount of RMB35.4 million is directly attributable to the issue of shares and +would be deducted from equity upon the Listing. +The professional fees and/or other expenses related to the preparation of the Listing are currently +in estimates for reference only and the actual amount to be recognised is subject to adjustment based on +audit and the then changes in variables and assumptions. +CONTROLLING SHAREHOLDERS +As at the date of this prospectus, Mr. Zhou controls 48.87% of the voting power at the general +meetings of our Company, comprising (1) 5.96% beneficially owned by him directly; (2) 38.34% +beneficially owned by Zhongcheng Tianying LP, which is controlled by Mr. Zhou as its general partner; +and (3) 2.79% beneficially owned by Zhongzheng Tianying LP, which is controlled by Mr. Zhou as its +general partner; and (4) 1.79% beneficially owned by Zhongzhi Tianying LP, which is controlled by Mr. +Zhou as its general partner. +Immediately following completion of the Share Subdivision and the Global Offering, the group of +our Controlling Shareholders will be, in aggregate, entitled to control the exercise of approximately +43.50% of the voting rights and thus remain as a group of Controlling Shareholders. +FILING WITH THE CSRC FOR FULL CIRCULATION +According to the Trial Measures promulgated by the CSRC, for a H-share listed company, +shareholders of its Unlisted Shares applying to convert such shares into shares listed and traded on an +overseas trading venue shall conform to relevant regulations promulgated by the CSRC, and authorise +the domestic company to file with the CSRC on their behalf. +In accordance with the Guidance of H-share Companies Applying for “Full Circulation” Business +of Unlisted Shares in China (H΅͡ሗ “ஷ”ˏ) announced by the +CSRC, an unlisted domestic joint stock company may file with the CSRC for “full circulation” +simultaneously when applying for an overseas initial public offering. +We have filed with the CSRC for, and the CSRC has registered, the conversion of 670,981,440 +Unlisted Shares into H Shares on a one-for-one basis upon completion of Listing. +SUMMARY AND HIGHLIGHTS +–1 3– + + +--- page 22 --- +In this prospectus, unless the context otherwise requires, the following expressions have the +following meanings. +“Accountants’ Report” the Report of the Reporting Accountants set out in Appendix I +to this prospectus +“AFRC” the Accounting and Financial Reporting Council of Hong +Kong +“Articles” or “Articles of +Association” +the articles of association of our Company conditionally +adopted on 31 July 2025 with effect from the Listing Date, +and as amended from time to time, a summary of which is set +out in Appendix V to this prospectus +“Audit Committee” the audit committee of the Board +“BIS” U.S. Department of Commerce, Bureau of Industry and +Security +“Board” or “Board of Directors” the board of directors of our Company +“Business Day” or “business day” any day (other than a Saturday, Sunday or public holiday in +Hong Kong) on which banks in Hong Kong are generally open +for normal banking business to the public +“Capital Market Intermediary(ies)” or +“capital market intermediary(ies)” +or “CMI(s)” +the Sponsor-Overall Coordinators, the Overall Coordinators, the +Joint Global Coordinators, the Joint Bookrunners, the Joint +Lead Managers, the Underwriters and other capital market +intermediary(ies) (within the meaning ascribed thereto under +the Listing Rules) participating in the Global Offering +“CCASS” the Central Clearing and Settlement System established and +operated by HKSCC +“Chairman” the chairman of our Board, Mr. Zhou +“China” or “PRC” the People’s Republic of China and, except where the context +otherwise requires and only for the purpose of this prospectus, +and for geographical reference only, references in this +prospectus to China or the PRC exclude Hong Kong, the +Macao Special Administrative Region of the PRC and Taiwan +region +“Companies (WUMP) Ordinance” the Companies (Winding Up and Miscellaneous Provisions) +Ordinance (Chapter 32 of the Laws of Hong Kong), as +amended, modified and supplemented from time to time +“Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong +Kong), as amended, modified and supplemented from time to +time +DEFINITIONS +–1 4– + + +--- page 23 --- +“Company Law” or “PRC Company +Law” +Company Law of the People’s Republic of China ( ʕശɛ͏΍ +جas amended, supplemented or otherwise modified +from time to time, which was last amended on 29 December +2023 to take effect on 1 July 2024 +“Company” or “our Company” Shenzhen HQVT Technology Co., Ltd. (ٰ +ʮ̡ ), a limited liability company established in the +PRC on 3 April 2013 which was converted into a joint stock +company with limited liability on 8 November 2022, formerly +known as Shenzhen Haiqing Video Technology Co., Ltd.* ( ଉ +ʮ̡ ) +“Controlling Shareholder(s)” has the meaning ascribed to it under the Listing Rules and +unless the context otherwise requires, means Mr. Zhou, +Zhongcheng Tianying LP, Zhongzheng Tianying LP and +Zhongzhi Tianying LP +“Corporate Governance Code” the Corporate Governance Code as set out in Appendix C1 to +the Listing Rules +“CSRC” the China Securities Regulatory Commission ( ʕ਷ᗇՎ္ຖ၍ +ึ) +“Deed of Indemnity” the deed of indemnity dated 2 June 2026 given by our +Controlling Shareholders in favour of our Company regarding +certain indemnities, details of which are set out in the +paragraph headed “D. Other information — 1. Tax and other +indemnities” in Appendix VI to this prospectus +“Deed of Non-Competition” the deed of non-competition dated 2 June 2026 given by our +Controlling Shareholders in favour of our Company regarding +certain non-competition undertakings, details of which are set +out in the section headed “Relationship with Controlling +Shareholders — Non-competition undertaking” in this +prospectus +“Designated Bank” HKSCC Participant’s EIPO Designated Bank +“Director(s)” the director(s) of our Company, including all executive, +non-executive and independent non-executive directors +“EAR” United States Export Administration Regulations, 15 C.F.R. +Parts 730−774 +“ECCN” Export Control Classification Number +“Extreme Conditions” the occurrence of “extreme conditions” as announced by any +government authority of Hong Kong due to serious disruption +of public transport services, extensive flooding, major +landslides, large-scale power outage or any other adverse +conditions before Typhoon Signal No. 8 or above is replaced +with Typhoon Signal No. 3 or below +DEFINITIONS +–1 5– + + +--- page 24 --- +“F&S Report” or “Frost & Sullivan +Report” +a market research report commissioned by us and prepared by +Frost & Sullivan on the overview of the industry in which our +Group operates +“Frost & Sullivan” Frost & Sullivan (Beijing) Inc., Shanghai Branch Co., an +independent professional market research and consulting +company +“FINI” “Fast Interface for New Issuance”, an online platform operated +by HKSCC that is mandatory for admission to trading and, +where applicable, the collection and processing of specified +information on subscription in and settlement for all new +listings +“FY2023” the financial year ended 31 December 2023 +“FY2024” the financial year ended 31 December 2024 +“FY2025” the financial year ended 31 December 2025 +“General Rules of HKSCC” General Rules of HKSCC published by the Stock Exchange +and as amended from time to time +“Global Offering” the Hong Kong Public Offering and the International Placing +“Group”, “we, “us” or “our Group” our Company and our subsidiaries at the relevant time or, +where the context otherwise requires, in respect of the period +prior to our Company becoming the holding company of our +present subsidiaries, our present subsidiaries and the +businesses operated by such subsidiaries or their predecessors +(as the case may be) +“H Share Registrar” Tricor Investor Services Limited +“H Share(s)” overseas listed ordinary share(s) in the share capital of our +Company with a nominal value of RMB0.0125 each (taking +into account Share Subdivision), which are to be subscribed +for and traded in Hong Kong dollars and to be listed on the +Hong Kong Stock Exchange +“HKD”, “Hong Kong dollars”, “HK$” +or “cents” +Hong Kong dollars and cents respectively, the lawful currency +of Hong Kong +“HK eIPO White Form ” the application for Hong Kong Offer Shares to be issued in the +applicant’s own name, submitted online through the designated +website at www.hkeipo.hk +“HK eIPO White Form Service +Provider ” +the HK eIPO White Form service provider designated by our +Company as specified on the designated website at +www.hkeipo.hk +“HKSCC” Hong Kong Securities Clearing Company Limited, a +wholly-owned subsidiary of Hong Kong Exchanges and +Clearing Limited +DEFINITIONS +–1 6– + + +--- page 25 --- +“HKSCC EIPO” the application for the Hong Kong Offer Shares to be issued in +the name of HKSCC Nominees and deposited directly into +CCASS to be credited to your designated HKSCC Participant’s +stock account through causing HKSCC Nominees to apply on +your behalf, including by instructing your broker or custodian +who is a Clearing Participant or a Custodian Participant in +HKSCC to give electronic application instructions via +HKSCC’s FINI system to apply for the Hong Kong Offer +Shares on your behalf +“HKSCC Nominees” HKSCC Nominees Limited, a wholly-owned subsidiary of +HKSCC +“HKSCC Operational Procedures” the operational procedures of HKSCC, containing the +practices, procedures and administrative or other requirements +relating to HKSCC’s services and the operation and functions +of CCASS, FINI or any other platform, facility or system +established, operated or otherwise provided or through +HKSCC, as from time to time in force +“HKSCC Participant” a participant admitted to participate in CCASS as a direct +clearing participant, a general clearing participant or a +custodian participant +“Hong Kong”, “HKSAR” or “HK” the Hong Kong Special Administrative Region of the PRC +“Hong Kong Offer Share(s)” the 8,516,500 H Shares initially offered for subscription +pursuant to the Hong Kong Public Offering, subject to +reallocation as described in the section headed “Structure and +Conditions of the Global Offering” in this prospectus +“Hong Kong Public Offering” the offering by our Company of the Hong Kong Offer Shares +for subscription by the public in Hong Kong, as further +described in the section headed “Structure and Conditions of +the Global Offering” in this prospectus +“Hong Kong Stock Exchange” or +“Stock Exchange” +The Stock Exchange of Hong Kong Limited, a wholly-owned +subsidiary of Hong Kong Exchanges and Clearing Limited +“Hong Kong Underwriters” the underwriters of the Hong Kong Public Offering listed in +the paragraph headed “Underwriting — Hong Kong +Underwriters” in this prospectus +“Hong Kong Underwriting +Agreement” +the underwriting agreement dated 10 June 2026 relating to the +Hong Kong Public Offering and entered into by our executive +Directors, our Controlling Shareholders, the Sponsor-Overall +Coordinators, the Overall Coordinators, the Joint Sponsors, the +Joint Global Coordinators, the Joint Bookrunners, the Joint +Lead Managers, the Hong Kong Underwriters and our +Company, as further described in the paragraph headed +“Underwriting — Underwriting arrangements and expenses — +Hong Kong Public Offering — Hong Kong Underwriting +Agreement” in this prospectus +DEFINITIONS +–1 7– + + +--- page 26 --- +“IFRS” International Financial Reporting Standards, which include +standards, amendments and interpretations promulgated by the +International Accounting Standards Board and the +International Accounting Standards and interpretation issued +by the International Accounting Standards Board +“Independent Third Party(ies)” an individual(s) or a company(ies) who or which, to the best +of our Directors’ knowledge, information and belief, having +made all due and careful enquiries, is/are not a connected +person(s) of our Company under the Listing Rules +“International Placing” the conditional placing of the International Placing Shares by +the International Underwriters, as further described in the +section headed “Structure and Conditions of the Global +Offering” in this prospectus +“International Placing Shares” the 76,646,000 H Shares initially offered for subscription +pursuant to the International Placing, subject to reallocation as +described in the section headed “Structure and Conditions of +the Global Offering” in this prospectus +“International Underwriters” the underwriters of the International Placing that are expected +to enter into the International Underwriting Agreement +“International Underwriting +Agreement” +the international underwriting agreement expected to be +entered into on or around 17 June 2026 by our executive +Directors, our Controlling Shareholders, the Sponsor-Overall +Coordinators, the Overall Coordinators, the Joint Sponsors, the +Joint Global Coordinators, the Joint Bookrunners, the Joint +Lead Managers, the International Underwriters and our +Company in respect of the International Placing, as further +described in the paragraph headed “Underwriting — The +International Placing” in this prospectus +“Joint Bookrunner(s)” the joint bookrunner(s) as named in the section headed +“Directors and Parties Involved in the Global Offering” in this +prospectus +“Joint Global Coordinator(s)” the joint global coordinator(s) as named in the section headed +“Directors and Parties Involved in the Global Offering” in this +prospectus +“Joint Lead Manager(s)” the joint lead manager(s) as named in the section headed +“Directors and Parties Involved in the Global Offering” in this +prospectus +“Joint Sponsor(s)” the joint sponsor(s) as named in the section headed “Directors +and Parties Involved in the Global Offering” in this prospectus +“Latest Practicable Date” 1 June 2026, being the latest practicable date prior to the +printing of this prospectus for the purpose of ascertaining +certain information in this prospectus prior to its publication +“Listing” listing of the H Shares on the Main Board +DEFINITIONS +–1 8– + + +--- page 27 --- +“Listing Committee” the Listing Committee of the Stock Exchange +“Listing Date” the date, expected to be on or about Monday, 22 June 2026, on +which dealings in the H Shares first commence on the Main +Board +“Listing Rules” the Rules Governing the Listing of Securities on the Main +Board of the Stock Exchange, as amended, modified and +supplemented from time to time +“Main Board” the Main Board of the Stock Exchange +“Mr. Zhou” Mr. Zhou Bo (تour executive Director, general manager +of our Group, and chairman of our Board +“NDRC” the National Development and Reform Commission of the +PRC (ึ ) +“Nomination Committee” the nomination committee of the Board +“NPC” the National People’s Congress of the PRC ( ʕശɛ͏΍ձ਷ +ɽึ ) +“OFAC” Office of Foreign Assets Control +“Offer Price” the price per Offer Share in Hong Kong dollars (exclusive of +brokerage of 1.0%, SFC transaction levy of 0.0027%, the +Stock Exchange trading fee of 0.00565% and AFRC +transaction levy of 0.00015%) at which the Offer Shares are to +be subscribed for or issued pursuant to the Global Offering, +being HK$7.20 +“Offer Share(s)” the Hong Kong Offer Shares and the International Placing +Shares +“Overall Coordinator(s)” the overall coordinator(s) as named in the section headed +“Directors and Parties Involved in the Global Offering” in this +prospectus +“Overseas Listing Trial Measures” The Trial Administrative Measures of Overseas Securities +Offering and Listing by Domestic Companies and five +supporting guidelines ( ྤʫΆุྤ̮೯БᗇՎձɪ̹၍ଣ༊ +ˏ ) promulgated by the CSRC on 17 +February 2023 and became effective on 31 March 2023 +“Outbound Investment Rule” “Provisions Pertaining to U.S. Investments in Certain National +Security Technologies and Products in Countries of Concern”, +issued by the U.S. Department of the Treasury on 28 October +2024 +“PBOC” People’s Bank of China ( ʕ਷ɛ͏ვБ ), the central bank of +the PRC +DEFINITIONS +–1 9– + + +--- page 28 --- +“PRC Government” the central government of the PRC and all governmental +subdivisions (including provincial, municipal and other +regional or local government entities) and instrumentalities +thereof or, where the context requires, any of them +“PRC Legal Advisers” AllBright Law Offices (Shenzhen) +“Pre-IPO Investments” certain rounds of financing carried out by our Company before +the Global Offering, details of which are set out in the section +headed “History, Development and Corporate Structure — +Pre-IPO Investments” in this prospectus +“Pre-IPO Investor(s)” the investor(s) who participated in the Pre-IPO Investments, +background and information of which are set out in the +paragraph headed “History, Development and Corporate +Structure — Pre-IPO investment” in this prospectus +“Regulation S” Regulation S under the U.S. Securities Act +“Remuneration and Appraisal +Committee” +the remuneration and appraisal committee of the Board +“Reporting Accountants” Confucius International CPA Limited +“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC +“SAFE” the State Administration of Foreign Exchange of the PRC ( ʕ +ശɛ͏΍ձ਷̮ි၍ଣ҅ ) +“SAT” the State Taxation Administration of the PRC ( ʕശɛ͏΍ձ +೼ਕᐼ҅ , formerly known as the State Administration +of Tax) +“Securities Law” the Securities Law of the PRC (جas +amended, supplemented or otherwise modified from time to +time +“SFC” the Securities and Futures Commission of Hong Kong +“SFO” the Securities and Futures Ordinance (Chapter 571 of the +Laws of Hong Kong), as amended, supplemented or otherwise +modified from time to time +“Share Subdivision” the share subdivision immediately prior to the Listing, +pursuant to which each of our Share with par value of +RMB1.00 will be subdivided into 80 Shares with par value of +RMB0.0125 each +“Share(s)” Unlisted Share(s) and/or H Share(s) +“Shareholder(s)” holder(s) of the Share(s) +“Sponsor-Overall Coordinator(s)” the sponsor-overall coordinator(s) as named in the section +headed “Directors and Parties Involved in the Global +Offering” in this prospectus +DEFINITIONS +–2 0– + + +--- page 29 --- +“sq.ft.” square foot +“sq.m.” square metre +“State Council” the State Council of the PRC ( ʕശɛ͏΍ձ਷਷ਕ৫ ) +“Takeovers Code” The Codes on Takeovers and Mergers and Share Buy-backs +issued by the SFC, as amended, supplemented or otherwise +modified from time to time +“Track Record Period” the period comprising FY2023, FY2024 and FY2025 +“U.S. Legal Advisers” DeHeng Law Offices, our legal advisers as to United States +export controls and sanctions +“U.S. Securities Act” United States Securities Act of 1933, as amended, modified +and supplemented from time to time +“Underwriters” the Hong Kong Underwriters and the International +Underwriters, details of which are set out in the section +headed “Underwriting” in this prospectus +“Underwriting Agreements” the Hong Kong Underwriting Agreement and the International +Underwriting Agreement +“United States” or “U.S.” the United States of America +“Unlisted Share(s)” existing ordinary shares(s) in the share capital of our +Company with a nominal value of RMB1.00 each, and +ordinary share(s) in the share capital of our Company of par +value of RMB0.0125 per Share (taking into account the Share +Subdivision), which is/are not listed or traded on any stock +exchange +“US$”, “USD” or “U.S. dollars” United States dollars, the lawful currency of the United States +“Zhongcheng Tianying LP” Shenzhen Zhongcheng Tianying Venture Capital Partnership +(Limited Partnership)* (௴ุҳ༟ΥྫΆุ (Ϟ +Υྫ)), a limited partnership established under the laws of +the PRC on 21 August 2017, an employee shareholding +platform and one of our Controlling Shareholders +“Zhongzheng Tianying LP” Shenzhen Zhongzheng Tianying Venture Capital Partnership +(Limited Partnership)* (௴ุҳ༟ΥྫΆุ (Ϟ +Υྫ)), a limited partnership established under the laws of +the PRC on 8 December 2020, an employee shareholding +platform and one of our Controlling Shareholders +“Zhongzhi Tianying LP” Shenzhen Zhongzhi Tianying Venture Capital Partnership +(Limited Partnership)* (௴ุҳ༟ΥྫΆุ (Ϟ +Υྫ)), a limited partnership established under the laws of +the PRC on 25 February 2022, an employee shareholding +platform and one of our Controlling Shareholders +“%” per cent +DEFINITIONS +–2 1– + + +--- page 30 --- +Unless expressly stated or the context otherwise requires: + all times refer to Hong Kong time and references to years in this prospectus are to calendar +years; + the terms “associate(s)”, “close associate(s)”, “connected person(s)”, “core connected +person(s)”, “connected transaction(s)”, “subsidiary(ies)” and “substantial shareholder(s)” +shall have the meanings ascribed to such terms in the Listing Rules; + all data in this prospectus are as at the Latest Practicable Date; + certain amounts and percentage figures included in this prospectus have been subject to +rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an +arithmetic aggregation of the figures preceding them. Any discrepancies in any table or +chart between the total shown and the sum of the amounts listed are due to rounding; and +The English names of the PRC laws, rules, regulations, nationals, entities, governmental +authorities, institutions, facilities, certificates and titles etc. mentioned in this prospectus, including +those marked with “*”, are translations from their Chinese names and are for identification purpose +only. If there is any inconsistency between the Chinese names and their English translations, the +Chinese names shall prevail. +DEFINITIONS +–2 2– + + +--- page 31 --- +This glossary contains an explanation of certain technical terms used in this prospectus as they +relate to our Company and as they are used in this prospectus in connection with our business or us. +Such terminology and meanings may not correspond to standard industry meanings or usages of +those terms. +“architecture (࿴)” The fundamental structure and organisation of a system, +defining its components, their relationships, and the principles +governing its design and evolution. In AI and computing, it +refers to the framework of hardware and software elements. +“AI” artificial intelligence, simulation of human intelligence by +machines. +“AI chip (AI˪)” a specialised hardware processor designed to accelerate +artificial intelligence workloads, particularly those involving +machine learning (ML) and deep learning (DL) algorithms. +Unlike general-purpose CPUs, AI chips are optimised for +parallel computation, matrix operations, and low-latency +inference, making them ideal for training and deploying AI +models efficiently. +“AI vision modules (AI ൖᙂᅼଡ଼)” compact intelligent chip modules that integrate visible light +image sensors, processors, software algorithms, and interface +components. +“algorithm (جA well-defined, finite sequence of instructions or rules used to +solve a specific problem or perform a computation. In AI, +algorithms process data to learn patterns, make predictions, or +automate decisions. +“artificial intelligence algorithm(s) +(ج”) +set(s) of instructions or rules that enable machines to perform +tasks requiring human-like intelligence, including learning, +reasoning, and decision-making. They serve as the +foundational mechanisms of AI systems across diverse +applications. +“CAGR (ଟ )” compound annual growth rate. +“cloud computing (ၑ)” the delivery of computing services — including servers, +storage, databases, networking, software, and analytics — over +the internet (“the cloud”) on a pay-as-you-go basis. This +model allows users to pay only for the resources they use, +offering scalable access without the need for on-premises +infrastructure. +“CMOS (̒ኬ᜗ )” a complementary metal-oxide-semiconductor (CMOS), which +is a semiconductor technology used to create integrated circus, +such as processors and memory chips. +“CMOS image sensors (CMOS ྡ྅ෂ +ชኜ)” +an image sensor technology based on CMOS fabrication +processes. Its core function is to convert incoming light +(photons) into electrical signals, which are then processed to +form a digital image (i.e. CIS). +GLOSSARY OF TECHNICAL TERMS +–2 3– + + +--- page 32 --- +“computing power miniaturisation +(ʷ )” +the process of integrating high-performance computing +capabilities into smaller, more portable hardware devices, +enabling compact and efficient computing resources that meet +the demands of edge and mobile devices for high performance. +“COVID-19” coronavirus disease 2019, a disease caused by a novel virus +designated as severe acute respiratory syndrome coronavirus 2. +“cross band imaging (ϓ྅ )” An imaging technique that captures and combines data from +different parts of the electromagnetic spectrum simultaneously +or in a correlated manner. This provides richer information +beyond what is possible with single spectral imaging. +“deep learning (ኪ୦)” A subset of machine learning that uses artificial neural +networks with multiple layers to learn complex patterns and +representations from large amounts of data. It excels at tasks +like image and speech recognition. +“electromagnetic ( ཥှ)” Electromagnetic is used to describe phenomena and things +related to the interaction between electric fields and magnetic +fields. The interaction between electric and magnetic fields +can generate electromagnetic waves, which, depending on +their wavelength, include various types such as gamma rays, +ultraviolet, visible light, infrared, and radio waves. +“facial recognition ( ɛᑕᗆй)” A biometric technology that identifies or verifies a person’s +identity by analysing and comparing patterns in their facial +features from digital images or video frames. +“lightweight ( Ⴠඎʷ)” The process of designing or optimising models and algorithms +to have reduced computational complexity, and memory +footprint, enabling efficient deployment on +resource-constrained devices. +“ISO” International Organisation for Standardisation. +“large model (ۨA type of artificial intelligence model, typically based on deep +learning neural networks, characterised by having a very large +number of parameters and trained on massive datasets. These +models exhibit broad capabilities, including complex +reasoning and multi-task learning. +“full-chain ( Όᗡ༩)” in the context of AI technology enterprise, means that the +company possesses the business capabilities to encompass +module R&D, software algorithm development, terminal +equipment integration, and tailored scenario-based solutions. +“HtFS” a filing system developed by our Company, which is designed +for vision scenario applications to extend the service life of +terminals storage. +“HtOS” an operating system developed by our Company, which is +designed for edge AI computing to fundamentally overcome +key technical bottlenecks in computational miniaturisation. +GLOSSARY OF TECHNICAL TERMS +–2 4– + + +--- page 33 --- +“image sensor(s) ( ྡ྅ෂชኜ )” a device that converts optical images (light) into electronic +signals. It is the core component of cameras and imaging +systems, enabling the capture of visual information by +detecting the intensity and sometimes the wavelength of +incoming light. Image sensors are essential in both consumer +electronics and industrial/computational vision applications. +“infrared thermal imaging +(̮ᆠϓ྅ )” +a non-contact imaging technology that detects infrared +radiation (heat) emitted by objects and converts it into a +visible image. The resulting thermographic image represents +temperature distribution across the surface of an object or +scene, enabling temperature-based analysis, diagnostics, or +monitoring. +“IDCs ( ʝᑌၣᅰኽʕː )” information data centres, refers to centralised physical +facilities or spaces designed for the centralised processing, +storage, transmission, exchange, and management of +information and data. +“IoT (ᑌၣ)” internet-of-things, refers to a network of physical objects or +“things” embedded with sensors, software, and other +technologies that enable them to connect and exchange data +with other devices and systems over the internet. +“infrared (̮ᇞ)” Electromagnetic radiation with wavelengths longer than visible +light but shorter than microwaves, typically ranging from ~700 +nanometres to 1 millimetres. +“machine learning ( ዚኜኪ୦)” A field of artificial intelligence focused on developing systems +that can learn from data and improve their performance on a +specific task without being explicitly programmed for every +scenario. +“MEMS” Micro-Electro-Mechanical Systems. +“model (ۨIn the context of AI, a mathematical representation trained on +data to recognise patterns, make predictions, or perform +specific tasks. Models are the core output of machine learning +and deep learning processes. +“multimodal model (ۨan artificial intelligence model designed to process and +integrate multiple data modalities — such as text, images, +audio, video, and structured data — within a unified +framework. It enables understanding of complex relationships +across diverse inputs, facilitating richer and more +context-aware predictions or outputs. +“multispectral ( εΈᗅ)” Relating to the acquisition, processing, and analysis of optical +information captured from multiple specific spectral bands to +provide more detailed information than standard RGB (visible +lights) imaging. +GLOSSARY OF TECHNICAL TERMS +–2 5– + + +--- page 34 --- +“Multispectral AI Large Model +Services ( εΈᗅAIਕ )” +model services that integrate multispectral data with +domain-specific AI to support training, compression, and +secure on-device deployment. Built on a unified architecture, +it enables cross-band imaging, analysis, and efficient local +inference adapted to the complex needs of the multi-scenario +safety sector. It delivers robust algorithmic performance, +supporting real-time, secure, and scalable inference across +diverse application environments. +“Multispectral AI Modules +(εΈᗅAIᅼଡ଼)” +embedded AI vision modules designed to capture information +across multiple spectral bands, including infrared, ultraviolet, +and visible light, enabling simultaneous multispectral data +acquisition and overcoming the perceptual limits of traditional +visible-light imaging. +“Multispectral AI Perception +Terminals ( εΈᗅAI୞၌)” +an intelligent terminal device integrating spectral imaging and +AI algorithms, capable of capturing data across multiple +spectral bands including near-infrared, short-wave infrared and +visible for enhanced perception and understanding of object +characteristics. It combines optical components, sensors, local +storage, and AI processing to enable on-device imaging, +analysis, recognition, and inference, overcoming traditional +vision system limitations in complex, high-precision scenarios. +”multispectral AI technology +(εΈᗅAIҦஔ)” +the integration of multispectral signal acquisition including +ultraviolet, infrared, and visible light with perception, spectral +modelling, and intelligent computing into a unified system. It +enables on-device closed-loop processing from data capture to +preliminary inference, offering ultra-wide spectral sensing and +high sensitivity, while also supporting cloud-based services for +centralised model training, data aggregation, and remote +optimisation. +“multi-scenario safety +(τΌჯਹ )” +a demand-driven market encompassing diverse application +areas such as fire safety, food safety, urban surveillance and +industrial hazard prevention. It integrates advanced perception, +intelligent decision-making, and cost-effective deployment to +enable real-time risk detection and rapid response across +complex environments. +“nm” nanometre. +“on-device ( ၌ਉ)” Refers to the execution of computation directly on an end-user +device rather than relying on remote cloud servers. Offers +benefits like reduced latency, enhanced privacy, and offline +operation. +“on-device AI ( ၌ਉAI)” on-device AI enables artificial intelligence to run directly on +terminal devices — such as sensors and IoT endpoints — +providing localised data processing and real-time +decision-making without relying on cloud-based systems. +GLOSSARY OF TECHNICAL TERMS +–2 6– + + +--- page 35 --- +“optical communication module(s) +(ᅼ෯ )” +an integrated device that enables data transmission via optical +fibre by converting electrical signals into optical signals (for +transmission) and vice versa (for reception). It typically +includes components such as lasers or LEDs, photodetectors, +optical fibres, and electronic interface circuits, facilitating +high-speed, long-distance, and low-loss communication. +“Other AI Vision Modules +(Չ˼AIൖᙂᅼଡ଼)” +designed for visible-light perception, these compact intelligent +chip modules integrate image acquisition, on-device +computing, and AI analysis within constrained spaces. +“PCB(s)” printed circuit board(s), refers to a thin board made of +insulating material, typically fibreglass or composite epoxy, +that contains conductive pathways (traces) etched or printed +onto its surface. +“PCBA(s)” printed circuit board assembly(ies), refers to the process of +mounting and soldering electronic components onto a bare +printed circuit board to create a functional electronic circuit. +“perceptual intelligence +(౽ঐ)” +AI technologies — primarily machine learning and computer +vision — that emulate human sensory capabilities, enabling +machines to perceive, interpret, and respond to their +environment through sensors and devices. It is typically +classified into visual, auditory, tactile, and other forms of +perception based on the type of human sense being simulated. +“private protocol ( ӷϞ՘ᙄ)” a proprietary communication protocol designed and controlled +by a specific company or organisation for communication +between designated devices or systems within its network +environment. Such protocols are not publicly standardised and +are typically used to enable secure and efficient data +transmission between internal devices and platforms. +“public protocol ( ʮϞ՘ᙄ)” refers to a communication protocol that is publicly available +and widely adopted across public networks or the internet, +enabling interoperability and data exchange between different +systems and devices. +“RGB” red, green and blue. In visual imaging technology, it is an +additive colour model in which these three primary colours of +light are combined in varying intensities to reproduce a broad +array of colours perceived by the human eye. +“R&D” research and development. +“SMT” surface mount technology, refers to a method for assembling +electronic components directly onto the surface of a PCB. +“ultraviolet” or “UV” ultraviolet, a type of electromagnetic radiation with +wavelengths shorter than visible light but longer than X-rays, +typically ranging from 10 to 400 nanometres. +GLOSSARY OF TECHNICAL TERMS +–2 7– + + +--- page 36 --- +We have included in this prospectus forward-looking statements. Statements that are not +historical facts, including statements about our intentions, beliefs, expectations or predictions for the +future, are forward-looking statements. +This prospectus contains forward-looking statements, including, without limitation, words and +expressions such as “aim”, “expect”, “believe”, “consider”, “continue”, “intend”, “plan”, “project”, +“anticipate”, “seek”, “may”, “might”, “will”, “would”, “should”, “ought to”, “could”, “estimate”, +“potential”, “predict” or similar words or statements, in particular, in the sections headed “Industry +Overview”, “Business” and “Financial Information” in this prospectus in relation to future events, our +future financial, business or other performance and development, the future development of our +industry and the future development of the general economy of our key markets. +These statements are based on numerous assumptions regarding our present and future business +strategy and the environment in which we will operate in the future. These forward-looking statements +reflecting our current views with respect to future events are not a guarantee of future performance and +are subject to certain risks, uncertainties and assumptions, including the risk factors described in this +prospectus, and the following: + general political and economic conditions, including those related to PRC; + our ability to successfully implement our business plans and strategies; + future developments, trends and conditions in the industry and markets in which we operate +or into which we intend to expand; + our business operations and prospects; + our capital expenditure plans; + the actions and developments of our competitors; + our financial condition and performance; + capital market developments; + our dividend policy; + any changes in the laws, rules and regulations of the PRC and other relevant jurisdictions +and the rules, regulations and policies of the relevant governmental authorities relating to all +aspects of our business and our business plans; + various business opportunities that we may pursue; and + certain factors set out in the sections headed “Industry Overview”, “Business” and +“Financial Information” in this prospectus. +FORW ARD-LOOKING STATEMENTS +–2 8– + + +--- page 37 --- +We caution you that, subject to the requirements of applicable laws, rules and regulations, we do +not have any obligation to update or otherwise revise the forward-looking statements in this prospectus, +whether as a result of new information, future events or otherwise. As a result of these and other risks, +uncertainties and assumptions, the forward-looking events and circumstances discussed in this +prospectus might not occur in the way we expect, or at all. Accordingly, you should not place undue +reliance on any forward-looking information. All forward-looking statements contained in this +prospectus are qualified by reference to the cautionary statements set out in this section. +In this prospectus, statements of or references to the intentions of our Company or any of our +Directors are made as at the date of this prospectus. Any such intentions may potentially change in light +of future developments. +FORW ARD-LOOKING STATEMENTS +–2 9– + + +--- page 38 --- +An investment in our H Shares may involve significant risks. Potential investors should +carefully consider all of the information set out in this prospectus and, in particular , should consider +the following risks and special consideration associated with an investment in our Company before +making any investment decision in relation of the Offer Shares. You should pay particular attention +to the fact that we primarily conduct our operations in China, the legal and regulatory environment +of which in some respects may differ from that in Hong Kong. If any of the possible events as +described below materialises, our Group’ s business, financial position and prospects could be +materially and adversely affected and the trading prices of H Shares could decline due to any of +these risks, and you may lose all or part of your investments. The risks and uncertainties identified +below are not the only ones we face. Additional risks and uncertainties not presently known to us or +that we currently deem immaterial may also affect our business and results of operations. +You should carefully consider all of the information in this prospectus, including the following +risk factors before making any investment decision in relation to the H Shares. Our business, +financial condition or results of operations could be materially and adversely affected by any of +these risks. The market price of the H Shares could fall significantly due to any of these risks, and +you may lose all or part of your investment. The information given is subject to the cautionary +statements in the section headed “Forward-Looking Statements” in this prospectus. +RISKS RELATING TO OUR INDUSTRY AND BUSINESS +Our business development is subject to uncertainties in end-market demand and competitive +pressures from technological iteration, and failure to maintain technological leadership could +materially and adversely affect our operating results and financial condition. +We have continuously invested in R&D to develop core advantages in multispectral AI +technology, resulting in product and service offerings, including Multispectral AI Modules, +Multispectral AI Perception Terminals, and Multispectral AI Large Model Services. However, given the +multispectral AI technology sector’s fast pace of innovation, we may not be able to timely adapt our +R&D focus, successfully launch new products, or achieve our R&D objectives as planned. If our +competitors achieve technological breakthroughs that offer cost or performance advantages and we fail +to respond effectively, our competitive position and operating results could be materially and adversely +affected. +We have invested, and intend to continue investing, significantly in R&D, which may adversely +affect our profitability and operating cash flow and may not yield the anticipated results. +We are directing our R&D efforts toward several key products and solutions, including the +development of large models and AI chips. In line with this focus, we have committed substantial +resources to R&D. For FY2023, FY2024 and FY2025, our R&D expenses amounted to RMB11.1 +million, RMB25.2 million and RMB50.8 million, respectively, representing 9.5%, 4.8% and 7.6% of our +total revenue for the respective years. +The industries in which we operate are characterised by rapid technological changes. To maintain +competitiveness, we must invest significant resources in R&D to enhance our technological capabilities +and maintain the market relevance of our products and solutions. +However, there can be no assurance that our R&D initiatives will deliver the expected benefits or +achieve market recognition. R&D activities are inherently uncertain, and we may encounter challenges +in securing and retaining adequate resources, such as qualified personnel. Emerging technologies could +render our existing or developing products obsolete, limiting our ability to recover associated +development costs and potentially leading to declines in revenue, profitability, and market share. +RISK FACTORS +–3 0– + + +--- page 39 --- +Our R&D investments may not contribute meaningfully to our future results of operations or +offset the incurred costs. This could materially and adversely affect our business, results of operations, +operating cash flow, financial condition, and competitive position. +Failure to develop and launch new products and services could materially and adversely affect our +future business, operating results, financial condition, and competitive position. +The sustainability of our operations and R&D capabilities hinges on our ability to develop and +commercialise new products or services that align with customer needs, regulatory requirements, and +safety specifications in accordance with the latest advancements in multispectral AI technologies. +In pursuing such development, we may encounter significant technical and production challenges, +R&D delays, or cost overruns, requiring us to design innovative and differentiated products, maintain +collaboration with key partners, and respond promptly to technological market, and regulatory changes. +We face risks in the development, commercialisation, and expansion of new products and services, +including potential lack of market acceptance, limited professional expertise, difficulties in talent +acquisition, and possible imitation by competitors. Any delays in new product development or +impediments to market expansion could significantly and adversely impact our overall operations. As +the multispectral AI sector continues to evolve, technological or regulatory changes may require +strategic adjustments, and failure to respond effectively could harm our business, financial condition, +and results of operations. +The size of our addressable markets and the demand for our products and services may not +increase as rapidly as we anticipate due to a variety of factors, which would materially and +adversely affect our business, results of operations, financial condition and prospects. +We are pursuing opportunities in markets that are undergoing rapid changes, including +technological and regulatory changes, and it is difficult to predict or anticipate the timing and size of +the market opportunities for each of our products and services. +Similarly, our internal estimates and forecasts are based on a variety of assumptions, including +assumptions regarding market acceptance of multispectral AI products and services and the manner in +which those new and rapidly evolving markets will develop. While we believe our assumptions and the +data underlying our estimates and forecasts are reasonable, these assumptions and estimates may not be +correct and the conditions supporting our assumptions or estimates may change at any time, thereby +reducing the predictive accuracy of these underlying factors. As a result, our estimates and forecasts +may prove to be incorrect. If third-party or internally generated data were proved to be inaccurate or we +make errors in our assumptions based on that data, the addressable markets for our products and +services may be smaller than we have estimated, our future growth opportunities and sales growth may +be smaller than we have estimated, our future business, results of operations and financial condition +may be materially and adversely affected. +There is no guarantee that demand for our products and solutions will correlate with that growth if +we fail to effectively pursue such opportunities. There is also no guarantee that our business will +continue to be successful simply because of the future addressable markets and the trend thereof we +have currently identified. If demand does not develop or if we cannot accurately forecast customer +demand, then the size of our markets, inventory requirements or our future business, results of +operations and financial condition would be adversely affected. +RISK FACTORS +–3 1– + + +--- page 40 --- +The market in which we operate is highly competitive, which may have a material adverse effect +on our business, financial condition and results of operations. +We operate in the highly competitive Multispectral AI technology market in China where existing +and potential competitors are competing for market share through diversified and multi-faceted +strategies. On the one hand, some competitors continue to increase R&D investment to accelerate +technology iteration and product innovation, and expand production capacity to improve market supply +capacity and enhance brand equity through extensive marketing strategies. On the other hand, some +competitors may adopt competitive pricing strategies to attract customers and stimulate sales growth by +lowering the prices of products or services. Perceptual intelligence, which emulates human perceptual +faculties through the application of artificial intelligence, is an upstream industry to the Multispectral +AI technology market, and consists of the Multispectral AI and other technologies. The other +technologies utilised in perceptual intelligence may be in competitions with us. Please see the section +headed “Industry Overview” in this prospectus. +The above competitive pressures may directly impact the market demand and pricing strategies +and tactics of our products. Maintaining or improving our market position depends on our ability to +effectively respond to multiple competitive factors, including competitors’ pricing strategies, +technological advantages, changes in customer preferences, available resources, and the launch of new +or improved products or services. If we were to fail in establishing favourable pricing, obtaining the +resources needed to compete or developing new products or services, or market preferences shift to a +reliance on other technologies, our competitiveness in acquiring new businesses may decline, thereby +materially and adversely affecting our business, financial condition and results of operations. +We may face risks if there are quality issues with our products or services. +Product quality is of significant importance. We are always highly committed to product quality +and safety, considering them vital to our operations. Our quality management and risk control systems +span across the entire product life cycle, including product design, procurement, production, sales, +usage and maintenance. We did not experience any material product quality or safety issues during the +Track Record Period. However, given that product quality control involves complex processes and may +be difficult to manage, we cannot guarantee that there will not be any quality issues with our products +or services. +Any quality issues with our products and services could compromise our product performance, +lose customers and/or orders, and reduce our profitability. In severe cases, we may need to recall our +products or take other measures. Third parties who have suffered losses may bring claims or legal +proceedings against us. Certain product liability claims may arise from low quality raw materials or +defective parts and components that we have procured from suppliers. While we may seek remedies +from suppliers of these low quality raw materials or defective parts and components, such efforts may +be costly, time-consuming and ultimately futile. These suppliers may not be able to fully compensate +us, or at all, for the losses we suffer. +If we were unable to retain our existing customers or attract new customers in the future, our +business, financial condition and results of operations could be materially and adversely affected. +Our customer base comprises a diverse range of customers, including system integrators, and +enterprise-level users. Our product quality and manufacturing capability are widely recognised by +domestic and international customers. However, our future success depends significantly on our ability +to maintain and enhance such customer relationship, and if we were unable to retain existing customers +or attract new customers in the future due to our products failing to meet customer requirements or +market demand, or various other factors, our business, financial condition and results of operations will +be materially and adversely affected. +RISK FACTORS +–3 2– + + +--- page 41 --- +We may fail to effectively implement our future investment and acquisition plans, or such plans +may not proceed as expected. These initiatives may involve valuation risks, and we may fail to +realise the anticipated benefits, synergies, cost savings or efficiencies. Any such failure could have +a material adverse effect on our business, reputation, financial condition and results of operations. +We may in the future evaluate and consider a wide array of investments and acquisitions that we +believe are complementary to our growth strategies, particularly those that can help us enrich our +products and services offerings, enhance our technologies, and expand our customer base. Investment +and acquisition processes involve certain known and unknown risks that could impose significant +challenges, including but not limited to that: + we may not be able to identify suitable acquisition candidates or to consummate acquisitions +on acceptable terms in a timely and cost-effective manner, or at all; + we may compete with others to acquire complementary businesses and technologies, which +could result in decreased availability of, or increased price for, suitable acquisition +candidates; + we may not be able to obtain the necessary financing on favourable terms, or at all, to +finance any or all of our potential acquisitions; + our results of operations may be harmed due to dilutive issuances of equity securities, the +use of our available cash or incurrence of debts; and + our acquisition activities may be subject to various laws, rules and regulations, including +that on antitrust and competition, of the countries in connection with any proposed +acquisitions. +Even if a planned acquisition were consummated, we might not be able to realise the anticipated +benefits, including expected synergies, cost savings, efficiencies or other strategic objectives. Such +benefits may also take longer than expected to materialise or may be offset by operational disruptions, +increased organisational complexity, competitive responses, customer attrition or changes in market +conditions, due to a number of factors, including but not limited to: + difficulties in integrating the acquired personnel, products and/or solutions, operations and +technologies, or effectively managing the combined business following the acquisition; + unanticipated costs or liabilities associated with the acquisition that may adversely affect us +following the acquisition; + lack of management control or influence over the controlling partners or shareholders, which +may prevent us from achieving our strategic goals; + new regulatory and compliance risks arising from acquisitions in new industries; + actual or alleged pre-acquisition misconduct or non-compliance by the acquired company +leading to potential investigations or reputational damage; + potential issues with the acquired company’s technologies or internal controls; + disruptions of our ongoing business and diversion of management’s attention; + harm to our existing relationships with our business partners as a result of the acquisition; +RISK FACTORS +–3 3– + + +--- page 42 --- + the loss of our or the acquired business’s key employees and established customer +relationships; and + diversion of resources that could have been more effectively deployed in other parts of our +business. +If we are unable to realise anticipated benefits, synergies, cost savings or efficiencies, our overall +profitability and results of operations may be materially and adversely affected. +We are subject to valuation risks associated with potential investments and acquisitions. Although +such transactions may support our growth strategy and enhance our competitive position, the valuation +of the targets can be highly uncertain and subject to significant fluctuations due to factors such as +market sentiment, technological developments and regulatory changes. In assessing the value, prospects +and risks of a target, we may need to rely on assumptions, estimates and limited information which may +prove to be inaccurate. If we overestimate a target’s value or fail to identify material risks during due +diligence, we may overpay for the investment or acquisition or fail to achieve an adequate return on the +capital deployed. Any such misjudgement could adversely affect our financial performance and +prospects, and may result in goodwill impairment charges, amortisation of intangible assets, other +write-downs, the need for significant cash outlays or potentially dilutive issuances of equity securities. +Any negative developments described above could disrupt our existing business and have a +material adverse effect on our business, reputation, financial condition and results of operations. +Price fluctuation and inadequate supply of materials and equipment for our production could +adversely affect our business, financial condition and results of operations. +As a provider of multispectral AI products and services, we procure key components from +domestic suppliers, including image sensors, microprocessor (MPUs) and other components. Price +fluctuations and inadequate supply of these key components may have a material adverse impact on our +business, financial condition and results of operations. The increase in price of materials and equipment +(including key components of our products) could potentially damage our business, results of operations +and relationship with customers. In any case, we may not be able to successfully counteract this impact +through price increases for our products to transfer the increased costs to our customers at all, or find +alternative sources of supply in a timely manner. All the aforementioned factors may adversely impact +our business, results of operations and relationship with customers. +Specifically, the supply stability and procurement prices of key components may be affected by +uncontrollable factors such as geopolitical disruptions to trade and logistics, heightened demand from +other industries, and natural disasters or public health events impacting the supply chain. +The procurement prices of key components fluctuated during the Track Record Period. According +to the F&S Report, the average price of microprocessors used in the multispectral field in China +increased from RMB28.9 per piece in 2023 to RMB30.2 per piece in 2024, and further to RMB40.1 per +piece in 2025. The price is projected to increase continually. The impact of the increase in the average +price of microprocessors during the Track Record Period over our procurement costs of microprocessors +and gross profit margin was not significant. During FY2023, FY2024 and FY2025, our procurement +costs for microprocessors were approximately RMB3.2 million, RMB7.1 million and RMB3.4 million, +respectively, while our gross profit margin was 12.2%, 18.8% and 22.3%. The rise in procurement costs +in FY2024 was primarily attributable to higher procurement volumes, which were intended to meet +increased production needs driver by higher customer orders. Fluctuations in our gross profit margin +during the Track Record Period were mainly influenced by a combination of factors, including changes +in product mix, customer profile, production scale, and pricing strategy. For details, please see the +section headed “Financial Information — Description of Selected Components of Statements of Profit +RISK FACTORS +–3 4– + + +--- page 43 --- +or Loss and Other Comprehensive Income — Gross Profit and Gross Profit Margin” in this prospectus. +The average price of CMOS image sensors in China decreased from RMB12.4 per piece in 2023 to +RMB12.2 per piece in 2024, and further to RMB12.1 per piece in 2025. It is projected to continue the +mild downward trend. Please see the section headed “Industry Overview — Overview of China’s +Multispectral AI Industry - Analysis of Component Prices” in this prospectus for more details. +Abnormal price fluctuations in key components would directly impact gross profit margins, while +supply disruptions could halt production, leading to delayed order fulfilment and reduced or loss of +customer satisfaction. Additionally, we also procure various equipment required for production from +other sources. Failure by equipment suppliers to meet our quality, cost or delivery requirements would +further adversely affect our business and production operations. +Our operations may be affected by concentrating on a few key suppliers. Should there be any loss +of key suppliers or disruption in their supply, our business and results of operations could be +materially and adversely affected. +We rely on a limited number of suppliers for supply of raw materials, components, software +services, and others. 54.2%, 66.4% and 62.2% of our total purchase for FY2023, FY2024 and FY2025, +respectively, were from our five largest suppliers in each year during the Track Record Period. It +generally involves several risks when there is a concentration on a few key suppliers, including the +possibility of defective products from a supplier, loss of market share of supplier’s products, failure of +supplier’s products to maintain their competitiveness because of changing industry standards or +customers’ preference, a shortage of product supply and loss of such suppliers. +We may face project delays if our key suppliers fail to provide materials on time or on acceptable +terms. If there is any disruption in their supply of materials to us and we are unable to identify an +alternative source of supply with competitive prices and terms and satisfactory quality in a timely +manner, our business and results of operations may be adversely affected. +Failure to maintain optimal inventory levels could increase our inventory holding costs or +negatively impact our operation results. +Our inventories primarily include (i) raw materials; (ii) work in progress; (iii) finished goods; (iv) +outsourced processing materials; and (v) goods in transit. As at 31 December 2023, 2024 and 2025, our +inventories amounted to RMB56.0 million, RMB31.6 million and RMB80.2 million, respectively. Our +inventory turnover days were 201 days, 44 days and 45 days in FY2023, FY2024 and FY2025, +respectively. +We may not be able to effectively manage our inventory level or to identify any excessive +build-up or insufficient stock of inventory in our operations. We may also misjudge market demand. +Inventory levels in excess of customer demand may result in inventory write-downs or write-offs, and +the sale of excess inventory at discounted prices could impair our brand image and harm our gross +profit margin. On the other hand, if we underestimate the demand for our products, insufficient stock +could result in delays in the shipment of our products, thereby impacting our ability to generate sales +and cause damages to our reputation and relationships with our customers. Therefore, failure to +maintain optimal inventory levels could increase our inventory holding costs or cause us to lose sales, +either of which could adversely impact our business, financial condition and results of operations. +RISK FACTORS +–3 5– + + +--- page 44 --- +Our success depends on our ability to protect our intellectual property rights. Intellectual +property infringement by, or disputes with, third parties may adversely affect our business, +financial condition and results of operations. +We regard our patents, know-how, proprietary technologies, trademarks, copyrights, domain names +and other intellectual properties as critical to our business and operations. We seek to protect these +rights through intellectual property laws, contractual arrangements, and internal management measures, +but they may still be challenged, invalidated, circumvented or misappropriated, or otherwise fail to +provide the competitive advantages we expected. There can be no assurance that our patent applications +will be approved, that any issued patents will adequately protect our intellectual property rights, or that +such patents will not be challenged or found by a judicial authority to be invalid and unenforceable. We +may not have sufficient intellectual property rights in all countries and regions due to lack of +comprehensive intellectual property laws in certain regions, and our ability to protect our intellectual +property rights differs by jurisdiction. +The China National Intellectual Property Administration and various governmental patent agencies +require compliance with a number of procedural, documentary, fee payment, and other similar +provisions during the patent application process and over the lifetime of the patent. Non-compliance +events, including failure to respond to official actions within prescribed time limits, non-payment of +periodic maintenance fees, and failure to properly legalise and submit formal documents, can result in +abandonment or lapse of the patent or patent application, leading to partial or complete loss of patent +rights in the relevant jurisdiction. In any such event, our competitors might be able to enter the market, +which would materially and adversely affect our business. +We may be a party to claims and litigation as a result of infringement by third parties of our +intellectual property rights. Even when we sue the parties for such infringement, such lawsuits may +have adverse consequences for our business. Any of such lawsuits may be time-consuming and costly to +resolve and may divert our management’s time and attention from our business. It could also result in a +court or governmental agency invalidating, narrowing the scope of, or rendering our patents or other +intellectual property rights involved in such lawsuits unenforceable which may significantly harm our +business. Our products may infringe issued patents of third parties. If any of our products infringes a +valid and enforceable patent, we may be prevented from selling, or choose to cease the sales of related +products. Additionally, we may face liabilities to our customers, business partners or third parties for +indemnification or other remedies in the event that they are sued for infringement in connection with +their use of our products. +We carefully select suppliers and adopt relevant management policies. However, there can be no +assurance that such measures will be sufficient to prevent suppliers from providing products with +potential intellectual property issues, nor can we guarantee that we will be able to recover all damages +or compensation from suppliers in respect of claims by third parties against us for such products or +intellectual property infringements. If any of these events occur, our reputation could be damaged, and +our business, financial condition and results of operations may be adversely affected. +Our brand may be counterfeited and imitated. We cannot assure that brand counterfeiting or +imitation will not occur in the future or, if it does occur, that we will be able to identify or address the +problem effectively or in a timely manner. Any occurrence of counterfeiting or imitation of our +products or other infringement of our brand could adversely affect our reputation and brand. +Although we enter into employment agreements with confidentiality, non-compete covenants and +intellectual property ownership clauses with our employees, we cannot assure that these agreements will +not be breached, that we will have adequate remedies for any breach in time, or that our proprietary +technology, know-how or other intellectual properties will not otherwise become known to third parties. +Similarly, if we recruit employees who breached confidentiality and/or non-compete covenants with +RISK FACTORS +–3 6– + + +--- page 45 --- +their prior employers, we may become subject to claims that such employees have improperly used or +disclosed trade secrets or other proprietary information in violation of their confidentiality and/or +non-compete covenants in a way that unduly benefits us. +Changes in patent law could diminish the value of patents in general, thereby impairing our +ability to protect our products and services. +There is uncertainty in the legal application of patent protection scope across jurisdictions. Patent +laws in China and other countries or their interpretations may change, which may weaken our ability to +protect inventions and affect the acquisition, maintenance, enforcement and overall value of intellectual +property rights, or even lead to narrowing of patent scope. +We cannot guarantee that current or future patent applications will be granted in specific +jurisdictions, nor can we ensure that the claims of granted patents are sufficient to prevent competitors +from copying. In addition, claims in patent applications may be significantly reduced before grant, or +their protection scope may change after grant due to adjustments in legal interpretation. Even if our +current or future patent applications are granted as patents, the granted form may not provide us with +any meaningful protection or prevent competition from competitors. +Our insurance coverage may not be sufficient to cover all losses, which may increase our costs of +operation. +Our Group has purchased group medical insurance and accident insurance for our employees. We +do not, however, carry insurance in respect of certain situations that we believe are not insurable under +industry norm, or which are not on commercially acceptable terms. Such uninsured risks include, +among others, force majeure events such as natural disasters. Accordingly, there can be no assurance +that our insurance coverage is sufficient to prevent us from any loss or that we will be able to +successfully claim our losses under our current insurance policies on a timely basis, or at all. Any +damages to our properties, such as fixed assets and inventories, that are not covered by insurance may +result in substantial losses for us. Nevertheless, we would remain liable for any bank borrowings or +other financial obligations related to these damaged properties. If we incur any loss that is not covered +by our insurance policies, or the compensated amount is significantly less than our actual loss, our +business, financial condition and results of operations could be adversely affected. +We incurred net loss in FY2023 during the Track Record Period. +In FY2023, we had net loss of RMB18.4 million. Our net loss in FY2023 was primarily +attributable to the softened demand of some of our products and the prevailing macroeconomic +headwind during the year. +We may incur net loss in the short term, as we are in the stage of expanding our business and +operations in the highly competitive market and are continuously investing heavily in R&D. We may +not be able to achieve or subsequently maintain profitability in the near future. We believe that our +future revenue growth will depend on, among other factors, our ability to develop new technologies, +enhance customer experience, establish effective commercialisation strategies, compete effectively and +successfully and develop new products and solutions. Accordingly, you should not rely on the revenues +of any prior period as an indication of our future performance. We expect our costs and expenses to +increase in future periods as we continue to expand our business and operations, and invest in R&D. +We also expect to incur substantial costs and expenses as a result of becoming a listed company. If we +are unable to generate adequate revenue and manage our expenses, we may continue to incur significant +losses and may not be able to achieve or subsequently maintain profitability. +RISK FACTORS +–3 7– + + +--- page 46 --- +We have recorded operating cash outflows in FY2024 and FY2025, and may not be able to achieve +or subsequently maintain profitability in the near future. +We recorded net cash used in operating activities of RMB6.5 million and RMB129.9 million in +FY2024 and FY2025, respectively. For details, see “Financial Information — Liquidity and Capital +Resources — Cash Flows”. We cannot assure you that we will be able to generate positive cash flows +from operating activities in the future. If we continue to record net operating cash outflows in the +future, our working capital may be constrained, which may adversely affect our financial condition. Our +future liquidity primarily depends on our ability to maintain adequate cash inflows from our operating +activities and adequate external financing such as offering and issuing securities, and/or other sources +such as external debt, which may not be available on terms favourable or commercially reasonable to us +or at all. If we fail to obtain sufficient funding in a timely manner and on reasonable terms, or at all, +we will be in default of our payment obligations and may not be able to expand our business. As a +result, our business, results of operations and financial condition may be adversely affected. +We had long inventory turnover days, long trade receivables turnover days and long cash +conversion cycle during the Track Record Period, which may adversely affect our liquidity. +We had long inventory turnover days during a particular year in the Track Record Period, being +201 days in FY2023, which was primarily attributable to the high goods in transit as at 31 December +2023 because of our Multispectral AI Modules and Multispectral AI Perception Terminals products +being delivered to our customers pending inspection and acceptance. Please see the section headed +“Financial Information — Discussion of Certain Selected Items from the Consolidated Statements of +Financial Position — Inventory” in this prospectus. +We had long trade receivables turnover days during a particular year in the Track Record Period, +being 95 days in FY2025, which were mainly due to some customers with an aggregate amount of +approximately RMB67.9 million, which accounted for 34.7% of our trade and notes receivables as at 31 +December 2025, were late settling our invoices. Please see the section headed “Financial Information +— Discussion of Certain Selected Items from the Consolidated Statements of Financial Position — +Trade and Notes Receivables” in this prospectus. +The lengths of our cash conversion cycle were 171 days, 53 days and 98 days in FY2023, FY2024 +and FY2025 respectively +(Note) . +We cannot guarantee that we will not continue to incur long inventory days, long trade receivables +turnover days or long cash conversion cycle in the future. If we are to record long inventory days, long +trade receivables turnover days or long cash conversion cycle again, it may affect our liquidity, as well +as our ability to raise funds to meet our cash flow needs. Any difficulty or failure to meet our liquidity +needs as and when needed may have a material adverse effect on our results of operations and financial +position. +We are subject to credit risk in collecting trade receivables due from customers. +We generally grant a credit period to our major customers. As at 31 December 2023, 2024 and +2025, the balances of our trade receivables amounted to RMB19.0 million, RMB144.8 million and +RMB183.4 million, respectively. Our trade receivables turnover days were 68 days, 60 days and 95 +days in FY2023, FY2024 and FY2025, respectively. There is no assurance that all such amounts will be +settled on time or at all, and we are subject to credit risk in relation to the trade and bills receivables. +Note: For illustrative purposes only, cash conversion cycle is calculated based on the sum of the inventory turnover days in each +year/period and the trade receivables turnover days in the respective year/period, less the trade and notes payables +turnover days in the respective year/period. +RISK FACTORS +–3 8– + + +--- page 47 --- +Our performance, liquidity and profitability may be adversely affected if amounts due to us are not +settled on time or at all. The bankruptcy or deterioration of the credit condition of any of our major +customers could also materially and adversely affect our business. +Failure to fulfil our obligations in respect of contract liabilities could materially and adversely +affect our results of operation, liquidity and financial position. +Our contract liabilities are recognised when payment from a customer is received or is due +(whichever is earlier) before we transfer the related goods or services. As at 31 December 2023, 2024 +and 2025, we had contract liabilities of RMB21.3 million, RMB20.3 million and RMB75.9 million, +respectively. If we are not able to fulfil our obligations with respect to our contract liabilities, the +amount of such contract liabilities will not be recognised as revenue. As a result, our results of +operations, liquidity and financial position may be materially and adversely affected. +We have granted and may continue to grant share awards, which may adversely affect our results +of operations and financial condition. +We have established the ESOP Platforms to offer persons selected by our Company an opportunity +to acquire a proprietary interest in the success of our Company, or to increase such interest by acquiring +Shares. We recorded share-based payment expenses of RMB0.2 million, RMB2.5 million and RMB8.5 +million in FY2023, FY2024 and FY2025, respectively. We believe such share awards are important to +our ability to attract, retain and motivate our key individuals, and we may continue to grant share +awards in the future. As a result, our share-based payment expenses may increase, which may adversely +affect our results of operations and financial condition. +The carrying amount of our intangible assets is subject to potential impairment. +Our intangible assets are approximately RMB37.4 million, RMB62.7 million and RMB111.0 +million as at 31 December 2023, 2024 and 2025, respectively, primarily represented our software and +system and development costs for our business operations. Intangible assets are reviewed and tested for +impairment in accordance with the relevant accounting standards. An impairment loss is recognised in +profit or loss if the carrying amount of the intangible asset exceeds its recoverable amount. There is no +assurance that we will not incur impairment losses on our intangible assets. Any significant impairment +losses could materially and adversely affect our profitability and financial position. +Our success depends to a large extent on the continued service of our senior management and key +technical personnel, and the loss of core personnel may adversely affect our business, financial +condition and results of operations. +Management level and R&D capabilities are core elements to drive business development and +maintain industry leadership. The ability to maintain high-quality senior management team and +technology R&D team will directly affect the sustainable development ability of enterprises. The +continued growth of our business depends to a large extent on the stability and continuous contribution +of our talented team. We attach great importance to the cultivation and introduction of management and +technical talents to ensure the effective coordination and successful implementation of various +management and R&D work. In order to maintain the enthusiasm and stability of core management and +technical personnel, we have formulated corresponding incentive mechanisms to encourage +technological innovation, which has better ensured the stability of our R&D system and the continuous +improvement of R&D capabilities. However, due to fierce competition for talent, we may face the risk +of losing core management and technical personnel. Failure to effectively attract, train and retain key +talent could have a material impact on our market competitiveness and future development. +RISK FACTORS +–3 9– + + +--- page 48 --- +Disruptions in the financial markets and economic conditions could affect our ability to raise +capital. +Global economies could suffer dramatic downturns as the result of a deterioration in the credit +markets and related financial crisis as well as a variety of other factors, including extreme volatility in +securities prices, severely diminished liquidity and credit availability, ratings downgrades of certain +investments and declining valuations of others. The occurrence of adverse economic conditions may +cause a significant impact on our ability to raise capital, if needed, on a timely basis and on acceptable +terms or at all. +The increasing complexity and volatility of the international situation, such as the Russia-Ukraine +conflict continues to have profound impacts on the regional and global political and economic order. +For instance, the conflict between Russia and Ukraine has resulted in the imposition by the United +States and other nations of sanctions and other restrictive actions against certain banks, companies, and +individuals in Russia. Geopolitical conflicts are escalating continuously, intensifying the tensions +worldwide, seriously disrupting the international political and economic order and posing great +challenges to the recovery and development of the global economy. During the Track Record Period and +up to the Latest Practicable Date, we did not have any business operations in Russia or Ukraine which +would expose us to any sanctions by the United States or other nations. Our operations are primarily +conducted in mainland China, and the majority of our revenues are generated from providing products +and services to customers operating in mainland China. Such, our Group’s exposure to Russia and +Ukraine, through our ordinary course of business or otherwise, is minimal. +In recent years, the United States has expanded export controls restrictions on China through the +EAR, as administered by the BIS. In particular, on 7 October 2022, the BIS issued an interim final rule +amending the EAR to impose new licensing restrictions on exports, re-exports and in-country transfers +of items intended for use in semiconductor fabrication facilities in the PRC and supercomputers located +in or destined for the PRC. On 17 October 2023, the BIS issued two interim final rules further +amending the EAR to impose new restrictions on the export, re-export or in-country transfer of certain +semiconductor and advanced computing items to the PRC, expanding the range of advanced chips and +semiconductor manufacturing equipment subject to special licensing requirements. On 12 January 2026, +the Remote Access Security Act (H.R. 2683) was passed by the U.S. House of Representatives, and as +of the Latest Practicable Date is pending approval by the Senate, which would authorise the BIS to +extend export controls to the remote access of U.S. goods, software, or technology, and could +potentially affect our Group’s provision of AI services to customers in China. +According to the Frost & Sullivan Report, the global multispectral perception market, valued at +approximately RMB85.0 billion in 2025, offers significant growth opportunities, particularly in +overseas markets such as North America, which commands 24.5% market share in 2025, respectively. +As such, we intend to use part of the net proceeds (i) to increase the recruitment of additional sales and +marketing personnel with industry insights, expertise in downstream application industries such as +urban safety, beauty sector, and food safety, and deploy them across North America to drive customer +acquisition, manage local partnerships, and support brand-building initiatives; and (ii) for other +marketing and selling expenses responsive to market developments in North America. In the context of +such proposed expansion into the North American market, as advised by our U.S. Legal Advisers, our +potential future employment of personnel to support product sales in the United States would not give +rise to risks under U.S. economic sanctions laws and regulations, provided that no dealings involve +sanctioned persons or prohibited transactions. As further advised by our U.S. Legal Advisers, while our +Group’s proposed marketing activities in the U.S, including (i) the implementation of online and offline +marketing campaigns and brand-building initiatives such as digital advertising, participation in trade +shows, and overseas seminars, and (ii) the obtaining of relevant regulatory certifications, are not +inherently sanctionable, such activities may incrementally increase our potential exposure to U.S. +regulatory scrutiny risks. This is because our proposed marketing activities operate in the field of, +RISK FACTORS +–4 0– + + +--- page 49 --- +among others, fire monitoring, which may be viewed as part of the broader “security” or +“surveillance-related” technology domain under U.S. regulatory frameworks, and such increased market +visibility and engagement in the United States may heighten regulatory attention to our products, end +users and application scenarios. There is also a potential commercial risk from U.S. tariff policies. +Certain of the Company’s products, namely Multispectral AI Modules (which may be classified under +PRC Harmonised Tariff Schedule code 8543709990), could fall within the scope of the tariffs under +Section 301 of the Trade Act of 1974 at an additional rate of 25%, depending on the applicable tariff +classifications. In such circumstances, U.S. tariffs may be levied on our downstream customers when +they import our products into the United States, depending on applicable product classifications, pricing +arrangements, and the scale of exports. This may increase the overall cost of the Company’s products in +the U.S. market and could result in reduced order volumes, or pricing pressure from customers seeking +to offset the tariff burden. +Nevertheless, should we operate in markets where the impact of such geopolitical conflicts +become apparent, the aforementioned uncertainties would have a material adverse effect on the stability +of the financial markets and economic conditions in such markets, which in turn could have a material +adverse effect on our results of operations, cash flow position and long-term development prospects. +If our current and future infrastructure, internal systems, operational processes, and control +measures are unable to support our continuous business expansion, our business and prospects +may be materially and adversely affected. +Our business has been growing in recent years, so has the scope of our business and number of +employees. As we expand our product and service portfolio, customer base and geographical coverage, +we will need to work with a larger number of suppliers and partners efficiently. We also need to +continuously enhance and upgrade our infrastructure and technology, optimise our supplier +management, refine our reporting systems and operational procedures, expand our employee base, train +and incentivise our employees, and improve our internal control. All these efforts will require +significant managerial, financial and human resources. We cannot assure you that such efforts will be +successful. We cannot assure you that our current and future infrastructure, internal systems, operational +procedures and internal control measures will be adequate to support our expanding business or that our +strategies and new business initiatives will be executed successfully. +In addition, changes and developments in the industry where we operate may also require us to +re-evaluate our business model and make significant adjustments to our long-term strategies and +business plans. If we fail to adapt to these changes and developments and innovate, this could have a +material adverse effect on our business, financial condition and results of operations. Even if we are +able to adapt to these changes and developments and innovate, we may still fail to realise the expected +benefits of the measures we have taken and our profitability may be adversely affected. +Any litigation, legal and contractual disputes, claims or administrative proceedings against us +could be costly and time-consuming for us to defend or resolve and could result in a negative +impact on our reputation. +Our business is subject to the risk of disputes, claims or legal proceedings brought by customers, +suppliers, employees, government agencies and others in the form of private, administrative, regulatory +or other litigation. The outcome of such litigation may be difficult to assess. +Claimants in such litigation may seek large or uncertain amounts of damages from us, and the +scale of potential losses related to such disputes may be unknown for a considerable period of time. +The costs of defending against future disputes or litigation may be extremely high, and if we are forced +to change our business operations as a result of such disputes and litigation, it could negatively impact +our results of operations. +RISK FACTORS +–4 1– + + +--- page 50 --- +We may be the target of unfair competition, harassment or other harmful behaviour by third +parties, including filing complaints with regulatory authorities, posting negative messages on +social media and making malicious comments about us, which may damage our reputation and +result in loss of market share, customers and revenue. +We may be the target of unfair competition, harassment or other harmful behaviour by third +parties. These behaviours include filing complaints with regulatory authorities, posting negative +messages on social media and making malicious comments about us. We may be subject to +investigation by government or regulatory authorities and may require significant time and expense to +respond to these third-party behaviours, and we cannot guarantee that such allegations will be resolved +within a reasonable time. Allegations against us, whether or not related to us, may be disseminated by +anyone. Social media generally does not verify the accuracy of such information, and we may not have +the opportunity to remedy or correct it. The occurrence of any of such event could damage our +reputation and ultimately result in our loss of customers and revenue. +We may not be able to detect and prevent fraud or other misconduct committed by our employees, +customers, suppliers or third parties. +We may be exposed to fraud or other misconduct committed by our employees, customers, +suppliers or third parties that could affect our reputation and subject us to litigation, financial losses +and penalties imposed by governmental authorities. Such misconduct could include concealing +unauthorised or unlawful activities, such as money laundering or bribery, improperly using or disclosing +confidential information, misappropriating funds, conducting unauthorised or excessive transactions, +engaging in misrepresentation or other fraudulent or deceptive acts, engaging in unauthorised +transactions to the detriment of our customers, or otherwise failing to comply with applicable laws or +our internal policies and procedures. +Our internal control procedures are designed to monitor our operations and ensure overall +compliance. However, such internal control procedures may be unable to identify all instances of +non-compliance or suspicious transactions in a timely manner, or at all. Furthermore, the precautions +we take to detect and prevent fraud and other misconduct may not be effective. There is no assurance +that we will not be involved in fraud or other misconduct in the future. If such fraud or other +misconduct does occur, it may adversely affect our reputation. +We face risks in relation to the build-up of our production capacity. +Our future success and growth potential are dependent on our ability to effectively manage our +production capacity and successfully implement our production capacity construction plan. However, +there is no assurance that such construction plan will be successfully implemented as scheduled or will +be commercially successful. Our production capacity construction plan may also be subject to +interruptions caused by risks commonly associated with large construction projects, such as +insufficiency of capital, failure to obtain requisite approvals from regulatory authorities, adverse +weather conditions, natural disasters, accidents, unforeseen circumstances and problems, and other +factors beyond our control. As such, we may not be able to achieve the planned production capacity +construction on time, or at all. +Our operations rely on IT systems and networks, and any IT system failures, network disruptions +or cybersecurity breaches may affect our business. +Our IT systems are critical to our ability to effectively manage our operations. If these systems +were to malfunction, cease or experience interruptions in normal operations, experience security +breaches or do not provide the anticipated benefits, our ability to manage our operations could be +impaired, which could have an adverse impact on our operations and financial condition. If the software +RISK FACTORS +–4 2– + + +--- page 51 --- +installed on the computers used by us and our employees is not properly authorised or licenced, we may +be subject to claims or litigations from software vendors. We may be subject to IT system failures or +network disruptions caused by natural disasters, accidents, power disruptions, telecom failures, acts of +terrorism or war, computer viruses, physical or electronic break-ins or other events. We have business +continuity and disaster recovery ability, which may or may not be sufficient for managing operational +disruptions resulting from circumstances beyond our control. +Our IT systems may be subject to computer viruses, malicious codes, unauthorised access, +phishing and other cyberattacks. We continue to assess potential threats and adopt proper measures to +address these threats. However, due to the techniques used in these cyberattacks change frequently and +may be difficult to detect for periods of time, we may face difficulties in implementing adequate +preventative measures. To date, we have seen no material impact on our business or operations from +these attacks. However, we cannot guarantee that our efforts would prevent attacks or breakdowns to +our or our third party providers’ databases or systems. If the IT systems, networks or service providers +we rely upon were to fail to function properly and we do not effectively address these failures on a +timely basis, we may be exposed to business damage as well as litigation and regulatory action, +including administrative fines, which could adversely affect our business and financial condition. +Extreme weather events can damage corporate assets, disrupt supply chains and production +deliveries, and trigger power shortages that make it difficult for suppliers to meet their contracts, +ultimately affecting customer product supply and our business and financial performance. +Extreme weather events, such as floods, typhoons and extreme high temperatures, occurring in +areas where our Group has operations may adversely damage corporate assets, disrupt product supply +assurance and service delivery, and in severe cases, may cause business operation interruption. In +addition, extreme weather may cause power supply shortages that prevent suppliers from meeting their +component delivery obligations on time, quality and quantity, limiting our ability to produce and deliver +products to customers and end users. +The increase in customer environmental standards and ESG assessment requirements may affect +our ability to acquire and retain customers, which in turn may have a material impact on business +operations and financial performance. +Changes in customer preferences will induce potential transition risks, reflected in increased +customer requirements for supplier’s environmental and social risk assessments and higher standards for +environmentally friendly products and solutions. If we fail to attract new customers or retain existing +customer base accordingly, our business operations, financial condition and results of operations may be +materially and adversely affected. +RISKS RELATING TO CONDUCTING BUSINESS IN THE JURISDICTION WE OPERATE +We could be subject to changes in our tax rates, the adoption of new tax legislation or exposure to +additional tax liabilities. +According to the relevant provisions of the Enterprise Income Tax Law of the PRC ( ʕശɛ͏΍ +‘), the statutory tax rate for enterprise income tax is generally 25%. Our Company +and some of our subsidiaries are entitled to preferential tax treatment. For example, our Company and +several of our subsidiaries in China have been qualified as high-tech enterprises or engaged in +policy-encouraged businesses, accordingly, they were entitled to a preferential income tax rate of 15% +during the Track Record Period. The tax effect arising from our Group’s entitlement to preferential +income tax rates approximately amounted to a tax expense of RMB2.1 million in FY2023, a tax credit +of RMB3.8 million in FY2024, and a tax credit of RMB2.4 million in FY2025. For details, see +RISK FACTORS +–4 3– + + +--- page 52 --- +“Financial Information — Description of Selected Components of Statements of Profit or Loss and +Other Comprehensive Income — Income Tax Credit/(Expenses).” and Accountants’ Report set out in +Appendix I to this prospectus. +Furthermore, according to the relevant laws and regulations promulgated by the State Taxation +Administration of the PRC, enterprises engaging in research and development activities are entitled to +claim 175% from 2018 onwards (subsequently raised to 200% from 2023 onwards) of their qualifying +research and development expenses incurred as tax deductible expenses when determining their +assessable profits for that year. During the Track Record Period, we were qualified for this preferential +policy and had consistently applied it to reduce its tax liabilities. +To the extent there are any changes in the laws and regulations governing preferential tax +treatment or increases in our effective tax rate due to any other reasons, our tax liability would increase +correspondingly. In addition, the PRC government may amend or restate regulations on income, +withholding, value-added, and other taxes. Non-compliance with the tax laws and regulations in China +may also result in penalties or fines imposed by relevant tax authorities. Adjustments or changes to tax +laws and regulations in China and tax penalties or fines could affect our businesses, financial condition +and results of operations. +We also operate in countries and regions overseas and are subject to various taxes. Due to the fact +that the tax environment can be different in different jurisdictions and that the regulations regarding +various taxes, including but not limited to corporate income tax, are complex, our overseas operations +may expose us to risks associated with the overseas tax policy changes. During the Track Record Period +and up to the Latest Practicable Date, no overseas tax payable was incurred due to our Group’s +overseas operations. Due to economic and political conditions, tax rates in various jurisdictions may be +subject to significant change. Our effective tax rates could be affected by changes in the mix of +earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets +and liabilities, or changes in tax laws or their interpretation. Dealing with such regulatory complexities +and changes may require us to invest more managerial and financial resources, which in turn could +affect our results of operations. +We are also subject to the examination of our tax returns and other tax matters by local and +overseas tax authorities and governmental authorities. We regularly assess the likelihood of an adverse +outcome resulting from these examinations to determine the adequacy of our provision for taxes. There +can be no assurance as to the outcome of these examinations. If our effective tax rates were to increase, +or if the ultimate determination of our taxes payable is for an amount in excess of amounts previously +accrued, our financial condition, operating results and cash flows could be adversely affected. +We are exposed to risks related to the properties we use that may adversely affect our business +operations and financial condition. +We lease certain properties primarily for production facilities, office, R&D centre and +warehousing purposes. Pursuant to the Administrative Measures for Commodity House Leasing (ۜ +‘), both lessors and lessees are required to file the lease agreements for registration +and obtain property leasing filing certificates for their leases. As at the Latest Practicable Date, a total +of 13 lease agreements of our leased properties in the PRC had not completed the lease registration +procedures. We cannot assure you that the lessors will cooperate and complete the registration in a +timely manner. Our PRC Legal Advisers have advised us that failure to complete the registration and +filing of lease agreements will not affect the validity of the lease agreements or our right to use such +property under PRC laws, but we may be subject to a maximum penalty of RMB10,000 for each +non-registered lease if we fail to register such lease agreements within the time frame prescribed by the +relevant PRC government authorities. As a result, any imposition of fines due to such failure may +adversely affect our business operations and financial condition. +RISK FACTORS +–4 4– + + +--- page 53 --- +We are subject to various laws, regulations and regulatory standards and any inability to comply +with such requirements and standards may subject us to liabilities. +We are subject to various laws and regulations in the PRC and other jurisdictions in which we +operate and are required to comply with all relevant requirements and standards. For example, we are +required to contribute to a number of social insurance funds, including funds for pension insurance, +unemployment insurance, basic medical insurance, work-related injury insurance, maternity insurance +and housing provident fund on behalf of our employees in mainland China. According to the Regulation +of the PRC on the Administration of Housing Provident Funds (၍ଣૢ +Է‘), a mainland China enterprise is required to set up housing provident fund accounts and pay the +housing provident fund in time and in full for its employees. According to the PRC Social Insurance +Law (‘), a mainland China enterprise is required to complete social +insurance registration for its employees and to pay the social insurance contributions in time and in full. +During the Track Record Period, we failed to make full contributions to social insurance and +housing provident fund for our employees in the PRC as required by relevant laws and regulations in +the PRC. During FY2023, FY2024 and FY2025, our unpaid social insurance was approximately +RMB3.5 million, RMB2.7 million and RMB3.2 million respectively, while the unpaid housing provident +fund during the Track Record Period amounted to approximately RMB1.1 million, RMB1.3 million and +RMB1.8 million respectively. As advised by our PRC Legal Advisers, we may be subject to fines +imposed by relevant authorities. For details of these non-compliance incidents, see “Business — +Employees” in this prospectus. +Under certain circumstances, we may be required to pay outstanding social insurance +contributions and housing provident funds within a specified period. Failure to make timely payments +may result in penalties. In addition to the above, if we fail to comply with any other relevant labour +laws and regulations in mainland China, we may be exposed to penalties or be required to compensate +employees. Given the scope, complexity and constant revision of these laws and regulations, our +compliance efforts may face significant challenges, requiring significant financial and management +resources to build a sound compliance system. The related compliance costs and management +requirements may significantly increase the operational burden, and even affect the normal operation of +business or cause operational disruption. Non-compliance with the laws and regulations applicable to +our operations may even result in, among other things, administrative penalties or fines, rectification +orders, or enforcement measures. Such events could impact our results of operations and financial +condition. +Developments in social and economic policies, as well as the interpretation and enforcement of +laws, rules and regulations, may affect our business, financial condition, results of operations and +prospects. +We operate in the PRC and therefore our business, financial condition, results of operations and +prospects may be affected by local economic, social and legal policies. We cannot guarantee that our +business operations will be able to benefit from such measures. +Our business is subject to a variety of laws, rules, policies and other obligations regarding data +protection. Any loss or unauthorised access to or release of confidential information, personal data +may have significant reputational, financial, legal and operational consequences for us. +Our business involves the utilisation and storage of confidential information, including but not +limited to personal information with respect to our employees. We are subject to laws relating to the +collection, use, retention, protection and transfer of personal information. In many cases, these laws +apply not only to third party transactions, but also may restrict transfers of personal information +between us and our subsidiaries. Several jurisdictions have passed laws in this area, and other +jurisdictions are considering imposing additional restrictions. These laws continue to evolve and may be +inconsistent from jurisdiction to jurisdiction. Compliance with emerging and changing overseas +RISK FACTORS +–4 5– + + +--- page 54 --- +requirements may incur us substantial costs or require us to change our business practices. +Non-compliance could result in significant penalties or legal liability. Any failure by us to comply with +other privacy-related or data protection laws and regulations could result in proceedings against us by +governmental entities or others, which may lead to reputational impacts and significant legal liabilities. +We have implemented systems and processes intended to secure our information technology +systems and prevent unauthorised access to or loss of sensitive data, including through the use of +encryption and authentication technologies. As with all companies, these security measures may not be +sufficient for all eventualities and may be vulnerable to hacking, employee error, malfeasance, system +error, faulty password management or other non-compliant incidents. +In accordance with the current algorithm and AI service regulatory requirements in China, a +function of a mobile application of our Multispectral AI Large Model Services, which is yet to be +launched, is subject to the requirement of the Generative AI Service (Large-Model) Filing. The said +mobile application can employ cameras and sensors for real-time monitoring and analysis, deliver +intelligent safety alerts, risk assessments, and decision support. Its users would also be able to monitor +environmental changes across multiple scenarios, including construction sites, homes, campuses, and +healthcare facilities, and receive safety notifications. We intend to integrate “Zhiyuan Origin Large +Model” into the said mobile application in the future, enabling users to independently input plain text +to the said mobile application for intelligent question-and-answer interactions, thereby providing +personalised safety advice and solutions. As at the Latest Practicable Date, “Zhiyuan Origin Large +Model” has yet to be integrated with the said mobile application. In accordance with the Interim +Measures for the Administration of Generative Artificial Intelligence Services* (ਕ +‘) and the Provisions on the Administration of Algorithm-generated Recommendations +for Internet Information Services* (‘), generative AI services +possessing public opinion attributes or social mobilisation capabilities may submit filings through the +local cyberspace administration department. Pursuant to the Provisions on the Security Assessment of +Internet Information Services with Public Opinion Attributes or Social Mobilisation Capabilities* ( Ո +‘ ), internet information services +possessing public opinion attributes or social mobilisation capabilities include but are not limited to +internet information services that provide channels for public opinion expression or possess the +capability to mobilise the public to engage in specific activities. It may not be possible for us to +entirely rule out the potential involvement in public discourse attributes due to the information +exchange characteristics of our “Zhiyuan Origin Large Model”. According to our legal advisers as to +PRC data compliance law, our “Zhiyuan Origin Large Model” has been registered with the Cyberspace +Administration of China (“ CAC”). Since the function of the mobile application subject to the +Generative AI Service (Large-Model) Filing has yet to be launched, according to our legal advisers as +to PRC data compliance law, we comply with the PRC laws and regulations, namely the Internet +Information Service Algorithm Recommendation Management Provisions and the Interim Measures for +Generative AI Services. In respect of the Internet Information Service Algorithm Filing, we have +submitted the filing application for algorithm recommendation and generative AI service involved in +multispectral AI technology respectively to the CAC through the Internet Information Service +Algorithm Filing System, and the local Provincial Cyberspace Administration Office in person. At +present, we have completed the Internet Information Service Algorithm Filing as required and obtained +the Algorithm Filing Certificate. Please see the sections headed “Business — Licences, Approvals and +Permits — Data Compliance” and “Regulatory Overview — PRC Laws and Regulations — Laws and +Regulations in Relation to the Artificial Intelligence Industry” in this prospectus. If the filing is delayed +or fails due to failure to pass the review, we may need to rectify relevant technologies, which may +affect business continuity and incur additional compliance costs, which in turn adversely affect +operating results. At the same time, we must comply with PRC’s evolving regulatory framework for +algorithms, AI services and data compliance. Failure to meet regulatory requirements in areas such as +algorithmic transparency management, personal information processing, automated decision-making +fairness assurance or generated content security controls may expose us to administrative penalties, +litigation and business restrictions, resulting in increased compliance costs, goodwill damage and +significant adverse effects on financial condition and operating results. +RISK FACTORS +–4 6– + + +--- page 55 --- +In addition, we assume legal obligations regarding data classification, grading and important data +identification in accordance with PRC laws. In accordance with relevant laws and regulations, the +Ministry of Industry and Information Technology is responsible for organising the formulation of +standards for data classification, grading and identification of important data and core data in the field +of industry and information technology. Although the relevant standard framework has been initially +established, the catalogue of important data in this field has not yet been published, and the absence of +this regulatory detail leads to uncertainty in identifying important data. If processed data is included in +the catalogue in the future, we will have to meet stricter data protection obligations (such as localised +storage, cross-border transfer security assessment, etc.), which may increase compliance costs and +business agreement negotiation costs. If important data were not identified in time due to unclear rules, +or the important data catalogue fails to meet the protection requirements after publication, we may face +penalties, which will have a significant adverse impact on business and reputation. +Our ability to pay dividends and other obligations is subject to the regulations governing foreign +currency exchange. +The conversion of RMB into foreign currencies, including Hong Kong dollars and U.S. dollars, is +based on rates set by the PBOC. The conversion of RMB into Hong Kong dollars and other currencies +is subject to regulatory controls and restrictions. We cannot assure you that RMB will not appreciate or +depreciate significantly in value against Hong Kong dollars in the future. Any significant appreciation +or depreciation of RMB may materially and adversely affect our revenue, earnings and financial +position, and the value of, and any dividends payable on, our Shares. For example, to the extent that we +need to convert Hong Kong dollars we receive into RMB to pay our operating expenses, appreciation of +RMB against the Hong Kong dollars would have an adverse effect on the RMB amount we would +receive from the conversion. Conversely, a significant depreciation of RMB against the Hong Kong +dollars may significantly reduce the Hong Kong dollars equivalent of our earnings, which in turn could +adversely affect the price of our Shares. +During the Track Record Period, a portion of our revenue and expenditures were denominated in +Renminbi, while the net proceeds from the Global Offering will be in Hong Kong dollars. Fluctuations +in the exchange rate between the Renminbi and the Hong Kong dollar will affect the relative purchasing +power in Renminbi terms of the net proceeds from the Global Offering. Fluctuations in the exchange +rate may also cause us to incur foreign exchange losses and affect the relative value of any dividend +issued by our subsidiaries. Where that is the case, such foreign currency exchange losses could have a +material and adverse effect on our business, financial performance and result of operations. +Y ou may encounter difficulty in effecting service of process upon us or our Directors who reside in +mainland China, or enforcing foreign court judgements against us or them in mainland China. +The legal system of the PRC is based on written statutes and differs from the common law +system. Prior court decisions may be cited for reference purposes only and are not legally binding. +Since the late 1970s, the PRC government has promulgated a comprehensive body of laws and +regulations governing general economic activities, including those relating to investment, corporate +organisation and governance, commerce, taxation, and trade. Over the past four decades, such +legislative developments have materially enhanced the overall legal protection available to commercial +and investment activities in the private sector within mainland China. Nevertheless, as many of these +laws and regulations are relatively new and the PRC legal system continues to evolve rapidly, often +with limited prior notice, interpretations of various legal provisions, regulations, and rules may lack +consistency, and their practical enforcement remains subject to significant uncertainty. +RISK FACTORS +–4 7– + + +--- page 56 --- +RISKS RELATING TO THE GLOBAL OFFERING +The price and trading volume of our H Shares may be volatile, which could lead to substantial +losses to investors. +The price and trading volume of our H Shares may be subject to significant volatility in response +to various factors beyond our control, including the general market conditions of the securities in Hong +Kong and elsewhere in the world. The Stock Exchange and other securities markets have, from time to +time, experienced significant price and trading volume volatility that are not related to the operating +performance of any particular company. The business, results and stock market prices of other +companies engaged in similar businesses may also affect the price and trading volume of our H Shares. +In addition to market and industry factors, the price and trading volume of our H Shares may be highly +volatile for specific business reasons, such as fluctuations in our revenue, earnings, cash flows, +investments, expenditures, relationships with our business partners, movements or activities of key +personnel, actions taken by competitors or regulatory developments. Moreover, shares of other +companies listed on the Stock Exchange have experienced price volatility in the past, and it is possible +that our H Shares may be subject to changes in price not directly related to our business performance. +We may not be able to pay dividends in the foreseeable future after the Global Offering. +We may not be able to distribute any cash dividends in the foreseeable future. Therefore, investing +in our H Shares should not be relied upon as a source of future dividend income. +Whether we are able to pay dividends depends on various factors, including our ability to generate +sufficient earnings. The decision to declare and pay dividends will be made by our Board at its +discretion and subject to corporate approval processes. In making such decision, the Board will +consider our financial performance, cash flows, operating and capital expenditure requirements, +distributable profits under PRC GAAP or IFRS, our Articles of Association and other constitutional +documents, the PRC Company Law and other relevant PRC laws and regulations, market conditions, +business strategy and projections, contractual obligations, taxation, global regulatory constraints and +other factors deemed relevant by our Board. As a result, there can be no assurance as to when and in +what form we will pay dividends in the future. Due to the above considerations, we may not be able to +pay dividends according to our dividend policy. Please see the section headed “Financial information — +Dividend” in this prospectus. +Future sales or perceived sales or conversion of substantial amounts of our securities in the public +market, such as conversion of our Unlisted Shares into H Shares, could have a material and +adverse effect on the prevailing market price of our H Shares and our ability to raise additional +capital in the future, or may result in dilution of your shareholdings. +Future sales of substantial amounts of our H Shares or other securities relating to our H Shares in +the public market, or the issuance of new H Shares or other securities relating to our H Shares, or the +perception that such sales or issuances may occur could all cause a decline in the market price of our H +Shares and the dilution of shareholdings. At the same time, our Company has implemented and may +continue to implement the equity incentive plans. Should Shares be issued under any existing or future +equity incentive plans in future, this would result in the further dilution of shareholdings in our +Company. Moreover, future sales, or perceived sales, of substantial amounts of our securities or other +securities relating to our H Shares, including part of any future offerings, could also materially and +adversely affect our ability to raise capital in the future at a time and at a price which we deem +rational. +RISK FACTORS +–4 8– + + +--- page 57 --- +Although our Controlling Shareholders are subject to restrictions on their sales of H Shares within +12 months from the Listing Date as described in the section headed “Underwriting” in this prospectus, +future sales of a significant number of our H Shares by our Controlling Shareholders or other existing +shareholders in the public market after the Global Offering, or the perception that these sales could +occur, could cause the market price of our H Shares to decline and could materially impair our future +ability to raise capital through offerings of our H Shares. We cannot assure you that our Controlling +Shareholders or other existing shareholders will not dispose of H Shares held by them or that we will +not issue H Shares upon the expiration of restrictions set out above. +Non-PRC resident holders of our H Shares may be subject to PRC income tax obligations. +Under the Enterprise Income Tax Law of the PRC (‘) and its +implementation rules, subject to any applicable tax treaty or similar arrangement between the China and +foreign investors’ jurisdictions of residence that provide for a different income tax arrangement, PRC +withholding tax at the rate of 10% is normally applicable to dividends from PRC sources payable to +investors that are non-PRC resident enterprises, which do not have an establishment or place of +business in China, or which have an establishment or place of business in China if the relevant income +is not effectively connected with such establishment or place of business. Any gains realised on the +transfer of shares by such investors are subject to a 10% PRC income tax rate if such gains are +regarded as income from sources within China unless a treaty or similar arrangement provides +otherwise. +Under the Individual Income Tax Law of the PRC (‘) and its +implementation rules, dividends from sources within China paid to foreign individual investors who are +not PRC resident individuals are generally subject to a withholding tax at a rate of 20% and gains from +PRC sources realised by such investors on the transfer of shares are generally subject to a 20% income +tax rate, in each case, subject to any reduction or exemption set forth in applicable tax treaties and laws +in mainland China. +Pursuant to the Circular on Questions Concerning the Collection of Individual Income Tax +Following the Repeal of Guo Shui Fa [1993] No. 045 (਷೼೯ [1993]045ɛ +‘) (Guo Shui Han [2011]No. 348) issued by the SAT on 28 June 2011, +dividends paid to non-PRC resident individual holders of H Shares are generally subject to individual +income tax of mainland China at the withholding tax rate of 10%, depending on whether there is any +applicable tax treaty between the PRC and the jurisdiction in which the non-PRC resident individual +holder of H Shares resides as well as the tax arrangement between mainland China and Hong Kong. +Non-PRC resident individual holders who reside in jurisdictions that have not entered into tax treaties +with mainland China are subject to a 20% withholding tax on dividends received from us. However, +pursuant to the Circular Declaring that Individual Income Tax Continues to be Exempted over Income +of Individuals from Transfer of Shares (‘ ) +issued by the Ministry of Finance (“ MOF”) and the SAT on 30 March 1998, gains of individuals +derived from the transfer of listed shares of enterprises may be exempt from individual income tax. In +addition, on 31 December 2009, the MOF, the SAT and the CSRC jointly issued the Circular on +Relevant Issues Concerning the Collection of Individual Income Tax over the Income Received by +Individuals from Transfer of Listed Shares Subject to Sales Limitation (ٰ +‘) (Cai Shui [2009] No. 167), which states that individuals’ +income from the transfer of listed shares on certain domestic exchanges shall continue to be exempted +from individual income tax, except for the relevant shares which are subject to sales restrictions as +defined in the Supplementary Circular on Relevant Issues Concerning the Collection of Individual +Income Tax over the Income Received by Individuals from Transfer of the Listed Shares Subject to +Sales Limitations (‘ ) (Cai +Shui [2010] No. 70). As of the Latest Practicable Date, the aforesaid provision had not expressly +provided that individual income tax shall be collected from non-PRC resident individuals on the sale of +shares of PRC resident enterprises listed on overseas stock exchanges. +RISK FACTORS +–4 9– + + +--- page 58 --- +If mainland China income tax is imposed on gains realised from the transfer of our H Shares or on +dividends paid to our non-PRC resident investors, the value of your investment in our H Shares may be +affected. Furthermore, our Shareholders whose jurisdictions of residence have tax treaties or +arrangements with mainland China may not qualify for benefits under such tax treaties or arrangements. +Y ou should read the entire prospectus carefully and only rely on the information included in this +prospectus to make your investment decision, and we strongly caution you not to rely on any +information contained in press articles or other media coverage relating to us, our Shares or the +Global Offering. +We strongly caution our investors not to rely on any information contained in press articles or +other media coverage relating to us, our Shares and the Global Offering. Prior to the publication of this +prospectus, there may be press and media coverage regarding the Global Offering and us. Such press +and media coverage may include references to certain information that does not appear in this +prospectus, including certain operating and financial information and projections, valuations and other +information. We have not authorised the disclosure of any such information in the press or media and +do not accept any responsibility for any such press or media coverage or the accuracy or completeness +of any such information or publication. We make no representation as to the appropriateness, accuracy, +completeness or reliability of any such information or publication. To the extent that any such +information is inconsistent or conflicts with the information contained in this prospectus, we disclaim +responsibility for it and our investors should not rely on such information. +Certain information and statistics in this prospectus obtained from official government sources +have not been independently verified and may not be reliable. +Certain information and statistics in this prospectus are derived from official government sources. +However, our Directors cannot guarantee the reliability of such source materials. Notwithstanding this, +the information from governmental and official sources has not been independently verified by us, the +Joint Sponsors, the Sponsor-Overall Coordinators, the Overall Coordinators, the Joint Global +Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Underwriters and the capital market +intermediaries or their respective affiliates or advisers. Therefore, we make no warranty as to the +accuracy of these facts and statistics. Further, we cannot assure our investors that they are stated or +compiled on the same basis or with the same degree of accuracy as similar statistics presented +elsewhere. In all cases, our investors should consider carefully how much weight or importance should +be attached to or placed on such facts or statistics. +Forward-looking statements contained in this prospectus are subject to risks and uncertainties. +This prospectus contains forward-looking statements with respect to our business strategies, +operating efficiencies, competitive positions, growth opportunities for existing operations, plans and +objectives of management, certain pro forma information and other matters. The words “aim,” +“anticipate,” “believe,” “could,” “predict,” “potential,” “continue,” “expect,” “intend,” “may,” “might,” +“plan,” “seek,” “will,” “would,” “should” and the negative of these terms and other similar expressions +identify a number of these forward-looking statements. These forward-looking statements, including, +amongst others, those relating to our future business prospects, capital expenditure, cash flows, working +capital, liquidity and capital resources are necessarily estimates reflecting the best judgement of our +Directors and management and involve a number of risks and uncertainties that could cause actual +results to differ materially from those suggested by the forward-looking statements. As a consequence, +these forward-looking statements should be considered in light of various important factors, including +those set out in this section. Accordingly, such statements are not a guarantee of future performance and +investors should not place undue reliance. +RISK FACTORS +–5 0– + + +--- page 59 --- +In preparation for the Listing, we have sought the following waivers from strict compliance with +the Listing Rules: +APPOINTMENT OF JOINT COMPANY SECRETARIES +Pursuant to Rules 3.28 and 8.17 of the Listing Rules, we must appoint a company secretary, who, +by virtue of academic or professional qualifications or relevant experience, is, in the opinion of the +Stock Exchange, capable of discharging the functions of company secretary. +Pursuant to Note 1 to Rule 3.28 of the Listing Rules, the Stock Exchange considers the following +academic or professional qualifications to be acceptable: +(a) a member of The Hong Kong Chartered Governance Institute; +(b) a solicitor or barrister as defined in the Legal Practitioners Ordinance (Chapter 159 of the +Laws of Hong Kong); and +(c) a certified public accountant as defined in the Professional Accountants Ordinance (Chapter +50 of the Laws of Hong Kong). +In addition, pursuant to Note 2 to Rule 3.28 of the Listing Rules, in assessing “relevant +experience,” the Stock Exchange will consider the individual’s: +(a) length of employment with the issuer and other issuers and the roles they played; +(b) familiarity with the Listing Rules and other relevant laws and regulations including the +Securities and Futures Ordinance, the Companies Ordinance, the Companies (Winding Up +and Miscellaneous Provisions) Ordinance and the Takeovers Code; +(c) relevant training taken and/or to be taken in addition to the minimum requirement under +Rule 3.29 of the Listing Rules; and +(d) professional qualifications in other jurisdictions. +We have appointed Dr. Chai Jian (“ Dr. Chai ”) as our joint company secretary with effect from the +Listing Date. Our Group’s key operations and principal business activities are conducted outside of +Hong Kong. We believe that the company secretary role requires a person to be deeply familiar with +our operations and the specific industry context, and to be able to cultivate strong relationships with +both the Board and the management. It would be in the best interests of our Company and our corporate +governance to have as its board secretary a person such as Dr. Chai who has been with our Company +since November 2024. As the executive Director and Board secretary, Dr. Chai is deeply familiar with +our operations and is able to cultivate strong relationships with both the Board and the management. +Our Directors believe that Dr. Chai’s intimate knowledge of our Company and operations is essential +for the performance of company secretary duties in the most effective and efficient manner. For +biographical details, see “Directors and Senior Management.” +W AIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES +–5 1– + + +--- page 60 --- +Since Dr. Chai does not possess the qualifications stipulated in Rule 3.28 of the Listing Rules, he +is not able to fulfil the requirements to act as a company secretary of a listed issuer stipulated under the +Listing Rules. To support Dr. Chai in performing the duties of company secretary, we have appointed +Ms. Lui Mei Ka (ྗ)( “ Ms. Lui ”), who is a member of the Hong Kong Institute of Certified Public +Accountants and meets the requirements under Rule 3.28 of the Listing Rules, as a joint company +secretary to provide assistance for a three-year period from the Listing Date so as to enable Dr. Chai to +acquire the relevant experience as required under Note 2 to Rule 3.28 of the Listing Rules to duly +discharge his duties. +Accordingly, our Company has applied for, and the Stock Exchange has granted us, a waiver from +strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules in relation to +the appointment of Dr. Chai as our joint company secretary for a period of three years from the Listing +Date. Such waiver has been granted on the conditions that: (i) Dr. Chai is assisted by Ms. Lui, who +possesses the qualifications or experience as required under Rule 3.28 of the Listing Rules and is +appointed as our joint company secretary throughout the three-year waiver period, to discharge his +function as a company secretary and gain the relevant experience under Rule 3.28 of the Listing Rules; +and (ii) this waiver will be revoked in the event of any material breaches of the Listing Rules by our +Company. +In addition, Dr. Chai will comply with the annual professional training requirements under Rule +3.29 of the Listing Rules and enhance his understanding of the Listing Rules during the three-year +period from the Listing Date. Our Company will further ensure that Dr. Chai has access to the relevant +training and support to familiarise himself with the Listing Rules and the duties of a company secretary +of an issuer listed on the Stock Exchange. Prior to the expiration of the three-year period, our Company +will further evaluate the qualifications and experience of Dr. Chai to determine whether he has satisfied +the requirements as stipulated under the Listing Rules and whether he needs further assistance. We will +liaise with and seek the Stock Exchange’s confirmation on whether Dr. Chai, having benefited from the +assistance of Ms. Lui for three-year period, has acquired the skills necessary to carry out the duties of a +company secretary and the relevant experience within the meaning of Note 2 to Rule 3.28 of the Listing +Rules and is capable of discharging the functions of company secretary alone so that a further waiver +will not be necessary. +MANAGEMENT PRESENCE IN HONG KONG +Pursuant to Rule 8.12 of the Listing Rules, an issuer must have sufficient management presence in +Hong Kong, which normally means that at least two executive Directors must be ordinarily resident in +Hong Kong. Pursuant to Rule 19A.15 of the Listing Rules, the requirement under Rule 8.12 may be +waived at the discretion of the Stock Exchange having regard to, among other considerations, the +arrangements for maintaining regular communication with the Stock Exchange. +Our Company does not have two executive Directors who are ordinarily resident in Hong Kong +for the purposes of Rule 8.12 of the Listing Rules. Since most of the business operations of our Group +are conducted outside of Hong Kong, our Company considers that it would be difficult and unnecessary +to arrange for two executive Directors to be ordinarily resident in Hong Kong, either by means of +relocation of existing executive Directors or appointment of additional executive Directors, which is not +in the best interests of our Company and our Shareholders as a whole. Therefore, our Company does +not, and does not contemplate in the foreseeable future that we will, have sufficient management +presence in Hong Kong for the purpose of satisfying the requirements under Rule 8.12 of the Listing +Rules. +W AIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES +–5 2– + + +--- page 61 --- +Accordingly, our Company has applied for, and the Stock Exchange has granted us, a waiver from +strict compliance with Rules 8.12 and 19A.15 of the Listing Rules, on the basis that our Company +implements the following arrangements to ensure there is an effective channel of communication +between our Company and the Stock Exchange: +(a) Authorised representatives : The chairman of our Board, executive Director, general +manager, Mr. Zhou, and our executive Director, Board secretary, Dr. Chai, have been +appointed to act as the authorised representatives of our Company (the “ Authorised +Representatives ”) for the purpose of Rule 3.05 of the Listing Rules, who will act as our +principal channel of communication with the Hong Kong Stock Exchange and would be +readily contactable by phone, facsimile and email to deal promptly with enquiries from the +Hong Kong Stock Exchange. The Authorised Representatives possess valid travel documents +and are able to renew such travel documents when they expire in order to visit Hong Kong, +and accordingly, they will be available to meet with the Hong Kong Stock Exchange to +discuss any matters on short notice; +(b) Directors : each Director will provide his or her mobile phone number, office phone number, +facsimile number (if any) and email address to the Authorised Representatives of our +Company and the Stock Exchange. In the event that any Director expects to travel or +otherwise be out of the office, he or she will provide the phone number of the place of +accommodation to the Authorised Representatives. +Each of our Directors not ordinarily residing in Hong Kong possesses or can apply for valid +travel documents to visit Hong Kong and will be able to meet with the relevant members of +the Stock Exchange within a reasonable period of time; +(c) Compliance Adviser : our Company has appointed China Harbour International Capital +Limited as our Compliance Adviser pursuant to Rule 3A.19 of the Listing Rules, who will, +among other things and in addition to the Authorised Representatives and our Directors, also +act as an additional channel of communication with the Stock Exchange for at least a period +from the Listing Date to the date when our Company complies with Rule 13.46 of the +Listing Rules in respect of our financial results for the first full financial year immediately +following the Listing Date. Pursuant to Rule 3A.23 of the Listing Rules, the Compliance +Adviser will have access at all times to our Authorised Representatives, Directors and senior +management. We shall also ensure that our Authorised Representatives, Directors and senior +management will promptly provide such information and assistance as the Compliance +Adviser may need or may reasonably require in connection with the performance of the +Compliance Adviser’s duties as set forth in Chapter 3A of the Listing Rules. We shall ensure +that there are adequate and efficient means of communication among our Company, +Authorised Representatives, Directors, senior management and the Compliance Adviser, and +will keep the Compliance Adviser fully informed of all communications and dealings +between the Stock Exchange and us. +Any meeting between the Stock Exchange and our Directors will be arranged through the +Authorised Representatives or the Compliance Adviser or directly with our Directors within +a reasonable time frame. We will inform the Stock Exchange promptly in respect of any +changes in our Authorised Representatives and/or our Compliance Adviser; and +(d) Legal Advisers : we will also engage legal advisers to advise on compliance requirements as +well as other issues arising under the Listing Rules and other applicable laws and regulations +of Hong Kong. +W AIVERS FROM STRICT COMPLIANCE WITH THE LISTING RULES +–5 3– + + +--- page 62 --- +DIRECTORS’ RESPONSIBILITY FOR THE CONTENTS OF THIS PROSPECTUS +This prospectus, for which our Directors (including any proposed Director who is named as such +in this prospectus) collectively and individually accept full responsibility, includes particulars given in +compliance with the Companies (WUMP) Ordinance, the Securities and Futures (Stock Market Listing) +Rules (Chapter 571V of the Laws of Hong Kong) and the Listing Rules for the purpose of giving +information to the public with regard to our Company. Our Directors, having made all reasonable +enquiries, confirm that to the best of their knowledge and belief, the information contained in this +prospectus is accurate and complete in all material aspects and is not misleading or deceptive, and there +are no other matters the omission of which would make any statement herein or this prospectus +misleading. +UNDERWRITING +This prospectus is published solely in connection with the Hong Kong Public Offering which +forms part of the Global Offering. For applicants under the Hong Kong Public Offering, this prospectus +set out the terms and conditions of the Hong Kong Public Offering. +The Listing is sponsored by the Joint Sponsors. The Hong Kong Public Offering will be fully +underwritten by the Hong Kong Underwriters under the terms of the Hong Kong Underwriting +Agreement. The Global Offering is managed by the Overall Coordinators. The International Placing will +be fully underwritten by the International Underwriters under the terms of the International +Underwriting Agreement. For further information about the Underwriters and the underwriting +arrangements, please see the section headed “Underwriting” in this prospectus. +RESTRICTIONS ON OFFER AND SALE OF OFFER SHARES +No action has been taken to permit a public offering of the Offer Shares or the distribution of this +prospectus in any jurisdiction other than Hong Kong. Accordingly, this prospectus may not be used for +the purpose of, and does not constitute, an offer or invitation, nor is it calculated to invite or solicit +offers in any jurisdiction or in any circumstances in which such an offer or invitation is not authorised +or to any person to whom it is unlawful to make such an offer or invitation. The distribution of this +prospectus and the offering of the Offer Shares in other jurisdictions are subject to restrictions and may +not be made except as permitted under the securities laws of such jurisdiction pursuant to registration +with or an authorisation by the relevant securities regulatory authorities or an exemption therefrom. In +particular, the Offer Shares have not been offered and sold, and will not be offered or sold, directly or +indirectly in the United States, except in compliance with the relevant laws and regulations of such +jurisdiction. +INFORMATION ON THE GLOBAL OFFERING +The Offer Shares are offered to the public in Hong Kong for subscription solely on the basis of +the information contained and the representations made in this prospectus. No person is authorised in +connection with the Global Offering to give any information or to make any representation not +contained in this prospectus, and any information or representation not contained in this prospectus +must not be relied upon as having been authorised by our Company, the Joint Sponsors, the +Sponsor-Overall Coordinators, the Overall Coordinators, the Joint Global Coordinators, the Joint +Bookrunners, the Joint Lead Managers, the Underwriters or the Capital Market Intermediaries, any of +their respective directors, agents, employees or advisers or any other persons involved in the Global +Offering. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–5 4– + + +--- page 63 --- +Each person acquiring the Global Offering will be required, and is deemed by his or her +acquisition of the Offer Shares, to confirm that he or she is aware of the restrictions on offers of the +Offer Shares described in this prospectus and that he or she is not acquiring, and has not been offered +any Offer Shares in circumstances that contravene any such restrictions. +Prospective applicants for the Offer Shares should consult their financial advisers and take legal +advice, as appropriate, to inform themselves of, and to observe, all applicable laws and regulations of +any relevant jurisdiction. Prospective applicants for the Offer Shares should inform themselves as to the +relevant legal requirements of applying for the Offer Shares and any applicable exchange control +regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. +APPLICATION FOR LISTING OF THE H SHARES ON THE STOCK EXCHANGE +We have applied to the Listing Committee of the Stock Exchange for the listing of, and +permission to deal in, our H Shares in issue and to be issued as mentioned in this prospectus. +No part of our H Shares is listed on or dealt in on any other stock exchange and no such listing or +permission to list is being or currently proposed to be sought in the near future. +H SHARE REGISTER OF MEMBERS AND STAMP DUTY +All H Shares issued pursuant to applications made in the Hong Kong Public Offering and the +Global Offering will be registered on our Company’s H Share register of members to be maintained by +our H Share Registrar, Tricor Investor Services Limited, in Hong Kong. We will maintain our +Company’s principal register of members at our current registered office in the PRC. +Dealings in our H Shares registered in the H Share register of members of our Company in Hong +Kong will be subject to Hong Kong stamp duty. The current rate of stamp duty in Hong Kong is 0.2% +of the consideration or, if higher, the market value of the H Shares being sold or transferred. +REGISTRATION OF SUBSCRIPTION, PURCHASE AND TRANSFER OF H SHARES +We have instructed our H Share Registrar, and our H Share Registrar has agreed, not to register +the subscription, purchase or transfer of any H Shares in the name of any particular holder unless and +until such holder delivers a signed form to our H Share Registrar in respect of those H Shares bearing +statements to the effect that the holder: + agrees with us and each of our Shareholders, and we agree with each Shareholder, to observe +and comply with the PRC Company Law, the Overseas Listing Trial Measures and our +Articles of Association; + agrees with us, each of our Shareholders, Directors, managers and officers, and we, acting +for ourselves and for each of our Directors, managers and officers agree with each of our +Shareholders, to refer all differences and claims arising from our Articles of Association or +any rights or obligations conferred or imposed by the PRC Company Law or other relevant +laws and administrative regulations concerning our affairs to arbitration, and any reference +to arbitration shall be deemed to authorise the arbitration tribunal to conduct hearings in +open session and to publish its award, which arbitration shall be final and conclusive; + agrees with us and each of our Shareholders that the H Shares are freely transferable by the +holders thereof; and +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–5 5– + + +--- page 64 --- + authorises us to enter into a contract on his or her behalf with each of our Directors, +managers and officers whereby such Directors, managers and officers undertake to observe +and comply with their obligations to our Shareholders as stipulated in our Articles of +Association. Persons applying for or purchasing H Shares under the Global Offering are +deemed, by their making an application or purchase, to have represented that they are not +associates of any of our Directors, or existing Shareholder or a nominee of any of the +foregoing. +DIVIDENDS PAYABLE TO HOLDERS OF H SHARES +Unless determined otherwise by our Company, dividends payable in Hong Kong dollars in respect +of our H Shares will be paid to the Shareholders as recorded on the H Share register of our Company in +Hong Kong and sent by ordinary post, at the Shareholders’ risk, to the registered address of each +Shareholder. +According to the Business Guide of the Shenzhen subsidiary of China Securities Depository and +Clearing Corporation Limited to the “Full Circulation” of H shares promulgated by Shenzhen subsidiary +of CSDC and effective from 23 September 2024, cash dividends to domestic investors of H-share “full +circulation” shall be distributed through Shenzhen subsidiary of CSDC. A H-share listed company shall +transfer RMB cash dividends to the designated bank account of the Shenzhen subsidiary of CSDC, +which shall complete the clearing of cash dividends by distributing the cash dividends to investors +through domestic securities companies. +PROFESSIONAL TAX ADVICE RECOMMENDED +If you are unsure about the taxation implications of subscribing for, or purchasing, holding or +disposing of or dealing in the Offer Shares, you should consult your professional advisers. None of our +Company, the Joint Sponsors, Sponsor-Overall Coordinators, the Overall Coordinators, the Joint Global +Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Underwriters, the Capital Market +Intermediaries, their respective directors, agents, employees or advisers and any other persons involved +in the Global Offering accepts responsibility for any tax effects on, or liability of, any person or holders +of H Shares resulting from subscribing for, purchasing, holding or disposing of or dealing in the Offer +Shares. +PROCEDURE FOR APPLICATION FOR THE HONG KONG OFFER SHARES +The procedure for application for the Hong Kong Offer Shares is set out in the section headed +“How to Apply for Hong Kong Offer Shares” in this prospectus. +STRUCTURE OF THE GLOBAL OFFERING +Details of the structure of the Offering, including conditions of the Global Offering, are set out in +the section headed “Structure and Conditions of the Global Offering” in this prospectus. +H SHARES WILL BE ELIGIBLE FOR ADMISSION INTO CCASS +If the Stock Exchange grants the listing of, and permission to deal in, the H Shares on the Stock +Exchange and we comply with the stock admission requirements of HKSCC, the H Shares will be +accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect +from the date of commencement of dealings in the H Shares on the Stock Exchange or such other date +HKSCC chooses. Investors should seek the advice of their stockbroker or other professional advisers +for details of those settlement arrangements as such arrangements will affect their rights, interests and +liabilities. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–5 6– + + +--- page 65 --- +Settlement of transactions between participants of the Stock Exchange is required to take place in +CCASS on the second settlement day after any trading day. +All necessary arrangements have been made for the H Shares to be admitted to CCASS. +All activities under CCASS are subject to the General Rules of HKSCC and HKSCC Operational +Procedures in effect from time to time. +COMMENCEMENT OF DEALINGS IN THE H SHARES +Dealings in the H Shares on the Stock Exchange are expected to commence at 9:00 a.m. on +Monday, 22 June 2026. +The H Shares will be traded in board lots of 500 H Shares each. The stock code for the H Shares +is 1392. +FILING PROCEDURES WITH THE CSRC +Our filing procedures with the CSRC for the submission of the application to list our H Shares on +the Hong Kong Stock Exchange and for the Global Offering were completed on 30 January 2026. In +completing such filing, the CSRC accepts no responsibility for our financial soundness, nor for the +accuracy of any of the statements made or opinions expressed in this Prospectus. No other filings in the +PRC are required to be completed for the listing of the H Shares on the Hong Kong Stock Exchange. +ROUNDING +Unless otherwise stated, all the numerical figures are rounded to one decimal place. Any +discrepancies in any table or chart between totals and sums of amounts listed therein are due to +rounding. +LANGUAGE +If there is any inconsistency between this prospectus and the Chinese translation of this +prospectus, this prospectus shall prevail. If there is any inconsistency between the names of any of the +entities mentioned in this prospectus which are not in the English language and their English +translations, the names in their respective original languages shall prevail. +EXCHANGE RATES CONVERSION +For illustrative purpose only, unless otherwise indicated, this prospectus contains translations +among certain amounts denominated in Hong Kong dollars and Renminbi, at the following rate: +HK$1 to RMB0.86986 +For exchange rates translations throughout this prospectus (if any), we make no representations +and none should be construed as being made, that any of Hong Kong dollars, and Renminbi contained +in this prospectus could have been or could be converted into amounts of any other currencies at any +particular rate or at all on such date or any other date. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–5 7– + + +--- page 66 --- +DIRECTORS +Name Residential Address Nationality +Executive Directors +Mr. Zhou Bo (تRoom A-1313, Xinyu Garden +Qianhai Road +Nanshan District +Shenzhen, Guangdong +PRC +Chinese +Mr. Miao Rui (๿) Room 2502, Block B +Building 1, Tianxia Emerald Pearl Garden +No. 5 Jinji Road, Nanshan District +Shenzhen, Guangdong +PRC +Chinese +Dr. Chai Jian (ᄏ) Room 4D, Unit 2 +Block D, Building 1 +Nanhang Mingzhu +Hangcheng Street +Bao’an District +Shenzhen, Guangdong +PRC +Chinese +Mr. Zou Xiaogang (࡝A-13D, Yuehai Building +Longcheng Road, Nanhai Avenue +Nanshan District +Shenzhen, Guangdong +PRC +Chinese +Mr. Chen Yonggang (࡝Room 35, 4/F +Unit 1, Building 1 +No. 368 Jing’an Road +Jinjiang District +Chengdu, Sichuan +PRC +Chinese +Non-executive Directors +Mr. Yu Lijie (؏No. 1010 Shangbu Road +Futian District +Shenzhen, Guangdong +PRC +Chinese +Independent non-executive +Directors +Mr. Chen Haiping ( ௓ऎ̻) Apartment A, No. 2 South Yanta Road +Yanta District +Xi’an, Shaanxi +PRC +Chinese +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–5 8– + + +--- page 67 --- +Name Residential Address Nationality +Mr. Zhong Luhuan ( ᒤ௔ᛇ) Room 501, No. 37, Lane 2777 +Langu Road, Gaohang Town +Pudong New Area, Shanghai +PRC +Chinese +Ms. Ho Ka Cin Verona +(࠺) +Flat 1B, Maryland Court +3 Magnolia Road +Yau Yat Chuen +Kowloon +Hong Kong +Chinese +(Hong Kong) +For further information regarding our Directors, please see the section headed “Directors and +Senior Management” of this prospectus. +PARTIES INVOLVED IN THE GLOBAL OFFERING +Joint Sponsors CMBC International Capital Limited +34/F, One Exchange Square +8 Connaught Place +Central, Hong Kong +SPDB International Capital Limited +33/F, SPD Bank Tower +1 Hennessy Road +Hong Kong +Financial adviser China Harbour International Capital Limited +23A/F, YF Life Centre +38 Gloucester Road +Wanchai, Hong Kong +Sponsor-Overall Coordinators, Overall +Coordinators, Joint Global +Coordinators, Joint Bookrunners, +Joint Lead Managers and Capital +Market Intermediaries +CMBC Securities Company Limited +34/F, One Exchange Square +8 Connaught Place +Central, Hong Kong +SPDB International Capital Limited +33/F, SPD Bank Tower +1 Hennessy Road +Hong Kong +Overall Coordinator, Joint Global +Coordinator, Joint Bookrunner, Joint +Lead Manager and Capital Market +Intermediary +Livermore Holdings Limited +Unit 1214A, 12/F, Tower II +Cheung Sha Wan Plaza +833 Cheung Sha Wan Road +Kowloon, Hong Kong +Joint Bookrunners, Joint Lead Managers +and Capital Market Intermediaries +CCB International Capital Limited +12/F, CCB Tower +3 Connaught Road Central +Central, Hong Kong +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–5 9– + + +--- page 68 --- +CEB International Capital Corporation Limited +34/F−35/F, Everbright Centre +108 Gloucester Road +Wan Chai, Hong Kong +China Harbour International Securities Limited +23A/F, YF Life Centre +38 Gloucester Road +Wanchai, Hong Kong +CMB International Capital Limited +45/F, Champion Tower +3 Garden Road +Central, Hong Kong +DL Securities (HK) Limited +DL Tower 21/F +92 Wellington Street +Central, Hong Kong +Huafu International Securities Limited +Units 2603−2606, 26/F, Infinitus Plaza +199 Des V oeux Road Central +Sheung Wan, Hong Kong +Skyvast Securities Limited +Flat 3304, 33/F, Bank Of America Tower +12 Harcourt Road +Central, Hong Kong +Somerley Capital Limited +20/F China Building, +29 Queen’s Road Central +Hong Kong +Yuen Meta (International) Securities Limited +2601, 26/F, Wanchai Central Building +89 Lockhart Road +Wanchai, Hong Kong +Yunfeng Securities Limited +Rooms 1803−1806, 18th Floor +YF Life Centre, 38 Gloucester Road +Wanchai, Hong Kong +Zheshang International Financial Holdings Co., +Limited +1703−1706, 17/F, Infinitus Plaza +199 Des V oeux Road Central +Sheung Wan, Hong Kong +Zhongtai International Securities Limited +19/F, Li Po Chun Chambers +189 Des V oeux Road Central +Hong Kong +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–6 0– + + +--- page 69 --- +Legal advisers to our Company As to Hong Kong law +AllBright Law (Hong Kong) Offices LLP +in association with Stevenson, Wong & Co. +Units 1801−08 & 1810, 18/F, Gloucester Tower +The Landmark, 15 Queen’s Road Central +Hong Kong +Stevenson, Wong & Co. in association with +AllBright Law (Hong Kong) Offices LLP +Units 1801−08 & 1810, 18/F, Gloucester Tower +The Landmark, 15 Queen’s Road Central +Hong Kong +As to PRC law +AllBright Law Offices (Shenzhen) +21, 22, 23/F, Excellence Century Centre +Fu Hua 3 Road +Futian District +Shenzhen, PRC +As to PRC data compliance law +AllBright Law Offices (Shanghai) +9/F, 11/F, 12/F +Shanghai Tower +501 Yincheng Middle Road +Pudong New Area +Shanghai, PRC +As to U.S. export controls and sanctions +DeHeng Law Offices +12th Floor, Tower B +Focus Place, No. 19 Finance Street +Xicheng District +Beijing, PRC +Legal advisers to the Joint Sponsors and +the Underwriters +As to Hong Kong law +Loeb & Loeb LLP +2206−19 Jardine House +1 Connaught Place +Central, Hong Kong +As to PRC law +Jia Yuan (Shenzhen) Law Offices +45/F, Guangdian Financial Center +Pengcheng First Road +Futian District +Shenzhen, PRC +Auditors and reporting accountants Confucius International CPA Limited +Rooms 1501-8, 15/F +Tai Yau Building +181 Johnston Road +Wanchai, Hong Kong +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–6 1– + + +--- page 70 --- +Industry consultant Frost & Sullivan (Beijing) Inc., +Shanghai Branch Co. +Room 2504, Wheelock Square +No. 1717 West Nanjing Road +Jing’an District +Shanghai, PRC +Compliance adviser China Harbour International Capital Limited +23A/F, YF Life Centre +38 Gloucester Road +Wanchai, Hong Kong +Receiving Bank Bank of Communications (Hong Kong) Limited +Unit B B/F & G/F, Unit C G/F, 1-3/F, +16/F Room 01 & 18/F +Wheelock House +20 Pedder Street, Central +Hong Kong +DIRECTORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–6 2– + + +--- page 71 --- +Registered office, headquarters and +principal place of business in the PRC +3/F, Building 8 +Taihua Wutong Industrial Park +Gushu Development Zone +Xixiang Street, Bao’an District +Shenzhen +PRC +Principal place of business in Hong +Kong +Room 1802, 18th Floor +Ruttonjee House, Ruttonjee Centre +11 Duddell Street +Central, Hong Kong +Joint company secretaries Dr. Chai Jian (ᄏ) +Room 4D, Unit 2 +Block D, Building 1 +Nanhang Mingzhu +Hangcheng Street +Bao’an District +Shenzhen, Guangdong +PRC +Ms. Lui Mei Ka (ྗ) (HKICP A) +Flat A, 10/F +Tower 2 +Providence Bay Phase 1 +5 Fo Chun Road +Tai Po District +Hong Kong +Authorised representatives Mr. Zhou Bo (ت) +Dr. Chai Jian (ᄏ) +Strategy and Sustainable Development +Committee +Mr. Zhou Bo (ت)Chairperson) +Mr. Miao Rui (๿) +Ms. Ho Ka Cin Verona (࠺) +Audit Committee Mr. Chen Haiping ( ௓ऎ̻) (Chairperson) +Ms. Ho Ka Cin Verona (࠺) +Mr. Yu Lijie (؏) +Remuneration and Appraisal Committee Mr. Chen Haiping ( ௓ऎ̻) (Chairperson) +Ms. Ho Ka Cin Verona (࠺) +Mr. Miao Rui (๿) +Nomination Committee Mr. Chen Haiping ( ௓ऎ̻) (Chairperson) +Ms. Ho Ka Cin Verona (࠺) +Mr. Miao Rui (๿) +H Share Registrar Tricor Investor Services Limited +17/F, Far East Finance Centre, +16 Harcourt Road, +Hong Kong +CORPORATE INFORMATION +–6 3– + + +--- page 72 --- +Principal banks China Everbright Bank Company Limited +18 Zizhu 7th Road +Zhuzilin 4th Road, Futian District +Shenzhen, PRC +China Merchants Bank Co., Ltd. +7088 Shennan Boulevard +Futian District, Shenzhen, Guangdong Province +PRC +China CITIC Bank Corporation Limited +Floors 5−10, North Tower, +Phase II, Zhuoyue Times Square +Zhongxin 3rd Road, Futian District +Shenzhen, PRC +Company website www.hqvt.com +(information on this website does not form part of +this prospectus) +CORPORATE INFORMATION +–6 4– + + +--- page 73 --- +The information and statistics set out in this section and other sections of this prospectus were +extracted from the report prepared by Frost & Sullivan, which was commissioned by us, and from +various official government publications and other publicly available publications. We engaged +Frost & Sullivan to prepare the F&S Report, an independent industry report, in connection with the +Global Offering. We believe that these sources are appropriate sources for such information and +statistics and reasonable care has been exercised by us in selecting and identifying the named +information sources, compiling, extracting and reproducing the information, and ensuring no +material omission of the information. The information from official government sources has not been +independently verified by us, the Joint Sponsors, the Sponsor-Overall Coordinators, the Overall +Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, the +Underwriters, the Capital Market Intermediaries or any of our or their respective directors, senior +management, representatives or any other person involved in the Global Offering and no +representation is given as to its accuracy. +1. Overview of China’s Perceptual Intelligence Industry + Definition and Classification of Perceptual Intelligence +Perceptual intelligence refers to technologies that emulate human perceptual faculties through the +application of artificial intelligence, particularly machine learning and computer vision, thereby +enabling machines to perceive, interpret and respond to their surroundings via sensors and other +devices. Based on the classification method of emulated human sensory, perceptual intelligence can be +categorised into visual, auditory, tactile, olfactory and gustatory perceptions. + Market Size of China’s Perceptual Intelligence Industry +As the connection and interaction between AI and the physical world deepens, the perceptual +intelligence industry continues to expand at a rapid pace. The market size of perceptual intelligence in +China increased from RMB200.1 billion in 2020 to RMB337.0 billion in 2025, with a CAGR of 11.0% +during the period. With continued technological advances and further commercialisation in the future, +the overall market growth rate is expected to further increase, and the market size is expected to surge +to RMB695.2 billion in 2030, with a CAGR of 15.6%. +In 2025, visual perception remains dominant in the perceptual intelligence market, accounting for +65.0% of the total market size. The market size for visual perception can be categorised by product +form factor/delivery model. Vision AI modules represent one such product form; in addition to vision +AI modules, other products include: integrated systems (terminals), industrial cameras, optics products, +lighting systems, software, processor boards and other accessories, etc.. Visual perception is expected to +maintain its position, supported by its technological maturity and application base. +65.0% +22.0% +13.0% +China’s Market Share of Perceptual Intelligence Segments (2025) +Auditory +Visual +Others +Source: Frost & Sullivan, China Machine Vision Union (CMVU) +INDUSTRY OVERVIEW +–6 5– + + +--- page 74 --- + Development Trends of Perceptual Intelligence +Expanding Sensory Boundaries: the perceptual scope of perceptual intelligence is increasingly +surpassing human sensory limits. Taking visual perception as an example, multispectral imaging +technology breaks through the limitations of human visible light perception and enables the capture of +non-visible spectra such as ultraviolet, infrared and terahertz spectra, and then interprets data from +beyond human perception with AI algorithms. For example, early signs of mechanical failure can be +identified from infrared thermal imaging data, or molecular signatures of substances can be extracted +from terahertz spectroscopy. +Comprehensive Analysis of Multimodal Data: single-modal analysis is difficult to cope with +complex scenarios. The industry tends to build cross-modal feature integration models by using AI +algorithms to fuse diverse data types, such as infrared, ultraviolet, visible light, acoustic spectra, +electrical signals and others. For example, in industrial risk monitoring, AI can simultaneously analyse +spectral images and acoustic signatures from equipment operation to accurately identify early signs of +mechanical failure. +Integration of receiving, sensing, processing and judgement capabilities as a key competitive +factor: the combination of edge computing and on-device AI is propelling a shift of multispectral +imaging systems from “data acquisition–cloud analysis” to “real-time local closed-loop”. Leading +enterprises are embedding AI algorithms directly into on-device modules, enabling integrated +“reception, perception, processing and judgement” of multispectral data. In 2025, for instance, +embedded AI modules in smart terminals for multi-scenario safety enabled swift multispectral image +analysis and early warnings, reducing latency by 90% compared to traditional cloud-based solutions. + Key Downstream Applications of Perceptual Intelligence +The multi-scenario safety and robotics markets are key downstream applications of perceptual +intelligence, as they require highly reliable perception in complex environments. The multi-scenario +safety sector is a demand-driven market encompassing diverse application areas such as fire safety, +food safety, urban surveillance and industrial hazard prevention. It integrates advanced perception, +intelligent decision-making, and cost-effective deployment to enable real-time risk detection and rapid +response across complex environments. The robotics sector currently places higher demands on the +ability to perceive the physical world, which is a potential application scenario for perceptual +intelligence. The following diagram illustrates the market size of these emerging downstream industries +in the perceptual intelligence field: +1,304.1 +364.5 +RMB Billion +Market Size of the Multi-scenario Safety Sector, +China & ROW, 2025 & 2030E +270.9 +884.1180.6 +541.9 +2025 2030E +451.6 +1,425.9 +RMB Billion +Market Size of the Robotics Sector, +China & ROW, 2025 & 2030E +2025 2030E +552.3 +2,137.8 +China +ROW +China +ROW +CAGR 2025-2030E +Total +CAGR 2025-2030E +Total +833.8 +187.8 +Source: Frost & Sullivan, National Bureau of Statistics of China, Annual Reports +INDUSTRY OVERVIEW +–6 6– + + +--- page 75 --- +2 Overview of China’s Multispectral AI Industry +2.1 Definition of Multispectral AI + Multispectral AI technology refers to the integration of multispectral signal acquisition including +ultraviolet, infrared, and visible light with perception, spectral modelling, and intelligent +computing into a unified system. It enables on-device closed-loop processing from data capture to +preliminary reasoning, offering ultra-wide spectral sensing and high sensitivity, while also +supporting cloud-based services for centralised model training, data aggregation, and remote +optimisation. + With the features of perception-computing integration, localised decision-making, low power +consumption and high safety, this technology is widely used in fire safety, industrial hazard +prevention and other complex scenarios. To meet diversified business needs, three business +models have been formed, namely, modules, large model services and perception terminals, +enabling a closed-loop delivery from algorithms to products. +2.2 Classifications of Multispectral AI + Multispectral AI Modules: embedded AI vision modules designed to capture information across +multiple spectral bands, including infrared, ultraviolet, and visible light, enabling simultaneous +multispectral data acquisition and overcoming the perceptual limits of traditional visible-light +imaging. By integrating AI algorithms for multi-band data fusion and analysis, the module enables +high-dimensional perception and on-device decision-making in complex environments. It is widely +used in refined scenarios requiring precise recognition of information such as material +composition, temperature changes, and hidden defects. + Multispectral AI Large Model Services: multispectral AI large-model services integrate +multispectral data with domain-specific AI to support training, compression, and secure on-device +deployment. Built on a unified architecture, the services enable cross-band imaging, analysis, and +efficient local reasoning adapted to the complex needs of the multi-scenario safety sector. + Multispectral AI Perception Terminals: multispectral AI perception terminals is an intelligent +terminal device integrating spectral imaging and AI algorithms, capable of capturing data across +multiple spectral bands for enhanced perception and understanding of object characteristics. It +combines optical components, sensors, local storage, and AI processing to enable on-device +imaging, analysis, recognition, and reasoning. +Its main target customers are industry solution integrators and enterprise customers. Multispectral +AI companies directly sell front-end perception devices in integrated software-hardware form, +which are capable of on-device integrated computing and perception capabilities. + The core values of multispectral AI compared to visible light vision include: +Rich Data Dimensions : multispectral imaging captures object information across diverse spectral +bands, such as infrared, ultraviolet and visible light. Compared with traditional single-spectrum +imaging, it can capture more comprehensive and detailed spectral features. When coupled with AI deep +learning algorithms, the spectral data can be efficiently processed and analysed. +INDUSTRY OVERVIEW +–6 7– + + +--- page 76 --- +High-Precision Recognition : the combination of multispectral data and AI algorithms enables +highly accurate object recognition. In 2025, in the multi-scenario safety sector, the AI multispectral fire +warning platform uses ultraviolet light, infrared thermal imaging and visible light to conduct +multi-spectrum monitoring, which can detect early signs of ignition, electric arcs and abnormal heat +spikes 10-20 minutes in advance, with false alarms reduced by 90%. +Real-Time Responsiveness : the integration of multispectral data with AI enables rapid analysis +and decision-making, as demonstrated by the fire warning platform’s early detection capabilities. This +supports time-critical applications in healthcare, and industrial monitoring. +2.3 Analysis of Multispectral AI Industry Chain + The industrial chain of multispectral AI covers upstream suppliers of core materials and key +components, midstream multispectral companies offering diverse multispectral AI technological +services, and downstream industry applications, all of which collaborate closely. + The upstream segment provides critical components for devices and platform software, including +precision mechanical parts, image sensors, optical elements, imaging modules, computing units, +and AI chips. + The midstream segment comprises multispectral AI technology companies who mainly provide +technical services tailored to various customer needs, including Multispectral AI Modules, +multispectral perception terminals, multispectral AI algorithms and large model services. + The downstream segment includes the primary application scenarios of multispectral AI, such as +fire detection, food quality management, skin diagnostics, and embodied intelligence, and serves +key customer groups including system integrators and enterprise-level users. + As multispectral AI is increasingly applied in areas such as multi-scenario safety, the industry is +moving toward vertical integration across the perception, understanding, and decision chain. This +shift is fostering a comprehensive closed-loop system from optical imaging to algorithm-driven +intelligence, encompassing full-chain capabilities that span the entire process from optical +components and signal acquisition to data processing, analysis, and decision-making. +澳 +Source: Frost & Sullivan +INDUSTRY OVERVIEW +–6 8– + + +--- page 77 --- +2.4 Market Size of China’s Multispectral AI Market + In recent years, the market of China’s multispectral AI industry has experienced sustained growth. +The China’s multispectral AI market increased from RMB6.3 billion in 2020 to RMB20.0 billion +in 2025, with a CAGR of 26.0% during the period. Driven by technological advances, this +momentum is expected to accelerate further, and the market size is expected to surge to RMB79.4 +billion in 2030, with a CAGR of 31.8%. + The market of China’s multispectral AI modules industry increased from RMB2.5 billion in 2020 +to RMB5.5 billion in 2025, with a CAGR of 17.1% during the period. Driven by technological +advances, this momentum is expected to accelerate, and the market size is expected to surge to +RMB20.2 billion in 2030, with a CAGR of 29.7%. + China’s multispectral AI large model services market has grown rapidly, increasing from RMB0.3 +billion in 2020 to RMB1.5 billion in 2025, with a CAGR of 38.0% during the period. Driven by +technological advances, this momentum is expected to accelerate further, and the market size is +expected to surge to RMB8.4 billion in 2030, with a CAGR of 41.1%. + Downstream applications of multispectral AI are primarily found in multi-scenario safety sector, +which encompass common requirements for quality and safety across a variety of sub-scenarios. +These can be further subdivided into areas such as security and disaster prevention, industrial +quality inspection, healthcare, and food safety. Among these, security and disaster prevention +represent the most mature sub-scenarios, specifically including fire detection and hazardous +material detection in urban areas, energy facilities, data centres, and commercial premises. In +addition to multi-scenario safety sector, multispectral AI is also being continuously applied in the +perception layer of autonomous driving and embodied intelligence, helping vehicles and robots to +better understand the physical world. China’s multispectral AI perception terminals market +increased from RMB3.5 billion in 2020 to RMB12.9 billion in 2025, with a CAGR of 29.8% +during the period. With the continuous expansion of downstream application scenarios, this +momentum is expected to accelerate further, and the market size is expected to surge to RMB50.8 +billion in 2030, with a CAGR of 31.5%. +0.30.3 +20.2 +15.3 +11.6 +8.9 +7.0 +5.5 +8.06.15.0 +Multispectral AI Market Size in China, 2020–2030E +2.53.5 +2020 +2.94.1 +2021 +0.5 3.3 +2022 +0.6 3.8 +2023 +1.04.5 +2024 2025 2026E 2027E 2028E 2029E 2030E +6.3 7.4 8.8 10.6 13.5 +RMB Billion +Multispectral AI Large Model Services +Multispectral AI Modules +Multispectral AI Perception Terminals +CAGR 2020-2025 2025-2030E +Total +8.4 +50.8 +20.2 +79.4 +6.0 +37.5 +15.3 +58.8 +27.7 +11.6 +4.3 +43.6 +21.3 +8.9 +3.0 +33.3 +16.5 +7.0 +25.7 +2.2 +12.9 +5.5 1.5 +20.0 +Source: Frost & Sullivan, China Machine Vision Union (CMVU), Annual Reports +2.5 Overview of the Overseas Multispectral AI Market +Driven by increasing demand for sensing capabilities across industries such as security, industrial +applications and healthcare, the global multispectral AI market has experienced rapid growth in recent +years. The global multispectral AI market increased from RMB34.8 billion in 2020 to RMB85.0 billion +INDUSTRY OVERVIEW +–6 9– + + +--- page 78 --- +in 2025 and is expected to reach RMB305.4 billion by 2030, representing a CAGR of 29.1% during the +forecast period. Market demand for multispectral AI is growing rapidly worldwide, which is driven by +the growth of the major regions, mainly, China, North America, Europe and South-East Asia. The chart +below shows the market size and forecast growth rates for major regions worldwide. +Source: Frost & Sullivan, Annual Reports + North America Market +Market demand in North America comes mainly from the United States. There are a significant +number of multispectral AI companies in the United States, totalling more than 150, including business +units of large technology groups, medium-sized multispectral AI firms, and a number of specialist +start-ups. The North American multispectral AI market is characterised by strengths in sensor +technologies, optical components and AI algorithms, while remaining relatively less advanced in the +design and customisation of end-user hardware products. + Europe Market +In Europe, Germany, France and the United Kingdom account for the bulk of market demand, +whilst countries such as Finland and the Netherlands possess a competitive edge in multispectral +technology. There are around 60 to 80 multispectral AI companies in the European market, which hold +a competitive edge in optical imaging technology. + Southeast Asia Market +Within the Southeast Asian market, Indonesia, Thailand, Vietnam and Malaysia are developing at +a relatively faster pace, whilst Singapore is the most technology-intensive country in the region. There +are no more than 30 multispectral AI companies in the Southeast Asian market, the majority of which +rely on sourcing core multispectral technology from other developed markets to integrate into their +solutions. +2.6 Introduction and Market Size of AI Vision Modules + AI vision modules refer to compact intelligent chip modules integrating image sensors, processors, +software algorithms and interface components. Depending on the technology routes of integrated +perception technology, it can be divided into multispectral AI modules and other AI vision +modules. +INDUSTRY OVERVIEW +–7 0– + + +--- page 79 --- +➢ Multispectral AI Modules: embedded AI vision modules designed to capture information +across multiple spectral bands, including infrared, ultraviolet, and visible light, enabling +simultaneous multispectral data acquisition and overcoming the perceptual limits of +traditional visible-light imaging. +➢ Other AI Vision Modules: designed for visible-light perception, these compact intelligent +chip modules integrate image acquisition, on-device computing, and AI analysis. +Other Al Vision Modules Multispectral Al Modules +Simple examples of +recognition +ability ......... +“This apple is red and round.” +“This metal part looks scratched.” +“This apple is starting to rot even +though it looks fine.” +“This material has changed slightly +even if the surface looks perfect.” +Functionality ..... Use three RGB channels with mature +and efficient model architectures. +Limited identification under +low-visibility conditions. +Capture multispectral information, +enabling fusion across multiple +bands. +Enhanced identification under +low-visibility conditions. +Applications ...... Used for common visual task +scenarios such as target recognition +Used in the multi-scenario safety +sector like fire risk perception or +food and material detection. +Source: Frost & Sullivan, China Machine Vision Union (CMVU) + Market Size of China’s AI Vision Modules +➢ The market of China’s AI vision module industry increased from RMB22.6 billion in 2020 to +RMB38.1 billion in 2025, with a CAGR of 11.0% during the period. This momentum is +expected to accelerate further in the future, and the market size is expected to increase to +RMB98.3 billion in 2030, with a CAGR of 20.9%. +2.7 Key Drivers and Development Trends of Multispectral AI Industry + Integrated technological capabilities as the core competitive advantage: multispectral AI is +transitioning from an early-stage module-based segmented product model to a full-chain model +with system integration capabilities. Companies who have full-chain capabilities in embedded +modules, large models and integrated hardware terminals possess greater delivery flexibility, +broader customer reach and more integrated technical solutions, and will have unique advantages +in the future industry through platformisation and integrated delivery. + Miniaturisation of computing power: the core element lies in delivering superior application +performance at lower cost and reduced computing power requirements. For example, leading +companies use underlying C-language optimisation and task decomposition capabilities to +eliminate redundant images and avoid invalid calculations, thereby significantly reducing +computing power requirements. + Sensor integration: improvements in sensor integration and optical stacking allow ultraviolet, +infrared, and other visible spectra to be combined within compact, low-power modules, enabling +multispectral perception to be deployed across consumer, industrial and automotive terminals. +INDUSTRY OVERVIEW +–7 1– + + +--- page 80 --- + Edge AI computing architectures: advancements in edge AI computing architectures — +including lightweight neural networks, on-device computing and high-efficiency DSP/NPU +designs — enable real-time fusion of multispectral data, significantly enhancing performance in +scenarios such as low-light imaging, material recognition and safety monitoring. + Rising degree of customisation is adapting to complex industrial scenarios: in the field of +multispectral AI, the growing demand for customised solutions is driving customised services to +become a mainstream trend. In 2024, 55% of multispectral AI large model applications adopted +customised delivery models, primarily serving large enterprises and other types of users. +2.8 On-device AI Technology and Cloud-Edge-Device Architecture +The adoption of on-device AI technology and cloud-edge-device architecture is one of the +important features of multispectral AI. The cloud-edge-device architecture is a distributed model that +integrates cloud computing, edge computing and terminal devices. The cloud typically undertakes +complex computations and large-scale data storage, such as AI model training. The edge layer handles +real-time local analysis, including industrial quality inspection and fire warnings. The terminal layer is +further divided into personal terminals (such as smart speakers, smartphones and smart office devices) +and industry-specific terminals (including industrial sensors, robotics and surveillance equipment). +On-device AI technology enables the deployment of artificial intelligence capabilities onto a wide array +of terminal devices such as sensors and IoT endpoints, empowering them with localised data processing +and decision-making capabilities. This technology supports devices in executing AI tasks either +independently or in conjunction with the cloud, and allows for data processing at the data source, thus +reducing latency, enhancing privacy and optimising bandwidth usage while maintaining compatibility +with the cloud-based architecture. +Terminal Device +Personal Terminal +Industry Terminal +Smart +Speakers +Smartphones Smart +Office +Devices +Sensors Robots +Food & Drug +Residue Testing Monitoring +Edge Layer +Edge Infrastructure +Edge Manager +Cloud Computing Layer +Public Cloud / Private Cloud +SaaS / Network +Data Centres +Edge Gateway Lightweight AI Model +Edge Controller +Network Computing Storage +Data Lifecycle Management +Service Management +Resource Invocation +LLM +Servers +Database / Storage +Source: Frost & Sullivan, Expert Interview +2.9 Analysis of Component Prices +The key raw materials and components for multispectral AI products include microprocessors, +CMOS image sensors, printed circuit boards (PCBs), power management modules, optical elements, +precision mechanical parts, and imaging modules among others. Microprocessors and CMOS image +sensors are the most impactful cost items due to their higher cost contribution and price fluctuations. In +2024, microprocessors account for 15−30% of the product cost and CMOS image sensors account for +10−20% of the product cost. +INDUSTRY OVERVIEW +–7 2– + + +--- page 81 --- +Historically, the price of microprocessors used in the multispectral field were relatively stable. As +the industry requirements for microprocessor technology capabilities increase and low-quality +production capacity is phased out, costs are expected to gradually return to an upward trend. This trend +will place higher demands on the supply chain negotiation capabilities of companies in the +multispectral AI industry. +60 +55 +50 +45 +40 +35 +30 +25 +51.2 +48.7 +46.4 +44.2 +42.1 +40.1 +28.9 +37.5 +42.8 +2020 2021 +31.0 +2022 2023 +30.2 +2024 2025 2026E 2027E 2028E 2029E 2030E +Average Price of Microprocessors Applied in China’s Multispectral AI Industry, 2020-2030E +RMB/piece +Projected +Source: Frost & Sullivan, Expert Interview +The price of CMOS image sensors (CIS) in China experienced a gradual decline from +approximately RMB 13.1 per piece in 2020 to around RMB 12.1 per piece by 2025, but overall the +fluctuations at this price level are not significant. This downward trend was largely driven by intense +market competition and continuous improvements in production technology, which enabled +manufacturers to reduce costs and enhance efficiency. At the same time, the intensified trend of +domestic substitution has also brought about more intense price competition, causing prices to fall. +Domestic substitution refers to the accelerated replacement of imported CMOS image sensors (CIS) +with products supplied by Chinese manufacturers. This trend is driven by improvements in domestic +suppliers’ technology, increased supply chain security requirements and the need for cost-competitive +components across downstream applications. The intensified pace of substitution led to heightened +supply competition in the domestic market. Consequently, the average selling price of CIS decreased, +reflecting both capacity expansion and more aggressive pricing strategies associated with domestic +substitution. However, as the potential for further technological upgrades diminished by 2024, the rate +of cost reduction began to moderate. This stabilisation is expected to make costs more predictable and +manageable for multispectral AI companies, which rely on these sensors for various applications. +15.0 +14.5 +14.0 +13.5 +13.0 +12.5 +12.0 +11.5 +11.912.012.012.012.112.112.2 +12.4 +12.7 +12.9 +13.1 +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +Average Price of CIS Applied in China’s Multispectral AI Industry, 2020-2030E +RMB/piece +Projected +Source: Frost & Sullivan, Expert Interview +INDUSTRY OVERVIEW +–7 3– + + +--- page 82 --- +3 Market Competition Analysis +3.1 Rankings of Multispectral AI Enterprises in China + In 2025, as measured by revenue, the Company ranked No. 1 among multispectral AI companies +in China, accounting for a market share of 3.3%. The following chart illustrates the market shares +of the top five market players. +1 The Company 657.0 3.3% +2 Company A 542.0 2.7% +3 Company B 180.0 0.9% +4 Company C 121.0 0.6% +5 Company D 103.0 0.5% +19,978.1 100% +Rankings of Multispectral AI Companies in China, by Revenue (2025) +Rank Name Revenue +(RMB million) +Market Share +(%) +Total +Source: Frost & Sullivan, Annual Reports, Expert Interview +* Multispectral AI enterprises: Companies with multispectral-related revenue accounting for 50% or more are defined as +multispectral AI companies. +Notes: +1. All figures in the above table have been rounded. +2. Company A, is a publicly listed company headquartered in the United States. It provides advanced sensing and imaging +solutions — including X-ray, infrared, multispectral, and industrial vision systems — serving sectors such as aerospace, +defence, healthcare, and industrial automation in the China market. +3. Company B, is a privately held company headquartered in China. It specialises in hyperspectral imaging systems and +intelligent spectral analysis technologies, serving applications in agriculture, food safety, environmental monitoring, and +industrial inspection. +4. Company C, is a privately held company headquartered in China. It focuses on the development of large language models +and generative AI platforms, enabling enterprise-level applications in education, research, finance, and public services. +5. Company D, is a privately held company headquartered in China. It develops edge AI vision systems including 3D and +depth-sensing cameras, supporting intelligent perception applications in robotics, smart vehicles, and industrial automation. +3.2 Rankings of Multispectral AI Modules Enterprises in China + In 2025, as measured by revenue, the Company ranked No. 4 in the multispectral AI module +market in China, accounting for a market share of 3.8%. The following chart illustrates the market +shares of the top five market players. +1 Company A 530.0 9.6% +2 Company E 421.0 7.6% +3 Company F 352.0 6.4% +4 The Company 209.0 3.8% +5 Company B 165.0 3.0% +5,530.0 100.0% +Rank Name Revenue Market Share +(RMB million) (%) +Rankings of Multispectral AI Module Companies in China, by Revenue (2025) +Total +Source: Frost & Sullivan, Annual Reports, Expert Interview +INDUSTRY OVERVIEW +–7 4– + + +--- page 83 --- +Notes: +1. All figures in the above table have been rounded. +2. Company E, is a publicly listed company headquartered in China. It develops CMOS image sensors widely used in +smartphones, surveillance, automotive electronics, machine vision, and consumer devices. +3. Company F, is a privately held regional branch of a Swiss company headquartered in China. It provides ARM-based +system-on-modules and embedded computing platforms for applications in industrial automation, medical equipment, and +transportation. +3.3 Rankings of Multispectral AI Large Model Services Enterprises in China + In 2025, as measured by revenue, the Company ranked No. 1 in the multispectral AI large model +services market in China, accounting for a market share of 23.0%, demonstrating significant +market leadership. The following chart illustrates the market shares of the top five market players. +1 The Company 355.4 23.0% +2 Company G 113.0 7.3% +3 Company A 111.0 7.2% +4 Company C 98.0 6.3% +5 Company D 45.0 2.9% +1,545.1 100.0% +Total +Rankings of Multispectral AI Large Model Services Companies in China, +by Revenue (2025) +Rank Name Revenue +(RMB million) (%) +Market Share +Source: Frost & Sullivan, Annual Reports, Expert Interview +Notes: +1. All figures in the above table have been rounded. +2. Company G, is a publicly listed company headquartered in China. It develops foundational AI algorithms and platforms in +computer vision. +3.4 Rankings of Multispectral AI Perception Terminals Enterprises in China +In 2025, the Company ranked No. 4 in the multispectral AI perception terminal market in China, +accounting for a market share of 0.7%. The following chart illustrates the market shares of the top five +market players. +11 Company H 953.0 7.4% +2 Company I 634.0 4.9% +3 Company J 503.0 3.9% +4 The Company 92.6 0.7% +5 Company K 70.0 0.5% +12,903.0 100.0% +Rankings of Multispectral AI Perception Terminal Companies in China, +by Revenue (2025) +Rank Name Revenue +(RMB million) (%) +Market Share +Total +Source: Frost & Sullivan, Annual Reports, Expert Interview +Notes: +1. All figures in the above table have been rounded. +INDUSTRY OVERVIEW +–7 5– + + +--- page 84 --- +2. Company H, is a publicly listed company headquartered in Wuhan, China. Its business covers military equipment, +industrial detection, public safety, and smart hardware. +3. Company I, is a privately held high-tech enterprise in ICT and smart devices filed, headquartered in Shenzhen, China. Its +business covers telecommunications, cloud computing, AI, and intelligent terminals. +4. Company J, is a publicly listed company headquartered in the United States. Its business covers industrial manufacturing, +safety systems, and energy efficiency. +5. Company K, is a privately held company headquartered in Hangzhou, China. Its business covers fire prevention, industrial +diagnostics, public safety, and smart sensing. +4 Market Entry Barriers +4.1 Technological Barrier +This industry integrates multiple disciplines such as optics, electronics, software development, +automatic control, digital image processing, artificial intelligence and pattern recognition, mechanical +design and manufacturing, and is a typical technology-intensive industry. Entry into this industry +requires not only high-end technical talents and management teams with the above expertise and +practical experience, but also relies on a large number of R&D personnel to promote technological +upgrades as well as process personnel to continuously optimise product quality. Meanwhile, +technological breakthroughs require long-term and continuous R&D investment. Currently, only leading +companies in the industry have strong independent innovation capabilities and can quickly respond to +market changes, develop high-quality new products and seize market opportunities, thus forming +significant technical barriers for new entrants. +4.2 Talent Barrier +This industry involves a wide range of disciplines, including mechanics, optoelectronics, +automation, computers and other basic disciplines. Therefore, companies require a large number of +R&D talents with complex backgrounds to achieve multidisciplinary integration. +In addition, due to the highly customised nature of products demands, R&D personnel need to +conduct feasibility assessments and develop process plans. The entire production process is +characterised by clear professional division, complex technology and strong system coordination. +Customised production imposes high talent requirements across technical R&D, after-sales support and +marketing. Relevant talent training and team building require long-term accumulation, thus forming a +significant talent barrier. +4.3 Capital Barrier +This industry is a capital- and technology-intensive industry, and its products involve high-tech. In +order to meet customers’ demand for precision and quality, products require continuous technological +iteration and rely on substantial R&D investment and financial support. Meantime, large-scale +production requires a large number of testing and process equipment, and a comprehensive sales and +service network requires considerable capital investment, thus forming a significant capital barrier. +4.4 Data Barrier +Multispectral AI data includes not only conventional image data, but also the original spectral +information collected in different bands. The collection of such data is costly and requires specialised +hardware and on-site deployment, along with professional annotation teams to construct scenario-based +semantic layers. Meantime, the high-dimensional nature of spectral data with more than hundreds of +dimensions makes data cleaning and augmentation more complicated. Long-term operating companies +have built proprietary data asset pools tightly coupled with model iteration through closed-loop data +collection and feedback mechanisms in real-world scenarios, thus forming a notable data entry barrier. +INDUSTRY OVERVIEW +–7 6– + + +--- page 85 --- +4.5 Downstream Know-how Barriers +The application of multispectral AI technology in downstream industries relies heavily on the +long-term accumulation of industry-specific knowledge. Enterprises must have a profound +understanding of the downstream industry’s business processes, inspection standards, anomaly patterns, +and response mechanisms to achieve precise alignment between perception algorithms and scenario +requirements, thereby enhancing system practicality and robustness. +Additionally, customers often have differentiated needs for model customisation, interface +integration, and terminal adaptation, requiring technology providers to possess cross-industry +engineering experience and rapid response capabilities. Such experience cannot be acquired through +short-term imitation but must be gradually accumulated through long-term service to leading customers, +participation in scenario validation, and iterative optimisation. Leading enterprises build +industry-specific knowledge systems that are deeply intertwined with customer operations through +continuous project delivery, creating significant downstream know-how barriers that pose high entry +thresholds for new entrants. +SOURCES OF INFORMATION +This section includes information from the F&S Report, a report commissioned by us from Frost +& Sullivan, as we believe such information imparts a greater understanding of the industry. Frost & +Sullivan is a global consulting company and an independent third party. Frost & Sullivan provides +market research on a variety of industries, among other services. We have agreed to pay Frost & +Sullivan a total of RMB500,000 in fees for its commissioned undertakings, which we believe to be +consistent with market rates. We are of the view that the payment of such fee does not impair the +fairness of the conclusions drawn in the F&S Report. +In preparing the F&S Report, Frost & Sullivan performed both primary research which involved +conducting interviews with leading industry participants and experts and secondary research which +involved reviewing company reports, independent research reports and data based on Frost & Sullivan’s +research database. Frost & Sullivan also assumed that China’s economy is likely to maintain its steady +growth in the forecast period, and that China’s social, economic and political environment is likely to +remain stable in the forecast period. +DIRECTORS’ CONFIRMATION +After making reasonable inquiries, our Directors confirm that, to the best of their knowledge, +there has been no detrimental change in the market information demonstrated in the F&S Report since +the date of the report that may qualify, contradict or have an impact on the information in this +prospectus. +INDUSTRY OVERVIEW +–7 7– + + +--- page 86 --- +This section sets out a summary of the laws and regulations which are relevant to the business +and operations of our Group. The principal objective of this summary is to provide potential +investors with an overview of the key laws and regulations applicable to us. This summary does not +purport to be a comprehensive description of all the laws and regulations applicable to our business +and operations and/or which may be important to potential investors. Investors should note that the +following summary is based on laws and regulations in force as at the date of this prospectus, which +may be subject to change. +PRC LA WS AND REGULATIONS +This section sets out a summary of the laws and regulations, which are relevant to the business +and operations of our Group. +Laws and Regulations in Relation to the Artificial Intelligence Industry +According to the Provisional Measures for the Administration of Generative Artificial Intelligence +Services (‘) (the “ Interim Measures ”) jointly promulgated by the +Cyberspace Administration of China (the “ CAC”), the NDRC, the Ministry of Education, the Ministry +of Science and Technology, the Ministry of Industry and Information Technology, the MPS, and the +National Radio and Television Administration on 10 July 2023 and implemented on 15 August 2023, +services that use generative artificial intelligence technology to provide content generation of text, +images, audio, video and other content to the public within the territory are managed, and it stipulates +the obligations and responsibilities of providers in terms of technological development and governance, +service standards and other aspects. Any provider of generative artificial intelligence services with +attribute of public opinions or capable of social mobilisation shall conduct security assessment in +accordance with the relevant provisions of the State, and complete the formalities for algorithm filing, +change or deregistration in accordance with the Administrative Provisions on the Recommendation of +Internet-based Information Service Algorithms (‘). +According to the Administrative Provisions on Algorithm Recommendation for Internet +Information Services (‘) promulgated by the CAC, the Ministry of +Industry and Information Technology, the MPS, and the SAMR on 31 December 2021 and implemented +on 1 March 2022, algorithmic recommendation service providers are required to disclose basic +principles, purposes and operating mechanisms, and prevent algorithmic discrimination or manipulation +of user choices and an algorithm recommendation service provider with public opinion attribute or +social mobilisation ability shall, within ten working days from the date of provision of services, fill in +such information as the service provider’s name, service form, application field, algorithm type, +algorithm self-assessment report and content to be disclosed via the internet information service +algorithm record-filing system to go through record-filing formalities. +According to the Administrative Provisions on Deep Synthesis of Internet-based Information +Services (‘) promulgated by the CAC, the Ministry of Industry +and Information Technology, and the MPS on 25 November 2022 and implemented on 10 January 2023, +providers and users of deep synthesis services are regulated. Providers of deep synthesis services are +required to implement the main responsibility for information security management, establish and +improve management systems and technical safeguard measures, and ensure the security, legality and +compliance of deep synthesis services. Deep synthesis service providers with public opinion attributes +or social mobilisation capabilities, along with their technical supporters, shall comply with algorithmic +filing procedures as required by relevant regulations and prominently display their filing numbers with +accessible links on public-facing platforms. +REGULATORY OVERVIEW +–7 8– + + +--- page 87 --- +According to the Promulgation of the Measures for the Review of Sci-tech Ethics (for Trial +Implementation) (ج( ༊Б)‘) promulgated by the Ministry of Science and Technology, +the Ministry of Education, the Ministry of Industry and Information Technology, the Ministry of +Agriculture and Rural Affairs, the National Health Commission, the Chinese Academy of Sciences, the +Chinese Academy of Social Sciences, the Chinese Academy of Engineering, the China Association for +Science and Technology, and the Science and Technology Commission of the Central Military +Commission on 7 September 2023 and implemented on 1 December 2023, scientific and technological +activities utilising data and algorithms are clearly included in the review scope. Enterprises engaged in +artificial intelligence and other technological activities should be subject to scientific and technological +ethics review. +According to the Guiding Opinions on Accelerating Innovation in Scenarios to Promote High-level +Economic Development through High-level Application of Artificial Intelligence (̋Ҟఙ౻௴อ +ኬจԈ‘ ) promulgated and implemented by the +Ministry of Science and Technology, the Ministry of Education, the Ministry of Industry and +Information Technology, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs, and +the National Health Commission on 29 July 2022, the state takes promoting the deep integration of +artificial intelligence with the real economy as the main line, takes promoting the opening of scenario +resources and enhancing scenario innovation capabilities as the direction, strengthens entity cultivation, +increases application demonstration, innovates institutional mechanisms, improves scenario ecology, +accelerates artificial intelligence technology research, product development and industrial cultivation, +explores new models and new paths for artificial intelligence development, and promotes high-quality +economic development with high-level application of artificial intelligence. +The NPC promulgated and implemented the Outline of the 14th Five-Year Plan (2021-2025) for +National Economic and Social Development and Long-Range Objectives for 2035 ( ʕശɛ͏΍ձ਷਷ +ʞϋ஝ྌձ 2035‘) (the “ Outline ”) on 12 March 2021. The +Outline points out that China should target frontier fields such as artificial intelligence, quantum +information, integrated circuits, life and health, brain science, biological breeding, aerospace science +and technology, and deep earth and deep sea, and implement a series of forward-looking and strategic +major national science and technology projects. Emphasis will be placed on key areas such as high-end +chips, operating systems, key artificial intelligence algorithms, and sensors, accelerating the promotion +of research and development breakthroughs and iterative applications in basic theories, basic +algorithms, equipment materials and other areas. +The Guidelines for the Development of National Open Innovation Platforms for Next Generation +Artificial Intelligence (ˏ‘ ) promulgated and +implemented by the Ministry of Science and Technology on 1 August 2019 points out that “openness +and sharing” are important concepts for promoting China’s artificial intelligence technology innovation +and industrial development, encouraging companies to open innovation platform test datasets, form +standardised and modular models, middleware and application software, and provide open sharing +services of software and hardware to society through open interfaces, model libraries, algorithm +packages and other means. The Guidelines for the Construction of the National New Generation +Artificial Intelligence Innovation and Development Pilot Zone (Revised Version) (อɓ˾ɛʈ౽ +ˏ (وࠈࡌ)‘) promulgated and implemented by the Ministry of Science +and Technology on 29 September 2020 emphasises creating an institutional environment conducive to +artificial intelligence innovation and development, promoting artificial intelligence infrastructure +construction, and strengthening the conditional support for artificial intelligence innovation and +development. +The NDRC promulgated the Guidance Catalogue for Industrial Structure Adjustment (2024 +Version) (ኬͦ፽ (2024 ϋ͉)‘) on 27 December 2023, which was implemented on 1 +February 2024. It encourages the development of artificial intelligence in the following directions: +REGULATORY OVERVIEW +–7 9– + + +--- page 88 --- +artificial intelligence chips, intelligent manufacturing key technology equipment, intelligent +manufacturing factories, park transformation, intelligent robots, smart homes, intelligent security, video +and image identity recognition systems, intelligent transportation, intelligent transport vehicles, +intelligent health and elderly care, intelligent education, intelligent environmental protection, and smart +cities. +Laws and Regulations in Relation to Consumer Protection +Law of the People’s Republic of China on the Protection of Rights and Interests of Consumers +(‘), which was promulgated by the SCNPC on 31 October 1993, +last amended on 25 October 2013 and implemented on 15 March 2014, was aimed at protecting +consumers’ rights when they purchase or use goods and accept services. All business operators must +comply with this law when they manufacture or sell goods or provide services to customers. Under the +amendments made on 25 October 2013, all business operators must pay high attention to protecting +customers’ privacy and must strictly keep confidential any personal information of consumers obtained +during their business operations. +The Implementing Regulation for the Law of the People’s Republic of China on the Protection of +Consumer Rights and Interests (ૢԷ‘ ) was promulgated by +the State Council of the People’s Republic of China (the “ State Council ”) on 15 March 2024 and +implemented on 1 July 2024 (the “ Regulations on the Implementation of the Law on the Protection +of Consumer Rights and Interests ”). The Regulations on the Implementation of the Law on the +Protection of Consumer Rights and Interests mainly refine and supplement the obligations of operators +and improve the relevant provisions on online consumption, strengthen the obligations of prepaid +consumer operators, regulate the behaviour of consumer claims and clarify the responsibilities of the +government for the protection of consumer rights and interests. +Laws and Regulations in Relation to Tendering and Bidding +According to the Bidding Law of the People’s Republic of China (‘) +(the “ Bidding Law ”) promulgated by the SCNPC on 30 August 1999, amended on 27 December 2017 +and implemented from 28 December 2017, tenderers shall not collude with each other in setting bidding +prices, nor shall they exclude other tenderers from fair competition and harm the lawful rights and +interests of the tenderee and other tenderers. Tenderers shall not participate in the bidding competition +by offering a price lower than the cost, nor shall they attempt to win the bid in the name of other +persons or through other fraudulent means. +According to the Implementation Regulations for the Law of the People’s Republic of China on +Tenders and Bids (ૢԷ‘ ), which was promulgated by the State +Council on 20 December 2011, last amended on 2 March 2019 and implemented on the same day, +where the tender invitation and bidding activities of a project required by law to call for tenders violate +the provisions of the Tendering and Bidding Law and such regulations, and have a substantive influence +on the outcome of award of tender, if it is impossible to adopt remedial measures to rectify the tender +invitations, the bidding and award of tender shall be void, and the tender exercise or bid evaluation +shall be organised anew pursuant to the law. +Laws and Regulations in Relation to Data, Network and Information Security +The Chinese government has promulgated laws and regulations in relation to internet information +security and the protection of personal information from abuse and unauthorised disclosure. To maintain +national security, internet information is regulated in China. The Decision on Maintaining Internet +Security (‘) promulgated and implemented by the SCNPC on 28 +December 2000 and amended and implemented on 27 August 2009 pursues criminal liability against +REGULATORY OVERVIEW +–8 0– + + +--- page 89 --- +persons who engage in the following acts: (i) illegally intruding into computers or systems of strategic +importance; (ii) disseminating politically harmful information; (iii) leaking state secrets; (iv) +disseminating false commercial information; or (v) infringing others’ intellectual property rights. +According to the Administrative Measures on Security Protection for International Connections to +Computer Information Networks (‘ ) promulgated by the +State Council on 16 December 1997, effective on 30 December 1997, and last amended and +implemented on 8 January 2011, it is prohibited to use the internet to (among other things) leak state +secrets and disseminate content that disrupts social order. The MPS has supervisory and inspection +authority, and local public security bureaus may also exercise jurisdiction. If internet information +service providers violate any of such administration measures, the competent authorities may revoke +their business licences and shut down their websites. +According to the Administrative Measures for the Hierarchical Protection of Information Security +(‘) jointly promulgated and implemented by the MPS, the National +Administration of State Secrets Protection, the State Cryptography Administration Office of Security +Commercial Code Administration and the Informatisation Work Office of the State Council on 22 June +2007, the entities that operate and use information systems are required to fulfil the obligation of +protection the information system at multi-level. The entities that operate the information systems at +above Grade II shall, within 30 days since the date when its security protection grade is determined, +handle the record-filing procedures at the local public security authority. +According to the Administrative Measures for Personal Information Protection Compliance Audits +(‘) promulgated by the CAC on 12 February 2025 and implemented +on 1 May 2025, the personal information processors processing data of over 10 million individuals shall +conduct personal information protection compliance audits at least once every two years. +According to Article 39 of the Security Protection Regulations for Critical Information +Infrastructure (ᚐૢԷ‘) promulgated by the State Council on 30 July 2021 +and implemented on 1 September 2021, where an operator fails to report as required or fails to establish +and improve relevant mechanisms and systems, etc., the competent authority shall, in accordance with +its duties, order corrections and issue a warning; if the operator refuses to make corrections or such acts +result in consequences such as endangering cybersecurity, a fine ranging from RMB100,000 to +RMB1,000,000 shall be imposed, and the directly responsible personnel in charge shall be fined +between RMB10,000 and RMB100,000. +According to the Cybersecurity Law of the People’s Republic of China ( ʕശɛ͏΍ձ਷ၣഖτ +‘) (the “ Cybersecurity Law ”) promulgated by the SCNPC on 7 November 2016 and implemented +on 1 June 2017, network operators must comply with applicable laws and administrative regulations +and fulfil their obligations to safeguard cyber security in conducting business and providing services. +For the construction and operation of the network or the provision of services through the network, +technical and other necessary measures shall be taken as required by laws, administrative regulations +and the compulsory requirements of national standards to ensure the safe and stable operation of the +network, respond to cyber security incidents effectively, prevent illegal and criminal network activities, +and maintain the integrity, confidentiality and usability of network data. +According to the Administrative Provisions on Security Vulnerabilities of Cyber Products ( ၣഖ +‘) jointly promulgated by the MIIT, the CAC and the MPS on 12 July 2021 and +implemented from 1 September 2021, network product providers, network operators as well as +organisations or individuals engaging in the discovery, collection, release and other activities of +network product security vulnerability are subject to the provisions and shall establish channels to +receive information of security vulnerability of their respective network products and shall examine and +fix such security vulnerability in a timely manner. In response to the Cyber Security Law, network +REGULATORY OVERVIEW +–8 1– + + +--- page 90 --- +product providers are required to report relevant information of security vulnerability of network +products with the MIIT within two days and to provide technical support for network product users. +Network operators shall take measures to examine and fix security vulnerability after discovering or +acknowledging that their networks, information systems or equipment have security loopholes. +The Data Security Law of the PRC (‘) (the “ Data Security Law ”) +was promulgated by the SCNPC on 10 June 2021 and implemented on 1 September 2021. The Data +Security Law stipulates the measures to support and promote data security and development, to +establish and optimise the national data security management system, and to clarify organisations’ and +individuals’ responsibilities in data security. The Data Security Law introduces a data classification and +hierarchical protection system based on the materiality of data in economic and social development, as +well as the degree of harm it will cause to national security, public interests, or legitimate rights and +interests of individuals or entities when such data is tampered with, destroyed, divulged, or illegally +acquired or used. +The Cybersecurity Review Measures (2021) (ج2021) ‘) was jointly +promulgated by the CAC and other certain Chinese regulatory authorities on 28 December 2021 and +implemented on 15 February 2022. Critical Information Infrastructure Operator purchasing network +products and services, and online platform operators carry out data processing activities that affect or +may affect national security, shall conduct cyber security review according to the Cyber Security +Review Measures. In addition, an online platform operator in possession of more than one million +users’ personal information must report to the cyber security review office for a cyber security review if +it intends to list its securities abroad. +According to the Regulation on Network Data Security Management ( ၣഖᅰኽτΌ၍ଣૢԷ‘) +promulgated by the State Council on 24 September 2024 and implemented on 1 January 2025, when the +network data processors carry out network data processing activities that affect or may affect national +security, they shall undergo a national security review in accordance with relevant national regulations. +According to the Measures for Data Cross-border Transfer Security Assessment ( ᅰኽ̈ྤτΌ +‘) promulgated by the CAC on 7 July 2022 and implemented on 1 September 2022, where a +data processor transfers data abroad, the data processor shall apply to the national cyberspace +administration for a data cross-border transfer security assessment through the local cyberspace +administration at the provincial level when: (i) a data processor transfers important data abroad; (ii) a +critical information infrastructure operator and a data processor processing the personal information of +more than one million persons transfers personal information abroad; (iii) a data processor has provided +a total of 100,000 persons’ personal information or 10,000 persons’ sensitive personal information to +overseas since 1 January of the previous year; and (iv) other circumstances in which the data processor +shall apply for a data cross-border transfer security assessment as stipulated by the national cyberspace +administration. +According to the Provisions of the Supreme People’s Court on Several Issues concerning the +Application of Law in the Trial of Civil Cases Relating to the Use of Facial Recognition Technologies +to Process Personal Information (ࣩ +‘) (the “ Face Recognition Provisions ”) promulgated by the Supreme +People’s Court of China on 27 July 2021 and implemented on 1 August 2021. The Face Recognition +Provisions apply to civil disputes arising from the use of face recognition technology to deal with facial +information between civil subjects. The Face Recognition Provisions clarify the nature and +responsibilities of the abuse of utilising face recognition technologies to process facial information. To +process the facial information of a natural person, the individual consent of such natural person or +his/her guardian must be obtained. +REGULATORY OVERVIEW +–8 2– + + +--- page 91 --- +According to the Administrative Measures for the Application Security of Facial Recognition +Technology (‘) jointly promulgated by the CAC and the MPS on 13 +March 2025 and implemented on 1 June 2025, the aim is to regulate the application scenarios of facial +recognition technology and protect the rights and interests of personal information. They apply to +activities within the territory that use facial recognition technology to process facial information, +excluding research and development and algorithm training activities. +According to the Ninth Amendment to the Criminal Law of the PRC (͍ +€ɘ‘) promulgated by the SCNPC on 29 August 2015 and implemented on 1 November 2015, any +internet service provider that fails to fulfil the obligations related to the internet information security +administration as required by the applicable laws and refuses to rectify upon orders, shall be subject to +criminal penalty. According to the Notice of the Supreme People’s Court, the Supreme People’s +Procuratorate and the Ministry of Public Security on Legally Punishing Criminal Activities Infringing +upon the Personal Information of Citizens (ڧ +‘) issued and implemented on 23 April 2013, Article 253 of the +Criminal Law of the PRC (‘), and the Interpretation of the Supreme People’s +Court and the Supreme People’s Procuratorate on Several Issues regarding Legal Application in +Criminal Cases Infringing upon the Personal Information of Citizens (৫e௰৷ɛ͏Ꮸ࿀ +༆ᙑ‘ ) issued on 8 May 2017 and took +effect on 1 June 2017, the following activities may constitute the crime of infringing upon a citizen’s +personal information: (i) providing a citizen’s personal information to specified persons or releasing a +citizen’s personal information online or through other methods in violation of relevant national +provisions; (ii) providing a citizen’s personal information collected legitimately to others without such +citizen’s consent (unless the information is processed, not traceable to a specific person and not +recoverable); (iii) collecting a citizen’s personal information in violation of relevant rules and +regulations in the process of performing duties or providing services; or (iv) obtaining a citizen’s +personal information by purchasing, accepting or exchanging such information in violation of relevant +rules and regulations. +According to the provisions of the Civil Code (Պ‘) promulgated by the NPC on 28 May +2020 and implemented on 1 January 2021, natural persons’ personal information shall be protected by +law, and any organisations and individuals shall legally collect personal information and ensure the +security of personal information collected. It is not allowed to illegally collect, use, process or transfer +the personal information, or illegally buy or sell, provide or make public the personal information of +others. Personal information of natural persons refers to all kinds of information that are recorded in +electronic or other ways and that can be used alone or in combination with other information to identify +a specific natural person, including the natural persons’ names, dates of birth, ID numbers, biometric +information, addresses, telephone numbers, e-mails, health information, whereabouts, etc.. The +processing of personal information shall be subject to the principle of legitimacy, rightfulness and +necessity, with no excessive processing, and shall meet the following conditions: (i) with the consent of +the natural person or the guardian thereof, unless otherwise provided by laws or administrative +regulations; (ii) expressly stating the purpose, method and scope of information to be processed; and +(iii) not violating the provision of the laws and administrative regulations and the agreement of both +parties. The Civil Code (Պ‘) has revised the Internet tort liability and further elaborated on “safe +harbour” rule with respect to an internet service provider from both the aspects of notice and +counter-notice, including (i) upon receiving notice from the right holder, promptly adopting necessary +measures such as deletion, screening or disconnection of hyperlinks and reefing right holder’s notice to +disputed internet user; and (ii) upon receiving counter-notice from the disputed internet user, referring +such counter-notice to the claiming right holder and informing him/her to take other corresponding +measures such as filing complaints with competent authorities or suits with courts. The Civil Code ( ͏ +Պ‘) has also provided that where the internet service provider who knew or should have known the +infringing acts of the internet user fails to take necessary measures, it shall be severally liable with +such internet user. +REGULATORY OVERVIEW +–8 3– + + +--- page 92 --- +Laws and Regulations in Relation to Enterprise Investment Projects +According to Administrative Regulations on Approval and Filing of Projects Invested by +Enterprises (၍ଣૢԷ‘) promulgated by the State Council on 30 November +2016 and implemented on 1 February 2017, the Chinese government exercises approval management +over fixed asset investment projects that are invested in construction by enterprises within the territory +of China, are related to national security, and involve major production capacity layout, strategic +resource development and significant public interests. The specific project scopes, approval authorities +and approval powers are implemented according to the catalogue of investment projects approved by +the government, while other projects are subject to filing management. +The Notice of the State Council on Issuing the Catalogue of Investment Projects Subject to +Governmental Approval (2016 Version) (ҳ༟ධͦͦ፽ (2016 ϋ +͉)‘) promulgated and implemented by the State Council on 20 December 2016 stipulates the +projects that may be subject to approval. +Laws and Regulations in Relation to Intellectual Property +Trademarks +The Trademark Law of the People’s Republic of China (‘) (the +“Trademark Law ”) promulgated by the SCNPC on 23 August 1982, effective on 1 March 1983, and +last amended on 23 April 2019 and implemented on 1 November 2019, and the Implementation +Regulations of the Trademark Law of the People’s Republic of China (ૢ +Է‘) promulgated by the State Council on 3 August 2002, effective on 15 September 2002, and last +amended on 29 April 2014 and implemented on 1 May 2014 provide the basic legal framework for +regulating trademarks in the PRC. According to relevant laws and regulations, registered trademarks +include commodity trademarks, service trademarks, collective marks and certification marks. The +validity period of a registered trademark is ten years, calculated from the date of approval for +registration. +Patents +According to the Patent Law of the People’s Republic of China (‘) +promulgated by the SCNPC on 12 March 1984, last amended on 17 October 2020 and implemented on +1 June 2021, and the Implementation Regulations of the Patent Law of the People’s Republic of China +(‘) promulgated by the State Council on 15 June 2001, last amended +on 11 December 2023 and implemented on 20 January 2024, there are three types of patents, namely, +invention, utility model and design. Invention patents are valid for 20 years, design patents are valid for +15 years and utility model patents are valid for 10 years from the date of application. +Copyright and software copyright +According to the Copyright Law of the People’s Republic of China (‘) +promulgated by the SCNPC on 7 September 1990, last amended on 11 November 2020 and +implemented on 1 June 2021, and the Implementing Regulations of the Copyright Law of the People’s +Republic of China (ૢԷ‘) promulgated by the State Council on 2 +August 2002, last amended on 30 January 2013 and implemented on 1 March 2013, Chinese citizens, +legal persons or other organisations enjoy copyright protection over their works, whether published or +not, in the domain of literature, art and science. In addition, internet activities, products disseminated +over the internet and software products also enjoy copyright. +REGULATORY OVERVIEW +–8 4– + + +--- page 93 --- +According to the Regulations on Protection of Computer Software (ᚐૢԷ‘) +promulgated by the State Council on 4 June 1991, effective on 1 October 1991, last amended on 30 +January 2013 and implemented on 1 March 2013, the software registration authority shall grant +certificates of registration to computer software copyright applicants in compliance with the Regulation +on Protection of Computer Software. +Domain names +According to the Administrative Measures on Internet Domain Names (‘) +promulgated by the MIIT on 24 August 2017 and implemented on 1 November 2017, and the +Implementation Rules for the Registration of National Top-level Domain Names (௟ॴਹΤൗ̅ +‘) promulgated by China Internet Network Information Centre and implemented on 18 June +2019, the MIIT is in charge of the administration of PRC internet domain names. The domain name +services follow a “first come, first file” principle. The applicants will become the holders of such +domain names upon the completion of the registration procedure. +Laws and Regulations in Relation to Labour Protection, Social Insurance and Housing Provident +Funds +Labour security +According to the Labour Contract Law of the People’s Republic of China ( ʕശɛ͏΍ձ਷௶ਗ +‘) (the “ Labour Contract Law ”) promulgated on 29 June 2007, effective on 1 January 2008, +and last amended on 28 December 2012 and implemented on 1 July 2013, labour contracts must be +concluded in writing if labour relationships are to be or have been established between enterprises, +individual economic organisations, private non-enterprise entities, etc,. and the employees. Employers +are forbidden to force employees to work overtime or to do so in a disguised manner and employers +must pay employees overtime wages in accordance with the regulations of the state. In addition, wages +may not be lower than local standards on minimum wages and must be paid to the employees timely. +According to the Labour Law of the People’s Republic of China (‘) +promulgated by SCNPC on 5 July 1994, effective on 1 January 1995, and last amended and +implemented on 29 December 2018, employers shall establish and improve a system of labour safety +and sanitation and shall strictly abide by national rules and standards on labour safety and sanitation, +educate employees on labour safety and sanitation as well as provide employees with labour safety and +sanitation conditions that comply with national standards and necessary articles for labour protection. +Social insurance +According to the Social Insurance Law of the People’s Republic of China (ึ +‘) promulgated by the SCNPC on 28 October 2010, effective on 1 July 2011, and amended and +implemented on 29 December 2018, each employer and individual in the PRC shall make contributions +to social insurance fund, including basic pension insurance, basic medical insurance, work-related +injury insurance, unemployment insurance and maternity insurance. An employer who fails to make +adequate contributions to social insurance fund shall be ordered to pay or supplement within a +stipulated period, and shall be subject to a late fee computed from the date of default at the rate of +0.05% per day. Where payment is not made within the stipulated period, the relevant administrative +authorities shall impose a fine ranging from one to three times of the overdue amount. +Housing provident fund +According to the Regulations on the Housing Provident Fund (၍ଣૢԷ‘) passed by +the State Council on 3 April 1999, last amended and implemented on 24 March 2019, each employer +and individual in the PRC shall make contributions to housing provident fund. Where, in violation of +REGULATORY OVERVIEW +–8 5– + + +--- page 94 --- +the provisions of the regulations, an employer is overdue in the contribution of, or underpays, the +housing provident fund, the competent PRC government authorities shall order it to make contributions +to the housing provident fund within a stipulated period. If the payment is not made within such +stipulated period, an application may be made to the People’s Court for compulsory enforcement. +Regulations on Equity Incentive Plans +According to the Circular of the State Administration of Foreign Exchange on Issues concerning +the Foreign Exchange Administration of Domestic Individuals’ Participation in Equity Incentive Plans +of Overseas Listed Companies (ྌ̮ි +‘) promulgated and implemented by the SAFE on 15 February 2012 and other +relevant regulations, directors, supervisors, senior management and other employees participating in any +equity incentive plan of an overseas listed company who are PRC citizens or non-PRC citizens residing +in China for a continuous period of not less than one year, subject to certain exceptions, are required to +handle matters such as foreign exchange registration with SAFE, account establishment, funds transfer +and remittance through a domestic agency. +Laws and Regulations in Relation to Foreign Exchange +According to the Foreign Exchange Control Regulations of the People’s Republic of China ( ʕശ +ɛ͏΍ձ਷̮ි၍ଣૢԷ‘) (the “ Foreign Exchange Regulations ”) promulgated by the State Council +on 29 January 1996, effective on 1 April 1996, and last amended and implemented on 5 August 2008, +international payments and transfers under the current accounts in PRC shall not be subject to any +restriction. Foreign currency transactions under the capital accounts, such as direct investment and +capital contribution, are still restricted and require approvals from, or registration with, the foreign +exchange administrative authorities. In addition, according to the Notice of the PBOC and the SAFE on +Issues Concerning the Administration of Capital Management of Domestic Enterprises in Overseas +Listing (‘ ), which +was issued by the PBOC and the SAFE on 24 December 2025 and implemented on 1 April 2026, a +domestic enterprise listed overseas shall, within 30 working days from the first trading day of its +overseas listing or upon completion of the over-allotment, submit the prescribed documents to a bank in +its registered province or municipality separately listed on the State plan to apply for overseas listing +registration. Proceeds from overseas listings shall, in principle, be repatriated to the PRC in a timely +manner. If such proceeds are to be retained overseas for the purpose of overseas direct investment, +overseas securities investment, or overseas lending, the enterprise shall obtain the approval or filing +documents from the competent authorities prior to the completion of the overseas issuance and listing +or the completion of the over-allotment and shall comply with the relevant cross-border capital +administration regulations. +According to the Circular of the State Administration of Foreign Exchange on Reforming and +Regulating Policies for the Administration over Foreign Exchange Settlement of Capital Accounts ( ਷ +‘ ) promulgated by SAFE and +implemented on 9 June 2016, and the Circular of the State Administration of Foreign Exchange on +Further Deepening Reform to Promote Cross-border Trade and Investment Facilitation (̮ි၍ଣ +‘ ) promulgated by SAFE and implemented on +4 December 2023, the foreign exchange receipts under capital accounts of domestic institutions are +subject to discretionary settlement policies. The foreign exchange receipts under capital accounts +(including foreign exchange capital, foreign debts, and repatriated funds raised through overseas listing) +subject to discretionary settlement as expressly prescribed in the relevant policies may be settled with +banks according to the actual needs of the domestic institutions for business operation. Domestic +institutions may, at their discretion, settle up to 100% of foreign exchange receipts under capital +accounts for the time being. SAFE may adjust the above proportion in due time according to the +balance of payments. While eligible for the discretionary settlement of foreign exchange receipts under +REGULATORY OVERVIEW +–8 6– + + +--- page 95 --- +capital accounts, domestic institutions may also opt to use their foreign exchange receipts according to +the payment-based settlement system. A bank shall, in handling each transaction of foreign exchange +settlement for a domestic institution according to the principle of payment-based settlement, review the +authenticity and compliance of the use of the funds settled in the previous foreign exchange settlement +(including discretionary settlement and payment-based settlement) of such domestic institution. +Domestic institutions’ foreign exchange receipts under the capital accounts and the Renminbi funds +obtained from the settlement thereof shall not, directly or indirectly, be used for expenditure beyond the +enterprise’s business scope or expenditure prohibited by laws and regulations of the state. Unless +otherwise specified, the funds shall not, directly or indirectly, be used for investments in securities or +other investments or wealth management other than banks’ principal-secured products. The funds shall +not be used for the granting of loans to non-affiliated enterprises, except where it is expressly permitted +in the business scope. The funds shall not be used for the construction or purchase of real estate for +purposes other than self-use (except for real estate enterprises). +According to the Circular on Optimising Administration of Foreign Exchange to Support the +Development of Foreign-related Business by the State Administration of Foreign Exchange (̮ි +‘ ) promulgated and implemented by SAFE on 10 +April 2020, eligible enterprises are allowed to make domestic payments by using receipts under capital +accounts, such as their capital funds, foreign credits and the income from overseas listing, with no need +to provide the evidentiary materials concerning authenticity on a transaction-by-transaction basis to +banks in advance, provided that their capital use shall be authentic and in line with provisions, and +conform to the prevailing administrative regulations on the use of receipts under capital accounts. Local +foreign exchange authorities shall strengthen monitoring analysis and interim and post regulation. +Laws and Regulations in Relation to Taxation +Enterprise Income Tax Law +According to the Corporate Income Tax Law of the People’s Republic of China ( ʕശɛ͏΍ձ +‘) (the “ CIT Law ”) promulgated on 16 March 2007, effective on 1 January 2008, and +last amended and implemented on 29 December 2018, and the Implementing Regulations of the +Corporate Income Tax Law of the People’s Republic of China (ૢ +Է‘) (the “ Implementing Regulations of the CIT Law ”) promulgated on 6 December 2007, effective +on 1 January 2008, last amended on 6 December 2024, and effective on 20 January 2025, enterprise +income taxpayers shall include resident and non-resident enterprises. Resident enterprise refers to an +enterprise established within China or is established under the law of a foreign country (region) but +whose actual institution of management is within China. Non-resident enterprise refers to an enterprise +established under the law of a foreign country (region), whose actual institution of management is not +within China but has offices or establishments within China, or which does not have any offices or +establishments within China but has incomes sourced from China. The rate of enterprise income tax +shall be 25%. Qualified small low-profit enterprises are given the reduced enterprise income tax rate of +20%. High-tech enterprises in need of key support from the State may enjoy a reduced enterprise +income tax rate of 15%. +V alue-added tax +According to the Value-Added Tax Law of the People’s Republic of China (࠽ +‘) (the “ V AT Law”) promulgated by the SCNPC on December 25, 2024 and became effective on +January 1, 2026, and the Implementation Rules for the Value-Added Tax Law of the PRC ( ʕശɛ͏ +ૢԷ‘ ) promulgated by the State Council and became effective as of the same +date of the V AT Law, all enterprises and individuals that engage in the sale of goods, the provision of +REGULATORY OVERVIEW +–8 7– + + +--- page 96 --- +processing, repair and replacement services, sales of service, intangible assets and real estate and the +importation of goods within the territory of the PRC shall pay value-added tax at the rate of 0%, 6%, +9% and 13% for the different goods it sells and different services it provides, except when specified +otherwise. +According to the Circular on Adjusting Value-added Tax Rates (ሜ዆ +‘) announced by the MOF and the SAT on 4 April 2018, and effective on 1 May +2018, where a taxpayer engages in a value-added tax taxable sales activity or imports goods, the +previous applicable 17% and 11% tax rates are adjusted to be 16% and 10%, respectively. +According to the Announcement on Relevant Policies for Deepening Value-Added Tax Reform +(ʮѓ‘ ) promulgated by the MOF, the SAT and the General +Administration of Customs on 20 March 2019, and effective on 1 April 2019, with respect to +value-added tax taxable sales or imported goods of a value-added tax general taxpayer, the originally +applicable value-added tax rate of 16% and 10% shall be adjusted to 13% and 9%, respectively. +Laws and Regulations in Relation to Environmental Protection and Fire Control +Environment protection +The Environmental Protection Law of the PRC (‘) promulgated by +the SCNPC on 26 December 1989, implemented on the same day and last amended on 24 April 2014 +and implemented on 1 January 2015, outlines the authorities and duties of environmental protection +regulatory agencies. The Ministry of Environmental Protection under the State Council is authorised to +issue national standards for environmental quality and discharge of pollutants, and to exercise unified +supervision and administration over environmental protection scheme of the PRC. Meanwhile, local +environment protection authorities may formulate local standards for discharge of pollutants which are +more rigorous than the national standards, in which case, the concerned enterprises must comply with +both the national standards and the local standards. +Environmental impact appraisal +According to the Administrative Regulations on Environmental Protection for Construction +Projects (ᚐ၍ଣૢԷ‘) promulgated by the State Council on 29 November 1998, last +amended on 16 July 2017 and implemented on 1 October 2017, and according to the Environmental +Impact Appraisal Law of PRC (‘) promulgated by the SCNPC on 28 +October 2002 and last amended and implemented on 29 December 2018, the construction employer is +required to submit an environmental impact report or an environmental impact statement, or file a +registration form depending on the seriousness of effect that may be exerted on the environment. +Pollutant discharge +According to the Categorised Management Catalogue of Pollutant Discharge Permits for +Stationary Sources of Pollution (2019 Version) (๕રϮ஢̙ʱᗳ၍ଣΤ፽ (2019و)‘) +promulgated and implemented by the MEE on 20 December 2019, key management, simplified +management and registration management of pollutant discharge permits are implemented according to +factors such as the amount of pollutants generated, the amount of emissions, the degree of impact on +the environment, etc., and pollutant discharge entities that implement registration management do not +need to apply for a pollutant discharge permit. +REGULATORY OVERVIEW +–8 8– + + +--- page 97 --- +Acceptance inspection on environmental protection facilities +According to Administrative Regulations on Environmental Protection for Construction Projects +(ᚐ၍ଣૢԷ‘) promulgated by the State Council and implemented on 29 November +1998, last amended on 16 July 2017 and implemented on 1 October 2017, upon completion of +construction for which an environment impact report or environment impact statement is formulated, +the constructor shall conduct acceptance inspection of the environmental protection facilities pursuant +to the standards and procedures stipulated by the environmental protection administrative authorities of +the State Council and formulate the acceptance inspection report. +Laws and Regulations in Relation to Import and Export of Goods +Foreign Trade Law of the PRC +According to the Foreign Trade Law of the PRC (‘) promulgated by +the SCNPC on 12 May 1994 and implemented on 1 July 1994, and last amended and implemented on +27 December 2025 and effective on 1 March 2026, the consignee or consignor of imported or exported +goods applying for filing should obtain the qualification of the market entity, but no filing for foreign +trade operators is required. +Customs Law of the PRC +According to the Customs Law of the PRC (‘) promulgated by the +NPCSC on 22 January 1987, and implemented on 1 July 1987, and last amended and implemented on +29 April 2021, the consignees and consignors for imported or exported goods and the customs brokers +engaged in customs declaration shall be filed with the customs in accordance with the law. +Administration of Recordation of Customs Declaration Entities of the PRC +According to the Administrative Provisions of the Customs of the People’s Republic of China on +Record-filing of Customs Declaration Entities (‘ ) +promulgated by the GACC of the PRC on 19 November 2021, and implemented from 1 January 2022, +where the consignee or consignor of imported or exported goods or a customs declaration enterprise +applies for filing, it shall obtain the qualification of market entities. +Administrative Provisions of the Customs of the PRC on the Declaration of Imported and Exported +Goods +According to the Administrative Provisions of the Customs of the People’s Republic of China on +Declaration of Imports and Exports (‘ ) promulgated by +GACC on 18 September 2003 and implemented on 1 November 2003, and last amended on 27 March +2025 and implemented on 1 May 2025, consignors or consignees of import and export goods may either +make declarations to the customs themselves or entrust a customs brokerage enterprise. Consignors or +consignees of import and export goods handling customs declaration procedures, and entrusted customs +brokerage enterprises, shall complete the record-filing formalities with the customs in accordance with +the law in advance. +REGULATORY OVERVIEW +–8 9– + + +--- page 98 --- +I. Principal Laws and Regulations in Relation to Foreign Investment +(I) Foreign Investment Law of the People’s Republic of China and Implementation Regulation of +the Foreign Investment Law of the People’s Republic of China +Foreign invested entities in the PRC are subject to the foreign investment laws and regulations +including the Foreign Investment Law of PRC (‘) (the “ Foreign +Investment Law ”), which was promulgated by the National People’s Congress and became effective on +1 January 2020, and the Regulations on Implementing the Foreign Investment Law of PRC ( ʕശɛ͏ +ૢԷ‘), which were promulgated by the State Council on 26 December 2019 +and became effective on 1 January 2020. According to the Foreign Investment Law, the PRC adopts a +system of national treatment which includes a negative list with respect to foreign investment +administration. The negative list will be issued by, amended, or released upon approval by the State +Council, from time to time. +(II) Special Administrative Measures for Access of Foreign Investment (Negative List) +On 6 September 2024, the NDRC and the Ministry of Commerce of the PRC (“ MOFCOM ”) +jointly issued the Special Administrative Measures for Access of Foreign Investment (Negative List) +(2024 Edition)݄( ૶ఊ)(2024و)‘) (the “ 2024 Negative List ”), +which came into effect on 1 November 2024. The 2024 Negative List uniformly sets forth the +ownership requirements, requirements for senior executives, and other special administrative measures +for the access of foreign investment. Fields not on the 2024 Negative List shall be administered under +the principle of equal treatment for both domestic and foreign investment. As of the Latest Practicable +Date, our business does not fall within the scope of the 2024 Negative List. +(III) Catalogue of Industries for Encouraging Foreign Investment +On 2 February 2026, the MOFCOM and the NDRC promulgated the Catalogue of Industries for +Encouraging Foreign Investment (2025 Version) ( ོᎸ̮ਠҳ༟ପุͦ፽ (2025و)‘) (the +“Encouraging Catalogue ”), which came into effect on 1 January 2023. The Encouraging Catalogue +lists the industries that encourage foreign investment. As of the Latest Practicable Date, our business +falls within the scope of (XXIl) Computer, telecommunication and other electronic equipment +manufacturing under the Encouraging Catalogue. +Laws and Regulations in Relation to Overseas Listing +According to the Trial Administrative Measures of Overseas Securities Offering and Listing by +Domestic Companies (‘ ) (the “ Overseas Listing Trial +Measures ”) and five relevant guidelines promulgated by the CSRC on 17 February 2023 and +implemented on 31 March 2023, PRC domestic companies that seek to offer and list securities in +overseas markets, either in direct or indirect means, shall file with the CSRC and submit relevant +information within three business days after submitting the application documents for issuance and +listing overseas. +Laws and Regulations in Relation to the H Share “Full Circulation” +Our Company shall comply with regulations on the H share “full circulation” to converse its +domestic shares into H shares and circulate on the Stock Exchange. According to the Guidelines on +Application for Full Circulation of Domestic Unlisted Shares of H-share Companies ( Hʮ̡ྤʫ͊ +ˏ‘) (the “ Full Circulation Guidelines ”) promulgated and implemented by +the CSRC on 14 November 2019, and last amended and effective on 10 August 2023, Full Circulation +represents the shareholders of domestic unlisted shares of domestic companies (including the unlisted +REGULATORY OVERVIEW +–9 0– + + +--- page 99 --- +domestic shares held by domestic shareholders before overseas listing, the unlisted domestic shares +additionally issued in the territory after overseas listing and the unlisted shares held by foreign +shareholders) are listed and circulated on the Stock Exchange. An unlisted domestic joint stock +company may file with the CSRC for “full circulation” at the time of its initial public offering and +listing overseas. +Pursuant to the Overseas Listing Trial Measures, for a domestic company directly offering and +listing overseas, shareholders of its domestic unlisted shares applying to convert such shares into shares +listed and traded on an overseas trading venue shall conform to relevant regulations promulgated by the +CSRC and entrust the domestic company to file with the CSRC. +U.S. LA WS AND REGULATIONS +This section sets out a summary of certain aspects of laws and regulations of the U.S., which are +relevant to the business and operations of our Group. +U.S. Export Restrictions +The U.S. has implemented export control laws and regulations, including the EAR administered +by the BIS of the U.S. Department of Commerce. BIS regulates the export, reexport and in-country +transfer of items that are “subject to the EAR.” The following items are subject to the EAR: (i) all +U.S.-origin items wherever they are located in the world; (ii) any item physically in or moving in +transit through the United States or U.S. Foreign Trade Zone (including items of foreign origin); (iii) +any foreign-made item containing more than a de minimis amount of certain controlled U.S.-origin +content (“ de minimis rule ”); and (iv) certain non-U.S.-produced “direct products” of specified +“technology” and “software”; and certain non-U.S.-produced products of a complete plant or any major +component of a plant that is a “direct product” of specified “technology” or “software” (“ Foreign +Direct Product Rule ”,“ FDP rule ”o r“ FDPR”). According to the FDP rules, certain non-U.S. origin +items are still subject to the EAR under specific circumstances. A transaction involving a +non-U.S.-produced item incorporating certain U.S. controlled software or technology may require a +licence if it meets the product scope and end-user or country scope. Building upon the FDPR, the BIS +has further expanded its jurisdiction through the advanced computing and supercomputer-related FDP +rule. These controls primarily target advanced computing items, including high-performance integrated +circuits, computers, and related assemblies. In addition to product scope, such rules incorporate broad +destination, end-use, and end-user concepts. In particular, licensing requirements may be triggered +where the exporter has “knowledge” that the relevant items are destined for use in connection with +advanced computing, semiconductor manufacturing, or supercomputing activities involving the PRC +(including Macau) or PRC-headquartered entities, regardless of where such activities occur. As a result, +certain non-U.S.-origin items may still be subject to the EAR and require a licence under these +expanded jurisdictional rules. Generally, foreign-made items that incorporate controlled U.S.-origin +content accounting for less than 25% of the value of such items are not subject to the EAR when +exported, reexported or transferred (in-country) to any country except for Cuba, Iran, North Korea or +Syria (for which the de minimis threshold is 10%), unless the controlled content is of a certain type for +which there is no de minimis threshold. For purposes of the de minimis analysis, any item that by itself +requires a destination-based licence to be exported to, reexported to or transferred (in-country) within +the country at issue is considered to be a controlled item. BIS maintains the Commerce Control List +(“CCL”) which includes items (i.e., commodities, software, and technology) subject to the authority of +the BIS. Items are identified by their Export Control Classification Numbers (“ ECCNs ”) on the CCL. +In addition, those items subject to the EAR but not identified on the CCL are identified by the +designator “EAR99”. EAR99 items generally consist of low-level technology, consumer goods, etc. and +do not require a licence in most situations for exports, re-exports, or transfers (in-country). However, if +the proposed export, re-export, or transfer of an EAR99 item is to an embargoed country, to an end user +of concern, or is in support of a prohibited end use, a BIS licence may be required. +REGULATORY OVERVIEW +–9 1– + + +--- page 100 --- +BIS maintains several restricted party lists, which include companies, organisations, and +individuals that may be subject to additional licensing requirements regardless of an item’s ECCN. For +example, parties listed on the Entity List under Supplement No. 4 to Part 744 of Title 15 of the Code of +Federal Regulations are generally prohibited from receiving certain or all items subject to the EAR +without prior BIS authorisation. Licence requirements for such parties may apply to specific ECCNs of +concern or, in some cases, to all items subject to the EAR. +In recent years, the United States has expanded export controls restrictions on China through the +EAR, as administered by the BIS. In particular, on 7 October 2022, the BIS issued an interim final rule +amending the EAR to impose new licensing restrictions on exports, re-exports and in-country transfers +of items intended for use in semiconductor fabrication facilities in the PRC and supercomputers located +in or destined for the PRC. The rule amends the U.S. EAR to add new export control entries to the +Commerce Control List for advanced computing integrated circuits and the computers, electronic +assemblies, and components that contain them. Specifically, new ECCNs 3A090 (for certain +high-performance integrated circuits), 4A090 (for computers and assemblies containing such integrated +circuits) and 3B090 (for advanced semiconductor manufacturing equipment) were added. On 17 October +2023, the BIS issued two interim final rules further amending the EAR to impose new restrictions on +the export, re-export or in-country transfer of certain semiconductor and advanced computing items to +the PRC, expanding the range of advanced chips and semiconductor manufacturing equipment subject +to special licensing requirements. Specifically, the rule revises the scope of ECCN 3A090 by amending +how performance criteria and control parameters for advanced computing integrated circuits are defined +and applied, including adjustments to the metrics used to determine whether a given product meets the +controlled performance thresholds. +On 16 January 2025, the BIS issued an interim final rule (the “ January 2025 DD IFR ”) further +refining controls on advanced computing items. Notably, the January DD 2025 IFR introduced “Note 1 +to ECCN 3A090.a,” establishing a rebuttable presumption that “applicable advanced logic integrated +circuits” defined as those produced at the 16/14 nanometer node or below, or utilising non-planar +transistor architecture are classified under ECCN 3A090.a and deemed “designed or marketed for data +centres”. This presumption applies to exports, re-exports, or in-country transfers by front-end +fabricators or Outsourced Semiconductor Assembly and Test (“ OSAT”) companies. To overcome this +presumption, parties must provide specific attestations or documentation, such as: (i) confirmation from +an authorised designer that the item does not meet specified Total Processing Performance (“ TPP”) or +Performance Density (“ PD”) thresholds; (ii) evidence that packaging occurs outside of Macau or +Country Group D:5 destinations and meets specific transistor count (e.g., below 30 billion) or +high-bandwidth memory limits; or (iii) utilisation of approved OSATs listed in the EAR. Failure to +rebut this presumption subjects the items to the stringent licensing requirements of ECCN 3A090.a, +potentially restricting the movement of finished wafers between fabricators and OSATs. Our current +business operations do not involve semiconductor fabrication, assembly, or testing activities, including +outsourced semiconductor assembly and test (OSAT) processes. Accordingly, the IFR and the associated +presumption under Note 1 to ECCN 3A090.a are not applicable to our business activities and are not +expected to have a material impact at this time. +U.S. Economic Sanctions +The OFAC is the key agency of the U.S. government responsible for administering and enforcing +economic sanctions programmes. These programmes target countries and groups of individuals, such as +terrorists and narcotics traffickers. Sanctions may be comprehensive or selective, and typically use asset +blocking and trade restrictions to accomplish foreign policy and national security goals. +U.S. economic sanctions are generally categorised into “primary sanctions” and “secondary +sanctions”. Whether a transaction triggers primary or secondary sanctions primarily depends on whether +it involves a U.S. nexus. Primary sanctions typically involve a U.S. nexus (such as U.S. persons, +REGULATORY OVERVIEW +–9 2– + + +--- page 101 --- +U.S.-origin products/software/technology, or if it causes or involves activity within the U.S. territory +such as transactions involving the U.S. financial system or U.S. commodity brokers) and a sanctioned +person (including individuals and entities) or a sanctioned jurisdiction. Non-U.S. persons may violate +U.S. primary sanctions by engaging in U.S.-nexus transactions. For transactions without any U.S. +nexus, the U.S. government may still threaten to impose secondary sanctions (such as designation to +relevant sanction lists) to deter non-U.S. persons from engaging in specific activities involving +sanctioned countries, industries, and/or persons. The comprehensive sanctions programmes of OFAC are +currently applicable to Cuba, Iran, North Korea, the Crimean Region, as well as the self-proclaimed +Luhansk People’s Republic and Donetsk People’s Republic. In addition to the comprehensive sanctions +programmes, the U.S. maintains “list-based” sanctions programmes against targeted regimes, entities +and individuals that have been found to have taken actions contrary to U.S. foreign policy or national +security interests. OFAC also prohibits U.S. persons from engaging in transactions with the persons and +entities identified on the List of Specially Designated Nationals and Blocked Persons (the “ SDN List ”). +Entities owned (defined as holding a 50% or greater ownership interest, solely or jointly, directly or +indirectly) by persons on the SDN List are also blocked, regardless of whether such entities are +explicitly listed on the SDN List. +U.S. Tariffs +Under Section 301 of the Trade Act of 1974, the Office of the U.S. Trade Representative may +impose tariffs or other trade restrictions if it determines that a foreign government has engaged in +unfair trade practices. Under Section 232 of the Trade Expansion Act of 1962, the Secretary of +Commerce is authorised to investigate the effects of imports of any article on the national security of +the United States. If the Secretary’s investigation indicates that imports of the article in question +threaten to impair national security, and the President concurs with the findings, the statute grants +authority to adjust the imports of the article in question and its derivatives, or to take other lawful +action as deemed necessary. Under Section 122 of the Trade Act of 1974, the President is given +authority to impose temporary import surcharges of up to 15% and implement temporary import quotas, +to address serious balance-of-payments deficits or significant declines in the value of the U.S. dollar. +Such temporary measures generally cannot exceed 150 days unless extended through other trade +authorities, and the administration must consult with the United States Congress. +The trade and tariff tension between the U.S. and China intensified since early 2025 and +negotiations on tariffs between the two countries are still ongoing, creating uncertainties on trades and +exports between the U.S. and China. In 2025, President Donald J. Trump, exercising authority under +IEEPA, imposed a series of additional tariffs. On 20 February 2026, the Supreme Court of the United +States issued a decision holding that the President lacks authority under the IEEPA to impose tariffs. As +a result, tariffs imposed pursuant to IEEPA, were held to be unlawful and invalid, after which the White +House issued an executive order terminating the tariffs previously imposed under IEEPA. Also on 20 +February 2026, the White House issued a Presidential Proclamation, “Imposing a Temporary Import +Surcharge to Address Fundamental International Payments Problems,” pursuant to Section 122 of the +Trade Act of 1974, imposing a 10% temporary global import surcharge on most imports into the United +States effective 24 February 2026, and set to remain in effect for up to 150 days. Depending on the +latest development of the trade negotiations between the U.S. and China, the level and number of +products subject to additional tariffs may change over time. +Outbound Investment Rule by the U.S. Department of the Treasury +On 28 October 2024, the U.S. Department of the Treasury issued the Outbound Investment Rule, +implementing the Executive Order 14105 of 9 August 2023 titled “Addressing United States +Investments in Certain National Security Technologies and Products in Countries of Concern” which +addresses U.S. investments in certain national security technologies and products in countries of +concern. The Outbound Investment Rule became effective on 2 January 2025. +REGULATORY OVERVIEW +–9 3– + + +--- page 102 --- +The Outbound Investment Rule imposes investment prohibition and notification requirements on +U.S. persons for a wide range of investments in entities associated with China (including Hong Kong +and Macau) that are engaged in activities relating to three sectors: (i) semiconductor and +microelectronics, (ii) quantum information technologies, and (iii) AI systems (collectively defined as +“Covered Foreign Persons ”). U.S. persons subject to the Outbound Investment Rule are prohibited +from making, or required to report, certain investments in Covered Foreign Persons, which are defined +as “Covered Transactions”, and include certain acquisitions of an equity interest, certain debt financing, +joint ventures, and certain investments as a limited partner in a non-U.S. person pooled investment +fund. The Outbound Investment Rule contains exceptions for certain investments, including those in +publicly traded securities, except when the U.S. person investor secures rights that go beyond standard +minority shareholder protections (the “ Publicly Traded Securities Exemption ”). +REGULATORY OVERVIEW +–9 4– + + +--- page 103 --- +OVERVIEW +We are a multispectral AI technology enterprise in China, specialising in the acquisition, +processing, and analysis of optical information captured from multiple specific spectrum bands to +provide more comprehensive data than visible-light imaging. Leveraging our proprietary technology in +multispectral perception and AI algorithms, we offer products and services designed to detect both +visible and invisible spectral information to human eyes, which includes Multispectral AI Modules, +Multispectral AI Perception Terminals and Multispectral AI Large Model Services. Our solutions +deliver enhanced perception and safety monitoring, providing additional information decisions for +multi-scenario safety and intelligent perception purposes for diverse customers who are mainly engaged +in business related to software and information technology services, electronic products, IDCs, +intelligent driving systems, telecommunication operators, IoT, system integration, and construction. Our +technologies have been widely applied across numerous application scenarios beyond traditional safety +solutions, including smart cities, intelligent campus management, IDC safety optimisation, industrial +and commercial safety and loT-enabled facility management, showcasing the applicability of our +multispectral AI solutions. +Key Development Milestones +The following table outlines our key development milestones: +Y ear Key development milestones +2013  Our Company was established in Shenzhen in the PRC. +2015  We launched our AI vision scenario training technology. + We were recognised as a High and New Technology Enterprise ( ৷อҦஔ +Άุ). +2016  We launched the HtFS file system specifically designed for vision +scenario applications, significantly extending the service life of terminals +storage. +2018  We launched the HtOS operating system, designed for edge AI +computing, which fundamentally overcame key technical bottlenecks in +computational miniaturisation. +2020  We entered into a capital increase agreement with Series A investors led +by Zheshang Capital. + We launched the multispectral AI perception-computing integration +technology. +2021  We entered into a capital increase agreement with Series B investors led +by Gaoxintou. + We leased and established the Shenzhen production facility. +2022  We released the prototype of the fire computing product. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–9 5– + + +--- page 104 --- +Y ear Key development milestones + We launched our AI computing power miniaturisation modules solution. + We completed the conversion of our Company from a limited liability +company into a joint stock company with limited liability. + We were accredited as a National-level Specialised and Sophisticated +“Little Giant” Enterprise (ॴਖ਼ၚतอ˜ʃ̶ɛ™Άุ )b yt h e +Ministry of Industry and Information Technology. + Our Shenzhen production facility officially commenced production. +2024  We launched the Multispectral AI anomalous fire source detector. + We achieved commercialisation and recorded first revenue from our +Multispectral AI Large Model Services. + Our “Zhiyuan Origin Large Model” (ۨpassed the ninth +batch of Deep Synthesis Service Algorithm Filing by the CAC. + We leased and established the Zhejiang production facility in Longyou +Economic Development Zone. + We entered into a capital increase agreement with Series C investor and +Series C+ investor, respectively. +2025  Our “Zhiyuan Origin Large Model” (ۨwas selected for +Guangdong Province’s first batch of AI industry models by the +Department of Industry and Information Technology of Guangdong +Province. + We were enlisted in the “List of Typical Application Scenarios and Cases +of Robot + (First Batch) in Guangdong Province (޲؇“ዚኜɛ+”ۨ +ԷΤఊ (ୋɓҭ))” by the Department of Industry and +Information Technology of Guangdong Province (ʷ +ᝂ). + We entered into a capital increase agreement with Series D investor. + Our Zhejiang production facility officially commenced production. + We were accredited as a National-level Specialised and Sophisticated “Little +Giant” Enterprise (ॴਖ਼ၚतอ˜ʃ̶ɛ™Άุ ) and a National-level +Specialised and Sophisticated Key “Little Giant” Enterprise (ॴਖ਼ၚत +ᓃ˜ʃ̶ɛ™Άุ ) by the Ministry of Industry and Information +Technology (ʷ௅). +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–9 6– + + +--- page 105 --- +OUR MAJOR SUBSIDIARIES +As at the Latest Practicable Date, we carried out our business through our Company and our +major operating subsidiaries in the PRC. Set out below is the corporate information of our major +subsidiaries that made a material contribution to our performance during the Track Record Period: +1. Shenzhen Haiqing Digital Technology Co., Ltd. * (ʮ̡ ) +Shenzhen Haiqing Digital Technology Co., Ltd.* (ʮ̡ ) was established +as a limited liability company under the laws of the PRC on 9 November 2021 with a registered share +capital of RMB20 million (“ Haiqing Digital ”). It is a wholly-owned subsidiary of our Company. This +subsidiary is primarily responsible for R&D, product innovation, and process optimisation. It has leased +a factory premise located in Shenzhen, Guangdong. As at the Latest Practicable Date, the Shenzhen +production base mainly undertakes the subsequent production processes after SMT automated assembly, +including sensor optical calibration and firmware programming, product configuration and assembly, +quality sampling and automated testing, product ageing and packaging and warehousing. In addition, +the Shenzhen production base can also undertake activities including R&D as required. +2. Zhejiang Haiqing Zhiyuan Technology Co., Ltd. * (ʮ̡ ) +Zhejiang Haiqing Zhiyuan Technology Co., Ltd.* (ʮ̡ ) was established +as a limited liability company under the laws of the PRC on 26 June 2024 with a registered share +capital of RMB10 million (“ Zhejiang Haiqing ”). It is a wholly-owned subsidiary of our Company. This +subsidiary has leased a production facility located in Longyou Economic Development Zone, Zhejiang. +Following the relocation of the SMT automated assembly lines and as at the Latest Practicable Date, +the Zhejiang production base performs the full range of production processes, including SMT automated +assembly, sensor optical calibration and firmware programming, product configuration and assembly, +quality sampling and automated testing, product ageing and packaging and warehousing. +ESTABLISHMENT AND DEVELOPMENT OF OUR COMPANY +1. Establishment of our Company and Early Shareholding Arrangements +Our Company was established as a limited liability company under the laws of the PRC on 3 April +2013, with Mr. Zhou as our founder and ultimate beneficial owner. At establishment, our registered +share capital of RMB1.00 million was held by Mr. Zhou (through his two nominees). +During the early stage of our Company’s development in 2014, Mr. Zhou sought to strengthen our +Company’s capital base and support its long-term growth by introducing additional shareholders. +Specifically, through a series of equity transfers agreed among Mr. Zhou and the then existing +Shareholders, the equity interests in our Company were as follows: (a) 6.00% to Mr. Chen Yonggang +(࡝being a key early employee of our Company), (b) 60.00% to Zhongcheng Chuangzhan, which +served as our Company’s initial employee shareholding platform, (c) 25.00% to Beward Invest Limited* +(׸( ଉέ)ʮ̡)( “ Beward ”) and 3.00% to Shenzhen Langke Investment Co., Ltd.* ( ଉέ +ʮ̡ )( “ Langke Investment ”), both as external shareholders introduced for the +purpose of their industry resources and potential strategic cooperation. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–9 7– + + +--- page 106 --- +The shareholding structure of our Company at the early stage of development was as follows: +Name of Shareholders +Equity interests in +our Company +Mr. Zhou (Note) ................................................... 6.00% +Mr. Chen Yonggang (Note) ........................................... 6.00% +Zhongcheng Chuangzhan ............................................ 60.00% +Beward ........................................................ 25.00% +Langke Investment (Note) ............................................ 3.00% +Note: +For administrative conveniences, the shareholding of Mr. Zhou, Mr. Chen Yonggang and Langke Investment was held by two +nominees, namely Ms. He Shubing ( Оૺж) (mother of Mr. Zhou) and Mr. Pu Minjun (ࠏemployee of our Company). +These shareholding nominee arrangements were terminated in 2020. +2. Lebo Technology Equity Swap and Equity Transfers +Hunan Lebo Technology Co., Ltd.* (ʮ̡ )( “ Lebo Technology ”) is a company +established in the PRC principally engaged in AI research, development and production of enterprise +and car parking big data operation platforms, and provision of smart parking solutions. In 2016, Mr. +Xia Dong (؇ࢀchairman of Lebo Technology, became acquainted with us at a trade exhibition. In +late 2017, the shareholders of our Company were anticipating a proposed equity swap with Lebo +Technology, pursuant to which, all original shareholders of our Company would sell their equity +interests in our Company to Lebo Technology in exchange for a portion of the equity interests in Lebo +Technology (the “ Equity Swap Transaction ”). +Prior to the finalisation of the contract terms of the Equity Swap Transaction, on 28 November +2017, Beward transferred a total of 10.00% equity interests in our Company (5.00% each to Mr. Zhou +and Mr. Xia Dong) at a total consideration of RMB1.9 million. Having considered the future prospect +of our Company, Mr. Xia acquired the 5% equity interests in our Company from Beward as his own +investment based on arm’s length negotiations. Mr. Xia Dong has not been involved in the management +of our Company since he became a shareholder of our Company. On 18 December 2017, for the +purpose of business development and capital needs, our Company’s registered capital was increased +from RMB1.0 million to RMB6.0 million, with each Shareholder subscribing for their respective +portions. On 21 December 2017, all Shareholders at the time agreed to transfer their equity interests to +Lebo Technology, which became the sole Shareholder of our Company. It was agreed that the senior +management of our Company would stay after the Equity Swap Transaction. +In January 2020, in view of the non-materialisation of the anticipated synergy and strategic +benefits arising from differences in the long-term business development focus on products and services +between our Company’s original shareholders and those of Lebo Technology, the original shareholders +of our Company and Lebo Technology mutually agreed to unwind the Equity Swap Transaction in its +entirety. As a result, our Company’s equity interests, as well as all original considerations paid by Lebo +Technology in connection with the Equity Swap Transaction, were fully unwound and our Company’s +equity interests were ultimately transferred back to the original shareholders of our Company. The +Equity Swap Transaction and the subsequent unwinding did not have any material adverse impact to our +business operations as our Company was managed by the same senior management during the relevant +time. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–9 8– + + +--- page 107 --- +As a result, the shareholding structure of our Company was as follows: +Name of Shareholders +Equity interests in +our Company +(%) +Mr. Zhou ....................................................... 11.00% +Mr. Chen Yonggang ............................................... 6.00% +Zhongcheng Tianying LP (Note 2) ...................................... 60.00% +Beward (Note 1) ................................................... 15.00% +Mr. Xia Dong .................................................... 5.00% +Langke Investment ................................................ 3.00% +Total .......................................................... 100.00% +Notes: +(1) Beward’s 15.00% equity interest was legally held by Mr. Gao Xiaochun (the legal representative of Beward) as its +nominee. Such nominee shareholding arrangement was unwound in December 2020. +(2) Zhongcheng Tianying LP was a newly formed employee shareholding platform to take up the equity interests of our +Company previously held by Zhongcheng Chuangzhan. +3. Series A Financing in November 2020 +On 30 November 2020, we entered into a capital increase agreement with our Series A investors +and increased our registered capital from RMB6,000,000 to RMB6,774,193 (“ Series A Financing ”). +Details of our Series A Financing is set out below: +Subscriber Registered capital Consideration +(RMB) (RMB) +Shenzhen Taolue New Energy Equity Investment Fund +Partnership Enterprise (Limited Partnership)* ( ଉέᗱଫอঐ +ΥྫΆุ (Υྫ)) (“ Taolue New +Energy ”) ....................................... 580,645 30 million +Shenzhen Kaiying No. 8 Venture Capital Partnership (L.P.)* +(ɞ໮௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Kaiying +No. 8 ”) ......................................... 96,774 5 million +Shenzhen Kaiying No. 9 Venture Capital Partnership (Limited +Partnership)* (ɘ໮௴ุҳ༟ΥྫΆุ (Υྫ)) +(“Kaiying No. 9 ”) ................................. 96,774 5 million +Total ............................................ 774,193 40 million +4. Equity Transfers to Employee Shareholding Platform in December 2020 +On 21 December 2020, Mr. Zhou transferred 0.71% equity interest in our Company to +Zhongzheng Tianying LP at a consideration of RMB637,700, Beward (through Mr. Gao Xiaochun as his +nominee) transferred 0.53% equity interest in our Company to Zhongzheng Tianying LP at a +consideration of RMB478,300, Mr. Xia Dong transferred 0.18% equity interest in our Company to +Zhongzheng Tianying LP at a consideration of RMB159,500 and Zhongcheng Tianying LP transferred +2.13% equity interest in our Company to Zhongzheng Tianying LP at a consideration of RMB1,913,100. +This transfer was implemented to establish Zhongzheng Tianying LP as a separate employee +shareholding platform, enabling a new group of employee participants to benefit from equity incentives +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–9 9– + + +--- page 108 --- +under a dedicated structure. It was decided by the Shareholders at the time, based on discussions among +them, that only certain Shareholders, namely Mr. Zhou, Beward, Mr. Xia Dong and Zhongcheng +Tianying LP, would transfer shares to Zhongzheng Tianying LP. +5. Series B Financing in July 2021 +On 30 July 2021, we entered into a capital increase agreement with our Series B investors, +resulting in the increase of our registered capital from RMB6,774,193 to RMB7,903,225 (“ Series B +Financing ”). Details of our Series B Financing are set out below: +Subscriber Registered capital Consideration +(RMB) (RMB) +Shenzhen HTI Venture Capital Co., Ltd.* ( ଉέ̹৷อҳ௴ุҳ +ʮ̡ )( “ Gaoxintou ”).......................... 225,806 20.0 million +Chengdu Shengao Investment Zhongxiaodan Entrepreneurship +Equity Investment Fund Partnership Enterprise (Limited +Partnership)* (ΥྫΆ +ุ(Υྫ)) (“ Chengdu Zhongxiaodan ”) .............. 191,935 17.0 million +Shenzhen Shenrong Ruihe Venture Capital Partnership (Limited +Partnership)* ( ଉέଉႂ๿Υ௴ุҳ༟ΥྫΆุ (Υྫ)) +(“Shenrong Ruihe ”) ............................... 33,871 3.0 million +Shenzhen City Talent Innovation Venture II Equity Investment +Fund Partnership (L.P.)* (ᛆҳ༟ +ΥྫΆุ (Υྫ)) (“ Rencai No. 2 ”) .............. 90,323 8.0 million +Shenzhen Xiaohe Investment Partnership (L.P.)* ( ଉέ̹ʃͫ௴ +ุҳ༟ΥྫΆุ (Υྫ)) (“ Xiaohe Investment LP ”) ..... 22,581 2.0 million +Shenzhen Taolue Xinwang Venture Capital Partnership +Enterprise (Limited Partnership)* (௴ุҳ༟Υ +ྫΆุ(Υྫ)) (“ Taolue Xinwang ”)................. 112,903 10.0 million +Shenzhen Kaiying No. 10 Venture Capital Partnership Enterprise +(Limited Partnership)* (ɤ໮௴ุҳ༟ΥྫΆุ (ࠢ +Υྫ)) (“ Kaiying No. 10 ”)........................... 158,065 14.0 million +Mr. Zhu Zhenkui (۲ࣈ)............................ 225,806 20.0 million +Shenzhen Fuquan No. 1 Investment Partnership Enterprise +(Limited Partnership)* (ఠ໮ҳ༟ΥྫΆุ (Υ +ྫ)) (“ Fuquan No. 1 ”) ............................. 67,742 6.0 million +Total ............................................ 1,129,032 100.0 million +6. Equity Transfer to Employee Shareholding Platform in April 2022 +On 2 April 2022, Zhongcheng Tianying LP transferred 1.95% equity interest in our Company to +Zhongzhi Tianying LP for a total consideration of RMB6,825,000. This transfer was implemented to +establish Zhongzhi Tianying LP as a separate employee shareholding platform, enabling a new group of +employee participants to benefit from equity incentives under a dedicated structure. +As a result, the shareholding structure of our Company was as follows: +Name of Shareholders +Approximate +equity interests in +our Company +Zhongcheng Tianying LP ........................................... 41.78% +Beward ........................................................ 10.93% +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 100 – + + +--- page 109 --- +Name of Shareholders +Approximate +equity interests in +our Company +Mr. Zhou ....................................................... 7.74% +Mr. Chen Yonggang ............................................... 4.55% +Mr. Xia Dong .................................................... 3.64% +Zhongzheng Tianying LP ........................................... 3.04% +Langke Investment ................................................ 2.28% +Kaiying No. 8 ................................................... 1.22% +Kaiying No. 9 ................................................... 1.22% +Taolue New Energy ............................................... 7.35% +Gaoxintou ...................................................... 2.86% +Chengdu Zhongxiaodan ............................................. 2.43% +Shenrong Ruihe .................................................. 0.43% +Rencai No. 2 .................................................... 1.14% +Xiaohe Investment LP .............................................. 0.29% +Taolue Xinwang .................................................. 1.43% +Kaiying No. 10 ................................................... 2.00% +Mr. Zhu Zhenkui ................................................. 2.86% +Fuquan No. 1 .................................................... 0.86% +Zhongzhi Tianying LP ............................................. 1.95% +Total .......................................................... 100.00% +7. Conversion into a Joint Stock Limited Company in November 2022 +On 8 November 2022, our Company was converted into a joint stock company and was renamed +as Shenzhen HQVT Technology Co., Ltd. (ʮ̡ ), with a registered capital +of RMB7,903,225 and divided into 7,903,225 Shares with a nominal value of RMB1.00 each. +8. Series C Financing in October 2024 +On 18 October 2024, we entered into a capital increase agreement with Series C investor, +resulting in the increase in our registered capital from RMB7,903,225 to RMB8,407,686 (“ Series C +Financing ”). Details of our Series C Financing is set out below: +Subscriber Number of Shares Consideration +(RMB) +Jinhua Jinlan Sunshine Strategy Venture Capital Partnership +(Limited Partnership)* (ᚆජΈᗱଫ௴ุҳ༟ΥྫΆ +ุ(Υྫ)) (“ Jinlan Sunshine ”) .................... 504,461 60.0 million +9. Series C+ Financing in December 2024 +On 31 December 2024, we entered into a capital increase agreement with Series C+ investor and +our registered capital increased from RMB8,407,686 to RMB8,491,763 (“ Series C+ Financing ”). +Details of our Series C+ Financing is set out below: +Subscriber Number of Shares Consideration +(RMB) +Shenzhen Panhui Investment Development Co., Ltd.* ( ଉέ̹ᖂ +ʮ̡ )( “ Panhui Investment ”) ............ 84,077 10.0 million +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 101 – + + +--- page 110 --- +10. Share Transfers in May 2025 +On 12 May 2025, following the triggering of (i) certain performance-based covenants originally +agreed with Series A investors, whereby Mr. Zhou and Mr. Chen Yonggang undertook to adjust the +shareholding proportions of the Series A investors by way of transfer of their shareholdings to the +Series A investors at nominal consideration based on adjusted valuation if our aggregate net profits for +2020, 2021 and 2022 is less than a prescribed amount, and (ii) the equality treatment covenants +originally agreed with Series B investors, whereby Series B investors may receive the same preferential +rights or benefits given to other shareholders or investors of our Company, Mr. Zhou and Mr. Chen +Yonggang entered into an agreement with relevant investors. Pursuant to such agreement, which was +entered into based on negotiations among Mr. Zhou, Mr. Chen Yonggang and the relevant Series A and +Series B investors, and Mr. Zhou and Mr. Chen Yonggang agreed to transfer portions of their +shareholdings to certain Series A and Series B investors each at a nominal consideration, as share +compensation for such investors. +Specifically, (i) Mr. Zhou agreed to transfer an aggregate of approximately 98,474 shares to 11 +institutional investors, including Taolue New Energy, Kaiying No. 9, Kaiying No. 8, Gaoxintou, +Chengdu Zhongxiaodan, Rencai No. 2, Xiaohe Investment LP, Taolue Xinwang, Kaiying No. 10, +Fuquan No. 1 and Shenrong Ruihe, each at a nominal consideration of RMB1.00; and (ii) Mr. Chen +Yonggang agreed to transfer an aggregate of approximately 62,815 shares to the same group of +investors, each at a nominal consideration of RMB1.00. +Upon completion of the transfers, the registered capital of our Company remained unchanged at +RMB8,491,763. The equity interest of Mr. Zhou in our Company decreased from approximately 7.21% +to 6.05%, and that of Mr. Chen Yonggang decreased from approximately 4.24% to 3.50%. Each of the +transferee shareholders increased their respective shareholdings accordingly. +Transferor(s) Transferee(s) Number of Shares +Mr. Zhou .................. Taolue New Energy 44,906 +Kaiying No. 9 7,484 +Kaiying No. 8 7,484 +Gaoxintou 9,650 +Chengdu Zhongxiaodan 8,204 +Rencai No. 2 3,857 +Xiaohe Investment LP 964 +Taolue Xinwang 4,829 +Kaiying No. 10 6,757 +Fuquan No. 1 2,893 +Shenrong Ruihe 1,446 +Mr. Chen Yonggang (࡝)... Taolue New Energy 28,641 +Kaiying No. 9 4,774 +Kaiying No. 8 4,774 +Gaoxintou 6,157 +Chengdu Zhongxiaodan 5,232 +Rencai No. 2 2,466 +Xiaohe Investment LP 616 +Taolue Xinwang 3,074 +Kaiying No. 10 4,307 +Fuquan No. 1 1,849 +Shenrong Ruihe 925 +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 102 – + + +--- page 111 --- +11. Share Transfers to Kezhihua in May 2025 +Pursuant to share transfer agreements entered into in May 2025, six existing shareholders, namely +Beward, Gaoxintou, Chengdu Zhongxiaodan, Shenrong Ruihe, Rencai No. 2, and Xiaohe Investment LP, +agreed to transfer an aggregate of approximately 174,082 Shares to Hainan Kezhihua Digital +Technology Co., Ltd.* (ʮ̡ )( “ Kezhihua ”) for a total consideration of +RMB20,705,000. The consideration was agreed among the six existing shareholders and Kezhihua +based on arm’s length negotiations. +Details of the transfers are as follows: +Transferor Transferee +Number of Shares +Transferred Consideration +(RMB) +Beward ............................. Kezhihua 4,246 505,000 +Gaoxintou ........................... 67,934 8,080,000 +Chengdu Zhongxiaodan .................. 57,743 6,868,000 +Shenrong Ruihe ....................... 10,191 1,212,000 +Rencai No. 2 ......................... 27,175 3,232,000 +Xiaohe Investment LP ................... 6,793 808,000 +Total .............................. 174,082 20,705,000 +Upon completion of the transfers, Kezhihua became a shareholder of our Company holding +approximately 2.05% of our Company’s equity interest and the registered capital of our Company +remained unchanged at RMB8,491,763. +12. Series D Financing in July 2025 +On 18 July 2025, we entered into a capital increase agreement with Series D investor and our +registered capital increased from RMB8,491,763 to RMB8,613,074 (“ Series D Financing ”). Details of +our Series D Financing are set out below: +Subscriber Number of Shares Consideration +(RMB) +Shanghai No. 9 Private Investment Fund Partnership Enterprise +(Limited Partnership)* (ΥྫΆ +ุ(Υྫ)) (“ Zhide No. 9 ”) ....................... 121,311 50.0 million +13. Share Subdivision +Immediately prior to the Listing, we expect to implement the Share Subdivision, pursuant to +which each of our Share with par value of RMB1.00 was subdivided into 80 Shares with par value of +RMB0.0125 each. Upon completion of such Share Subdivision, the registered capital of our Company, +which is RMB8,613,074, was divided into 689,045,920 Shares with par value of RMB0.0125 per Share, +which was subscribed by all our then Shareholders in proportion to their respective equity interests in +our Company immediately before the Listing, and the number of our issued Shares will be 689,045,920, +without taking into consideration the new Shares to be issued for the Global Offering. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 103 – + + +--- page 112 --- +PRE-IPO INVESTMENTS +The following table summarises the key terms of the Pre-IPO Investments to our Company made by the Pre-IPO Investors: +Pre-IPO Investment +Date of relevant pre-IPO +agreement +Date of last payment of +consideration +Number of Shares +subscribed/ +acquired +Number of Shares +subscribed/ +acquired as adjusted by the +Share Subdivision +Implied post-money +valuation (Note 1) Consideration paid +1. Series A .................... 30 November 2020 7 December 2020 774,193 Shares 61,935,440 Shares RMB350,000,000 RMB40,000,000 +2. Series B .................... 30 July 2021 24 September 2021 1,129,032 Shares 90,322,560 Shares RMB700,000,000 RMB100,000,000 +3. Series C ................... 18 October 2024 9 June 2025 504,461 Shares 40,356,880 Shares RMB1,000,000,000 RMB60,000,000 +4. Series C+ ................... 31 December 2024 14 January 2025 84,077 Shares 6,726,160 Shares RMB1,010,000,000 RMB10,000,000 +5. Series D ................... 18 July 2025 25 July 2025 121,311 Shares 9,704,880 Shares RMB3,550,000,000 RMB50,000,000 +Notes: +(1) The implied post-money valuation is calculated based on (i) the cost per Share paid to our Company for the corresponding round of the Pre-IPO Invest ment and (ii) the total +registered share capital or issued shares of our Company immediately following the corresponding round of the Pre-IPO Investment. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 104 – + + +--- page 113 --- +The consideration for each round of the Pre-IPO Investments was determined based on arm’s +length negotiation among the respective Pre-IPO Investors and our Group after taking into +consideration of the timing of the investments and the status of our business operations. +Pursuant to the applicable PRC law, within the 12 months following the Listing Date, all existing +Shareholders (including the Pre-IPO Investors) cannot dispose of any of the Shares held by them. +We utilised the proceeds from the Pre-IPO Investments for the principal business of our Group, +including but not limited to the growth and expansion of our Group’s business within the PRC and the +general working capital purposes. As at the Latest Practicable Date, the funds raised from the Pre-IPO +Investments have not been fully utilised. +At the time of the Pre-IPO Investments, our Directors were of the view that our Company could +benefit from the additional capital provided by the Pre-IPO Investors’ investments in our Company, as +well as the Pre-IPO Investors’ knowledge and experience. Our Directors were also of the view that our +Company could benefit from the Pre-IPO Investors’ commitment to our Company as their investment +demonstrates their confidence in the operations of our Group and serves as an endorsement of our +Company’s performance, strengths and prospects. +Further details of the investment of each of our Pre-IPO Investors are set out below: +Name of Shareholders +Number of Net Shares +subscribed/acquired (Note 3) +Number of Net Shares +subscribed/acquired +as adjusted by +the Share Subdivision Net Consideration (RMB) +Cost per +Share (Notes 1, 3) +Discount to the +Offer +Price (Notes 2, 3) +1 Kaiying No. 9 .......... 109,032 Shares 8,722,560 Shares RMB5,000,000 RMB0.57 90.9% +2 Kaiying No. 8 ........... 109,032 Shares 8,722,560 Shares RMB5,000,000 RMB0.57 90.9% +3 Taolue New Energy ........ 654,192 Shares 52,335,360 Shares RMB30,000,000 RMB0.57 90.9% +4 Gaoxintou ............. 173,679 Shares 13,894,320 Shares RMB11,920,000 RMB0.86 86.3% +5 Chengdu Zhongxiaodan ...... 147,628 Shares 11,810,240 Shares RMB10,132,000 RMB0.86 86.3% +6 Shenrong Ruihe .......... 26,051 Shares 2,084,080 Shares RMB1,788,000 RMB0.86 86.3% +7 Rencai No. 2 ........... 69,471 Shares 5,557,680 Shares RMB4,768,000 RMB0.86 86.3% +8 Xiaohe Investment LP ...... 17,368 Shares 1,389,440 Shares RMB1,192,000 RMB0.86 86.3% +9 Taolue Xinwang ......... 120,806 Shares 9,664,480 Shares RMB10,000,000 RMB1.03 83.6% +10 Kaiying No. 10 .......... 169,129 Shares 13,530,320 Shares RMB14,000,000 RMB1.03 83.6% +11 Mr. Zhu Zhenkui ......... 225,806 Shares 18,064,480 Shares RMB20,000,000 RMB1.11 82.3% +12 Fuquan No. 1 ........... 72,484 Shares 5,798,720 Shares RMB6,000,000 RMB1.03 83.6% +13 Jinlan Sunshine .......... 504,461 Shares 40,356,880 Shares RMB60,000,000 RMB1.49 76.2% +14 Panhui Investment ........ 84,077 Shares 6,726,160 Shares RMB10,000,000 RMB1.49 76.2% +15 Kezhihua ............. 174,082 Shares 13,926,560 Shares RMB20,705,000 RMB1.49 76.2% +16 Zhide No. 9 ............ 121,311 Shares 9,704,880 Shares RMB50,000,000 RMB5.15 17.8% +Note: +(1) The cost per Share is calculated based on dividing the net consideration by the net number of Shares subscribed or +acquired, taking into account the share transfers to Series A and Series B investors as compensation shares and share +transfers to Kezhihua in May 2025, as adjusted by the Share Subdivision to be undertaken immediately prior to the Listing. +(2) The discount to the Offer Price is calculated based on the Offer Price of HK$7.20 per H Share. +(3) The number of net shares subscribed/acquired set out in the table may differ from the original number of shares initially +subscribed or acquired by the relevant Pre-IPO Investors at the time of the respective Pre-IPO Investments for reasons that +(i) investors of Series A Financing and certain investors of Series B Financing subsequently acquired Shares from Mr. +Zhou and Mr. Chen Yonggang in May 2025, and (ii) certain investors of Series B financing transferred a portion of their +shareholdings to Kezhihua in May 2025. For details, please refer to the subsections headed “Establishment and +Development of Our Company — 10. Share Transfers in May 2025” and “Establishment and Development of Our +Company — 11. Share Transfers to Kezhihua in May 2025”. The number of net shares subscribed/acquired set out in the +table is the number of Shares held by the Pre-IPO Investors after Series D Financing in July 2025, taking into account the +aforementioned Share transfers in May 2025, which is also reflected in the calculations of the cost per Share and discount +on the Offer Price in the table, resulting in the different cost per Share of investments among investors of Series B +Financing. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 105 – + + +--- page 114 --- +Special Rights of the Pre-IPO Investors +In connection with the Pre-IPO Investments, our Pre-IPO Investors were granted certain special +rights, including, among others, right of co-sale and redemption right against Mr. Chen Yonggang and +our Controlling Shareholders, information right and anti-dilution right against Mr. Chen Yonggang, our +Controlling Shareholders and our Company, and pre-emptive right and liquidation preference right +against our Company. In anticipation of the Global Offering, all such special rights granted to our +Pre-IPO Investors have been terminated prior to the filing of the listing application by our Company +with the Stock Exchange in compliance with Chapter 4.2 of the Guide for New Listing Applicants +issued by the Stock Exchange. +In relation to special rights of the Pre-IPO investments, anti-dilution right and liquidation +preference right against our Company, were irrevocably terminated upon the filing of the listing +application by our Company with the Stock Exchange, and shall not be reinstated under any +circumstances. For the vast majority of Pre-IPO Investors, the remaining special rights, namely +redemption right, anti-dilution right, pre-emptive right, right of first refusal, right of co-sale, equality +treatment right and information right against Mr. Chen Yonggang, our Controlling Shareholders and/or +our Company, as the case may be, will be reinstated if (i) the listing application is withdrawn, rejected, +returned or lapses and a new application is not submitted within six months; or (ii) our Company fails +to complete the listing within 18 months after the submission of the listing application to the Stock +Exchange. For one Pre-IPO Investor, namely Mr. Zhu Zhenkui, the remaining special right, namely +redemption right, will be reinstated if the listing application is withdrawn, rejected, returned, terminated +or lapses and a new application is not submitted within 12 months thereafter. Our Company did not +provide any guarantee or enter into any side agreement with the pre-IPO investors in respect of the +aforementioned redemption rights granted to pre-IPO investors against Mr. Zhou, Mr. Chen Yonggang +and our Controlling Shareholders. Our Company is not obligated to repurchase or settle the relevant +amounts considering that it is not a party to the relevant clauses of the relevant agreements. The +redemption rights do not constitute financial liabilities to our Company as they are private arrangements +among Mr. Zhou, Mr. Chen Yonggang, our Controlling Shareholders and each of the Pre-IPO Investors, +and no liability regarding such redemption rights was recorded during the Track Record Period. For +details, please refer to Note 33(d) to the Accountants’ Report set forth in Appendix I to this prospectus. +On the basis that (i) all special rights of the Pre-IPO Investors were terminated upon the filing of +the listing application by our Company, (ii) certain special rights of the Pre-IPO Investors will only be +reinstated under circumstances that the Listing does not complete, and (iii) no effective special rights of +the Pre-IPO Investors will exist after the Listing, the treatment of special rights of the Pre-IPO +Investors are in compliance with Chapter 4.2 of the Guide for New Listing Applicants. +OUR EMPLOYEE SHAREHOLDING PLATFORMS +To recognise the contributions of our employees and to further incentivise them to promote our +Group’s development, we established three employee shareholding platforms under PRC law, namely +Zhongcheng Tianying LP, Zhongzheng Tianying LP and Zhongzhi Tianying LP (collectively the “ ESOP +Platforms ”). +As at the Latest Practicable Date, all of the awards under the ESOP Platforms had been granted, +and the grantees held the limited partnership interests in the respective ESOP Platforms. Pursuant to the +relevant partnership agreements, the general partner is responsible for the management and +administration of each ESOP Platform. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 106 – + + +--- page 115 --- +Each of the ESOP Platforms is structured as a limited partnership, with Mr. Zhou, our founder and +executive Director, acting as the sole general partner. Mr. Zhou hold approximately 35.05% of the +partnership interest in Zhongcheng Tianying LP, approximately 3.22% partnership interest in +Zhongzheng Tianying LP, and approximately 18.46% partnership interest in Zhongzhi Tianying LP. The +limited partners of the ESOP Platforms are primarily employees of our Group. +As at the date of this prospectus, Zhongcheng Tianying LP, Zhongzheng Tianying LP, and +Zhongzhi Tianying LP held 38.34%, 2.79%, and 1.79% of the issued share capital in our Company, +respectively. +Zhongcheng Tianying LP +Zhongcheng Tianying LP is a limited partnership established under the laws of the PRC on 21 +August 2017. As at the Latest Practicable Date, Mr. Zhou is the general partner and holds +approximately 35.05% of the partnership interests, with the remaining approximately 64.95% held by +limited partners, of which Mr. Zou Xiaogang (࡝Mr. Chen Yonggang (࡝Mr. Miao Rui (ߴ +๿) and Dr. Chai Jian (ᄏ), each a Director, holds approximately 7.33%, 25.56%, 6.67% and 2.39% of +the partnership interests, respectively. There are no limited partners who individually holds more than +30% partnership interests in Zhongcheng Tianying LP. +Zhongzheng Tianying LP +Zhongzheng Tianying LP is a limited partnership established in the PRC on 8 December 2020. As +at the Latest Practicable Date, Mr. Zhou is the general partner and holds approximately 3.22% of the +partnership interests, and the remaining approximately 96.78% is held by limited partners. Other than +Mr. Zhou, no Director holds any partnership interests in Zhongzheng Tianying LP, and there are no +limited partners who individually holds more than 30% partnership interests in Zhongzheng Tianying +LP. +Zhongzhi Tianying LP +Zhongzhi Tianying LP is a limited partnership established in the PRC on 25 February 2022. As at +the Latest Practicable Date, Mr. Zhou is the general partner and holds approximately 18.46% of the +partnership interests, and the remaining approximately 81.54% is held by limited partners. Other than +Mr. Zhou, no Director holds any partnership interests in Zhongzhi Tianying LP, and there are no limited +partners who individually holds more than 30% partnership interests in Zhongzhi Tianying LP. +Joint Sponsors’ Confirmation +On the basis that (i) the Listing Date, being the first day of trading of the H Shares on the Stock +Exchange, will take place no earlier than 120 clear days after completion of the Pre-IPO Investments; +and (ii) the special rights of the Pre-IPO Investors have been terminated immediately before submission +of the first listing application as disclosed in “— Special Rights of the Pre-IPO Investors” above, the +Joint Sponsors confirm that the Pre-IPO Investments are in compliance with the Pre-IPO Investment +Guidance as defined in Chapter 4.2 of the Guide for New Listing Applicants issued by the Stock +Exchange. +Information about our Pre-IPO Investors +Set out below is a description of our Pre-IPO Investors as at the date of this prospectus, most of +them being private equity funds and strategic investment corporations, which have made meaningful +investments in our Company. To the best knowledge of our Directors, each of the following Pre-IPO +Investors is an Independent Third Party. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 107 – + + +--- page 116 --- +Langke Group (ҳ༟ӻ ) +Kaiying No. 8 is registered venture capital fund established as a limited partnership in the PRC on +15 February 2015. Kaiying No. 9 is a registered venture capital fund established as a limited +partnership in the PRC on 13 June 2018. Kaiying No. 10 is a registered venture capital fund established +as a limited partnership in the PRC on 29 September 2020. The general partner of these funds is +Shenzhen Kingcaptial-TC Investment Management Partnership (Limited Partnership)* (˂ϓҳ +༟၍ଣΥྫΆุ (Υྫ)), an Independent Third Party, whose general partner, Shenzhen Kaiying +Jicheng Investment Management Co., Ltd.* (ʮ̡ ), an Independent Third +Party, is controlled by Langke Investment. +Langke Investment is a limited liability company established in the PRC on 1 December 2014 and +principally engaged in venture capital, and related advisory services. Langke Investment is 99% owned +by Wanwuwei (Shenzhen) Entrepreneurship Investment Centre (Limited Partnership)* (މي(ଉέ)௴ +ุҳ༟ʕː (Υྫ)), whose general partner is Everything For Smart Industry (Shenzhen) Co., Ltd.* +(౽ᅆପุ (ଉέ)ʮ̡), which is ultimately controlled by Pu Zuli ( ႈख़ᘆ), an Independent +Third Party. +As at the date of this prospectus, Langke Investment, together with Kaiying No. 8, Kaiying No. 9 +and Kaiying No. 10 (collectively, “ Langke Group ”), collectively held approximately 6.59% of the total +issued share capital of our Company. To the best of our Directors’ knowledge, the limited partners of +Kaiying No. 8, Kaiying No. 9 and Kaiying No. 10 are Independent Third Parties, and save for Mr. Li +Zhe (ࡪand Mr. Li Jian (ܔeach an individual investor, who directly holds 55.67% and 43.89% +of the partnership interests in Kaiying No. 9, respectively, there are no individuals or entities which +individually controls or holds more than 30% partnership interests in Kaiying No. 8, Kaiying No. 9 and +Kaiying No. 10. +Zheshang Capital Group ( एਠ௴ҳӻ ) +Zheshang Venture Capital Co., Ltd.* (ʮ̡ )( “ Zheshang Capital ”), is an +Independent Third Party and a private equity and venture capital fund manager established in the PRC. +Zheshang Capital is listed on the National Equities Exchange and Quotations (stock code: 834089). Its +business primarily focuses on venture capital investments in high-technology enterprises, with an +emphasis on manufacturing, digital intelligence, and industrial upgrades. As at the date of this +prospectus, the following three entities affiliated with Zheshang Capital collectively held approximately +14.86% of the share capital of our Company: + Taolue New Energy : 7.60% of the share capital of our Company; + Taolue Xinwang: 1.40% of the share capital of our Company; + Jinlan Sunshine: 5.86% of the share capital of our Company. +(together with Zheshang Capital and Zhejiang Business Venture, collectively the “ Zheshang Capital +Group ”). +Each of the above funds is managed by Zhejiang Business Venture Capital Management +(Shenzhen) Co., Ltd.* ( एਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡)( “ Zhejiang Business Venture ”), an +Independent Third Party, which serves as the general partner. Zhejiang Business Venture is a registered +private fund manager in PRC and is a non-wholly owned subsidiary of Zheshang Capital, which holds +51% of its equity interest. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 108 – + + +--- page 117 --- +Taolue New Energy is a registered venture capital fund established as a limited partnership in the +PRC on 8 January 2018, Taolue Xinwang is registered venture capital fund established as a limited +partnership in the PRC on 17 December 2020 and Jinlan Sunshine is a venture capital fund established +as a limited partnership in the PRC on 25 March 2022. These funds are managed and advised by the +same investment team under Zheshang Capital and adopt unified investment strategies across their +portfolio companies. +To the best of our Directors’ knowledge, all limited partners of these funds are Independent Third +Parties, and save for (i) Zheshang Capital (a) directly holding approximately 34.21% of the partnership +interests in Taolue New Energy, and (b) indirectly holding approximately 0.51% of the partnership +interests in Taolue New Energy through its 51.00% interests in Zhejiang Business Venture, which in +turn holds 1.00% interests in Taolue New Energy, (ii) Du Qinde ( Ӂාᅃ), an individual investor, +directly holding 50.00% of the partnership interests in Taolue Xinwang, and (iii) Shenzhen Shihai +Taolue Venture Capital Partnership Enterprise (Limited Partnership)* ( ଉέ˰ऎᗱଫ௴ุҳ༟ΥྫΆ +ุ(Υྫ)), a registered venture capital funds established as a limited partnership in the PRC on 6 +January 2021, holding 42.00% of the partnership interests in Jinlan Sunshine, there are no individuals +or entities which individually controls or holds more than 30% partnership interests in Taolue New +Energy, Taolue Xinwang and Jinlan Sunshine. +Shenzhen HTI Group ( ৷อҳණྠӻ ) +As at the date of this prospectus, a group of PRC institutional investors affiliated with Shenzhen +HTI Group Co., Ltd.* (ʮ̡ )( “ HTI Group ”), collectively held approximately +4.54% of the issued share capital of our Company. These investors comprise the following entities: + Gaoxintou was established as a limited liability company in the PRC on 29 June 2010 and is +an Independent Third Party and a wholly owned subsidiary of HTI Group, and a PRC +state-owned venture capital enterprise principally engaged in equity investments in +technology and innovation-driven sectors. As at the date of this prospectus, it held +approximately 2.02% of the share capital in our Company. + Chengdu Zhongxiaodan is a registered private equity investment fund established as a +limited partnership in the PRC on 9 December 2020 and its general partner is Chengdu +Shengao Investment Zhongxiaodan Equity Investment Management Co., Ltd.* ( ϓேଉ৷ҳ +ʮ̡ ), an Independent Third Party and a non-wholly owned +subsidiary of HTI Group. The fund held approximately 1.71% of the share capital in our +Company as at the date of this prospectus. + Rencai No. 2 is registered venture capital fund established as a limited partnership in the +PRC on 18 April 2017. Its general partner is Shenzhen High-Tech Investment and Equity +Investment Fund Management Co., Ltd.* (ʮ̡ ), +an Independent Third Party and a non-wholly owned subsidiary of HTI Group. As at the date +of this prospectus, it held approximately 0.81% of the share capital in our Company. +Each of the above entities is ultimately controlled by HTI Group, which in turn is controlled by +Shenzhen Investment Holdings Co., Ltd.* (ʮ̡ ), a municipal state-owned assets +supervision and administration entity under Shenzhen Municipal People’s Government State-owned +Assets Supervision and Administration Commission (ึ ) +(together with HTI Group, Gaoxintou, Chengdu Zhongxiaodan and Rencai No. 2, collectively the +“Shenzhen HTI Group ”). +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 109 – + + +--- page 118 --- +To the best of our Directors’ knowledge, all limited partners of Chengdu Zhongxiaodan and +Rencai No. 2 are Independent Third Parties, and save for (i) Shenzhen Huabai Chuangfu Investment +Enterprise (Limited Partnership)* (௴బҳ༟Άุ (Υྫ)) directly holding 40.00% of the +partnership interests in Rencai No. 2, and (ii) Chen Xingpeng ( ௓፴ᘄ), an Independent Third Party, (a) +directly holding 2.00% of the partnership interests in Rencai No. 2, (b) indirectly holding 39.60% of the +partnership interests in Rencai No. 2 through his 99% partnership interests in Shenzhen Huabai +Chuangfu Investment Enterprise (Limited Partnership)* (௴బҳ༟Άุ (Υྫ)), and (c) +indirectly holding approximately 0.13% of the partnership interests in Rencai No. 2 through his 30% +interests in Shenzhen Jianfu Investment Co., Ltd.* (ʮ̡ ), which in turn holds +90% interests in Shenzhen Waratah Group Limited Company* (ʮ̡ ), which in +turn holds 100% interests in Shenzhen Qianhai Zhaohuan Capital Co., Ltd.* (༟͉ +ʮ̡), which in turn holds 49% interests in Shenzhen High Tech Investment and Equity Investment +Fund Management Co., Ltd.* (ʮ̡ ), which in turns hold 1% +of the partnership interests in Rencai No. 2, there are no individuals or entities which individually +controls or holds more than 30% partnership interests in Chengdu Zhongxiaodan and Rencai No. 2. +Xiaohe Investment LP +Xiaohe Investment LP is a limited partnership established in the PRC on 15 June 2018 under the +laws of the PRC. The fund is primarily engaged in equity investment using its proprietary capital. Its +business scope includes venture capital, investment consulting, business information consulting and +enterprise management consulting (excluding financial, securities, insurance, banking or other regulated +businesses). The general partner of Xiaohe Investment LP is Liu Lili ( ᄎᘆᘆ), who directly holds a +70% partnership interest. The remaining 30% interest is held directly by Ji Jiajun (Գё). To the best +of our Directors’ knowledge, each of Liu Lili and Ji Jiajun is an Independent Third Party. +Xiaohe Investment LP holds approximately 0.20% of the share capital in our Company as at the +date of this prospectus. +Shenrong Ruihe +Shenrong Ruihe is a limited partnership established in the PRC on 5 January 2021. The fund is +primarily engaged in equity investment using its proprietary capital. The fund is managed and +controlled by its general partner, Zhang Huaxue ( ੵശ௛), an Independent Third Party who directly +holds 55.00% partnership interests in Shenrong Ruihe. The fund’s business scope includes proprietary +investment, investment management, and investment advisory. As at the date of this prospectus, +Shenrong Ruihe held approximately 0.30% of the share capital in our Company. +To the best of our Directors’ knowledge, (i) all limited partners of Shenrong Ruihe are +Independent Third Parties, and (ii) save for Zhang Huaxue ( ੵശ௛), there are no individuals or entities +which individually controls or holds more than 30% partnership interests in Shenrong Ruihe. +Zhu Zhenkui۲ࣈ +Zhu Zhenkui (۲ࣈis an individual independent financial investor who subscribed in the Series +B financing. As at the date of this prospectus, he held approximately 2.62% of the share capital in our +Company. +Fuquan No. 1 +Fuquan No. 1 is a private equity investment fund established as a limited partnership in the PRC +on 21 June 2021. The partnership was established for the purpose of private equity investment. The +general partner of the fund is Shenzhen Fountain Investment Management Ltd* (ҳ༟၍ଣϞ +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 0– + + +--- page 119 --- +ʮ̡), an Independent Third Party which is held as to 47.5% by Wu Xiong ( юඪ), 32.5% by +Shenzhen Guofang Venture Capital Co., Ltd.* (ʮ̡ ) and 20% by Xiao Yajun ( ӽ +ࠏeach an Independent Third Party. Shenzhen Guofang Venture Capital Co., Ltd.* ( ଉέ̹਷˙௴ +ʮ̡ ) is in turn held as to 60% by Shen Hao (؀and 40% by Pan Hongfen (ځߎeach an +Independent Third Party. As at the date of this prospectus, Fuquan No. 1 held approximately 0.84% of +the share capital of our Company. +To the best of our Directors’ knowledge, (i) all limited partners of Fuquan No. 1 are Independent +Third Parties, and (ii) there are no individuals or entities which individually controls or holds more +than 30% partnership interests in Fuquan No. 1. +Panhui Investment +Panhui Investment is a limited liability company established in the PRC on 8 December 2010. Its +principal business includes equity investment, investment in industrial projects, investment management +and consulting, as well as domestic trading activities. Panhui Investment is wholly privately owned, +with Huang Suqin ( ර९ೞ), an Independent Third Party, holding a 70% equity interest and acting as +supervisor, and Weng Wenbing (ފan Independent Third Party, directly holding a 30% equity +interest and serving as its executive director and general manager. As at the date of this prospectus, +Panhui Investment held approximately 0.98% of the share capital of our Company. +Kezhihua +Kezhihua is a limited liability company established in the PRC on 17 March 2025. Its principal +business scope includes data processing and storage support services, information technology +consulting, and enterprise management consulting. Its equity is held as to 70% by Zhang Ying (ߵ,) +an Independent Third Party and who serves as general manager, and 30% by Zhang Sujiang ( ੵᘽϪ), +an Independent Third Party and who serves as director and chief financial officer. Both shareholders are +PRC nationals and, to the best of our Company’s knowledge, are Independent Third Parties. As at the +date of this prospectus, Kezhihua held approximately 2.02% of the share capital of our Company. +Zhide No. 9 +Zhide No. 9 is a private equity investment fund established under the laws of the PRC on 27 April +2025, principally engaged in private equity investments. Its general partner is Shanghai Worth Asset +Management Co., Ltd.* (ʮ̡ ), an Independent Third Party, which was +owned as to 40% by Yingke Innovation Asset Management Co., Ltd.* (ʮ̡ ), an +Independent Third Party, 35% by Shanghai Qianchang Investment Management Co., Ltd.* ( ɪऎ፺ᬅҳ +ʮ̡ ), an Independent Third Party, (which was owned as to 50% by Liao Jianfeng ( ࿋ᄏቜ), +an Independent Third Party) and 25% by Shanghai Zhiji Enterprise Management Co., Ltd.* (ʿ +ʮ̡ ) (an Independent Third Party ultimately controlled by Huang Zhongshao (ደ), +an Independent Third Party). As at the date of this prospectus, Zhide No. 9 held approximately 1.41% +of the share capital of our Company. +To the best of our Directors’ knowledge, all limited partners of Zhide No. 9 are Independent Third +Parties, and save for (i) Shenzhen Qiansheng Optoelectronics Co., Ltd.* (ʮ̡ ) +(“Qiansheng Optoelectronics ”) directly holding 39.60% of the partnership interests in Zhide No. 9, +and (ii) Yang Puli ( เ౷ᓿ), an Independent Third Party, indirectly holding 39.60% of the partnership +interests in Zhide No. 9 through Qiansheng Optoelectronics, there are no other limited partners who +individually controls or holds more than 30% partnership interests in Zhide No. 9. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 111 – + + +--- page 120 --- +MAJOR ACQUISITIONS, DISPOSALS AND MERGERS +Our Company had not carried out any major acquisitions, disposals or mergers during the Track +Record Period and up to the Latest Practicable Date. +PUBLIC FLOAT AND FREE FLOAT +The 18,064,480 Unlisted Shares that will not be converted into H Shares (representing +approximately 2.33% of our total issued Shares upon the Listing) will not be considered as part of the +public float as such Unlisted Shares will not be converted into H Shares and will not be listed on the +Stock Exchange following the completion of the Share Subdivision, the Global Offering and the +conversion of Unlisted Shares into H Shares. +Among the 670,981,440 H Shares to be converted from Unlisted Shares and listed on the Stock +Exchange following the completion of the Share Subdivision, the Global Offering and the conversion of +Unlisted Shares into H Shares: +(a) 462,893,600 H Shares (representing approximately 59.79% of our total issued Shares upon +the Listing) will not be counted towards the public float for the purpose of Rule 19A.13A of +the Listing Rules upon the Listing as such H Shares are held by Mr. Zhou, Zhongcheng +Tianying LP, Zhongzheng Tianying LP, Zhongzhi Tianying LP, Mr. Chen Yonggang, Taolue +New Energy, Taolue Xinwang and Jinlan Sunshine, the core connected persons of our +Company; and +(b) the remaining 208,087,840 H Shares (representing approximately 26.88% of our total issued +Shares upon the Listing) will be counted towards the public float for the purpose of Rule +19A.13A of the Listing Rules after the Listing as such Shareholders are not core connected +persons of our Company upon the Listing nor accustomed to take instructions from our +Company’s core connected persons in relation to the acquisition, disposal, voting or other +disposition of their Shares and their acquisition of Shares were not financed directly or +indirectly by our Company’s core connected persons. +See “Share Capital — Conversion of our Unlisted Shares into H Shares” for more details of the H +Shares to be converted from Unlisted Shares and listed on the Stock Exchange following the completion +of the Share Subdivision, the Global Offering and the conversion of Unlisted Shares into H Shares. +Pursuant to Rule 19A.13A of the Listing Rules, the minimum percentage of the H Shares to be +held by the public at Listing if the expected market value of the class of shares to which H Shares +belong at the time of listing does not exceed HK$6,000 million, shall be 25%, which is applicable to +our Company based on the expected market value calculated based on the Offer Price of HK$7.20. +Immediately upon completion of the Share Subdivision, the Global Offering and the conversion of +Unlisted Shares into H Shares, taking into account 85,162,500 H Shares to be offered pursuant to the +Global Offering, an aggregate of 293,250,340 H Shares will count towards the public float of our +Company, representing 37.88% of the total issued Shares of our Company, which is higher than the +prescribed percentage of H Shares required to be held in public hands under Rule 8.08 (as amended and +replaced by Rule 19A.13A) of the Listing Rules, and accordingly, our Company will be able to meet the +minimum public float requirements under Rules 8.08 (as amended and replaced by Rule 19A.13A) of +the Listing Rules. +Pursuant to Rule 19A.13C of the Listing Rules, where a new applicant is a PRC issuer with no +other listed shares at the time of listing, this will normally mean that the portion of H shares for which +listing is sought that are held by the public and not subject to any disposal restrictions (whether under +contract, the Listing Rules, applicable laws or otherwise), at the time of listing, must: (a) represent at +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 2– + + +--- page 121 --- +least 10% of the total number of issued shares in the class to which H shares belong at the time of +listing (excluding treasury shares), with an expected market value at the time of listing of not less than +HK$50,000,000; or (b) have an expected market value at the time of listing of not less than +HK$600,000,000. On the basis that there are no cornerstone investors, 85,162,500 H Shares, which are +to be newly issued under the Global Offering (representing 11.00% of our total issued Shares +immediately upon Listing) will be freely tradable and will count towards the free float of our Company +for the purpose of Rule 19A.13C of the Listing Rules, and our Company will satisfy the free float +requirement under Rule 19A.13C of the Listing Rules. +PREVIOUS A SHARE LISTING PLAN +In 2021, following the continued growth in our scale of business and with a view to broadening +our investor base, we commenced preparatory work for a potential listing on the Shenzhen Stock +Exchange or the Shanghai Stock Exchange. In connection with this initiative, we entered into a +cooperation agreement with Minsheng Securities Co., Ltd. (ʮ̡ )( “ Minsheng +Securities ”), for the A share listing plan for a term of three years commencing from 18 March 2021. +The cooperation agreement was a framework agreement which establishes the cooperation relationship +between our Company and Minsheng Securities prior to entering into further agreements for Minsheng +Securities to provide our Company with financial advisory, pre-IPO guidance, sponsorship and +underwriting services. We did not enter into any such further agreements with Minsheng Securities. +We did not enter into any formal tutoring agreement in respect of such A share listing plan, nor +did we file notice of pre-listing tutoring for A-share listing application (͡ሗ ) with the +CSRC or any of its local offices. As such, no formal guidance process was initiated or undertaken, and +no application for A share listing was submitted to any PRC stock exchange. The contemplated A share +listing did not proceed as we decided that the Hong Kong Stock Exchange would be a more suitable +venue for the Listing of our Company, for reasons further elaborated below, and the relevant +preparatory work was subsequently terminated. +As at the Latest Practicable Date, our Group has not submitted any formal application for an A +share listing, and no definitive timetable or material steps towards the implementation of the A share +listing plan have been undertaken. +In view of our strategic development and internationalisation, we subsequently decided to pursue +a Listing on the Stock Exchange. We believe that the Stock Exchange would provide us with access to +the international equity market, enhance our brand awareness in both domestic and overseas markets, +and improve our corporate governance in line with global standards. Following the completion of the +Listing, we will continue to monitor such opportunities, subject to market conditions and compliance +with applicable rules, and any proposal to seek a listing of the Shares in the PRC will be subject to the +approval of the Shareholders and will comply with all applicable rules. +Our Directors confirm that they are not aware of any other matters in relation to the previous A +Share listing plan that need to be brought to the attention of the Stock Exchange and potential +investors. +Based on the due diligence work conducted by the Joint Sponsors, nothing has come to the Joint +Sponsors’ attention that would reasonably cause the Joint Sponsors to cast doubt in any material respect +with the Directors’ view above. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 3– + + +--- page 122 --- +COMPLIANCE WITH PRC LA WS AND REGULATIONS +Our PRC Legal Advisors have confirmed that, according to applicable PRC laws and regulations, +all equity transfers and changes in the registered capital of our Company set out in this section have +been properly and legally completed and our Company has obtained all necessary approvals and made +all necessary filings, and has complied with applicable PRC laws and regulations in relation to the +changes of shareholdings as set out in this section. +CAPITALISATION OF OUR COMPANY +Following completion of the Share Subdivision, the Global Offering and the conversion of our +Unlisted Shares into H Shares, our Unlisted Shares and H Shares that will be held by each of our +existing Shareholders are set forth as below: +Name of Shareholders +Number of +Shares as at +the date of this +prospectus +Ownership +percentage as +at the date of +this prospectus +Number of H +Shares upon +the Listing +Ownership +percentage in +H Shares upon +the Listing +Number of +Unlisted +Shares upon +the Listing +Ownership +percentage in +Unlisted +Shares upon +the Listing +Total Number +of Shares upon +the Listing +Ownership +percentage in +Total Shares +upon the +Listing +(%) (%) (%) (%) +Controlling Shareholders +Mr. Zhou .......... 513,526 5.96% 41,082,080 5.43% — — 41,082,080 5.31% +Zhongcheng Tianying LP .. 3,301,887 38.33% 264,150,960 34.93% — — 264,150,960 34.12% +Zhongzheng Tianying LP .. 240,000 2.79% 19,200,000 2.54% — — 19,200,000 2.48% +Zhongzhi Tianying LP ... 154,113 1.79% 12,329,040 1.63% — — 12,329,040 1.59% +4,209,526 48.87% 336,762,080 44.53% — — 336,762,080 43.50% +Langke Group +Langke Investment ..... 180,000 2.09% 14,400,000 1.90% — — 14,400,000 1.86% +Kaiying No. 9 ....... 109,032 1.27% 8,722,560 1.15% — — 8,722,560 1.13% +Kaiying No. 8 ....... 109,032 1.27% 8,722,560 1.15% — — 8,722,560 1.13% +Kaiying No. 10 ....... 169,129 1.96% 13,530,320 1.80% — — 13,530,320 1.75% +567,193 6.59% 45,375,440 6.00% — — 45,375,440 5.87% +Zheshang Capital Group +Taolue New Energy .... 654,192 7.60% 52,335,360 6.92% — — 52,335,360 6.76% +Taolue Xinwang ...... 120,806 1.40% 9,664,480 1.28% — — 9,664,480 1.25% +Jinlan Sunshine ....... 504,461 5.86% 40,356,880 5.34% — — 40,356,880 5.21% +1,279,459 14.86% 102,356,720 13.54% — — 102,356,720 13.22% +Shenzhen HTI Group +Gaoxintou ......... 173,679 2.02% 13,894,320 1.84% — — 13,894,320 1.79% +Chengdu Zhongxiaodan .. 147,628 1.71% 11,810,240 1.56% — — 11,810,240 1.53% +Rencai No. 2 ........ 69,471 0.81% 5,557,680 0.74% — — 5,557,680 0.72% +390,778 4.54% 31,262,240 4.14% — — 31,262,240 4.04% +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 4– + + +--- page 123 --- +Name of Shareholders +Number of +Shares as at +the date of this +prospectus +Ownership +percentage as +at the date of +this prospectus +Number of H +Shares upon +the Listing +Ownership +percentage in +H Shares upon +the Listing +Number of +Unlisted +Shares upon +the Listing +Ownership +percentage in +Unlisted +Shares upon +the Listing +Total Number +of Shares upon +the Listing +Ownership +percentage in +Total Shares +upon the +Listing +(%) (%) (%) (%) +Others +Beward ........... 859,754 9.98% 68,780,320 9.10% — — 68,780,320 8.88% +Mr. Chen Yonggang .... 297,185 3.45% 23,774,800 3.14% — — 23,774,800 3.07% +Mr. Xia Dong ....... 288,000 3.34% 23,040,000 3.05% — — 23,040,000 2.98% +Mr. Zhu Zhenkui ...... 225,806 2.62% — — 18,064,480 100.00% 18,064,480 2.33% +Shenrong Ruihe ...... 26,051 0.30% 2,084,080 0.28% — — 2,084,080 0.27% +Xiaohe Investment LP ... 17,368 0.20% 1,389,440 0.18% — — 1,389,440 0.18% +Fuquan No. 1 ........ 72,484 0.84% 5,798,720 0.77% — — 5,798,720 0.75% +Panhui Investment ..... 84,077 0.98% 6,726,160 0.89% — — 6,726,160 0.87% +Kezhihua .......... 174,082 2.02% 13,926,560 1.84% — — 13,926,560 1.79% +Zhide No. 9 ........ 121,311 1.41% 9,704,880 1.28% — — 9,704,880 1.25% +Other Public Shareholders . — — 85,162,500 11.26% — — 85,162,500 11.00% +2,166,118 25.14% 240,387,460 31.79% 18,064,480 100.00% 258,451,940 33.37% +Total ............ 8,613,074 100.00% 756,143,940 100.00% 18,064,480 100.00% 774,208,420 100.00% +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 5– + + +--- page 124 --- +CORPORATE AND SHAREHOLDING STRUCTURE +The following chart sets out our corporate and shareholding structure immediately prior to completion of the Share Subdivision and the +Global Offering: +Zhongzhi +Tianying LP Langke Group Beward Mr. Xia DongZheshang +Capital Group +Shenzhen HTI +Group +Mr. Chen +Yonggang +Others pre‐IPO +investors +1.79% 6.59% +Zhongzheng +Tianying LP +2.79% +Zhongcheng +Tianying LP +38.33% +Mr. Zhou +5.96% 14.86% 4.54% 9.98% 3.45% 3.34% 8.37% +Our Company +100% 100% 100% 100% 100% +Haiqing Digital Zhejiang Haiqing +Jiangsu Haiqing Zhiyuan +Technology Co., Ltd.* +Ҧ +ʮ̡ +Shenzhen Dehui Intelligent +Software Co., Ltd.* + ଉέ̹ᅃᅆ౽ঐழ΁ +ʮ̡ +Dongguan Haiqing Digital +Technology Co., Ltd.* +୷̹ऎ૶ᅰοҦஔ +ʮ̡ +100% +Hongkong HQVT +Technology Limited +(Ҧ +ʮ̡) +The following chart sets out our corporate and shareholding structure immediately after completion of the Share Subdivision and the Global +Offering: +Zhongzhi +Tianying LP Langke Group Beward Mr. Xia DongZheshang +Capital Group +Shenzhen HTI +Group +Mr. Chen +Yonggang +Others pre‐IPO +investors +Zhongzheng +Tianying LP +Zhongcheng +Tianying LPMr. Zhou Other Public +Shareholders +Our Company +5.87% 13.22% 4.04% 8.88% 3.07% 2.98% 7.44% 11.00%1.59%2.48%34.12%5.31% +100% 100% 100% 100% 100% +Haiqing Digital Zhejiang Haiqing +Jiangsu Haiqing Zhiyuan +Technology Co., Ltd.* +Ҧ +ʮ̡ +Shenzhen Dehui Intelligent +Software Co., Ltd.* + ଉέ̹ᅃᅆ౽ঐழ΁ +ʮ̡ +Dongguan Haiqing Digital +Technology Co., Ltd.* +୷̹ऎ૶ᅰοҦஔ +ʮ̡ +100% +Hongkong HQVT +Technology Limited +(Ҧ +ʮ̡) +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +–1 1 6– + + +--- page 125 --- +OVERVIEW +Who We Are +We are a multispectral AI technology enterprise in China, specialising in the acquisition, +processing, and analysis of optical information captured from multiple specific spectrum bands to +provide more detailed information than visible lights imaging. Leveraging our proprietary technology in +multispectral perception and AI algorithms, we offer products and services designed to detect both +visible and invisible spectral information to human eyes, which includes (1) Multispectral AI Modules, +which are embedded hardware components that collect and process multispectral data (including visible +light, infrared, and UV) through AI algorithms for integration into third-party devices; (2) Multispectral +AI Perception Terminals, which are devices that integrate multispectral sensors, enhanced multispectral +AI algorithms, and standard hardware components, to provide real-time perception insights; and (3) +Multispectral AI Large Model Services, which are large model solutions with our proprietary “Zhiyuan +Origin Large Model”. Our solutions deliver enhanced perception and safety monitoring, providing +additional information decisions for multi-scenario safety and intelligent perception purposes for +diverse customers who are mainly engaged in business related to software and information technology +services, electronic products, IDCs, intelligent driving systems, telecommunication operators, IoT, +system integration, and construction. Our technologies have been widely applied across numerous +application scenarios beyond traditional safety solutions, including smart cities, intelligent campus +management, IDC safety optimisation, industrial and commercial safety and IoT-enabled facility +management, showcasing the applicability of our multispectral AI solutions. +According to Frost & Sullivan, multispectral AI modules and multispectral AI large model +services are subsets of the multispectral AI market, which forms a segment of the broader perceptual +intelligence market. +The following diagram illustrates our achievements. +Multispectral AI enterprise1 +Rank First in China +Multispectral AI Large +Model Services1 +Rank First in China +Multispectral AI Modules1 +Rank Fourth in China +Note: +1 According to the Frost & Sullivan Report, in terms of market share as measured by revenue in 2025 +We were certified by the Ministry of Industry and Information Technology (ʷ௅ )a sa +National-Level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ၚतอ˜ʃ̶ɛ™Ά +ุ) in 2022, and as a National-level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ +ၚतอ˜ʃ̶ɛ™Άุ) and National-level Specialised and Sophisticated Key “Little Giant” Enterprise +(ᓃ˜ʃ̶ɛ™Άุ ) in 2025. Our major customers include a leading state-owned +telecommunication operator and a leading listed AI company in China. Since our establishment in 2013, +we have built a full-chain products and services offering encompassing Multispectral AI Modules, +Multispectral AI Perception Terminals and Multispectral AI Large Model Services. Our technological +expertise spans a wide range of fields, including AI, optical electronics, integrated circuits, embedded +systems, safety engineering and cloud computing. As at the Latest Practicable Date, we have actively +contributed to the drafting and formulation of around ten national and association standards in the +multi-scenario safety industry. +BUSINESS +–1 1 7– + + +--- page 126 --- +During the Track Record Period, our revenue for FY2023, FY2024 and FY2025 was +approximately RMB117.1 million, RMB522.6 million and RMB668.5 million, respectively, with a +CAGR of approximately 138.9%. Notably, we recorded a net loss of approximately RMB18.4 million +for FY2023, but achieved a turnaround to a net profit of approximately RMB40.4 million and RMB29.4 +million in FY2024 and FY2025, respectively. +Our Core Technologies and Innovations +Our Multispectral AI Technologies +Our multispectral AI technologies focus on multispectral imaging and processing, which are +designed to capture and analyse data from various light wavelengths across the electromagnetic +spectrum. Our multispectral AI technology is an integration of perceptual intelligence and on-device AI, +establishing a unified system that facilitates collection of spectral bands information and reasoning. Our +perceptual intelligence accurately captures multispectral signals (covering ultraviolet, infrared, and +visible spectra) with spectral fusion, while on-device AI enables real-time, low-latency decision-making +through locally optimised performance in offline or low-bandwidth environments, thereby ensuring +uninterrupted safety protection in latency-sensitive or communication-constrained scenarios. +Our multispectral AI technology enables real-time processing, and efficient analysis of +multispectral data across the electromagnetic spectrum via a unified framework. Combined with our +extensive expertise in the multispectral AI sector, our technologies offer applicability across various +scenarios, such as industrial risk prevention, smart city management, power system inspections. +Our multispectral AI technology provides multiple key performance metrics. Specifically: + Multispectral Sensing Capabilities. We capture and interpret data from light wavelengths +beyond the visible range of the human eye. The perceptual intelligence facilitates the +detection of hidden details, such as heat patterns or environmental dynamics, through +self-adaptive adjustments in challenging conditions and improved anti-interference features, +thereby ensuring efficient and secure processing even in environments with limited power. + Accuracy in Data Recognition and Analysis. Our machine learning algorithms enable +in-depth perception of material characteristics and dynamic states in anomaly detection. In +safety-oriented applications, drawing on our proprietary datasets and internal evaluations, +our technology identifies early indicators of risks, such as fire ignition or unusual heat +increases, with minimised false alarms. + Real-Time Processing and Decision-Making. To support uninterrupted operations, our AI +technologies complete the entire process of data capture, spectral fusion to on-device +reasoning and output generation, also known as “optics-sensor-imaging-computing”, on a +low-latency basis. This is achieved through integrated sensing-compute mechanisms that +enable closed-loop processing directly on customer devices, without reliance on cloud +infrastructure while improving performance in poor network connection settings. + Technologies with Significant Application Potential. Our AI models are trained and +optimised within a hybrid framework blending on-device and cloud-based elements, enabling +stable support for analyses of large datasets. These models find wide application in emerging +domains, such as urban traffic safety, construction safety governance and IDC safety +projects. +BUSINESS +–1 1 8– + + +--- page 127 --- +Our multispectral AI technology is built upon our “Optics-Sensor-Imaging-Computing” technology +architecture. The key elements of our architecture are as follows: + Optics: We design specialised optical components, including lenses and optical films, with +detailed parameters specifying light path configurations, and selective wavelength filtering. +Our components use advanced materials to enhance long-term stability and higher +transmittance for targeted spectral bands with reduced lens distortion. These enhancements +improve backend AI algorithm recognition accuracy in diverse conditions, such as intense +sunlight or low-visibility environments, and are produced by manufacturers to our precise +specifications. + Sensor: We optimise multispectral sensor chips by designing and modifying the register +parameters, in order to improve the signal-to-noise ratio in complex light environments as +compared to default settings. These modifications, coordinated with backend image signal +processing algorithms, adjust parameters, including target tracking exposure, auto white +balance, strong light suppression, 2D/3D noise reduction, to meet scenario-specific +requirements (e.g., urban traffic or construction safety). In 2024, we initiated the +development of MEMS infrared sensor chips with proprietary features, such as night-vision +capabilities and precise temperature measurement. + Imaging: Our proprietary algorithms is designed to enable real-time preprocessing of raw +multispectral images at the device level, filtering noise to improve the signal-to-noise ratio, +addressing common imaging limitations in multispectral environments like adverse weather +or low-light conditions, ensuring high-quality spectral data for subsequent analysis. + Computing: Our lightweight computing units, optimised through proprietary designs, +execute with high efficiency at the on-device level, achieving inference speeds of +approximately 50 milliseconds for real-time analysis in safety-critical applications, +surpassing industry averages of 100−200 milliseconds for comparable edge-computing +models. The model is trained on a comprehensive dataset comprising over 10 million +multispectral perception data points, 100,000 hazardous event records, and 10,000 safety +engineering knowledge graphs, aligning with the dataset scope of industry peers (typically +5−15 million data points) whilst providing a competitive advantage through safety-specific +multispectral data. These units ensure low-latency performance in offline or low-bandwidth +environments, enhancing reliability over generic computing solutions. +The “Optics-Sensor-Imaging-Computing” technology architecture also includes our three core +technologies as follows: +(1) Multispectral perception-computing integration +Multispectral perception is a detection technology that utilises multiple specific spectral bands +(including visible and invisible light) for information collection. Visible light is the part of the +electromagnetic spectrum perceptible to the human eye, comprising the primary colours of light +(including red, green and blue light) and their combinations whose wavelengths typically range from +400 to 700 nm. However, visible light constitutes only a fraction of the entire electromagnetic +spectrum, and a substantial amount of information is hidden in wider spectral bands, such as infrared +and ultraviolet. Our integrated approach extends beyond these limitations to access information +embedded in electromagnetic spectrum ranges. +BUSINESS +–1 1 9– + + +--- page 128 --- +Our multispectral perception-computing integration technology integrates the accurate capture of +multispectral signals (covering ultraviolet, infrared, and visible spectra) with spectral fusion, real-time +processing, and AI-driven analysis capabilities directly at the device level. This technology is mainly +integrated into Multispectral AI Modules and Multispectral AI Perception Terminals, and contributes to +“optics-sensor-imaging-computing” part of our technology architecture, as specified below: +*OWJTJCMF MJHIU*OWJTJCMF MJHIU 7JTJCMF MJHIU +(BNNB SBZ +.FEJDBM +USFBUNFOU +*OEVTUSJBM +JOTQFDUJPO +-FTTUIBO +ON +9SBZ +UPON +.FEJDBM +EJBHOPTJT +2VBMJUZ +JOTQFDUJPO +6MUSBWJPMFU +SBZ +"SD +EFUFDUJPO +'MVPSFTDFODF +BOBMZTJT + UPON +.JEJOGSBSFE +(BTBOBMZTJT +1IBSNBDFVUJD +BM JOHSFEJFOUT +UP + DŽ N +'BSJOGSBSFE +5IFSNPHSBQIZ +1IZTJPUIFSBQZ +FRVJQNFOU +UP + + DŽ N +/FBSJOGSBSFE +UP + DŽ N +'PPE UFTUJOH +#MPPETBNQMF +NPOJUPSJOH +.JDSPXBWF +)FBUJOH +$PNNVOJDBUJPO +UFDIOPMPHZ +NN +UPN +3BEJPXBWFT +3BEJP +BOEUFMFWJTJPO +3BEJP +GSFRVFODZ +JEFOUJGJDBUJPO +(SFBUFS +UIBON +1VSQMFCMVFDZBO +HSFFOZFMMPXPSBOHF +SFE +7JTJCMFSBOHF + UP ON +&MFDUSPNBHOFUJD +UZQFT +"QQMJDBUJPOT +8BWFMFOHUI +$VSSFOUQSPEVDUDPWFSBHFPGPVS(SPVQ +(2) Lightweight on-device AI computing +Our lightweight on-device AI computing technology enables autonomous on-device AI processing +through optimised small models deployed directly at device level, with optional supplementation from +multispectral AI large model in the backend if needed. +Devices equipped with our lightweight on-device AI computing possess smart processing, +self-supervised learning, and decision-making capabilities. Our lightweight architecture eliminates the +need for hardware equipped with powerful AI chips, allowing deployment on standard computing +devices while still able to accurately execute tasks such as targeted feature analysis, and converts +computational results into standardised alert signals. The small model maintains full functionality +during network instability or interruptions, ensuring reliable performance independent of backend +connectivity. Our lightweight on-device AI computing technology allows us to deliver empowered +modules and terminals with reduced operational costs to our customers. Our lightweight on-device AI +computing technology enables comprehensive monitoring coverage in situations that require compact +designs. These situations include, but are not limited to, automobile transportation racks or cargo +containers. As a result, this technology resolves common problems associated with traditional sensing +devices, including delayed responses and areas that cannot be monitored. +(3) Multispectral AI large model platform +Our Multispectral AI large model platform underpins our Multispectral AI Large Model Services, +enabling customers to process and analyse data from multispectral devices, including our Multispectral +AI Perception Terminals, or conventional vision devices. With autonomous learning capabilities, the +model platform continuously improves its algorithms by leveraging real-time multispectral data during +local operations. Since all data processing and iterations are conducted exclusively on the customer’s +premises, comprehensive data privacy and security are guaranteed. This platform supports a wide range +of industries, delivering scalable and efficient solutions for complex safety scenarios. +BUSINESS +– 120 – + + +--- page 129 --- +Scenario-specific data for model training: our proprietary “Zhiyuan Origin Large Model” uses +scenario-specific datasets, developed through in-house efforts and collaborations with academic +institutions. In the multi-scenario safety domain, the model is trained on over 10 million multispectral +perception data points, 100,000 real-world hazardous event records, and 10,000 safety engineering +knowledge graphs. For the development process of our “Zhiyuan Origin Large Model”, please refer to +“Research and Development — R&D Models” in this section below. This dataset scope is comparable +to industry peers, who typically train on datasets of similar size, but our focus on multispectral data +tailored for safety scenarios provides a competitive edge. Our model delivers over 95% accuracy in +detecting early fire signatures, matching or exceeding industry-leading models (90−95% average). +Catering to diverse customer needs: This platform powers our Multispectral AI Large Model +Services across diverse industries. It supports rapid deployment to customer servers. The platform +incorporates self-supervised learning, allowing continuous model improvement to address evolving +customer needs. Our hybrid “on-device to cloud” architecture offers flexibility for multi-site +deployments, distinguishing it from models that prioritise cloud-only or on-device-only processing. +Our Market Opportunities +Our product and service portfolio mainly comprises three multispectral AI core products and +services: (1) Multispectral AI Modules; (2) Multispectral AI Perception Terminals; (3) Multispectral AI +Large Model Services. In addition to these, our product and service portfolio also includes Other AI +Vision Modules. According to the Frost & Sullivan Report, the market size of the multispectral AI +industry in China is expected to surge from RMB20.0 billion in 2025 to RMB79.4 billion in 2030, with +a CAGR of 31.8%. We provide customers with the flexibility to either integrate these products into an +all-in-one solution or purchase each product category independently. Our core competitiveness lies in +building AI-driven multi-scenario safety systems. +Our customer base is diversified, and our products and services have been widely applied across +various scenarios, including smart cities, intelligent campus management, IDC safety optimisation, +industrial and commercial safety and IoT-enabled facility management. We serve customers from +various industries, including software and information technology services, electronic products, IDCs, +intelligent driving systems, telecommunication operators, IoT, system integration, and construction. +Currently, multispectral AI technology is gradually transitioning from an early-stage, +module-based segmented product model to solutions characterised by system integration capabilities. +The industry trend is shifting from a focus on algorithmic performance improvement to solving +real-world problems, and addressing the essential needs of various application scenarios. Multispectral +AI-enabled on-device intelligent technologies, through advancements such as computing power +miniaturisation, model compression, and integrated perception-computing, have eliminated reliance on +traditional cloud computing, thereby enabling more localised deployment and real-time responsiveness. +OUR COMPETITIVE STRENGTHS +We believe that the following competitive strengths and advantages are key factors to our success +to date. +Proprietary technology in the multispectral AI industry +Leveraging years of technological accumulation and a technical approach combining optics, +sensors, imaging and computing, we have established a full-chain technical architecture which we +believe provides us with a significant competitive advantage in China’s multispectral AI industry. +BUSINESS +– 121 – + + +--- page 130 --- +Firstly, in terms of multispectral perception-computing integration technology, our team of experts +in AI algorithms, algorithmic chips, embedded systems, optics and safety engineering R&D enable us to +provide end-to-end capabilities from design to manufacturing. We possess a registered invention patent +related to infrared imaging achieving high conversion efficiency, high resolution, and low noise, and a +registered utility model patent of facial recognition lens employing five precision glass lenses to +effectively correct optical aberrations, thereby enhancing system performance and image quality. By +optimising optical design, material processes, and the underlying technology of sensors, we have +enhanced the transmittance of light in target spectral bands. Additionally, through AI algorithms, we +have significantly improved the signal-to-noise ratio of imaging data in ultraviolet, infrared and visible +light imaging data, increasing environmental perception capability and image computation accuracy. +Secondly, we have a self-developed core operating system and file system being HtOS and HtFS +respectively, for lightweight on-device AI computing technology. By reducing computational +requirements, compressing memory usage, and deploying localised models on the on-device, we enable +direct data processing on low-compute terminals, thereby eliminating reliance on cloud services. We +possess a registered invention patent of flame detection methods and equipment to achieve a more +accurate localisation of the flame’s source direction through the conversion of light signals into +electrical signals. +Thirdly, we have developed an advanced multispectral AI large model specifically engineered for +multi-scenario safety applications, leveraging extensive data from diverse safety scenarios and spectral +perception. This model is designed for general applicability and continuous evolution, enabling scalable +deployment across a range of critical sectors, including industrial safety, intelligent driving systems, +value-added communication services, and construction. The model exhibits a competitive technological +edge, distinguished by its wide spectral range, high modality, and robust generalisation capabilities. +Our proprietary lightweight computing units, optimised through innovative designs, execute this +multispectral AI large model with exceptional efficiency at the on-device level. These units achieve +inference speeds of approximately 50 milliseconds for real-time analysis in safety-critical applications, +outperforming industry averages of 100−200 milliseconds for comparable edge-computing models. The +model is trained on a dataset focused on the multi-scenario safety industry comprising over 10 million +multispectral perception data points, 100,000 hazardous event records, and 10,000 safety engineering +knowledge graphs. This dataset scope is consistent with that of industry peers, who typically utilise +datasets of 5−15 million data points, yet our focus on safety-specific multispectral data provides a +distinct competitive advantage. +These computing units ensure low-latency performance in offline or low-bandwidth environments, +offering enhanced reliability compared to generic computing solutions, thereby reinforcing our +leadership in delivering high-performance, safety AI solutions. +A diversified customer base +During the Track Record Period, we served over 2,500 customers across different regions in China +and overseas. Our customer base covers a wide array of industries, including electronic products, +software and information technology services, IDC, intelligent driving systems, telecommunication +operators, IoT, system integration, and construction. Our major customers include a leading state-owned +telecommunication operator and a leading listed AI company in China. +We have established strategic partnerships with prominent large Chinese companies, and our +solutions are applied beyond traditional safety solutions, including smart cities, intelligent campus +management, IDC safety optimisation, industrial and commercial safety and IoT-enabled facility +management, supporting our continued business growth and market presence. +BUSINESS +– 122 – + + +--- page 131 --- +The following table sets forth a breakdown of our revenue by geographical locations during the +Track Record Period: +FY2023 FY2024 FY2025 +RMB’000 +% of Total +Revenue RMB’000 +% of Total +Revenue RMB’000 +% of Total +Revenue +PRC ...................... 110,186 94.1 517,567 99.0 662,554 99.1 +Overseas (1) .................. 6,877 5.9 5,001 1.0 5,965 0.9 +Total...................... 117,063 100.0 522,568 100.0 668,519 100.0 +Note: +(1) Our overseas markets primarily comprised India, Brazil, the United Arab Emirates, and South Africa. These markets +collectively accounted for approximately 93.0%, 82.5% and 77.1% of our total overseas revenue in FY2023, FY2024 and +FY2025, respectively. +Stable R&D and innovation capabilities +We have an in-house R&D team, comprising 156 members, representing approximately 43.1% of +our total employees as at 31 December 2025, including industry experts, postdoctoral fellows and +employees with master’s degrees. Our R&D team possesses expertise across a wide array of disciplines +including AI algorithms, algorithmic chips, embedded systems, optics and safety engineering R&D. As +at the Latest Practicable Date, we have registered 101 invention patents and 46 software copyrights, and +have been certified by the Ministry of Industry and Information Technology (ʷ௅ )a sa +National-level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ၚतอ˜ʃ̶ɛ™Ά +ุ) in 2022, and as a National-level Specialised and Sophisticated “Little Giant” Enterprise (ॴਖ਼ +ၚतอ˜ʃ̶ɛ™Άุ) and National-level Specialised and Sophisticated Key “Little Giant” Enterprise +(ᓃ˜ʃ̶ɛ™Άุ ) in 2025. +We have also established collaborations with three universities, namely Huazhong University of +Science and Technology, Xi’an University of Science and Technology, and Changchun University of +Science and Technology, to carry out research on cutting-edge multispectral AI, multi-scenario safety +large models, and precision optical films, and have achieved a number of R&D results. For example, +our collaboration with Xi’an University of Science and Technology was honoured with the “Special +Teaching Achievement Award (तഃᆤ )” by the Shaanxi Provincial People’s Government. +Established mass production and quality delivery capabilities +Our production bases in Shenzhen and Zhejiang are equipped to respond promptly to the needs of +new product development and provide support for our R&D activities. Meanwhile, by adopting +automated manufacturing technologies, we have enhanced production efficiency, reduced cycle times, +and maintained consistent quality and output. We have implemented a proprietary digital manufacturing +system covering key processes such as firmware programming and automated testing, which enables +transparent management of production processes and facilitates the traceability of each product and +equipment, thereby supporting reliable product delivery. +To further ensure product quality, we have established an end-to-end quality management system +and obtained the “Quality Management System Certification Certificate (‘)” +issued by China Quality Certification Centre ( ʕ਷ሯඎႩᗇʕː ). At the same time, we have also +established a supplier qualification and access assessment mechanism and maintained stable +partnerships with high-quality suppliers. We carry out strict incoming material inspections on key +components to ensure a transparent and reliable supply chain. +BUSINESS +– 123 – + + +--- page 132 --- +Experienced senior management team and strategic investors +Our experienced senior management team has an average of over 15 years of industry experience. +The core members of our senior management team possess professional backgrounds in engineering, +computer science and applied science. Mr. Zhou, our founder and Chairman, is an experienced and +visionary leader with 25 years of experience in computer vision and AI. He has participated in the +drafting and formulation of multiple national technical standards, co-authored or participated in editing +books on machine vision and digital construction. Mr. Miao Rui, our executive Director and deputy +general manager, is primarily responsible for overall R&D, procurement and sales. He has extensive +experience in embedded software product development and AI model optimisation. Mr. Zou Xiaogang, +our executive Director and supply chain director, has over 15 years of experience in technology +development and has a strong technical background in hardware development and process automation. +Mr. Chen Yonggang, our executive Director and technical expert, possesses over 28 years of experience +in technology development. His expertise in electronic systems, video detection technologies, and +digital video solutions significantly strengthens the capabilities of our management team. +We have attracted a number of experienced private equity and strategic investors, many of whom +have a proven track record in China’s technology sectors. The participation of these investors reflects +our recognised capabilities in multispectral AI technology and market competitiveness, and reinforce +our ability to drive the development of our business. +OUR BUSINESS STRATEGIES +With the aim of further developing our business and continuing our growth, we will implement +the following strategies: +Enhancing R&D capabilities and increasing investment in product development +We will continue to invest in the R&D of multispectral AI large model algorithms, and chip +design and development, as well as launch next-generation intelligent perception products on an +ongoing basis, including the purchase of servers for computing power for accelerating the iteration of +large model, and cooperation with chip companies in the co-design of high-performance chips and the +tape-out process. These initiatives will enable us to accelerate the development and commercialisation +of new products and intelligent solutions and drive innovation across multispectral intelligent terminal +products and next-generation safety solutions, in order to meet the specific needs of industries emerged +from time to time. At the same time, we will further expand our R&D facilities and capabilities, and +attract highly educated and qualified professional talents locally and from overseas, thereby supporting +our long-term growth and reinforcing our competitive advantages. Such investment reflects the +transition from establishing core technologies to scaling R&D for global market opportunities, ensuring +our solutions remain competitive and responsive to emerging demands. +We also plan to strengthen our cooperation with universities and collaborate with research +institutions to strengthen our R&D capabilities and ensure our products and services remain responsive +to market changes. In particular, we will invest in the establishment of joint laboratories and collaborate +with technology companies that complement our technology. By leveraging joint laboratories and +shared resources, we aim to stay at the forefront of industry trends and emerging technologies, and to +accelerate the convergence of innovative technologies both internally and externally. To ensure effective +cooperation, we will collaborate with laboratories and partners that satisfy our selection criteria, +including reputable qualifications, strong financial standing, robust infrastructure, experienced talent +pools, aligned research objectives, and mature management structures. As at the Latest Practicable +Date, our Group has identified one potential university partner from the PRC. +BUSINESS +– 124 – + + +--- page 133 --- +We further plan to establish overseas R&D centres in regions and countries, such as Hong Kong +and Singapore, to further strengthen our global R&D capabilities. These collaborative efforts will +enhance our ability to anticipate and respond to market needs, enrich our innovation ecosystem, and +support the sustainable development of our business. Please refer to the section headed “Future Plans +and Use of Proceeds” in this prospectus for further details. +Expanding production capacity to support business growth and new product development +We anticipate that our ongoing business expansion, overseas market development and strategic +collaborations will increase demand for production capacity. In order to meet these needs, we plan to +increase the number of production staff and expand our production bases as appropriate in the future, +including leasing of new facilities, and upgrading existing production lines. Our further expansion +ensures alignment with the demand growth, supports timely fulfilment of customer orders, and mitigates +risks of supply bottlenecks in a competitive market. +We further plan to procure equipment and core components, and secure raw materials, such as +MEMS infrared sensor chips, optoelectronic components, and microprocessors, for new and existing +production lines. With enhanced production capacity and operational flexibility, we can respond +promptly to new product development needs, support business expansion, and maintain product quality. +Please refer to the section headed “Future Plans and Use of Proceeds” in this prospectus for further +details. +Pursuing strategic investments and M&As to enhance our industrial layout and technological +strengths +Leveraging our strategic vision and industry expertise, we plan to focus on acquiring companies in +downstream application industries to achieve expansion of our industrial chain, enhance synergies, and +broaden our market presence. Downstream application industries, including urban safety, energy, +household applications, and beauty sectors, are characterised by high safety requirements and strong +technological dependency, aligning closely with our multispectral AI products. Distinct from +cooperation with universities to establish joint laboratories, acquisitions entail full ownership and +integration of target companies. This approach internalises proprietary technologies and broadens our +product portfolio, enabling rapid integration into our business to address technology and market gaps. +We will prioritise acquisition targets with established market presence, financial stability, strategic +alignment with our business, and strong management and technical teams. As at the Latest Practicable +Date, no investment target has been identified. +Through these initiatives, we seek to share R&D benefits, create a more stable and predictable +market for our core products and services, and further strengthen our overall technological capabilities +and business development. In addition, we plan to pursue investments and collaborative opportunities in +emerging cross-disciplinary technologies (such as skin diagnostics, optical electronics and food +engineering), including collaborations with several universities and intellectual property holders in large +model training and chip development. +Our M&A initiatives and strategic collaborations will facilitate the integration of our technical +expertise, including multispectral perception, embedded AI, and the Zhiyuan Origin Large Model, with +the resources and technical capabilities of acquired businesses and strategic partners. In doing so, we +expect to accelerate innovation mainly in large model training and chip design, thereby strengthening +our multispectral AI platform technology and overall competitiveness. +BUSINESS +– 125 – + + +--- page 134 --- +Strengthening business expansion and accelerating global market penetration +According to the Frost & Sullivan Report, the global multispectral perception market, valued at +approximately RMB85.0 billion in 2025, offers significant growth opportunities, particularly in +overseas markets such as North America and Europe, which command 25% and 28% market shares in +2025, respectively. To further accelerate our market expansion and enhance our international +competitiveness, we will continue to implement business development strategies targeting both +domestic and global markets. Our objective is to increase our market share and brand recognition while +expanding our presence in key overseas markets and reinforce our global footprint. +We plan to further optimise and expand our domestic marketing team, and establish dedicated +overseas marketing and sales teams to enhance local responsiveness and customer trust. In line with +these efforts, we will conduct in-depth research into consumer needs and market trends both in China +and abroad, enabling us to respond promptly to evolving customer demands. We intend to increase +investment in marketing and brand-building activities, including both online and offline campaigns, to +enhance our brand visibility and reputation. +Furthermore, we would continuously expand the application scenarios of our core multispectral AI +products and intelligent solution offerings, focusing on sectors such as beauty and skincare, food safety +and home health management. By broadening the reach and impact of our solutions, we aim to address +the diverse needs of our global customer base and support sustainable business growth. Please refer to +the section headed “Future Plans and Use of Proceeds” in this prospectus for further details. +OUR PRODUCTS AND SERVICES +Our three core multispectral products and services consist of: (1) Multispectral AI Modules, which +are embedded hardware components that collect and process multispectral data (including visible light, +infrared, and UV) through AI algorithms for integration into third-party devices; (2) Multispectral AI +Perception Terminals, which are devices that integrate multispectral sensors, enhanced multispectral AI +algorithms, and standard hardware components to provide real-time perception insights; and (3) +Multispectral AI Large Model Services, which are large model solutions with our proprietary “Zhiyuan +Origin Large Model”. Our products also include Other AI Vision Modules. +Together, our core multispectral products and services form a comprehensive, integrated platform +that empowers our customers to deploy intelligent multispectral perception systems across diverse +industries, including software and information technology, electronic products, IDCs, intelligent driving +systems, telecommunication operators, IoT, system integration, and construction. +The following table sets forth a breakdown of our revenues by products, in absolute amounts and +as a percentage of total revenues, for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 % of Total RMB’000 % of Total RMB’000 % of Total +Multispectral AI +Multispectral AI Modules .......... 99,121 84.6 299,228 57.3 209,044 31.3 +Multispectral AI Perception Terminals .. 12,586 10.8 61,229 11.7 92,638 13.9 +Multispectral AI Large Model Services .. — — 113,791 21.8 355,364 53.1 +111,707 95.4 474,248 90.8 657,046 98.3 +Others +Other AI Vision Modules .......... 5,150 4.4 47,080 9.0 10,258 1.5 +Others .................... 206 0.2 1,240 0.2 1,215 0.2 +5,356 4.6 48,320 9.2 11,473 1.7 +Total...................... 117,063 100.0 522,568 100.0 668,519 100.0 +BUSINESS +– 126 – + + +--- page 135 --- +The following table outlines the key features of our core offerings, namely Multispectral AI +Modules, Multispectral AI Perception Terminals, and Multispectral AI Large Model Services: +Multispectral AI Modules +Multispectral AI Perception +Terminals +Multispectral AI Large Model +Services +Key Characteristics ..... Embedded hardware +components with +multispectral AI +capabilities +Standalone devices installed +with scenario-specific +multispectral AI models, +providing real-time +multispectral perception +insights +Large model solution +leveraging our “Zhiyuan +Origin Large Model” for +advanced analytics and +centralised safety +management, with hybrid +on-device and cloud +deployment +Functionalities ......... For integration into +third-party devices to +collect and process +multispectral data (visible +light, infrared, UV), +enabling real-time +environmental monitoring +within third-party systems +Captures and analyses +multispectral data to +deliver real-time, +actionable safety insights +Processes multispectral data +from Multispectral AI +Perception Terminals or +third-party devices to +provide predictive insights, +real-time alerts, and +centralised dashboards for +safety management +Core Technologies ...... Multispectral +perception-computing +integration +(1) +Multispectral +perception-computing +integration +(1), and +lightweight on-device AI +computing +(2) +Multispectral AI large model +platform trained with +scenario-specific data +catering customers’ +needs +(3) +Structural Components ...  Self-developed lenses, +optical films, and +multispectral sensors + Algorithmic +processing unit + Other components + Self-developed lenses, +optical films, and +multispectral sensors + Algorithmic +processing unit with +pre-installed +scenario-specific AI +models + Other components + Cloud-based platform +for large-scale device +management + “Zhiyuan Origin Large +Model” + Other components +Common Application +Scenarios .......... + IoT-enabled facility management system to monitor +equipment status + Energy sector safety operations by identifying +operational anomalies of facilities + Enterprise-scale safety +management (e.g., +manufacturing, energy, +urban infrastructure), + R&D in +next-generation +autonomous driving +technologies +BUSINESS +– 127 – + + +--- page 136 --- +Notes: +(1) For details, please refer to “Overview — Our Core Technologies and Innovations — Our Multispectral AI Technologies — +(1) Multispectral perception-computing integration” in this section of this prospectus. +(2) For details, please refer to “Overview — Our Core Technologies and Innovations — Our Multispectral AI Technologies — +(2) Lightweight on-device AI computing” in this section of this prospectus. +(3) For details, please refer to “Overview — Our Core Technologies and Innovations — Our Multispectral AI Technologies — +(3) Multispectral AI large model platform” in this section of this prospectus. +Multispectral AI Modules +Our Multispectral AI Modules are embedded hardware components that collect and process +multispectral data (including visible light, infrared, and UV) through AI algorithms for integration into +third-party devices, designed to serve as the foundational building blocks for our core multispectral +products and services. These modules function as the “eyes and brain” of a system, capturing data +across multiple spectral bands from complex environments and processing it to generate real-time +responses. Unlike off-the-shelf modules, we have optimised our Multispectral AI Modules by +fine-tuning the requisite AI parameters, thereby ensuring adaptive performance across various +environmental scenarios, and achieving higher accuracy in AI detection. +The following picture illustrates our Multispectral AI Modules and their composition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ŽNSBOHF TPGUXBSF +EFWFMPQFEJOIPVTF +IBSEXBSF +TPVSDFEGSPNTVQQMJFST +*OGSBSFETFOTPS TFOTPS +*OUFHSBUJOHWBSJPVTPOEFWJDF +NJOJBUVSJTFEBMHPSJUINNPEFMTUP +JNQSPWFBMHPSJUINBDDVSBDZ +BDSPTTNVMUJQMFTDFOBSJPT + EFWFMPQFEJOIPVTF +"MHPSJUINJDQSPDFTTJOHVOJU DPNQVUJOH +&OBCMJOHUIFEFQMPZNFOUBOE +JOGFSFODFPGMBSHFBMHPSJUINTPO +TNBMMTDBMFDIJQTUISPVHI +VOEFSMZJOHPQUJNJTBUJPO + IBSEXBSFEFTJHOBOETPGUXBSF +EFWFMPQFEJOIPVTF +DIJQTTPVSDFE +GSPNTVQQMJFST +$PNQVUJOHQPXFSNJOJBUVSJTBUJPO +DIJQ DPNQVUJOH +Our Multispectral AI Modules are sold as fully integrated units, which can be embedded into +third-party devices, with all components pre-assembled to ensure system integrity and performance +consistency. They are highly standardised, which enables sophisticated AI capabilities cost-effectively +BUSINESS +– 128 – + + +--- page 137 --- +while reducing development time and technical risks. For instance, a customer developing IoT-enabled +facility management system can integrate our modules to monitor the facility environment without +significant in-house R&D investment. +Compared to traditional single-spectrum sensors available in the market, our Multispectral AI +Modules integrate sensors with multispectral perception technology, processing units and AI chips +integrated with multi-signal fusion algorithms, powered by our “Optics-Sensor-Imaging-Computing” +technology architecture. +Serving as the foundational layer of our technological architecture, the Multispectral AI Modules +play a strategic entry role in our product system. They are designed for large-scale deployment and are +widely used in third-party devices as a universal interface for the application of our technologies. This +product line not only expedites the deployment of our AI technology in the market, but also lays an +integrated foundation for the subsequent expansion to higher-value products, such as our Multispectral +AI Perception Terminals. The deployment capability of the Multispectral AI Modules is a critical pillar +in our long-term strategy to build a modular and upgradeable AI infrastructure. +Multispectral AI Perception Terminals +Our Multispectral AI Perception Terminals are devices that integrate Multispectral AI Modules +with multispectral sensors, enhanced multispectral AI algorithms, and standard hardware components +(including audio input and output interfaces), to provide real-time perception insights for precise +detection of environmental conditions. These terminals capture and analyse multispectral data, +delivering real-time, actionable responses. Engineered for rapid deployment across diverse operational +environments, these terminals serve as advanced safety monitoring solutions with different models +tailored to customer needs. Unlike Multispectral AI Modules, which are embedded components for +third-party integration, these terminals are fully assembled products with pre-installed scenario-specific +AI models, offering enhanced functionality for immediate use in safety-critical applications. +Rear cover Multispectral AI Module, +including main control circuitry +Multispectral AI Perception +Terminal +Front cover +Our Multispectral AI Perception Terminals leverage our “Optics-Sensor-Imaging-Computing” +technology architecture, integrating sensors with multispectral perception technology and computing +chips with multi-signal fusion algorithms. This enables detection of complex safety anomalies, such as +ultraviolet signatures of incipient flames or abnormal thermal gradients, that traditional single-spectrum +devices cannot identify. +BUSINESS +– 129 – + + +--- page 138 --- +During the Track Record Period, our key models of Multispectral AI Perception Terminals +included: + Multispectral Fire Hazard Computing Terminals: Deployed in industrial safety (such as +the energy sector) to detect thermal anomalies and early fire risks using specialised sensor +combinations, using infrared, UV , and visible light sensors with algorithms trained on over +10 million multispectral data points and 100,000 hazardous event datasets. + Multispectral Biometric Identification Terminals: Used in security systems (e.g., financial +institutions) for real-time identity verification under challenging lighting conditions, using +infrared and visible light sensors with algorithms trained on facial identification datasets. + Multispectral Target Identification Terminals: Applied in, for example, traffic +management systems to classify objects or vehicles in low-visibility environments, using +specialised sensor combinations and target detection algorithms. +Customers can select models based on specific needs and opt for value-added system upgrades to +enhance functionality, such as integration with our Multispectral AI Large Model Services for advanced +analytics or remote monitoring. +The terminals are designed for standalone operation or seamless integration with legacy and +modern safety systems, with authoritative certifications ensuring durability in harsh environments (e.g., +outdoor settings). They are ideal for industries such as IDC safety management, software and +information technology services, and IoT-enabled facility management. +Multispectral AI Large Model Services +Our Multispectral AI Large Model Services deliver a large model solution through a software +platform with our proprietary “Zhiyuan Origin Large Model”, that can be deployed either on a cloud +environment or within the customers’ local data centres, and extracts, processes and analyses +multispectral data collected from our Multispectral AI Perception Terminals or other third-party devices. +Distinct from our Multispectral AI Perception Terminals, which are standalone devices with +pre-installed scenario-specific AI models, our Multispectral AI Large Model Services act as a “central +control hub”, collecting and analysing data with recognition algorithms to provide advanced analytics +and predictive insights for safety management across diverse industries. For instance, detecting risks +such as equipment overheating, fire hazards, or vehicle and pedestrian recognition, and delivering +real-time alerts via app notifications, phone calls, or centralised dashboards. +By way of illustration, equipping a large industrial park with an “intelligent security steward” — +capable of perceiving through “eyes”, reasoning via a “brain”, executing through “hands and feet”, and +interfacing with various existing park devices — would involve the deployment of a complete system in +the following manner: + “Eyes and Ears” (Data Acquisition Layer): This layer is responsible for connecting two +categories of devices: (i) our proprietary Multispectral AI Perception Terminals, deployed +throughout the park to capture visible light, temperature measurements, and flame detection; +and (ii) the park’s existing standard cameras and fire alarms. The objective is to aggregate +all available on-site perceptible information. + “Brain” (Large Model Inference and Decision-Making Layer): Typically deployed within +the park’s server room, the “Brain” receives all information and performs in-depth analysis. +For instance, it can not only detect an elevated temperature reading from a piece of +BUSINESS +– 130 – + + +--- page 139 --- +equipment, but also correlate this with video footage to ascertain whether personnel are +present in the vicinity or whether the area contains flammable materials. This enables the +system to assess whether a genuine fire hazard exists and to determine the appropriate alert +level. + “Command Centre” (Platform Management and Integration Hub): Co-located with the +“Brain”, the Command Centre serves as the management backend, responsible for managing +all devices, updating the “Brain’s” knowledge base, and disseminating the “Brain’s” early +warnings to the park’s central display screen, duty officers’ mobile applications, or existing +security systems for unified command. +Data Collection and Processing +Data is collected through our proprietary Multispectral AI Perception Terminals, which perform +preliminary analysis to identify events such as temperature anomalies, electrical sparks or suspected +smoke. Alternatively, the park’s existing standard devices provide raw video feeds or alarm signals. +For imminent hazards, our on-site Multispectral AI Perception Terminals may trigger local alarms +immediately. Where more sophisticated analysis is required, all collected information converges at the +“Brain”, which synthesises multiple data types for cross-validation. For instance, should a standard +smoke detector be activated, the “Brain” retrieves the thermal imaging feed from the Multispectral AI +Perception Terminal at that location to verify the presence of a hot spot, and then examines the visible +light feed to determine whether the event may be attributable to dust. This process significantly reduces +false alarms and enables more precise early warnings. +To enable the “steward” to communicate efficiently with different devices, we employ two distinct +protocol types: (i) private protocol for our proprietary smart devices, which functions like a special +code, which enables fast, secure, and advanced communication, allowing features like remote upgrades +and rapid response; and (ii) public protocol for other third-party devices, which functions like a +universal language, which allows easy connection with other branded devices, protecting the customer’s +investment in their existing equipment and enabling quick deployment. +Cloud-Based versus On-Premises Deployment +Deployment within the customer’s on-premises data centre — i.e., the “Brain” located in the +customer’s own server room — represents the most commonly adopted approach among our customers. +In such a configuration, all data (including surveillance video and alarm records) remains within the +park’s network, thereby mitigating data leakage risks and offering the highest level of privacy +protection. The customer provides the servers, and we supply the software installation package for +deployment. During operation, the system is capable of autonomous learning, progressively acquiring +more specific knowledge regarding the particular characteristics of that park. +The hybrid “on-device-cloud” deployment architecture optimises computational efficiency by +distributing tasks between local devices for low-latency responses and cloud infrastructure for advanced +analytics, ensuring reliable performance in offline or low-bandwidth environments. Whilst Multispectral +AI Modules and Multispectral AI Perception Terminals are hardware products delivering fixed, +single-point perception and real-time judgement capabilities, Multispectral AI Large Model Services +constitute a software platform and service offering scalable, centralised capabilities for data value +extraction, system management, and self-training AI algorithm models. Its automatic over-the-air (OTA) +remote download function enables deployment to terminals or modules, optimising scene recognition +performance. They serve as the core “value-added” brain for clients building intelligent security +management systems. +BUSINESS +– 131 – + + +--- page 140 --- +V alue-Added Services provided by our Multispectral AI Large Model Services +Our service offering extends beyond the software and hardware products themselves, delivering +continuous evolution as a core value proposition to customers. The platform leverages the customer’s +on-site data to continuously optimise and remotely upgrade deployed terminal algorithms without +operational disruption. Consequently, the customer’s entire perception system is no longer static, but +instead becomes a continuously evolving value-creation engine. +Furthermore, the platform functions not merely as a connector but also as a “Brain”. By +employing multispectral fusion and knowledge graph enhancement, it delivers deep scenario +understanding, risk assessment, and predictive insights. The platform generates graded early warnings +and precise recommended actions, thereby elevating the customer’s security management from a +reactive model to one characterised by proactive early warning and intelligent decision-making. +The Multispectral AI Large Model Services are particularly suited for large-scale enterprise +applications, allowing centralised safety management for industries like manufacturing, energy, and +urban infrastructure. By providing real-time alerts for unusual conditions, failure prediction analysis, +and environmental parameter monitoring, these services enhance operational safety and efficiency, +positioning them as a key component of our technological ecosystem. For instance, a customer +developing IoT-enabled facility management system can integrate our modules to monitor equipment +status without significant in-house R&D investment. +Zhiyuan Origin Large Model +Our proprietary “Zhiyuan Origin Large Model”, developed by our R&D team, integrates +multispectral perception and multi-signal fusion algorithms within our +“Optics-Sensor-Imaging-Computing” framework. The “Zhiyuan Origin Large Model” is trained on +extensive datasets, including over 10 million multispectral perception data points, 100,000 hazardous +event records, and 10,000 safety engineering knowledge graphs. For the development process of our +“Zhiyuan Origin Large Model”, please refer to “Research and Development — R&D Models” in this +section below. +We undertook 22 and 41 Multispectral AI Large Model Services projects, with an average price of +approximately RMB5.2 million and RMB8.7 million per project during FY2024 and FY2025, +respectively. Given the customised nature of each engagement, individual project revenue varies. There +were no loss-making Multispectral AI Large Model Services projects during FY2024 and FY2025. +Other AI Vision Modules +Our Other AI Vision Modules are embedded hardware components designed for visible light +perception, providing standardised visual capture and preliminary processing for cost-effective +applications. These modules focus exclusively on visible light data, integrating image sensors, +processing units, and compatible interfaces with basic AI algorithms for on-device analysis. They are +sold as integrated units to ensure system integrity, enabling easy integration into customer devices. +These modules are tailored for less complex scenarios requiring efficient visual processing. For +instance, in a smart city application, a module embedded in a traffic management systems can analyse +visible light data to detect vehicle patterns, delivering real-time alerts. +BUSINESS +– 132 – + + +--- page 141 --- +Typical Application Scenarios of Our Products and Services +We provide comprehensive and modular intelligent perception solutions designed for diverse +safety-critical scenarios in industrial, and multi-dimensional environments. Below are examples +illustrating the application of our three core products and services across typical scenarios: +1. Application of Multispectral AI Modules in Urban Safety Prevention and Control Projects +With the acceleration of urbanisation in China, urban planning initiatives have consistently +prioritised public safety in recent years, thereby creating substantial demand for urban safety prevention +and control projects. Our Multispectral AI Modules were installed in our customers’ terminals deployed +in urban safety prevention and control projects, demonstrating applicability, which typically include +construction safety governance, urban traffic safety, and hydrological disaster prevention projects. +These scenarios often occur in complex environments where accurate perception and efficient +identification are essential. +According to the Frost & Sullivan Report, traditional visible light vision systems encounter +notable limitations in complex environmental conditions, including: (i) misidentification of safety +helmet reflections due to strong light interference; (ii) inability of night-time infrared imaging to +distinguish protective clothing materials; and (iii) distorted water level monitoring during adverse +weather conditions (such as rain or fog). These limitations have substantially impaired the quality and +operational effectiveness of urban safety prevention and control projects. +Our Multispectral AI Modules are designed to address these challenges. In contrast to traditional +systems, which capture only limited visible bands and are prone to errors caused by lighting variations, +background interference, or similar surface colours, our Multispectral AI Modules acquire multiple +spectral bands — including near-infrared, red-edge, and specific visible narrow bands. These modules +operate effectively under difficult lighting conditions, such as intense light, low light, shadows, or +complex environments, thereby providing more stable spectral data. Furthermore, the Multispectral AI +Modules integrate lightweight on-device AI computing units that facilitate real-time data analysis and +decision-making. These units effectively enhance the signal-to-noise ratio of ultraviolet and +infrared-visible imaging data through our proprietary AI algorithms, thereby improving environmental +perception and computational accuracy. +Our Multispectral AI Modules are installed in relevant terminals deployed in the following safety +projects, customised to meet the specific requirements of each scenario: + In construction safety governance projects, our Multispectral AI Modules integrated in our +customers’ devices are able to capture the construction sites in real time through visible light +detection and thermal imaging. The system can accurately identify protective clothing with +damaged reflective strips and identify smoking employees at construction sites. + In urban traffic safety projects, our Multispectral AI Modules, installed in our customers’ +safety products deployed at community entrances and exits, instantaneously detect the +helmet-wearing status of e-bike riders. Non-compliant individuals would trigger intelligent +interception accompanied by audio-visual alerts, decreasing the likelihood of traffic +accidents and injuries. + In hydrological disaster prevention projects, our Multispectral AI Modules, installed in our +customers’ safety products deployed along riverbanks, monitor floating debris accumulation +using visible light, analyse changes in water turbidity with near-infrared, and detect +abnormal undercurrent temperatures through thermal imaging. This enables early warnings +for piping risks, abnormal currents and water levels. +BUSINESS +– 133 – + + +--- page 142 --- +Our Multispectral AI Modules translate technological strengths into improved efficiency in social +governance, empowering our customers to deliver superior projects and achieve leadership in the urban +safety and prevention construction sector. Key features that support these outcomes include a +multi-dimensional alarm system and visualisation of risk liability tracing. The multi-dimensional alarm +system enables our Multispectral AI Modules to conduct localised intelligent analysis. Upon detection +of a risk, operators are notified through multiple channels, including audio-visual alarms and remote +platform push notifications, facilitating immediate response. +In addition, the visualisation of risk liability tracing allows images, temperature data, and alarm +records generated during operations to be uploaded in real time to the customers’ monitoring platform, +improving the process of insurance claims and liability determination. +The application of our Multispectral AI Modules in urban safety prevention and control projects +generated revenue ranging from 78.6% to 78.8% of the total revenue of our Multispectral AI Modules +during the applicable Track Record Period. +2. Application of Multispectral AI Perception Terminals in Energy Sector Safety Operations +Comprehensive energy organisations in the PRC operate in high-risk industries subject to stringent +regulatory oversight, encompassing activities such as coal mining, clean energy production, and power +supply management. These organisations impose rigorous requirements on underground operational +safety, particularly the reliable functioning of coal mine air compressors, as well as the stability of +power equipment and the efficiency of emergency responses. +Our Multispectral AI Perception Terminals provide monitoring solutions tailored to the unique +challenges of these industries. Coal mine air compressors serve as vital components in underground +operations, powering pneumatic tools, maintaining mine ventilation, driving equipment, and supplying +air to safety systems. Disruptions in their operation can result in severe outcomes, including oxygen +shortages, exhaust system failures, or shutdowns of core equipment, thereby posing substantial safety +hazards and economic losses. Traditional monitoring methods, which rely on manual inspections and +handheld temperature devices, are limited by low detection frequency, incomplete coverage, and high +rates of overlooked issues, rendering them inadequate for the demanding safety standards of integrated +energy enterprises. +Our Multispectral AI Perception Terminals offer a comprehensive solution through real-time +monitoring of operational anomalies. By employing on-device imaging, analysis, recognition, and +inference, the terminals may identify leakage discharges and equipment ageing, mitigating the risks of +shutdowns arising from abnormal equipment behaviour. Furthermore, the terminals’ multispectral +infrared perception capabilities enable continuous temperature monitoring of air compressor vents, +ensuring that temperature fluctuations remain within acceptable limits. This functionality is essential for +preventing abrupt underground temperature changes caused by compressor malfunctions. +In addition to temperature and leakage monitoring, the terminals can autonomously detect other +critical anomalies, such as dust accumulation on air compressor fans and oil leakage from transformers. +Through continuous, automated, and precise oversight, these terminals eliminate blind spots, minimise +missed detections, and substantially improve overall safety and operational efficiency. +The application of our Multispectral AI Perception Terminals in energy sector safety operations +generated revenue ranging from 5.3% to 6.7% of the total revenue of our Multispectral AI Perception +Terminals during the applicable Track Record Period. +BUSINESS +– 134 – + + +--- page 143 --- +3. Application of Multispectral AI Large Model Services for IDC Safety Scenarios and R&D in +Next Generation Intelligent Driving Systems +IDC Safety Scenarios +Our Multispectral AI Large Model Services are procured by our customers in the big data industry +for enhancing safety management in IDCs. Our customers have established IDCs in multiple cities, +which address information data risks associated with critical infrastructure, including network +equipment, and power systems. The operational security of IDCs directly impacts information assurance +and service continuity. +Our Multispectral AI Large Model Services deliver real-time perception and analysis of +multispectral data. This is accomplished using our Multispectral AI Perception Terminals or third-party +devices that installed our Multispectral AI Modules, which are installed in our customers’ IDCs. Our +Multispectral AI Large Model Services integrate multispectral data (including ultraviolet, infrared, and +visible light) with multi-scenario safety sector knowledge. The large model efficiently processes and +analyses data from multiple devices, delivering constant safety insights by detecting risks, identifying +anomalies, and providing real-time predictive insights specific to IDC operations. +Trained on extensive safety-related datasets and built upon deep learning frameworks, the large +model achieves high accuracy in identifying early-stage fire spectral signatures and abnormal equipment +status. Customers can centrally monitor and manage risks through a unified interface, enabling rapid +response and data-driven decision-making across their IDC operations. The services incorporate +pre-installed scenarios and visual dashboards, facilitating integration with external systems. Designed +for multi-terminal collaboration, the large model enables unified safety management across multiple +IDC sites, providing real-time alerts for unusual conditions. +The application of our Multispectral AI Large Model Services in IDC safety scenarios generated +revenue ranging from 13.8% to 75.4% of the total revenue of Multispectral AI Large Model during the +applicable Track Record Period. +R&D in Next Generation Intelligent Driving Systems +According to Frost & Sullivan, existing intelligent driving systems primarily rely on visual +cameras or radar sensors to acquire and analyse environmental data in real time. During adverse +weather conditions (including dense fog, torrential rain, sandstorms, intense backlighting, or complete +darkness), such systems may face operational limitations: visible-light cameras may experience reduced +light transmission, potentially impairing their ability to detect lane markings, preceding vehicles, and +traffic signage; while radar signals may be scattered or absorbed by dense precipitation, potentially +compromising system reliability. In these circumstances, our Multispectral AI Large Model Services can +be deployed to address the pain points in existing intelligent driving systems. +Our Multispectral AI Large Model Services are procured by our customers in the automotive +industry for R&D in intelligent driving systems. These services address the safety hazards that may +arise from potential failures or degradation of visual cameras and radar technologies under extreme +weather conditions. As a key enabling technology for enhancing autonomous driving safety, our +services can integrate with existing autonomous driving systems, enabling joint fusion and real-time +intelligent analysis of data streams. +The application of our Multispectral AI Large Model Services in R&D for next generation +intelligent driving systems generated revenue ranging from 19.6% to 20.2% of the total revenue of our +Multispectral AI Large Model Services during the applicable Track Record Period. +BUSINESS +– 135 – + + +--- page 144 --- +OUR BUSINESS MODEL +We adopt a vertically integrated business model which covers full-chain AI perception solutions, +building on modular design, and multi-scenario scalability. Our core capabilities cover upstream +multispectral optics and embedded AI hardware development to downstream application software +development, which enable us to deliver deployable, adaptable and comprehensive perception +intelligent solutions tailored to various multi-scenario safety sector user cases. +Our product system and service portfolio comprised three core multispectral AI products that +underpins our capabilities, covering the full product stack from hardware to application software. We +may offer these three core multispectral AI products as an integrated unit or separate components, +depending on customer needs. Our customers may directly use our three core products to solve their +own production or multi-scenario safety needs. Alternatively, they may incorporate our products into +their AI solutions. +The following diagram illustrates our business model as well as the service flow in relation to our +products and services: +0GGFSJOHT +JOUFHSBUJOHPVS +IBSEXBSFBOE +TPGUXBSF +4FSWJDFGMPX +"TPVSDVTUPNFST +4VQQMJFST +4ZTUFN +*OUFHSBUPST + + + +&OUFSQSJTFMFWFM +6TFST + +h.JDSPQSPDFTTPST +QSPWJEFST +h$.04JNBHFTFOTPST +QSPWJEFST +h1SJOUFEDJSDVJUCPBSET + 1$#T +QSPWJEFST +h0QUJDBMFMFNFOUT +QSPWJEFST +h0UIFSSBXNBUFSJBMT +BOEDPNQPOFOUT +QSPWJEFST +h 5FMFDPNNVOJDBUJPO + DPNQBOJFT +h &OFSHZTFDUPS + FOUFSQSJTFT +h 1VCMJDTFDUPSFOUJUJFT +h *OUFMMJHFOUESJWJOH + EFWFMPQFST +h 0UIFSFOUFSQSJTFT +h 5FMFDPNNVOJDBUJPO + DPNQBOJFT +h &OFSHZTFDUPS + FOUFSQSJTFT +h 1VCMJDTFDUPSFOUJUJFT +h *OUFMMJHFOUESJWJOH + EFWFMPQFST +h 0UIFSFOUFSQSJTFT +&OUFSQSJTFMFWFM +6TFST +.VMUJTQFDUSBM"* +.PEVMFT +.VMUJTQFDUSBM"* +1FSDFQUJPO5FSNJOBMT +BOE +.VMUJTQFDUSBM"*-BSHF.PEFMT +.VMUJTQFDUS +BM"* +1FSD +FQUJPO5FSNJOBMT +BOE.VMUJTQFDUS +BM"*-BSHF + +.PEFMT +Specifically, our customers during the Track Record Period included: (i) system integrators that +integrated our products and services into their offerings to enterprise-level users; and (ii) +enterprise-level users that used our products and services directly. +RESEARCH AND DEVELOPMENT +R&D Centres and Teams +Our ability to develop new technologies, design new products and solutions, and continually +optimise existing products and services is central to maintaining our market position. We established +our R&D centre in Shenzhen equipped with specialised laboratories, focusing on sensors, optical +integration and reliability tests. In the future, we will further expand our R&D centres and increase our +site area and staffing to carry out related work such as large-model training and chip design. +BUSINESS +– 136 – + + +--- page 145 --- +As at 31 December 2025, our R&D team comprised 156 members, representing approximately +43.1% of our total number of employees. The core members of our R&D team include postdoctoral +fellows and master’s degree holders. Our R&D personnel have an average working experience of over +three years, and mainly possess professional backgrounds in communication engineering, automation, +electronic information engineering, computer science and technology, etc.. +R&D Models +We have established a R&D framework primarily based on in-house capabilities, supplemented by +strategic outsourcing for non-core tasks. This dual approach optimises resource allocation, safeguards +proprietary intellectual property, and accelerates the commercialisation of our core products and +services. In terms of product development, we adopted an integrated project-based model for our core +products and services, overseen by a cross-functional product decision committee. +(1) In-house R&D +Our Group’s in-house R&D capabilities are demonstrated as follows: + Lightweight On-Device AI Computing: Our in-house R&D has pioneered lightweight +on-device AI computing technology, which achieved device level autonomous AI processing, +with backend support from our multispectral AI large model. The lightweight architecture +executes precise tasks, such as targeted feature analysis, and generates standardised alert +signals. Notably, the small model sustains full functionality during network disruptions, +ensuring reliable performance without backend dependency. This innovation allows our +Group to deliver cost-effective, empowered modules and terminals, enabling comprehensive +monitoring in compact-design scenarios like automobile transportation racks or cargo +containers. It thereby resolves key drawbacks of traditional sensing devices, including +response delays and blind spots, while boosting operational efficiency and safety. + Development of Proprietary AI Large Models: The cornerstone of our innovation is the +“Zhiyuan Origin Large Model”, a safety-sector specific AI model built on open-source +frameworks and enriched with proprietary industry data. Our in-house team refines this +model through code modifications, algorithmic adjustments, and self-training modules. +Deployed in real-world applications, it undergoes continuous optimisation to deliver +high-performance, commercially viable solutions for safety-critical scenarios. + Design and Optimisation of Advanced Hardware Components: Our Group designs and +optimises multispectral components by adjusting parameters such as exposure, dynamic +range, light suppression, and noise reduction to enhance signal-to-noise ratios across diverse +lighting conditions. Third parties manufacture these components based on our specifications, +after which undergo register initialisation to meet the specifications of our products. In the +development of our MEMS infrared sensor chips, we adopt advanced material selection to +enable superior night-vision capability, and precise temperature measurement. +To support these capabilities, we collaborate with leading academic institutions, including but not +limited to Huazhong University of Science and Technology, Xi’an University of Science and +Technology, and Changchun University of Science and Technology. These partnerships facilitate +cooperative research, joint talent development, and access to advanced experimental resources. Such +collaborations enhance our understanding of industry trends and emerging technologies, enabling the +integration of cutting-edge innovations into our proprietary technologies. For scenarios with limited +market scale, our in-house team conducts initial third-party validation before allocating R&D resources +for scalable development. +BUSINESS +– 137 – + + +--- page 146 --- +(2) Outsourcing to External Parties +To enhance the efficiency of our product commercialisation, we strategically outsource certain +non-core tasks, such as internal product lifecycle management, data annotation and scenario-specific +application logic development, to external software development teams and university laboratories: + Internal product lifecycle management system: this involves the development of a +full-lifecycle operational platform for our R&D staff to more efficiently manage the process +from initial concept to product operation. + Scenario-Specific Application Logic: This task involves developing tailored software logic, +customised for specific industry applications. For instance, in a data centre, such application +logic defines operational rules, such as the parameters for triggering alerts in response to +equipment anomalies, including notification formats and response thresholds. Additionally, +the application logic facilitates integration between our products and our customers’ existing +systems, enabling connectivity to mobile applications. These software modules demand +significant customisation to align with individual customer requirements, rendering them +resource-intensive but less technically complex than our core algorithm development. + Data Annotation: Data annotation entails the systematic labelling and categorisation of +data, such as multispectral images or sensor outputs, to prepare datasets for training our +proprietary “Zhiyuan Origin Large Model”. Such process is critical for enabling the large +model to accurately identify patterns, such as hazardous conditions in safety applications. +Data annotation is labour-intensive and requires adherence to our stringent specifications to +ensure dataset consistency and quality. By outsourcing this task to third-party providers, we +preserve our in-house resources for core development activities, such as algorithm design +and model training, while external teams efficiently deliver the substantial volumes of +standardised data required for effective model performance. +This approach enables our in-house R&D team to concentrate on high-value activities, including +the design of proprietary algorithms and the optimisation of core components integral to our core +products and services. By leveraging external expertise for non-core tasks, we optimise resource +allocation, accelerate development timelines, and maintain control over critical intellectual property, +ensuring our solutions meet the diverse needs of industries. Our outsourcing strategy supports +cost-effective scalability and rapid deployment of our products, ensuring we maintain a competitive +edge while addressing the evolving demands of our customers in safety-critical applications. According +to Frost & Sullivan, it is in line with market practice to outsource such tasks to optimise R&D +performance, resource allocation, enhance efficiency and control over overall project cost-effectiveness. +The key terms of the agreements between our Group and the collaborating partners, such as +academic institution, are set out below: + Roles and obligations of our Group and the collaborating partners: Our Group +collaborates with academic institution to jointly establish and operate the joint R&D centre. +The counterparty provides scientific theoretical support and expert guidance in new product +development, technologies, processes, and materials, while our Group contributes resources, +facilities, and funding to support the operations. + Background of the collaborating partner: Our Group collaborates with academic +institution in China, recognised for the expertise in fields such as optics, optoelectronics, +laser technology, and advanced engineering. +BUSINESS +– 138 – + + +--- page 147 --- + The ownership of the relevant intellectual property rights: Intellectual property rights, +technical secrets, and achievements originally owned by either party remain with the original +owner. For any research results jointly completed, unless otherwise agreed, the intellectual +property rights are shared equally, with each party holding 50%. +Development and Deployment of Our Multispectral AI Large Model Services +Our R&D team designs and optimises our proprietary large model architecture, integrating +multispectral perception, including ultraviolet, infrared, visible light, with AI algorithms. The model +designed to support both general-purpose and scenario-specific applications, addressing the complex +requirements of multi-scenario safety management, biometric identification, and target detection. +During model training, we perform parameter tuning to optimise the model’s performance for +specific scenarios. The training of our large model leverages extensive real-world datasets collected +from diverse sensing devices in operational environments. For example, in the multi-scenario safety +domain, our model was trained on over 10 million multispectral perception data points, the data of +more than 100,000 real-world hazardous events, and more than 10,000 safety engineering knowledge +graphs. These datasets, including multispectral data derived from both simulated scenarios and +real-world events (such as experimental data and photographs), are primarily made available through +collaborations with academic institution specialising in safety research, as well as through our in-house +development. These datasets are used to train our algorithmic models, enhancing their performance and +reliability. To safeguard privacy and data integrity, data processing, model inference and +scenario-adaptive learning can be conducted within customer’s private domain networks whenever +required. +We deploy and manage our large models using a robust platform that supports large-scale device +management, model versioning, online updates, and dynamic allocation of computing resources across +multiple data centres. Our workflow allows for efficient training, rapid scenario adaptation, and +seamless remote upgrades to deployed devices, eliminating the need for manual intervention or device +disassembly. This integrated approach ensures continuous model improvement and supports our +customers’ operational needs across industries. +BUSINESS +– 139 – + + +--- page 148 --- +The following illustrates the main steps involved in the development, training, and deployment of +our proprietary multispectral AI large model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nvestment +We continue to allocate substantial capital to product development and innovation. In FY2023, +FY2024 and FY2025, our research and development expenses (including of R&D expenses capitalised) +were RMB30.8 million, RMB55.3 million, and RMB105.3 million respectively, accounting for 26.3%, +10.6% and 15.7% of the total revenue in the corresponding years, respectively. The increase in R&D +expenses in FY2023 to FY2024 was driven by strategic initiatives aligned with our competitive +strengths. Such increase was primarily due to the accelerated development of our AI large model +services, notably the “Zhiyuan Origin Large Model”. +BUSINESS +– 140 – + + +--- page 149 --- +The following table sets forth the details of our R&D expenses (including of R&D expenses +capitalised): +FY2023 FY2024 FY2025 +RMB million % RMB million % RMB million % +In-house R&D ................ 30.5 99.1 25.5 46.1 45.1 42.8 +Outsourcing to external parties ....... 0.3 0.9 29.8 53.9 60.2 57.2 +Total ...................... 30.8 100 55.3 100 105.3 100 +(1) In-House R&D Expenses +In-house R&D expenses primarily support our core innovation efforts, including algorithm design, +model training, and the enhancement of proprietary components such as the “Zhiyuan Origin Large +Model”. These expenses totalled RMB30.5 million in FY2023, RMB25.5 million in FY2024, and +RMB45.1 million in FY2025, representing 99.1%, 46.1%, and 42.8%, of total R&D expenses for the +respective years. +(2) Outsourcing to External Parties Expenses +Outsourcing expenses facilitate efficient execution of non-core, resource-intensive tasks, allowing +our internal team to focus on high-value activities. These expenses amounted to RMB0.3 million in +FY2023, RMB29.8 million in FY2024, and RMB60.2 million in FY2025, representing 0.9%, 53.9%, +and 57.2%, of total R&D expenses for the respective years. +The increase in outsourcing service fees in FY2024 and FY2025 was a direct and strategic result +of our Company’s focused investment in the accelerated development and commercial deployment of +our Multispectral AI Large Model Services. As the development of AI algorithms for use in our +Multispectral AI Large Model Services commencing from FY2024 relies heavily on labour-intensive +tasks, we outsource such tasks to optimise resource allocation, enhance efficiency, and control overall +project cost-effectiveness, thereby allowing the Company to concentrate its internal resources on core +technological research and development revolving around large model algorithms. This includes making +adjustments to algorithmic frameworks, optimising algorithmic parameters, and improving algorithmic +accuracy. Our clients come from various industries, who often require complete and comprehensive +solutions. As a result, our core technologies alone may not be sufficient to efficiently address the +requirements of specific application scenarios, and therefore certain tasks are outsourced so as to +accelerate our delivery process and overall efficiency. +The increase in outsourcing service fees in FY2024 and FY2025 in particular was primarily driven +by several large-scale R&D projects, which includes the following: + the development and customisation of internal product lifecycle management system — +a full-lifecycle operational platform for R&D teams for product management purposes, +managing everything from documentation and parts to bills of materials (BOM), 2D and 3D +blueprint management and change control. Its core purpose is to standardise processes and +components, thereby reducing redundancy and improving efficiency from initial concept to +product operation; + data tagging and annotation services — for internal large model development. This is a +critical internal support function where raw data is tagged and prepared to create +high-quality training datasets, which are essential for training core AI models. The resulting +models are then packaged into tailored solutions for customers; and +BUSINESS +– 141 – + + +--- page 150 --- + the research and development of a customised system for our customers — involves +adapting and deploying core large-model technology to meet specific client needs. We focus +on developing the core AI and algorithm components internally, while outsourcing the +development of surrounding application software to third-party partners to create complete, +bespoke systems for customers. +For details, please refer to “Financial Information — Year-to-Year Comparison of Results of +Operations — FY2025 Compared to FY2024 — Research and Development Expenses” and “Financial +Information — Year-to-Year Comparison of Results of Operations — FY2024 Compared to FY2023 — +Research and Development Expenses” in this prospectus. +Key R&D Focus Area +We plan to focus our R&D on below key areas of technologies: + Perception-computing integration: Continuously improving platform computing, integrating +perception intelligence enhance our storage and communication capabilities to offer differing +needs in elastic computational requirements; + Machine learning algorithms: Utilising the latest advancement in machine learning +algorithms to upgrade our technologies after successful testing and implementation in +large-scale industry applications; and + Data-centric training: Optimising our computational framework by improving our algorithms +and processing tools for processing industry data, thereby allocating greater compatibility +with machine learning algorithms and optimisation of targeted large models efficiently. +Intellectual Property +Our Directors believe that our intellectual property rights are of vital importance to our future +business development and operations. As at the Latest Practicable Date, we had 158 registered patents +in China (including 101 inventions, 21 utility models and 36 designs), 36 domestic patent applications +(including 29 inventions which revolve around our core R&D capabilities developed in-house, five +utility models and two designs) and one U.S. invention patent application. We held 64 registered +trademarks in the PRC, three registered trademarks in Hong Kong and had three registered trademarks +in the United States. We also had 46 registered software copyrights in China, and had 2 registered +domain names in China which, in the opinion of our Directors, are material to our business. For further +information, please see the section “Statutory and General Information — Further Information about +Our Business — 2. Intellectual property rights” in Appendix VI to this prospectus. +To protect our trade secrets and other proprietary technologies, we have installed encryption +software on the computers of our selected technical personnel. Decryption and external transmission of +any data require approval from designated personnel. Our employees’ labour contracts contain +confidentiality clauses, pursuant to which any inventions, designs, technologies or other intellectual +property developed or acquired by our employees using our technologies, materials or business +information during their employment shall be owned by us. Meanwhile, certain key technical know-how +is stored under heighten confidential protection and can only be accessed by selective R&D personnel. +In addition, we proactively protect and enforce our intellectual property rights by signing +agreements with confidentiality clause with our suppliers, customers, industry organisations and +academic institutions. We conduct appropriate investigations, reasonable evidence collection, warnings +and lawsuits against infringements to protect our legitimate rights and interests. +BUSINESS +– 142 – + + +--- page 151 --- +During the Track Record Period and up to the Latest Practicable Date, we are not aware of (i) any +material infringement by us of any intellectual property rights of third parties, or (ii) any material +infringement by any third party of intellectual property rights owned by us. During the Track Record +Period and up to the Latest Practicable Date, we are not aware of any pending or potential legal claims +against our Group in connection with any infringement of intellectual property rights of third parties. +PRODUCTION +We arrange our production by taking into account customer orders and market conditions. By +aggregating production quantity, delivery deadlines and other information relating to customer orders by +the sales department, we will determine production tasks and arrange our production schedule based on +the production capacities of our production facilities bases and prevailing supply chain environment. +Production Process +Our production process is designed to enhance operational efficiency. We maintain full control +over the production workflow, which encompasses order processing and material preparation, SMT +automated assembly, sensor optical calibration and firmware programming, product configuration and +assembly, quality sampling and automated testing, product ageing, packaging and warehousing. +The following flowchart outlines the key steps of our production process for Multispectral AI +Modules, Multispectral AI Perception Terminals and Other AI Vision Modules: +"VUPNBUJD +"TTFNCMZ +4.5"VUPNBUFE"TTFNCMZ +0SEFS1SPDFTTJOH +.BUFSJBM1SFQBSBUJPO +"VUPNBUFE1PTU4PMEFSJOH +*OTQFDUJPO +4FOTPS0QUJDBM +$BMJCSBUJPO +'JSNXBSF +1SPHSBNNJOH  +"VUPNBUFE +1SJOUJOH +/JUSPHFO3FGMPX +4PMEFSJOH +2VBMJUZ +4BNQMJOH +"VUPNBUFE +5FTUJOH  +1SPEVDU +$POGJHVSBUJPO +BOE"TTFNCMZ +1SPEVDU +"HFJOH +1BDLBHJOH +8BSFIPVTJOH +"VUPNBUJD +"TTFNCMZ +4.5"VUPNBUFE"TTFNCMZ +0SEFS1SPDFTTJOH +.BUFSJBM1SFQBSBUJPO +"VUPNBUFE1PTU4PMEFSJOH +*OTQFDUJPO +4FOTPS0QUJDBM +$BMJCSBUJPO +'JSNXBSF +1SPHSBNNJOH  +"VUPNBUFE +1SJOUJOH +/JUSPHFO3FGMPX +4PMEFSJOH +2VBMJUZ +4BNQMJOH +"VUPNBUFE +5FTUJOH  +1SPEVDU +$POGJHVSBUJPO +BOE"TTFNCMZ +1SPEVDU +"HFJOH +1BDLBHJOH +8BSFIPVTJOH +1. Order processing and material preparation +We process orders and formulate production plans in accordance with the sales contracts entered +into with our customers, and procure raw materials by assessing customer orders and considering +overall demand. We adopt a just-in-time procurement inventory system, whereby raw materials are +purchased and delivered just before they are needed in the production process, thereby minimising our +inventory costs. After inspecting and accepting delivery of such incoming raw materials, the materials +would be arranged for warehousing. +2. SMT automated assembly +Based on order schedules, we issue work orders and distribute materials to the SMT workshop. +After initial inspection, batch assembly is arranged. The PCBs are then assembled through SMT and +soldering processes, forming fully functional printed circuit board assemblies (PCBAs) with specific +functions. Following the SMT process, devices incorporating multispectral perception units (such as +visible light, ultraviolet and infrared) are subject to strict optical axis alignment and sensor fusion +calibration to ensure signal accuracy and consistency. After the calibration process is completed, +PCBAs are arranged for storage. The lead time for this step is usually approximately 10 minutes. +BUSINESS +– 143 – + + +--- page 152 --- +3. Sensor optical calibration and firmware programming +Our production lines further perform pre-processing on the PCBAs, including multispectral AI +firmware programming, parameter configuration and dispensing. During firmware programming, each +device is assigned a unique identification code, followed by system boot testing. The lead time for this +step is usually within five minutes. +4. Product configuration and assembly +Following the production of the PCBAs, we commence the assembly and production of the final +products. The lead time for this step is usually within 10 minutes. Upon completion, the products are +cured, which usually takes approximately two hours. Afterwards, the cured products are transferred to +the testing phase. +5. Quality sampling and automated testing +Our products shall undergo automated functional testing process, as well as ex-factory tests, +including sensor response performance, wireless communication stability and power regulation +reliability. Upon passing these tests, the products undergo random quality control sampling inspections +to ensure the compliance with quality standards. The lead time for this step is usually within five +minutes. +6. Product ageing +After passing testing and sampling inspection, the products are placed in the ageing chamber. The +ageing process typically takes eight hours to identify and eliminate potential failures that might not be +detected during product configuration and assembly or initial testing. +7. Packaging and warehousing +We conduct customised packaging of the products according to the specifications of customers +stated in the sales contracts, and finally weigh and arrange the finished goods for warehousing. +Our Production Bases +As at the Latest Practicable Date, our production facilities are located in two key regions in +China, namely Shenzhen and the Longyou Economic Development Zone in Zhejiang Province. Our +SMT automated assembly lines were first installed and put into operation at our Shenzhen production +base in mid-2022. In April 2025, we relocated the SMT automated assembly lines to our Zhejiang +production base. This relocation was driven by the objective of utilising the Zhejiang base’s expanded +floor space and facilities to expand production capacity to meet growing customer demand and to +benefit from lower operational costs, including reduced labour and utility expenses. The Zhejiang base +delivers at least a 20% reduction in operating costs, including rent, labour, and water, as compared with +that of the Shenzhen base. Even after accounting for the additional transportation costs associated with +using our Zhejiang base, it remains a more cost-effective option overall. Moreover, the Zhejiang base +supported our expansion in the Yangtze River Delta region. Since the establishment of our Zhejiang +base, the number of our new customers in the Yangtze River Delta region increased by at least 50% +from FY2024 to FY2025. +BUSINESS +– 144 – + + +--- page 153 --- +As at the Latest Practicable Date, the Zhejiang production base undertakes the full range of +production processes, including SMT automated assembly, sensor optical calibration, firmware +programming, product configuration and assembly, quality sampling, automated testing, product ageing, +packaging, and warehousing. The production department at the Shenzhen production base is also +responsible for developing production plans for implementation at the Zhejiang production base, +facilitating centralised coordination. Meanwhile, the Shenzhen production base focuses on subsequent +production processes post-SMT assembly, including sensor optical calibration, firmware programming, +product configuration, assembly, quality sampling, automated testing, product ageing, packaging, and +warehousing. As a result, the two production bases function as an integrated system, under a unified +production planning model, forming a seamless and orderly chain of operations. From our system +controls, we are able to monitor the rate of production at our Zhejiang production base in real-time +from our Shenzhen production base, and track dispatched goods which are generally due to arrive +within one day, allowing for cross-site visual management. Additionally, the Shenzhen production base +supports R&D activities due to its proximity to our R&D centre, facilitating the rapid integration of +R&D results into mass production and enhancing our innovation efficiency. +This dual-base structure allows us to combine efficient mass delivery capabilities with +technological flexibility and innovation incubation. As our business continues to expand, we plan to +further expand our production capacity in the future for the following reasons: (i) purchase intents for +Multispectral AI Modules, Multispectral AI Perception Terminals and Other AI Vision Modules for +FY2026 received from several of our customers; (ii) an increase in production volume of Multispectral +AI Modules, Multispectral AI Perception Terminals and Other AI Vision Modules for the four months +ended 30 April 2026 as compared to that for the same period in 2025; (iii) favourable industry growth +projections from Frost & Sullivan in the multispectral AI modules and multispectral AI perception +terminals markets, with expected CAGR of 29.7% and 31.5%, from 2025 to 2030, respectively; (iv) +trend of our organic customer base expansion from FY2023 to FY2025, which is expected to continue +in the coming years; and (v) anticipated growth in demand from new application scenarios such as +optoelectronics, food safety and skin diagnostics, at a CAGR of 43.7%, 86.1% and 44.0%, respectively, +from 2025 to 2030 according to Frost & Sullivan. +Shenzhen Production Base +We established our Shenzhen production base since September 2021. The SMT automated +assembly lines were installed and became operational at the Shenzhen production base in mid-2022, and +took over the original mass production tasks from Dongguan production base (see details of our +Dongguan production base below), supporting the mass production of Multispectral AI Modules, +Multispectral AI Perception Terminals, and Other AI Vision Modules. As part of our ongoing +production optimisation and capacity expansion, in April 2025, the SMT automated assembly lines were +relocated to our Zhejiang production base. After the relocation and as at the Latest Practicable Date, the +Shenzhen production base mainly undertakes the subsequent production processes after SMT automated +assembly, including sensor optical calibration and firmware programming, product configuration and +assembly, quality sampling and automated testing, product ageing and packaging and warehousing. In +addition, the Shenzhen production base also undertakes R&D activities as required, as it is located in +close proximity to our Company’s R&D centre. These functions accelerate the introduction of new +products into mass production processes, which allows us to swiftly transit cutting-edge R&D results +into actual products and enhances our innovation efficiency. +As advised by our PRC Legal Advisers, during the Track Record Period and up to the Latest +Practicable Date, the Shenzhen production base has not been subject to any material regulatory or +compliance issues, including litigation, arbitration, or significant penalties, that could, individually or in +the aggregate, have a material adverse effect on our business, financial condition, or results of +operations. +BUSINESS +– 145 – + + +--- page 154 --- +Zhejiang Production Base +We established a production base in Longyou Economic Development Zone, Zhejiang since +September 2024. Since April 2025, the SMT automated assembly lines have relocated to the Zhejiang +production base from the Shenzhen production base. As at the Latest Practicable Date, the Zhejiang +production base performs the full range of production processes, including SMT automated assembly, +sensor optical calibration and firmware programming, product configuration and assembly, quality +sampling and automated testing, product ageing and packaging and warehousing. Since the transfer, this +production base was officially put into production, undertaking the production of Multispectral AI +Modules, Multispectral AI Perception Terminals and/or Other AI Vision Modules. Together with our +Shenzhen production base, the Zhejiang production base supports our coordinated production operations +and is capable of fulfilling the monthly delivery demands of our customers. +Production Capacity and Utilisation +The following table sets forth the details of our leased Shenzhen and Zhejiang production bases +(in aggregate), and their designed production capacity, actual production volume and utilisation rates in +FY2023 and FY2024 and FY2025: +FY2023 FY2024 FY2025 +Products +Designed +Production +Capacity (1) +Actual +Production +Volume(2) +Utilisation +Rate (3) +Designed +Production +Capacity (1) +Actual +Production +Volume(2) +Utilisation +Rate (3) +Designed +Production +Capacity (1) +Actual +Production +Volume(2) +Utilisation +Rate (3) +Multispectral AI Modules ........ — 184,400 — — 591,100 — — 360,276 — +Multispectral AI Perception Terminals .. — 15,437 — — 97,886 — — 45,782 — +Other AI Vision Modules ......... — 11,100 — — 80,700 — — 29,518 — +Total ................... 880,000 210,937 24% 880,000 769,686 87% 880,000 435,576 49% +Notes: +(1) Designed production capacity is calculated based on the hourly production rate of our SMT automated assembly lines +operating 12 hours a day for 300 working days a year for FY2023, FY2024 and FY2025. Starting from April 2025, the +SMT automated assembly process was shifted from the Shenzhen production base to Zhejiang production base, +commencing operations on 8 April 2025. As at the Latest Practicable Date, while the Zhejiang production base handles the +SMT automated assembly process, both the Zhejiang and Shenzhen production bases are responsible for firmware +programming, sensor optical calibration, product configuration and assembly, quality sampling and automated testing, +product ageing, and packaging processes. +(2) Actual production volume refers to actual output for the relevant year. +(3) The utilisation rate is calculated by dividing actual production volume by the designed production capacity in the same +year. In 2024, the utilisation rate of the Shenzhen production base increased significantly to 87%, driven by increased +orders and production demands. +(4) The relatively low utilisation rate for the FY2025 was primarily attributable to a reduction in the production quantity of +our Multispectral AI Modules, Multispectral AI Perception Terminals and Other AI Vision Modules as represented by the +decrease in the sales volume from 587,183 to 364,350, 62,969 to 53,045, and 146,902 to 30,661, respectively, from +FY2024 to FY2025. Such reduction in production quantity was primarily attributable to our strategic reallocation of sales +and operational resources and personnel toward our Multispectral AI Large Model Services. As a result, we did not +prioritise the production of Multispectral AI Modules, Multispectral AI Perception Terminals and Other AI Vision Modules; +whereas our Multispectral AI Large Model Services were principally delivered as pure software solutions or were +integrated with third-party hardware (such as high-performance computing (HPC) servers), and thus have not placed +significant demands on the capacity of our production facilities. +(5) All of our product types (i.e. Multispectral AI Modules, Multispectral AI Perception Terminals and other AI Vision +Modules) are manufactured utilising the same SMT automated assembly lines. As a result, the designed production +capacity is measured by the aggregate output of these lines irrespective of product type, as it is not practicable to calculate +the theoretical production capacity or utilisation rate for each individual product category. +BUSINESS +– 146 – + + +--- page 155 --- +Principal stages of our Multispectral AI Large Model Services +Our Multispectral AI Large Model Services are project-based services delivering a large model +solution with our proprietary “Zhiyuan Origin Large Model” to our customers. In general, a project +begins with the initiation and contract signing stage. It then moves into the execution and delivery +stage, which involves development, deployment and trial operation. Our customers are then asked to +sign off an acceptance report, and we will also issue our final bill to our customers. A project is closed +upon receipt of the final payment from our customers. +The period from project initiation and contract signing to project acceptance varies for each +project due to the complexity or availability of data or range of hardware equipment specifications. In +general, these stages take approximately one month to seven months. The payment collection stage may +require an additional one to three months. The approximate timeframe for each of the principal stages +of rendering our services is set out below. +1SPKFDU*OJUJBUJPOBOE +$POUSBDU4JHOJOH +1SPKFDU&YFDVUJPOBOE%FMJWFSZ + %FWFMPQNFOU +%FQMPZNFOU + +5SJBM0QFSBUJPO +1SPKFDU"DDFQUBODF $VTUPNFS +4JHOT0GGPO"DDFQUBODF +3FQPSU +y3FWFOVFJT +SFDPHOJTFEBUUIJTQPJOU +*OWPJDF*TTVBODF +'VMM1BZNFOU3FDFJWFE +approx. +3 days to 1 month +approx. +1 month to 3 months +approx. +1 day to 3 months +approx. +1 month to 3 months* +* Based on the credit period normally granted to our customers specified in contracts +MARKETING, SALES AND CUSTOMERS +Sales and Marketing +During the Track Record Period, our products and services were sold through direct sales. As at +the Latest Practicable Date, we have a sales team based in the PRC, dedicated to managing our sales to +different customers pursuant to geographical locations of these customers. +Our Customers +During the Track Record Period, our customers for our products and services primarily comprise +the following categories, each leveraging our Multispectral AI Modules, Multispectral AI Perception +Terminals, and Multispectral AI Large Model Services to enhance safety and operational efficiency: + System integrators : These customers integrated our products and services into their +offerings to enterprise-level users. They focus on hardware-centric operations and the +development of customised, scenario-specific safety solutions, integrating our Multispectral +AI Modules to manufacture complete devices, or utilising our Multispectral AI Modules, +Multispectral AI Perception Terminals, and Multispectral AI Large Model Services to +enhance the development of their hardware and software, delivering tailored systems for +targeted sectors such as education, manufacturing, or smart cities. Their expertise lies in +hardware engineering, system integration, and project-specific enhancements, with minimal +reliance on significant software customisation for hardware-focused integrations or emphasis +on software-driven designs for solution-oriented projects. The downstream customers of +system integrators are enterprise-level users, including large enterprises or government +entities; and +BUSINESS +– 147 – + + +--- page 156 --- + Enterprise-level users : These customers used our products and services directly. They are +the ultimate end-users who deploy our products and services directly within their operations. +Spanning industries such as energy, infrastructure, and government services, many of these +customers undertake high-impact projects requiring advanced safety and efficiency solutions. +They leverage our Multispectral AI Perception Terminals and Multispectral AI Large Model +Services for applications including internal safety monitoring, risk prevention, and predictive +analytics. +Our Group employs a systematic and multi-faceted approach to acquire potential customers +(including system integrators and enterprise-level users). + Industry Exhibitions and Professional Conferences: Our Group actively participates in +key domestic and international industry exhibitions and technical forums, where we can +showcase product capabilities, share technological insights and present case studies. Such a +platform serves as a primary channel for direct engagement with high-potential prospects, +enabling us to gather industry intelligence while generating qualified leads. Our approach +involves targeted pre-event invitations and post-event follow-ups to maximise the conversion +of business opportunities. + Digital Marketing and Content Dissemination: We utilise a combination of content +marketing, and targeted social media engagement to attract potential customers. By +consistently publishing expert knowledge and representative application cases of +multispectral AI technology on our corporate website, professional platforms, and within +industry communities, we establish thought leadership and build trust with our target +customers, thereby cultivating a pipeline of sales leads. + Industry Client Development: We establish strategic partnerships with system integrator +clients specialising in specific vertical industries such as energy, power, IDC and emergency +management. Through joint bidding, we provide core AI technologies and product solutions, +whilst such system integrators leverage their industry expertise, project experience and +resources to expand into niche markets for the benefit of both sides. +To the best knowledge of our Directors, contingent upon the essence of our customers’ needs and +the scenario-specific deliverables, certain enterprise-level users would engage system integrators when +selecting suppliers or service providers. Such system integrators would then procure hardware and/or +software solutions from companies like us, and implement software plus hardware solutions for end +users with uniform standards. System integrators usually provide various types of assistance in project +implementation, such as selecting suppliers, integrating the products of different suppliers and +managing the implementation. According to Frost & Sullivan, it is an industry norm for enterprise-level +users to engage system integrators to implement their projects. +BUSINESS +– 148 – + + +--- page 157 --- +The following table sets forth a breakdown of our revenues by customer type to the best +knowledge of our Directors: +FY2023 FY2024 FY2025 +RMB’000 % RMB’000 % RMB’000 % +System Integrators +Multispectral AI Modules ........ 98,158 83.9 298,074 57.0 208,232 31.2 +Multispectral AI Perception Terminals . 12,521 10.6 60,459 11.6 92,002 13.8 +Multispectral AI Large Model Services . — — 101,471 19.5 310,258 46.4 +Other AI Vision Modules ......... 5,141 4.4 47,064 9.0 10,230 1.5 +Others ................... 201 0.2 1,235 0.2 1,208 0.2 +116,021 99.1 508,303 97.3 621,930 93.1 +Enterprise-level Users +Multispectral AI Modules ........ 963 0.8 1,154 0.2 812 0.1 +Multispectral AI Perception Terminals . 65 0.1 770 0.1 636 0.1 +Multispectral AI Large Model Services . — — 12,320 2.4 45,106 6.7 +Other AI Vision Modules ......... 9 0.0 16 0.0 28 0.0 +Others ................... 5 0.0 5 0.0 7 0.0 +1,042 0.9 14,265 2.7 46,589 6.9 +Total ..................... 117,063 100.0 522,568 100.0 668,519 100.0 +The following table sets forth a breakdown of our revenues by product and customer sector: +FY2023 FY2024 FY2025 +RMB’000 % RMB’000 % RMB’000 % +Multispectral AI +Multispectral AI Modules +— Private sector ............. 98,979 84.6 262,162 50.2 193,991 29.0 +— Public sector .............. 142 0.1 37,066 7.1 15,053 2.3 +99,121 84.7 299,228 57.3 209,044 31.3 +Multispectral AI Perception Terminals +— Private sector ............. 12,094 10.3 53,544 10.2 92,201 13.8 +— Public sector .............. 491 0.4 7,685 1.5 437 0.1 +12,585 10.7 61,229 11.7 92,638 13.9 +Multispectral AI Large Model Services +— Private sector ............. — — 71,575 13.7 306,352 45.8 +— Public sector .............. — — 42,216 8.1 49,012 7.3 +— — 113,791 21.8 355,364 53.1 +Others +Other AI Vision Modules +— Private sector ............. 5,149 4.3 47,012 8.9 10,252 1.4 +— Public sector .............. 1 0.1 68 0.1 6 0.1 +5,150 4.4 47,080 9.0 10,258 1.5 +Others +— Private sector ............. 207 0.2 1,240 0.2 1,215 0.2 +117,063 100.0 522,568 100.0 668,519 100.0 +During the Track Record Period, our revenue from the five largest customers in each year +accounted for 38.3%, 59.0% and 46.8% of our total revenue during the same years, respectively. We +maintained stable business relationships with our five largest customers in each year. +BUSINESS +– 149 – + + +--- page 158 --- +The table below sets forth the details of our five largest customers for each year during the Track +Record Period: +Customer Customer type (3) Background Registered capitals (4) Revenue +% of total +revenue +Principal +place of +business (4) Credit terms +Y ear of +commencement +of business +relationship +Main products and services +purchased from us +(RMB’000) (%) +FY2023 +Customer A (1) . System +integrators +A private company established in 2010, +primarily engaged in the development +and sale of electronic products and +other domestic trade. +RMB500,000 23,002 19.6 Shenzhen, +PRC +payment in +advance +2017 Multispectral AI Modules, +Multispectral AI +Perception Terminals, +Other AI Vision Modules +Customer B +(2) . System +integrators +A private company established in 2012, +primarily engaged in the software and +information technology services +industry, with business scope including +computer-related technology +development, computer and +accessories. +RMB10.1 million 9,535 8.1 Shanghai, +PRC +payment in +advance or +120 days +2016 Multispectral AI Modules, +Multispectral AI +Perception Terminals +Customer C .. System +integrators +A private company established in 2016, +primarily engaged in the development +and sale of computer software and +hardware, and the provision of +technical services, computer system +integration, data processing and storage +services. +RMB1.0 million 4,348 3.7 Chengdu, +PRC +120 days 2020 Multispectral AI Modules, +Multispectral AI +Perception Terminals, +Other AI Vision Modules +Customer D .. System +integrators +A company established in 2008, serving +as a subsidiary of a company listed on +the Hong Kong Stock Exchange and +the New York Stock Exchange, +primarily engaged in the sale of +intelligent robots and industrial +automatic control system equipment, as +well as in the software and information +technology services sector. +RMB1.0 billion 4,064 3.5 Hangzhou, +PRC +10 working +days +2021 Multispectral AI Modules, +Other AI Vision Modules +Customer E .. System +integrators +A private company established in 2011, +primarily engaged in the development +and sale of software, internet data +services, big data services, information +system integration services, and +information system operation and +maintenance services. +RMB10 million 3,939 3.4 Hefei, PRC payment in +advance +2022 Multispectral AI Modules +Total .... 44,888 38.3 +BUSINESS +– 150 – + + +--- page 159 --- +Customer Customer type (3) Background Registered capitals (4) Revenue +% of total +revenue +Principal +place of +business (4) Credit terms +Y ear of +commencement +of business +relationship +Main products and services +purchased from us +(RMB’000) (%) +FY2024 +Customer F .. System +integrators +A group of companies, primarily engaged +in the research and development, +production, and sale of communication +electronics and related products. +RMB50.0 million 185,659 35.5 Shiyan, +PRC +90 working +days +2024 Multispectral AI Modules, +Multispectral AI +Perception Terminals, +Other AI Vision Modules +Customer G .. System +integrators +A group of companies, being subsidiaries +of a company listed on the Hong Kong +Stock Exchange, primarily engaged in +the provision of telecommunications +services. +RMB254.1 billion 42,004 8.0 Beijing, +PRC +14 days to 35 +working +days +2022 Multispectral AI Modules, +Multispectral AI +Perception Terminals, +Multispectral AI Large +Model Services, Other AI +Vision Modules +Customer H .. System +integrators +A public company listed on the Shenzhen +Stock Exchange, established in 1999, +primarily engaged in optical +communication, 5G infrastructure and +related integrated services. +RMB900.3 million 29,896 5.7 Hong Kong 15 days 2023 Multispectral AI Large +Model Services +Customer I .. System +integrators +A public company listed on the Shanghai +Stock Exchange, established in 2014, +primarily engaged in the business of +algorithms, chips and big data in the +field of artificial intelligence. +RMB355.1 million 27,989 5.4 Shenzhen, +PRC +15 working +days +2022 Multispectral AI Modules +Customer J .. System +integrators +A group of companies, primarily engaged +in the provision of software-focused +intelligent driving solutions. +RMB20.4 million 23,009 4.4 Suzhou, +PRC +30 working +days +2024 Multispectral AI Large +Model Services +Total .... 308,557 59.0 +BUSINESS +– 151 – + + +--- page 160 --- +Customer Customer type (3) Background Registered capitals (4) Revenue +% of total +revenue +Principal +place of +business (4) Credit terms +Y ear of +commencement +of business +relationship +Main products and services +purchased from us +(RMB’000) (%) +FY2025 +Customer K .. System +integrators +A private company established in 2015, +primarily engaged in AIoT (Artificial +Intelligence of Things) solutions for +industrial, urban, and living +applications. +RMB3.7 billion 94,000 14.1 Beijing, +PRC +payment in +advance or +7 working +days +2025 Multispectral AI Large +Model Services +Customer F .. System +integrators +A group of companies, primarily engaged +in the research and development, +production, and sale of communication +electronics and related products. +RMB50.0 million 71,777 10.7 Shiyan, +PRC +90 working +days +2024 Multispectral AI Modules +Customer J .. System +integrators, +A group of companies, primarily engaged +in the provision of software-focused +intelligent driving solutions. +RMB20.4 million 65,765 9.8 Suzhou, +PRC +180 working +days +2024 Multispectral AI Large +Model Services +Customer L .. System +integrators, +A group of companies, primarily engaged +in internet-related services, software +development, data processing, and the +manufacturing of electronic and +communication equipment. +RMB132.8 million 44,005 6.6 Xiamen, +PRC +30 days 2024 Multispectral AI Large +Model Services +Customer M .. System +integrators +A private company established in 2017, +primarily engaged in smart +manufacturing and industrial big data +solutions. +RMB22.4 million 37,403 5.6 Shenzhen, +PRC +payment in +advance or +180 +working +days +2025 Multispectral AI Perception +Terminals +Total .... 312,950 46.8 +Notes: +(1) Customer A is a subsidiary wholly and directly held by Beward (one of our Shareholders during the Track Record Period). +(2) Based on our Directors’ knowledge, Ms. Tan Qiongli ( ሔᖘ஁), the executive director and legal representative of Customer +B, was a former limited partner of Zhongcheng Tianying LP, one of the Controlling Shareholders. As at the Latest +Practicable Date, Ms. Tan Qiongli no longer holds any interest in Zhongcheng Tianying LP. +(3) To the best knowledge of our Directors, system integrators would procure our Multispectral AI Modules, Multispectral AI +Perception Terminals, Multispectral AI Large Model Services, and Other AI Vision Modules from us and integrate into its +services and/or products offerings to its downstream customers. For details, please refer to “Marketing, Sales and +Customers — Our Customers” in this section of this prospectus. +(4) Based on publicly available information and/or to the best knowledge of our Directors. +During the Track Record Period, our top five customers contributed 38.3%, 59.0%, and 46.8% of +our total revenue in FY2023, FY2024 and FY2025, respectively. Among these, Customer F was a key +revenue contributor, accounting for 35.5% of total revenue in FY2024 and 10.7% in FY2025, as well as +Customer K, accounting for 14.1% of total revenue in FY2025. While Customer F and Customer K +represent a relatively significant portion of our revenue in FY2024 and FY2025, respectively, our +Directors believe the concentration risk associated with these customers is mitigated by our active +diversification of our customer portfolio. This includes pursuing direct relationships with +enterprise-level users in industries such as smart city infrastructure and industrial automation, and +expanding engagements with system integrators and enterprise-level users, thereby reducing reliance on +BUSINESS +– 152 – + + +--- page 161 --- +any single customer. As at the Latest Practicable Date, there have been no disputes or indications of +material changes in our relationship with Customer F or Customer K, and our Directors expect these +relationships to remain stable, supported by our tailored offerings and consistent delivery performance. +Customer A, as one of our five largest customers in FY2023, was established in the PRC on 29 +October 2010 and was directly wholly-owned by Beward (one of our shareholders during the Track +Record Period) since 11 January 2021. Transactions between our Group and Customer A during the +Track Record Period were conducted on an arm’s length basis, with terms consistent with those offered +to our independent third-party customers, as confirmed by our Directors. +Except for Customer A, to the best of our Director’s knowledge, all of our five largest customers +in each year during the Track Record Period are independent third parties, and none of our Directors, +related persons of our Directors, or Shareholders holding more than 5% of the issued shares of our +Company had any interest in any of the top five customers of our Company. Additionally, there were no +material disputes between us and our customers during the aforementioned period. +Terms of Sales Contracts +We generally enter into individual sales contracts with our customers. The terms of our sales +contracts are generally consistent, save for variations in product specifications and order quantities to +address particular customer needs. The salient terms and conditions of our sales contracts are set out +below: +Product specification Product types or the requested technical solutions are specified +depending on the products or services to be sold. +Order quantity The quantity of products to be ordered is specified. +Pricing For more details of pricing, see “— Marketing, Sales and +Customers — Pricing Policy” in this section. +Payment settlement and shipment Payment terms and shipment arrangements are determined +based on the specific requirements of each contract. Customers +generally make payments in advance or within 10 to 120 days +from the invoice date by way of wire transfer, depending on +the agreed credit terms. +Logistics We are generally responsible for arranging the delivery of our +products to locations mutually agreed upon with our direct +sales customers. +Acceptance Customers may raise objections regarding the quantity or +quality of the products within the specified acceptance period. +Failure to raise objections within this period shall be deemed +acceptance of the products as satisfactory. +Pricing Policy +Our Group employs a cost-based pricing approach tailored to the specific requirements of +customers and the characteristics of our products and services. This approach ensures competitiveness, +alignment with market trends, and sustainable profitability. Pricing is determined, among others, by the +following key factors: + Multispectral AI Modules : pricing is based on the quantity and type of modules ordered; +BUSINESS +– 153 – + + +--- page 162 --- + Multispectral AI Perception Terminals : pricing reflects the complexity of terminal types, +accounting for tailored configurations or integration efforts; and + Multispectral AI Large Model Services : pricing depends on the complexity of application +scenarios and the extent of customisation or model tuning required. +Pricing incorporates costs for raw materials, components, and equipment, as well as expenses +related to integration into customer-specific environments. For customised solutions, pricing accounts +for the estimated effort required by our Group’s research and development team. To ensure +competitiveness, our Group conducts market research to benchmark pricing against comparable +products and services, reflecting the technological sophistication of its offerings. +During the Track Record Period, pricing policies were applied consistently across customer +categories and product types, with variations driven by product specifications, order quantities, and +customisation requirements. Pricing is negotiated case-by-case, using historical profit margins as a +benchmark. In order to explore new opportunities and to achieve economies of scale, from time to time +we offer new customer discount and volume-based discount to our new customers and customers with +sizeable orders, respectively. These customers are generally considered our strategic partners with +whom we aim to build long-term relationships. Our Directors are of the view that our competitors adopt +similar policies. This is in line with our strategy to ensure our competitiveness and will promote +business and profit sustainability by gaining new customers. To mitigate raw material cost fluctuations, +our Group monitors market trends and includes price adjustment clauses in certain supply agreements, +ensuring stable profit margins while maintaining fairness and consistency in pricing practices. +Marketing +We seek to identify and expand the applications of our core multispectral AI products and services +by maintaining and strengthening relationships with our existing and potential customers. To this end, +we implement a range of marketing initiatives including, among others, industry exhibitions, digital +marketing and content dissemination. We engage with our community through a diverse array of +content, with the aim of fostering interactive discussions with our customers. As at 31 December 2025, +our sales and marketing team consisted of around 54 members with relevant industry expertise, who are +primarily responsible for marketing and research, brand promotion, and marketing campaign execution. +Our customer strategy extends beyond initial acquisition and also focuses on maintaining and +strengthening long-term relationships with existing customers. Our sales and marketing team engages in +regular online and offline communication to cultivate customer loyalty and encourage satisfied +customers to provide referrals, leveraging our established client network to generate new business +opportunities. This positive feedback loop facilitates the ongoing expansion of our customer base. +Customer Services +We have a dedicated customer service team responsible for responding promptly to customer +inquiries, which underscores our commitment to stringent product quality control and helps build +greater customer recognition of and trust in our products. Our customer services include: + Installation guidance and technical delivery support: we provide deployment manuals, +technical training and on-site or remote debugging support to facilitate the smooth delivery +and implementation of our hardware and platform systems. +BUSINESS +– 154 – + + +--- page 163 --- + Warranty services: all of our hardware products are covered by a standard warranty policy, +which generally lasts for one year from the date of delivery. We offer parts replacement and +repair services in accordance with the relevant contract terms and technical service +specifications. +During the Track Record Period and up to the Latest Practicable Date, we did not encounter any +material incidents related to product recalls, exchanges or liability claims that had a significant adverse +impact on our business, financial condition or results of operations. +RA W MATERIALS, COMPONENTS AND SUPPLIERS +Raw Materials and Components +During FY2023, FY2024 and FY2025, our direct material costs were RMB72.0 million, +RMB382.2 million and RMB477.2 million, respectively, amounted to 69.9%, 90.1% and 91.9% of the +cost of sales during the same periods. +The key raw materials and components for our products and services include microprocessors, +CMOS image sensors, printed circuit boards (PCBs), power management modules, optical elements, +precision mechanical parts, and software services and carriers. These components enable advanced +image processing and AI-driven analytics for applications in urban safety and energy. +We procure software services and carriers to support our products and services which require +advanced AI analytics and cloud-based processing. Software services and carriers refer to platform +software licences that support the operation and integration of our Multispectral AI Modules, +Multispectral AI Perception Terminals, and Multispectral AI Large Model Services. Software services +include proprietary algorithms, cloud-based computing platforms, and data processing tools essential for +enabling AI-driven analytics in our products. The carriers procured by our Group are hardware +components, such as servers, that serve as foundational platforms for embedding our AI vision modules +and ensuring their functionality across diverse applications, including urban safety and energy. +Our Suppliers +We have established stable relationships with suppliers including but not limited to domestic +semiconductor component manufacturers, optical and sensor manufacturers, printed circuit board +manufacturers, and outsourced assembly and testing service providers. We became acquainted with our +suppliers through a combination of industry referrals, participation in trade exhibitions and conferences +focused on optoelectronics, and targeted outreach based on market research into suppliers capable of +meeting our technical specifications. This process ensures alignment with our operational needs and +supply chain requirements. These relationships ensure product quality, supply chain continuity and +delivery efficiency, covering all types of our hardware product lines. +Our supplier selection process includes technical review, price negotiation, delivery capability +assessment and ongoing quality control mechanisms. We have established a supplier admission and +evaluation mechanism, involving the review of business licences, ISO certifications, and compliance +documents. Prior to formal collaboration, all suppliers are required to sign a quality assurance +agreement, clarifying the intellectual property ownership, data security and confidentiality clauses. +During the Track Record Period and up to the Latest Practicable Date, we have not experienced any +significant supply chain disruptions. +During the Track Record Period, our purchases from the top five suppliers in each year accounted +for 54.2%, 66.4% and 62.2% of our total purchases during the same years, respectively. We maintained +stable business relationships with our top five suppliers in each year. For details related thereto, see +BUSINESS +– 155 – + + +--- page 164 --- +“Risk Factors — Risks Relating to Our Industry and Business — Our operations may be affected by +concentrating on a few key suppliers. Should there be any loss of key suppliers or disruption in their +supply, our business and results of operations could be materially and adversely affected” in this +prospectus. +The table below sets forth the details of our five largest suppliers for each year during the Track +Record Period: +Supplier Background (1) Registered capitals (1) +Procurement +amount +% of total +purchases +Principal place of +business (1) Credit period +Y ear of +commencement of +business +relationship Types of our procurement +(RMB’000) (%) +FY2023 +Supplier A .. A private company established in 2022, +primarily engaged in the sales of +electronic products, retail of computer +hardware and software and auxiliary +equipment, and sale of communication +devices. +RMB4.0 million 18,799 18.6 Xinyi, PRC 15 working days 2023 Software services and carriers +Supplier B .. A private company established in 2017, +primarily engaged in the development +of computers, software and auxiliary +equipment, communication devices, +and software, and the production of +electronic components. +RMB1.0 million 15,582 15.4 Shenzhen, PRC 15 working days 2023 Software services and carriers +Supplier C .. A private company established in 2016, +primarily engaged in the technical +development and sales of electronic +components, integrated circuits, +photoelectric products. +RMB10.0 million 8,120 8.1 Shenzhen, PRC payment in +advance +2021 Lease payment and utility fees +for production base +Supplier D .. A private company established in 2008, +primarily engaged in the wholesale of +computer hardware and software and +auxiliary equipment, and sales of +artificial intelligence hardware. +RMB5.0 million 7,954 7.9 Shenzhen, PRC payment in +advance or 60 +days +2017 Sensors and processing units, +electronic components, +structural parts, packaging +materials and ancillary +materials, software services +and carriers +Supplier E .. A private company established in 2000, +which is a comprehensive IT solutions +provider and financial intelligent +equipment R&D and manufacturing +enterprise, specialising in high-tech +research and development, application +and services in the field of +information technology. +RMB26.8 million 4,197 4.2 Shenzhen, PRC 30 days 2023 Structural parts, packaging +materials and ancillary +materials +Total ..... 54,652 54.2 +BUSINESS +– 156 – + + +--- page 165 --- +Supplier Background (1) Registered capitals (1) +Procurement +amount +% of total +purchases +Principal place of +business (1) Credit period +Y ear of +commencement of +business +relationship Types of our procurement +(RMB’000) (%) +FY2024 +Supplier F .. A company established in 2003, serving +as a subsidiary of a company listed on +the Hong Kong Stock Exchange, +primarily engaged in the technical +development of communication +electronic products. +RMB100.0 million 152,386 39.9 Shenzhen, PRC 90 working days 2024 Sensors and processing units +Supplier G .. A private company established in 2023, +primarily engaged in the design, +tape-out, packaging, testing and +chip-mounting of domestic storage +control chips. +RMB5.0 million 37,486 9.8 Shenzhen, PRC 180 working days 2024 Electronic components +Supplier H .. A group of companies, primarily +engaged in the four major +informatisation sectors and industries, +namely financial special printing +equipment, internet of things, medical +informatisation and IT outsourcing +services. +RMB92.0 million 28,496 7.5 Shenzhen, PRC payment in +advance or 30 to +60 working days +2024 Software services and carriers +Supplier I ... A private company established in 2019, +primarily engaged in the software and +information technology services. +RMB1.0 million 18,172 4.8 Shenzhen, PRC 15 days 2024 Software services and carriers +Supplier J ... A private company established in 2012, +primarily engaged in the integrated +communication network optimisation, +communication equipment and line +construction and maintenance. +RMB20.0 million 16,966 4.4 Shenzhen, PRC 15 days 2024 Software services and carriers +Total ..... 253,506 66.4 +BUSINESS +– 157 – + + +--- page 166 --- +Supplier Background (1) Registered capitals (1) +Procurement +amount +% of total +purchases +Principal place of +business (1) Credit period +Y ear of +commencement of +business +relationship Types of our procurement +(RMB’000) (%) +FY2025 +Supplier K .. A private company established in 2014, +primarily engaged in the technical +development, sales, and import/export +of software and electronic products. +RMB10.0 million 100,457 18.5 Shenzhen, PRC 7 to 30 days 2025 Software services and carriers, +and GPU servers +Supplier L .. A company established in 2018, serving +as a subsidiary of a company listed on +the Shenzhen Stock Exchange, +primarily engaged in data services, +software development, and the sales of +construction materials and electronic +products. +RMB50.0 million 76,779 14.2 Shenzhen, PRC 7 days 2025 Software services and carriers +Supplier F .. A company established in 2003, serving +as a subsidiary of a company listed on +the Hong Kong Stock Exchange, +primarily engaged in the technical +development of communication +electronic products. +RMB100.0 million 68,094 12.6 Shenzhen, PRC 90 working days 2024 Sensors and processing units +Supplier D ... A private company established in 2008, +primarily engaged in the wholesale of +computer hardware and software and +auxiliary equipment, and sales of +artificial intelligence hardware. +RMB5.0 million 47,129 8.7 Shenzhen, PRC payment in +advance or 60 +days +2017 Sensors and processing units, +electronic components, +structural parts, packaging +materials and ancillary +materials, software services +and carriers +Supplier M .. A company established in 2022, +primarily engaged in the +manufacturing and sales of display +devices, electronic components, and +smart wearable equipment. +RMB125.5 million 44,211 8.2 Zhejiang, PRC 90 working days 2025 Integrated circuits +Total ..... 336,670 62.2 +Note: +(1) Based on publicly available information and/or to the best knowledge of our Directors. +The significant change in the composition of our top suppliers during the Track Record Period, +was primarily attributable to a shift in the composition of our customer base, particularly a surge in +demand from our clients, including Customer F, for our Multispectral AI Modules and Multispectral AI +Perception Terminals. This necessitated the procurement of additional components, prompting our +Group to engage new suppliers to better align with these evolving requirements. Prior to initiating these +new business relationships with the suppliers, our Group conducted comprehensive due diligence on +each prospective supplier, including thorough background investigations to assess their operational +integrity, financial stability, and compliance with relevant industry standards. Additionally, we +evaluated prototype samples to verify their quality, reliability, and compatibility with our production +processes. These measures ensured that the subsequent significant purchases from each of the top five +suppliers meet our stringent specifications and delivery timelines. Payment terms and shipment +arrangements are determined based on the specific requirements of each contract. We generally make +payments by way of wire transfer, depending on the agreed credit terms. +BUSINESS +– 158 – + + +--- page 167 --- +During the Track Record Period and as of the Latest Practicable Date, none of our Directors, their +respective associates, or any shareholder who, to the knowledge of our Directors, owns more than 5% +of the issued shares of our Company had any interests in the top five suppliers of our Company. Our +Directors confirm that, there is no past or present relationship between our suppliers and our Company +or our subsidiaries, our respective shareholders, directors, senior management or any of their respective +associates, other than being a supplier of our Group. As at the Latest Practicable Date, we had not been +involved in any material disputes with any suppliers. +Impact of U.S. Export Restrictions and Sanctions +In relation to the export restrictions, tariffs and tax policies imposed by the U.S. government +against U.S. technology, software, equipment and origin commodities, and US-based chip manufacturers +for the chip sales to China, our Directors confirm that, to their knowledge, there is no material actual or +potential impact, including any second-order effects, on our Group’s operations, financial performance, +sales order volume, sales pricing, consumer demand, order cancellations and renegotiations, or access to +products and procurement costs for the following reasons: (i) our supply chain predominantly relies on +suppliers based in the PRC, which are not subject to U.S. tax policies, thereby ensuring stable access to +critical components and consistent procurement costs; (ii) during the Track Record Period, we provided +Multispectral AI Modules to a limited number of customers in the United States for testing, which were +not intended for commercial sale; and (iii) the chips required for our Multispectral AI Modules and +related products are specialised components tailored for image processing and AI analytics, which are +mainly sourced from PRC suppliers that meet our technical and cost requirements, insulating us from +disruptions caused by U.S.-based chip manufacturers. +U.S. Export Restrictions +The United States has expanded export control restrictions on China through the EAR, which is +administered by the BIS, including the U.S. imposed controls and restrictions on limiting the PRC from +accessing U.S. technology in advanced computing, semiconductors and related items used in the +manufacturing of semiconductors. We purchase certain U.S.-origin chips that are incorporated into our +Multispectral AI Perception Terminals and Other AI Vision Modules. The unit cost of such chips +accounts for approximately 1% to 24% of the sales value of our products. As advised by our U.S. Legal +Advisers, and based on confirmations from our suppliers, we understand that the aforementioned chips +are classified as EAR99, which generally consist of low-level technology, consumer goods and other +items that are not subject to licence requirements in most export, re-export, or in-country transfer +scenarios. Accordingly, our procurement and use of such EAR99-classified chips are generally not +subject to restrictions under the EAR. The training of our Multispectral AI Large Model Services is +supported by computing services provided by two universities located within the PRC. The servers +operated by such universities are understood to incorporate certain U.S.-origin integrated circuits. +However, as advised by our U.S. Legal Advisers, our engagement is limited to the procurement of cloud +computing services, which are not generally subject to the EAR. Furthermore, our products (i) are not +of U.S. origin; (ii) are not in the U.S. or moving in transit through the U.S; and (iii) are subject to +neither the de minimis rule nor any foreign direct product rules under the EAR. +In addition to country-based restrictions, BIS maintains lists of persons that are subject to +enhanced export control restrictions, one such list, being the Entity List (set forth in Supplement No.4 +to Part 744 of the EAR). The restrictions applicable to Entity List parties include licensing +requirements for exports, reexports, or transfers of items on lists of controlled items maintained by the +U.S. government, which in most cases prevents these named entities from receiving essentially any item +subject to U.S. export controls. Five of our customers have been designated on the U.S. Entity List. +Among such five customers, three customers are identified within the Entity List Footnote 4 under 15 +BUSINESS +– 159 – + + +--- page 168 --- +C.F.R. §734.9(e)(2) (the Entity List Foreign Direct Product Rule). One of these five customers is +Customer I, which was ranked among our top five customers for FY2024. However, the items that we +sold to these customers do not involve the transfer, export or reexport of items subject to the EAR. +Therefore, as advised by our U.S. Legal Advisers, (i) we have not engaged in any unauthorised +procurement of items subject to the EAR; and (ii) our products are generally not subject to the EAR. +Furthermore, our business activities, including the sale of our products and the provision of related +services, have not been subject to U.S. export control laws and regulations during the Track Record +Period. +U.S. Sanctions +In addition to the United States export control restrictions, the United States have, through +executive orders, legislation or other governmental means, implemented measures that impose economic +sanctions against certain countries or regions, targeted industry sectors, companies and persons. Most +notably, these include U.S. economic sanctions as implemented by the OFAC. During the Track Record +Period, our Group has had no business operations in a country sanctioned by the United States and was +not included in any U.S. economics sanction list. Furthermore, two of our customers are included on +the U.S. Department of the Treasury’s Non-SDN Chinese Military-Industrial Complex Companies List +(“NS-CMIC List ”), which imposes restrictions on U.S. persons with respect to transactions involving +publicly traded securities of such designated entities. However, as advised by our U.S. Legal Advisers, +such restrictions are not applicable to our Group because our transactions with such designated entities +do not involve any trading in publicly traded securities and our Company is not a U.S. person. In +addition, four of our customers are included on the Chinese military companies (“ CMC”) List +maintained by the U.S. Department of War pursuant to Section 1260H of the National Defence +Authorisation Act. CMC-listed entities are subject to limitations on contracting with the U.S. +Department of War. As advised by our U.S. Legal Advisers, our Group has no nexus with the U.S. +Department of War. Accordingly, the restrictions associated with the CMC List are not applicable to our +transactions with such customers. Save for as mentioned above, no other customers of our Group were +subject to any U.S. trade restriction lists. In view of the foregoing, U.S. sanctions are not reasonably +expected to have a material adverse impact on the Group’s operations. Moreover, as advised by our +U.S. Legal Advisers, our expansion of customers into North America does not give rise to any risks +under the U.S. economic sanctions regulations. +Having considered the view of our U.S. Legal Advisers, our Directors are of the view, and the +Joint Sponsors concur, that our Group’s business activities had complied with U.S. laws and regulations +on export control. For further details of the EAR, please see the section headed “Regulatory overview +— U.S. Law and Regulations” of this prospectus. As a result of these factors, the U.S. export +restrictions and tariffs have had no material actual or potential adverse impact on our operations, +financial performance, and procurement processes. +U.S. Outbound Investment Regulations +In relation to the Outbound Investment Rule addressing U.S. investments in certain national +security technologies and products in countries of concern, as set out in the section headed “Regulatory +overview — U.S. Law and Regulations” of this prospectus, our Group was not engaged in any “covered +activities” falling within the definition of “prohibited transaction”. However, the application of our AI +systems in urban fire monitoring scenarios may potentially fall within the scope of a “covered activity” +that falls within the definition of a “notifiable transaction” under the Outbound Investment Rule as the +U.S. Department of the Treasury emphasises that a U.S. person’s acquisition of equity that is not yet +publicly traded for the purposes of facilitating an initial public offering would not fall under the +publicly traded securities exception and could be a “covered transaction”. Therefore, as advised by our +U.S. Legal Advisers, U.S. persons who have acquired our Offer Shares that are not yet publicly traded +BUSINESS +– 160 – + + +--- page 169 --- +for the purposes of facilitating the Global Offering are obligated to conduct a “reasonable and diligent +inquiry” in assessing whether it is subject to any compliance and/or notification obligations in +connection with the Outbound Investment Rule. Following the completion of the Global Offering, it is +expected that U.S. persons will be able to invest in our H Shares traded on a public securities exchange +without the notification obligations based on the publicly traded securities exception under the +Outbound Investment Rule as long as the investment made does not afford a U.S. person certain rights +that are not standard minority shareholder protections. Furthermore, an investment by a U.S. person in +publicly traded securities is excepted by the Outbound Investment Rule (such as subscribing for our H +Shares in the Global Offering and the trading of our H Shares on the Stock Exchange following the +completion of the Global Offering), regardless of whether it is an investment in a person of a country +of concern, or whether the underlying activities undertaken are covered activities. Accordingly, U.S. +persons are permitted to subscribe for our H Shares in the Global Offering and to trade our H Shares on +the Stock Exchange following the completion of the Global Offering. As such, our U.S. Legal Advisers +and, having considered the advice of our U.S. Legal Advisers, our Directors are of the view that the +Outbound Investment Rule will not have material adverse actual or potential impact on our operations, +financial performance, the Global Offering, our listing plan or our investment prospects. +Overlapping of Customers and Suppliers +During the Track Record Period, certain entities acted as both customers and suppliers to our +Group. These relationships, driven by strategic partnerships with technically capable entities and the +need for complementary products like software and network services, streamline our supply chain and +foster stable cooperation. +Customer B was one of our five largest customers in FY2023. During the Track Record Period, +revenue generated from Customer B in each year amounted to approximately RMB9.5 million, RMB6.5 +million and RMB5.6 million, respectively, representing 8.1%, 1.2% and 0.8% of our total revenue for +the same years, respectively; procurement amount from Customer B in each year amounted to nil, +approximately RMB28,000 and RMB2,000, respectively, representing nil, less than 0.1% and less than +0.1% of our total purchases for the same years, respectively. During the Track Record Period, our sales +to Customer B were primarily in relation to the Multispectral AI Modules, Multispectral AI Perception +Terminals and Other AI Vision Modules that we provided for it. During the Track Record Period, we +primarily purchased software services and carriers from Customer B to support our multispectral AI +technology development and production processes. In addition, in each year during the Track Record +Period, our gross profit of this supplier-customer amounted to approximately RMB133,000, +RMB535,000 and RMB887,000 in FY2023, FY2024 and FY2025, respectively. +Customer C was one of our five largest customers in FY2023. During the Track Record Period, +revenue generated from Customer C in each year amounted to approximately RMB4.3 million, RMB2.9 +million and RMB6.2 million, respectively, representing 3.7%, 0.6% and 0.9% of our total revenue for +the same years, respectively; procurement amount from Customer C in each year amounted to +approximately RMB181,000, RMB88,000 and RMB80,000, respectively, representing approximately +0.2%, less than 0.1% and less than 0.1% of our total purchases for the same years, respectively. During +the Track Record Period, our sales to Customer C were primarily in relation to the Multispectral AI +Modules, Multispectral AI Perception Terminals and Other AI Vision Modules that we provided for it. +During the Track Record Period, we primarily purchased software services and carriers from Customer +C to support our multispectral AI technology development and production processes. In addition, in +each year during the Track Record Period, our gross profit of this supplier-customer amounted to +approximately RMB390,000, RMB460,000 and RMB1,108,000 in FY2023, FY2024 and FY2025, +respectively. +BUSINESS +– 161 – + + +--- page 170 --- +Customer G was one of our five largest customers in the FY2024. During the Track Record +Period, revenue generated from Customer G in each year amounted to approximately RMB14,000, +RMB42.0 million and RMB32.0 million, respectively, representing less than approximately 0.1%, 8.0% +and 4.8% of our total revenue for the same years, respectively; purchases from Customer G in each +year amounted to approximately RMB13,000, nil and nil, respectively, representing less than 0.1%, nil +and nil of our total purchases for the same years, respectively. During the Track Record Period, our +sales to Customer G were primarily in relation to the Multispectral AI Modules, Multispectral AI +Perception Terminals and Multispectral AI Large Model Services that we provided for it. During the +Track Record Period, we primarily purchased software services and carriers from Customer G to +support our multispectral AI technology development and production processes. In addition, in each +year during the Track Record Period, our gross profit of this supplier-customer amounted to +approximately RMB3.8 million in FY2024, and RMB29.6 million in FY2025, respectively, while gross +loss amounted to RMB0.1 million in FY2023. +Supplier D was one of our five largest suppliers in FY2023, and was also our customer in +FY2023. During the Track Record Period, procurement amount from Supplier D in each year amounted +to approximately RMB8.0 million, RMB13.0 million and RMB47.1 million, respectively, representing +7.9%, 3.4% and 8.7% of our total purchases for the same years, respectively; revenue generated from +Supplier D in each year amounted to approximately RMB33,000, nil and nil, respectively, representing +less than 0.1%, nil and nil of our total revenue for the same years, respectively. During the Track +Record Period, our sales to Supplier D were primarily in relation to the Multispectral AI Modules that +we provided for it. During the Track Record Period, we primarily purchased sensors, processing units, +electronic components, software services, carriers, structural parts, packaging materials, and ancillary +materials from Supplier D for integration into our AI vision modules. In addition, our gross loss of this +supplier-customer amounted to RMB21,000 in FY2023. +Our Directors confirm that the terms of sales to and purchases from the above overlapping +customer-suppliers were negotiated independently and on normal commercial terms, and that the +respective transactions were conducted separately and were consistent with those entered into with +other independent third parties. We purchased products from Customers B, C and G primarily due to +their technical capabilities and product compatibility that complement our own offerings. Frost & +Sullivan advised that it is not uncommon in the industry for market participants to collaborate in +various roles across the supply chain, such that a party may act as both a supplier and a customer in +different transactions, as they allow companies to streamline supply chains, foster stronger business +relationships, and promote mutual long-term cooperation. +INVENTORY CONTROL +Our inventories mainly include raw materials, work in progress, finished goods, outsourced +processing materials, and goods in transit. We procure the majority of our raw materials from local +suppliers in China. As at 31 December 2023, 2024 and 2025, our inventories amounted to RMB56.0 +million, RMB31.6 million and RMB80.2 million, respectively. +We manage our inventory tracking and production scheduling by utilising the enterprise resource +planning system for managing procurement, inventory control, and internal resource allocation. We +adopt a just-in-time procurement inventory system, whereby materials are purchased and delivered just +before they are needed in the production process, which minimises our inventory costs. We also +periodically review the level of inventories for slow-moving inventories and minimise risks of +obsolescence or declines in market value. Impairment is made against when the net realisable value of +inventories falls below the costs. +BUSINESS +– 162 – + + +--- page 171 --- +QUALITY CONTROL +We are devoted to maintaining high product quality and implementing enhanced quality +management procedures throughout our production process. Our production quality team is responsible +for implementing testing strategies, conducting sampling inspections, identifying and managing defects, +and ensuring compliance with applicable laws and regulations. We perform quality control throughout +our production process. In particular, our finished products are tested and are inspected to ensure that +they have met our product specifications and quality standards. We have been accredited with ISO +9001: 2015 which is a globally recognised standard for quality management that specifies requirements +for our Group to improve performance and meet our customer expectations and demonstrate our +continuing commitment to quality. +PROPERTIES +As at the Latest Practicable Date, we did not hold any land use rights nor own any properties in +the PRC and leased 22 properties in the PRC, including but not limited to Shenzhen and Zhejiang with +a total gross floor area of 18,897.99 sq.m. which were used as our office premises, warehouses and staff +dormitories for R&D, production and accommodation purposes. These leased properties are used for +non-property activities as defined under Rule 5.01(2) of the Listing Rules. We do not own single +property interest that has a carrying amount of 15% or more of total assets pursuant to Rule 5.01B(2) of +the Listing Rules. +As at the Latest Practicable Date, we have not filed 13 of these leases for registration at the +relevant PRC governmental authorities. As advised by our PRC Legal Advisers, while there is a risk +that the relevant PRC governmental authorities may make an order for rectification and impose a fine +for failure to complete the registration procedure, the same shall not affect validity of the leases. As +advised by our PRC Legal Advisers, if we fail to register such leases as required by the relevant PRC +governmental authorities, we may be subject to a fine of RMB1,000 to RMB10,000 for each of the +unregistered leases. During the Track Record Period and up to the Latest Practicable Date, we had not +been subject to any administrative penalties by the relevant PRC governmental authorities. +As advised by our PRC Legal Advisers, there is no material legal risk associated with the +continued use of such leased properties, the defects of such leased properties would not materially and +adversely affect our business or the validity of the relevant lease agreement. +COMPLIANCE AND CERTIFICATIONS +Our production bases in Shenzhen and Zhejiang have formulated product inspection protocols in +accordance with national (GB) and international certification standards (e.g., CE, RoHS, IP66), +applicable to our Multispectral AI Perception Terminals and safety sensing equipment. +Our AI algorithms and large model platforms also undergo regular model validation and retraining +to ensure their performance stability, fairness control, and continuous compliance with the cybersecurity +and data protection laws and regulations of China. Relevant models have undergone security +assessments in accordance with relevant national regulations, completed the filing procedures through +the Internet Information Service Algorithm Filing System, and we commit to actively completing the +required filing work for generative artificial intelligence services (large models) in accordance with +regulatory requirements. +We have also established a comprehensive product recall management mechanism and formulated +internal institutional norms for product recalls. During the Track Record Period and up to the Latest +Practicable Date, we have not received any significant product-related complaints nor faced regulatory +penalties due to product quality issues. During the Track Record Period, our product return rate +remained below industry averages, with product returns amounting to approximately RMB855,900, +RMB422,500 and RMB4.5 million, representing 0.73%, 0.08% and 0.67% of total sales, respectively; +with no recalls or widespread after-sales service disruptions. +BUSINESS +– 163 – + + +--- page 172 --- +A W ARDS AND RECOGNITIONS +As at the Latest Practicable Date, we had been granted various awards and recognitions including +the following: +Y ear Award/Recognition Issuing entity +2023 .... Top 100 IoT Companies +(ᑌΆุ100੶) +China IoT Application Industry Alliance +(ᑌၣᏐ͜ପุᑌຑ ) +2023 .... Top 50 Investment-worthy Specialised and +Sophisticated “Little Giant” Enterprises +(ਖ਼ၚतอʃ̶ɛΆุ +࿮ TOP 50 ™) +China Electronic Industry Science and +Technology Exchange Centre ( ʕ਷ཥɿ +ʕː ) +2024 .... Specialised, Sophisticated and Innovative +Small and Medium Enterprises ( ਖ਼ၚत +อʕʃΆุ ) +Shenzhen Municipal Service Bureau of +Small and Medium Enterprises* ( ଉέ̹ +ਕ҅ ) +2024 .... Typical Innovation Case for Enterprises in +Guangdong Province in 2024 (2024ܓ +Է ) +Guangdong Association for Science and +Technology (ኪҦஔ՘ึ ) +2024 .... Pioneer Enterprise on China’s Emergency +Industry Leaderboard for 2024 (2024 ϋ +ପุ΋ቜ࿮΋ቜΆุ ) +Organising Committee of Shenzhen +Emergency Industry Expo (ପ +ุ௹ᚎึଡ଼։ึ ) +2025 .... Zhiyuan Origin Large Model Selected for +Guangdong Province’s First Batch of AI +Industry Models (ɝ፯ᄿ +Τఊ (ୋɓҭ)) +Department of Industry and Information +Technology of Guangdong Province ( ᄿ +ʷᝂ ) +2025 .... List of Typical Application Scenarios and +Cases of Robot + (First Batch) in +Guangdong Province (˜ዚኜɛ ++ԷΤఊ (ୋɓҭ)) +Department of Industry and Information +Technology of Guangdong Province ( ᄿ +ʷᝂ ) +2025 .... National-level Specialised and +Sophisticated Key “Little Giant” +Enterprise (ᓃ˜ʃ̶ +ɛ™Άุ) +Ministry of Industry and Information +Technology (ʷ௅ ) +2025 .... National-level Specialised and +Sophisticated “Little Giant” Enterprise +(ॴਖ਼ၚतอ˜ʃ̶ɛ™Άุ ) +Ministry of Industry and Information +Technology (ʷ௅ ) +ENVIRONMENTAL, SOCIAL AND GOVERNANCE +Our operations are subject to the Environmental Protection Law of the PRC ( ʕശɛ͏΍ձ਷ᐑ +‘) and other PRC environmental requirements (for further details and other material +environmental laws, please see the section headed “Regulatory overview — Laws and regulations in +relation to environmental protection and fire control” of this prospectus). +As confirmed by our Directors and our PRC Legal Advisers after conducting relevant public +searches and/or having obtained relevant compliance certificate issued by the competent PRC +government authority, during the Track Record Period and up to the Latest Practicable Date, we had not +received any material administrative penalties from any environmental protection departments of the +PRC due to any failure to comply with any environmental laws and regulations. +BUSINESS +– 164 – + + +--- page 173 --- +Our Group’s governance regarding ESG-related matters +We have adopted as our long-term strategic goal to promote environmental sustainability, support +and participate in socially responsible projects, and adhere to a high standard of corporate governance. +To effectively manage ESG issues, we have established a ESG committee, comprising of our Board and +our management team. +Our Directors are the major personnel in charge of ESG-related matters, taking the overall +responsibility for our ESG strategy. The members of ESG committee possess expertise and knowledge +in the management of ESG matters related to safety, environmental protection, occupational health and +other areas. They are directly involved in setting up our overall ESG governance management policies, +strategies, priorities and targets, reviewing our ESG policies on an annual basis to ensure its +effectiveness, and fostering a culture of acting in accordance with our core ESG values. The ESG +Committee will also prepare ESG report of our Group on an annual basis for the approval of the Board. +This will allow our Board to analyse and disclose material ESG issues, risk management and +performance of our group. Our Group will comply with ESG reporting requirements upon Listing +pursuant to Rule 13.91 of the Listing Rules, and disclose qualitative and quantitative information and +data pursuant to ESG Reporting Code of Appendix C2 to the Listing Rules. +Our Group has adopted a board diversity policy that aims to achieve a balanced composition of +directors in terms of gender, age, cultural background, educational qualifications, and professional +experience. The policy sets out specific targets for gender diversity, requiring at least one female +director on the Board. The Board will regularly review its composition to ensure diversity and +alignment with our Company’s strategic objectives. +Identification, assessment and management of environmental, social and climate-related risks +To better identify, assess and manage our ESG risks, we have established a systematic analysis +pathway to form a materiality matrix, comprising four sequential steps: (1) identification: Based on the +consideration of our business nature, assessments conducted by our ESG Taskforce, as well as +materiality maps provided by well-known external institutions including the ESG Industry Materiality +Map by MSCI and SASB Standards by Sustainability Accounting Standards Board, we have identified +the material ESG issues highly related to our business, and monitored on related performances. In +addition, our Group will conduct an enterprise risk assessment at least once a year, upon Listing and +where appropriate, to cover the current and potential risks that arose in our business including, but not +limited to, the risks arising from the ESG aspects and strategic risk around disruptive forces such as +climate change. When overseeing strategic decisions and material transactions, the Board evaluates +potential ESG risks and opportunities, such as environmental impact assessments for new projects and +social considerations in supply chain management. The ESG Taskforce provides recommendations to +the Board on integrating ESG factors into decision-making processes; (2) research: we collected +responses from internal and external stakeholders through interviews and questionnaires; (3) ranking: +we analysed the research results and then ranked the issues by their materiality to both us and external +stakeholders; (4) confirmation: taking into account guidance from our management and external experts, +we formulated our ESG materiality matrix that demonstrates the importance of each issue to our +stakeholders as well as to the business. Through stakeholder surveys and industry analysis, we +determine our Group’s material issues and focus on them during our business development process. The +most important ESG topics we have identified include adaptation to climate change, ecological +protection, labour management, occupational health and safety, business ethics and anti-corruption. +Our Board will also assess or engage qualified independent third parties to evaluate the risks and +review our Group’s existing strategy and internal control, and necessary improvement will be +implemented to manage and mitigate such risks. +BUSINESS +– 165 – + + +--- page 174 --- +Impact of environmental, social and climate-related issues and opportunities +We acknowledge that climate-related issues pose a certain level of threat to us. Climate-related +risks identified by us can be classified into two major categories: physical risk and transition risk. +Potential physical risks can arise from extreme weather events such as flooding and typhoons and +extreme heat. If such disasters were to occur in the regions where we operate, our assets as well as +delivery of products and solutions could be adversely affected and disrupted. Furthermore, extreme +weather conditions may also cause power shortage and our suppliers may fail to deliver components as +required in terms of time, cost, quality and quantity, which may in turn adversely impact our ability to +produce and deliver products and solutions to our customers and end-users. Striving to reduce the +unforeseen impacts of emergency situations on our operations, we have business continuity measures +stipulated in our ESG policy, which outlines the mitigation measures of enabling our key operation to +be resumed under such extreme weather events. For the extreme heat circumstances, we have stipulated +our occupational health and safety guidelines, work arrangement plan and respective protection +measures for our operational employees in our ESG policy. Regular training is also provided to +operational employees to ensure their occupational safety. +Potential transition risks may also result from the change in our customers’ preference in terms of +increasing demand of environmental and social risk assessment on their suppliers and more stringent +requirements on environmentally friendly products and solutions. If we fail to attain new customers +and/or retain existing customers, our business, financial conditions and results of operation may be +materially and adversely affected. Our Group continues to monitor the regulatory environment to ensure +that our products and solutions meet the demands and expectations of our customers and regulators. +Regulators may impose more stringent environmental requirements and standards on us. During +FY2023 and FY2024 and FY2025, we incurred compliance costs in connection with applicable +environmental rules and regulations of RMB22,000, RMB10,000 and RMB21,000, respectively, +representing environmental certification expenses. +ENVIRONMENTAL MATTERS +We have established ESG policy and put in place various measures to govern, manage and +mitigate environmental, social and climate-related issues, which includes greenhouse gas (“ GHG”) +emissions and resource consumption. The ESG policy has been established with reference to the +standards of Appendix C2 to the Listing Rules. +To achieve efficient resource utilisation and GHG emission management targets, our ESG policy +includes the following measures: (i) monitoring and evaluating environmental performance indicators +such as fuel, electricity, and water consumption; (ii) encouraging employees to minimise unnecessary +lighting usage and power down idle machinery and equipment to conserve energy and reduce costs; and +(iii) implementing a machinery and equipment management programme involving regular inspections, +repairs, and maintenance to ensure optimal operational condition and reliability. +BUSINESS +– 166 – + + +--- page 175 --- +GHG Emission +Our GHG emissions consist of (i) direct GHG emissions (scope 1), including the GHG emissions +mainly from fuel consumption of our Group’s vehicles; and (ii) energy indirect GHG emissions (scope +2), including the GHG emissions mainly from the usage of purchased electricity. The GHG emissions +data is presented in terms of tonnes carbon dioxide equivalent (“ tCO +2e”). The following table sets out a +breakdown of our GHG emissions by scope and intensity for the years ended 31 December 2023, 2024 +and 2025: +FY2023 FY2024 FY2025 +Direct GHG emissions (Scope 1) (tCO 2e).... 5.11 8.80 7.36 +Energy indirect GHG emissions (Scope 2) +(tCO 2e) ........................... 451.38 436.22 492.87 +Total GHG emissions (tCO 2e) ........... 456.49 445.02 500.23 +Total GHG emissions intensity +(tCO 2e/million RMB revenue) ........... 3.90 0.85 0.75 +For scope 2 emissions, the emissions in 2024 were relatively stable compared to that of 2023, +while the increase in 2025 as compared to that in 2024 is due to the rise in our purchased electricity +consumption resulting from the extra leasing area at our Shenzhen office for the increase in staff +number attributable to continuing growth of our operating scale. Considering our Group’s business +development and the latest available full-year data, we have set an emission target of limiting the +increase in our total GHG emissions intensity to be not more than 20% in the next three years, using +the intensity level in the year ended 31 December 2025 as the baseline. We expect to reduce electricity +consumption by more efficient use of electricity in our business operations. In the long term, we are +committed to reducing our carbon intensity in order to achieve full carbon neutrality by 2030 and +net-zero emissions by 2050. +With respect to Scope 3 greenhouse gas emissions, as the nature of our business mainly comes +from employee business travel, we are in the process of establishing more detailed metrics and targets +after consulting with relevant professional ESG consultants and taking reference to the results of our +carbon mapping and relevant data of industry peers. +Resource Consumption +Our resource consumption principally comprises energy consumption and water consumption so as +to support our business operations. +Energy Consumption +The major types of energy consumed were direct energy consumption and indirect energy +consumption. Direct energy consumption represents fuel consumption of our Group’s vehicles and +indirect energy consumption represents purchased electricity. The following table sets out a breakdown +of our energy consumption by type and intensity for the years ended 31 December 2023, 2024 and +2025: +FY2023 FY2024 FY2025 +Direct energy consumption (MWh) ......... 20.96 36.14 30.23 +Indirect energy consumption (MWh) ........ 1,023.85 989.95 1,067.08 +Total energy consumption (MWh) ........ 1,044.81 1,026.09 1,097.31 +Total energy consumption intensity +(MWh/million RMB revenue) ........... 8.93 1.96 1.64 +BUSINESS +– 167 – + + +--- page 176 --- +For indirect energy consumption, it was maintained at a relatively stable level for the years ended +31 December 2023, 2024 and 2025. Considering our Group’s business development and the latest +available full-year data, we have set an emission target of limiting the increase in our total energy +consumption intensity to be not more than 10% in the next three years, using the intensity level in the +year ended 31 December 2025 as the baseline. We will design a highly efficient and flexible lighting +control system in our office. We will instal intelligent sensor LED lights in non-working areas, which +have an automatic shut-off control function to reduce the energy consumption of lighting and air +conditioning. +Water Consumption +Due to the nature of our business, all of our wastewater discharges in the course of our operations +are domestic sewage. The following table sets out a breakdown of our water consumption by type and +intensity for the years ended 31 December 2023, 2024 and 2025: +FY2023 FY2024 FY2025 +Water Consumption (Cubic metres) ........ 3,959.54 4,119.85 4,265.70 +Total water consumption intensity (Cubic +metres/million RMB revenue) .......... 33.82 7.88 6.38 +For water consumption, it was maintained at a relatively stable level for the years ended 31 +December 2023, 2024 and 2025. We will encourage employees to not leave the tap running for long +periods and to remind them to turn off the faucet to reduce wastewater. The Company will implement +water-saving measures, such as replacing an old, inefficient faucet in office, with the aim of limiting +the increase in our total water consumption intensity to be not more than 20% in the next three years, +using the intensity level in the year ended 31 December 2025 as the baseline. +SOCIAL MATTERS +We plan to actively engage in philanthropic initiatives, such as public welfare donations and +volunteer services, to contribute to the community and social well-being. While we have not previously +participated in social charity donations, we are now committed to integrating charitable practices into +our ESG strategy, striving to create sustainable social value alongside our environmental efforts. +Recruitment policy and training +We normally recruit employees through online recruitment platforms and posting recruitment +notices. We use our best endeavours to attract and retain appropriate and suitable workers to serve our +Group. Our policy also aims to provide equal opportunities for employees regardless of gender, age, +race or any other social or personal characteristics. We prohibit all forms of discrimination based on +gender, age, disability and race. After recruitment, we provide or arrange various types of training to +our employees, including environmental protection, quality and occupational safety and health training, +emergency response and rescue training, specialised skills training and management skills training. We +will provide them with our training manual which we update from time to time. +BUSINESS +– 168 – + + +--- page 177 --- +As at 31 December 2025, we had 362 employees, all of whom are based in the PRC. The +following table sets out a breakdown of the number of our employees by gender and age group: +Gender +As at +31 December 2025 +Male .......................................................... 216 +Female ......................................................... 146 +Total .......................................................... 362 +Age Group +As at +31 December 2025 +40 years old or below .............................................. 315 +41 to 60 years old ................................................ 46 +61 years old or above .............................................. 1 +Total .......................................................... 362 +Labour union and employee relationship +Our employees have set up internal labour unions to maintain routine communication with our +Company. Our Directors believe that we had maintained good relationships with our employees and +during the Track Record Period and up to the Latest Practicable Date, there had been no complaint or +claims from employees or labour dispute which materially and adversely affected, or was likely to have +a material adverse effect on our operations. +Remuneration policy +Remuneration for our employees includes basic wages, discretionary bonuses and other staff +benefits. We participate in social insurance schemes and provide housing provident funds for our +employees in accordance with applicable regulations. Save as disclosed in the paragraph headed +“Compliance” in this section, we have made payments to social insurance and housing provident funds +for our qualified employees. +Occupational health and safety +We have adopted a set of Occupational Health and Safety Policies (“ഄ‘”) +as managed by our management department which continuously seek to improve our system to reduce +the risk of such accidents. To the best of our Directors’ knowledge and belief, during the Track Record +Period and up to the Latest Practicable Date, our Group experienced no work-related injuries in relation +to accidents and no case of fatality. +Supply Chain Management +We have strengthened our safety measures and provided safety training to our employees +particularly relating to operational safety to demonstrate our commitment on protecting our employees’ +health and safety. We also require the appointment of safety officer and on-site safety responsible +officer for every factory to monitor safety levels and to check and keep records before and after work. +In order to ensure the production and safety of factory workers, our Group implements +environmental, health, safety, and industrial risk identification, assessment, analysis and control +management of operating conditions, etc. To prevent and control accidents and occupational diseases +from occurring, Occupational Health and Safety Policies (“ഄ‘”) was established +BUSINESS +– 169 – + + +--- page 178 --- +to be responsible for protecting legal rights of workers, providing guidance on occupational safety +awareness and capabilities, as well as providing training on labour protection items for employees. +During the Track Record Period and up to the Latest Practicable Date, there was no material claims or +legal proceedings against us with respect to accident. +Our suppliers are evaluated on their ESG practices through a comprehensive rating system, which +includes criteria such as environmental compliance, labour standards, and ethical business conduct. +Suppliers failing to meet minimum standards are required to implement improvement plans. We have +implemented the Supply Chain ESG Policy (“ ԶᏐᗡESG‘”) to integrate environmental, +social, and governance criteria into supplier management. +Anti-Corruption +We have provided anti-corruption training to all employees, covering bribery prevention and +ethical business behaviour. We will continue to provide relevant training to all employees as and when +required. Furthermore, we have established a confidential whistleblowing hotline for the purpose of +reporting suspected violations and investigating and addressing all complaints. +LICENCES, APPROV ALS AND PERMITS +We have business operations in the PRC. We have obtained all material requisite licences, +approvals and permits for our business operations during the Track Record Period and as at the Latest +Practicable Date. We have obtained the following certifications which are material to our business +operations: +Certification Issuing authority Holding entity Validity period +Quality Management +System Certificate .. +China Quality +Certification Centre +(ʕ਷ሯඎႩᗇʕː ) +Our Company 3 August 2025 to 11 +June 2026 (Note) +Environmental +Management System +Certificate ........ +China Quality +Certification Centre +(ʕ਷ሯඎႩᗇʕː ) +Our Company 11 July 2025 to 18 +June 2026 (Note) +Information Security +Management System +Certificate ........ +China Quality +Certification Centre +(ʕ਷ሯඎႩᗇʕː ) +Our Company 7 January 2025 to 21 +December 2027 +“Zhiyuan Origin Large +Model” Registration . +Cyberspace +Administration of +China ( ʕശɛ͏΍ձ +፬ +܃) +Our Company From 20 April 2026 +Note: +As of the Latest Practicable Date, two of our certificates held by our Company are currently under renewal. As advised by our +PRC Legal Advisers, there are no legal impediments to the renewal of these certificates. +Data Compliance +We attach paramount importance to the protection of user data and are committed to compliance +with relevant data protection regulations, including the Data Security Law, the Personal Information +Protection Law, and the Cybersecurity Law of the People’s Republic of China. Our business primarily +provides enterprise users with smart perception solutions, multispectral AI intelligent perception +terminals, and cloud services. Our products and services are typically delivered through hardware +deployment, software implementation, and software-as-a-service models. Except for collecting +BUSINESS +– 170 – + + +--- page 179 --- +necessary account and device data from app users to enable software functionality, and retaining +essential permissions (such as for operational maintenance) to provide enterprise users with software +platform services, we do not collect or utilise additional enterprise user data. +The training data for our Company’s AI large model is derived from two legitimate primary +sources: internally generated synthetic data and real-world simulated security incident data provided by +academic institution. The external data is obtained under scientific research collaboration agreements. +Accordingly, our data sourcing practices are established on a lawful basis and are not in violation of +applicable regulations or third-party rights to our knowledge. Our Group’s AI large model has +undergone a security assessment in compliance with current laws and regulations, including the Internet +Information Service Algorithm Recommendation Management Provisions and the Interim Measures for +Generative Artificial Intelligence Services. According to our legal advisers as to PRC data compliance +law, our “Zhiyuan Origin Large Model” has been registered with the CAC. +Upon delivery of the Multispectral AI Modules and Multispectral AI Perception Terminals, our +Group explicitly states in the product manual that all visual and sensor data are stored solely locally on +the device using hardware-encrypted and permission isolation, ensuring that no third party — including +our Group — can remotely access any data without physical access and user authorisation, and that all +device access permissions are configured and managed entirely by the user without our Group’s +involvement. In addition, when providing AI multispectral fire warning solutions, SaaS, application +services, integrated hardware and software terminals, algorithm modules, or related technical support, +our Group explicitly characterises its AI products as “auxiliary security management tools” and +provides clear risk warnings to users regarding the accuracy and reliability of model outputs, advising +that decisions should be made based on comprehensive field verification and professional judgement. +Therefore, our legal adviser as to PRC data compliance is of the view that, during the Track Record +Period and up to the Latest Practicable Date, we had complied with the applicable laws and regulations +in relation to data privacy, cybersecurity and data security protection and algorithm compliance in all +material respects. Our operations and financial condition are not adversely impacted by these laws and +regulations. +Our current data compliance framework encompasses the following measures: + Established internal management systems and organisational structures for cybersecurity, +data security, personal information protection, and scientific data management in compliance +with legal requirements; + Implemented user authorisation mechanisms for data collection, protocol-controlled +safeguards for external data interactions, and permission-based data processing workflows; + Deployed technical measures including regular security inspections, protection against +computer viruses and cyberattacks, safeguards against cybersecurity vulnerabilities, +malicious programmes, security flaws, access controls, and real-time monitoring/recording of +network operations and security incidents; + Adopted data backup and encryption protocols, alongside a classified data protection system +based on data categorisation; + Obtained ISO 27001 Information Security Management System certification and established +an information security risk management framework aligned with international and domestic +standards; + Conducted regular internal audits and commissioned third-party assessments when deemed +necessary; +BUSINESS +– 171 – + + +--- page 180 --- + Allocated appropriate resources to provide training and awareness programmes for all +employees on cybersecurity, data security, and personal information protection; + Instituted mechanisms for periodic personal information protection compliance audits and +personal information impact assessments; + Developed incident response plans, emergency management protocols, and reporting +procedures for cybersecurity incidents, data breaches, and personal information security +events, with defined roles and responsibilities, supplemented by regular drills. +For potential overseas expansion plans, we have established cross-border data compliance +management systems to ensure data transfers align with privacy protection and regulatory requirements +in both China and destination countries/regions. +During the Track Record Period and up to the Latest Practicable Date, we have not experienced +any material data security incidents (such as significant data breaches or losses) nor have we been +subject to litigation, arbitration, or material regulatory penalties in relation to data security. During the +Track Record Period and up to the Latest Practicable Date, we have taken all reasonable measures to +maintain compliance with all applicable data security and privacy laws and regulations. Please see the +section headed “Regulatory Overview — PRC Laws and Regulations — Laws and Regulations in +Relation to Data, Network and Information Security” in this prospectus. As advised by our legal +advisers as to PRC data compliance law, there are no material violations to the relevant data laws and +regulations that would prevent the business from operating and being rectified. Our Group will continue +to carry out compliance work to meet the evolving laws, regulations, and regulatory requirements in +this field within PRC. +COMPETITION +We operate in a highly competitive multispectral AI industry in the PRC, characterised by rapid +technological advancements and growing demand for innovative sensing, imaging, and AI-driven +solutions. We compete with both foreign and domestic companies engaged in the development and +provision of multispectral AI technologies, modules, and large model services. Our competition +primarily revolves around technological innovation, product performance, market share, cost-efficiency, +and the ability to address sector-specific requirements. According to the Frost & Sullivan Report, in +2025, the top five players in the overall multispectral AI enterprises segment in the PRC accounted for +an aggregate market share of approximately 8.0% by revenue, with our Company ranking first and +holding approximately 3.3%. This positions us as a market leader. We remain committed to leveraging +our technological expertise, leadership in key segments, customer-oriented solutions, and operational +efficiencies to sustain and strengthen our competitive position in the market. +INSURANCE +We maintain insurance policies in accordance with relevant laws and regulations and based on our +assessment of the needs of our operations and industry practices. We believe that our insurance +coverage is adequate for our business and in line with general market practice. We will continue to +review and assess our risk portfolio and make necessary and appropriate adjustment to our insurance +plans to align with our needs and with industry practice. During the Track Record Period and up to the +Latest Practicable Date, we have maintained social insurance for our employees in the PRC to provide +protection against employees’ risks of work-related injuries and occupational diseases. In line with +general market practice, we do not maintain certain policies that are not generally required by laws. See +“Risk Factors — Risks Relating to Our Industry and Business — Our insurance coverage may not be +BUSINESS +– 172 – + + +--- page 181 --- +sufficient to cover all losses, which may increase our costs of operation.” During the Track Record +Period and up to the Latest Practicable Date, we had not made and had not been subject to any material +claim of insurance. +EMPLOYEES +As at 31 December 2025, we had 362 full-time employees based in the PRC. The following table +sets out our full-time employees by function as at 31 December 2025. +Function Number +Percentage of total +number (%) +R&D ............................................ 156 43.1 +Production ........................................ 122 33.7 +Sales and marketing ................................. 54 14.9 +Finance and administration ............................ 30 8.3 +Total ............................................ 362 100.0 +During the Track Record Period and as at the Latest Practicable Date, we did not make full social +insurance contributions and housing provident fund contributions for employees. We estimated that the +shortfall of our social insurance contributions for FY2023, FY2024 and FY2025 amounted to +approximately RMB3.5 million, RMB2.7 million and RMB3.2 million respectively, whereas the +shortfall of our housing provident funds for FY2023, FY2024 and FY2025 were approximately RMB1.1 +million, RMB1.3 million and RMB1.8 million, respectively. +As advised by our PRC Legal Advisers, pursuant to Law on Social Insurance of the PRC ( ʕശ +‘) employers who fail to pay social insurance contributions in full and on time +may be ordered to pay the outstanding amounts within a prescribed time limit by the relevant social +insurance authorities, with an additional late fee being 0.05% of the outstanding amounts calculated on +a daily basis from the date on which such amounts are payable. Employers who fail to settle the +overdue payment(s) within the stipulated period will be subject to a fine from one to three times the +total amount of overdue payment(s). Our PRC Legal Advisers further advised that, pursuant to +Regulations on Administration of House Provident Fund (၍ଣૢԷ )‘), employers who fail +to make payment in full and on time shall be ordered by the Housing Provident Fund Management +Centre to settle overdue payment(s) within a prescribed time limit. If the payment is not made within +such time limit, an application may be made to the PRC courts for compulsory enforcement of the +outstanding payment amounts. +Our PRC Legal Advisers confirmed that, during the Track Record Period and up to the Latest +Practicable Date (i) neither our Company nor our subsidiaries were subject to any enforcement actions +or pending actions by the relevant social insurance authorities or housing provident fund authorities, +and (ii) , no record of administrative penalties or rectification order was found against us upon public +inquiry. Given that (a) credit reports of our Company and our subsidiaries issued by the relevant local +authorities are obtained and we were not subject to any administrative penalties due to any other +breaches of PRC laws and regulations relating to labour and social security or housing provident fund +during the Track Record Period and up to the Latest Practicable Date; (b) no administrative penalties +had been imposed on us in connection with the shortfalls for the social insurance and housing provident +funds; (c) we will pay any shortfall within a prescribed time period if demanded so by relevant +competent authorities, our PRC Legal Advisers are of the view that, given no material changes to the +current policies and no employee’s complaints had been filed against us, the risk of us being ordered to +pay and imposed administrative penalties by the relevant competent authorities for not paying social +insurance and housing provident fund contributions for our employees in full is remote. +BUSINESS +– 173 – + + +--- page 182 --- +Our Directors believe such non-compliance would not have a material adverse effect on our +business and results of operations, considering that: (i) to the best knowledge of our Directors, we had +not been subject to any administrative penalties due to failure to fully contributing to social insurance +during the Track Record Period and up to the Latest Practicable Date; (ii) we were neither aware of any +material employee complaints filed against us nor involved in any material labour disputes with our +employees with respect to social insurance during the Track Record Period and up to the Latest +Practicable Date; and (iii) as stated above, our PRC Legal Advisers are of the view that the risk that we +will be subject to material administrative penalties for failure to make full social insurance +contributions is relatively low. As a result, we did not make any provisions in connection with these +non-compliances during the Track Record Period and up to the Latest Practicable Date, and our +Reporting Accountants concur with the above. +Mr. Zhou has irrevocably undertaken to make up for any outstanding contributions as well as fines +or penalties incurred in connection with the shortfalls in social insurance and housing provident fund +contributions, in accordance with the amount approved by the competent authorities, and to compensate +our Group in full for any economic losses caused by such matters. +RISK MANAGEMENT AND INTERNAL CONTROL +We are exposed to various risks in our operations. Please refer to the section headed “Risk +Factors” in this prospectus for a discussion of various operational risks and uncertainties we face. It is +the responsibility of our Board to ensure that our Group maintains sound and effective internal controls +to safeguard the Shareholders’ investments and our Group’s assets at all times. We have adopted a +series of internal control policies and procedures designed to achieve effective and efficient operations, +reliable financial reporting and compliance with applicable laws and regulations. Highlights of our +internal control system include the following: +Financial reporting risk management +We have in place accounting policies in connection with our financial reporting risk management. +We have also implemented our financial reporting management system to safeguard the implementation +of our accounting policies. In addition, we provide regular training to our finance department +employees to ensure that they understand our financial management and accounting policies and +implement them in our operations. +Regulatory compliance and legal risk management +We have established and implemented strict internal procedures to ensure our compliance with +relevant laws and regulations, in particular, on anti-fraud, anti-corruption, anti-money laundering and +conflict of interest. We require our employees, especially those involved in procurement, sales and +marketing to abide by our compliance requirements, and make necessary representations and warranties +to our Company. We have provided and will provide regular anti-corruption and anti-bribery +compliance training for our Directors, senior management and employees in order to enhance their +knowledge and compliance of applicable laws and regulations. We also communicate our anti-bribery +and anti-corruption principles to our customers and suppliers. +Going forward, we will continually improve our internal policies according to changes in laws, +regulations and industry standards, and update internal templates for legal documents. After Listing, our +compliance adviser will advise us on compliance matters in relation to the Listing Rules. All Directors +and employees will be required to attend training to refresh their understanding of relevant regulatory +requirements and our policies at least annually. We will also retain legal advisers to advise us on +compliance with applicable laws and regulations. +BUSINESS +– 174 – + + +--- page 183 --- +Internal control risk management +In preparation for Listing, our Group engaged an independent internal control adviser (“ IC +Consultant ”) to conduct a review of our internal control system and assist our Board and management +of our Group in reviewing the internal control systems associated with the major business processes of +our Group. +Our IC Consultant reviewed our internal control policies and procedures including but not limited +to entity-level controls, compliance management cycle, financial reporting cycle, sales and receipts +cycle, cash management cycle, purchases and payments cycle, inventory management cycle, information +system general control cycle, human resources and payroll management cycle, capital expenditure, +intangible assets and intellectual property management cycle and tax management cycle. Our IC +Consultant performed the work and put forward recommendations based on the review of our internal +control policies. +Having considered the findings and recommendations of the IC Consultant, we have taken actions +to improve our risk management and internal control system. The IC Consultant has performed +follow-up reviews on the status of our actions to address the findings in the abovementioned evaluation, +and reported that the deficiencies identified have been remedied. Based on the above, our Directors are +of the view that our Group has taken reasonable steps to establish internal control systems and +procedures to manage the risks to which we are exposed and enhance the control environment at both +the daily operation and management levels. Accordingly, our Directors are of the view that the internal +control systems currently implemented by our Group are adequate and effective as far as our operation +is concerned. We will carry out periodic reviews at both the management and the Board levels to ensure +effective implementation of our risk management and internal control policies, procedures and measures +and timely rectification of the issues identified. +COMPLIANCE +We are subject to a wide range of PRC laws and regulations in the ordinary course of our business +and operations. For details, see “Regulatory Overview”. We have been advised by our PRC Legal +Adviser that during the Track Record Period and up to the Latest Practicable Date, save as disclosed +under “Properties”, and “Employees” in this section, and “Risk Factors — Risks Relating to Conducting +Business in the PRC — We are subject to various laws, regulations and regulatory standards and any +inability to comply with such requirements and standards may subject us to liabilities.” in this +prospectus, we had complied with the relevant laws and regulations in all material respects that are +material to our business and operations in China, and there were no material breaches or violations of +the laws or regulations applicable to us that would have a material adverse effect on our business, +financial condition or results of operations. +LEGAL PROCEEDINGS +During the Track Record Period and as at the Latest Practicable Date, there was no material +litigation, arbitration or administrative proceedings pending or threatened against our Company or any +of our Directors which could have a material and adverse effect on our financial condition or results of +operations. Our Directors are of the view that, we had complied, in all material respects, with all +relevant laws and regulations during the Track Record Period and up to the Latest Practicable Date. +BUSINESS +– 175 – + + +--- page 184 --- +OVERVIEW +As at the date of this prospectus, Mr. Zhou controls 48.87% of the voting power at the general +meetings of our Company, comprising (1) 5.96% beneficially owned by him directly; (2) 38.34% +beneficially owned by Zhongcheng Tianying LP, which is controlled by Mr. Zhou as its general partner; +and (3) 2.79% beneficially owned by Zhongzheng Tianying LP, which is controlled by Mr. Zhou as its +general partner; and (4) 1.79% beneficially owned by Zhongzhi Tianying LP, which is controlled by Mr. +Zhou as its general partner. +Immediately following completion of the Share Subdivision and the Global Offering, our +Controlling Shareholders will be, in aggregate, entitled to control the exercise of approximately 43.50% +of the voting rights and thus remain as our Controlling Shareholders. +NO COMPETITION AND CLEAR DELINEATION OF BUSINESS +As at the Latest Practicable Date, none of our Controlling Shareholders, their respective close +associates, and our Directors had any interest in a business that competes or was likely to compete, +either directly or indirectly, with our business, which would be subject to disclosure pursuant to Rule +8.10 of the Listing Rules. +INDEPENDENCE FROM CONTROLLING SHAREHOLDERS +Having considered the following factors, our Directors believe that our Group is capable of +carrying on our business independently from our group of Controlling Shareholders and their respective +close associates after Listing. +Management independence +Our management and operational decisions are made by our Board and senior management. Our +Board comprises five executive Directors, one non-executive Director and three independent +non-executive Directors. We consider that our Board and senior management will function +independently from our Controlling Shareholders because: +(a) each Director is aware of his/her fiduciary duties as a Director which require, among other +things, that he/she acts for the benefit and in the best interest of our Company and does not +allow any conflict between his/her duties as a Director and his/her personal interests; +(b) in the event that there is a potential conflict of interest arising out of any transaction to be +entered into between our Group and our Directors or their respective associates, the +interested Director(s) shall abstain from voting at the relevant board meetings of our +Company in respect of such transactions, and shall not be counted in forming quorum +subject to the provision of the Articles of Association; +(c) our Company has established internal control mechanisms to identify connected transactions +to ensure that our Shareholders or Directors with conflicting interests in a proposed +transaction will abstain from voting on the relevant resolutions pursuant to the relevant +requirements under the Articles of Association and/or the Listing Rules; and +(d) our Group has established our own finance, human resources, supply chain centre and +marketing centre departments which are responsible for daily operations of our Group. +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS +– 176 – + + +--- page 185 --- +Based on the above, our Directors are of the view that our Board and senior management as a +whole are capable to perform their roles in our Company independently and manage our business +independently from members of our Controlling Shareholders Group and their respective close +associates after the Listing. +Operational independence +We have established our own organisational structure comprised of individual departments, each +with specific areas of responsibilities. We have also established various internal controls procedures to +facilitate the effective operation of our business. Our Group is not operationally dependent on our +Controlling Shareholders. Our Company (through our subsidiaries) holds or enjoys the benefit of all +relevant licences and owns all relevant intellectual property and R&D facilities necessary to carry on +our business. We have sufficient capital, facilities, equipment and employees to operate our business +independently from our Controlling Shareholders. We also have independent access to our customers +and suppliers. +Based on the above, our Directors believe that we are capable of carrying on our business +independently of our group of Controlling Shareholders and their respective close associates. +Financial independence +We have an independent financial system. Our Group’s accounting and finance functions are +independent of our Controlling Shareholders and their close associates. Our Group makes financial +decisions according to our own business needs. Our Group’s major finance operations are handled by +our financial management department, which operates independently from our Controlling Shareholders +and their close associates. We do not share any other functions or resources with any of our Controlling +Shareholders or their close associates. +During the Track Record Period, Mr. Zhou had been providing guarantees (the “ Connected +Guarantees ”) as security for certain of our Group’s banks loans (collectively, the “ Guaranteed +Loans ”). To the best knowledge of our Directors, it is a common market practice in the PRC for banks +to require personal guarantees from the de facto controllers of private enterprises before extending +loans or facilities. As at the Latest Practicable Date, the total Guaranteed Loans amounted to +approximately RMB181.7 million and all Connected Guarantees are expected to be released upon +Listing. +Based on the above, our Directors believe that our Group is able to operate with financial +independence from our Controlling Shareholders and their respective close associates. +NON-COMPETITION UNDERTAKING +Each of our Controlling Shareholders (the “ Covenantors ”) has entered into a Deed of +Non-competition in favour of our Company (for itself and as trustee for our subsidiaries) on 2 June +2026. Subject to the terms and conditions of the Deed of Non-competition, the Covenantors irrevocably +and unconditionally undertake to and covenant with our Company (for itself and as trustee for our +subsidiaries) that, during the period in which the Covenantors are subject to the provisions of the Deed +of Non-competition: +(i) it will not, and will procure its close associates and/or the companies controlled by it (other +than members of our Group) not to, directly or indirectly, either on its own account or in +conjunction with or on behalf of any person, firm or company, among other things, carry on, +participate or be engaged in, invest in, acquire, hold or provide any form of assistance to any +person, firm or company (except members of our Group) to conduct (in each case whether as +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS +– 177 – + + +--- page 186 --- +a shareholder, director, partner, agent, employee or otherwise and whether for interest, return +or otherwise) any business which is or may be similar to or in competition with the business +carried on or contemplated to be carried on by any member of our Group from time to time, +including but not limited to the sales and provision of our multispectral AI modules, +multispectral AI perception terminals, multispectral AI large model services or AI vision +modules (the “ Restricted Business ”); +(ii) if it and/or any of its close associates has received, is offered or has identified any business +investment or other business opportunity that competes or may compete, directly or +indirectly, with the Restricted Business (the “ New Business Opportunity ”), it and/or any of +its close associates shall (i) immediately give a notice in writing to our Company in respect +of such New Business Opportunity, setting out all reasonably necessary information for our +Group to make an informed assessment; and (ii) use its best efforts to assist our Company in +acquiring such New Business Opportunity at terms and conditions no less favourable than +those available to it and/or its close associates; +(iii) neither it nor any of its close associates, directly or indirectly, carries out, participates or is +engaged in, invests in, acquires or holds (in each case whether as a shareholder, director, +partner, agent, employee or otherwise and whether for interest, return or otherwise) or is +otherwise involved (other than through our Group) in the Restricted Business; +(iv) it will provide all necessary information for our Directors (including our independent +non-executive Directors) to review its compliance with and implementation of the Deed of +Non-competition on an annual basis and, if necessary, make annual statements in respect of +its compliance with and implementation of the Deed of Non-competition in the annual +reports of our Company; +(v) it will allow our Directors, their respective representatives and auditors to have full access to +its records and/or will procure its close associates to use their best efforts to allow our +Directors, their respective representatives and auditors to have full access to their records, in +order for him/her/it to meet the terms and conditions of the Deed of Non-competition; and +(vi) for so long as it or any of its close associates, either alone or as a whole, remains the +Controlling Shareholders of our Company (within the meaning of the Listing Rules) or a +Director: (1) it will not participate in, carry on or invest in any project or business +opportunity that competes or may compete, directly or indirectly, with the business +conducted by our Group from time to time; (2) it will, in accordance with the Articles of +Association and the Listing Rules, declare its interests and, where required, abstain from +voting at any board meeting and/or general meeting of our Company and not be counted as +quorum where required, if there is any actual or potential conflict of interests; (3) it and its +close associates (other than our Group) will not solicit any existing or then existing +employee of our Group; (4) without the consent of our Company, it will not use any +information pertaining to the business of our Group which may have come to its knowledge +in its capacity as the Controlling Shareholders of our Company and/or a Director for any +purposes; and (5) it will procure its close associates (other than our Group) not to participate +in, carry on or invest in any project or New Business Opportunity mentioned above (except +pursuant to paragraph (a) below). +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS +– 178 – + + +--- page 187 --- +The non-competition undertakings made by each of the Covenantors do not apply in the following +circumstances: +(a) if the information on the principal terms of the Restricted Business, project or New Business +Opportunity has been made available to our Group and our Directors, the principal terms in +accordance with which the relevant Covenantor(s) or its/their close associates participate in, +carry on or invest in such Restricted Business, project or New Business Opportunity are +approximately the same or are no more favourable than these offered to our Company, and +our Company has confirmed that it, after review by our Directors (including our independent +non-executive Directors, provided that the resolution shall be approved by the majority of +our independent non-executive Directors at a meeting in the absence of Directors who have +beneficial interest in the project or business relating to such project or business), will refuse +to operate, participate in or carry on such Restricted Business relating to such New Business +Opportunity, then any close associate of the Covenantors (other than our Group) has the +right to participate in, carry on or invest in any Restricted Business relating to such New +Business Opportunity that has previously been offered to our Group, irrespective of the +value of such business. Subject to the foregoing, if the Covenantors or any of its close +associates has decided to directly or indirectly participate in, carry on or invest in any +Restricted Business relating to such New Business Opportunity, it/they shall be subject to +any conditions imposed by our independent non-executive Directors and shall disclose to our +Company the terms under which it/they operate, participate or carry on such Restricted +Business as soon as practicable; and +(b) without prejudice to the principle of (a) above, the undertakings made by the Covenantors do +not apply to any of the following: (i) holding of shares or other securities issued by our +Company or our subsidiaries; and (ii) where a company is a company listed on any stock +exchange recognised by national laws and holds the shares or securities in any company +participating in any Restricted Business, the total interest (within the meaning of Part XV of +SFO) held by each of the Covenantors and its close associates is less than 5% of the share +capital of such company. +The non-competition undertakings given by each of our Controlling Shareholders of our Company +will take effect from the date on which dealings in our H Shares first commence on the Stock Exchange +and will cease to have any effect upon the earlier of the date on which: +(a) any of our Controlling Shareholders and its/their close associates and/or successor, +individually and/or collectively, cease to own 30% (or such percentage as may from time to +time be specified in the Takeovers Code as being the level for triggering a mandatory +general offer) or more of the then issued share capital of our Company directly or indirectly +or cease to be deemed as Controlling Shareholders of our Company; or +(b) our H Shares cease to be listed on the Stock Exchange (except for temporary suspension of +our H Shares due to any reason). +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS +– 179 – + + +--- page 188 --- +CORPORATE GOVERNANCE MEASURES +We have put in place sufficient corporate governance measures to manage the conflict of interest +and potential competition from our Controlling Shareholders and safeguard the interest of our +Shareholders, including: +(i) where a Shareholders’ meeting is to be held for considering proposed transactions in which +our Controlling Shareholders or any of their close associates has a material interest, our +Controlling Shareholders will not vote on the resolutions and shall not be counted in the +quorum in the voting; +(ii) our Company has established internal control mechanism to identify connected transactions. +After the Listing, our Company will comply with the requirements in connection with +connected transactions under the Listing Rules; +(iii) where our Directors reasonably request the advice of independent professionals, such as +independent financial advisers, the appointment of such independent professional will be +made at our Company’s expense; +(iv) we have appointed China Harbour International Capital Limited as our compliance adviser to +provide advice and guidance to us in respect of compliance with the applicable laws and +regulations, as well as the Listing Rules, including various requirements relating to corporate +governance; +(v) we have established the Strategy and Sustainable Development Committee, the Audit +Committee, the Remuneration and Appraisal Committee and the Nomination Committee with +written terms of reference in compliance with the Listing Rules and the Corporate +Governance Code; +(vi) our Controlling Shareholders will confirm the status of their non-competing interest on an +annual basis and to provide all information necessary, including all relevant financial, +operational and market information and any other necessary information as required by our +Company; and +(vii) our Company will disclose decisions (with basis), if any, on matters reviewed by the +independent non-executive Directors either in its annual report or by way of announcements. +Our Directors consider that the above corporate governance measures are sufficient to manage any +potential conflict of interests between our Controlling Shareholders and their respective close associates +and our Group and to protect the interests of our Shareholders. +RELATIONSHIP WITH CONTROLLING SHAREHOLDERS +– 180 – + + +--- page 189 --- +So far as our Directors are aware, immediately following completion of the Share Subdivision, the +Global Offering and the conversion of Unlisted Shares into H Shares, the following persons will have +interests or short positions in our Shares or underlying Shares which would fall to be disclosed to our +Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of SFO, or who +will be directly or indirectly, interested in 10% or more of the issued voting shares of any other +member of our Group: +Name Capacity/Nature of Interest +Number of Shares +held at the date of +this prospectus (1) +Percentage of +shareholding as at +the date of this +prospectus +Number of Shares +held/interested in +after completion of +Share Subdivision +and Global +Offering (1) +Percentage of +Shareholding after +completion of +Share Subdivision +and Global +Offering +Mr. Zhou ......... Beneficial owner 513,526 +Unlisted Shares +(L) +5.96% 41,082,080 +H Shares (L) +5.31% +Interest in controlled +corporation (2) +3,696,000 +Unlisted Shares +(L) +42.91% 295,680,000 +H Shares (L) +38.19% +Zhongcheng Tianying +LP(2) .......... +Beneficial owner 3,301,887 +Unlisted Shares +(L) +38.33% 264,150,960 +H Shares (L) +34.12% +Zhongzheng Tianying +LP(2) .......... +Beneficial owner 240,000 +Unlisted Shares +(L) +2.79% 19,200,000 +H Shares (L) +2.48% +Zhongzhi Tianying +LP(2) .......... +Beneficial owner 154,113 +Unlisted Shares +(L) +1.79% 12,329,040 +H Shares (L) +1.59% +Zhejiang Business +Venture ........ +Interest in controlled +corporation (3) +1,279,459 +Unlisted Shares +(L) +14.86% 102,356,720 +H Shares (L) +13.22% +Zheshang Capital .... Interest in controlled +corporation (3) +1,279,459 +Unlisted Shares +(L) +14.86% 102,356,720 +H Shares (L) +13.22% +Notes: +(1) The letter “L” denotes the person’s long positions in the Shares. +(2) As at the date of this prospectus, Zhongcheng Tianying LP held 3,301,887 Unlisted Shares, Zhongzheng Tianying LP held +240,000 Unlisted Shares of our Company and Zhongzhi Tianying LP held 154,113 Unlisted Shares of our Company, +accounting for 38.33%, 2.79% and 1.79% of the equity interests in our Company. The general partner of Zhongcheng +Tianying LP, Zhongzheng Tianying LP and Zhongzhi Tianying LP is Mr. Zhou, respectively. Under the SFO, Mr. Zhou is +deemed to be interested in the entire Shares held by each of Zhongcheng Tianying LP, Zhongzheng Tianying LP and +Zhongzhi Tianying LP. +(3) As at the date of this prospectus, Taolue New Energy held 654,192 Unlisted Shares of our Company, Taolue Xinwang held +120,806 Unlisted Shares of our Company and Jinlan Sunshine held 504,461 Unlisted Shares of our Company. The general +partner of Taolue New Energy, Taolue Xinwang and Jinlan Sunshine is Zhejiang Business Venture, respectively. Under the +SFO, Zhejiang Business Venture is deemed to be interested in the entire Shares held by each of Taolue New Energy, Taolue +Xinwang and Jinlan Sunshine. The controlling shareholder of Zhejiang Business Venture is Zheshang Capital. Accordingly, +Zheshang Capital is therefore be deemed or taken to be interested in the Shares in which Zhejiang Business Venture is +interested pursuant to the SFO. +Save as disclosed above and the paragraph headed “Statutory and General Information — C. +Further information about Directors and Shareholders — 1. Disclosure of interests” in this prospectus, +our Directors are not aware of any other person who will, immediately following completion of the +Share Subdivision, the Global Offering and the conversion of Unlisted Shares into H Shares, have an +interest or short position in the Shares or underlying Shares, which would be required to be disclosed to +our Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of SFO, or, +directly or indirectly, be interested in 10% or more of any class of share capital carrying rights to vote +in all circumstances at the general meetings of any other member of our Group. +SUBSTANTIAL SHAREHOLDERS +– 181 – + + +--- page 190 --- +BOARD OF DIRECTORS +Our Board currently consists of nine Directors, including five executive Directors, one +non-executive Director and three independent non-executive Directors. The functions and duties of our +Board include but not limited to convening shareholders’ meetings, reporting on our Board’s work at +these meetings, implementing the resolutions passed at these meetings, determining business and +investment plans and formulating our annual budget and final accounts. In addition, our Board is +responsible for exercising other powers, functions and duties in accordance with the Articles of +Association. +The table below sets out the key information in respect of the members of our Board as at the +Latest Practicable Date: +Name Age Present position Role and responsibility +Date of joining +our Group +Date of +appointment as +Director +Relationship with +the other +Directors and +senior +management +Executive Directors +Zhou Bo +(ت)..... +50 Chairman of our Board, +executive Director, and +general manager +Overall strategic planning, and +operation of our Group +April 2013 May 2020 None +Miao Rui +(๿)...... +40 Executive Director and +deputy general manager +Overall R&D, procurement and +sales of our Group +April 2013 December 2020 None +Chai Jian (ᄏ).. 37 Executive Director and +Board secretary +Overseeing and managing the +operation of our Group +November +2024 +July 2025 None +Zou Xiaogang +(࡝).... +43 Executive Director, and +supply chain director +Management of the supply chain +centre of our Group +April 2013 October +2021 +None +Chen Yonggang +(࡝).... +54 Executive Director and +technical expert +Overall technology development of +our Group +April 2013 December 2020 None +Non-executive Directors +Yu Lijie +(؏).... +55 Non-executive Director Guiding our Group’s strategy and +business development +December 2020 December 2020 None +Independent non-executive Directors +Chen Haiping +(௓ऎ̻) .... +43 Independent non-executive +Director +Supervising and +providing independent +opinion and judgement +to the Board +July 2025 July 2025 None +Zhong Luhuan +(ᒤ௔ᛇ) .... +37 Independent non-executive +Director +Supervising and +providing independent +opinion and judgement +to the Board +July 2025 July 2025 None +Ho Ka Cin Verona +(࠺).... +45 Independent non-executive +Director +Supervising and +providing independent +opinion and judgement +to the Board +July 2025 July 2025 None +DIRECTORS AND SENIOR MANAGEMENT +– 182 – + + +--- page 191 --- +Executive Directors +Mr. Zhou Bo (ت)aged 50, is the chairman of our Board, executive Director, general manager, +and one of our Controlling Shareholders. He is also the chairperson of our Strategy and Sustainable +Development Committee. Mr. Zhou founded our Company in April 2013, and has served as the +chairman of our Board and general manager since our inception. Mr. Zhou has been primarily +responsible for our Group’s overall management, in particular formulating strategic planning, and +operation. +Mr. Zhou has approximately 26 years of experience in the computer vision and thermal imaging +industry. Prior to founding our Company, from 1999 to 2000, he served as a video R&D engineer at +Chengdu Keli Electronic Research Institute* (הresponsible for the research and +development of video technology. From 2001 to 2005, Mr. Zhou was the product manager at Shenzhen +TMVIDEO Technology Co., Ltd. (ʮ̡ ), a company listed on the +National Equities Exchange and Quotations Co., Ltd. (Stock Code: 833318), responsible for leading the +development and management of video products. From 2005 to 2012, Mr. Zhou worked at Shenzhen +Huanghe Digital Technology Co., Ltd.* (ʮ̡ ), with his last position as the +director and general manager of the company. +Mr. Zhou obtained a bachelor’s degree of engineering in automatic control from Xi’an Mining +College (now known as Xi’an University of Science and Technology) in the PRC, in July 1999. +Mr. Zhou was previously a director, general manager, and/or legal representative of the companies +shown in the table below at the time of, or within 12 months prior to, their respective deregistration: +Name of company +Place of +establishment Status +Date of +deregistration Reason for deregistration +Nature of business at the +commencement of +deregistration +Shenzhen Zhongcheng +Chuangzhan Investment +Co., Ltd.* ( ଉέ̹଺༐ +ʮ̡ ) +PRC Deregistered 7 July 2021 Discontinuance of +business +Financial services +Shenzhen Tianhui Heqing +Technology Co., Ltd.* +(Ҧ +ʮ̡) +PRC Deregistered 13 August +2021 +Discontinuance of +business +Information transmission, +software, and +information technology +services +Shenzhen Haiqing Visual +Intelligence Co., Ltd.* +(ଉέ̹ऎ૶ൖᙂ౽ঐ +ʮ̡) +PRC Deregistered 24 June 2024 Discontinuance of +business +Information transmission, +software, and +information technology +services +Shenzhen Haiqing Video +Technology Co., Ltd. +Bao’an Branch* ( ଉέ +ʮ +̡ᘒτʱʮ̡ ) +PRC Deregistered 5 March +2025 +Discontinuance of +business +Wholesale of computer +hardware and software +equipment +Mr. Zhou confirmed that, to his best knowledge, none of the above companies had been involved +in any outstanding dispute or litigations prior to their deregistration and that the above companies were +solvent at the time of deregistration, and he did not incur any debt and/or liabilities because of such +deregistration, and no misconduct or misfeasance on his part had been involved in the deregistration, +and that the deregistration did not have any negative effect on our Group. +DIRECTORS AND SENIOR MANAGEMENT +– 183 – + + +--- page 192 --- +Mr. Miao Rui (๿), aged 40, is our executive Director and deputy general manager. He joined +our Group in April 2013 as the director of research and development and was appointed to our Board as +a Director in December 2020, was appointed as the deputy general manager in August 2022, and was +redesignated as an executive Director in July 2025. He is primarily responsible for the overall R&D, +procurement and sales of our Group. +Prior to joining our Group, Mr. Miao Rui served as a software engineer in the R&D department of +Shenzhen Huanghe Digital Technology Co., Ltd.* (ʮ̡ ) from March 2010 to +March 2012, responsible for the development of embedded software product. +Mr. Miao Rui obtained a bachelor’s degree of engineering in computer science and technology +from Xi’an University of Science and Technology in the PRC, in July 2010. +Mr. Miao was previously a supervisor of the company shown in the table below at the time of, or +within 12 months prior to, its deregistration: +Name of company +Place of +establishment Status +Date of +deregistration Reason for deregistration +Nature of business at the +commencement of +deregistration +Shenzhen Tianhui Heqing +Technology Co., Ltd.* +(Ҧ +ʮ̡) +PRC Deregistered 13 August +2021 +Discontinuance of +business +Information transmission, +software, and +information technology +services +Mr. Miao confirmed that, to his best knowledge, the above company had not been involved in any +outstanding dispute or litigations prior to its deregistration and that the above company was solvent at +the time of deregistration, and he did not incur any debt and/or liabilities because of such +deregistration, and no misconduct or misfeasance on his part had been involved in the deregistration, +and that the deregistration did not have any negative effect on our Group. +Dr. Chai Jian (ᄏ), aged 37, is our executive Director. He joined our Company in November +2024 and was appointed as an executive Director and board secretary in July 2025. +Prior to joining our Group, Dr. Chai Jian as an investment manager for separately managed +accounts department of Western Leadbank Fund Management Company Limited (၍ଣϞ +ʮ̡) from October 2014 to August 2015. Between August 2015 and August 2017, he worked for the +asset management department of Kaiyuan Securities Co., Ltd. (ʮ̡ )a sa n +investment manager, responsible for overseeing securities management and evaluating investment +opportunities. Subsequently, from October 2017 to March 2019, he served as a quantitative investment +manager in the asset management department of Guorong Securities Co., Ltd.* (ʮ +̡). From November 2019 to November 2024, he served as a manager of the smart city platform +department at China Mobile Xiong’an Communications Technology Co., Ltd.* (Ҧ +ʮ̡), responsible for overseeing the development and implementation of smart city technology +solutions, managing project teams and coordinating strategic partnerships. +Dr. Chai Jian obtained an undergraduate degree of measurement and control technology and +instrumentation and a master’s degree of testing, measurement, and instrumentation from Xidian +University (Ҧɽኪ ) in Xi’an, PRC, in July 2011, and in March 2014, respectively. He also +obtained a doctorate’s degree in business administration from the Université de Montpellier in France, +in February 2024. +DIRECTORS AND SENIOR MANAGEMENT +– 184 – + + +--- page 193 --- +Mr. Zou Xiaogang (࡝)aged 43, is our executive Director and supply chain director. He +joined our Group in April 2013 as the director of supply chain and was appointed to our Board as a +Director in October 2021 and was redesignated as an executive Director in July 2025. He is primarily +responsible for the management of the supply chain centre of our Group. +Prior to joining our Group, Mr. Zou Xiaogang had over 8 years of experience in technology +development. Between July 2004 and March 2007, he served as a R&D engineer for Wuhan Z&Y +Railway Electric Co., Ltd. (ʮ̡ , previously known asʮ̡ ), +responsible for hardware development of microcomputer control system for railway locomotives. From +June 2007 to December 2012, Mr. Zou Xiaogang served as a hardware engineer in the R&D department +of Shenzhen Huanghe Digital Technology Co., Ltd.* (ʮ̡ ), responsible for +hardware design and process optimisation of the products. +Mr. Zou Xiaogang obtained a bachelor’s degree of engineering in electrical engineering and +automation from Sichuan University in the PRC in July 2004. +Mr. Zou Xiaogang was previously a general manager and/or supervisor of the companies shown in +the table below at the time of, or within 12 months prior to, their respective deregistration: +Name of company +Place of +establishment Status +Date of +deregistration Reason for deregistration +Nature of business at the +commencement of +deregistration +Shenzhen Zhongcheng +Chuangzhan Investment +Co., Ltd.* ( ଉέ̹଺༐ +ʮ̡ ) +PRC Deregistered 7 July 2021 Discontinuance of +business +Financial services +Shenzhen Haiqing Visual +Intelligence Co., Ltd.* +(ଉέ̹ऎ૶ൖᙂ౽ঐ +ʮ̡) +PRC Deregistered 24 June 2024 Discontinuance of +business +Information transmission, +software, and +information technology +services +Mr. Zou Xiaogang confirmed that, to his best knowledge, none of the above companies had been +involved in any outstanding dispute or litigations prior to their deregistration and that the above +companies were solvent at the time of deregistration, and he did not incur any debt and/or liabilities +because of such deregistration, and no misconduct or misfeasance on his part had been involved in the +deregistration, and that the deregistration did not have any negative effect on our Group. +Mr. Chen Y onggang (࡝)aged 54, is our executive Director and technical expert. He joined +our Group in April 2013 as a technical expert and was appointed to our Board as a Director in +December 2020 and was redesignated as an executive Director in July 2025. He is primarily responsible +for the overall technology development of our Group. +Prior to joining our Group, Mr. Chen Yonggang has over 17 years of experience in technology +development. He served as the manager of the R&D department of Chengdu Keli Electron Institute* ( ϓ +הfrom June 1997 to June 2000, responsible for the R&D of electronic systems. +Subsequently, between June 2000 and July 2005, he served as the manager of the R&D department of +Shenzhen TMVIDEO Technology Co., Ltd. (ʮ̡ ), a company listed on +the National Equities Exchange and Quotations Co., Ltd. (Stock Code: 833318), responsible for the +R&D of video surveillance systems. From July 2005 to October 2012, he served as the chief engineer +of Shenzhen Huanghe Digital Technology Co., Ltd.* (ʮ̡ ), responsible for +the R&D of digital video technology. +DIRECTORS AND SENIOR MANAGEMENT +– 185 – + + +--- page 194 --- +Mr. Chen Yonggang obtained a bachelor’s degree of science from Dalian University of +Technology ( ɽஹଣʈɽኪ ) in Dalian, PRC, in July 1995. +Non-executive Directors +Mr. Yu Lijie (؏)aged 55, is our non-executive Director. He was appointed to our Board as +a Director on 30 December 2020 and was redesignated as a non-executive Director in July 2025. He is +primarily responsible for corporate governance and management. +Prior to joining our Group, Mr. Yu Lijie had over 15 years of experience in corporate management +and investment. From May 2008 to March 2010, he served as a senior consulting manager in the +Business Department of Shanghai Qiyuan Technology Co., Ltd.* (ʮ̡ ). +Between March 2010 and February 2013, he worked for Shenzhen Guoqiao Investment Management +Co., Ltd.* (ʮ̡ ) as an investment director in the investment department. +From March 2013, Mr. Yu Lijie worked as a deputy general manager and was promoted as a general +manager in August 2017, at Zheshang Business Venture Capital Management (Shenzhen) Co., Ltd. ( ए +ਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡), responsible for leading venture capital operations and managing +investment projects. +Mr. Yu Lijie obtained a master degree of business administration from Southwest Jiaotong +University in the PRC, in January 2008. +Mr. Yu Lijie was previously supervisor of the company shown in the table below at the time of, or +within 12 months prior to, its deregistration: +Name of company Place of establishment Status Date of deregistration Reason for deregistration +Nature of business at the +commencement of +deregistration +Shenzhen Yuanqiao +Network +Technology Co., +Ltd.* ( ଉέᇝ዗ၣ +ʮ̡ ) +PRC Deregistered 27 May 2025 Discontinuance of +business +Wholesale and retail +trade +Mr. Yu Lijie confirmed that, to his best knowledge, the above company had not been involved in +any outstanding dispute or litigations prior to its deregistration and that the above company was solvent +at the time of deregistration, and he did not incur any debt and/or liabilities because of such +deregistration, and no misconduct or misfeasance on his part had been involved in the deregistration, +and that the deregistration did not have any negative effect on our Group. +Independent Non-executive Directors +Mr. Chen Haiping ( ௓ऎ̻), aged 43, was appointed as our independent non-executive Director +in July 2025. He is also the chairperson of our Audit Committee, Remuneration and Appraisal +Committee and Nomination Committee. Mr. Chen Haiping is primarily responsible for participating in +the decision making for our Company’s significant events, and advising on issues relating to corporate +governance, audit and remuneration and assessment of our Directors and senior management. +Mr. Chen Haiping has been working at the Xi’an University of Science and Technology (Ҧ +ɽኪ) since July 2010. From July 2010 to December 2013, he served as an accountant in the accounting +section of the finance office at Xi’an University of Science and Technology. From January 2014 to +December 2018, he served as the deputy section chief of the planning and management section of the +DIRECTORS AND SENIOR MANAGEMENT +– 186 – + + +--- page 195 --- +finance office at Xi’an University of Science and Technology. From January 2019 until the present, he +serves as the section chief of the planning and management section of the finance office at Xi’an +University of Science and Technology. +Mr. Chen Haiping obtained a bachelor degree of management from Zhengzhou University of +Aeronautics in the PRC, in July 2006 and a master degree of economics from Xi’an University of +Science and Technology in the PRC, in June 2010. +Mr. Zhong Luhuan ( ᒤ௔ᛇ), aged 37, was appointed as our independent non-executive Director +in July 2025. Mr. Zhong Luhuan is primarily responsible for participating in the decision making for +our Company’s significant events, and advising on issues relating to corporate governance, and +assessment of our Directors and senior management. +Prior to joining our Group, Mr. Zhong Luhuan has over 10 years of experience in finance, +auditing, and investment management. From October 2013 to September 2015, he worked at Deloitte +Hua Yong CPA (ה( ౷ஷΥྫ )) as a senior auditor, responsible for leading +audit teams, managing project schedules, and preparing audit reports for clients in manufacturing, retail, +and communications industries. From September 2015 to October 2018, Mr. Zhong Luhuan served as +the deputy head of audit department at Haitong Securities Co., Ltd. (ʮ̡ ), where +Mr. Zhong Luhuan conducted audits for internal departments, subsidiaries, and branches, evaluated +investment projects, and ensured regulatory compliance. +From October 2018 to January 2021, Mr. Zhong Luhuan was an investment vice president at +Shanghai Moshi Enterprise Management Consulting Co., Ltd. (ʮ̡ ), +during which Mr. Zhong Luhuan coordinated IPO processes, conducted due diligence, designed +transaction structures, and facilitated NASDAQ listings. From February 2022 to July 2022, he served as +the team leader at China CICC Wealth Management Securities Company Limited Shanghai Branch ( ʕ +ʮ̡ɪऎʱʮ̡ ), responsible for sourcing and screening IPO projects and +providing financial advisory services. From August 2022 to January 2025, Mr. Zhong Luhuan was AI +fund manager at Hony Private Equity Management (Shanghai) Co., Ltd. (၍ଣ (ɪऎ)ࠢ +ʮ̡), where Mr. Zhong Luhuan led the company’s special purpose acquisition company (SPAC) in +Hong Kong, and managed IPO investments in Hong Kong and the US, and oversaw fundraising, +investment, and management, and exit strategies for AI-focused funds. From March 2025 until the +present, Mr. Zhong Luhuan has been a partner at Zhonghong Jin Kong Investment Management Co., +Ltd. (ʮ̡ ), focusing on investment management and strategic oversight. +Mr. Zhong Luhuan obtained a bachelor degree in commerce from Macquarie University, Australia, +in April 2011, and a master degree in finance from University of Technology Sydney, Australia, in +August 2012. +Ms. Ho Ka Cin Verona (࠺)aged 45, was appointed as our independent non-executive +Director in July 2025. Ms. Ho Ka Cin Verona is primarily responsible for participating in the decision +making for our Company’s significant events, and advising on issues relating to corporate governance +and assessment of our Directors and senior management. +Between September 2003 and August 2005, she worked for Ernst & Young ( τ͑) as a staff +accountant, responsible for audit and assurance. Subsequently, she served as a senior associate in +PricewaterhouseCoopers, S.C. (Hong Kong) ( ౷ശ͑༸) from November 2005 to August 2006, +responsible for audit and assurance. Subsequently, she joined Robertsons as a trainee solicitor in +September 2008 and was later promoted as a Partner and worked until February 2025. Between June +2025 to October 2025, she was a consultant at Chow Justin & De Bedin Solicitors LLP. +DIRECTORS AND SENIOR MANAGEMENT +– 187 – + + +--- page 196 --- +She is the founder of I One Consultancy Co., engaging in the business of consultancy services +from February 2025 to present. She has served as a counsel at Jia Yuan Law Office in Hong Kong from +November 2025 to December 2025 and from January 2026 to the present, specialising in securities, +corporate finance, and commercial matters. +Ms. Ho Ka Cin Verona obtained a bachelor degree in accounting and finance from the London +School of Economics and Political Science in UK, in 2003. She was further admitted as a certified +public accountant by the State Board of Accountancy of the State of Delaware in the US, in April 2006. +Ms. Ho Ka Cin Verona obtained a graduate diploma in law from BPP Law School, and a postgraduate +certificate in laws from the University of Hong Kong in 2007 and 2008, respectively. +SENIOR MANAGEMENT +Our senior management is responsible for the day-to-day management of our business. The +following table sets forth the key information about our senior management as of the Latest Practicable +Date. +Name Age Present position Role and responsibility +Date of joining our +Group +Date of appointment +as senior management +Zhou Bo (ت).... 50 Chairman of our Board, +executive Director, and +general manager +Overall strategic planning and +development of our Group +April 2013 April 2013 +Miao Rui (๿) .... 40 Executive Director and +deputy general manager +Overall management of our Group April 2013 December 2020 +Chai Jian (ᄏ) .... 37 Executive Director and +Board secretary +Board-related matters, capital +market matters and corporate +governance of our Group +November 2024 July 2025 +Zou Xiaogang +(࡝)...... +43 Executive Director, and +supply chain director +Management of the supply chain +centre of our Group +April 2013 October 2021 +Chen Yonggang +(࡝)...... +54 Executive Director and +technical expert +Overall technology development of +our Group +April 2013 December 2020 +Huang Yu ( රຄ) .... 46 Chief financial officer Overall financial matters +of our Group +May 2020 July 2025 +Mr. Zhou Bo (ت)aged 50, is our general manager. For his biography, see “— Board of +Directors — Executive Directors.” +Mr. Miao Rui (๿), aged 40, is our deputy general manager. For his biography, see “— Board +of Directors — Executive Directors.” +Dr. Chai Jian (ᄏ), aged 37, is our Board secretary. For his biography, see “— Board of +Directors — Executive Directors.” +Mr. Zou Xiaogang (࡝)aged 43 is our supply chain director. For his biography, see “— +Board of Directors — Executive Directors.” +Mr. Chen Y onggang (࡝)aged 54, is our technical expert. For his biography, see “— Board +of Directors — Executive Directors.” +DIRECTORS AND SENIOR MANAGEMENT +– 188 – + + +--- page 197 --- +Mr. Huang Yu ( රຄ), aged 46, is our chief financial officer. He joined our Group in 2020 as a +financial manager and was promoted to the chief financial officer in July 2025, responsible for overall +financial matters of our Group. +Mr. Huang Yu’s work experience prior to joining our Group is set out in the table below: +Name +Place of +establishment Principal business Role Responsibility Employment period +New Leaf (s.z.) precision MFG. +Co., Ltd.* +(ۜ +ʮ̡) ........... +PRC Manufacturing of +high-quality stamping +and mould products +Accounting +staff +Accounting From July 2004 to +November 2006 +Shenzhen Bao’an Shanghe Ruide +Electronics Plastic Factory* +(ଉέ̹ᘒτਜɪΥ๿ᅃཥɿ +෧ᇭᅀ) +(Note) .......... +PRC Manufacturing of +computer and +electronic devices +Accountant Accounting and +financial statements +From March 2007 to +February 2008 +Shenzhen Honghong Agricultural +Products Distribution Co., +Ltd.* +(ৣ৔ +ʮ̡) ........... +PRC Agricultural product +distribution +Accounting +supervisor +Accounting financial +statements, and +financial analysis +From December 2009 +to December 2011 +Longzhou Nanhua Sugar Co., +Ltd.* +(ப΂ +ʮ̡) ............. +PRC Manufacturing and +distribution of sugar +products +Accounting +supervisor +Accounting, financial +analysis, annual +budget and control +functions +From December 2011 +to December 2013 +Shenzhen Antoshan Investment +& Development Co., Ltd.* +(࢝ +ʮ̡) ........... +PRC Building materials, +electromechanical +products and catering +services +Accountant Accounting, annual +budget management, +and internal control +systems +From May 2014 to May +2017 +Shenzhen Antoshan Investment +& Development Co., Ltd.* +(࢝ +ʮ̡) ........... +PRC Building materials, +electromechanical +products and catering +services +Overall +management +staff +Compliance +management +From May 2017 to +September 2017 +Shenzhen City Zhen Kon +Technology Co., Ltd.* +(ʮ̡ ) .. +PRC Manufacturing of +computer, +communications and +electronic equipment +Accounting +Manager +Establishing the +company’s financial +framework, +conducting financial +budgeting and +operational data +analysis and +overseeing internal +control and +compliance +management +From September 2017 +to May 2020 +Note: +Shenzhen Bao’an Shanghe Ruide Electronics Plastic Factory* ( ଉέ̹ᘒτਜɪΥ๿ᅃཥɿ෧ᇭᅀ ) was deregistered on 29 +October 2011. +DIRECTORS AND SENIOR MANAGEMENT +– 189 – + + +--- page 198 --- +In September 2008, he passed the Intermediate Examination for Accounting Professional Technical +Qualification in the Guangdong Province* (ʕॴϽ༊ ) organised by the +Guangdong Provincial Department of Human Resources and Social Security in the PRC. +In April 2021, Mr. Huang Yu attended a training programme for financial controllers organised by +the Shenzhen Stock Exchange. Mr. Huang Yu, through attending long distance learning courses, +obtained a bachelor’s degree of financial management from Jinan University (ɽኪ) in Guangdong, +PRC, in December 2023. In view of his aforementioned experience and academic qualifications, Mr. +Huang Yu possesses the appropriate financial expertise, knowledge, and experience to discharge his +duties as the chief financial officer of our Group effectively. +OTHER INFORMATION IN RELATION TO OUR DIRECTORS AND SENIOR MANAGEMENT +Save as disclosed, none of our Directors and senior management: +(i) held any other positions in our Company or other members of our Group as at the Latest +Practicable Date; +(ii) had any other relationship with any Directors, senior management or substantial +Shareholders or Controlling Shareholders of our Company as at the Latest Practicable Date; +(iii) held any directorship in any other public companies the securities of which are listed on any +securities market in Hong Kong or overseas in the three years prior to the Latest Practicable +Date; and +(iv) have any interest in the Shares within the meaning of Part XV of SFO or is a director or an +employee of a company which has an interest or short position in the Shares and underlying +Shares of our Company. +Save as disclosed above, to the best of the knowledge, information and belief of our Directors +after having made all reasonable enquiries, there were no other matters with respect to the appointment +of our Directors that needs to be brought to the attention of our Shareholders and there was no +information relating to our Directors that was required to be disclosed pursuant to Rule 13.51(2) of the +Listing Rules as at the Latest Practicable Date. +None of our Directors and senior management is related to other Directors and senior +management. +CONFIRMATIONS FROM OUR DIRECTORS +Rule 3.09D of the Listing Rules +Each of our Directors confirms that he or she (i) has obtained the legal advice referred to under +Rule 3.09D of the Listing Rules in July 2025, and (ii) understands his or her obligations as a director of +a listed issuer under the Listing Rules. +Rule 3.13 of the Listing Rules +Each of the independent non-executive Directors has confirmed (i) his or her independence as +regards each of the factors referred to in Rules 3.13(1) to (8) of the Listing Rules, (ii) he or she had no +past or present financial or other interest in the business of our Company or its subsidiaries or any +DIRECTORS AND SENIOR MANAGEMENT +– 190 – + + +--- page 199 --- +connection with any core connected person of our Company under the Listing Rules as of the Latest +Practicable Date, and (iii) that there are no other factors that may affect his or her independence at the +time of his or her appointments. +Rule 8.10 of the Listing Rules +Each of our Directors (excluding our independent non-executive Directors) confirms that as of the +Latest Practicable Date, he or she did not have any interest in a business which competes or is likely to +compete, directly or indirectly, with our business and requires disclosure under Rule 8.10 of the Listing +Rules. +JOINT COMPANY SECRETARIES +Ms. Lui Mei Ka (ྗ), aged 41, joined our Group on 16 May 2025. She will be one of our +joint company secretaries with effect from the Listing Date, responsible for the company secretarial +matters of our Company. +Ms. Lui Mei Ka is currently a member of the Hong Kong Institute of Certified Public Accountants +and the managing director of Merit Corporate Services Company Limited. Ms. Lui Mei Ka has also +been an independent non-executive director of China Tangshang Holdings Ltd. (ʮ +̡), a company listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 674), and +GoFintech Quantum Innovation Limited (formerly known as GoFintech Innovation Limited) ( ਷బඎɿ +ʮ̡ ), a company listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: +290), and China Tontine Wines Group Limited (ʮ̡ ), a company listed on the +Main Board of the Hong Kong Stock Exchange (Stock Code: 389), and Ab&B Bio-Tech CO., LTD. JS +(ʮ̡ ), a company listed on the Main Board of the Hong Kong Stock +Exchange (Stock Code: 2627) since 21 April 2017, 19 September 2023, 30 September 2024 and 27 May +2026 respectively. +Ms. Lui Mei Ka has over 17 years of experience in financial management and corporate finance. +From March 2014 to May 2016, she was the company secretary and financial controller of LT +Commercial Real Estate Limited, a company previously listed on the Main Board of the Hong Kong +Stock Exchange (Stock Code: 112), which was engaged in property development and investment. From +October 2016 to July 2018, she was the chief financial officer and company secretary of GR Life Style +Company Limited (formerly known as GR Properties Limited) (ʮ̡ ), a company listed +on the Main Board of the Hong Kong Stock Exchange (Stock Code: 108), which is engaged in property +development and investment. Ms. Lui Mei Ka obtained a bachelor’s degree in business administration +from The Chinese University of Hong Kong in Hong Kong, PRC, in May 2006. +Dr. Chai Jian (ᄏ), aged 37, will be one of our joint company secretaries with effect from the +Listing Date. For his biography, see “— Board of Directors — Executive Directors.” +AUTHORISED REPRESENTATIVES +Mr. Zhou Bo and Dr. Chai Jian are the authorised representatives of our Company for the purpose +of the Listing Rules. +BOARD COMMITTEES +Our Company has established four committees under the Board in accordance with the relevant +laws and regulations in mainland China, the Articles of Association and the Corporate Governance +Code under the Listing Rules, including the Strategy and Sustainable Development Committee, the +Audit Committee, the Nomination Committee and the Remuneration and Appraisal Committee. +DIRECTORS AND SENIOR MANAGEMENT +– 191 – + + +--- page 200 --- +Strategy and Sustainable Development Committee +Our Company established the Strategy and Sustainable Development Committee in compliance +with the Articles of Association. The primary duties of the Strategy and Sustainable Development +Committee are to review our Company’s long-term development strategies and major investment +decisions, and to make recommendations to our Board. The Strategy and Sustainable Development +Committee comprises two executive Directors, namely Mr. Zhou, and Mr. Miao Rui, and one +independent non-executive Director, namely Ms. Ho Ka Cin Verona. Mr. Zhou is the chairperson of the +Strategy and Sustainable Development Committee. +Audit Committee +Our Company established the Audit Committee with written terms of reference in compliance with +Rule 3.21 of the Listing Rules and the Corporate Governance Code and Corporate Governance Report +as set out in Appendix C1 to the Listing Rules. The Audit Committee has three members, namely Mr. +Chen Haiping, Ms. Ho Ka Cin Verona and Mr. Yu Lijie. Mr. Chen Haiping, our independent +non-executive Director, has been appointed as the chairperson of the Audit Committee, and has the +appropriate professional qualifications required under the Listing Rules. The primary duties of the Audit +Committee are to review our Company’s financial information and its disclosure, supervise and evaluate +internal and external audit work and internal control, and to provide our Board with professional +advice. +Remuneration and Appraisal Committee +Our Company established the Remuneration and Appraisal Committee with written terms of +reference in compliance with Rule 3.25 of the Listing Rules and the Corporate Governance Code and +Corporate Governance Report as set out in Appendix C1 to the Listing Rules. The Remuneration and +Appraisal Committee has three members, namely Mr. Chen Haiping, Ms. Ho Ka Cin Verona and Mr. +Miao Rui. Mr. Chen Haiping, our independent non-executive Director, has been appointed as the +chairperson of the Remuneration and Appraisal Committee. The primary duties of the Remuneration and +Appraisal Committee are to formulate the appraisal standards for Directors and senior management, +conduct appraisal, and formulate and review the remuneration policies and proposals for Directors and +senior management. +Nomination Committee +Our Company established the Nomination Committee with written terms of reference in +compliance with the Corporate Governance Code and Corporate Governance Report as set out in +Appendix C1 to the Listing Rules. The Nomination Committee has three members, namely Ms. Ho Ka +Cin Verona, Mr. Chen Haiping and Mr. Miao Rui. Mr. Chen Haiping, our independent non-executive +Director, has been appointed as the chairperson of the Nomination Committee. The primary duties of +the Nomination Committee are to assess the candidates and review selection criteria and procedures for +Directors and senior management, and to make recommendations to the Board. +CORPORATE GOVERNANCE +Our Directors recognise the importance of incorporating elements of good corporate governance in +the management structures and internal control procedures of our Group so as to achieve effective +accountability. Our Company has adopted the code provisions stated in the Corporate Governance Code. +DIRECTORS AND SENIOR MANAGEMENT +– 192 – + + +--- page 201 --- +Our Company is committed to the view that our Board should include a balanced composition of +executive Directors, non-executive Directors and independent non-executive Directors so that there is a +strong independent element on our Board, which can effectively exercise independent judgement. It is +expected that our Group will be able to continue to comply with the code provisions in the Corporate +Governance Code upon the Listing. +Except for the deviation from paragraph C.2.1 of Part 2 of the Corporate Governance Code, our +Company’s corporate governance practices have complied with the Corporate Governance Code as at +the Latest Practicable Date. Paragraph C.2.1 of Part 2 of the Corporate Governance Code stipulates that +the roles of chairman of the board and chief executive should be separate and should not be performed +by the same individual. We do not have a separate chairman and chief executive and Mr. Zhou currently +performs these two roles. In view that Mr. Zhou has been assuming day-to-day responsibilities in +operating and managing our Group since its incorporation and the steady development of our Group, +our Board believes that with the support of Mr. Zhou’s extensive experience and knowledge in the +business of our Group, vesting the roles of both chairman and chief executive of our Company in Mr. +Zhou strengthens the consistent and solid leadership of our Group, and thereby allows for efficient +business planning and decision which is in the best interest to our Group as a whole. Our Board will +continue to review and consider splitting the roles of chairman of our Board and chief executive of our +Company at a time when it is appropriate by taking into account the circumstances of our Group as a +whole. +Our Directors consider that the deviation from paragraph C.2.1 of Part 2 of the Corporate +Governance Code is appropriate in such circumstances. Notwithstanding the above, our Board is also of +the view that the current management structure is effective for our Group’s operations, and sufficient +checks and balances are in place. Our Board will continue to review the effectiveness of the corporate +governance structure of our Company in order to assess whether separation of the roles of chairman of +our Board and chief executive is necessary. +BOARD DIVERSITY POLICY +Our Company has adopted a board diversity policy (the “ Board Diversity Policy ”), which sets +out its approach to achieve and maintain diversity on the Board in order to enhance the effectiveness of +the Board. Our Company recognises and embraces the benefits of the Board diversity to enhance the +quality of its performance and endeavours to ensure that the Board has appropriate balance and level of +skills, experience and perspectives required to support the execution of its business strategies. Our +Company seeks to achieve Board diversity by selection of candidates for the Board through the +consideration of a number of factors, including but not limited to gender, age, cultural and education +background, professional experience, skills, knowledge and length of service. Our Company has also +taken, and will continue to take into consideration factors based on its own business model and specific +needs from time to time in determining the optimum composition of the Board. All Board appointments +will continue to be based on meritocracy having due regard for the benefits of diversity on the Board. +The ultimate decision will continue to be based on merit and contribution that the selected candidates +will bring to the Board. +Our Board comprises nine members, including one female Director. Our Directors also have a mix +of knowledge and experience in the areas of accounting, legal and engineering. None of the Directors +are related to one another. We have three independent non-executive Directors with different industry +backgrounds, representing around two-third of the members of our Board. Furthermore, the ages of our +Directors range from 37 years old to 55 years old. +We will review the objectives of the Board Diversity Policy from time to time to ensure their +appropriateness and ascertain the progress made towards achieving those objectives. After Listing, the +Nomination Committee will review the Board Diversity Policy and monitor its implementation. The +DIRECTORS AND SENIOR MANAGEMENT +– 193 – + + +--- page 202 --- +Nomination Committee will report annually to shareholders in the corporate governance section of the +annual report of our Company on the process adopted in relation to the Board appointments and the +consideration given to the diversity on the Board. +REMUNERATION OF DIRECTORS AND SENIOR MANAGEMENT +The Directors and senior management who receive remuneration are paid in forms of fees, +salaries, allowances, discretionary bonuses, benefits in kind, retirement scheme contributions and +share-based compensation. +For FY2023, FY2024 and FY2025 the aggregate amount of emoluments paid or payable to our +Directors amounted to approximately RMB3.0 million, RMB3.2 million and RMB8.7 million, +respectively. +Under the arrangement currently in force, the aggregate amount of emoluments before taxation to +be accrued to our Directors for the year ending 31 December 2025 was approximately RMB8.7 million. +2, 2 and 2 of the five individuals with the highest emoluments in our Group, respectively were +Directors for the Track Record Period. The total emolument for the remaining individuals among the +five highest paid individuals for FY2023, FY2024 and FY2025 were approximately RMB2.4 million, +RMB2.5 million and RMB4.0 million, respectively. +We confirmed that during the Track Record Period, no remuneration was paid by our Company to, +or receivable by, our Directors, or the five highest paid individuals as an inducement to join or upon +joining our Company or as compensation for loss of office in connection with the management +positions of any subsidiary of our Company. +During the Track Record Period, none of our Directors waived any remuneration. Save as +disclosed above, no other payments have been paid, or are payable, by our Company or any of our +subsidiary to our Directors, Supervisors or the five highest paid individuals during the Track Record +Period. +For more details on remuneration paid to our Directors and senior management and, on an +aggregate basis, the five highest paid individuals of our Group during the Track Record Period, see +Notes 10(a) and 10(c) to the Accountants’ Report as set out in Appendix I to this prospectus; and for +details regarding the Share Incentives granted to our Directors and senior management, see Note 29 to +the Accountants’ Report as set out in Appendix I to this prospectus. +COMPLIANCE ADVISER +Compliance Adviser +We have appointed China Harbour International Capital Limited as our compliance adviser +(“Compliance Adviser ”) pursuant to Rule 3A.19 of the Listing Rules. Our Compliance Adviser will +provide us with guidance and advice as to compliance with the Listing Rules and applicable Hong Kong +laws. Pursuant to Rule 3A.23 of the Listing Rules, the Compliance Adviser will advise us in the +following circumstances: + before the publication of any regulatory announcement, circular or financial report; + where a transaction, which might be a notifiable or connected transaction, is contemplated +including share issues and share repurchases; +DIRECTORS AND SENIOR MANAGEMENT +– 194 – + + +--- page 203 --- + where we propose to use the proceeds of the Global Offering in a manner different from that +detailed in this prospectus or where its business activities, developments or results deviate +from any forecast, estimate, or other information in this prospectus; and + where the Stock Exchange makes an inquiry of our Company regarding unusual movements +in the price or trading volume of its listed securities or any other matters in accordance with +Rule 13.10 of the Listing Rules. +The term of appointment of our Compliance Adviser shall commence on the Listing Date and +continue until the longer of (i) the date on which our Company complies with the requirements under +Rule 13.46 of the Listing Rules in respect of our financial results for the first full financial year +immediately following the Listing Date, or (ii) the appointment of an independent non-executive +Director who will be ordinarily resident in Hong Kong has been confirmed and approved. +DIRECTORS AND SENIOR MANAGEMENT +– 195 – + + +--- page 204 --- +This section presents certain information regarding our share capital prior to and following the +completion of the Share Subdivision and the Global Offering. +PRIOR TO THE GLOBAL OFFERING +As at the date of this prospectus, the registered share capital of our Company was RMB8,613,074 +comprising 8,613,074 Unlisted Shares with a nominal value of RMB1.00 each. +UPON COMPLETION OF THE GLOBAL OFFERING +Immediately following completion of the Share Subdivision, the Global Offering and the +conversion of Unlisted Shares into H Shares, our Company’s share capital will be as follows: +Description of Shares Number of Shares +Approximate +percentage of total +share capital +Unlisted Shares .................................... 18,064,480 2.33% +H Shares to be converted from Unlisted Shares ............. 670,981,440 86.67% +H Shares to be issued under the Global Offering ............ 85,162,500 11.00% +Total ............................................ 774,208,420 100.00% +RANKING +Upon completion of the Share Subdivision, the Global Offering and the conversion of Unlisted +Shares into H Shares, the Shares will consist of H Shares and Unlisted Shares. H Shares and Unlisted +Shares are all ordinary Shares in the share capital of our Company. However, apart from certain +qualified domestic institutional investors in the PRC, the qualified PRC investors under the +Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect and other persons who +are entitled to hold our H Shares pursuant to relevant PRC laws and regulations or upon approvals of +any competent authorities, H Shares generally cannot be subscribed for by or traded between legal or +natural persons of the PRC. +Unlisted Shares and H Shares will rank pari passu with each other in all respects and, in +particular, will rank equally for all dividends or distributions declared, paid or made after the date of +this prospectus. All dividends in respect of the H Shares are to be paid by us in Hong Kong dollars or +in the form of H Shares. +MINIMUM PUBLIC FLOAT AND FREE FLOAT +Pursuant to Rule 19A.13A(1) of the Listing Rules, at the time of Listing and at all times +thereafter, our Company must maintain the minimum prescribed percentage of 25% of the issued share +capital of our Company in the hands of the public (as defined in the Listing Rules). +Pursuant to Rule 19A.13C(1), at the time of Listing, our Company must ensure that not less than +10% of the total number of issued shares in the class to which our H shares belong (excluding treasury +shares) are held by the public and are freely tradable (as defined in the Listing Rules), with such shares +having an expected market value of not less than HK$50 million, or an expected market value of not +less than HK$600 million. +SHARE CAPITAL +– 196 – + + +--- page 205 --- +CONVERSION OF OUR UNLISTED SHARES INTO H SHARES +Conversion of Unlisted Shares +According to the regulations issued by the CSRC, the holders of our Unlisted Shares may, at their +own option, authorise our Company to apply to the CSRC for conversion of their respective Unlisted +Shares to H Shares, and such converted Shares may be listed and traded on an overseas stock exchange +provided that the required filings with the securities regulatory authorities of the State Council for the +conversion, listing and trading of such converted Shares have been completed. Additionally, such +conversion, trading and listing shall meet any requirement of internal approval process and in all +respects comply with the regulations prescribed by the securities regulatory authorities of the State +Council and the regulations, requirements and procedures prescribed by the relevant overseas stock +exchange. +If any of the Unlisted Shares are to be converted, listed and traded as H Shares on the Stock +Exchange, the filings with the relevant PRC regulatory authorities, including the CSRC, and the +approval of the Stock Exchange are necessary for such conversion. Based on the procedures for the +conversion of Unlisted Shares into H Shares as set forth below, we will apply for the listing of all or +any portion of the Unlisted Shares on the Stock Exchange as H Shares in advance of any proposed +conversion after the Global Offering to ensure that the conversion process can be completed promptly +upon notice to the Stock Exchange and delivery of Shares for entry on the H Share register. As the +listing of additional Shares after the Listing on the Stock Exchange is ordinarily considered by the +Stock Exchange to be a purely administrative matter, it does not require such prior application for +listing at the time of our listing in Hong Kong. No class Shareholder voting is required for the +conversion of such Shares or the listing and trading of such converted Shares on an overseas stock +exchange. Any application for listing of the converted shares on the Stock Exchange after our initial +listing is subject to prior notification by way of announcement to inform our Shareholders and the +public of any proposed conversion. +Mechanism and procedures for conversion +After all the requisite filings have been completed and approvals have been obtained, the relevant +Unlisted Shares will be withdrawn from the Unlisted Share register, and our Company will re-register +such Shares on the H Share register maintained in Hong Kong and instruct the H Share Registrar to +issue H Share certificates. Registration on the H Share register of our Company will be on the +conditions that (i) the H Share Registrar lodges with the Stock Exchange a letter confirming the entry +of the relevant H Shares on the H Share register and the due dispatch of H Share certificates; and (ii) +the admission of the H Shares to be traded on the Stock Exchange complies with the Listing Rules and +the General Rules of HKSCC and the HKSCC Operational Procedures in force from time to time. +Filing with the CSRC for full circulation +According to the Trial Measures promulgated by the CSRC, for a H-share listed company, +shareholders of its Unlisted Shares applying to convert such shares into shares listed and traded on an +overseas trading venue shall conform to relevant regulations promulgated by the CSRC, and authorise +the domestic company to file with the CSRC on their behalf. +In accordance with the Guidance of H-share Companies Applying for “Full Circulation” Business +of Unlisted Shares in China ( H΅͡ሗ “ஷ”ˏ‘) announced by the +CSRC, an unlisted domestic joint stock company may file with the CSRC for “full circulation” +simultaneously when applying for an overseas initial public offering. +SHARE CAPITAL +– 197 – + + +--- page 206 --- +We have filed with the CSRC for, and the CSRC has registered, the conversion of 670,981,440 +Unlisted Shares into H Shares on a one-for-one basis upon completion of Listing. +RESTRICTIONS OF SHARE TRANSFER +Pursuant to the PRC Company Law, our Shares issued prior to the Listing shall not be transferred +within one year from the Listing Date. Accordingly, Shares issued by our Company prior to the Listing +Date shall be subject to this statutory restriction and not be transferred within a period of one year from +the Listing Date. +Shares transferred by our Directors and members of the senior management each year during their +term of office shall not exceed 25% of their total respective shareholdings in our Company unless +otherwise permitted by applicable laws and regulations. The Shares that the aforementioned persons +hold in our Company cannot be transferred within half a year after they leave their positions as +Directors and members of the senior management in our Company. +SHAREHOLDERS’ GENERAL MEETINGS +For details of circumstance under which our Shareholders’ general meeting is required, see the +section headed “Summary of the Articles of Association” in Appendix V to this prospectus. +SHARE CAPITAL +– 198 – + + +--- page 207 --- +You should read the following discussion and analysis in conjunction with our consolidated +financial statements included in the Accountants’ Report in Appendix I to this prospectus, together +with the accompanying notes. Our consolidated financial information has been prepared in +accordance with IFRS, which may differ in material aspects from generally accepted accounting +principles in other jurisdictions. You should read the entire Accountants’ Report and Unaudited +Interim Condensed Consolidated Financial Information and not merely rely on the information +contained in this section. +The following discussion and analysis, and other parts of this prospectus contain +forward-looking statements that reflect our current views with respect to future events and financial +performance. These statements are based on assumptions and analysis made by us in light of our +experience and perception of historical trends, current conditions and expected future developments, +as well as other factors that we believe are appropriate under the circumstances. However , whether +the actual outcome and developments will meet our expectations and predictions depends on a +number of risks and uncertainties over which we do not have control. In evaluating our business, +you should carefully consider the information provided into “Forward-looking Statements”, “Risk +Factors” and elsewhere in this prospectus. +OVERVIEW +We are a multispectral AI technology enterprise in China. For an introduction of the products and +services offered by our Group, please refer to section headed “Business — Overview” in this +prospectus. +During the Track Record Period, our revenue has increased from RMB117.1 million in FY2023 to +RMB522.6 million in FY2024 and increased to RMB668.5 million in FY2025, with a CAGR of +138.9%. +BASIS OF PREPARATION +Our historical financial information has been prepared in accordance with all applicable IFRS +issued by the International Accounting Standards Board. The Historical Financial Information has been +prepared under the historical cost convention, as modified by the revaluation of financial assets at fair +value through other comprehensive income. +SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS +Our results of operations have been, and are expected to continue to be, affected by a number of +factors, some of which are outside of our control, including the following: +Our ability to expand and successfully commercialise our innovative products and services +portfolio +Our performance is significantly influenced by our capacity to broaden our market reach, +successfully bring new products to market, and continuously enhance our existing offering portfolio. +We have continuously made technical breakthroughs and launched innovative product and service +offerings in the past with launch of multispectral AI perception-computing integration technology in +2020, release of prototype fire prediction computing product in 2021, launch of miniaturised AI +algorithms modules solution in 2022, and the launch of the fire prediction multispectral AI products, +and commercialisation of our Multispectral AI Large Model Services in 2024. +FINANCIAL INFORMATION +– 199 – + + +--- page 208 --- +Our Multispectral AI Large Model Services command higher gross profit margins and have made +significant contributions to our revenue. The commercial success of our Multispectral AI Modules and +Multispectral AI Perception Terminals in FY2024 has led to the acquisition of a number of new +customers and thereby a substantial increase in our sales performance in FY2024. +Our versatile products and solutions covering a wide range of industries +The application of our diverse product and service offerings cover various industries, including +software and information technology services, development and sales of electronic products, data +services, automobile-related manufacturing, valued-added communication, IoT, system integration, and +construction, and cater various clients with differing user application needs. Such use cases include +Multispectral AI Modules and Multispectral AI Perception Terminals for clients including system +integrators with R&D capabilities, and Multispectral AI Large Model Services for clients including +enterprise-level users. See the section headed “Business — Our products and services” in this +prospectus. Typically, these products differ in pricing, raw materials and cost structure, resulting in +varying gross profit margins. Each offering is uniquely positioned with distinct marketing strategies. +Consequently, our revenue and profitability are significantly influenced by our product portfolio. +We believe that our increasingly diverse product and service portfolio allows us to swiftly adapt +to changing market conditions and customer preferences. We have been optimising our portfolio to +enhance our revenue and profitability. +Investment in R&D and innovation capabilities +Our ability to develop new technologies, design new products and services and enhance existing +products and solutions is critical to our business operations and for maintaining our competitive edge. +Our financial performance is dependent on our ability to maintain our R&D and innovation capabilities +and position in the multispectral AI industry, which in turn depends on the investments we make in +R&D. In particular, we have a consistent track record of R&D achievements, including our HtFS file +system, HtOS operating system, miniaturise AI algorithms modules solution and “Zhiyuan Origin Large +Model”, to solidify our multispectral sensing capabilities. It is essential that we continuously identify +and respond to rapidly evolving customer requirements, develop and introduce innovative products and +solutions, enhance existing offerings and features, and generate active market demand for our +multispectral AI products and solutions. +To maintain our leadership in technological innovation, we have built a highly experienced talent +pool with strong expertise and capabilities in relevant fields. Our skilled and talented R&D team plays +a pivotal role in keeping us at the forefront of the multispectral AI industry, making them essential to +our success. During the Track Record Period, we made substantial investments in R&D, as we believe +these capabilities are the cornerstone of our long-term competitiveness and growth prospects. Our total +R&D expenses (including capitalisation of R&D) during the Track Record Period amounted to +RMB191.4 million. As at 31 December 2025, our R&D team comprised 156 members, accounting for +43.1% of our total workforce. Given the limited availability of experienced and specialised R&D +talents, which is in high demand, we remain committed to offering competitive compensation and +benefits packages to attract top talents. Additionally, we focus on nurturing our in-house talent by +providing them with meaningful professional development opportunities to support their growth and +enhance their expertise. +Our ability to manage our costs and expenses and achieve operational efficiency +Our future profitability relies heavily on our ability to manage costs and operating expenses, +which are influenced by several factors, including the costs of components, raw materials, and other +supplies, as well as our operational efficiency. +FINANCIAL INFORMATION +– 200 – + + +--- page 209 --- +Our cost of sales primarily consists of raw materials and consumables used. During the Track +Record Period, raw materials and consumables used accounted for 69.9%, 90.1% and 91.9% of the cost +of sales in FY2023, FY2024 and FY2025, respectively. +We strive to enhance operational efficiency and reduce production costs through technological +innovation and optimised supply chain management. In addition, our operating expenses include +research and development expenses, general and administrative expenses, and selling and marketing +expenses, among others. Effective cost control measures remain critical to sustaining our operational +performance. Furthermore, we are actively exploring ways to enhance our manufacturing capabilities to +meet mass production demands while maintaining control over capital expenditures. +Seasonality +Our operating results are subject to seasonal fluctuations. During the Track Record Period, we +typically recorded higher revenue and cost of sales in the second half, primarily due to the impact of +our customers’ annual budgeting and procurement cycles, as well as holidays in the first quarter. Such +fluctuations are seasonal in nature and are not necessarily indicative of our results of operations for the +full year. +Our ability to attract new customers and deepen relationships with existing customers +We provide multispectral product and service offerings, supporting a wide range of application +scenarios. Our management and sales team have extensive industry experience and profound +knowledge, allowing us to build our brand and acquire customers effectively. We endeavour to maintain +stable and long-term business relationships with our customers by delivering comprehensive, +customer-centric services. +Our profitability is directly contingent upon the progress achieved in the development, large-scale +production, and delivery of multispectral AI and other products to our consumers. By forging long-term +partnerships through our go-to-market approach, we enable close collaboration at early project stages. +This allows us to iterate our products and services timely to meet evolving market trends and +end-consumer needs. By attracting new customers and deepening relationships with existing customers, +we plan to further strengthen our presence in the multispectral AI industry. +General factors +Our business and operating results are also affected by general factors affecting the multispectral +AI industry, which include: + the impact of macroeconomic conditions in China and overseas; + technological changes affecting the multispectral and AI technology service sectors; + market demand for multispectral AI product and solution offerings; + the competitive landscape; and + relevant laws and regulations, and governmental policies and initiatives. +FINANCIAL INFORMATION +– 201 – + + +--- page 210 --- +MATERIAL ACCOUNTING POLICY INFORMATION AND ESTIMATES +We have identified certain accounting policy information that are significant to the preparation of +our consolidated financial statements. A summary of our material accounting policy information +(including the subjective assumptions and estimates involved) is set forth in Note 4 to the Accountants’ +Report in Appendix I to this prospectus. A summary of our revenue recognition policy information is +set forth in Note 6 to the Accountants’ Report in Appendix I to this prospectus. +We continually evaluate the critical accounting estimates and key judgements applied based on +historical experience and other factors, including expectations of future events that are believed to be +reasonable. Nevertheless, actual results may differ from these estimates. We have not changed our +assumptions or estimates in the past and have not noticed any material errors regarding our assumptions +or estimates. +DESCRIPTION OF SELECTED COMPONENTS OF STATEMENTS OF PROFIT OR LOSS AND +OTHER COMPREHENSIVE INCOME +The following table sets forth our consolidated statements of profit or loss and other +comprehensive income for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Revenue ........................... 117,063 522,568 668,519 +Cost of sales ........................ (102,756) (424,399) (519,127) +Gross profit ........................ 14,307 98,169 149,392 +Other income ....................... 6,863 5,051 7,430 +Other (losses)/gains — net .............. (958) 56 (3,897) +General and administrative expenses ....... (11,874) (13,040) (46,802) +Selling and marketing expenses .......... (16,035) (16,470) (17,700) +Research and development expenses ....... (11,084) (25,151) (50,793) +Net impairment losses on financial assets ... (1,631) (5,413) (6,484) +Operating (loss)/profit ................ (20,412) 43,202 31,146 +Finance income ...................... 613 273 207 +Finance costs ....................... (3,055) (1,016) (3,862) +(Loss)/Profit before income tax ......... (22,854) 42,459 27,491 +Income tax credit/(expense) ............. 4,441 (2,047) 1,863 +(Loss)/Profit and total comprehensive +(loss)/income for the year ............ (18,413) 40,412 29,354 +Non-IFRS Measure +We define adjusted net (loss)/profit (non-IFRS measure) as net (loss)/profit for the years adjusted +by adding back share-based payment expenses, which is a non-cash item, and listing expenses. +To supplement our consolidated financial statements, we also use adjust net (loss)/profit +(non-IFRS measure) as an additional financial measure, which is not required by, or presented in +accordance with IFRS. We believe this non-IFRS measure facilitates comparisons of operating +performance from year to year and company to company by eliminating potential impacts of certain +items. We believe this measure provides useful information to investors and others in understanding and +evaluating our consolidated results of operations in the same manner as they help our management. +However, our presentation of adjusted net (loss)/profit (non-IFRS measure) may not be comparable to +FINANCIAL INFORMATION +– 202 – + + +--- page 211 --- +similarly titled measures presented by other companies. The use of this non-IFRS measure as an +analytical tool has limitations, and you should not consider it in isolation from, or as a substitute for an +analysis of, our results of operations or financial condition as reported under IFRS. +The following table reconciles our adjusted net (loss)/profit (non-IFRS measure) for the years +presented in accordance with IFRS, which is net loss for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Reconciliation of net (loss)/profit to +adjusted net loss (non-IFRS measure) +(Loss)/profit for the year ................ (18,413) 40,412 29,354 +Add: +Listing expenses ..................... — — 17,426 +Share-based payment expenses +(1) .......... 242 2,532 8,465 +Adjusted net (loss)/ +profit (non-IFRS measure) ............ (18,171) 42,944 55,245 +Note: +(1) Share-based payment expenses is a non-cash item. +Revenue +In FY2023, FY2024 and FY2025, our revenue was RMB117.1 million, RMB522.6 million and +RMB668.5 million, respectively. During the Track Record Period, we generated our revenue primarily +from the sales of Multispectral AI Modules, Multispectral AI Perception Terminals, Multispectral AI +Large Model Services and Other AI Vision Modules. +The following table sets forth a breakdown of our revenue by products and services for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 % of Total RMB’000 % of Total RMB’000 % of Total +Multispectral AI +Multispectral AI Modules .......... 99,121 84.6 299,228 57.3 209,044 31.3 +Multispectral AI Perception Terminals .. 12,586 10.8 61,229 11.7 92,638 13.9 +Multispectral AI Large Model Services .. — — 113,791 21.8 355,364 53.1 +111,707 95.4 474,248 90.8 657,046 98.3 +Others +Other AI Vision Modules .......... 5,150 4.4 47,080 9.0 10,258 1.5 +Others ..................... 206 0.2 1,240 0.2 1,215 0.2 +5,356 4.6 48,320 9.2 11,473 1.7 +Total...................... 117,063 100.0 522,568 100.0 668,519 100.0 +Multispectral AI Modules +In FY2023, FY2024 and FY2025, revenue generated from sales of Multispectral AI Modules +amounted to RMB99.1 million, RMB299.2 million and RMB209.0 million, representing 84.6%, 57.3% +and 31.3% of our total revenue for the respective years. +FINANCIAL INFORMATION +– 203 – + + +--- page 212 --- +The following table sets forth the sales volume and average selling price of Multispectral AI +Modules for the years indicated: +FY2023 FY2024 FY2025 +Multispectral AI Modules +Sales volume (unit) .................... 160,803 587,183 364,350 +Average Selling Price ( RMB/unit) ......... 616.4 509.6 573.7 +The average selling price per unit decreased from RMB616.4 in FY2023 to RMB509.6 in FY2024, +mainly reflecting our strategic shift to boost product competitiveness by offering competitive pricing in +order to facilitate customer intake, which enabled us to secure high-volume orders. In particular, we +acquired a major new customer, Customer F, which contributed significant revenue during the year. +In FY2025, the average selling price per unit increased to RMB573.7 from RMB509.6 in FY2024, +represented an increase of 12.6%. The increase was primarily due to our integration of more advanced +algorithms and application scenarios into our products in FY2025. Additionally, our customers were +more willing to pay a higher price for these products in FY2025 because such products with advanced +algorithms and application scenarios integrated created a greater marginal value for our customers. +These products with more advanced algorithms and application scenarios improve the functions and +applicability of such products, and therefore contributed to the increase in gross profit margin of such +products in FY2025. During FY2024, we offered a more competitive price to several large customers in +order to secure more orders, and therefore our average selling price in FY2024 was relatively lower. +Multispectral AI Perception Terminals +In FY2023, FY2024 and FY2025, revenue generated from sales of Multispectral AI Perception +Terminals amounted to RMB12.6 million, RMB61.2 million and RMB92.6 million, representing 10.8%, +11.7% and 13.9% of our total revenue for the respective years. +The following table sets forth the sales volume and average selling price of Multispectral AI +Perception Terminals for the years indicated: +FY2023 FY2024 FY2025 +Multispectral AI Perception Terminals +Sales volume (unit) .................... 10,726 62,969 53,045 +Average Selling Price (RMB/unit) ......... 1,173.4 972.4 1,746.4 +The average selling price per unit decreased from RMB1,173.4 in FY2023 to RMB972.4 in +FY2024, mainly reflecting our strategic shift to boost product competitiveness by offering competitive +pricing in order to facilitate customer intake, which enabled us to secure high-volume orders. In +particular, we acquired a major new customer, Customer F, which contributed significant revenue +during the year. +In FY2025, the average selling price per unit increased significantly to RMB1,746.4, which was +primarily attributable to the sale of our Multispectral Target Identification Terminals to a customer (i.e. +Customer M). These specialised terminals have a substantially higher unit price as compared to that of +our other Multispectral AI Perception Terminals products, because these products are equipped with +high-speed sensitive sensing modules and advanced processing units for high-throughput industrial +sorting and identification operations. +FINANCIAL INFORMATION +– 204 – + + +--- page 213 --- +Apart from the sales of our Multispectral Target Identification Terminals to Customer M, there +was a general increase in the average selling price of the sales of our Multispectral AI Perception +Terminals to other customers, which was mainly attributable to the launch of new products in FY2025 +with new features such as upgraded facial recognition models and integrated GPS capabilities. The +upgraded products featured multispectral AI technology with new features, enhancing their overall +capability and scheme adaptation. These developments enabled us to command higher selling prices by +delivering greater value to our customers in specialised application settings. +Multispectral AI Large Model Services +We began generating revenue from Multispectral AI Large Model Services in FY2024. The launch +and commercial adoption of our Multispectral AI Large Model Services contributed RMB113.8 million +in FY2024 and RMB355.4 million in FY2025, representing 21.8% and 53.1% of our total revenue for +the respective years. +Since our Multispectral AI Large Model Services are project-based, the concept of the sales +volume and average selling price are not applicable hereto. For details on the development and +deployment of our Multispectral AI Large Model Services, please refer to the section headed “Business +— Research and Development — Development and Deployment of Our Multispectral AI Large Model +Services” in this prospectus. The recognition of revenue from our Multispectral AI Large Model +Services is made at a single point in time, upon customer acceptance of the project, at which point +control over the customised deliverables is transferred to the customer. +The table below sets forth, to the best of our Directors’ knowledge, the identity, background and +revenue contribution of our Multispectral AI Large Model Services for the years indicated: +FY2024 FY2025 +Number of +orders Revenue % of revenue +Number of +orders Revenue % of revenue +RMB’000 % RMB’000 % +Private sector +— Listed companies ............ 4 16,981 14.9 4 12,404 3.5 +— Non-listed ................. 10 54,594 48.0 26 293,948 82.7 +Sub-total ................... 14 71,575 62.9 30 306,352 86.2 +Public sector +— Listed companies ............ 7 42,137 37.0 11 49,012 13.8 +— Non-listed ................. 1 79 0.1 — — — +Sub-total ................... 8 42,216 37.1 11 49,012 13.8 +Total ..................... 22 113,791 100.0 41 355,364 100.0 +Notes: +(1) Private sector refers to civilian-run enterprise which are non-state-owned enterprises. +(2) Public sector refers to state-owned enterprises or government agencies. +FINANCIAL INFORMATION +– 205 – + + +--- page 214 --- +Other AI Vision Modules +In FY2023, FY2024 and FY2025, revenue generated from sales of Other AI Vision Modules +amounted to RMB5.2 million, RMB47.1 million and RMB10.3 million respectively, representing 4.4%, +9.0% and 1.5% of our total revenue for the respective years. +The following table sets forth the sales volume and average selling price of Other AI Vision +Modules for the years indicated: +FY2023 FY2024 FY2025 +Other AI Vision Modules +Sales volume (unit) .................... 11,937 146,902 30,661 +Average Selling Price (RMB/unit) ......... 431.4 320.5 334.6 +The average selling price per unit decreased from RMB431.4 in FY2023 to RMB320.5 in FY2024, +mainly reflecting our strategic shift to boost product competitiveness by offering competitive pricing in +order to facilitate customer intake, which enabled us to secure high-volume orders. In particular, we +acquired a major new customer, Customer F, which contributed significant revenue during the year. +In FY2025, the average selling price per unit was relatively stable at RMB334.6 as compared to +RMB320.5 in FY2024. +Cost of Sales +During the Track Record Period, our cost of sales primarily consisted of (i) raw materials and +consumables used; (ii) staff costs; (iii) depreciation and amortisation; (iv) outsourcing service fees; and +(v) provision for impairment of inventories. +In FY2023, FY2024 and FY2025, our cost of sales was RMB102.8 million, RMB424.4 million +and RMB519.1 million, respectively. +The following table sets forth a breakdown of our cost of sales for the years indicated. +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Raw materials and consumables used ... 71,996 69.9 382,225 90.1 477,164 91.9 +Staff costs ................... 9,665 9.4 10,664 2.5 12,519 2.4 +Depreciation and amortisation ....... 10,641 10.4 13,536 3.2 16,931 3.3 +Software licencing fees ........... 1,392 1.4 972 0.2 2,729 0.5 +Outsourcing service fees .......... 1,826 1.8 11,481 2.7 1,072 0.2 +Provision for impairment of inventories . 5,742 5.6 4,317 1.0 6,894 1.3 +Others ..................... 1,494 1.5 1,204 0.3 1,818 0.4 +Total...................... 102,756 100.0 424,399 100.0 519,127 100.0 +Gross Profit and Gross Profit Margin +Our gross profit amounted to RMB14.3 million, RMB98.2 million, and RMB149.4 million in +FY2023, FY2024 and FY2025, respectively. Our gross profit margin was 12.2%, 18.8% and 22.3% in +FY2023, FY2024 and FY2025, respectively. +FINANCIAL INFORMATION +– 206 – + + +--- page 215 --- +The following table sets forth a breakdown of our gross profit and gross profit margin by products +and services for the years indicated: +FY2023 FY2024 FY2025 +Gross profit +Gross profit +margin Gross profit +Gross profit +margin Gross profit +Gross profit +margin +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Multispectral AI Modules ......... 10,832 10.9 22,753 7.6 23,414 11.2 +Multispectral AI Perception Terminals .. 2,481 19.7 15,347 25.1 16,408 17.7 +Multispectral AI Large Model Services . — — 56,282 49.5 107,901 30.4 +Other AI Vision +Modules .................. 996 19.3 2,976 6.3 802 7.8 +Others ..................... (2) (1.0) 811 65.4 867 71.3 +Total...................... 14,307 12.2 98,169 18.8 149,392 22.3 +The key raw materials and consumables used for our multispectral AI products include +microprocessors and CMOS image sensors, both of which are cost-sensitive components that have +experienced notable price fluctuations in recent years. According to Frost & Sullivan, the average unit +costs of microprocessors and CMOS image sensors were relatively stable during the Track Record +Period. During FY2023, FY2024 and FY2025, the aggregate cost of microprocessors and CMOS image +sensors recognised in our costs of sales amounted to RMB4.2 million, RMB4.0 million and RMB4.1 +million, which accounted for approximately 4.0%, 0.9% and 0.8% of our total cost of sales during the +corresponding years, respectively. As the prices of the microprocessors and CMOS image sensors we +purchased during the Track Record Period remained relatively stable, the effect of price fluctuation of +the costs of microprocessor and CMOS image sensors over our gross profit and gross profit margin was +not significant. However, our gross profit margin fluctuated during the Track Record Period as affected +by a combination of other factors, including product mix, customer composition, scale of production, +and pricing strategies. +Our income from others in FY2023 primarily comprise our fee income from maintenance services. +Our income, gross profit and gross profit margin from others increased in FY2024 primarily because we +also received income from subscription services. Our income from others was relatively stable in +FY2025. +Please see the sub-section headed “Year-to-year Comparison of Results of Operations” in this +section below for details relating to the year-to-year comparison of gross profit and gross profit +margins. +Other Income +During the Track Record Period, our other income primarily consisted of (i) government grants; +(ii) value-added tax refund; and (iii) interest income on our term deposits. In FY2023, FY2024 and +FY2025, our other income amounted to RMB6.9 million, RMB5.1 million and RMB7.4 million, +respectively. +FINANCIAL INFORMATION +– 207 – + + +--- page 216 --- +The following table sets forth a breakdown of our other income for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Government grants (i) ............. 1,986 28.9 2,877 57.0 2,957 39.8 +V AT refund(ii) ................. 2,467 36.0 613 12.1 291 3.9 +Interest income (iii) .............. 2,410 35.1 1,100 21.8 1,913 25.7 +Additional deduction for V AT (iv) ..... — — 458 9.0 2,266 30.6 +Others ..................... — — 3 0.1 3 0.0 +Total...................... 6,863 100.0 5,051 100.0 7,430 100.0 +(i) Government grants represent various subsidies received from the PRC local government authorities as incentives mainly +for our Group’s research and development activities and financing activities. +(ii) In accordance with the Notice of Ministry of Finance and State Administration of Taxation on Value-added Tax (“ VAT”) +Policies for Software Products which was promulgated by the Ministry of Finance and the State Administration of Taxation +on 13 October 2011 and came into effect on 1 January 2011, enterprises engaged in the sales of self-developed software in +the PRC are entitled to the value added tax refund to the portion of value-added tax actually paid which exceeds 3% of the +related sale amounts. +(iii) Interest income comprises interest income on our Group’s term deposits classified as financial assets at amortised cost +calculated using the effective interest method. +(iv) Pursuant to the Announcement [2023] No. 43 “Notice on the Additional Value-Added Tax Deduction Policy for Advanced +Manufacturing Enterprises (ʮѓ‘ )” issued in 2023 by the Ministry of +Finance and the State Taxation Administration, advanced manufacturing enterprises are eligible for a 5% additional V AT +deduction based on deductible input V AT from 1 January 2023 to 31 December 2027. +Other (Losses)/Gains, Net +During the Track Record Period, our other losses and gains, net primarily consisted of (i) net +losses on disposal of financial instruments; (ii) net foreign exchange differences; (iii) net losses on +disposal of property, plant and equipment; and (iv) net gains/(losses) on termination of right-of-use +assets. +The following table sets forth a breakdown of our other losses and gains, net for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Other (Losses)/ Gains, net +Net losses on disposal of financial +instruments ....................... (940) — (1,762) +Net foreign exchange differences ......... 20 13 29 +Net losses on disposal of property, plant and +equipment ........................ (165) (16) (3,792) +Net gains/(losses) on termination of +right-of-use assets ................... 267 (9) 803 +Others ............................. (140) 68 825 +Total ............................. (958) 56 (3,897) +FINANCIAL INFORMATION +– 208 – + + +--- page 217 --- +General and Administrative Expenses +During the Track Record Period, our general and administrative expenses primarily consisted of +(i) staff costs; (ii) depreciation amortisation; (iii) taxes and surcharges; (iv) consulting and professional +fees; (v) listing expenses and (iv) office expenses. +In FY2023, FY2024 and FY2025, our general and administrative expenses amounted to RMB11.9 +million, RMB13.0 million and RMB46.8 million, respectively, representing 10.1%, 2.5% and 7.0% of +our revenue, during the corresponding years. +The following table sets out a breakdown of our general and administrative expenses for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Staff costs ................... 6,988 58.9 6,907 52.9 16,249 34.7 +Depreciation and amortisation ....... 1,793 15.1 1,966 15.1 2,410 5.1 +Taxes and surcharges ............ 647 5.4 1,704 13.1 2,063 4.5 +Consulting and professional fees ...... 1,200 10.1 1,150 8.8 5,281 11.3 +Office expenses ............... 529 4.5 740 5.7 1,197 2.6 +Listing expenses ............... — 0.0 — 0.0 17,426 37.2 +Others ..................... 717 6.0 573 4.4 2,176 4.6 +Total ..................... 11,874 100.0 13,040 100.0 46,802 100.0 +Selling and Marketing Expenses +During the Track Record Period, our selling and marketing expenses primarily consisted of (i) +staff costs; (ii) entertainment; (iii) marketing and promotion expenses; (iv) depreciation and +amortisation; and (v) travelling expenses. In FY2023, FY2024 and FY2025, our selling and marketing +expenses amounted to RMB16.0 million, RMB16.5 million and RMB17.7 million, respectively, +representing 13.7%, 3.2% and 2.6% of our revenue during the corresponding years. +The following table sets out a breakdown of our selling and marketing expenses for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Staff costs ................... 8,948 55.8 9,032 54.8 10,980 62.0 +Entertainment expenses ........... 1,894 11.8 1,976 12.0 1,272 7.3 +Marketing and promotion expenses .... 2,025 12.6 3,158 19.2 2,704 15.3 +Depreciation and amortisation ....... 1,380 8.6 871 5.3 981 5.5 +Travelling expenses ............. 1,042 6.5 821 5.0 1,245 7.0 +Others ..................... 746 4.7 612 3.7 518 2.9 +Total ..................... 16,035 100.0 16,470 100.0 17,700 100.0 +Research and Development Expenses +During the Track Record Period, our research and development expenses primarily consisted of (i) +staff costs; (ii) depreciation and amortisation; (iii) raw materials and consumables used; (iv) +professional services and other consulting fees; and (v) outsourcing service fees. +FINANCIAL INFORMATION +– 209 – + + +--- page 218 --- +In FY2023, FY2024 and FY2025, our R&D expenses amounted to RMB11.1 million, RMB25.2 +million and RMB50.8 million, respectively, representing 9.5%, 4.8% and 7.6% of our revenue, +respectively. +The following table sets out a breakdown of our research and development expenses for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Staff costs ................... 9,141 82.5 9,146 36.3 17,533 34.5 +Depreciation and amortisation ....... 802 7.2 875 3.5 1,344 2.7 +Raw materials and consumables used ... 39 0.4 93 0.4 178 0.4 +Professional services and other +consulting fees ............... 711 6.4 630 2.5 655 1.3 +Outsourcing service fees .......... 216 1.9 14,203 56.5 30,500 60.0 +Others ..................... 175 1.6 204 0.8 583 1.1 +Total...................... 11,084 100.0 25,151 100.0 50,793 100.0 +Net Impairment Losses on Financial Assets +Net impairment losses on financial assets primarily represent provision of trade and notes +receivable and other receivables. We recorded net impairment loss on financial assets of RMB1.6 +million, RMB5.4 million and RMB6.5 million in FY2023, FY2024 and FY2025. +Finance Income +Our finance income comprised interest income from financial assets held for cash management +purposes. +In FY2023, FY2024 and FY2025, our finance income amounted to approximately RMB613,000, +RMB273,000 and RMB207,000, respectively. +Finance Costs +During the Track Record Period, our finance costs mainly consisted of interest expenses on lease +liabilities and on borrowings. +The following table sets forth a breakdown of our finance costs for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 (%) RMB’000 (%) RMB’000 (%) +Interest expenses on lease liabilities ... 988 32.3 835 82.2 564 14.6 +Interest expenses on borrowings ..... 1,955 64.0 66 6.5 3,002 77.7 +Others ..................... 112 3.7 115 11.3 296 7.7 +Total...................... 3,055 100.0 1,016 100.0 3,862 100.0 +FINANCIAL INFORMATION +– 210 – + + +--- page 219 --- +Income Tax Credit/(Expenses) +During the Track Record Period, our income tax expenses comprised (i) adjustments for current +tax of prior years; and (ii) deferred income tax. In FY2023 and FY2025, our income tax credit were +RMB4.4 million and RMB1.9 million, respectively, whereas our income tax expense was RMB2.0 +million in FY2024. +The following table sets forth a breakdown of our income tax (credit)/expenses for the years +indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Adjustments for current tax of prior years ... 19 8 — +Deferred income tax ................... (4,460) 2,039 (1,863) +Total ............................. (4,441) 2,047 (1,863) +During the Track Record Period, our Company has obtained High and New Technology +Enterprises certification and hence is entitled to a preferential corporate income tax rate of 15% for a +valid period of three years. The current High and New Technology Enterprises certificate was issued in +December 2024 and is valid for a period of three years until December 2027. Our subsidiaries were +generally subject to the PRC enterprise income tax at the standard rate of 25% during FY2023, FY2024 +and FY2025, except for certain subsidiaries which were eligible for a reduced rate of 20% under the +preferential tax treatments for Small Low-profit Enterprises. The preferential tax treatments for Small +Low-profit Enterprises will be valid until 31 December 2027. +According to the relevant laws and regulations promulgated by the State Taxation Administration +of the PRC, enterprises engaging in research and development activities are entitled to claim 175% +from 2018 onwards (subsequently raised to 200% from 2023 onwards) of their qualifying research and +development expenses incurred as tax deductible expenses when determining their assessable profits for +that year (“ R&D super-deduction ”). During the Track Record Period, we qualify for this preferential +policy and have consistently applied it to reduce its tax liabilities. +Pursuant to the relevant laws and regulations, our Group satisfies all the criteria to be qualified +for the R&D super-deduction. These criteria include being a resident technology-based enterprise +engaged in research and development activities, with clear objective that are carried out continuously to +acquire new scientific and technological knowledge, creatively apply new scientific and technological +knowledge, or substantially improve technologies, products (or services) and services (but not within +the tobacco manufacturing, accommodation and catering, wholesale and retail trade, real estate, leasing +and business services, entertainment and other industries stipulated by the Ministry of Finance and the +State Administration of Taxation). Qualifying research and development expenses directly incurred for +that purpose include, particularly, personnel costs, direct input costs, depreciation, amortisation +expenses, and other expenses (not exceeding 10% of the total deductible R&D expenses). Since the +relevant laws and regulations do not specify a time limit for this preferential policy, our Group can +continue to qualify for this preferential policy provided there are no significant changes to the relevant +laws and regulations. +FINANCIAL INFORMATION +–2 1 1– + + +--- page 220 --- +YEAR-TO-YEAR COMPARISON OF RESULTS OF OPERATIONS +FY2025 Compared to FY2024 +Revenue +Our revenue increased by 27.9% from RMB522.6 million in FY2024 to RMB668.5 million in +FY2025, primarily attributable to (i) the significant increase in the sales of our Multispectral AI Large +Model Services as a result of our services gaining market recognition; (ii) the strong sales performance +from Multispectral AI Perception Terminals; (iii) the implementation of supportive industry policy +boosted market demand; and (iv) the expansion of our customer base. +Multispectral AI Modules +Revenue generated from our Multispectral AI Modules decreased by 30.1% from RMB299.2 +million in FY2024 to RMB209.0 million in FY2025, primarily attributable to a 37.9% decrease in sales +volume from 587,183 units in FY2024 to 364,350 units in FY2025, because we focused on customers +with higher gross profit margin; which was partially off-set by a 12.6% increase in average selling price +from RMB509.6 in FY2024 to RMB573.7 in FY2025. The increase in average selling price was +attributable to the launch of our upgraded products in FY2025, such as those tailored for campus +scenarios and more complex outdoor facial recognition environments, as well as upgrades to our +existing product lines. These upgrades incorporated advanced AI models with enhanced functionalities, +such as integrated GPS capabilities, which allowed us to command higher selling prices by better +addressing the evolving needs of our customers. These modules are integrated with advanced algorithms +capable of handling complex scenarios. For example, certain module products are able to (i) operate +with facial recognition at construction sites under challenging lighting conditions, including at night; +(ii) identify unauthorised persons through facial detection; and (iii) detect whether safety helmets are +worn by relevant personnel. In addition, some module products are capable of conducting health checks +within campus environments and can detect chefs who have foreign objects, such as band-aids or rings, +on their hands. +Alongside the decrease of our sales volume from 587,183 in FY2024 to 364,350 in FY2025, the +number of customers and sales orders for our Multispectral AI Modules also decreased from 910 +customers and 6,701 orders in FY2024 to 862 customers and 6,336 orders in FY2025, respectively. +These also contributed to the decrease in revenue of our Multispectral AI Modules in FY2025. +Multispectral AI Perception Terminals +Revenue generated from our Multispectral AI Perception Terminals increased by 51.3% from +RMB61.2 million in FY2024 to RMB92.6 million in FY2025, primarily attributable to (i) the fact that +we managed to secure orders for specialised Multispectral Target Identification Terminals with a +substantially higher unit price from Customer M, which accounted for 40.4% of the revenue from +Multispectral AI Perception Terminal products in FY2025; and (ii) that some other existing customers +also increased their orders for our products. +Customer M is a private company based in Shenzhen, primarily engaged in smart manufacturing +and industrial big data solutions. To the best knowledge of the Directors of the Company, Customer M +(i) is a National High-tech Enterprise (৷อҦஔΆุ ) and a Specialised and Innovative Enterprise +(ਖ਼ၚतอΆุ ); (ii) focus on the integration of “data + AI + industrial control” technology to deliver +comprehensive intelligent solutions and services for the industrial manufacturing sector; and (iii) is +committed to building a complete intelligent ecosystem that combines software and hardware for +industrial manufacturing enterprises. +FINANCIAL INFORMATION +– 212 – + + +--- page 221 --- +Initial contact between Customer M and our Group was established in 2024 through an industry +exhibition, at a time when Customer M was seeking a supplier that can meet their technical and +delivery requirements. After exchange of information between Customer M and our Group, we entered +into our first contract in December 2024. Customer M became one of our five largest customers in +FY2025 as a result of the significant orders placed with us during FY2025. +These specialised terminals sold to Customer M have a substantially higher unit price as compared +to that of our other Multispectral AI Perception Terminals products, because these products are +equipped with high-speed sensitive sensing modules and advanced processing units for high-throughput +industrial sorting and identification operations. +Apart from the sales of our Multispectral Target Identification Terminals to Customer M, there +was a general increase in the average selling price of the sales of our Multispectral AI Perception +Terminals to other customers, which was attributable to the launch of new products in FY2025 with +new features such as upgraded facial recognition models and integrated GPS capabilities. The upgraded +products featured Multispectral AI technology with new features such as intelligent environmental +perception and scenario-based anomaly detection, enhancing their overall capability and commercial +value. These developments enabled us to command higher selling prices by delivering greater value to +our customers in specialised application settings. +Although the sales volume decreased by 15.8% from 62,969 units in FY2024 to 53,045 units in +FY2025, the number of customers, sales order received and average selling prices of our Multispectral +AI Perception Terminals increased from 437 customers, 1,483 sales orders and RMB972.4 per unit in +FY2024 to 579 customers, 2,069 sales orders and RMB1,746.4 per unit in FY2025, respectively. These +also contributed to the increase in our revenue from Multispectral AI Perception Terminals in FY2025. +Multispectral AI Large Model Services +Revenue generated from our Multispectral AI Large Model Services increased by 212.3% from +RMB113.8 million in FY2024 to RMB355.4 million in FY2025. This significant growth was primarily +attributable to the securing of several large service contracts in FY2025 as our customer base expanded +and our services gained increasing market recognition. During FY2025, we secured five service +contracts from two of our customers, namely Customers J and K, both of whom were among our five +largest customers for FY2025. In aggregate, these five contracts contributed revenue of RMB159.8 +million in FY2025, representing approximately 45.0% of our total revenue from our Multispectral AI +Large Model Services during FY2025. The services to be provided under the service contract with +Customer K were intended for use in information data centres (IDCs), while the services to be provided +under the remaining four service contracts with Customer J were intended for use in intelligent driving +systems and information data centres (IDCs). For detailed background of these two customers, please +refer to the section headed “Business — Marketing, Sales and Customers — Our Customers” in this +prospectus. In addition, since these services were newly launched in FY2024, the low-base effect also +contributed to the substantial increase in revenue from our Multispectral AI Large Model Services in +FY2025. +Alongside the increase in revenue from RMB113.8 million in FY2024 to RMB355.4 million in +FY2025, the number of customers and sales order received of our Multispectral AI Large Model +Services increased from 16 customers and 22 sales orders in FY2024 to 23 customers and 41 sales +orders in FY2025, respectively. The increase in number of customers and sales orders also contributed +to the increase in revenue from Multispectral AI Large Model Services in FY2025. +FINANCIAL INFORMATION +– 213 – + + +--- page 222 --- +Other AI Vision Modules +Revenue generated from our Other AI Vision Modules decreased from RMB47.1 million in +FY2024 to RMB10.3 million in FY2025 primarily because of our adjustment of product mix, focusing +on our other core products and services. +Gross Profit and Margin +Our gross profit increased by 52.2% from RMB98.2 million in FY2024 to RMB149.4 million in +FY2025. This significant growth was primarily driven by the strong performance of our Multispectral +AI Large Model Services, which accounted for 53.1% of total revenue in FY2025, increased from +21.8% in FY2024. +Our gross profit margin rose from 18.8% in FY2024 to 22.3% in FY2025, primarily attributable to +a change in our revenue composition and product mix in FY2025, where our Multispectral AI Large +Model Services products with relatively higher gross profit margin accounted for a larger portion of our +revenue in FY2025. +Multispectral AI Modules +The gross profit of Multispectral AI Modules increased by 2.6% from RMB22.8 million in +FY2024 to RMB23.4 million in FY2025. +Our gross profit margin increased from 7.6% in FY2024 to 11.2% in FY2025. The increase in +gross profit margin was mainly attributable to our strategic shift to prioritise customers with higher +profitability. In particular, the Group proactively ceased accepting orders from customers where the +expected gross profit margin fell below certain level. The increase was also attributable to our +integration of more advanced algorithms and application scenarios into our products in FY2025, which +means that the functions and applicability of such products have been improved. Our customers, such as +customers in the education sector who are required to conduct health checks within campus +environments and safety checks in their kitchen facilities (i.e. detecting chefs who have foreign objects, +such as band-aids or rings, on their hands), were more willing to pay a higher price for these products +because such products created a greater marginal value for our customers. These modules, which +incorporate more advanced algorithms and are capable of handling complex scenarios, contributed to +the increase in the gross profit margin of our Multispectral AI Modules. For example, certain modules +that can identify strangers even under challenging lighting conditions recorded gross profit margins +ranging from 10.0% to 48.8% in FY2025, while other modules that can detect foreign objects on chefs’ +hands within a campus environment achieved gross profit margins ranging from approximately 13.7% +to 44.7% in FY2025. These gross profit margins were relatively higher than the overall gross profit +margin of our Multispectral AI Modules, which was approximately 11.2%. +Multispectral AI Perception Terminals +The gross profit of Multispectral AI Perception Terminals showed a growth of 7.2%, increasing +from RMB15.3 million in FY2024 to RMB16.4 million in FY2025, which was in line with the increase +in our corresponding revenue. The gross profit margin slightly decreased from 25.1% in FY2024 to +17.7% in FY2025, primarily attributable to the lower gross profit margin of our Multispectral AI +Perception Terminal products we provided to Customer M, which accounted for 40.4% of our sales of +Multispectral AI Perception Terminals in FY2025. Although the average selling price of Multispectral +AI Perception Terminals we sold to Customer M was substantially higher than that we sold to other +customers during FY2025, the gross profit margin of our Multispectral AI Perception Terminals we sold +to Customer M was relatively lower. The products we sold to Customer M have a lower gross profit +margin because such products are specialised terminals that we need to procure components from third +FINANCIAL INFORMATION +– 214 – + + +--- page 223 --- +parties and the cost of such specialised terminal components is relatively higher than those we used in +other Multispectral AI Perception Terminals we produced for other customers. We cannot pass on all +such costs to Customer M, primarily because these specialised terminal components were sourced +mainly from third parties. This limits our flexibility to apply a higher margin on these components +while maintaining the overall price competitiveness of our products. The increase in costs associated +with the Multispectral AI Perception Terminals produced for Customer M outweighed the increase in +the average selling price resulting from the sales of such terminals to Customer M. +Multispectral AI Large Model Services +Gross profit of Multispectral AI Large Model Services increased from RMB56.3 million in +FY2024 to RMB107.9 million in FY2025 driven by the growth in revenue in FY2025. Gross profit +margin of our Multispectral AI Large Model Services decreased from 49.5% in FY2024 to 30.4% in +FY2025, primarily due to an increase in number of our projects of Multispectral AI Large Model +Services with software and hardware. +The Multispectral AI Large Model Services projects we delivered in FY2024 were primarily +projects without hardware. During FY2025, a larger portion of our projects involved tailored solutions, +customised software and specialised equipment that were specifically designed to meet the needs of +particular customers as compared to that for FY2024. The solutions and software involved include +process design, integration with customers’ existing systems, and software modifications with +customised features, interfaces, or algorithms. In addition, the specialised equipment mainly consists of +electronic hardware, such as computer servers. The complexity of such requirements, together with the +cost of electronic hardware, resulted in a compression of overall gross profit margin for the year. +Moreover, we delivered a higher proportion of projects with hardware in FY2025, and these +projects carried lower gross profit margins. During FY2024, we delivered 4 projects with hardware +components, generating revenue of RMB57.6 million and representing 50.6% of total revenue of +Multispectral AI Large Model Services. In contrast, during FY2025, we delivered 9 projects with +hardware components, generating revenue of RMB257.6 million and representing 72.5% of total +revenue of Multispectral AI Large Model Services. As the hardware components are sourced from +third-party vendors at prevailing market prices, the mark-up on the hardware portion is limited. This is +necessary to maintain the price competitiveness of our services and therefore, such projects carry lower +gross profit margins. Accordingly, the decrease in gross profit margin of Multispectral AI Large Model +Services from FY2024 to FY2025 was primarily attributable to the higher revenue contribution from +hardware-software integrated projects. +Other AI Vision Modules +The gross profit of Other AI Vision Modules decreased from RMB3.0 million in FY2024 to +RMB0.8 million in FY2025, and our gross profit margin slightly increased from 6.3% in FY2024 to +7.8% in FY2025. +Other Income +Our other income increased from RMB5.1 million in FY2024 to RMB7.4 million in FY2025, +primarily a result of (i) the increase in the recognition of 5% additional deduction for V AT by +approximately RMB1.8 million which is calculated based on the deductible input V AT of corresponding +year; and (ii) the increase in interest income by approximately RMB0.8 million. +FINANCIAL INFORMATION +– 215 – + + +--- page 224 --- +Other Losses, Net +Our net other gains decreased from a gain of approximately RMB56,000 in FY2024 to a loss of +approximately RMB3.9 million in FY2025 which was largely due to (i) our losses of approximately +RMB3.8 million recognised on disposal of property, plant and equipment during FY2025 as a result of +the disposal of our machinery and leasehold improvements during the year; and (ii) our losses of +approximately RMB1.8 million arising from discounting letters of credit and banker’s acceptances +issued to us which was partly offset by the partial termination of the lease in our Shenzhen production +base. +General and Administrative Expenses +Our general and administrative expenses increased from RMB13.0 million in FY2024 to RMB46.8 +million in FY2025. The increase was mainly attributable to the incurrence of listing expenses of +approximately RMB17.4 million in FY2025 as compared to (i) nil in FY2024; and (ii) an increase in +employee compensation (including both salaries and share-based compensation expenses) by +approximately RMB9.3 million from RMB6.9 million in FY2024 to RMB16.2 million in FY2025 +arising from the hiring of additional management and administrative staff in FY2025 to support our +business growth. The number of our management and administrative staff increased from 31 as at 31 +December 2024 to 48 as at 31 December 2025, representing an increase of 54.8%. +Selling and Marketing Expenses +Our selling and marketing expenses remained relatively stable at RMB16.5 million and RMB17.7 +million in FY2024 and FY2025, respectively. +Research and Development Expenses +Our R&D expenses increased from RMB25.2 million in FY2024 to RMB50.8 million in FY2025, +primarily due to (i) a significant increase in outsourcing R&D service fees from approximately +RMB14.2 million in FY2024 to RMB30.5 million in FY2025, mainly for our development and +customisation of an internal product lifecycle management system for the purpose of improving internal +efficiency from initial concept to product operation, which accounted for RMB2.9 million, and for our +Multispectral AI Large Model Services, including development of surrounding application software +(e.g. user interface) and labour-intensive tasks (such as data tagging). In order to optimise R&D +performance, resource allocation, enhance efficiency, and control overall project cost-effectiveness, we +outsourced such tasks to external professional parties. This enabled us to focus our internal resources +on core technological research revolving around large model algorithms. This includes making +adjustments to algorithmic frameworks, optimising algorithmic parameters, and improving algorithmic +accuracy. Collaboration with external parties also accelerated our delivery process and further improves +our overall efficiency; and (ii) an increase in our staff costs from RMB9.1 million in FY2024 to +RMB17.5 million in FY2025, mainly because of the increase in the number of our research and +development staff from 107 as at 31 December 2024 to 156 as at 31 December 2025. +Net Impairment Losses on Financial Assets +Our net impairment losses on financial assets remained relatively stable at RMB5.4 million and +RMB6.5 million in FY2024 and FY2025, respectively. +Finance Costs +Our finance costs increased from RMB1.0 million in FY2024 to RMB3.9 million in FY2025, +mainly due to an increase in interest expenses on borrowings. This was a result of additional financing +loans that our Group obtained during FY2025 to support our business activities. +FINANCIAL INFORMATION +– 216 – + + +--- page 225 --- +Income Tax Expense and Credit +Our income tax decreased from an expense of RMB2.0 million in FY2024 to a credit of RMB1.9 +million in FY2025, primarily because there was a decrease in profit before income tax from RMB42.5 +million in FY2024 to RMB27.5 million in FY2025. Despite recording a profit before income tax in +FY2025, we still recorded an income tax credit in FY2025 mainly because we were eligible for R&D +super deduction of RMB7.8 million on the R&D expenses in FY2025. +Profit/Loss for the Y ear +As a result of foregoing, our profit for the year decreased from RMB40.4 million in FY2024 to +RMB29.4 million in FY2025. +FY2024 Compared to FY2023 +Revenue +Our revenue significantly increased by 346.4% from RMB117.1 million in FY2023 to RMB522.6 +million in FY2024. This growth was primarily attributable to (i) the relatively strong market demand +for our products targeting safety-related applications; (ii) the acquisition of new customers that +contributed significant orders for our Multispectral AI Modules and Multispectral AI Perception +Terminals; and (iii) the launch of our Multispectral AI Large Model Services. The relatively significant +revenue growth in FY2024 was primarily attributable to the relatively low revenue level in FY2023, as +a result of the slow down of the economy. +Multispectral AI Modules +Revenue from Multispectral AI Modules surged from RMB99.1 million in FY2023 to RMB299.2 +million in FY2024. The growth was driven by a 265.2% increase in sales volume from 160,803 units in +2023 to 587,183 units in 2024, attributable to the acquisition of new customers that brought in +significant orders; the increase was partially offset by a 17.3% decrease in average selling price per unit +from RMB616.4 to RMB509.6, which was primarily attributable to a volume-based pricing discount +offered to Customer F, a newly acquired customer with large purchase orders as part of customised +safety and monitoring solutions, for use in smart city projects with application scenarios such as smart +city infrastructure. We became acquainted with Customer F through participation in a trade fair and +exhibition. To the best knowledge of the Directors, Customer F is primarily engaged in the research, +development, production and sale of communication and IoT-related products. Customer F supplies its +products to customers in, among others, smart city, public services, banking and industrial park sectors, +which place a strong emphasis on product quality and reliability. The profile and performance +requirements of Customer F’s end customers are aligned with the features and quality standards of our +products. As a result, our products have been adopted by Customer F for use in its products, +contributing to a significant increase in our sales volume to Customer F during FY2024. +At the same time, our prior investments in research and development successfully led into product +upgrades and technological advancements for more complex outdoor facial recognition environments in +2024, which were well received by the market and aligned with customer needs. We offered a +volume-based pricing discount to our existing major customer, Customer G, who placed new and +sizeable orders for our Multispectral AI Modules in FY2024 for use in multispectral warning +technological systems by small, medium and micro enterprises. Moreover, our existing Customer I also +placed new and sizeable orders for Multispectral AI Modules with specification requirements for use in +conference room upgrade projects by downstream customers. +FINANCIAL INFORMATION +– 217 – + + +--- page 226 --- +Customer F, Customer G and Customer I contributed revenue of RMB118.1 million, RMB36.1 +million and RMB28.0 million, respectively, in FY2024, representing newly added revenue and +constituting approximately a combined 60.9% of our total revenue from our Multispectral AI Modules +for FY2024. +During FY2024, the Multispectral AI Modules we sold to Customer F and G had average selling +prices of approximately RMB420.1 and RMB469.9 per unit, respectively. According to Frost & +Sullivan, our industry consultant, these average selling prices represent discounts of 26.8% and 18.1%, +respectively, compared to the market average selling price of RMB574.0 per unit. Our Directors are of +the view that these substantial discounts not only reflected the large purchase orders placed by +Customers F and G, which accounted for 47.9% and 13.1%, respectively, of our total sales volume of +our Multispectral AI Modules during FY2024, but is also in line with our strategy to ensure our +competitiveness and will promote business and profit sustainability by gaining new customers and +customers with sizeable orders. +Multispectral AI Perception Terminals +Revenue from Multispectral AI Perception Terminals surged from RMB12.6 million in FY2023 to +RMB61.2 million in FY2024. The substantial growth in product revenue was driven by a significant +487.1% surge in sales volume from 10,726 units in FY2023 to 62,969 units in FY2024 due to +successful acquisition of Customer F and other certain new customers, and the launch of new products +with new features such as upgraded facial recognition models and occlusion detection; the increase was +partially offset by a 17.1% decrease in average selling price per unit from RMB1,173.4 to RMB972.4. +The decrease in average selling price was primarily attributable to strategic volume-based pricing +discounts to secure large orders from major customers amid market competition, which in turn +generated economies of scale. For instance, Customer F primarily purchased our Multispectral AI +Perception Terminals for biometric identification and safety and emergency response management for +use in smart city projects. For reasons for the increase of purchase from Customer F with us, please +refer to paragraphs headed “Year-to-year Comparison of Results of Operations — FY2024 Compared to +FY2023 — Revenue — Multispectral AI Modules” in this section. +Multispectral AI Large Model Services +Multispectral AI Large Model Services first recorded revenue of RMB113.8 million in FY2024 as +a result of the market introduction of this new service offering. +Other AI Vision Modules +Revenue from Other AI Vision Modules increased significantly from RMB5.2 million in FY2023 +to RMB47.1 million in FY2024, mainly due to our lower pricing in light of economies of scale, +enabling us to offer more competitive value propositions to our customers. Such strategy in turn +allowed us to successfully secure major new clients. In particular, we secured a major new customer, +Customer F, which contributed revenue of RMB39.4 million and represented 83.7% of our total revenue +from our Other AI Vision Modules in FY2024. +Gross Profit and Gross Profit Margin +Our gross profit significantly increased by 586.2% from RMB14.3 million in FY2023 to RMB98.2 +million in FY2024, primarily as a result of our revenue growth. +Our gross profit margin rose from 12.2% in FY2023 to 18.8% in FY2024, mainly due to launch of +our Multispectral AI Large Model services which enjoyed a higher gross profit margin than those of the +other products. +FINANCIAL INFORMATION +– 218 – + + +--- page 227 --- +Multispectral AI Modules +The gross profit of Multispectral AI Modules increased from RMB10.8 million in FY2023 to +RMB22.8 million in FY2024, mainly due to the increase in our corresponding revenue. +Our gross profit margin decreased from 10.9% in FY2023 to 7.6% in FY2024, primarily due to +our competitive pricing for acquisition of a major new customer and high-volume orders; the decrease +in gross profit margin was partially offset by the lower production costs driven by our increase in sales +volume, which was reflected by the decrease in unit costs from approximately RMB549.0 in FY2023 to +RMB470.8 in FY2024, resulting in reduced average fixed costs per unit and improved operational +efficiency. Furthermore, due to economies of scale, we were able to offer strategic volume-based +pricing discounts whilst maintaining approximately 5.0% and 6.4% gross profit margins to Customer F +and Customer G, respectively. Moreover, due to higher hardware costs as a result of additional +specification requirements, our gross profit margin to Customer I was approximately 2.9%, compared to +our average gross profit margin of 7.6%. +Our Directors are of the view that the offering of new customer and volume-based discounts to +our new customers and customers with sizeable orders, respectively, are in line with our business +strategy to ensure our competitiveness and to promote business and profit sustainability. These +customers are generally considered our strategic partners with whom we aim to build long-term +relationships. For details of our pricing policy, please refer to the section headed “Business — +Marketing, Sales and Customers — Pricing Policy”. In fact, the gross profit margin of our Multispectral +AI Modules increased from 7.6% for FY2024 to 11.2% for FY2025, which is primarily a result of our +strategic focus on customers with higher gross profit margin. For details of our gross profit margin +during FY2025, please refer to the paragraphs headed “FY2025 Compared to FY2024 — Gross Profit +and Margin — Multispectral AI Modules” in this section. +Multispectral AI Perception Terminals +Our gross profit of Multispectral AI Perception Terminals increased by 518.6% from RMB2.5 +million in FY2023 to RMB15.3 million in FY2024, which was generally in line with the increase in our +corresponding revenue. +Our gross profit margin increased from 19.7% in FY2023 to 25.1% in FY2024. Our gross profit +margin increased despite a reduction in average selling price, primarily due to the lower production +costs driven by our increase in sales volume, which was reflected by the decrease in unit costs from +approximately RMB942.1 in FY2023 to RMB728.7 in FY2024. Furthermore, due to economies of scale, +we were able to offer strategic volume-based pricing discounts whilst maintaining an approximately +5.4% gross profit margin to Customer F, compared to our average gross profit margin of 25.1%. +Similarly, our Directors are of the view that the offering of strategic volume-based discounts to +customers with sizeable orders is in line with our business strategy to ensure our competitiveness and to +promote business and profit sustainability. For details of our pricing policy, please refer to the section +headed “Business — Marketing, Sales and Customers — Pricing Policy”. +Multispectral AI Large Model Services +Our Multispectral AI Large Model Services first recorded gross profit of RMB56.3 million in +FY2024, with a gross profit margin of 49.5%. +FINANCIAL INFORMATION +– 219 – + + +--- page 228 --- +Other AI Vision Modules +The gross profit of Other AI Vision Modules increased by 198.8% from RMB1.0 million in +FY2023 to RMB3.0 million in FY2024, and our gross profit margin decreased from 19.3% in FY2023 +to 6.3% in FY2024. The decrease in gross profit margin was mainly due to strategic volume-based +pricing discounts given to secure large orders from a major customer amid market competition, which +in turn generated economies of scale, resulting in reduced average fixed costs per unit and improved +operational efficiency. In particular, we secured a major new customer, Customer F, which contributed +revenue of RMB39.4 million from our Other AI Vision Modules in FY2024. +Other Income +Our other income decreased from RMB6.9 million in FY2023 to RMB5.1 million in FY2024. The +decrease was mainly due to a decrease in V AT refunds and interest income. +Other Gains/Losses, Net +We incurred a net other losses of RMB1.0 million in FY2023 and a net other gains of RMB56,000 +in FY2024, primarily as a result of the net losses on disposal of financial instruments incurred in +FY2023. +General and Administrative Expenses +Our general and administrative expenses remained relatively stable at RMB11.9 million in +FY2023 and RMB13.0 million in FY2024. +Selling and Marketing Expenses +Our selling and marketing expenses remained relatively stable at RMB16.0 million in FY2023 and +RMB16.5 million in FY2024, respectively. +Research and Development Expenses +Our R&D expenses increased from RMB11.1 million in FY2023 to RMB25.2 million in FY2024, +primarily due to a significant increase in outsourcing service fees from RMB0.2 million to RMB14.2 +million. The increase in outsourcing service fees in FY2024 was primarily driven by several large-scale +R&D projects. Among these, the development and customisation of our internal product lifecycle +management system accounted for RMB8.0 million. In addition, the research and development of a +customised system for our customers constituted RMB4.4 million of the total outsourcing service fees, +while data tagging and annotation services accounted for RMB1.5 million. Other research and +development activities constituted the remaining RMB0.3 million of the total outsourcing service fees. +The increase in our outsourcing service fees in FY2024 was a direct and strategic result of our +Company’s development and customisation of an internal product lifecycle management system for the +purpose of improving internal efficiency from initial concept to product operation. It also represented +our focused investment in the accelerated development and commercial deployment of our Multispectral +AI Large Model Services. As the development of AI algorithms for use in our Multispectral AI Large +Model Services commencing from FY2024 relies heavily on labour-intensive tasks, we need to +outsource such tasks to optimise resource allocation, enhance efficiency, and control overall project +cost-effectiveness, thereby allowing the Company to concentrate its internal resources on core +technological research and development revolving around large model algorithms. This includes making +adjustments to algorithmic frameworks, optimising algorithmic parameters, and improving algorithmic +accuracy. Our clients come from various industries, which often require complete and comprehensive +FINANCIAL INFORMATION +– 220 – + + +--- page 229 --- +solutions. As a result, our core technologies alone may not be sufficient to efficiently address the +requirements of specific application scenarios, and therefore certain tasks are outsourced so as to +accelerate our delivery process and overall efficiency. +Net Impairment Losses on Financial Assets +Our net impairment losses on financial assets increased from RMB1.6 million in FY2023 to +RMB5.4 million in FY2024, mainly due to the increase in trade and notes receivables and other +receivables, which is in line with the growth of our revenue. +Finance Income +Our finance income remained relatively stable at RMB0.6 million in FY2023 and RMB0.3 million +in FY2024. +Finance Costs +Our finance costs decreased from RMB3.1 million in FY2023 to RMB1.0 million in FY2024, +mainly caused by the decrease in interest expenses on borrowings in FY2024. +Income Tax (Credit)/Expense +We incurred income tax credit of RMB4.4 million in FY2023 and income tax expense of RMB2.0 +million in FY2024, respectively, primarily as a result of us being loss making before tax in FY2023, +while enjoying profit before tax in FY2024. The effective tax rate was 4.8% in FY2024, falling below +the preferential income tax rate of 15%, primarily as a result of our application of the R&D +super-deduction policy. +Profit/Loss for the Y ear +As a result of the foregoing, our profit for the year is RMB40.4 million in FY2024, a significant +turnaround from a loss for the year of RMB18.4 million in FY2023. +FINANCIAL INFORMATION +– 221 – + + +--- page 230 --- +DISCUSSION OF CERTAIN SELECTED ITEMS FROM THE CONSOLIDATED STATEMENTS +OF FINANCIAL POSITION +The table below sets forth selected information from our consolidated statements of financial +position as at the dates indicated: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Non-current assets +Property, plant and equipment ............ 22,959 20,555 25,493 +Right-of-use assets .................... 21,062 15,283 11,251 +Intangible assets ...................... 37,407 62,734 110,973 +Deferred tax assets .................... 5,625 3,586 5,449 +Other non-current assets ................ — 859 — +87,053 103,017 153,166 +Current assets +Inventories .......................... 55,967 31,577 80,194 +Trade and notes receivables .............. 19,817 145,676 184,423 +Prepayments and other receivables ......... 8,085 27,066 158,345 +Other current assets (1) .................. 15,759 13,824 20,654 +Notes receivables at fair value through other +comprehensive income ................ 663 479 — +Term deposits and restricted cash ......... 36,502 26,898 61,554 +Cash and cash equivalents ............... 37,115 56,705 65,556 +173,908 302,225 570,726 +Current liabilities +Trade and notes payables ............... 45,060 79,557 45,882 +Accruals and other payables ............. 10,044 23,516 25,192 +Other current liabilities ................. — 862 998 +Current income tax liabilities ............ 1 9—— +Contract liabilities .................... 21,280 20,280 75,942 +Lease liabilities ...................... 8,613 10,159 5,672 +Borrowings ......................... — 28,584 152,272 +85,016 162,958 305,958 +Net current assets ..................... 88,892 139,267 264,768 +Total assets less current liabilities ........ 175,945 242,284 417,934 +Non-current liabilities +Lease liabilities ...................... 14,512 6,943 6,730 +Borrowings ......................... — 964 49,008 +14,512 7,907 55,738 +Net assets .......................... 161,433 234,377 362,196 +Capital and reserves +Share capital ....................... 7,903 8,155 8,613 +Reserves .......................... 153,530 226,222 353,583 +Total equity ......................... 161,433 234,377 362,196 +Note: +(1) Other current assets mainly comprise deductible input V AT, which refers to input V AT held but not yet offset against +output V AT for tax purposes. +FINANCIAL INFORMATION +– 222 – + + +--- page 231 --- +Property, Plant and Equipment +During the Track Record Period, our property, plant and equipment primarily consisted of (i) +machinery and equipment; (ii) motor vehicles; (iii) office equipment and others; (iv) electronic +equipment; and (v) leasehold improvement. The following table sets forth a breakdown of our property, +plant and equipment as at the dates indicated: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Machinery and equipment ............... 9,483 8,462 11,272 +Motor vehicles ....................... 1,163 719 275 +Office equipment and others ............. 2,017 1,492 2,309 +Electronic equipment .................. 220 147 1,459 +Leasehold improvement ................ 10,076 9,735 10,178 +Total .............................. 22,959 20,555 25,493 +Our property, plant and equipment decreased from RMB23.0 million as at 31 December 2023 to +RMB20.6 million as at 31 December 2024, mainly due to the depreciation in FY2024. +Our property, plant and equipment slightly increased from RMB20.6 million as at 31 December +2024 to RMB25.5 million as at 31 December 2025, mainly due to the capital expenditure on electronic +equipment, machinery and equipment and leasehold improvement for our new Zhejiang production +base, which was partially offset by the depreciation in FY2025. +Right-of-Use Assets +Our right-of-use assets are primarily related to our leased lands for our production bases and +offices used in our operations during the Track Record Period. Our right-of-use assets decreased from +RMB21.1 million as at 31 December 2023 to RMB15.3 million as at 31 December 2024 and further +decreased to RMB11.3 million as at 31 December 2025, mainly due to the partial termination of our +lease for our Shenzhen production base and amortisation incurred during the years. +Intangible Assets +During the Track Record Period, our intangible assets consisted of software and system and +development costs. Our intangible assets increased from RMB37.4 million as at 31 December 2023 to +RMB62.7 million as at 31 December 2024 and further to RMB111.0 million as at 31 December 2025, +mainly due to the additions of intangible assets relating to development costs incurred during the +relevant years. All our development costs are intangible assets, primarily cost of R&D projects under +development, which are not yet available for use. +The impairment review for our intangible assets as at 31 December 2023, 2024 and 2025 have +been conducted annually by the management. For details, please refer to Note 18 to the Accountants’ +Report set forth in Appendix I to this prospectus. +For the purposes of impairment testing, our development costs with indefinite useful lives have +been allocated to individual cash-generating units (“ CGU”), comprising holding company and most of +the operating subsidiaries. The CGU is the smallest identifiable group of assets that generates cash +inflows that are largely independent of the cash inflows from other assets or groups of assets. +FINANCIAL INFORMATION +– 223 – + + +--- page 232 --- +The recoverable amount of the CGU has been determined based on a value-in-use calculation. The +calculation uses cash flow projections based on the financial budgets approved by the management of +our Group covering a five-year period. +Key assumptions and inputs used for the business valuation as at 31 December 2023, 2024 and +2025 are as follows: +31 December +2023 2024 2025 +Pre-tax discount rates ................. 15.58% 15.21% 15.14% +Revenue growth rates .................. 1%−346% 1%−37% 2%−25% +Budgeted gross margins ................ 24%−29% 24%−29% 23%−24% +The following describes each of the key assumptions and parameters on which our management +has based its cash flow projections to undertake impairment testing of CGUs: +1. Discount rates +The discount rates used are pre-tax and reflect market assessments of the time value and the +specific risks relating to the industry. +2. Revenue growth rates +The bases used to determine the revenue growth rates in the five-year forecast period are the +historical data of the CGU, management’s expectation of the future market and the average growth rate +achieved by comparable companies. Growth rates beyond the first five years are based on the relevant +industry growth forecasts and did not exceed the average long-term growth rate for the relevant +industry. +3. Budgeted gross margins +The basis used to determine the budgeted gross margins is the average gross margins achieved in +the year immediately before the budget year, adjusted for expected efficiency improvements, and +expected market development. +For details of the values used in the key assumptions for our business valuation as at relevant +balance sheet dates, please refer to Note 18 to the Accountants’ Report set forth in Appendix I to this +prospectus. The values assigned to the key assumptions on market development of the above CGU and +discount rate are consistent with external information sources. +If the recoverable amount of the CGU is estimated to be less than its carrying amount, the +carrying amount of the CGU is reduced to its recoverable amount. The impairment loss will be +recognised in profit or loss. Any change in the assumptions selected by management could materially +affect the value in use calculations used in the impairment testing and therefore may result in an +impairment charge to profit or loss. +As the recoverable amount of CGU as at 31 December 2023, 2024 and 2025 exceeded its carrying +amount, no impairment loss was recognised against the development costs of intangible assets with +indefinite useful lives associated with the CGU for the year then ended. +FINANCIAL INFORMATION +– 224 – + + +--- page 233 --- +For sensitivity analysis conducted during the impairment review as at 31 December 2023, had +there been a reduction in the total forecasted revenue by 7.04% or an increase in the discount rate of +27.76 percentage point each in isolation, the recoverable amount of our Group’s intangible assets would +be close to the breakeven point. As at 31 December 2023, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB216,524,000 and RMB83,584,000, respectively. +For sensitivity analysis conducted during the impairment review as at 31 December 2024, had +there been a reduction in the total forecasted revenue by 9.36% or an increase in the discount rate of +36.20 percentage point each in isolation, the recoverable amount of our Group’s intangible assets would +be close to the breakeven point. As at 31 December 2024, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB287,464,000 and RMB183,709,000, respectively. +For sensitivity analysis conducted during the impairment review as at 31 December 2025, had +there been a reduction in the total forecasted revenue by 3.71% or an increase in the discount rate of +21.38 percentage point each in isolation, the recoverable amount of our Group’s intangible assets would +be close to the breakeven point. As at 31 December 2025, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB445,830,000 and RMB227,530,000, respectively. +Inventory +Our inventories primarily consist of (i) raw materials; (ii) work in progress; (iii) finished goods; +(iv) outsourced processing materials; and (v) goods in transit. +We adopt different strategies to manage our inventory in order to deal with non-seasonal and +seasonal demands. We make forecast of the necessary inventory level based on orders received from our +customers. We normally classify our raw materials into three categories: (i) strategic materials, such as +sensors and chips; (ii) project-specific materials; and (iii) general materials. For strategic materials +which are normally high-value versatile core components, we maintain a cooperative relationship with +our suppliers to ensure a stable and sufficient supply. For project-specific materials, purchases are made +based on project order requirements to avoid stockpiling. For general materials which are of low value, +we conduct periodic reviews of inventory levels and replenish as needed. +We have implemented a comprehensive inventory management system covering raw materials, +work-in-progress and finished goods, with a view to enhancing operational efficiency, minimising stock +obsolescence risks and maintaining optimal inventory levels. According to our internal policies, our +sales forecasts are submitted by the sales department to the production department by the 15th day of +each month. Based on these forecasts, the production department formulates production plans, detailing +the raw materials involved. The procurement department then prepares the procurement plan for the +following month by the 28th day of each month based on the production plan, safety stock requirements +and existing inventory levels, which is subject to departmental approval before execution. Upon receipt +of the inventory, the warehouse department shall complete a goods inspection within 2 working days, +and items requiring quality inspection are tested by the quality control department within 3 working +days. Accepted inventory is entered into the inventory management system within 24 hours. We also +conduct monthly cycle counts on at least 30% of all inventory, and perform a full inventory count on an +annual basis prior to financial closing. +FINANCIAL INFORMATION +– 225 – + + +--- page 234 --- +The following table sets forth our inventories as at the dates indicated: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Raw materials ....................... 18,766 16,312 18,863 +Work in progress ..................... 8,297 7,593 13,487 +Finished goods ....................... 4,537 6,090 6,529 +Outsourced processing materials .......... 1,017 778 42 +Goods in transit ...................... 30,419 8,192 48,895 +63,036 38,965 87,816 +Less: provision for impairment ........... (7,069) (7,388) (7,622) +Total .............................. 55,967 31,577 80,194 +Our inventory decreased from RMB56.0 million as at 31 December 2023 to RMB31.6 million as +at 31 December 2024, primarily due to the decrease of goods in transit as at 31 December 2023, which +was delivered to our customers during FY2024. +Our inventory increased significantly from RMB31.6 million as at 31 December 2024 to RMB80.2 +million as at 31 December 2025, primarily due to the increase in our goods in transit by approximately +RMB40.7 million from approximately RMB8.2 million as at 31 December 2024 to approximately +RMB48.9 million as at 31 December 2025. The increase in our goods in transit was because, as of 31 +December 2025, we were delivering our Multispectral AI Large Model Services of approximately +RMB48.8 million to one of our customers. The customer has already made a prepayment of an +equivalent amount, which has been recorded in our books as one of our contract liabilities. As our +Multispectral AI Large Model Services being delivered are just one of the components within the bigger +projects of relevant companies, the check before acceptance procedure for our Multispectral AI Large +Model Services takes a longer period of time. Therefore, the customer was still carrying out its check +before acceptance procedure as of 31 December 2025. +The following is an ageing analysis of our inventories by inventory type (before provision for +impairment) as at the dates indicated. +Raw +materials +Work in +progress +Finished +goods +Outsourced +processing +materials +Goods in +transit Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +As at 31 December 2023 +Within 1 year ........... 7,643 4,435 3,264 1,017 30,419 46,778 +1−2 years ............... 5,069 1,318 447 — — 6,834 +2−3 years ............... 5,640 2,389 814 — — 8,843 +Over 3 years ............ 414 155 12 — — 581 +Total .................. 18,766 8,297 4,537 1,017 30,419 63,036 +As at 31 December 2024 +Within 1 year ............ 8,483 4,624 5,516 778 8,192 27,593 +1−2 years .............. 2,014 422 411 — — 2,847 +2−3 years .............. 2,607 531 82 — — 3,220 +Over 3 years ............ 3,208 2,016 81 — — 5,305 +Total ................. 16,312 7,593 6,090 778 8,192 38,965 +FINANCIAL INFORMATION +– 226 – + + +--- page 235 --- +Raw +materials +Work in +progress +Finished +goods +Outsourced +processing +materials +Goods in +transit Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +As at 31 December 2025 +Within 1 year ........... 13,679 10,590 4,859 42 48,895 78,065 +1−2 years ............... 758 484 1,401 — — 2,643 +2−3 years ............... 997 261 206 — — 1,464 +Over 3 years ............ 3,429 2,152 63 — — 5,644 +Total .................. 18,863 13,487 6,529 42 48,895 87,816 +The following table sets forth our inventory turnover days for the years indicated. +FY2023 FY2024 FY2025 +Inventory turnover days (1) ............... 201 44 45 +Note: Inventory days is calculated using the average of the opening and closing inventory balance divided by cost of sales for the +relevant years and multiplied by the number of days during such years. +Our inventory turnover days decreased from 201 days in FY2023 to 44 days in FY2024, driven by +the decrease of our inventory decreased from RMB56.0 million as at 31 December 2023 to RMB31.6 +million as at 31 December 2024, primarily due to the decrease of goods in transit as at 31 December +2023, which was delivered to our customers during FY2024; and the increased sales execution and +enhanced sales management, with major customer orders largely completed within the year, thereby +leading to an increase in revenue from RMB117.1 million in FY2023 to RMB522.6 million in FY2024 +and lower ending inventory balance. +In FY2025, our inventory turnover days remained relatively stable at 45 days. +As at 30 April 2026, RMB36.7 million, or 41.8% of our inventory balance as at 31 December +2025, had been consumed. Our directors are of the view that there is no impairment issue for the +balance of our inventories as at 31 December 2025, because approximately RMB48.9 million, or 61.0% +of our inventory as at 31 December 2025 were goods in transit. These goods in transit primarily +comprise our Multispectral AI Large Model Services being delivered to a customer and pending +completion of the acceptance procedure. As disclosed in this subsection, our Multispectral AI Large +Model Services being delivered are only one component within the larger projects of the relevant +customers. The acceptance check for our Multispectral AI Large Model Services may take a longer +period of time. +Trade and Notes Receivables +Our trade and notes receivables primarily represent receivables in relation to our products or +services. The following table sets forth our trade and notes receivables as at the dates indicated. +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade receivables ..................... 21,243 151,560 195,572 +Less: credit loss allowance .............. (2,200) (6,746) (12,147) +19,043 144,814 183,425 +Notes receivables ..................... 774 862 998 +Total .............................. 19,817 145,676 184,423 +FINANCIAL INFORMATION +– 227 – + + +--- page 236 --- +Our trade and notes receivables increased significantly from RMB19.8 million as at 31 December +2023 to RMB145.7 million as at 31 December 2024, primarily due to the improvement in our sales +performance during the relevant year. +Our trade and notes receivables further increased to RMB184.4 million as at 31 December 2025, +which was generally in line with the increase in our revenue from RMB522.6 million in FY2024 to +RMB668.5 million in FY2025 as a result of the increase in demand of our Multispectral AI Large +Model Services. +During the Track Record Period, the credit loss allowance also increased from RMB2.2 million as +at 31 December 2023 to RMB6.7 million as at 31 December 2024, which was generally in line with the +significant growth in trade receivables. It further increased to RMB12.1 million as at 31 December +2025, as a result of increase in our trade receivables aged between one to two years as at 31 December +2025. +The table below sets out a summary of the ageing analysis of our trade receivables as at the dates +indicated based on the invoice date and net of loss allowance: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Within 6 months ...................... 14,654 137,257 144,195 +6 months to 1 year .................... 4,514 13,091 43,074 +1 to 2 years ......................... 1,600 477 8,102 +2 to 3 years ......................... 93 535 182 +Over 3 years ........................ 382 200 19 +Total .............................. 21,243 151,560 195,572 +Our trade receivables aged within six months increased from RMB14.7 million as at 31 December +2023 to RMB137.3 million as at 31 December 2024 and remained relatively stable at RMB144.2 +million as at 31 December 2025, respectively. The increases in our trade receivables aged within six +months as at 31 December 2023, 2024 and 2025 are generally in line with the change in our revenue in +the corresponding years. The increase in trade receivables aged from six months to one year from +RMB4.5 million as at 31 December 2023 to RMB13.1 million as at 31 December 2024, and further to +RMB43.1 million as at 31 December 2025 was primarily due to (i) the rapid expansion of our business +scale, which led to higher overall trade receivables; and (ii) the shift in customer mix, with a higher +proportion of large-scale clients who generally have longer payment cycles. +The following table sets forth our trade receivables turnover days for the years indicated. +FY2023 FY2024 FY2025 +Trade receivables turnover days (1) ......... 68 60 95 +Note: Trade receivables turnover days is calculated using the average of the opening and closing trade receivables balance +divided by revenue for the relevant year and multiplied by the number of days during such year. +Our trade receivables turnover days were relatively stable at 68 days and 60 days in FY2023 and +FY2024, respectively. +The increase in trade receivables turnover days from 60 days in FY2024 to 95 days in FY2025 +was mainly due to some customers with an aggregate amount of approximately RMB67.9 million, +which accounted for 34.7% of our trade and notes receivables as at 31 December 2025, were late +FINANCIAL INFORMATION +– 228 – + + +--- page 237 --- +settling our invoices. These customers who were late settling our invoices were primarily state-owned +enterprises, listed companies and companies with registered capital of RMB5.0 million or more. The +increase in our trade receivables turnover days was also a result of our shift in customer mix, with a +higher proportion of large-scale clients who generally have longer payment cycles. As at 31 December +2025, approximately RMB179.0 million, or 97.6% of our trade receivable of RMB183.4 million was +attributable to large-scale clients which placed relatively higher-volume orders with us. +As at 30 April 2026, RMB41.8 million, or 61.5% of our overdue trade and notes receivables of +RMB67.9 million as at 31 December 2025, had been settled. +Having considered that (i) a substantial portion of our trade receivables as at 31 December 2025 +was aged within one year; (ii) the balances were primarily due from customers with whom we maintain +well-established commercial relationships or who are reputable and financially sound corporations. As +at 31 December 2025, among the total trade and notes receivables of RMB183.4 million, RMB25.4 +million, RMB12.7 million and RMB130.6 million were due from state-owned enterprises, listed +companies and companies with registered capital of RMB5.0 million or more, which accounted for +13.9%, 6.9% and 71.2% of our total trade and notes receivables, respectively; and (iii) there were no +material ongoing or potential disputes with these customers, we are of the view that adequate +provisions have been made for our trade receivables. +As at 30 April 2026, RMB97.4 million, or 49.8% of our trade and notes receivables as at 31 +December 2025, had been settled. +Prepayments and Other Receivables +Our prepayments and other receivables under current assets mainly consisted of (i) prepayment to +suppliers; and (ii) deposit and warranties. The following table sets forth a breakdown of our +prepayments as at the dates indicated: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Prepayments: +Prepayment to suppliers ................ 2,727 25,089 156,297 +Prepaid listing expenses ................ — — 305 +Other receivables: +Deposits and warranties ................ 3,262 3,209 3,527 +Due from related parties ............... 2,696 63 — +Others ............................ 558 240 332 +9,243 28,601 160,461 +Less: credit loss allowance .............. (1,158) (1,535) (2,116) +Total ............................. 8,085 27,066 158,345 +Our prepayments and other receivables under current assets amounted to RMB8.1 million, RMB27.1 +million and RMB158.3 million as at 31 December 2023, 2024 and 2025, respectively. The increase in +prepayments and other receivables as at 31 December 2024 was primarily due to a significant rise in +prepayments, driven by the substantial increase in orders for our products and services and our strategic +initiatives to secure stable supply arrangements. The increase in prepayments and other receivables as at 31 +December 2025 was primarily due to the increase in prepayments to suppliers. The high level of +prepayments as at 31 December 2025 was attributable to prepayments of an aggregated amount of +approximately RMB146.9 million to four of our suppliers as at 31 December 2025. Such prepayments were +FINANCIAL INFORMATION +– 229 – + + +--- page 238 --- +one-off in nature. Despite we were given a credit period by these suppliers, we made prepayments to these +suppliers in order to secure a stable and timely supply of equipment, including primarily high-performance +computing (HPC) servers, which have recently been in high demand for the use in the provision of our +Multispectral AI Large Model Services and Multispectral AI Perception Terminals. Two of these four +suppliers were actually five largest suppliers during our Track Record Period, namely, Supplier K and +Supplier D. As of 31 December 2025, we prepaid approximately RMB66.9 million and RMB21.6 million +to Supplier K and Supplier D, respectively, which accounted for approximately 42.8% and 13.8% of our +total prepayments to suppliers as of 31 December 2025. +As at 30 April 2026, RMB89.5 million, or 55.8% of our prepayments and other receivables as at +31 December 2025, had been utilised or settled. +Trade and Notes Payables +Our trade and notes payables comprised trade payables and notes payables, mainly representing +our obligation to pay for goods or services that have been purchased from suppliers in the ordinary +course of business. The following table sets forth a breakdown of the trade and notes payables as at the +dates indicated: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade payables ....................... 45,060 73,550 45,882 +Notes payables ....................... — 6,007 — +Total .............................. 45,060 79,557 45,882 +During the Track Record Period, our trade and notes payables amounted to RMB45.1 million, +RMB79.6 million and RMB45.9 million as at 31 December 2023, 2024 and 2025, respectively, which +was generally in line with our business growth, which resulted in increasing procurement amount and +hence higher balance of payables to our suppliers. The increase in our trade and notes payables from +RMB45.1 million as at 31 December 2023 to RMB79.6 million as at 31 December 2024 was also +because we made more purchases during the fourth quarter of 2024 to meet our expected production +needs due to increased customer orders. The decrease of trade payables to RMB45.9 million as at 31 +December 2025 was because we accelerated the settlement of our trade and notes payables during 2025. +The table below sets out a summary of the ageing analysis of the trade payables based on the +invoice date as at the dates indicated below: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Within 6 months ..................... 44,393 43,818 36,978 +6 months to 1 year .................... 80 20,092 452 +1 to 2 years ......................... 587 9,609 5,473 +2 to 3 years ......................... — 31 2,951 +Over 3 years ........................ ——2 8 +Total ............................. 45,060 73,550 45,882 +FINANCIAL INFORMATION +– 230 – + + +--- page 239 --- +The following table sets forth our trade and notes payables turnover days for the years indicated. +FY2023 FY2024 FY2025 +Trade and notes payables turnover days (1) ... 99 51 42 +Note: Trade and notes payables turnover days is calculated using the average of the opening and closing trade and notes +payables balance divided by cost of sales for the relevant year and multiplied by the number of days during such year. +Our trade and notes payables turnover days decreased during the Track Record Period, being 99 +days, 51 days and 42 days in FY2023, FY2024 and FY2025, respectively, primarily because the balance +of our trade and notes payables generally changes along with the growth of our business and we +accelerated settlement of our trade and notes payables. +As at 30 April 2026, RMB36.5 million, or 79.5% of our trade and notes payables as at 31 +December 2025 had been subsequently settled. +Accruals and Other Payables +Our accruals and other payables primarily consisted of (i) salaries, wages and benefits; (ii) taxes +other than income tax payables; (iii) outsourcing service fees; and (iv) accruals. +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Salaries, wages and benefits ............. 5,294 6,348 9,893 +Taxes other than income tax payables ...... 2,092 2,444 4,239 +Deposits ............................ 429 483 850 +Outsourcing service fees ................ — 10,791 312 +Accruals ........................... 2,017 2,498 1,727 +Listing expenses ...................... — — 7,799 +Others ............................. 212 952 372 +Total .............................. 10,044 23,516 25,192 +During the Track Record Period, our accruals and other payables in current liabilities amounted to +RMB10.0 million, RMB23.5 million and RMB25.2 million as at 31 December 2023, 2024 and 2025, +respectively. The increase of accruals and other payables from approximately RMB10.0 million as at 31 +December 2023 to RMB23.5 million as at 31 December 2024 was primarily due to the increase in +outsourcing service fees in support of the launch of our Multispectral AI Large Model Services in +FY2024. The increase of accruals and other payables as at 31 December 2025 when compared to 31 +December 2024 was primarily due to the incurrence of listing expenses during FY2025 that are yet to +be paid. +As at 30 April 2026, RMB15.9 million, or 63.3% of our accruals and other payables as at 31 +December 2025, had been settled. +Contract Liabilities +A contract liability is recognised when our customers pay us consideration or that our Group has a +right to receive such consideration before our Group recognises the related revenue. Our contract +liabilities remained relatively stable at RMB21.3 million and RMB20.3 million as at 31 December 2023 +FINANCIAL INFORMATION +– 231 – + + +--- page 240 --- +and 2024, respectively. It increased significantly to RMB75.9 million as at 31 December 2025 which +was because one of our clients has prepaid us for about RMB56.4 million as at 31 December 2025. The +prepayment was relevant to a goods in transit being delivered to the same client as at 31 December +2025. +As at 30 April 2026, RMB1.3 million, or 1.7% of our contract liabilities as at 31 December 2025, +had been settled. +LIQUIDITY AND CAPITAL RESOURCES +Working Capital +During the Track Record Period and up to the Latest Practicable Date, we did not experience any +undue difficulty in obtaining banking facilities or withdrawal of banking facilities from banks or any +default in payment of bank loans or other borrowings or breach of any covenants. +Taking into consideration our internal financial resources, the estimated amount of net proceeds +from the Global Offering, the available banking facilities, cash inflows generated from our operating +activities, our Directors are of the opinion that we have sufficient working capital for our present +requirement and for the next 12 months from the date of this prospectus. +Current Assets and Liabilities +The table below sets forth our current assets and current liabilities as at the dates indicated: +As at 31 December +As at +30 April +2023 2024 2025 2026 +RMB’000 RMB’000 RMB’000 RMB’000 +(Unaudited) +Current assets +Inventories ...................... 55,967 31,577 80,194 270,822 +Trade and notes receivables ............ 19,817 145,676 184,423 257,571 +Prepayments and other receivables ....... 8,085 27,066 158,345 150,682 +Other current assets ................ 15,759 13,824 20,654 3,922 +Notes receivables at fair value through other +comprehensive income ............. 663 479 — 425 +Term deposits and restricted cash ....... 36,502 26,898 61,554 50,943 +Cash and cash equivalents ............. 37,115 56,705 65,556 136,085 +173,908 302,225 570,726 870,450 +Current liabilities +Trade payables and notes payable ........ 45,060 79,557 45,882 49,726 +Accrual and other payables ............ 10,044 23,516 25,192 27,281 +Other current liabilities ............... — 862 998 13,591 +Current income tax liabilities ........... 1 9——— +Contract liabilities .................. 21,280 20,280 75,942 262,079 +Lease liabilities .................... 8,613 10,159 5,672 5,882 +Borrowings ...................... — 28,584 152,272 245,699 +Total current liabilities .............. 85,016 162,958 305,958 604,258 +Net current assets ................. 88,892 139,267 264,768 266,192 +FINANCIAL INFORMATION +– 232 – + + +--- page 241 --- +Our net current assets increased from RMB88.9 million as at 31 December 2023 to RMB139.3 +million as at 31 December 2024, primarily due to (i) the increase of trade and notes receivables of +RMB125.9 million; and (ii) the increase of trade payables and notes payable of RMB34.5 million. +Our net current assets increased from RMB139.3 million as at 31 December 2024 to RMB264.8 +million as at 31 December 2025, primarily due to (i) the increase in our prepayments and other +receivables by approximately RMB131.3 million which was primarily a result of increased prepayments +to our suppliers in order to secure procurement needs for fulfilling large orders; (ii) the increase in term +deposits and restricted cash by approximately RMB34.7 million; (iii) the increase in cash and cash +equivalents by approximately RMB8.9 million; and (iv) the decrease in trade payables and note payable +by approximately RMB33.7 million because the trade payables and note payable was higher as at 31 +December 2024; which was partially offset by (i) the increase in borrowings by approximately +RMB123.7 million; and (ii) the increase in our contract liabilities by RMB55.7 million. +Our net current assets remained relatively stable at RMB264.8 million as at 31 December 2025 +and RMB266.2 million as at 30 April 2026, respectively. +Cash Flows +The following table sets out selected cash flow data from the consolidated statements of cash +flows. This information should be read together with the consolidated financial information contained +in the Accountants’ Report in Appendix I to this prospectus. +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Cash generated from/(used in) operations ... 68,958 (6,736) (129,362) +Interest received ...................... 613 273 207 +Income tax paid ...................... — (28) (760) +Net cash generated from/(used in) operating +activities .......................... 69,571 (6,491) (129,915) +Net cash generated from/(used in) investing +activities ......................... 34,084 (22,678) (110,478) +Net cash (used in)/generated from financing +activities ......................... (152,758) 48,759 249,244 +Net (decrease)/increase in cash and cash +equivalents ....................... (49,103) 19,590 8,851 +Cash and cash equivalents at beginning of the +year ............................. 86,218 37,115 56,705 +Cash and cash equivalents at the end of +the year ......................... 37,115 56,705 65,556 +Net Cash Generated from/(Used in) Operating Activities +In FY2025, our net cash used in operating activities was RMB129.9 million, primarily consisting +of our profit before income tax of RMB27.5 million, adjusted for items mainly including (i) non-cash +and non-operating items, primarily comprising depreciation and amortisation of non-current assets of +RMB21.7 million, and (ii) changes in working capital, primarily comprising (a) an increase in +receivables of RMB172.6 million, which was mainly attributable to the increase in our prepayments of +approximately RMB146.9 million to certain suppliers in order to secure a stable supply of +high-performance computing (HPC) servers which have recently been in high demand; (b) an increase +in inventories of RMB55.5 million, primarily due to the increase in our goods in transit by +approximately RMB40.7 million from approximately RMB8.2 million as at 31 December 2024 to +FINANCIAL INFORMATION +– 233 – + + +--- page 242 --- +approximately RMB48.9 million as at 31 December 2025. The increase in our goods in transit was +because, as of 31 December 2025, we were delivering our Multispectral AI Large Model Services of +approximately RMB48.8 million to one of our customers. +In light of the net operating cash outflows for 2025, we have implemented a number of initiatives +to enhance our working capital management efficiency. For instance, we have implemented relevant +measures to control the ageing of our trade receivables, such as by proactively following up with our +customers on their payments schedule, and continually monitoring the credit profiles and operating +results and financial conditions of our customers. We are also continuously refining our production +processes to lower our work-in-progress inventory levels and improve overall cash conversion +efficiency. +In FY2024, our net cash used in operating activities was RMB6.5 million, primarily consisting of +our profit before income tax of RMB42.5 million, adjusted for items mainly including (i) non-cash and +non-operating items, primarily comprising depreciation and amortisation of non-current assets of +RMB17.2 million, and (ii) changes in working capital, primarily comprising (a) an increase in +receivables of RMB152.3 million, (b) an increase in payables of RMB53.9 million and (c) a decrease in +inventories of RMB20.1 million. +In FY2023, our net cash generated from operating activities was RMB69.6 million, primarily +consisting of our loss before income tax of RMB22.9 million, adjusted for items mainly including (i) +non-cash and non-operating items, primarily comprising depreciation and amortisation of non-current +assets of RMB14.6 million, and (ii) changes in working capital, primarily comprising (a) a decrease in +receivables of RMB29.7 million, (b) an increase in payables of RMB54.8 million and (c) an increase in +inventories of RMB15.8 million. +Net Cash Generated from/(Used in) Investing Activities +In FY2025, our net cash used in investing activities was RMB110.5 million, primarily consisting +of placement of term deposits of RMB145.8 million in order to enjoy a higher interest rate as compared +to interest rate given by general saving account, payments for purchase of property, plant and +equipment, intangible assets and other non-current assets of RMB77.8 million mainly due to the capital +expenditure on electronic equipment, machinery and equipment and leasehold improvement for our new +Zhejiang production base, partially offset by withdrawal of term deposits of RMB113.1 million. +In FY2024, our net cash used in investing activities was RMB22.7 million, primarily consisting of +payments for purchase of property, plant and equipment, intangible assets and other non-current assets +of RMB34.0 million, partially offset by withdrawal of term deposits of RMB11.3 million. +In FY2023, our net cash generated from investing activities was RMB34.1 million, primarily +consisting of withdrawal of term deposits of RMB56.8 million, partially offset by payments for +purchase of property, plant and equipment, intangible assets and other non-current assets of RMB22.8 +million. +Net Cash (Used in)/Generated from Financing Activities +In FY2025, our net cash generated from financing activities was RMB249.2 million, primarily +consisting of proceeds from borrowings of RMB297.0 million and capital contributions from our +shareholders of RMB90.0 million, partially offset by repayments of borrowings of RMB125.6 million. +FINANCIAL INFORMATION +– 234 – + + +--- page 243 --- +In FY2024, our net cash generated from financing activities was RMB48.8 million, primarily +consisting of capital contributions from our shareholders of RMB30.0 million and proceeds from +borrowings of RMB29.5 million, partially offset by principal elements of lease payments of RMB9.7 +million. +In FY2023, we had net cash used in financing activities of RMB152.8 million, primarily +consisting of repayment of borrowings of RMB141.7 million and principal elements of lease payments +of RMB9.3 million. +INDEBTEDNESS +As at 30 April 2026, being the latest practicable date for the purpose of the indebtedness +statement below, we had RMB324.1 million in indebtedness, which was comprised borrowings and +lease liabilities. As at 30 April 2026, we had unutilised banking facilities of RMB259.0 million. +The following table sets forth the components of our indebtedness as at the dates indicated: +As at 31 December +As at +30 April +2023 2024 2025 2026 +RMB’000 RMB’000 RMB’000 RMB’000 +(unaudited) +Current +Borrowings ...................... — 28,584 152,272 245,699 +Lease liabilities ................... 8,613 10,159 5,672 5,882 +Subtotal ........................ 8,613 38,743 157,944 251,581 +Non-current +Borrowings ...................... — 964 49,008 64,516 +Lease liabilities ................... 14,512 6,943 6,730 7,959 +Subtotal ........................ 14,512 7,907 55,738 72,475 +Total .......................... 23,125 46,650 213,682 324,056 +Our borrowings increased from nil as at 31 December 2023 to RMB29.5 million as at 31 +December 2024, and further increased to RMB201.3 million as at 31 December 2025, mainly due to our +needs to fund our operations in view of increase in our revenue in the relevant years. Our borrowings +increased from approximately RMB201.3 million as at 31 December 2025 to RMB310.2 million as at +30 April 2026 because we obtained additional loans for general working capital purposes. Our bank +borrowings agreements contain standard terms, conditions and covenants that are customary for +commercial bank loans. +Subsequent to 30 April 2026, we obtained additional banking facilities and bank loan of +approximately RMB15.0 million. Apart from this, there were no material changes to our indebtedness +up to the Latest Practicable Date. +We recognised lease liabilities with respect to all leases, except for short-term leases and leases of +low value assets. Our lease liabilities decreased from RMB23.1 million as at 31 December 2023 to +RMB17.1 million as at 31 December 2024, primarily due to the payment of lease liabilities. Our lease +liabilities further decreased from RMB17.1 million as at 31 December 2024 to RMB12.4 million as at +31 December 2025 primarily due to the payment of lease liabilities and termination of part of our lease +relating to our Shenzhen production base during such year. Our lease liabilities remained relatively +stable at RMB13.8 million as at 30 April 2026. +FINANCIAL INFORMATION +– 235 – + + +--- page 244 --- +During the Track Record Period and up to the Latest Practicable Date, our borrowings were +mainly secured by pledging of our trade receivables, term deposits and Connected Guarantees provided +by Mr. Zhou. As at the Latest Practicable Date, the total Guaranteed Loans amounted to approximately +RMB181.7 million and all Connected Guarantees are expected to be released upon Listing. For details, +please refer to (i) section headed “Relationship with Controlling Shareholder — Independence from +Controlling Shareholders — Financial Independence” in this prospectus; (ii) “Note 21. Trade and Notes +Receivables” in Appendix I to this prospectus; (iii) “Note 24. Cash and Cash Equivalents, Term +Deposits and restricted Cash” in Appendix I to this prospectus; and (iv) “Note 25. Borrowings” in +Appendix I to this prospectus. +Our Directors confirm that there have been no material defaults in our payment of trade or +non-trade payables and bank borrowings, or breaches of covenants of our indebtedness during the Track +Record Period and up to the date of this prospectus. +CAPITAL EXPENDITURE +During the Track Record Period, our capital expenditures primarily consisted of expenditures on +property, plant and equipment for manufacturing and office refurbishment, right-of-use assets for our +production bases and other premises, as well as intangible assets arise from capitalisation of our R&D +expenses. +The following table sets forth our capital expenditures for the years indicated: +FY2023 FY2024 FY2025 +RMB’000 RMB’000 RMB’000 +Additions of property, plant and equipment .. 1,824 3,377 15,251 +Additions of right-of-use assets ........... 7,880 2,990 7,753 +Additions of intangible assets ............ 19,815 30,126 58,472 +Total .............................. 29,519 36,493 81,476 +Following the Listing, we will continue to incur capital expenditures to grow our business. We +plan to fund our planned capital expenditures primarily with cash flows generated from our operations, +bank borrowings, and the net proceeds received from the Listing. Please see the section headed “Future +Plans and Use of Proceeds.” in this prospectus. We may adjust our capital expenditures for any given +year according to our development plans or in light of market conditions and other factors we believe +to be appropriate. +Capital commitments +Our capital commitments are related to our property, plant and equipment. Our capital expenditure +contracted but not provided for as at 31 December 2023, 2024, and 2025 was nil, RMB12.0 million and +nil, respectively. +CONTINGENT LIABILITIES +As at the Latest Practicable Date, we did not have significant contingent liabilities. +OFF-BALANCE SHEET COMMITMENTS AND ARRANGEMENTS +As at the Latest Practicable Date, we had not entered into any off-balance sheet transactions. +FINANCIAL INFORMATION +– 236 – + + +--- page 245 --- +KEY FINANCIAL RATIOS +The table below sets forth our key financial ratio as at the dates indicated: +For the year ended/As at 31 December +2023 2024 2025 +Gross profit margin (1) .................. 12.2% 18.8% 22.3% +Net profit margin (2).................... (15.7)% 7.7% 4.4% +Gearing ratio (3) ....................... 0.14 0.20 0.59 +Current ratio (4) ....................... 2.0 1.9 1.9 +Quick ratio (5) ........................ 1.4 1.7 1.6 +Notes: +(1) Gross profit margin equals gross profit divided by total revenue during the year, multiplied by 100%. +(2) Net profit margin equals net profit divided by total revenue during the year, multiplied by 100%. +(3) Gearing ratio equals total borrowings and lease liabilities divided by total equity as at the relevant dates. +(4) Current ratio represents current assets divided by current liabilities as at the relevant dates. +(5) Quick ratio represents current assets minus inventories, divided by current liabilities as at the relevant date. +Gross Profit Margin +For details, please refer to the subsections headed “Description of Selected Components of +Statements of Profit or Loss and Other Comprehensive Income — Gross Profit and Gross Profit +Margin” in this section above. +Net Profit Margin +Our net profit margin improved significantly from a net loss margin of (15.7)% in FY2023 to +7.7% in FY2024. The turnaround was primarily driven by the significant increase in our gross profit +margin from 12.2% in FY2023 to 18.8% in FY2024, alongside an increase in our gross profit by +586.7% from RMB14.3 million in FY2023 to RMB98.2 million in FY2024. For details of relevant +changes, please refer to paragraphs headed “Year-to-year Comparisons of Results of Operations - +FY2024 Compared to FY2023” in this section. +Our net profit margin decreased from 7.7% in FY2024 to 4.4% in FY2025. The decrease was +mainly attributable to the significant increase in our general and administrative expenses by 260.0% +from RMB13.0 million in FY2024 to RMB46.8 million in FY2025 and the increase in research and +development expenses by 101.6% from RMB25.2 million in FY2024 to RMB50.8 million in FY2025. +For details of relevant changes, please refer to paragraphs headed “Year-to-year Comparisons of Results +of Operations — FY2025 Compared to FY2024” in this section. +Gearing Ratio +As at 31 December 2023, 2024 and 2025, our gearing ratio was 0.14, 0.20 and 0.59, respectively. +The general decrease in our gearing ratio as at 31 December 2023 and 2024 was mainly due to changes +in working capital fluctuations. The increase of our gearing ratios from 0.20 as at 31 December 2024 to +0.59 as at 31 December 2025 was primarily due to the increase in our borrowings to RMB201.3 million +as at 31 December 2025. +FINANCIAL INFORMATION +– 237 – + + +--- page 246 --- +Current Ratio +Our current ratio remained relatively stable at 2.0, 1.9 and 1.9 as at 31 December 2023, 2024 and +2025, respectively. +Quick Ratio +Our quick ratio increased from 1.4 as at 31 December 2023 to 1.7 as at 31 December 2024, +mainly due to an increase in trade and notes receivables, coupled with the reduction of inventory levels +during that year. Our quick ratio dropped to 1.6 as at 31 December 2025, primarily attributable to the +increase in our prepayments and other receivables, term deposits and restricted cash and cash and cash +equivalents overshadowed by increase in short term borrowings and contract liabilities. +RELATED PARTY TRANSACTIONS +For details about our related party transactions during the Track Record Period, see Note 33 to the +Accountants’ Report in Appendix I to this prospectus. Our Directors are of the view that each of the +related party transactions 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 are also of the view that our +related party transactions during the Track Record Period would not distort our track record results or +make our historical results not reflective of our future performance. +RISK DISCLOSURE +For details of our risks in relation to interest, price, credit and liquidity, please see Notes 3.1−3.3 +to the Accountants’ Report set forth in Appendix I of this prospectus. +DIVIDEND +No dividend has been declared or paid by us during FY2023, FY2024 and FY2025. The earnings +per share for FY2024 and FY2025 are approximately RMB5.09 and RMB3.49, respectively. The losses +per share for FY2023, was approximately RMB2.33. +After the completion of the Global Offering, we may distribute dividends in the form of cash or +by other means permitted by our Articles of Association. As at the Latest Practicable Date, we did not +have any specific dividend policy nor any pre-determined dividend payout ratio. In principle, we +prioritise cash dividends as the profit distribution method if the conditions for cash dividends are met. +When we have major investment plans or significant cash expenditures, we may distribute dividends in +the form of share equity. A decision to declare or to pay dividends in the future and the amount of +dividends will be at the discretion of our Board and will depend on a number of factors, including our +results of operations, cash flows, financial condition, payments by our subsidiaries of cash dividends to +us, business prospects, statutory and regulatory restrictions on our declaration and payment of dividends +and other factors that our Board may consider important. Any declaration and payment as well as the +amount of dividends will be subject to our constitutional documents and the relevant laws. As advised +by our PRC legal advisers, a PRC company can pay dividends after covering all accumulated losses +from prior years with its current profits after tax and statutory reserve allocations. Our Shareholders +may approve any declaration of dividends. +FINANCIAL INFORMATION +– 238 – + + +--- page 247 --- +DISTRIBUTABLE RESERVES +Our Company was established as a limited liability company in the PRC on 3 April 2013 and was +converted into a joint stock limited company on 8 November 2022 under the laws of the PRC. Pursuant +to the Articles, profit after taxation of our Company, after (i) offsetting losses carried forward from +previous years, (ii) transferring 10% of its profit after taxation as contribution to its statutory reserve +fund under the relevant PRC rules and regulations, and (iii) deducting other contributions to the reserve +fund as determined by our Company, shall be distributable to our Shareholders as dividends. As at 31 +December 2025, our Company had retained earnings of RMB40.4 million under IFRS. +LISTING EXPENSES +The total listing expenses payable by our Company are estimated to be RMB66.4 million and +based on an Offer Price of HK$7.2, accounting for 12.5% of gross IPO proceeds. Among such +estimated total listing expenses, (i) underwriting-related expenses, including underwriting commission, +are expected to be RMB32.0 million, and (ii) non-underwriting-related expenses of RMB34.4 million, +comprising (a) fees and expenses of the Joint Sponsors, legal advisers and reporting accountants of +RMB20.3 million; and (b) other fees and expenses of RMB14.1 million. +Among the total listing expenses of RMB66.4 million, (i) approximately RMB17.4 million was +charged to the statement of profit or loss during FY2025, (ii) approximately RMB13.6 million is +expected to be expensed through the statement of profit or loss after the Track Record Period, and (iii) +the remaining amount of RMB35.4 million is directly attributable to the issue of shares and would be +deducted from equity upon the Listing. +The professional fees and/or other expenses related to the preparation of the Listing are currently +in estimates for reference only and the actual amount to be recognised is subject to adjustment based on +audit and the then changes in variables and assumptions. +UNAUDITED PRO FORMA STATEMENT OF ADJUSTED CONSOLIDATED NET TANGIBLE +ASSETS +See Appendix II to this prospectus for the unaudited pro forma statement of adjusted net tangible +assets of our Group. +NO MATERIAL ADVERSE CHANGE +Our Directors confirm that, up to the date of this Prospectus, other than as disclosed under +“Recent Developments Subsequent to the Track Record Period and No Material Adverse Change” in the +“Summary and Highlights” section in this Prospectus, there had been no material adverse change in our +business, financial condition and results of operations since 31 December 2025, being the latest balance +sheet date of our consolidated financial statements in the “Appendix I — Accountants’ Report” to this +prospectus, and up to the date of this prospectus. +DISCLOSURE UNDER RULES 13.13 TO 13.19 OF THE LISTING RULES +Our Directors confirm that, as at the Latest Practicable Date, there was no circumstance that +would give rise to a disclosure requirement under Rules 13.13 to 13.19 of the Listing Rules. +FINANCIAL INFORMATION +– 239 – + + +--- page 248 --- +FUTURE PLANS +See the section headed “Business — Our Business Strategies” in this prospectus for a detailed +description of our future plans. +USE OF PROCEEDS +We estimate the aggregate net proceeds from the Global Offering, after deducting underwriting +fees and other estimated expenses in connection with the Global Offering assuming an Offer Price of +HK$7.2 per Share, will be approximately HK$536.8 million. +The table below sets out the expected implementation timetable for the planned use of our +proceeds: +FY2026 FY2027 FY2028 Total +(HK$ million) +Enhancing R&D Capabilities 87.9 121.9 58.6 268.4 +— Large Model Solutions ........... 37.9 64.4 33.4 135.7 +— Chip Business Sector ............ 23.0 14.9 6.0 43.9 +— New Generation Intelligent Perception . 8.0 16.1 7.8 31.9 +— Joint Laboratories and Overseas R&D +Centres ..................... 5.7 11.5 5.7 22.9 +— R&D Centre Leased Area Expansion .. 1.7 3.4 1.8 6.9 +— Other R&D Expenses ............ 11.6 11.6 3.9 27.1 +Expanding Production Capacity 34.5 57.6 42.1 134.2 +— Production Line Staff ............ 5.7 11.5 9.0 26.2 +— Production Base Leased Area +Expansion ................... 5.7 11.5 9.0 26.2 +— Production Line Upgrades and +Equipment ................... 11.5 23.0 18.0 52.5 +— Raw Materials and Operating Costs .. 11.6 11.6 6.1 29.3 +Global Market Penetration 17.2 28.8 34.5 80.5 +— Sales and Marketing Personnel ...... 5.7 11.5 14.7 31.9 +— Marketing Campaigns and Brand +Building .................... 5.7 11.5 14.7 31.9 +— Other Marketing and Selling Expenses . 5.8 5.8 5.1 16.7 +General Working Capital and Corporate +Uses ......................... 17.9 17.9 17.9 53.7 +Total .......................... 157.5 226.2 153.1 536.8 +The implementation timeline allocates approximately 29.3% (HK$157.5 million) in FY2026, +42.1% (HK$226.2 million) in FY2027, and 28.5% (HK$153.1 million) in FY2028, with the remaining +balance to be covered by alternative funding sources if needed. In the event of a shortfall in net +proceeds, we will prioritise critical expenditures (e.g., server procurement, key R&D hires, production +equipment) and fund the shortfall through internal cash reserves, bank borrowings, strategic +partnerships, or government R&D grants, as specified for each allocation. +FUTURE PLANS AND USE OF PROCEEDS +– 240 – + + +--- page 249 --- +In accordance with our strategy, we intend to use the net proceeds from the Global Offering for +the following purposes in the following amounts: + approximately 50.0% of the net proceeds (approximately HK$268.4 million) is expected to +be used to enhance our R&D capabilities and increase investment in product development, of +which: +— approximately 25.3% of the net proceeds (approximately HK$135.7 million) will be +used to strengthen our R&D capabilities in large model solutions, which includes the +purchase of servers for computing power for accelerating the iteration of large model, +enhancing the accuracy and efficiency of our algorithms; the recruitment of +approximately 20 additional R&D personnel with expertise in large and small model +development and training; as well as outsourced data annotation services to allow our +in-house team to focus on higher value-added R&D activities. Such investment arises +from the need to scale our computational infrastructure and expertise to develop +advanced large model solutions that enhance algorithm accuracy for multispectral AI +applications, addressing the growing demand for high-precision AI in safety and +industrial scenarios; +— approximately 8.2% of the net proceeds (approximately HK$43.9 million) will be used +to strengthen our R&D capability in the chip business sector, which encompasses the +design, development, and production of specialised semiconductor chips, including +Micro-Electro-Mechanical Systems (MEMS) chips, for multispectral AI applications in +safety-critical industries. MEMS chips are integrated micro-devices combining +mechanical and electrical components on a single chip, enabling advanced sensing and +processing for applications such as infrared imaging and environmental perception. +This includes the purchase of MEMS packaging and testing equipment, optoelectronic +materials and devices; the recruitment of approximately 10 additional R&D personnel +with expertise in the design and development of MEMS chips; in addition, we will also +cooperate with chip companies in the flow-through process, and co-design and +co-production of high-performance chips, thereby leveraging technological synergies to +drive innovation. Such investment allows us to develop proprietary MEMS chip +technology to reduce reliance on external suppliers and enhance product +competitiveness; +— approximately 5.9% of the net proceeds (approximately HK$31.9 million) will be +utilised to enhance the R&D capability of new generation intelligent perception +products and intelligent solutions by significantly increasing the recruitment of +approximately 60 additional R&D personnel in relevant fields, to explore new business +areas of products and solutions, modules (especially in the field of embodied +intelligence), multispectral intelligent terminal products and multi-scenario safety +solutions. New generation intelligent perception refers to multispectral perception +technologies applied to emerging business scenarios such as food safety and skin care, +delivering terminal products and industry solutions to clients. Such investment allows +us to expand into high-growth, high-safety-demand industries like food safety, +requiring specialised R&D to adapt multispectral technologies, unlike the more focused +historical R&D expenditure; +— approximately 4.3% of the net proceeds (approximately HK$22.9 million) will be used +to invest in the establishment of joint laboratories, with one potential university partner +from the PRC already identified as at the Latest Practicable Date, and to collaborate +with technology companies that complement our technology enabling us to bring in +new technologies and resources and to accelerate the development of the underlying +FUTURE PLANS AND USE OF PROCEEDS +– 241 – + + +--- page 250 --- +technologies and foster innovation through industry-academic convergence, and to +establish overseas R&D centres in certain regions and countries, such as Hong Kong +and Singapore, to further strengthen our global R&D capabilities. Selection criteria for +laboratories and partners include reputable qualifications, prior collaboration history, +strong financial standing, robust infrastructure, experienced talent pools, aligned +research objectives, and mature management structures. According to Frost & Sullivan, +such targets are readily available in China and globally, given the proliferation of +AI-focused academic and industry partnerships. Such investment allows us to access +cutting-edge technologies and global talent to enhance our multispectral AI solutions, +unlike the limited scope of historical R&D. As of the Latest Practicable Date, no +overseas partners have been identified for the purposes of establishing joint +laboratories and overseas R&D centres in certain regions and countries such as Hong +Kong or Singapore, and based on our preliminary assessment we are in compliance +with the key legal, regulatory and licensing requirements for setting up overseas +laboratories and R&D centres in relevant jurisdictions. However, in the process of +establishing such joint laboratories and research centres in such locations we will +conduct an in-depth assessment with local counsel of the applicable requirements; +— approximately 1.3% of the net proceeds (approximately HK$6.9 million) will be used +to expand the leased area of our R&D centre. The expansion is justified by the need to +support the increased R&D team size and advanced equipment for large model and chip +development, which exceeds the capacity of our current facilities; +— approximately 5.0% of the net proceeds (approximately HK$27.1 million) will be +utilised for other R&D expenses, allowing us flexibility to adjust our R&D approach in +response to market trends. These expenses will cover software licences, testing +materials, and industry conference participation to stay abreast of AI trends. The +investment is justified by the need to maintain flexibility in a rapidly evolving AI +market, unlike the fixed scope of historical R&D. + approximately 25.0% of the net proceeds (approximately HK$134.2 million) will be used to +expand our production capacity to meet the growing production demands, of which: +— approximately 4.9% of the net proceeds (approximately HK$26.2 million) will be +utilised to increase the number of production line staff. This allocation is planned for +hiring approximately 230 additional staff, including operators, technicians, and quality +control personnel to support increased production of multispectral AI products, +particularly fire detection and intelligent perception devices; +— approximately 4.9% of the net proceeds (approximately HK$26.2 million) will be +utilised to further expand the leased area of the production bases by approximately +15,000 square metres or to lease new factories; +— approximately 9.8% of the net proceeds (approximately HK$52.5 million) will be +utilised for the upgrading of the existing production lines, the acquisition of equipment +required for the new production line. Although our production base has not reached its +maximum utilisation rate during the Track Record Period, our Group’s planned +investment in R&D, establishment of joint laboratories, and potential strategic +investments or acquisitions are expected to expand our product offerings. This +expansion will necessitate further expansion to ensure alignment with the demand +growth, support timely fulfilment of customer orders, and mitigate risks of supply +bottlenecks in a competitive market. As such, this allocation is planned to acquire +FUTURE PLANS AND USE OF PROCEEDS +– 242 – + + +--- page 251 --- +additional assembly machines, including 6 chip placement machines for the expansion +of our SMT automated assembly lines, and testing units, with an expected addition of 6 +new production lines; +— approximately 5.4% of the net proceeds (approximately HK$29.3 million) will be +utilised for raw materials and other operating costs associated with production. This +allocation is planned to procure raw materials such as MEMS infrared sensor chips, +optoelectronic components, and microprocessors, and to cover operating costs +including utilities and maintenance for the expanded production facilities. +Our Company expects to experience growth in the sales volume of our Multispectral AI +Modules and Multispectral AI Perception Terminals as we expand into new downstream +sectors, including optoelectronics, food safety and skin diagnostics. According to Frost & +Sullivan, the global markets for these sectors are forecasted to grow at a CAGR of 43.7%, +86.1% and 44.0%, respectively, from 2025 to 2030, and the resulting increase in demand for +advanced detection and diagnostic solutions is expected to drive corresponding growth in our +sales volumes across these new application scenarios. + approximately 15.0% of the net proceeds (approximately HK$80.5 million) will be used for +strengthening our business expansion and accelerating global market penetration. According +to the Frost & Sullivan Report, the global multispectral perception market, valued at +approximately RMB85.0 billion in 2025, offers significant growth opportunities, particularly +in overseas markets such as North America and Europe, which command 25% and 28% +market shares in 2025, respectively. As such, we intend to use the net proceeds, of which: +— approximately 5.9% of the net proceeds (approximately HK$31.9 million) will be used +to increase the recruitment of approximately 100 additional sales and marketing +personnel with industry insights. These personnel, with expertise in downstream +application industries such as urban safety, medical diagnostics, and food engineering, +will be deployed across key overseas markets (North America, Europe, Southeast Asia, +and the Middle East) to drive customer acquisition, manage local partnerships, and +support brand-building initiatives; +— approximately 5.9% of the net proceeds (approximately HK$31.9 million) will be used +to invest in comprehensive online and offline marketing campaigns and brand building +initiatives, such as digital advertisements, trade shows and overseas seminars, to +increase brand awareness and attract new customers. This allocation is planned to fund +digital advertising campaigns targeting industry-specific platforms, participation in +global trade shows, and overseas seminars to promote our multispectral AI products in +key markets; +— approximately 3.2% of the net proceeds (approximately HK$16.7 million) will be used +for other marketing and selling expenses responsive to market developments. This +allocation is planned to support initiatives such as obtaining regulatory certifications +(e.g., UL certifications in North America, CE certifications in Europe) for market +access, and participating in industry events to enhance brand visibility. These expenses +are designed to address market-specific requirements in key overseas markets; + approximately 10.0% of the net proceeds (approximately HK$53.7 million) will be used to +provide funding for our general working capital and for general corporate uses. +FUTURE PLANS AND USE OF PROCEEDS +– 243 – + + +--- page 252 --- +To the extent that the net proceeds are not immediately applied to the above purposes and to the +extent permitted by applicable law and regulations, we will apply the net proceeds as deposits at +licensed commercial banks and/ or other authorised financial institutions (as defined under the +Securities and Futures Ordinance or applicable laws and regulations in other jurisdictions). We will +make an appropriate announcement if there is any change to the above proposed use of proceeds or if +any amount of the proceeds will be used for general corporate purpose. +We will monitor the utilisation of the use of proceeds during FY2026 and FY2027. If the proceeds +allocated to the above purposes are fully or substantially utilised, we may consider additional sources +of equity and/or debt financing to fund them further. Such sources may include, without limitation, +bank borrowings and/or equity financing through the placing of new shares. We may also utilise +internally generated funds from our operations to finance these purposes. +FUTURE PLANS AND USE OF PROCEEDS +– 244 – + + +--- page 253 --- +HONG KONG UNDERWRITERS +CMBC Securities Company Limited +SPDB International Capital Limited +Livermore Holdings Limited +CCB International Capital Limited +CEB International Capital Corporation Limited +CMB International Capital Limited +China Harbour International Securities Limited +DL Securities (HK) Limited +Huafu International Securities Limited +Skyvast Securities Limited +Somerley Capital Limited +Yuen Meta (International) Securities Limited +Yunfeng Securities Limited +Zheshang International Financial Holdings Co., Limited +Zhongtai International Securities Limited +UNDERWRITING ARRANGEMENTS AND EXPENSES +Hong Kong Public Offering +Hong Kong Underwriting Agreement +Pursuant to the Hong Kong Underwriting Agreement, our Company is initially offering for +subscription of 8,516,500 Hong Kong Offer Shares at the Offer Price under the Hong Kong Public +Offering, on and subject to the terms and conditions set forth in this prospectus. The Hong Kong +Underwriters have agreed on and subject to the terms and conditions in the Hong Kong Underwriting +Agreement, to procure subscribers for, or failing which they shall subscribe for, the Hong Kong Offer +Shares. +The Hong Kong Underwriting Agreement is subject to various conditions, which include, but +without limitation, the Listing Committee granting listing of, and permission to deal in, our H Shares in +issue and to be issued as mentioned in this prospectus. In addition, the Hong Kong Underwriting +Agreement is conditional on and subject to the International Underwriting Agreement having been +executed, becoming unconditional and not having been terminated. +Grounds for termination +The Overall Coordinators, in their sole and absolute discretion, may, for themselves and on behalf +of the Hong Kong Underwriters, upon giving notice in writing to the Company, terminate the Hong +Kong Underwriting Agreement with immediate effect if any of the following events occurs at or prior +to 8:00 a.m. on the Listing Date: +(i) there has been a breach of any of the representations, warranties, undertakings or provisions +of either the Hong Kong Underwriting Agreement or the International Underwriting +Agreement by any of our Company, our executive Directors and our Controlling +Shareholders or any such representations, warranties or undertakings is (or would when +repeated be) untrue, incorrect or misleading in any respect; or +(ii) any statement (save and except those statement of the Joint Sponsors, Sponsor-Overall +Coordinators, Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, +the Joint Lead Managers and any of the Hong Kong Underwriters contained in this +UNDERWRITING +– 245 – + + +--- page 254 --- +prospectus or the formal notice of our Company or any announcements in the agreed form +issued by our Company in connection with the Hong Kong Public Offering (including any +supplement or amendment thereto) was, has or may become untrue, incorrect or misleading +in any material respect, or any forecasts, expressions of opinion, intention or expectation +expressed in this prospectus, or the formal notice of our Company are not, in all respects, +fair and honest and made on reasonable grounds or, where appropriate, based on reasonable +assumptions, when taken as a whole; or +(iii) any event, act or omission which gives or is likely to give rise to any liability of any of our +Company, our executive Directors and our Controlling Shareholders pursuant to the +indemnities given by them under the Hong Kong Underwriting Agreement or the +International Underwriting Agreement, as applicable; or +(iv) any material breach of any of the obligations of any of our Company, our executive +Directors and our Controlling Shareholders under the Hong Kong Underwriting Agreement +or the International Underwriting Agreement, as applicable; or +(v) any of the reporting accountants of our Company, or any of the legal counsels or consultants +of our Company has withdrawn its respective consent to the issue of this prospectus with the +inclusion of its reports, letters, summaries of valuations and/or legal opinions (as the case +may be) and references to its name included in the form and context in which it respectively +appears; or +(vi) approval in principle from the Stock Exchange granting the listing of, and permission to deal +in, the Offer Shares, the H Shares in issue, is refused or not granted, on or before the listing +approval date, or if granted, the approval is subsequently withdrawn, qualified (other than +customary conditions) or withheld; or +(vii) our Company withdraws any of this prospectus or the listing application in respect of the +Global Offering; or +(viii) save as disclosed in this prospectus, any potential litigation, legal proceeding, legal reaction, +claim or disputes being threatened or instigated against any member of our Group, which +gives rise to a material adverse effect; or +(ix) any person (other than any of the Joint Sponsors, the Sponsor-Overall Coordinators, the +Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead +Managers and/or the Hong Kong Underwriters) has withdrawn or sought to withdraw its +consent to being named in any of this prospectus and the formal notice of the Company or to +the issue of any of this prospectus and the formal notice of the Company; or +(x) there will have developed, occurred, happened or come into effect any change or +development involving a prospective change or development, or any event or series of +events, matters or circumstances likely to result in or representing a change or development, +or prospective change or development, concerning or relating to: +(a) any local, national, regional or international financial, political, economic, legal, +military, industrial, fiscal, regulatory, currency or market conditions (including, without +limitation, conditions in stock and bond markets, money and foreign exchange markets +and interbank markets, a change in the system under which the value of the Hong Kong +currency is linked to that of the currency of the United States) in or affecting Hong +Kong, the PRC, or any other jurisdiction relevant to any member of our Group (each a +“Relevant Jurisdiction ”); or +UNDERWRITING +– 246 – + + +--- page 255 --- +(b) any new law or regulation or any change in any existing law or regulation, or any +change in the interpretation or application thereof by any court or other competent +authority in or affecting any Relevant Jurisdiction; or +(c) any deterioration of the condition of the financial markets in any Relevant Jurisdiction +or generally in the international equity securities or other financial markets; or +(d) (A) any event or series of events in the nature of force majeure (including, without +limitation, acts of government, economic sanctions, strikes or lockouts (whether or not +covered by insurance), riots, fire, explosion, flooding, civil commotion, acts of war, +acts of terrorism (whether or not responsibility has been claimed), acts of God, +epidemic, outbreak of infectious disease or epidemics, including, but not limited to, +Severe Acute Respiratory Syndrome and H1N1 or swine or avian influenza or +COVID-19 or such related/mutated forms of accident or interruption or delay in +transportation), or (B) any local, national, regional or international outbreak or +escalation of hostilities (whether or not war is or has been declared) or other +declaration of a national or international state of emergency or calamity or crisis, in the +case of either (A) or (B), in or affecting any Relevant Jurisdiction; or +(e) (A) any suspension or limitation on trading in shares or securities generally on the +Stock Exchange, the New York Stock Exchange, the NASDAQ Global Market, the +Tokyo Stock Exchange, the London Stock Exchange or any PRC stock markets or (B) a +general moratorium on commercial banking activities in any Relevant Jurisdiction, +declared by the relevant authorities, or a material disruption in commercial banking +activities or foreign exchange trading or securities settlement or clearance services, in +the case of either (A) or (B), in or affecting any Relevant Jurisdiction; or +(f) any taxation or exchange controls, currency exchange rates or foreign investment +regulations in any Relevant Jurisdiction adversely affecting an investment in the H +Shares; or +(g) any litigation or claim being threatened or instigated against any member of our Group, +or any Director, any of the chairman or chief executive officer of the Company +vacating his office, any executive Director being charged with an indictable offence or +prohibited by operation of Law or otherwise disqualified from taking part in the +management of a company or the commencement by any governmental, political, +regulatory body of any action against any executive Director in his or her capacity as +such or an announcement by any governmental, political, regulatory body that it +intends to take any such action; or +(h) any contravention by any member of our Group of the Companies Ordinance, the +Companies (Winding Up and Miscellaneous Provisions) Ordinance, the Companies +Law, any of the Listing Rules or any applicable law or regulation; or +(i) a prohibition on our Company for whatever reason from allotting or selling the Offer +Shares pursuant to the terms of the Global Offering; or +(j) non-compliance of this prospectus (or any other documents used in connection with the +contemplated subscription and sale of the Offer Shares) or any aspect of the Global +Offering with the Listing Rules or any other applicable law or regulation; or +UNDERWRITING +– 247 – + + +--- page 256 --- +(k) the issue or requirement to issue by our Company of a supplementary prospectus, +pursuant to the Companies Ordinance or the Listing Rules in circumstances where the +matter to be disclosed is, in the reasonable opinion of the Overall Coordinators (for +themselves and on behalf of the Hong Kong Underwriters), materially adverse to the +marketing for or implementation of the Global Offering; or +(l) any change or prospective change, or a materialisation of, any of the risks set out in +the section headed “Risk factors” in this prospectus; or +(m) any demand by creditor for repayment of indebtedness of an amount not less than +HK$20 million prior to its stated maturity or a petition is presented for the winding-up +or liquidation of any member of our Group which is material to the business to the +Group or any such member of our Group makes any composition or arrangement with +its creditors or enters into a scheme of arrangement or any resolution is passed for the +winding-up of any member of our Group which is material to the business to our +Group or a provisional liquidator, receiver or manager is appointed over all or part of +the material assets or undertaking of any member of our Group or anything analogous +thereto occurs in respect of any member of our Group which is material to the business +to our Group; or +(n) any change in respect of the business, assets, liabilities, conditions, business affairs, +prospects, profits, losses or the financial or trading position or performance or +management of our Company or any member of our Group; or +(o) any matter that has arisen or has been discovered which would, had it arisen +immediately before the date of this prospectus, not having been disclosed in this +prospectus, constitute an omission therefrom; +and which, with respect to any of sub-paragraphs (a) through (n) above, in the sole and +absolute opinion of the Overall Coordinators (for themselves and on behalf of the Hong +Kong Public Offering Underwriters): +(A) is, will be or may have any material adverse effect whether or not arising in the +ordinary course of business or be materially adverse to any present or prospective +shareholder of the Company in its capacity as such; or +(B) has, will have or may have a material adverse effect on the success of the Global +Offering or the level of Offer Shares being applied for or accepted or subscribed for or +purchased or the distribution of Offer Shares and/or make it impracticable, inadvisable +or inexpedient for any material part of the Hong Kong Underwriting Agreement, the +International Underwriting Agreement, the Hong Kong Public Offering or the Global +Offering to be performed or implemented as envisaged; or +(C) makes or may make it impracticable, inadvisable or inexpedient to proceed with or to +market the Hong Kong Public Offering and/or the Global Offering or the delivery of +the Offer Shares on the terms and in the manner contemplated by this prospectus, the +formal notice of our Company; or +(D) would have the effect of making any part of the Hong Kong Underwriting Agreement +(including underwriting) incapable of performance in accordance with its terms or +which prevents the processing of applications and/or payments pursuant to the Global +Offering or pursuant to the underwriting thereof, +UNDERWRITING +– 248 – + + +--- page 257 --- +UNDERTAKINGS GIVEN TO THE STOCK EXCHANGE PURSUANT TO THE LISTING +RULES +Undertaking by our Company +Pursuant to Rule 10.08 of the Listing Rules, we have undertaken to the Stock Exchange that, save +as pursuant to the Global Offering, no further H Shares or securities convertible into our equity +securities (whether or not of a class already listed) may be issued by us or form the subject of any +agreement to such an issue by us within six months from the Listing Date (whether or not such issue of +H Shares or our securities will be completed within six months from the commencement of dealing), +except in certain circumstances prescribed by Rule 10.08 of the Listing Rules. +Undertaking by our Controlling Shareholders +Pursuant to Rule 10.07(1) of the Listing Rules, each of the Controlling Shareholders undertakes to +the Stock Exchange and to our Company that except pursuant to the Global Offering, they will not at +any time: +(a) during the period commencing on the date by reference to which disclosure of his/its +interests in our Company is made in this prospectus and ending on the date falling six +months from the Listing Date (the “ First Six-month Period ”), he/it shall not dispose of, or +enter into any agreement to dispose of or otherwise create any options, rights, interests or +encumbrances in respect of, any of the securities of our Company in respect of which he/it is +shown by this prospectus to be the beneficial owners; or +(b) in the six-month period commencing on the expiry of the First Six-month Period set out in +paragraph (a) above, dispose of, or enter into any agreement to dispose of or otherwise +create any options, rights, interests or encumbrances in respect of, any of the securities +mentioned in paragraph (a) if, immediately following such disposal or upon the exercise or +enforcement of such options, rights, interests or encumbrances, he/it would cease to be a +controlling shareholder of our Company for the purposes of the Listing Rules. +Pursuant to Note (3) to Rule 10.07(2) of the Listing Rules, each of our Controlling Shareholders +has further undertaken to the Stock Exchange and to our Company that within the period commencing +on the date by reference to which disclosure of his/its shareholdings is made in this prospectus and to +the date which is 12 months from the Listing Date, he/it will: +(a) when he/it pledges or charges any securities of our Company or interests therein beneficially +owned by him/it in favour of any authorised institution pursuant to Note (2) to Rule 10.07(2) +of the Listing Rules, immediately inform our Company of such pledge or charge together +with the number of securities so pledged or charged; and +(b) when he/it receives indications, either verbal or written, from the pledgee or chargee that +any of the securities of our Company pledged or charged will be disposed of, immediately +inform our Company of such indications. +Under Note 3 to Rule 10.07(2) of the Listing Rules, our Company is required to inform the Stock +Exchange as soon as practicable after we have been informed of the matters referred to in (a) or (b) +above by any of our Controlling Shareholders and disclose such matters by way of an announcement in +compliance with the Listing Rules. +UNDERWRITING +– 249 – + + +--- page 258 --- +UNDERTAKINGS PURSUANT TO THE HONG KONG UNDERWRITING AGREEMENT +Undertaking by our Company +Except pursuant to the Global Offering, during the period commencing on the date of this +prospectus and ending on, and including, the date that is six months after the Listing Date (the “ First +Six-Month Period ”), our Company has undertaken to each of the Joint Sponsors, the Sponsor-Overall +Coordinators, the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint +Lead Managers, the Capital Market Intermediaries and the Hong Kong Underwriters not to, without the +prior written consent of the Joint Sponsors and the Overall Coordinators (for themselves and on behalf +of the Hong Kong Underwriters) (such consent not to be unreasonably withheld or delayed) and unless +in compliance with the requirements of the Listing Rules: +(i) offer, allot, issue, sell, accept subscription for, offer to allot, issue or sell, contract or agree +to allot, issue or sell, mortgage, charge, pledge, hypothecate, lend, grant or sell any option, +warrant, contract or right to subscribe for or purchase, grant or purchase any option, warrant, +contract or right to allot, issue or sell, or otherwise transfer or dispose of or create an +encumbrance over, or agree to transfer or dispose of or create an encumbrance over, either +directly or indirectly, conditionally or unconditionally, or repurchase, any legal or beneficial +interest in any H Shares or other securities of our Company, as applicable, or any interest in +any of the foregoing (including, without limitation, any securities convertible into or +exchangeable or exercisable for or that represent the right to receive, or any other warrants +or other rights to purchase, any H Shares or other equity securities of our Company, as +applicable), or deposit any H Shares or any other securities of our Company, as applicable, +with a depositary in connection with the issue of depositary receipts; or +(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of +the economic consequences of ownership (legal or beneficial) of any H Shares or other +securities of our Company, as applicable, or any interest in any of the foregoing (including, +without limitation, any securities convertible into or exchangeable or exercisable for or that +represent the right to receive, or any warrants or other rights to purchase, any H Shares or +other securities of our Company, as applicable); or +(iii) enter into any transaction with the same economic effect as any transaction specified in (i) +or (ii) above; or +(iv) offer to or agree to or announce any intention to effect any transaction specified in (i), (ii) or +(iii) above. +In the event of our Company doing any of the foregoing by virtue of the aforesaid exceptions or +during the six-month period commencing from the expiry of the First Six-Month Period (the “ Second +Six-Month Period ”), it will take all reasonable steps to ensure that such action will not create a +disorderly or false market in any of the Shares or other securities of our Company. +UNDERWRITING +– 250 – + + +--- page 259 --- +Undertaking by our Controlling Shareholders +Each of our Controlling Shareholders has also jointly and severally undertaken to each of our +Company, the Joint Sponsors, the Sponsor-Overall Coordinators, the Overall Coordinators, the Joint +Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Capital Market +Intermediaries, and the Hong Kong Underwriters that, (i) save as pursuant to the Global Offering; or +(ii) permitted under the Listing Rules, without the prior written consent of the Joint Sponsors and the +Overall Coordinators (for themselves and on behalf of the Hong Kong Underwriters) (such consent not +to be unreasonably withheld or delayed): +(i) at any time during the First Six-Month Period, he/ it shall not, and shall procure that the +relevant registered holder(s), any nominee or trustee holding on trust for him/it and the +companies controlled by him/it (together, the “ Controlled Entities ”) shall not, (a) sell, offer +to sell, contract or agree to sell, mortgage, charge, pledge, hypothecate, lend, grant or sell +any option, warrant, contract or right to sell, or otherwise transfer or dispose of or create an +encumbrance over, either directly or indirectly, conditionally or unconditionally, any Shares +or other securities of our Company or any interest therein (including, without limitation, any +securities convertible into or exchangeable or exercisable for or that represent the right to +receive, or any warrants or other rights to purchase, any Shares) beneficially owned by +him/it directly or indirectly through its Controlled Entities (the “ Relevant Securities ”); or +(b) enter into any swap or other arrangement that transfers to another, in whole or in part, +any of the economic consequences of ownership of the Relevant Securities; (c) enter into or +effect any transaction with the same economic effect as any of the transactions referred to in +sub-paragraphs (a) or (b) above; or (d) offer to or agree to or announce any intention to +enter into or effect any of the transactions referred to in sub-paragraphs (a), (b) or (c) above, +which any of the foregoing transactions referred to in sub-paragraphs (a), (b), or (c) is to be +settled by delivery of Shares or such other securities of our Company or in cash or otherwise +(whether or not the issue of such Shares or other securities will be completed within the +First Six-Month Period); +(ii) at any time during the Second Six-Month Period, he/it shall not, and shall procure that the +Controlled Entities shall not, enter into any of the transactions referred to in (i)(a), (b) or (c) +above or offer to or agree to or announce any intention to enter into any such transaction if, +immediately following any sale, transfer or disposal or upon the exercise or enforcement of +any option, right, interest or Encumbrance pursuant to such transaction, he/it would cease to +be a “controlling shareholder” (as defined in the Listing Rules) of our Company or would +together with the other Controlling Shareholders cease to be “controlling shareholders” (as +defined in the Listing Rules) of our Company; +(iii) in the event that he/it enters into any of the transactions specified in (i)(a), (b) or (c) above +or offers to or agrees to or announce any intention to effect any such transaction within the +Second Six-Month Period, he/it shall take all steps to ensure that he/it will not create a +disorderly or false market for any Shares or other securities of our Company; +(iv) he/it shall, and shall procure that the relevant registered holder(s) and other Controlled +Entities shall, comply with all the restrictions and requirements under the Listing Rules on +the sale, transfer or disposal by him/it or by the registered holder(s) and/or other Controlled +Entities of any Shares or other securities of our Company; and +UNDERWRITING +– 251 – + + +--- page 260 --- +(v) notwithstanding anything contained herein, nothing in this Agreement shall prevent a +Controlling Shareholder from using the Shares and the securities of the Company +beneficially owned by it/him as security (including a charge or a pledge) in favour of an +authorised institution (as defined in the Banking Ordinance (Chapter 155 of the Laws of +Hong Kong) for a bona fide commercial loan. +Each of the Controlling Shareholders further undertakes to each of our Company, the Joint +Sponsors, the Sponsor-Overall Coordinators, the Overall Coordinators, the Joint Global Coordinators, +the Joint Bookrunners, the Joint Lead Managers, the Hong Kong Underwriters and the Capital Market +Intermediaries that, within the period from the date by reference to which disclosure of their +shareholding in the Company is made in this prospectus and ending on the date which is twelve months +from the Listing Date, it/he/she will: +(a) when he/it pledges or charges any securities or interests in the Relevant Securities in favour +of an authorised institution (as defined in the Banking Ordinance (Chapter 155 of the Laws +of Hong Kong)) pursuant to Note (2) to Rule 10.07(2) of the Listing Rules, immediately +inform our Company, the Joint Sponsors and the Overall Coordinators in writing of such +pledges or charges together with the number of securities and nature of interest so pledged +or charged; and +(b) when he/it receives indications, either verbal or written, from any pledgee or chargee that +any of the pledged or charged securities or interests in the securities of our Company will be +sold, transferred or disposed of, immediately inform our Company, the Joint Sponsors and +the Overall Coordinators in writing of such indications. +INTERNATIONAL PLACING +International Underwriting Agreement +In connection with the International Placing, it is expected that our Company and Controlling +Shareholders will enter into the International Underwriting Agreement with, among others, the +International Underwriters, on terms and conditions that are substantially similar to the Hong Kong +Underwriting Agreement as described above and on the additional terms described below. +Under the International Underwriting Agreement, subject to the conditions set forth therein, the +International Underwriters are expected to procure subscribers and purchasers to subscribe for or +purchase, or failing which they shall subscribe for or purchase, the 76,646,000 International Placing +Shares initially being offered pursuant to the International Placing. It is expected that the International +Underwriting Agreement may be terminated on similar grounds as the Hong Kong Underwriting +Agreement. Potential investors shall be reminded that in the event that the International Underwriting +Agreement is not entered into, the Global Offering will not proceed. The International Underwriting +Agreement is conditional on and subject to the Hong Kong Underwriting Agreement having been +executed, becoming unconditional and not having been terminated. It is expected that pursuant to the +International Underwriting Agreement, our Company and Controlling Shareholders will make similar +undertakings as those given pursuant to the Hong Kong Underwriting Agreement as described in the +paragraphs headed “Undertakings pursuant to the Hong Kong Underwriting Agreement” in this section. +COMMISSION AND EXPENSES +The Underwriters and the Capital Market Intermediaries will receive an underwriting commission +of 4% of the aggregate Offer Price of all the Offer Shares, if any, (the “ Fixed Fees ”) out of which they +will pay any sub-underwriting commissions and other fees. +UNDERWRITING +– 252 – + + +--- page 261 --- +The Underwriters and the Capital Market Intermediaries may receive a discretionary incentive fee +of up to 2% of the aggregate Offer Price of all the Offer Shares, if any (the “ Discretionary Fees ”). +For any unsubscribed Hong Kong Offer Shares reallocated to the International Placing, the +underwriting commission will not be paid to the Hong Kong Underwriters but will instead be paid, at +the rate applicable to the International Placing, to the relevant International Underwriters. +The amount and respective entitlement among the Underwriters and the Capital Market +Intermediaries of which is expected to be determined before the Listing Date in compliance with the +Listing Rules. Assuming the Discretionary Fees are paid in full, the ratio of the Fixed Fees and the +Discretionary Fees paid or payable to all Underwriters and all Capital Market Intermediaries is 67:33. +The aggregate underwriting commissions and fees together with the Stock Exchange listing fees, +the SFC transaction levy, AFRC transaction levy and the Stock Exchange trading fee, legal and other +professional fees and printing and all other expenses relating to the Global Offering are estimated to be +approximately HK$76.3 million (assuming an Offer Price of HK$7.20 per Offer Share, and the full +payment of the discretionary incentive fee), which will be made by our Company. +INDEMNITY +Each of our Company and our Controlling Shareholders has agreed to indemnify the Hong Kong +Underwriters for certain losses which they may suffer or incur, including losses arising from the +performance of their obligations under the Hong Kong Underwriting Agreement and any breach by any +of our Company and our Controlling Shareholders of the Hong Kong Underwriting Agreement. +ACTIVITIES BY SYNDICATE MEMBERS +The underwriters of the Hong Kong Public Offering and the International Placing (together, the +“Syndicate Members ”) and their affiliates may each individually undertake a variety of activities (as +further described below) which do not form part of the underwriting or stabilising process. +The Syndicate Members and their affiliates are diversified financial institutions with relationships +in countries around the world. These entities engage in a wide range of commercial and investment +banking, brokerage, funds management, trading, hedging, investing and other activities for their own +account and for the account of others. In the ordinary course of their various business activities, the +Syndicate Members and their respective affiliates may purchase, sell or hold an array of investments +and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other +financial instruments for their own account and for the accounts of their customers. Such investment +and trading activities may involve or relate to assets, securities and/or instruments of our Company +and/or persons and entities with relationships with our Company and may also include swaps and other +financial instruments entered into for hedging purposes in connection with our Group’s loans and other +debt. +In relation to the H Shares, the activities of the Syndicate Members and their affiliates could +include acting as agent for buyers and sellers of the H Shares, entering into transactions with those +buyers and sellers in a principal capacity, including as a lender to initial purchasers of the H Shares +(which financing may be secured by the H Shares) in the Global Offering, proprietary trading in the H +Shares, and entering into over the counter or listed derivative transactions or listed or unlisted securities +transactions (including issuing securities such as derivative warrants listed on a stock exchange) which +have as their underlying assets, assets including the H Shares. Such transactions may be carried out as +bilateral agreements or trades with selected counterparties. Those activities may require hedging +activity by those entities involving, directly or indirectly, the buying and selling of the H Shares, which +may have a negative impact on the trading price of the H Shares. All such activities could occur in +UNDERWRITING +– 253 – + + +--- page 262 --- +Hong Kong and elsewhere in the world and may result in the Syndicate Members and their affiliates +holding long and/or short positions in the H Shares, in baskets of securities or indices including the H +Shares, in units of funds that may purchase the H Shares, or in derivatives related to any of the +foregoing. +In relation to issues by Syndicate Members or their affiliates of any listed securities having the H +Shares as their underlying securities, whether on the Stock Exchange or on any other stock exchange, +the rules of the stock exchange may require the issuer of those securities (or one of its affiliates or +agents) to act as a market maker or liquidity provider in the security, and this will also result in +hedging activity in the H Shares in most cases. Such activities may affect the market price or value of +the H Shares, the liquidity or trading volume in the H Shares and the volatility of the price of the H +Shares, and the extent to which this occurs from day to day cannot be estimated. It should be noted that +when engaging in any of these activities, the Syndicate Members will be subject to certain restrictions, +including the following: +(a) the Syndicate Members must not, in connection with the distribution of the Offer Shares, +effect any transactions (including issuing or entering into any option or other derivative +transactions relating to the Offer Shares), whether in the open market or otherwise, with a +view to stabilising or maintaining the market price of any of the Offer Shares at levels other +than those which might otherwise prevail in the open market; and +(b) the Syndicate Members must comply with all applicable laws and regulations, including the +market misconduct provisions of SFO, including the provisions prohibiting insider dealing, +false trading, price rigging and stock market manipulation. +Certain of the Syndicate Members or their respective affiliates have provided from time to time, +and expect to provide in the future, investment banking and other services to our Company and each of +its affiliates for which such Syndicate Members or their respective affiliates have received or will +receive customary fees and commissions. +In addition, the Syndicate Members or their respective affiliates may provide financing to +investors to finance their subscriptions of Offer Shares in the Global Offering. +UNDERWRITING +– 254 – + + +--- page 263 --- +PRICING OF THE GLOBAL OFFERING +The Offer Price will be HK$7.20 per Offer Share. +PRICE PAYABLE ON APPLICATION +Applicants under the Hong Kong Public Offering might be required to pay, on application (subject +to application channels), the Offer Price of HK$7.20 per H Share plus 1.0% brokerage fee, 0.00565% +Stock Exchange trading fee, 0.0027% SFC transaction levy and 0.00015% AFRC transaction levy, +amounting to a total of HK$3,636.31 per board lot of 500 Offer Shares. +Further details are set out in the section headed “How to apply for Hong Kong Offer Shares” in +this prospectus. +REDUCTION OF THE NUMBER OF OFFER SHARES AND/OR THE OFFER PRICE +The Overall Coordinators (for themselves and on behalf of the Underwriters) may, where it +considers appropriate, based on the level of interest expressed by prospective professional, institutional +and private investors during a book-building process, and with the consent of our Company, reduce the +number of the Offer Shares and/or the Offer Price, at any time on or prior to the morning of the last +day for lodging applications under the Hong Kong Public Offering. In such a case, our Company will, +as soon as practicable following the decision to make such reduction, and in any event not later than +the morning of the day which is the last day for lodging applications under the Hong Kong Public +Offering, cause there to be posted on the website of the Stock Exchange ( www.hkexnews.hk +) and on +the website of our Company ( www.hqvt.com ) notices of the reduction of the Offer Shares and/or the +Offer Price. +Our Company will also, as soon as practicable following the decision to make such change, issue +a supplemental or new prospectus updating investors of the change in the number of Offer Shares and/ +or the Offer Price, and giving investors at least three business days to consider the new information. +The supplemental or new prospectus should include at least the following: updated (i) Offer Price and +market capitalisation; (ii) listing timetable and underwriting obligations; (iii) unaudited pro forma and +adjusted net tangible assets; and (iv) use of proceeds and confirmation of the working capital adequacy +based on the revised estimated proceeds. The Global Offering must first be cancelled and subsequently +relaunched on FINI pursuant to the supplemental prospectus. +Applicants should have regard to the possibility that any notice of a reduction in the number of +Offer Shares being offered under the Global Offering and/or the Offer Price may not be made until the +day which is the last day for lodging applications under the Hong Kong Public Offering. +In the absence of any such notice so announced and any such supplemental or new prospectus so +published, the number of Offer Shares and the Offer Price will not be reduced. If there is any change to +the offer size due to change in the number of Offer Shares initially offered in the Global Offering +(other than pursuant to the reallocation mechanism as disclosed in this prospectus), or change to the +Offer Price, or if the Company becomes aware that there has been a significant change affecting any +matter contained in this prospectus or a significant new matter has arisen, the inclusion of information +in respect of which would have been required to be in this prospectus if it had arisen before this +prospectus was issued, after the issue of this prospectus and before the commencement of dealings in +our H Shares as prescribed under Rule 11.13 of the Listing Rules, we are required to cancel the Global +Offering and relaunch the offer on FINI and issue a supplemental prospectus or a new prospectus (as +appropriate). Upon issue of such announcement or supplemental prospectus (as appropriate), the number +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING +– 255 – + + +--- page 264 --- +of Offer Shares offered in the Global Offering and/or the revised Offer Price, if agreed upon by the +Overall Coordinators (for themselves and on behalf of the Underwriters) and the Company, will be final +and conclusive. +In the event of a reduction in the number of Offer Shares being offered under the Global Offering, +the Overall Coordinators may at their discretion reallocate the number of Offer Shares to be offered +under the Hong Kong Public Offering and the International Placing, provided that the number of H +Shares comprised in the Hong Kong Public Offering shall not be less than 10.0% of the total number of +Offer Shares in the Global Offering. The Offer Shares to be offered in the International Placing and the +Offer Shares to be offered in the Hong Kong Public Offering may, in certain circumstances, be +reallocated as between these offerings at the discretion of the Overall Coordinators. +The level of indications of interest in the International Placing, the level of applications in the +Hong Kong Public Offering, the basis of allocations of the Hong Kong Offer Shares and the results of +allocation in the Hong Kong Public Offering are expected to be announced on Thursday, 18 June 2026 +through a variety of channels in the manner described in “How to Apply for the Hong Kong Offer +Shares — Publication of Results” in this prospectus. +CONDITIONS OF THE GLOBAL OFFERING +Acceptance of all applications for the Offer Shares is conditional upon, among others, the +satisfaction of all of the following conditions: +1. Listing +The Listing Committee granting the approval of the listing of, and permission to deal in, the H +Shares in issue and the H Shares to be issued pursuant to the Global Offering and the Share Subdivision +(and such listing and permission not subsequently being revoked prior to the commencement of +dealings in the Shares on the Stock Exchange). +2. Underwriting Agreements +The obligations of the Underwriters under the Underwriting Agreements becoming and remaining +unconditional (including, if relevant, as a result of a waiver of any condition(s)) and such obligations +not being terminated in accordance with the terms of the Underwriting Agreements. +THE GLOBAL OFFERING +The Global Offering comprises the International Placing and the Hong Kong Public Offering. A +total of initially 85,162,500 Offer Shares will be made available under the Global Offering, of which +76,646,000 International Placing Shares (subject to reallocation), representing approximately 90% of +the total number of Offer Shares, will initially be conditionally placed with selected professional, +institutional and private investors under the International Placing. The remaining 8,516,500 Hong Kong +Offer Shares (subject to reallocation), representing approximately 10% of the total number of Offer +Shares, will initially be offered to members of the public in Hong Kong under the Hong Kong Public +Offering. The Hong Kong Public Offering is open to all members of the public in Hong Kong as well +as to institutional and professional investors. The Hong Kong Underwriters have agreed to underwrite +the Hong Kong Offer Shares under the terms of the Hong Kong Underwriting Agreement. The +International Underwriters will underwrite the International Placing Shares pursuant to the terms of the +International Underwriting Agreement. Further details of the underwriting are set out in the section +headed “Underwriting” in this prospectus. Investors may apply for Offer Shares under the Hong Kong +Public Offering or indicate an interest for Offer Shares under the International Placing, but may not do +both. +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING +– 256 – + + +--- page 265 --- +The International Placing +Our Company is expected to offer initially 76,646,000 International Placing Shares (subject to +reallocation) at the Offer Price under the International Placing. The number of International Placing +Shares expected to be initially available for application under the International Placing represents +approximately 90% of the total number of Offer Shares being initially offered under the Global +Offering. The International Placing is expected to be fully underwritten by the International +Underwriters. +It is expected that the International Underwriters or selling agents nominated by them, on behalf +of our Company, will conditionally place the International Placing Shares at the Offer Price with +selected professional, institutional and private investors. Professional and institutional investors +generally include brokers, dealers, companies (including fund managers) whose ordinary business +involves dealing in shares and other securities and corporate entities which regularly invest in shares +and other securities. Private investors applying through banks or other institutions who sought the +International Placing Shares in the International Placing may also be allocated the International Placing +Shares. +Allocation of the International Placing Shares will be based on a number of factors, including the +level and timing of demand and whether or not it is expected that the relevant investor is likely to +acquire further H Shares and/or hold or sell its H Shares after the Listing. Such allocation is intended to +result in a distribution of the International Placing Shares on a basis which would lead to the +establishment of a solid shareholder base to the benefit of our Company and the Shareholders as a +whole. Investors to whom International Placing Shares are offered will be required to undertake not to +apply for Offer Shares under the Hong Kong Public Offering. +Our Company, our Directors, the Joint Sponsors and the Overall Coordinators (for themselves and +on behalf of the Underwriters) are required to take reasonable steps to identify and reject applications +under the Hong Kong Public Offering from investors who receive H Shares under the International +Placing, and to identify and reject indications of interest in the International Placing from investors who +receive H Shares under the Hong Kong Public Offering. The International Placing is expected to be +subject to the conditions as stated in the paragraphs headed “Conditions of the Global Offering” in this +section. +The Hong Kong Public Offering +Our Company is initially offering 8,516,500 Hong Kong Offer Shares for subscription (subject to +reallocation) by members of the public in Hong Kong under the Hong Kong Public Offering, +representing approximately 10% of the total number of Offer Shares offered under the Global Offering. +The Hong Kong Public Offering is fully underwritten by the Hong Kong Underwriters. Applicants for +the Hong Kong Offer Shares may be required on application (subject to application channels), to pay +the Offer Price of HK$7.20 per Offer Share plus 1.0% brokerage fee, 0.00565% Stock Exchange trading +fee, 0.0027% SFC transaction levy, and 0.00015% AFRC transaction levy. +The Hong Kong Public Offering is open to all members of the public in Hong Kong as well as to +institutional and professional investor. An applicant for H Shares under the Hong Kong Public Offering +will be required to give an undertaking and confirmation in the application submitted by him/her/it that +he/she/it has not applied for nor taken up any Offer Shares under the International Placing nor +otherwise participated in the International Placing. Applicants should note that if such undertaking +and/or confirmation given by an applicant is breached and/or is untrue (as the case may be), such +applicant’s application under the International Placing is liable to be rejected. +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING +– 257 – + + +--- page 266 --- +The total number of Offer Shares available under the Hong Kong Public Offering (after taking +into account of any reallocation) is to be divided into two pools for allocation purposes: Pool A and +Pool B (with any odd lots being allocated to Pool A). Accordingly, the maximum number of Hong Kong +Offer Shares initially in Pool A and Pool B will be 4,258,500 and 4,258,000, respectively. The Offer +Shares in Pool A will be allocated on an equitable basis to valid applicants who have applied for Offer +Shares with an aggregate subscription price of HK$5.0 million (excluding the brokerage, SFC +transaction levy, Stock Exchange trading fee and AFRC transaction levy payable) or less. The Offer +Shares in Pool B will be allocated on an equitable basis to valid applicants who have applied for Offer +Shares with an aggregate subscription price of more than HK$5.0 million and up to the total value of +Pool B (excluding the brokerage, SFC transaction levy, Stock Exchange trading fee and AFRC +transaction levy payable). +Investors should be aware that applications in Pool A and applications in Pool B may receive +different allocation ratios. If Offer Shares in one (but not both) of the pools are under-subscribed, the +surplus Offer Shares will be transferred to the other pool to satisfy demand in that other pool and be +allocated accordingly. For the purpose of this paragraph only, the “price” for Offer Shares means the +price payable on application therefor (without regard to the Offer Price as finally determined). +Applicants can only receive an allocation of Offer Shares from either Pool A or Pool B but not from +both pools. +Multiple applications or suspected multiple applications and any application made for more than +50% of the 8,516,500 Hong Kong Offer Shares initially comprised in the Hong Kong Public Offering +(i.e. 4,258,000 Hong Kong Offer Shares) are liable to be rejected. +Allocation of the Hong Kong Offer Shares to investors under the Hong Kong Public Offering will +be based solely on the level of valid applications received under the Hong Kong Public Offering. When +there is over-subscription under the Hong Kong Public Offering, allocation of the Hong Kong Offer +Shares may involve balloting, which would mean that some applicants may be allotted more Hong +Kong Offer Shares than others who have applied for the same number of the Hong Kong Offer Shares, +and those applicants who are not successful in the ballot may not receive any Hong Kong Offer Shares. +REALLOCATION OF THE OFFER SHARES BETWEEN INTERNATIONAL PLACING AND +HONG KONG PUBLIC OFFERING +The Offer Shares to be offered in the Hong Kong Public Offering and the International Placing +may, in certain circumstances, be reallocated as between these offerings at the discretion of the Overall +Coordinators. Subject to the allocation cap described in the subsequent paragraph, the Overall +Coordinators may in their discretion reallocate Offer Shares from the International Placing to the Hong +Kong Public Offering to satisfy valid applications under the Hong Kong Public Offering. In addition, if +the Hong Kong Public Offering is not fully subscribed, the Overall Coordinators will have the +discretion (but shall not be under any obligation) to reallocate to the International Placing all or any +unsubscribed Hong Kong Offer Shares in such amounts as they deem appropriate. +In each case, the additional Offer Shares reallocated to the Hong Kong Public Offering will be +allocated between Pool A and Pool B and the number of Offer Shares allocated to the International +Placing will be correspondingly reduced in such manner as the Overall Coordinators deem appropriate. +In the event of reallocation of Offer Shares between the International Placing and the Hong Kong +Public Offering in the circumstances where (a) the International Placing Shares are fully subscribed or +oversubscribed and the Hong Kong Offer Shares are fully subscribed or oversubscribed irrespective of +the number of times; or (b) the International Placing Shares are undersubscribed and the Hong Kong +Offer Shares are fully subscribed or oversubscribed irrespective of the number of times, then up to +4,257,500 Offer Shares may be reallocated from the International Placing to the Hong Kong Public +Offering, so that the total number of Offer Shares available for subscription under the Hong Kong +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING +– 258 – + + +--- page 267 --- +Public Offering will increase up to 12,774,000 Offer Shares, representing approximately 15% of the +number of Offer Shares initially available under the Global Offering stated in this prospectus in +accordance with Chapter 4.14 of the Guide for New Listing Applicants. In the circumstance where the +International Placing Shares are fully subscribed or oversubscribed and the Hong Kong Offer Shares are +undersubscribed, there will be no reallocation from the International Placing to the Hong Kong Public +Offering. +Given the initial allocation of the Offer Shares to the Hong Kong Public Offering and the +International Placing follows Mechanism B set out under paragraph 2 of Chapter 4.14 of the Guide and +the provision of Paragraph 4.2(b) of Practice Note 18 of the Listing Rules, no mandatory clawback or +reallocation mechanism is required to increase the number of Offer Shares under the Hong Kong Public +Offering to a certain percentage of the total number of Offer Shares offered under the Global Offering. +Details of any reallocation of Offer Shares between the Hong Kong Public Offering and the +International Placing will be disclosed in the results announcement of the Global Offering, which is +expected to be published on Thursday, 18 June 2026. +Where the International Placing Shares are undersubscribed, if the Hong Kong Offer Shares are +also undersubscribed, the Global Offering will not proceed unless the Underwriters would subscribe or +procure subscribers for their respective applicable proportions of the Offer Shares being offered which +are not taken up under the Global Offering on the terms and conditions of this prospectus and the +Underwriting Agreements. +STRUCTURE AND CONDITIONS OF THE GLOBAL OFFERING +– 259 – + + +--- page 268 --- +IMPORTANT NOTICE TO INVESTORS: +FULLY ELECTRONIC APPLICATION PROCESS +We have adopted a fully electronic application process for the Hong Kong Public Offering. We +will not provide printed copies of this prospectus to the public in relation to the Hong Kong Public +Offering. +This prospectus is available at the website of the Hong Kong Stock Exchange at +www.hkexnews.hk +under the “HKEXnews > New Listings > New Listing Information” section, and +our website at www.hqvt.com . If you require a printed copy of this prospectus, you may download +and print from the website addresses above. +The contents of the electronic version of this prospectus are identical to the printed prospectus +as registered with the Registrar of Companies in Hong Kong pursuant to Section 342C of the +Companies (Winding Up and Miscellaneous Provisions) Ordinance. +Set out below are procedures through which you can apply for the Hong Kong Offer Shares +electronically. We will not provide any physical channels to accept any application for the Hong +Kong Offer Shares by the public. +If you are an intermediary, broker or agent, please remind your customers, clients or principals, +as applicable, that this prospectus is available online at the website addresses above. +A. APPLICATION FOR HONG KONG OFFER SHARES +1. Who Can Apply +You can apply for Hong Kong Offer Shares if you or the person(s) for whose benefit you are +applying: + are 18 years of age or older; + have a Hong Kong address (for the HK eIPO White Form service only); +Unless permitted by the Hong Kong Listing Rules or a waiver and/or consent has been granted by +the Stock Exchange to us, you cannot apply for any Hong Kong Offer Shares if you or the person(s) for +whose benefit you are applying for: + are an existing shareholder in our Company and/or any of its subsidiaries; + are a Director or chief executive of our Company and/or any of its subsidiaries; + are a close associate (as defined in the Listing Rules) of any of the above; or + have been allocated or have applied for any International Placing Shares or otherwise +participate in the International Placing. +If you apply for Hong Kong Offer Shares online through the HK eIPO White Form service, in +addition to the above, you must also: + have a Hong Kong address; +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 260 – + + +--- page 269 --- + have a valid Hong Kong identity card number/passport number (for individual applicant) or +Hong Kong business registration number/certificate of incorporation number (for body +corporate applicant); and + provide a valid e-mail address and a contact telephone number. +If you are applying for the Hong Kong Offer Shares online by instructing your broker or +custodian who is a Clearing Participant or a CCASS Custodian Participant to give electronic +application instructions via CCASS terminals, please contact them for the items required for the +application. +2. Application Channels +The Hong Kong Public Offering period will begin at 9:00 a.m. on Thursday, 11 June 2026 +and end at 12:00 noon on Tuesday, 16 June 2026 (Hong Kong time). +To apply for Hong Kong Offer Shares, you may use one of the following application channels: +Application Channel Platform Target Investors Application Time +HK eIPO White Form +service ............. +www.hkeipo.hk Investors who would like to +receive a physical H Share +certificate. Hong Kong Offer +Shares successfully applied for +will be allotted and issued in +your own name +From 9:00 a.m. on Thursday, 11 +June 2026 to 11:30 a.m. on +Tuesday, 16 June 2026, Hong +Kong time. +The latest time for completing +full payment of application +monies will be 12:00 noon on +Tuesday, 16 June 2026, Hong +Kong time +HKSCC EIPO channel ..... Your broker or custodian who is +a HKSCC Participant will +submit an EIPO application on +your behalf through HKSCC’s +FINI system in accordance +with your instruction +Investors who would not like to +receive a physical H Share +certificate. Hong Kong Offer +Shares successfully applied for +will be allotted and issued in +the name of HKSCC +Nominees, deposited directly +into CCASS and credited to +your designated HKSCC +Participant’s stock account +Contact your broker or custodian +for the earliest and latest time +for giving such instructions, as +this may vary by broker or +custodian +The HK eIPO White Form service and the HKSCC EIPO channel are facilities subject to +capacity limitations and potential service interruptions and you are advised not to wait until the last day +of the application period to apply for Hong Kong Offer Shares. +For those applying through the HK eIPO White Form service, once you complete payment in +respect of any application instructions given by you or for your benefit through the HK eIPO White +Form service to make an application for Hong Kong Offer Shares, an actual application shall be +deemed to have been made. If you are a person for whose benefit the electronic application +instructions are given, you shall be deemed to have declared that only one set of electronic +application instructions has been given for your benefit. If you are an agent for another person, you +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 261 – + + +--- page 270 --- +shall be deemed to have declared that you have only given one set of electronic application +instructions for the benefit of the person for whom you are an agent and that you are duly authorised +to give those instructions as an agent. +For the avoidance of doubt, giving an application instruction under the HK eIPO White Form +service more than once and obtaining different payment reference numbers without effecting full +payment in respect of a particular reference number will not constitute an actual application. +If you apply through the HK eIPO White Form service, you are deemed to have authorised the +HK eIPO White Form Service Provider to apply on the terms and conditions in this prospectus, as +supplemented and amended by the terms and conditions of the HK eIPO White Form service. +By instructing your broker or custodian to apply for the Hong Kong Offer Shares on your behalf +through the HKSCC EIPO channel, you (and, if you are joint applicants, each of you jointly and +severally) are deemed to have instructed and authorised HKSCC to cause HKSCC Nominees (acting as +nominee for the relevant HKSCC Participants) to apply for Hong Kong Offer Shares on your behalf and +to do on your behalf all the things stated in this prospectus and any supplement to it. +For those applying through HKSCC EIPO channel, an actual application will be deemed to have +been made for any application instructions given by you or for your benefit to HKSCC (in which case +an application will be made by HKSCC Nominees on your behalf) provided such application instruction +has not been withdrawn or otherwise invalidated before the closing time of the Hong Kong Public +Offering. +HKSCC Nominees will only be acting as a nominee for you and neither HKSCC nor HKSCC +Nominees shall be liable to you or any other person in respect of any actions taken by HKSCC or +HKSCC Nominees on your behalf to apply for Hong Kong Offer Shares or for any breach of the terms +and conditions of this prospectus. +3. Information Required to Apply +You must provide the following information with your application: +For Individual Applicants For Corporate Applicants + Full name(s) 2 as shown on your identity +document + Full name(s) 2 as shown on your identity +document + Identity document’s issuing country or +jurisdiction + Identity document’s issuing country or +jurisdiction + Identity document type, with order of +priority: +i. HKID card; or +ii. National identification document; or +iii. Passport; and + Identity document type, with order of +priority: +i. Legal Entity Identifies (“ LEI”) +registration document; or +ii. Certificate of incorporation; or +iii. Business registration certificate; or +iv. Other equivalent document; and + Identity document number  Identity document number +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 262 – + + +--- page 271 --- +Notes: +1. If you are applying through the HK eIPO White Form service, you are required to provide a valid e-mail address, a +contact telephone number and a Hong Kong address. You are also required to declare that the identity information provided +by you follows the requirements as described in Note 2 below. In particular, where you cannot provide a HKID number, +you must confirm that you do not hold a HKID card. The number of joint applicants may not exceed four. If you are a +firm, the applicant must be in the individual members’ names. +2. The applicant’s full name as shown on their identity document must be used and the surname, given name, middle and +other names (if any) must be input in the same order as shown on the identity document. If an applicant’s identity +document contains both an English and Chinese name, both English and Chinese names must be used. Otherwise, either +English or Chinese names will be accepted. The order of priority of the applicant’s identity document type must be strictly +followed and where an individual applicant has a valid HKID card (including both Hong Kong Residents and Hong Kong +Permanent Residents), the HKID number must be used when making an application to subscribe for shares in a public +offer. Similarly for corporate applicants, a LEI number must be used if an entity has a LEI certificate. +3. If the applicant is a trustee, the client identification data (“ CID”) of the trustee, as set out above, will be required. If the +applicant is an investment fund (i.e., a collective investment scheme, or CIS), the CID of the asset management company +or the individual fund, as appropriate, which has opened a trading account with the broker will be required, as above. +4. The maximum number of joint account holders on FINI is capped at 4 in accordance with market practice. +5. If you are applying as a nominee, you must provide: (i) the full name (as shown on the identity document), the identity +document’s issuing country or jurisdiction, the identity document type; and (ii), the identity document number, for each of +the beneficial owners or, in the case(s) of joint beneficial owners, for each joint beneficial owner. If you do not include +this information, the application will be treated as being made for your benefit. +6. If you are applying as an unlisted company and (i) the principal business of that company is dealing in securities; and (ii) +you exercise statutory control over that company, then the application will be treated as being for your benefit and you +should provide the required information in your application as stated above. +“Unlisted company” means a company with no equity securities listed on the Stock Exchange or any other stock exchange. +“Statutory control” means you: + control the composition of the board of directors of the company; + control more than half of the voting power of the company; or + hold more than half of the issued share capital of the company (not counting any part of it which carries no right to +participate beyond a specified amount in a distribution of either profits or capital). +For those applying through HKSCC EIPO channel, and making an application under a power of +attorney, we and the Overall Coordinators, as our agent, have discretion to consider whether to accept it +on any conditions we think fit, including evidence of the attorney’s authority. +Failing to provide any required information may result in your application being rejected. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 263 – + + +--- page 272 --- +4. Permitted Number of Hong Kong Offer Shares for Application +Board lot size : 500 H Shares +Permitted number of Hong +Kong Offer Shares for +application and amount +payable on +application/successful +allotment +: Hong Kong Offer Shares are available for application +in specified board lot sizes only. Please see the +amount payable associated with each specified board +lot size in the table below. +The Offer Price is HK$7.20 per Offer Share. +If you are applying through the HKSCC EIPO +channel , your broker or custodian may require you to +pre-fund your application, in such amount as +determined by the broker or custodian, based on the +applicable laws and regulations in Hong Kong. You +are responsible for complying with any such +pre-funding requirement imposed by your broker or +custodian with respect to the Hong Kong Offer Shares +you applied for. +By instructing your broker or custodian to apply for +the Hong Kong Offer Shares on your behalf through +the HKSCC EIPO channel , you (and, if you are joint +applicants, each of you jointly and severally) are +deemed to have instructed and authorised HKSCC to +cause HKSCC Nominees (acting as nominee for the +relevant HKSCC Participants) to arrange payment of +the Offer Price, brokerage, SFC transaction levy, the +Stock Exchange trading fee and the AFRC transaction +levy by debiting the relevant nominee bank account at +the Designated Bank for your broker or custodian. +If you are applying through the HK eIPO White +Form service, you may see the table below for the +amount payable for the number of Shares you have +selected. You must pay the respective maximum +amount payable on application in full upon application +for Hong Kong Offer Shares. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 264 – + + +--- page 273 --- +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +No. of Hong Kong +Offer Shares +applied for +Maximum Amount +payable (2) on +application/ +successful allotment +HK$ HK$ HK$ HK$ +500 3,636.31 7,000 50,908.29 50,000 363,630.60 700,000 5,090,828.40 +1,000 7,272.61 8,000 58,180.90 60,000 436,356.72 800,000 5,818,089.60 +1,500 10,908.92 9,000 65,453.51 70,000 509,082.85 900,000 6,545,350.80 +2,000 14,545.22 10,000 72,726.12 80,000 581,808.95 1,000,000 7,272,612.00 +2,500 18,181.54 15,000 109,089.18 90,000 654,535.08 2,000,000 14,545,224.00 +3,000 21,817.83 20,000 145,452.25 100,000 727,261.20 3,000,000 21,817,836.00 +3,500 25,454.14 25,000 181,815.30 200,000 1,454,522.40 4,258,000 +(1) 30,966,781.90 +4,000 29,090.45 30,000 218,178.35 300,000 2,181,783.60 +4,500 32,726.75 35,000 254,541.42 400,000 2,909,044.80 +5,000 36,363.05 40,000 290,904.48 500,000 3,636,306.00 +6,000 43,635.67 45,000 327,267.55 600,000 4,363,567.20 +Notes: +(1) Maximum number of Hong Kong Offer Shares you may apply for and this is approximately 50% of the Hong Kong Offer +Shares initially offered. +(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Stock Exchange trading fee and AFRC transaction +levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the Listing Rules) +or to the HK eIPO White Form Service Provider (for applications made through the application channel of the HK eIPO +White Form service) while the SFC transaction levy, the Stock Exchange trading fee and the AFRC transaction levy will +be paid to the SFC, the Stock Exchange and the AFRC, respectively. +No application for any other number of Hong Kong Offer Shares will be considered and any such +application is liable to be rejected. +5. Multiple Applications Prohibited +You or your joint applicant(s) shall not make more than one application for your own benefit, +except where you are a nominee and provide the information of the underlying investor in your +application as required under the paragraph headed “— A. Application for Hong Kong Offer Shares — +3. Information Required to Apply” in this section. If you are suspected of submitting or cause to submit +more than one application, all of your applications will be rejected. +Multiple applications made either through (i) the HK eIPO White Form service, (ii) HKSCC +EIPO channel, or (iii) both channels concurrently are prohibited and will be rejected. If you have made +an application through the HK eIPO White Form service or HKSCC EIPO channel, you or the +person(s) for whose benefit you have made the application shall not apply for any International Placing +Shares. +The H Share Registrar would record all applications into its system and identify suspected +multiple applications with identical names, identification document numbers and reference numbers +according to the Best Practice Note on Treatment of Multiple/Suspected Multiple Applications (“ Best +Practice Note ”) issued by the Federation of Share Registrars Limited. +Since applications are subject to personal information collection statements, beneficial owner +identification codes displayed are redacted. Applicants with beneficial names only but not identification +document numbers are not disclosed due to personal privacy issue. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 265 – + + +--- page 274 --- +6. Terms and Conditions of An Application +By applying for Hong Kong Offer Shares through the HK eIPO White Form service or HKSCC +EIPO channel, you (or as the case may be, HKSCC Nominees will do the following things on your +behalf): +(i) undertake to execute all relevant documents and instruct and authorise us and/or the Overall +Coordinators (or their respective agents or nominees), as our agents, to execute any +documents for you and to do on your behalf all things necessary to register any Hong Kong +Offer Shares allocated to you in your name or in the name of HKSCC Nominees as required +by the Articles of Association, and (if you are applying through the HKSCC EIPO channel) +to deposit the allotted Hong Kong Offer Shares directly into CCASS for the credit of your +designated HKSCC Participant’s stock account on your behalf; +(ii) confirm that you have read and understand the terms and conditions and application +procedures set out in this prospectus and the designated website of the HK eIPO White +Form service (or as the case may be, the agreement you entered into with your broker or +custodian), and agree to be bound by them; +(iii) (if you are applying through the HKSCC EIPO channel) agree to the arrangements, +undertakings and warranties under the participant agreement between your broker or +custodian and HKSCC and observe the General Rules of HKSCC and the HKSCC +Operational Procedures for giving application instructions to apply for Hong Kong Offer +Shares; +(iv) confirm that you are aware of the restrictions on offers and sales of shares set out in this +prospectus and they do not apply to you, or the person(s) for whose benefit you have made +the application; +(v) confirm that you have read this prospectus and any supplement to it and have relied only on +the information and representations contained therein in making your application (or as the +case may be, causing your application to be made) and will not rely on any other +information or representations; +(vi) agree that our Company, the Joint Sponsors, the Sponsor-Overall Coordinators, the Overall +Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead +Managers, the Underwriters and any of their respective directors, officers, employees, +partners, agents, advisers, or representatives or any other parties involved in the Global +Offering (collectively, the “ Relevant Persons ”), the H Share Registrar and HKSCC will not +be liable for any information and representations not in this prospectus and any supplement +to it; +(vii) agree to disclose the details of your application and your personal data and any other +personal data which may be required about you and the person(s) for whose benefit you have +made the application to us, the Relevant Persons, the H Share Registrar, HKSCC, HKSCC +Nominees, the Stock Exchange, the SFC and any other statutory regulatory or governmental +bodies or otherwise as required by laws, rules or regulations, for the purposes under the +paragraph headed “— G. Personal Data — 3. Purposes” and “4. Transfer of personal data” in +this section; +(viii) agree (without prejudice to any other rights which you may have once your application (or +as the case may be, HKSCC Nominees’ application) has been accepted) that you will not +rescind it because of an innocent misrepresentation; +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 266 – + + +--- page 275 --- +(ix) agree that subject to Section 44A(6) of the Companies (Winding Up and Miscellaneous +Provisions) Ordinance, any application made by you or HKSCC Nominees on your behalf +cannot be revoked once it is accepted, which will be evidenced by the notification of the +result of the ballot by the H Share Registrar by way of publication of the results at the time +and in the manner as specified in the paragraph headed “— B. Publication of Results” in this +section; +(x) confirm that you are aware of the situations specified in the paragraph headed “— C. +Circumstances In Which You Will Not Be Allocated Hong Kong Offer Shares” in this +section; +(xi) agree that your application or HKSCC Nominees’ application, any acceptance of it and the +resulting contract will be governed by and construed in accordance with the laws of Hong +Kong; +(xii) agree to comply with the Companies Ordinance, the Companies (Winding Up and +Miscellaneous Provisions) Ordinance, the Articles of Association and laws of any place +outside Hong Kong that apply to your application and that neither we nor the Relevant +Persons will breach any law inside and/or outside Hong Kong as a result of the acceptance +of your offer to purchase, or any action arising from your rights and obligations under the +terms and conditions contained in this prospectus; +(xiii) confirm that (a) your application or HKSCC Nominees’ application on your behalf is not +financed directly or indirectly by our Company, any of the directors, chief executives, +substantial Shareholder(s) or existing shareholder(s) of our Company or any of its +subsidiaries or any of their respective close associates; and (b) you are not accustomed or +will not be accustomed to taking instructions from our Company, any of the directors, chief +executives, substantial shareholder(s) or existing shareholder(s) of our Company or any of its +subsidiaries or any of their respective close associates in relation to the acquisition, disposal, +voting or other disposition of the Shares registered in your name or otherwise held by you; +(xiv) warrant that the information you have provided is true and accurate; +(xv) confirm that you understand that we and the Overall Coordinators will rely on your +declarations and representations in deciding whether or not to allocate any Hong Kong Offer +Shares to you and that you may be prosecuted for making a false declaration; +(xvi) agree to accept Hong Kong Offer Shares applied for or any lesser number allocated to you +under the application; +(xvii) declare and represent that this is the only application made and the only application intended +by you to be made to benefit you or the person for whose benefit you are applying; +(xviii) (if the application is made for your own benefit) warrant that no other application has been +or will be made for your benefit by giving electronic application instructions to HKSCC +directly or indirectly or through the application channel of the HK eIPO White Form +service or by any one as your agent or by any other person; and +(xix) (if you are making the application as an agent for the benefit of another person) warrant that +(1) no other application has been or will be made by you as agent for or for the benefit of +that person or by that person or by any other person as agent for that person by giving +electronic application instructions to HKSCC or to the HK eIPO White Form Service +Provider and (2) you have due authority to give electronic application instructions on +behalf of that other person as its agent. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 267 – + + +--- page 276 --- +B. PUBLICATION OF RESULTS +Results of Allocation +You can check whether you are successfully allocated any Hong Kong Offer Shares through: +Platform Date/Time +Applying through the HK eIPO White Form service or HKSCC EIPO channel: +Website The designated results of allocations website at +www.hkeipo.hk/IPOResult or +www.tricor.com.hk/ipo/result with a “search by +ID” function on a 24-hour basis. +The full list of (i) wholly or partially successful +applicants using the HK eIPO White Form +service and HKSCC EIPO channel, and (ii) the +number of Hong Kong Offer Shares +conditionally allotted to them, among other +things, will be displayed at +www.hkeipo.hk/IPOResult +or +www.tricor.com.hk/ipo/result . +24 hours, from 11:00 p.m. on Thursday, 18 June +2026 to 12:00 midnight on Wednesday, 24 June +2026 (Hong Kong time) +The Stock Exchange’s website at +www.hkexnews.hk +and our website at +www.hqvt.com which will provide links to the +above mentioned websites of the H Share +Registrar. +No later than 11:00 p.m. on Thursday, 18 June +2026 (Hong Kong time) +Telephone (852) 3691 8488 — the allocation results +telephone enquiry line provided by the H Share +Registrar +between 9:00 a.m. and 6:00 p.m. +from Monday, 22 June 2026 +to Thursday, 25 June 2026 (Hong Kong time) on +a business day +For those applying through HKSCC EIPO channel, you may also check with your broker or +custodian from 6:00 p.m. on Wednesday, 17 June 2026 (Hong Kong time). +HKSCC Participants can log into FINI and review the allotment result from 6:00 p.m. on +Wednesday, 17 June 2026 (Hong Kong time) on a 24-hour basis and should report any discrepancies on +allotments to HKSCC as soon as practicable. +Allocation Announcement +We expect to announce the results of the level of indications of interest in the Global Offering, the +level of applications in the Hong Kong Public Offering and the basis of allocations of Hong Kong Offer +Shares on the Stock Exchange’s website at www.hkexnews.hk +and our website at www.hqvt.com by no +later than 11:00 p.m. on Thursday, 18 June 2026 (Hong Kong time). +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 268 – + + +--- page 277 --- +C. CIRCUMSTANCES IN WHICH YOU WILL NOT BE ALLOCATED HONG KONG OFFER +SHARES +You should note the following situations in which Hong Kong Offer Shares will not be allocated +to you or the person(s) for whose benefit you are applying for: +1. If your application is revoked: +Your application or the application made by HKSCC Nominees on your behalf may be revoked +pursuant to Section 44A(6) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. +2. If we or our agents exercise our discretion to reject your application: +We, the Overall Coordinators, the H Share Registrar and their respective agents and nominees +have full discretion to reject or accept any application, or to accept only part of any application, +without giving any reasons. +3. If the allocation of Hong Kong Offer Shares is void: +The allocation of Hong Kong Offer Shares will be void if the Stock Exchange does not grant +permission to list the H Shares either: + within three weeks from the closing date of the application lists; or + within a longer period of up to six weeks if the Stock Exchange notifies us of that longer +period within three weeks of the closing date of the application lists. +4. If: + you make multiple applications or suspected multiple applications. You may see the +paragraph headed “— A. Application for Hong Kong Offer Shares — 5. Multiple +Applications Prohibited” in this section on what constitutes multiple applications; + your application instruction is incomplete; + your payment (or confirmation of funds, as the case may be) is not made correctly; + the Underwriting Agreements do not become unconditional or are terminated; + we or the Overall Coordinators believe that by accepting your application, it or we would +violate applicable securities or other laws, rules or regulations. +5. If there is money settlement failure for allotted Shares: +Based on the arrangements between HKSCC Participants and HKSCC, HKSCC Participants will +be required to hold sufficient application funds on deposit with their Designated Bank before balloting. +After balloting of Hong Kong Offer Shares, the Receiving Bank will collect the portion of these funds +required to settle each HKSCC Participant’s actual Hong Kong Offer Share allotment from their +Designated Bank. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 269 – + + +--- page 278 --- +There is a risk of money settlement failure. In the extreme event of money settlement failure by a +HKSCC Participant (or its Designated Bank), who is acting on your behalf in settling payment for your +allotted shares, HKSCC will contact the defaulting HKSCC Participant and its Designated Bank to +determine the cause of failure and request such defaulting HKSCC Participant to rectify or procure to +rectify the failure. +However, if it is determined that such settlement obligation cannot be met, the affected Hong +Kong Offer Shares will be reallocated to International Placing. Hong Kong Offer Shares applied for by +you through the broker or custodian may be affected to the extent of the settlement failure. In the +extreme case, you will not be allocated any Hong Kong Offer Shares due to the money settlement +failure by such HKSCC Participant. None of us, the Relevant Persons, the H Share Registrar and +HKSCC is or will be liable if Hong Kong Offer Shares are not allocated to you due to the money +settlement failure. +D. DESPATCH/COLLECTION OF H SHARE CERTIFICATES AND REFUND OF +APPLICATION MONIES +You will receive one H Share certificate for all Hong Kong Offer Shares allotted to you under the +Hong Kong Public Offering (except pursuant to applications made through the HKSCC EIPO channel +where the H Share certificates will be deposited into CCASS as described below). +No temporary document of title will be issued in respect of the H Shares. No receipt will be +issued for sums paid on application. +H Share certificates will only become valid at 8:00 a.m. on Monday, 22 June 2026 (Hong Kong +time), provided that the Global Offering has become unconditional and the right of termination +described in the section headed “Underwriting” has not been exercised. Investors who trade Shares +prior to the receipt of H Share certificates or the H Share certificates becoming valid do so entirely at +their own risk. +The right is reserved to retain any H Share certificate(s) and (if applicable) any surplus +application monies pending clearance of application monies. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 270 – + + +--- page 279 --- +The following sets out the relevant procedures and time: +HK eIPO White Form service HKSCC EIPO channel +Despatch/collection of H Share certificate 3 +For application of 1,000,000 Hong +Kong Offer Shares or more ...... +Collection in person at the H Share +Registrar, Tricor Investor Services +Limited, at 17/F, Far East Finance +Centre, 16 Harcourt Road, Hong +Kong. +Time: from 9:00 a.m. to 1:00 p.m. on +Monday, 22 June 2026 (Hong Kong +time) or such other date as notified by +our Company as the date of +dispatch/collection of H Share +certificates/ HK eIPO White Form +e-Auto Refund payment +instructions/refund cheques +H Share certificate(s) will be issued in +the name of HKSCC Nominees, +deposited into CCASS and credited to +your designated HKSCC Participant’s +stock account +No action by you is required +If you are an individual, you must not +authorise any other person to collect +for you. If you are a corporate +applicant, your authorised +representative must bear a letter of +authorisation from your corporation +stamped with your corporation’s chop +Both individuals and authorised +representatives must produce, at the +time of collection, evidence of +identity acceptable to the H Share +Registrar +Note: If you do not collect your H +Share certificate(s) personally +within the time above, it/they +will be sent to the address +specified in your application +instructions by ordinary post at +your own risk +For application of less than 1,000,000 +Hong Kong Offer Shares ....... +Your H Share certificate(s) will be sent +to the address specified in your +application instructions by ordinary +post at your own risk +Date: Thursday, 18 June 2026 +3 Except in the event of a tropical cyclone warning signal number 8 or above, a black rainstorm warning and/or an “extreme +conditions” announcement issued after a super typhoon in force in Hong Kong in the morning on Thursday, 18 June 2026 +rendering it impossible for the relevant H Share certificates to be dispatched to HKSCC in a timely manner, the Company +shall procure the H Share Registrar to arrange for delivery of the supporting documents and H Share certificates in +accordance with the contingency arrangements as agreed between them. You may see “— E. Severe Weather +Arrangements” in this section. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 271 – + + +--- page 280 --- +HK eIPO White Form service HKSCC EIPO channel +Refund mechanism for surplus application monies paid by you +Date ..................... Monday, 22 June 2026 Subject to the arrangement between you +and your broker or custodian +Responsible party ............. H Share Registrar Your broker or custodian +Application monies paid through +single bank account .......... +HK eIPO White Form e-Auto Refund +payment instructions to your +designated bank account +Your broker or custodian will arrange +refund to your designated bank +account subject to the arrangement +between you and it +Application monies paid through +multiple bank accounts ........ +Refund cheque(s) will be despatched to +the address as specified in your +application instructions by ordinary +post at your own risk +E. SEVERE WEATHER ARRANGEMENTS +The Opening and Closing of the Application Lists +The application lists will not open or close on Tuesday, 16 June 2026 if, there is: + a tropical cyclone warning signal number 8 or above; + a black rainstorm warning; and/or + an “extreme conditions” announcement issued after a super typhoon (“ Extreme +Conditions ”), +(collectively, “ Severe Weather Signals ”), +in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Tuesday, 16 June 2026. +Instead they will open between 11:45 a.m. and 12:00 noon and/or close at 12:00 noon on the next +business day which does not have Severe Weather Signals in force at any time between 9:00 a.m. and +12:00 noon. +Prospective investors should be aware that a postponement of the opening/closing of the +application lists may result in a delay in the listing date. Should there be any changes to the dates +mentioned in the section headed “Expected Timetable” in this prospectus, an announcement will be +made and published on the Stock Exchange’s website at www.hkexnews.hk +and our website at +www.hqvt.com of the revised timetable. +If a Severe Weather Signal is hoisted on Thursday, 18 June 2026, the H Share Registrar will make +appropriate arrangements for the delivery of the H Share certificates to the CCASS Depository’s service +counter so that they would be available for trading on Monday, 22 June 2026. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 272 – + + +--- page 281 --- +If a Severe Weather Signal is hoisted on Thursday, 18 June 2026, for application of less than +1,000,000 Hong Kong Offer Shares, the despatch of physical H Share certificate(s) will be made by +ordinary post when the post office re-opens after the Severe Weather Signal is lowered or cancelled +(e.g. in the afternoon of Thursday, 18 June 2026 or on Monday, 22 June 2026). +If a Severe Weather Signal is hoisted on Monday, 22 June 2026, for application of 1,000,000 +Hong Kong Offer Shares or more, physical H Share certificate(s) will be available for collection in +person at the H Share Registrar’s office after the Severe Weather Signal is lowered or cancelled (e.g. in +the afternoon of Monday, 22 June 2026 or on Tuesday, 23 June 2026). +Prospective investors should be aware that if they choose to receive physical H Share +certificates issued in their own name, there may be a delay in receiving the H Share certificates. +F. ADMISSION OF THE H SHARES INTO CCASS +If the Stock Exchange grants the listing of, and permission to deal in, the H Shares on the Stock +Exchange and we comply with the stock admission requirements of HKSCC, the H Shares will be +accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect +from the date of commencement of dealings in the Shares or any other date HKSCC chooses. +Settlement of transactions between Exchange Participants is required to take place in CCASS on the +second settlement day after any trading day. +All activities under CCASS are subject to the General Rules of HKSCC and HKSCC Operational +Procedures in effect from time to time. +All necessary arrangements have been made enabling the H Shares to be admitted into CCASS. +You should seek the advice of your broker or other professional adviser for details of the +settlement arrangement as such arrangements may affect your rights and interests. +G. PERSONAL DATA +The following Personal Information Collection Statement applies to any personal data collected +and held by our Company, the H Share Registrar, the receiving bank and the Relevant Persons about +you in the same way as it applies to personal data about applicants other than HKSCC Nominees. This +personal data may include client identifier(s) and your identification information. By giving application +instructions to HKSCC, you acknowledge that you have read, understood and agree to all of the terms +of the Personal Information Collection Statement below. +1. Personal Information Collection Statement +This Personal Information Collection Statement informs the applicant for, and holder of, Hong +Kong Offer Shares, of the policies and practices of our Company and the H Share Registrar in relation +to personal data and the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong). +2. Reasons for the collection of your personal data +It is necessary for applicants and registered holders of Hong Kong Offer Shares to ensure that +personal data supplied to our Company or its agents and the H Share Registrar is accurate and +up-to-date when applying for Hong Kong Offer Shares or transferring Hong Kong Offer Shares into or +out of their names or in procuring the services of the H Share Registrar. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 273 – + + +--- page 282 --- +Failure to supply the requested data or supplying inaccurate data may result in your application +for Hong Kong Offer Shares being rejected, or in the delay or the inability of our Company or the H +Share Registrar to effect transfers or otherwise render their services. It may also prevent or delay +registration or transfers of Hong Kong Offer Shares which you have successfully applied for and/or the +despatch of H Share certificate(s) to which you are entitled. +It is important that applicants for and holders of Hong Kong Offer Shares inform our Company +and the H Share Registrar immediately of any inaccuracies in the personal data supplied. +3. Purposes +Your personal data may be used, held, processed, and/or stored (by whatever means) for the +following purposes: + processing your application and refund cheque and HK eIPO White Form e-Auto Refund +payment instruction(s), where applicable, verification of compliance with the terms and +application procedures set out in this prospectus and announcing results of allocation of +Hong Kong Offer Shares; + compliance with applicable laws and regulations in Hong Kong and elsewhere; + registering new issues or transfers into or out of the names of the holders of the Shares +including, where applicable, HKSCC Nominees; + maintaining or updating the register of members of our Company; + verifying identities of applicants for and holders of the Shares and identifying any duplicate +applications for the Shares; + facilitating Hong Kong Offer Shares balloting; + establishing benefit entitlements of holders of the Shares, such as dividends, rights issues, +bonus issues, etc.; + distributing communications from our Company and its subsidiaries; + compiling statistical information and profiles of the holder of the Shares; + disclosing relevant information to facilitate claims on entitlements; and + any other incidental or associated purposes relating to the above and/or to enable our +Company and the H Share Registrar to discharge their obligations to applicants and holders +of the Shares and/or regulators and/or any other purposes to which applicants and holders of +the Shares may from time to time agree. +4. Transfer of personal data +Personal data held by our Company and the H Share Registrar relating to the applicants for and +holders of Hong Kong Offer Shares will be kept confidential but our Company and the H Share +Registrar may, to the extent necessary for achieving any of the above purposes, disclose, obtain or +transfer (whether within or outside Hong Kong) the personal data to, from or with any of the following: +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 274 – + + +--- page 283 --- + our Company’s appointed agents such as financial advisers, receiving bank and overseas +principal share registrar; + HKSCC or HKSCC Nominees, who will use the personal data and may transfer the personal +data to the H Share Registrar, in each case for the purposes of providing its services or +facilities or performing its functions in accordance with its rules or procedures and operating +FINI and CCASS (including where applicants for the Hong Kong Offer Shares request a +deposit into CCASS); + any agents, contractors or third-party service providers who offer administrative, +telecommunications, computer, payment or other services to our Company or the H Share +Registrar in connection with their respective business operation; + the Stock Exchange, the SFC and any other statutory regulatory or governmental bodies or +otherwise as required by laws, rules or regulations, including for the purpose of the Stock +Exchange’s administration of the Listing Rules and the SFC’s performance of its statutory +functions; and + any persons or institutions with which the holders of Hong Kong Offer Shares have or +propose to have dealings, such as their bankers, solicitors, accountants or brokers etc. +5. Retention of personal data +Our Company and the H Share Registrar will keep the personal data of the applicants and holders +of Hong Kong Offer Shares for as long as necessary to fulfil the purposes for which the personal data +were collected. Personal data which is no longer required will be destroyed or dealt with in accordance +with the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong). +6. Access to and correction of personal data +Applicants for and holders of Hong Kong Offer Shares have the right to ascertain whether our +Company or the H Share Registrar hold their personal data, to obtain a copy of that data, and to correct +any data that is inaccurate. Our Company and the H Share Registrar have the right to charge a +reasonable fee for the processing of such requests. All requests for access to data or correction of data +should be addressed to our Company and the H Share Registrar, at their registered address disclosed in +the section headed “Corporate information” in this prospectus or as notified from time to time, for the +attention of our company secretary, or the H Share Registrar for the attention of the privacy compliance +officer. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 275 – + + +--- page 284 --- +The following is the text of a report set out on pages I-1 to I-2, received from the Company’ s +reporting accountant, Confucius International CP A Limited, Certified Public Accountants, Hong Kong, +for the purpose of incorporation in this prospectus. It is prepared and addressed to the directors of the +Company and to the Joint Sponsors pursuant to the requirements of HKSIR 200, Accountants’ Reports +on Historical Financial Information in Investment Circulars issued by the Hong Kong Institute of +Certified Public Accountants. + +楁㷗䀋Ṽ匲⢓㔎忻181嘇⣏㚱⣏⹰15㦻1501-1508⭌ +Rooms 1501-8, 15/F., Tai Yau Building, +181 Johnston Road, Wanchai, Hong Kong +暣娙 Tel: (852) 3103 6980 +⁛䛇 Fax: (852) 3104 0170 +暣悝 Email: info@pccpa.hk +ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE +DIRECTORS OF SHENZHEN HQVT TECHNOLOGY CO., LTD. AND CMBC +INTERNATIONAL CAPITAL LIMITED AND SPDB INTERNATIONAL CAPITAL LIMITED +Introduction +We report on the historical financial information of Shenzhen HQVT Technology Co., Ltd. (the +“Company ”) and its subsidiaries (together, the “ Group ”) set out on pages I-3 to I-64, which comprises +the consolidated statements of financial position of the Group and the statements of financial position +of the Company as at 31 December 2023, 2024 and 2025, and the consolidated statements of profit or +loss and other comprehensive income, the consolidated statements of changes in equity and the +consolidated statements of cash flows for each of the years ended 31 December 2023, 2024 and 2025 +(the “ Track Record Period ”) and material accounting policy information and other explanatory +information (together, the “ Historical Financial Information ”). The Historical Financial Information +set out on pages I-3 to I-64 forms an integral part of this report, which has been prepared for inclusion +in the prospectus of the Company dated 11 June 2026 (the “ Prospectus ”) in connection with the initial +listing of H shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited. +Directors’ Responsibility for the Historical Financial Information +The directors of the Company are responsible for the preparation of Historical Financial +Information that gives a true and fair view in accordance with the basis of preparation set out in Note 2 +to the Historical Financial Information, and for such internal control as the directors of the Company +determine is necessary to enable the preparation of Historical Financial Information that is free from +material misstatement, whether due to fraud or error. +Reporting Accountants’ Responsibility +Our responsibility is to express an opinion on the Historical Financial Information and to report +our opinion to you. We conducted our work in accordance with Hong Kong Standard on Investment +Circular Reporting Engagements 200, “ Accountants’ Reports on Historical Financial Information in +Investment Circulars ” issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA”). +This standard requires that we comply with ethical standards and plan and perform our work to obtain +reasonable assurance about whether the Historical Financial Information is free from material +misstatement. +APPENDIX I ACCOUNTANTS’ REPORT +– I-1 – + + +--- page 285 --- +Our work involved performing procedures to obtain evidence about the amounts and disclosures in +the Historical Financial Information. The procedures selected depend on the reporting accountants’ +judgement, including the assessment of risks of material misstatement of the Historical Financial +Information, whether due to fraud or error. In making those risk assessments, the reporting accountant +considers internal control relevant to the entity’s preparation of Historical Financial Information that +gives a true and fair view in accordance with the basis of preparation set out in Note 2 to the Historical +Financial Information in order to design procedures that are appropriate in the circumstances, but not +for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Our work +also included evaluating the appropriateness of accounting policies used and the reasonableness of +accounting estimates made by the directors, as well as evaluating the overall presentation of the +Historical Financial Information. +We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for +our opinion. +Opinion +In our opinion, the Historical Financial Information gives, for the purposes of the accountants’ +report, a true and fair view of the Company’s and the Group’s financial position as at 31 December +2023, 2024 and 2025 and of the Group’s financial performance and cash flows for the Track Record +Period in accordance with the basis of preparation and presentation set out in Note 2 to the Historical +Financial Information. +Report on Matters under the Rules Governing the Listing of Securities on The Stock Exchange of +Hong Kong Limited (the “Listing Rules”) and the Companies (Winding Up and Miscellaneous +Provisions) Ordinance +Adjustments +In preparing the Historical Financial Information, no adjustments to the Underlying Financial +Statements as defined on page I-3 have been made. +Dividends +We refer to Note 13 to the Historical Financial Information which contains information about the +dividends paid by the Company in respect of the Track Record Period. +Confucius International CPA Limited +Certified Public Accountants +Hong Kong +11 June 2026 +APPENDIX I ACCOUNTANTS’ REPORT +– I-2 – + + +--- page 286 --- +I HISTORICAL FINANCIAL INFORMATION OF THE GROUP +Preparation of Historical Financial Information +Set out below is the Historical Financial Information which forms an integral part of this +accountants’ report. +The consolidated financial statements of the Group for the Track Record Period, on which the +Historical Financial Information is based, have been prepared in accordance with the accounting +policies which conform with International Financial Reporting Standards (“ IFRS Accounting +Standards ”) issued by the International Accounting Standards Board (“ IASB”). For the purpose of +preparation of the Historical Financial Information, information is considered material if such +information is reasonably expected to influence decisions made by primary users. In addition, the +Historical Financial Information include applicable disclosures required by the Rules Governing the +Listing of Securities on The Stock Exchange of Hong Kong Limited and by the Hong Kong Companies +Ordinance, and were audited by Confucius International CPA Limited in accordance with Hong Kong +Standards on Auditing issued by HKICPA (“ the Underlying Financial Statements ”). +The Historical Financial Information is presented in Renminbi (“ RMB”), and all values are +rounded to the nearest thousand (RMB’000) except otherwise indicated. +CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE +INCOME +Y ear ended 31 December +Notes 2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Revenue ............................ 6 117,063 522,568 668,519 +Cost of sales ......................... 9 (102,756) (424,399) (519,127) +Gross profit ......................... 14,307 98,169 149,392 +Other income ......................... 7 6,863 5,051 7,430 +Other (losses)/gains, net ................... 8 (958) 56 (3,897) +General and administrative expenses ............ 9 (11,874) (13,040) (46,802) +Selling and marketing expenses .............. 9 (16,035) (16,470) (17,700) +Research and development expenses ............ 9 (11,084) (25,151) (50,793) +Net impairment losses on financial assets ......... 21,22 (1,631) (5,413) (6,484) +Operating (loss)/profit ................... (20,412) 43,202 31,146 +Finance income ........................ 11 613 273 207 +Finance costs ......................... 11 (3,055) (1,016) (3,862) +(Loss)/profit before income tax .............. (22,854) 42,459 27,491 +Income tax credit/(expenses) ................ 12 4,441 (2,047) 1,863 +(Loss)/profit and total comprehensive (loss)/income +for the year ........................ (18,413) 40,412 29,354 +(Losses)/earnings per share (expressed in RMB per +share) +— Basic and diluted .................... 14 (2.33) 5.09 3.49 +APPENDIX I ACCOUNTANTS’ REPORT +– I-3 – + + +--- page 287 --- +CONSOLIDATED STATEMENTS OF FINANCIAL POSITION +As at 31 December +Notes 2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Non-current assets +Property, plant and equipment ........... 16 22,959 20,555 25,493 +Right-of-use assets ................... 17 21,062 15,283 11,251 +Intangible assets ..................... 18 37,407 62,734 110,973 +Deferred tax assets ................... 20 5,625 3,586 5,449 +Other non-current assets ............... — 859 — +87,053 103,017 153,166 +Current assets +Inventories ......................... 23 55,967 31,577 80,194 +Trade and notes receivables ............. 21 19,817 145,676 184,423 +Prepayments and other receivables ........ 22 8,085 27,066 158,345 +Other current assets .................. 22 15,759 13,824 20,654 +Notes receivables at fair value through other +comprehensive income ............... 3.5 663 479 — +Term deposits and restricted cash ........ 24 36,502 26,898 61,554 +Cash and cash equivalents .............. 24 37,115 56,705 65,556 +173,908 302,225 570,726 +Current liabilities +Trade and notes payables .............. 26 45,060 79,557 45,882 +Accruals and other payables ............ 27 10,044 23,516 25,192 +Other current liabilities ................ — 862 998 +Current income tax liabilities ........... 1 9—— +Contract liabilities ................... 6 21,280 20,280 75,942 +Lease liabilities ..................... 17 8,613 10,159 5,672 +Borrowings ........................ 25 — 28,584 152,272 +85,016 162,958 305,958 +Net current assets ................... 88,892 139,267 264,768 +Total assets less current liabilities ....... 175,945 242,284 417,934 +Non-current liabilities +Lease liabilities ..................... 17 14,512 6,943 6,730 +Borrowings ........................ 25 — 964 49,008 +14,512 7,907 55,738 +Net assets ......................... 161,433 234,377 362,196 +Capital and reserves +Share capital ...................... 28 7,903 8,155 8,613 +Reserves ......................... 30 153,530 226,222 353,583 +Total equity ........................ 161,433 234,377 362,196 +APPENDIX I ACCOUNTANTS’ REPORT +– I-4 – + + +--- page 288 --- +STATEMENTS OF FINANCIAL POSITION OF THE COMPANY +As at 31 December +Notes 2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Non-current assets +Property, plant and equipment ........... 16 12,231 10,022 5,377 +Right-of-use assets ................... 8,443 5,249 8,739 +Deferred tax assets ................... 5,624 3,574 5,412 +Intangible assets ..................... 18 37,407 62,734 110,973 +Investments in subsidiaries ............. 15 22,000 21,000 31,912 +85,705 102,579 162,413 +Current assets +Inventories ......................... 23 30,957 8,666 49,717 +Trade and notes receivables ............. 21 108,350 145,676 184,488 +Prepayments and other receivables ........ 22 35,903 76,015 192,418 +Other current assets .................. 22 14,201 10,818 6,645 +Notes receivables at fair value through other +comprehensive income ............... 663 479 — +Term deposits and restricted cash ........ 24 25,889 25,785 40,409 +Cash and cash equivalents .............. 24 34,971 17,136 59,362 +250,934 284,575 533,039 +Current liabilities +Trade and notes payables .............. 26 109,013 71,072 79,902 +Accruals and other payables ............ 27 13,450 20,394 20,941 +Other current liabilities ................ — 862 998 +Current income tax liabilities ........... 1 9—— +Contract liabilities ................... 6 21,280 20,280 75,942 +Lease liabilities ..................... 3,227 3,491 3,416 +Borrowings ........................ 25 — 18,545 103,193 +146,989 134,644 284,392 +Net current assets ................... 103,945 149,931 248,647 +Total assets less current liabilities ....... 189,650 252,510 411,060 +Non-current liability +Borrowings ........................ 25 — — 28,080 +Lease liabilities ..................... 5,317 1,984 5,731 +5,317 1,984 33,811 +Net assets ......................... 184,333 250,526 377,249 +Capital and reserves +Share capital ...................... 28 7,903 8,155 8,613 +Reserves ......................... 30 176,430 242,371 368,636 +Total equity ........................ 184,333 250,526 377,249 +APPENDIX I ACCOUNTANTS’ REPORT +– I-5 – + + +--- page 289 --- +CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY +Share capital Share premium +Statutory +reserves Other reserves +Retained +earnings/ +(Accumulated +losses) Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +(Note (i)) (Note (ii)) (Note (iii)) +Balance at 1 January 2023 ...... 7,903 189,365 — 3,942 (21,606) 179,604 +Loss for the year ............ ———— (18,413) (18,413) +Total comprehensive expense for the +year .................. ———— (18,413) (18,413) +Share-based payments (Note 10) ... — — — 242 — 242 +Balance at 31 December 2023 and 1 +January 2024 ............. 7,903 189,365 — 4,184 (40,019) 161,433 +Profit for the year ........... ———— 40,412 40,412 +Total comprehensive income for the +year .................. ———— 40,412 40,412 +Capital injection (Note 28(b)) ..... 252 29,748 — — — 30,000 +Appropriations to statutory reserves . — — 1,664 — (1,664) — +Share-based payments (Note 10) ... — — — 2,532 — 2,532 +Balance at 31 December 2024 and 1 +January 2025 ............. 8,155 219,113 1,664 6,716 (1,271) 234,377 +Profit for the year ........... ———— 29,354 29,354 +Total comprehensive income for the +year .................. ———— 29,354 29,354 +Capital injection (Note 28(b)) ..... 458 89,542 — — — 90,000 +Appropriations to statutory reserves . — — 2,826 — (2,826) — +Share-based payment (Note 10) .... — — — 8,465 — 8,465 +Balance at 31 December 2025 .... 8,613 308,655 4,490 15,181 25,257 362,196 +Notes: +(i) The share premium account records the excess of the total consideration over the par value of the shares issued by the +Company, net of share issue expenses incurred. +(ii) Statutory reserve +Statutory reserve Pursuant to the Company Law of the PRC, the Company is required to appropriate 10% of its net profit +to the statutory surplus reserve until the reserve balance reaches 50% of its registered capital. Subject to the approval of +the shareholders, the statutory reserve may be used to offset accumulated losses, or converted into capital of the Company +provided that the balance of the statutory surplus reserve after such capitalisation is not less than 25% of the registered +capital immediately before the capitalisation. The reserve cannot be used for purposes other than those for which it is +created and is not distributable as cash dividends. +(iii) The other reserves account records share-based compensation expenses. +APPENDIX I ACCOUNTANTS’ REPORT +– I-6 – + + +--- page 290 --- +CONSOLIDATED STATEMENTS OF CASH FLOWS +Y ear ended 31 December +Notes 2023 2024 2025 +RMB’000 RMB’000 RMB’000 +OPERATING ACTIVITIES +Cash generated from/(used in) operations ......... 31(a) 68,958 (6,736) (129,362) +Interest received ....................... 613 273 207 +Income tax paid ........................ — (28) (760) +Net cash generated from/(used in) operating +activities .......................... 69,571 (6,491) (129,915) +INVESTING ACTIVITIES +Proceeds from disposal of property, plant and +equipment, intangible assets and other non-current +assets ............................ —— 5 +Withdraw of term deposits ................. 56,847 11,309 113,076 +Payments for purchase of property, plant and +equipment, intangible assets and other non-current +assets ............................ (22,763) (33,987) (77,750) +Placement of term deposits ................. — — (145,809) +Net cash generated from/(used in) investing +activities .......................... 34,084 (22,678) (110,478) +FINANCING ACTIVITIES +Capital contributions from the Company’s shareholders . — 30,000 90,000 +Proceeds from borrowings .................. — 29,500 297,040 +Repayments of borrowings ................. (141,674) — (125,566) +Principal elements of lease payments ........... (9,285) (9,720) (7,187) +Interests paid ......................... (1,799) (1,021) (3,308) +Payments for listing expenses ................ — — (1,735) +Net cash (used in)/generated from financing +activities .......................... (152,758) 48,759 249,244 +Net (decrease)/increase in cash and cash equivalents . (49,103) 19,590 8,851 +Cash and cash equivalents at beginning of the year . 86,218 37,115 56,705 +Cash and cash equivalents at the end of the year ... 24 37,115 56,705 65,556 +APPENDIX I ACCOUNTANTS’ REPORT +– I-7 – + + +--- page 291 --- +II. NOTES TO THE HISTORICAL FINANCIAL INFORMATION +1. GENERAL INFORMATION +Shenzhen HQVT Technology Co., Ltd. (hereinafter referred to as “ the Company ”) is a joint stock +company with limited liability incorporated in the People’s Republic of China (the “ PRC”). The former +name of the Company, Shenzhen Haiqing Video Technology Co., Ltd. (ʮ̡ ), +was incorporated in Shenzhen, the PRC as a limited liability company on 3 April 2013. The registered +office address of the Company is 3/F, Building 8, Taihua Wutong Industrial Park, Gushu Development +Zone, Xixiang Street, Bao’an District, Shenzhen, PRC. +In August 2022, the Company was converted into a joint stock company with limited liability +under the Company Law of the PRC. In November 2022, the Company completed the change of +industrial and commercial registration and issued a new business licence. +The Company and its subsidiaries (hereinafter collectively referred to as “ the Group ”) are +principally engaged in Multispectral AI Modules, Multispectral AI Perception Terminals, and +Multispectral AI Large Model Services. +The Company’s principal subsidiaries during the Track Record Period and as at the date of this +report are set out in Note 15. +No audited financial statements for the years ended 31 December 2023, 2024 and 2025 have been +prepared as the Company was not subject to any statutory audit requirements under the relevant rules +and regulations in jurisdiction of its registration. +The Historical Financial Information are presented in Renminbi (“ RMB”), which is also the +functional currency of the Company, and all values are rounded to the nearest thousands (RMB’000) +except otherwise indicated. +2. BASIS OF PREPARATION +The Historical Financial Information have been prepared in accordance with the accounting +policies which conform with International Financial Reporting Standards (“ IFRS Accounting +Standards ”) issued by the International Accounting Standards Board (“ IASB”). For the purpose of +preparation of the Historical Financial Information, information is considered material if such +information is reasonably expected to influence decisions made by primary users. In addition, the +Historical Financial Information include applicable disclosures required by the Rules Governing the +Listing of Securities on The Stock Exchange of Hong Kong Limited and by the Hong Kong Companies +Ordinance. +The Historical Financial Information has been prepared under the historical cost convention, as +modified by the revaluation of financial assets at fair value through other comprehensive income +(“FVOCI ”). +The preparation of the Historical Financial Information in conformity with IFRS Accounting +Standards requires the use of certain critical accounting estimates. It also requires management to +exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a +higher degree of judgement or complexity, or areas where assumptions and estimates are significant to +the Historical Financial Information, are disclosed in Note 4 below. +APPENDIX I ACCOUNTANTS’ REPORT +– I-8 – + + +--- page 292 --- +New standards, amendments and interpretations to the existing standards that are effective during +the Track Record Period have been adopted by the Group consistently throughout the years presented, +unless prohibited by the relevant standard to apply retrospectively. +Other than those material accounting policy information as disclosed elsewhere in this Historical +Financial Information, a summary of the other material accounting policy information has been set out +in Note 35 to this Historical Financial Information. +2.1 New and amendments to IFRS Accounting Standards has been issued but not yet effective +New and amendments to IFRS Accounting Standard that have been issued but not yet effective +and has not early applied are as follows: +Effective for accounting periods +beginning on or after +Amendments to IFRS 10 and IAS 28 ‘Sale or Contribution of Assets +between an Investor and its Associate or Joint Venture’ ............ +To be determined +Amendments to IFRS 9 and IFRS 7 ‘Amendments to the Classification +and Measurement of Financial Instruments’ .................... +1 January 2026 +Amendments to IFRS 9 and IFRS 7 ‘Contracts Referencing +Nature-dependent Electricity’ ............................... +1 January 2026 +Amendments to IFRS Accounting Standards, Annual Improvements to +IFRS accounting standards — V olume 11 ...................... +1 January 2026 +IFRS 18 ‘Presentation and Disclosure in Financial Statements’ ........ 1 January 2027 +IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ ..... 1 January 2027 +Except for the impact of IFRS 18 mentioned below, other new/amended standards are either not +relevant to the Group or not expected to have a material impact on the Group’s consolidated financial +statements when they become effective. +IFRS 18 Presentation and Disclosure in Financial Statements +IFRS 18 “Presentation and Disclosure in Financial Statements”, which sets out requirements on +presentation and disclosures in financial statements, will replace IAS 1 “Presentation of Financial +Statements”. This new IFRS Accounting Standard, while carrying forward many of the requirements in +IAS 1, introduces new requirements to present specified categories and defined subtotals in the +statement of profit or loss; provide disclosures on management-defined performance measures in the +notes to the financial statements and improve aggregation and disaggregation of information to be +disclosed in the financial statements. In addition, some IAS 1 paragraphs have been moved to IAS 8 +“Accounting Policies, Changes in Accounting Estimates and Errors” and IFRS 7 “Financial Instruments: +Disclosures”. Minor amendments to IAS 7 “Statement of Cash Flows” and IAS 33 “Earnings per Share” +are also made. +IFRS 18, and amendments to other standards, will be effective for annual periods beginning on or +after 1 January 2027, with early application permitted. The application of IFRS 18 is not expected to +have significant impact on the Group’s financial position and performance, but may affect the +presentation of the statement of profit or loss and disclosures in the future financial statements. +APPENDIX I ACCOUNTANTS’ REPORT +– I-9 – + + +--- page 293 --- +3. FINANCIAL RISK MANAGEMENT +The Group’s activities expose it to a variety of financial risks: market risk (including interest rate +risk and price risk), credit risk and liquidity risk. The Group’s overall risk management focuses on the +unpredictability of financial markets, seeks a balance between risk and return, and minimises the +adverse impact of risk on the Group’s financial performance. Based on this risk management objective, +the basic strategy of the Group’s risk management is to identify and analyse the various risks faced by +the Group, establish appropriate risk tolerance thresholds and timely and reliably supervise various +risks to control them within a limited range. +3.1 Market Risk +(a) Interest Rate Risk +The Group’s interest rate risk primarily arises from cash and cash equivalents, restricted cash and +term deposits, fixed-rate borrowings and lease liabilities. The Group currently does not have an interest +rate hedging policy. The management monitors interest rate risk exposure and will consider hedging +significant interest rate exposure should the need arises. +The Group regularly monitors its interest rate risk to ensure there is no undue exposure to +significant interest rate movements. +(b) Price Risk +The Group is mainly exposed to price risk in respect of the investments held by the Group and +classified as FVOCI. To manage its price risk arising from the investments, the Group diversifies its +portfolio. The investments are managed by management one by one, either for strategic purposes, or for +the purpose of achieving investment yield and balancing the Group’s liquidity level simultaneously. As +at 31 December 2023, 2024 and 2025, the financial impact of price risk is not material. +3.2 Credit Risk +Credit risk arises from cash and cash equivalents, restricted cash and term deposits, as well as +trade and notes receivables and other receivables. The carrying amount of each class of the above +financial assets represents the Group’s maximum exposure to credit risk in relation to the corresponding +class of financial assets. +(a) Risk Management +To manage this risk, cash and cash equivalents as well as restricted cash and term deposits are +mainly placed with state-owned or reputable financial institutions which are all high-credit-quality +financial institutions. +To manage risk from trade and notes receivables as well as other receivables, the Group has +policies in place to ensure that credit terms are made to counterparties with an appropriate credit +history and the management performs ongoing credit evaluations of the counterparties. It also has +continuous monitoring procedures to ensure the collection of the receivables as scheduled and follow up +action is taken to recover overdue debts, if any. +APPENDIX I ACCOUNTANTS’ REPORT +– I-10 – + + +--- page 294 --- +(b) Impairment of Financial Assets +The Group performs impairment assessments under the expected credit loss (“ ECL”) model on +financial assets at amortised cost, mainly including trade and notes receivables and other receivables. +The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial +recognition. +While cash and cash equivalents, restricted cash and term deposits are also subject to the +impairment requirements of IFRS 9, the identified impairment loss was immaterial. +Trade and notes receivables +For trade and notes receivables, the Group applies the simplified approach permitted by IFRS 9, +which requires expected lifetime losses to be recognised from the initial recognition of the trade and +notes receivables. The expected loss rates are based on the historical payment profiles, historical credit +loss rates by industry and data published by external credit rating institution, adjusted to reflect current +and forward-looking information on macroeconomic factors affecting the ability of the customers to +settle the receivables. The Group has identified Gross Domestic Product (GDP) in which it provides +services to be the most relevant factors, and accordingly adjusts the loss rates based on expected +changes in those factors. Details of the loss allowance of trade and notes receivables as at 31 December +2023, 2024 and 2025 are included in Note 21. +Other Receivables +Other receivables are mainly comprised of deposits and warranties and others. The Group +considers the probability of default upon initial recognition of the assets and whether there has been a +significant increase in credit risk on an ongoing basis throughout each of the periods. To assess whether +there is a significant increase in credit risk, the Group compares the risk of a default occurring on the +assets as of the reporting date with the risk of default as of the date of initial recognition. Especially +the following indicators are incorporated: + actual or expected significant adverse changes in business, financial or economic conditions +that are expected to cause a significant change to the debtor’s ability to meet its obligations; + external credit rating of the counterparty; + actual or expected significant changes in the operating results of the debtor; and + significant changes in the expected performance and behaviour of the debtor, including +changes in the payment status of debtor. +Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is +more than 365 days past due in making a contractual payment. +If the credit risk of the asset is in line with original expectations, the Group categorises the asset +as performing and recognises 12 months expected credit losses (Stage 1). If a significant credit risk of +the asset has occurred compared to original expectations or the credit is impaired, the asset is +categorised as underperforming or non-performing and lifetime expected credit losses are recognised +(Stages 2 and 3). Details of the loss allowance of other receivables as at 31 December 2023, 2024 and +2025 are included in Note 22. +APPENDIX I ACCOUNTANTS’ REPORT +– I-11 – + + +--- page 295 --- +3.3 Liquidity Risk +The Group intends to maintain sufficient cash and cash equivalents. Due to the dynamic nature of +the underlying business, the policy of the Group is to regularly monitor the Group’s liquidity risk and +to maintain adequate liquid assets such as cash and cash equivalents and term deposits or to retain +adequate financing arrangements to meet the Group’s liquidity requirements. +The tables below analyse the Group’s financial liabilities that will be settled into relevant maturity +groupings based on the remaining period at each balance sheet date to their contractual maturity date. +The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 +months equal their carrying balances as the impact of discounting is not significant. +Less than +1 year +Between 1 +and 2 years +Between 2 +and 5 years +Over +5 years Total +Carrying +amount +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +As at 31 December 2023 +Trade and notes payables .............. 45,060 — — — 45,060 45,060 +Accruals and other payables (excluding +non-financial liabilities) .............. 2,658 — — — 2,658 2,658 +Lease liabilities .................... 9,322 9,588 5,335 — 24,245 23,125 +57,040 9,588 5,335 — 71,963 70,843 +Less than +1 year +Between 1 +and 2 years +Between 2 +and 5 years +Over +5 years Total +Carrying +amount +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +As at 31 December 2024 +Trade and notes payables .............. 79,557 — — — 79,557 79,557 +Accruals and other payables (excluding +non-financial liabilities) .............. 14,724 — — — 14,724 14,724 +Lease liabilities .................... 10,606 5,971 1,081 — 17,658 17,102 +Borrowings ...................... 29,394 68 956 — 30,418 29,548 +Other current liabilities ............... 862 — — — 862 862 +135,143 6,039 2,037 — 143,219 141,793 +Less than +1 year +Between 1 +and 2 years +Between 2 +and 5 years +Over +5 years Total +Carrying +amount +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +As at 31 December 2025 +Trade and notes payables .............. 45,882 — — — 45,882 45,882 +Accruals and other payables (excluding +non-financial liabilities) .............. 11,060 — — — 11,060 11,060 +Lease liabilities .................... 5,960 4,682 2,238 — 12,880 12,402 +Borrowings ...................... 153,669 49,341 — — 203,010 201,280 +Other current liabilities ............... 998 — — — 998 998 +217,569 54,023 2,238 — 273,830 271,622 +3.4 Capital Management +The primary objectives of the Group’s capital management are to safeguard the Group’s ability to +continue as a going concern and to maintain healthy capital ratios in order to support its business and +maximise shareholders’ value. +APPENDIX I ACCOUNTANTS’ REPORT +– I-12 – + + +--- page 296 --- +The Group manages its capital structure in light of changes in economic conditions and the risk +characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may +adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. In the +opinion of the directors of the Company, the Group’s capital risk is not significant. +The Group believes that cash flows from operating activities and available cash and cash +equivalents will be sufficient to fund capital expenditures, debt servicing, dividend payments and other +cash requirements going forward. +3.5 Fair Value Estimation +(a) Determination of Fair V alue and the Fair V alue Hierarchy of Financial Instruments +This note provides information on how the Group determines the fair values of various financial +assets and liabilities. +For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 +based on the degree to which the inputs to the fair value measurements are observable and the +significance of the inputs to the fair value measurement in its entirety, which are described as follows: + Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or +liabilities that the entity can access at the measurement date; + Level 2 inputs are inputs, other than quoted prices included within Level 1, that are +observable for the asset or liability, either directly or indirectly; and + Level 3 inputs are unobservable inputs for the asset or liability. +As at 31 December 2023 Level 1 Level 2 Level 3 Total +RMB’000 RMB’000 RMB’000 RMB’000 +Financial assets at FVOCI +— Notes receivables ............ — 663 — 663 +As at 31 December 2024 Level 1 Level 2 Level 3 Total +RMB’000 RMB’000 RMB’000 RMB’000 +Financial assets at FVOCI +— Notes receivables ............ — 479 — 479 +As at 31 December 2025 Level 1 Level 2 Level 3 Total +RMB’000 RMB’000 RMB’000 RMB’000 +Financial assets at FVOCI +— Notes receivables ............. ———— +The timing of transfers is determined at the date of the event or change in circumstances that +caused the transfers. During the Track Record Period, there was no transfer between Level 1 and Level +2. +APPENDIX I ACCOUNTANTS’ REPORT +– I-13 – + + +--- page 297 --- +(b) The Group’s V aluation Process +For the financial assets and financial liabilities, including Level 3 fair values, the Group’s finance +department performs the valuations for financial reporting purpose. The finance department reports the +valuation results to the management. +4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS +The Group continually evaluates the critical accounting estimates and key judgements applied +based on historical experience and other factors, including expectations of future events that are +believed to be reasonable. +The critical accounting estimates and key assumptions that have a significant risk of causing a +material adjustment to the carrying amounts of assets and liabilities are outlined below: +(a) Allowance for Expected Credit Loss of Receivables +The loss allowances for receivables are based on assumptions about the risk of default and +expected loss rates to determine the expected loss. The Group uses judgement in making these +assumptions and selecting the inputs to the impairment calculation. The historical loss rates are adjusted +to reflect the forward-looking information on macroeconomic factors as well as the credit rating +analysis of respective customers and other external data which have impacts to the ability of the +customers to settle the receivables. Details of the key assumptions and inputs are disclosed in Note +3.2(b). +(b) Estimated Net Realisable Value of Inventories +In accordance with the Group’s accounting policy, the Group estimates net realisable value of +inventories based on specific facts and circumstances. For different types of inventories, it requires the +estimation on selling prices, costs of conversion, selling expenses and the related tax expense to +calculate the net realisable amount of inventories. For inventories held for executed sales contracts, +management estimates the net realisable amount based on the contracted price. For raw materials and +work-in-progress, management has established a model in estimating the net realisable amount at which +the inventories can be realisable in the normal course of business after considering the manufacturing +cycles, production capacity and forecasts, estimated future conversion costs and selling prices. +Management also takes into account the price or cost fluctuations and other related matters occurring +after the end of the year which reflect conditions that existed at the end of each year. +It is reasonably possible that if there is a significant change in circumstances including the +Group’s business and the external environment, outcomes would be significantly affected. +(c) Valuation of Share-Based Payments +The fair value of restricted stock units at the grant date is determined by using valuation +techniques. Significant estimates on assumptions are made based on management’s best estimates. +Further details are included in Note 29. +(d) Income Tax +The Group estimates its income tax provision and deferred taxation in accordance with the +prevailing tax rules and regulations, taking into account any special approvals obtained from the +relevant tax authorities and any preferential tax treatment to which it is entitled in each location or +jurisdiction in which the Group operates. There are many transactions and calculations for which the +APPENDIX I ACCOUNTANTS’ REPORT +– I-14 – + + +--- page 298 --- +ultimate tax determination is uncertain during the ordinary course of business. The Group recognises +liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. +Where the final tax outcome of these matters is different from the amounts that were initially recorded, +the differences will impact on the income tax and deferred tax provisions in the period in which the +determination is made. +Deferred tax assets are recognised for unused tax losses and deductible temporary differences, +such as the provision for impairment of receivables, inventories and property, plant and equipment and +accruals of expenses not yet deductible for tax purposes, to the extent that it is probable that taxable +profits will be available against which the unused tax losses and the deductible temporary differences +can be utilised. Significant estimation is required in determining the recoverability of deferred tax +assets. +In the event that future tax rules and regulations or related circumstances change, adjustments to +current and deferred taxation may be necessary which would impact on the Group’s results or financial +position. +5. OPERATING SEGMENT INFORMATION +The Group does not distinguish revenue, costs and expenses between segments in its internal +reporting, and reports costs and expenses by nature as a whole. +The information reported to the directors, who are the chief operating decision makers, for the +purpose of resource allocation and assessment of performance does not contain discrete operating +segment financial information and the directors reviewed the financial results of the Group as a whole. +Therefore, no further information about the operating segment is presented. +(a) Geographical information +The Company is domiciled in Mainland China. The amount of the Group’s revenue from contracts +with external customers by locations is shown in the table below: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Mainland China ...................... 110,186 517,567 662,554 +Overseas ........................... 6,877 5,001 5,965 +117,063 522,568 668,519 +Information about the Group’s non-current assets excluding deferred tax assets and financial +instruments is presented based on the geographical locations of the assets. +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Chinese Mainland .................... 81,428 98,572 147,717 +Other countries or regions ............... ——— +81,428 98,572 147,717 +APPENDIX I ACCOUNTANTS’ REPORT +– I-15 – + + +--- page 299 --- +(b) Revenue from Major Customers +The major customers who contributed 10% or more of the Group’s revenue for the years ended 31 +December 2023, 2024 and 2025 are set out below: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Customer A ......................... 23,002 * * +Customer F ......................... * 185,659 71,777 +Customer K ......................... * * 94,000 +* Less than 10% of the Group’ s revenue for respective years. +6. REVENUE +(a) Disaggregation of revenue from contracts by products and services: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Multispectral AI +Multispectral AI Modules ............... 99,121 299,228 209,044 +Multispectral AI Perception Terminals ...... 12,586 61,229 92,638 +Multispectral AI Large Model Services ..... — 113,791 355,364 +111,707 474,248 657,046 +Others +Other AI Vision Modules ............... 5,150 47,080 10,258 +Other Services ....................... 206 1,240 1,215 +5,356 48,320 11,473 +117,063 522,568 668,519 +The timing of revenue recognition is shown in the table below: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +At a point in time ..................... 117,063 521,577 667,528 +Over time ........................... — 991 991 +117,063 522,568 668,519 +APPENDIX I ACCOUNTANTS’ REPORT +– I-16 – + + +--- page 300 --- +Unsatisfied performance obligation +The transaction price allocated to the remaining performance obligations (unsatisfied or partially +unsatisfied) as at 31 December 2023 and the expected timing of recognising revenue are as follows: +Multispectral +AI Modules +Multispectral +AI Perception +Terminals +Multispectral +AI Large Model +Services +Other AI Vision +Modules Other Services Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Within one year ............. 20,344 20 — 51 1 20,416 +More than one year but not more +than two years ............ 489 5 — 75 — 569 +More than two years .......... 153 — — 142 — 295 +20,986 25 — 268 1 21,280 +The transaction price allocated to the remaining performance obligations (unsatisfied or partially +unsatisfied) as at 31 December 2024 and the expected timing of recognising revenue are as follows: +Multispectral +AI Modules +Multispectral +AI Perception +Terminals +Multispectral +AI Large Model +Services +Other AI Vision +Modules Other Services Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Within one year ............. 888 15,373 2,876 3 612 19,752 +More than one year but not more +than two years ............ 494 7 — 7 — 508 +More than two years .......... 2 0————2 0 +1,402 15,380 2,876 10 612 20,280 +The transaction price allocated to the remaining performance obligations (unsatisfied or partially +unsatisfied) as at 31 December 2025 and the expected timing of recognising revenue are as follows: +Multispectral +AI Modules +Multispectral +AI Perception +Terminals +Multispectral +AI Large Model +Services +Other AI Vision +Modules Other Services Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Within one year ............. 666 774 74,283 164 1 75,888 +More than one year but not more +than two years ............ 2 2————2 2 +More than two years .......... 3 2————3 2 +720 774 74,283 164 1 75,942 +(b) Contract Liabilities +During the Track Record Period, the additions to the contract liabilities were primarily due to cash +collections in advance of fulfilling performance obligations, while the reductions to the contract +liabilities were primarily due to the recognition of revenues upon fulfilment of performance obligations. +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Contract liabilities .................... 21,280 20,280 75,942 +APPENDIX I ACCOUNTANTS’ REPORT +– I-17 – + + +--- page 301 --- +The following table shows the amounts of revenue, which was included in the contract liabilities +at the beginning of the period, recognised during the Track Record Period relates to carried-forward +contract liabilities: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Revenue recognised that was included in the +beginning balance ................... 1,030 20,758 19,747 +(c) Accounting Policies and Significant Judgements for Revenue Recognition +The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when +control of the goods or services underlying the particular performance obligation is transferred to the +customer. +If control of the goods and services transfers over time, revenue is recognised over the period of +the contract by reference to the progress towards complete satisfaction of that performance obligation. +Otherwise, revenue is recognised at a point in time when the customer obtains control of the goods and +services. +When the consideration in a contract includes a variable amount, the amount of consideration is +estimated to which the Group will be entitled in exchange for transferring the goods or services to the +customer. The variable consideration is estimated at contract inception and constrained until it is highly +probable that a significant revenue reversal in the amount of cumulative revenue recognised will not +occur when the associated uncertainty with the variable consideration is subsequently resolved. +If a customer pays consideration or the Company has a right to an amount of consideration that is +unconditional, before the Company transfers a good or service to the customer, the Company presents +the contract liability when the payment is made. A contract liability is the Company’s obligation to +transfer goods or services to a customer for which the Company has received consideration (or an +amount of consideration is due) from the customer. +(i) Sales of Goods +Revenue from sales of goods comprises Multispectral AI Modules, Multispectral AI Perception +Terminals, Multispectral AI Large Model Services and Other AI Vision Modules. +Revenue from sales of goods shall be recognised based on the sales contracts, settlement vouchers +and other documents upon completion of product delivery and the buyer’s confirmation for the +acceptance of the products. Upon confirming the acceptance, the buyer has the right to sell the products +at its discretion and takes the risks of any price fluctuation and obsolescence and loss of the products. +(ii) Other Services Revenue +Other services revenue primarily comprises fees from subscription service and maintenance +service. +Subscription service: revenue from this type is systematically recognised on a straight-line basis +over the service terms. +APPENDIX I ACCOUNTANTS’ REPORT +– I-18 – + + +--- page 302 --- +Maintenance service: revenue from this type is recognised when the company completes the +relevant technical services as stipulated in the contract. +7. OTHER INCOME +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Government grants (Note (i)) ............. 1,986 2,877 2,957 +V AT refund (Note (ii)) ................. 2,467 613 291 +Interest income (Note (iii)) .............. 2,410 1,100 1,913 +Additional deduction for V AT (Note (iv)) .... — 458 2,266 +Others ............................. —33 +6,863 5,051 7,430 +Notes: +(i) The amount represents various subsidies received from the PRC local government authorities as incentives mainly for the +Group’s research and development activities and financing activities. Unconditional government grants are recognised in +profit and loss when received while conditional government grants are recognised in profit or loss when the Group fulfilled +the conditions. +(ii) In accordance with the Notice of Ministry of Finance and State Administration of Taxation on Value-added Tax Policies for +Software Products which was promulgated by the Ministry of Finance and the State Administration of Taxation on 13 +October 2011 and came into effect on 1 January 2011, enterprises engaged in the sales of self-developed software in the +PRC are entitled to the value added tax refund to the portion of value-added tax actually paid which exceeds 3% of the +related sale amounts. +(iii) The amount mainly comprises interest income on the Group’s term deposits classified as financial assets at amortised cost +calculated using the effective interest method. Interest income from cash and cash equivalent is included in “Finance +income” (Note 11). +(iv) Pursuant to the Announcement [2023] No. 43 “Notice on the Additional Value-Added Tax (“ VAT”) Deduction Policy for +Advanced Manufacturing Enterprises (ʮѓ‘ )” issued in 2023 by the +Ministry of Finance and the State Taxation Administration, advanced manufacturing enterprises are eligible for a 5% +additional V AT deduction based on deductible input V AT from 1 January 2023 to 31 December 2027. +8. OTHER (LOSSES)/GAINS, NET +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Net losses on disposal of financial +instruments ........................ (940) — (1,762) +Net foreign exchange differences .......... 20 13 29 +Net losses on disposal of property, plant and +equipment ........................ (165) (16) (3,792) +Net gains/(losses) on termination of +right-of-use assets ................... 267 (9) 803 +Others ............................. (140) 68 825 +(958) 56 (3,897) +APPENDIX I ACCOUNTANTS’ REPORT +– I-19 – + + +--- page 303 --- +9. EXPENSE BY NATURE +Expenses included in cost of sales, general and administrative expenses, selling and marketing +expenses and research and development expenses are analysed as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Raw materials and consumables used ....... 72,052 382,319 477,342 +Employee benefit expenses (Note 10) ....... 50,645 47,460 70,160 +Less: capitalised in development costs ...... (15,903) (11,711) (12,879) +34,742 35,749 57,281 +Depreciation and amortisation ............ 17,044 19,333 23,431 +Less: capitalised in development costs ...... (2,428) (2,084) (1,765) +14,616 17,249 21,666 +Professional services and other consulting +fees ............................. 5,520 14,348 10,260 +Less: capitalised in development costs ...... (603) (190) (224) +4,917 14,158 10,036 +Outsourcing service fees ................ 290 29,806 60,175 +Less: capitalised in development costs ...... (74) (15,603) (29,676) +216 14,203 30,499 +Impairment losses on inventories .......... 5,742 4,317 6,894 +Business entertainment expenses .......... 2,027 2,072 1,850 +Taxes and surcharges .................. 647 1,704 2,063 +Office expenses ...................... 633 821 1,436 +Marketing expenses ................... 2,025 3,158 2,704 +Listing expenses ...................... — — 17,426 +Auditors’ remuneration ................. 283 142 — +Other expenses ....................... 3,849 3,168 5,225 +141,749 479,060 634,422 +10. EMPLOYEE BENEFIT EXPENSES (INCLUDING DIRECTOR’S REMUNERATION) +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Salaries, wages and bonuses ............. 45,965 40,760 55,931 +Share-based compensation expenses ........ 242 2,532 8,465 +Housing fund, medical insurance and other +social insurance ..................... 1,785 1,363 1,741 +Pension costs (Note) ................... 1,227 1,706 3,113 +Other employee benefits ................ 1,426 1,099 910 +50,645 47,460 70,160 +APPENDIX I ACCOUNTANTS’ REPORT +– I-20 – + + +--- page 304 --- +Note: The Group is required to make contributions for its employees in the PRC to the state-sponsored retirement plan at a +certain rate based on the qualified salaries of the individual employees. The PRC government is responsible for the +pension liability of the retired employees. +During the years ended 31 December 2023, 2024 and 2025, no forfeited contributions were utilised by the Group to +reduce its contributions for the current year. +(a) Directors’ and Supervisors’ Remuneration +Directors’ and supervisors’ remuneration for the year, disclosed pursuant to the applicable Listing +Rules and the Hong Kong Companies Ordinance, is as follows: +Y ear ended 31 December 2023 Fees +Salaries, +wages and +bonuses +Retirement +benefits +Housing fund +and other +benefits +Share-based +compensation +expenses +Total +remuneration +before tax +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Directors: +Mr. Zhou Bo ............. — 9 3 1483 9 4 6 +Mr. Zou Xiaogang .......... —5 7 4 4 8 —5 8 6 +Mr. Chen Yonggang ......... —6 3 9 4 8 —6 5 1 +Mr. Miao Rui ............. —6 0 3 4 8 —6 1 5 +Mr. Liu Qiang ............ 6 0————6 0 +Mr. Gong Zhaohui .......... 6 0————6 0 +Mr. Chai Yu .............. 6 0————6 0 +Mr. Yu Lijie .............. —————— +Supervisors: +Mr. Liang Shuyu (i) ......... —2 9 9 2 8 —3 0 9 +Mr. Wu Xinyu (iv) .......... —3 7 6 4 7 —3 8 7 +Mr. Xiao Yuanping (ii) ....... —4 8 6 4 8 —4 9 8 +Mr. Liang Feng (iii) ......... —6 0 1 2—6 3 +Total .................. 180 3,968 27 57 3 4,235 +Y ear ended 31 December 2024 Fees +Salaries, +wages and +bonuses +Retirement +benefits +Housing fund +and other +benefits +Share-based +compensation +expenses +Total +remuneration +before tax +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Directors: +Mr. Zhou Bo ............. — 884 13 9 3 909 +Mr. Zou Xiaogang .......... —6 0 9 7 7 —6 2 3 +Mr. Chen Yonggang ......... — 711 6 7 — 724 +Mr. Miao Rui ............. — 710 6 11 — 727 +Mr. Liu Qiang ............ 6 0————6 0 +Mr. Gong Zhaohui .......... 6 0————6 0 +Mr. Chai Yu .............. 6 0————6 0 +Mr. Yu Lijie .............. —————— +Supervisors: +Mr. Wu Xinyu (iv) .......... — 581 6 11 — 598 +Mr. Xiao Yuanping (ii) ....... —4 8 1 6 7 —4 9 4 +Total .................. 180 3,976 44 52 3 4,255 +APPENDIX I ACCOUNTANTS’ REPORT +– I-21 – + + +--- page 305 --- +Y ear ended +31 December 2025 Fees +Salaries, +wages and +bonuses +Retirement +benefits +Housing fund +and other +benefits +Share-based +compensation +expenses +Total +remuneration +before tax +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Directors: +Mr. Zhou Bo ............. — 2,424 19 12 3 2,458 +Mr. Zou Xiaogang .......... —6 2 9 9 8 —6 4 6 +Mr. Chen Yonggang ......... —8 1 4 9 7 —8 3 0 +Mr. Miao Rui ............. — 986 9 11 — 1,006 +Mr. Liu Qiang ............ 3 0————3 0 +Mr. Gong Zhaohui .......... 3 0————3 0 +Mr. Chai Yu .............. 3 0————3 0 +Mr. Chai Jian (v) .......... — 1,163 14 10 2,320 3,507 +Mr. Yu Lijie .............. —————— +Ms. He Jiaqian (vi) ......... 7 2————7 2 +Mr. Zhong Luhuan (vi) ....... 3 0————3 0 +Mr. Chen Haiping (vi) ....... 3 0————3 0 +Supervisors: +Mr. Wu Xinyu (iv) .......... —2 8 5 4 8 —2 9 7 +Mr. Xiao Yuanping (ii) ....... —2 1 3 4 6 —2 2 3 +Total .................. 222 6,514 68 62 2,323 9,189 +Notes: +(i) Mr. Liang Shuyu served as a supervisor of the Company from August 2022 and resigned in July 2023. +(ii) Mr. Xiao Yuanping was appointed as a supervisor of the Company from August 2022 and resigned in July 2025. +(iii) Mr. Liang Feng served as a supervisor of the Company from August 2022 and resigned in February 2023. +(iv) Mr. Wu Xinyu was appointed as a supervisor of the Company from February 2023 and resigned in July 2025. +(v) Mr. Chai Jian was appointed as a director of the Company from July 2025. +(vi) Ms. He Jiaqian, Mr. Zhong Luhuan and Mr. Chen Haiping were appointed as directors of the Company from July 2025. +(b) Directors’ and Supervisors’ Other Benefits +No termination benefits were paid to the directors and supervisors of the Company by the Group +in respect of the director’s services as a director and a supervisor of the Group or other services in +connection with the management of the affairs of the Group during the Track Record Period. +No consideration provided to third parties for making available directors’ and supervisors’ services +subsisted at the end of each reporting period or at any time during the Track Record Period. +There were no loans, quasi-loans or other dealings entered into in favour of directors, controlled +bodies corporate by and connected entities with such directors during the Track Record Period. +Save as disclosed in Note 33, there were no significant transactions, arrangements and contracts in +relation to the Group’s business to which the Company was a party and in which a director and a +supervisor of the Company had a material interest, whether directly or indirectly, subsisted during the +Track Record Period. +APPENDIX I ACCOUNTANTS’ REPORT +– I-22 – + + +--- page 306 --- +(c) Five Highest Paid Individuals +The five individuals whose emoluments were the highest in the Group for the years ended 31 +December 2023, 2024 and 2025 include 2, 2 and 2 directors respectively whose emoluments are +reflected in the analysis shown in Note 10(a) above. The emoluments paid to the remaining 3, 3 and 3 +individuals during the years ended 31 December 2023, 2024 and 2025, respectively, are as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Wages, salaries and bonuses and benefits in +kind (including pension costs) .......... 2,251 2,197 1,607 +Share-based payments .................. 167 339 2,369 +2,418 2,536 3,976 +The number of the above individuals other than directors whose remuneration fell within the +following bands is as follows: +Y ear ended 31 December +2023 2024 2025 +HK$500,001 to HK$1,000,000 ............ 33 — +HK$1,000,001 to HK$1,500,000 .......... —— 2 +HK$1,500,001 to HKD2,000,000 .......... —— 1 +333 +11. FINANCE INCOME AND FINANCE COSTS +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Finance income: +Interest income from financial assets held for +cash management purposes ............ 613 273 207 +Finance costs: +Interest expenses on lease liabilities ........ (988) (835) (564) +Interest expenses on borrowings .......... (1,955) (66) (3,002) +Others ............................. (112) (115) (296) +(3,055) (1,016) (3,862) +APPENDIX I ACCOUNTANTS’ REPORT +– I-23 – + + +--- page 307 --- +12. INCOME TAX (CREDIT)/EXPENSES +The income tax expenses of the Group during the Track Record Period are analysed as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Adjustments for current tax of prior years ... 19 8 — +Deferred income tax ................... (4,460) 2,039 (1,863) +(4,441) 2,047 (1,863) +The income tax on the Group’s profit before income tax differs from the theoretical amount that +would arise using the enacted tax rate applicable to profits of the consolidated entities as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +(Loss)/profit before income tax .......... (22,854) 42,459 27,491 +Income tax calculated at statutory income tax +rate of 25% in the PRC (a) ............ (5,713) 10,615 6,873 +Tax effect of: +Preferential income tax rates applicable to the +Company ......................... 2,115 (3,820) (2,440) +Super deduction for research and +development expenditure (b) ........... (2,158) (4,275) (7,844) +Utilisation of tax losses previously not +recognised (Note 20) ................. — (1,759) (495) +Tax losses and other temporary differences +not recognised as deferred tax assets (Note +20) .............................. 1,125 850 419 +Non-deductible expenses for tax purposes ... 171 428 1,624 +Under-provision from prior years .......... 19 8 — +(4,441) 2,047 (1,863) +(a) PRC Corporate Income Tax +During the Track Record Period, the Company has obtained High and New Technology +Enterprises certification and hence entitled to a preferential corporate income tax rate of 15% for a +valid period of 3 years. +Under the Law of the PRC on Enterprise Income Tax (the “ EIT Law ”) and Implementation +Regulation of the EIT Law, the tax rate of the PRC subsidiaries is 25% for both years, except for +subsidiaries which are eligible as Small Low-profit Enterprise* (ฆлΆุ ). An entity eligible as a +Small Low-profit Enterprise is subject to preferential tax treatments up to 31 December 2027. The +annual taxable income of a Small Low-profit Enterprise which is not more than RMB3,000,000, 75% of +its taxable income is not subject to EIT and the remaining 25% of its taxable income is subject to EIT +at a tax rate of 20%. During the years ended 31 December 2023, 2024 and 2025, 4, 4 and 3 subsidiaries +are subject to the relevant preferential tax treatments respectively. +APPENDIX I ACCOUNTANTS’ REPORT +– I-24 – + + +--- page 308 --- +(b) Super deduction for research and development expenditure +According to the relevant laws and regulations promulgated by the State Taxation Administration +of the PRC, enterprises engaging in research and development activities are entitled to claim 175% +from 2018 onwards (subsequently raised to 200% from 2023 onwards) of their research and +development expenses incurred as tax deductible expenses when determining their assessable profits for +that year (the “ Super Deduction for research and development ”). +13. DIVIDENDS +No dividends have been declared or paid by the Company during the years ended 31 December +2023, 2024, and 2025. +14. (LOSSES)/EARNINGS PER SHARE +The calculation of the basic earnings/(loss) per share during the Track Record Period is based on +the profit/(loss) attributable to ordinary equity shareholders of the Company and the weighted average +number of ordinary shares in issue or deemed to be in issue during the Track Record Period. +As approved by the Company’s Extraordinary Shareholders’ Meeting held on 31 July 2025, +immediately upon listing, the ordinary shares of the Company will be split on a one-for-eighty basis, +and the nominal value of the shares will be changed from RMB1.0000 each to RMB0.0125 each. +Y ear ended 31 December +2023 2024 2025 +(Loss)/profit attributable to ordinary +shareholders of the Company (RMB’000) .. (18,413) 40,412 29,354 +Weighted average number of ordinary shares +in issue (thousands) .................. 7,903 7,945 8,409 +Basic EPS (RMB per share) ............ (2.33) 5.09 3.49 +No adjustment has been made to the basic (losses)/earnings per share amounts presented for the +Track Record Period in respect of a dilution as the Group had no potential dilutive ordinary shares in +issue. +15. SUBSIDIARIES +As at the date of this report and during the Track Record Period, the Company’s major +subsidiaries are as follows: +Name of subsidiary +Place of +incorporation +and type of legal +entity +Share capital +registered/ +paid-up capital +Equity interest and voting right held +by the Company +Principal activities +as at 31 December +2023 2024 2025 +RMB’000 +1 Shenzhen Haiqing Digital +Technology Co., Ltd. ( ଉέ̹ऎ૶ +ʮ̡ )( “ Haiqing +Digital ”) (Note (a)) +PRC, limited +liability +company +20,000/ +20,000 +100% 100% 100% R&D and manufacturing of +Multispectral AI Modules, +Multispectral AI Perception +Terminals, and multispectral AI +large model algorithms +APPENDIX I ACCOUNTANTS’ REPORT +– I-25 – + + +--- page 309 --- +Name of subsidiary +Place of +incorporation +and type of legal +entity +Share capital +registered/ +paid-up capital +Equity interest and voting right held +by the Company +Principal activities +as at 31 December +2023 2024 2025 +RMB’000 +2 Zhejiang Haiqing Zhiyuan +Technology Co., Ltd. ( एϪऎ૶౽ +ʮ̡ ) (Note (b)) +PRC, limited +liability +company +10,000/ +10,000 +— 100% 100% Manufacturing and assembly of +Multispectral AI Modules and +Multispectral AI Perception +Terminals +Notes: +(a) For the years ended 31 December 2023, 2024 and 2025, no audited financial statements have been prepared for this entity +as this entity was not subject to any statutory audit requirements under the relevant rules and regulations in the jurisdiction +of its registration. +(b) This entity was incorporated in 2024, and no audited financial statement was issued as it was not required to issue audited +financial statement under the statutory requirements of their places of incorporation. +(c) The English names of the subsidiaries are direct translation or transliteration of their Chinese registered names. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Investments in subsidiaries .............. 22,000 21,000 31,912 +16. PROPERTY, PLANT AND EQUIPMENT +The Group +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2023 +Opening carrying amounts ... 10,263 998 2,375 250 13,244 27,130 +Additions ............... 625 565 524 110 — 1,824 +Disposals ............... — — — (2) — (2) +Depreciation charges ....... (1,405) (400) (882) (138) (3,168) (5,993) +Closing carrying amounts .. 9,483 1,163 2,017 220 10,076 22,959 +At 31 December 2023 +Cost ................... 12,121 1,884 4,353 575 15,527 34,460 +Accumulated depreciation ... (2,638) (721) (2,336) (355) (5,451) (11,501) +Carrying amounts ........ 9,483 1,163 2,017 220 10,076 22,959 +APPENDIX I ACCOUNTANTS’ REPORT +– I-26 – + + +--- page 310 --- +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2024 +Opening carrying amounts ... 9,483 1,163 2,017 220 10,076 22,959 +Additions ............... 337 — 155 42 2,843 3,377 +Disposals ............... — — (16) — — (16) +Depreciation charges ....... (1,358) (444) (664) (115) (3,184) (5,765) +Closing carrying amounts .. 8,462 719 1,492 147 9,735 20,555 +At 31 December 2024 +Cost ................... 12,458 1,884 4,476 617 15,527 34,962 +Accumulated depreciation ... (3,996) (1,165) (2,984) (470) (5,792) (14,407) +Carrying amounts ........ 8,462 719 1,492 147 9,735 20,555 +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2025 +Opening carrying amounts ... 8,462 719 1,492 147 9,735 20,555 +Additions ............... 4,227 2 1,460 1,657 7,905 15,251 +Disposals ............... (71) (2) (95) (38) (3,797) (4,003) +Depreciation charges ....... (1,346) (444) (548) (307) (3,665) (6,310) +Closing carrying amounts .. 11,272 275 2,309 1,459 10,178 25,493 +At 31 December 2025 +Cost .................. 16,614 1,884 5,841 2,236 22,457 49,032 +Accumulated depreciation ... (5,342) (1,609) (3,532) (777) (12,279) (23,539) +Carrying amounts ........ 11,272 275 2,309 1,459 10,178 25,493 +(a) Property, plant, and equipment are stated at historical cost less accumulated depreciation and +accumulated impairment losses. Historical cost includes expenditure that is directly attributable to +the acquisition of the items. +Depreciation is calculated using the straight-line method to allocate their cost, net of their residual +values, over their estimated useful lives or, in the case of leasehold improvements, the shorter of +lease term as follows: +Machinery and equipment .............. 3−10 years +Motor vehicles ...................... 3−5 years +Office equipment and others ............ 3−5 years +Electronic equipment .................. 3 years +Leasehold improvement ................ Shorter of their useful life and lease term +See Note 35 for the summary of the other material accounting policy information relevant to +property, plant and equipment. +APPENDIX I ACCOUNTANTS’ REPORT +– I-27 – + + +--- page 311 --- +(b) Depreciation of the Group’s property, plant and equipment has been recognised as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Cost of sales ........................ 3,859 3,903 4,212 +Selling and marketing expenses ........... 224 130 230 +General and administrative expenses ....... 993 910 1,205 +Research and development expenses ....... 250 291 327 +Capitalised in intangible assets ........... 667 531 336 +5,993 5,765 6,310 +Details of impairment assessments of the CGU are set out in Note 18. +The Company +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2023 +Opening carrying amounts ... 9,477 164 2,274 985 726 13,626 +Additions ............... 81 92 511 565 — 1,249 +Depreciation charges ....... (1,032) (98) (839) (396) (279) (2,644) +Closing carrying amounts .. 8,526 158 1,946 1,154 447 12,231 +At 31 December 2023 +Cost ................... 10,086 440 4,163 1,857 1,360 17,906 +Accumulated depreciation ... (1,560) (282) (2,217) (703) (913) (5,675) +Carrying amounts ........ 8,526 158 1,946 1,154 447 12,231 +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2024 +Opening carrying amounts ... 8,526 158 1,946 1,154 447 12,231 +Additions ............... 50 30 147 — — 227 +Depreciation charges ....... (1,003) (83) (635) (441) (274) (2,436) +Closing carrying amounts .. 7,573 105 1,458 713 173 10,022 +At 31 December 2024 +Cost ................... 10,136 470 4,310 1,857 1,360 18,133 +Accumulated depreciation ... (2,563) (365) (2,852) (1,144) (1,187) (8,111) +Carrying amounts ........ 7,573 105 1,458 713 173 10,022 +APPENDIX I ACCOUNTANTS’ REPORT +– I-28 – + + +--- page 312 --- +Machinery +and +equipment +Motor +vehicles +Office +equipment +and others +Electronic +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Y ear ended 31 December +2025 +Opening carrying amounts ... 7,573 105 1,458 713 173 10,022 +Additions ............... — 333 1,342 — 2,871 4,546 +Disposals ............... (7,220) (26) (88) — — (7,334) +Depreciation charges ....... (283) (72) (519) (441) (542) (1,857) +Closing carrying amounts .. 70 340 2,193 272 2,502 5,377 +At 31 December 2025 +Cost .................. 518 777 5,565 1,857 3,954 12,671 +Accumulated depreciation ... (448) (437) (3,372) (1,585) (1,452) (7,294) +Carrying amounts ........ 70 340 2,193 272 2,502 5,377 +17. LEASE +This note provides information for leases where the Group is a lessee. +(a) Right-of-Use Assets +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +At the beginning of the year ............ 24,913 21,062 15,283 +Additions ........................... 7,880 2,990 7,753 +Depreciation charge ................... (9,092) (8,769) (6,888) +Lease alternation ..................... (2,639) — (4,897) +At the end of the year ................. 21,062 15,283 11,251 +Details of impairment assessments of the CGU are set out in Note 18. +(b) Lease Liabilities +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Current ............................ 8,613 10,159 5,672 +Non-current ......................... 14,512 6,943 6,730 +23,125 17,102 12,402 +APPENDIX I ACCOUNTANTS’ REPORT +– I-29 – + + +--- page 313 --- +(c) Amounts Recognised in the Consolidated Statements of Profit or Loss and Other +Comprehensive Income +The consolidated statements of profit or loss and other comprehensive income and the +consolidated statements of cash flows contain the following amounts relating to leases: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Depreciation charge of right-of-use assets +(excluding amounts capitalised in +development costs) .................. 7,693 7,564 5,747 +Interest expenses (Note 11) .............. 988 835 564 +Expense relating to short-term and low value +leases not included in lease liabilities ..... 156 144 353 +8,837 8,543 6,664 +The total cash outflows for lease payments during the years ended 31 December 2023, 2024 and +2025 were approximately RMB10,429,000, RMB10,699,000 and RMB8,104,000 respectively. +The Group leases properties and offices as lessee. Lease contracts are typically made for fixed +periods from 2 to 5 years. They are stated at cost less accumulated depreciation and accumulated +impairment losses. +See Note 35 for the summary of the other material accounting policy information relevant to +lease. +18. INTANGIBLE ASSETS +The Group +Software and +system Development costs Total +RMB’000 RMB’000 RMB’000 +At 1 January 2023 +Cost ............................... 5,542 15,464 21,006 +Accumulated amortisation ............... (1,018) — (1,018) +Carrying amounts .................... 4,524 15,464 19,988 +Y ear ended 31 December 2023 +Opening carrying amounts ............... 4,524 15,464 19,988 +Additions ........................... 60 19,755 19,815 +Disposals ........................... (437) — (437) +Transfer ............................ 13,901 (13,901) — +Amortisation charges .................. (1,959) — (1,959) +Closing carrying amounts .............. 16,089 21,318 37,407 +At 31 December 2023 +Cost ............................... 18,979 21,318 40,297 +Accumulated amortisation ............... (2,890) — (2,890) +Carrying amounts .................... 16,089 21,318 37,407 +APPENDIX I ACCOUNTANTS’ REPORT +– I-30 – + + +--- page 314 --- +Software and +system Development costs Total +RMB’000 RMB’000 RMB’000 +Y ear ended 31 December 2024 +Opening carrying amounts ............... 16,089 21,318 37,407 +Additions ........................... — 30,126 30,126 +Transfer ............................ 13,552 (13,552) — +Amortisation charges .................. (4,799) — (4,799) +Closing carrying amounts .............. 24,842 37,892 62,734 +At 31 December 2024 +Cost ............................... 32,531 37,892 70,423 +Accumulated amortisation ............... (7,689) — (7,689) +Carrying amounts .................... 24,842 37,892 62,734 +Y ear ended 31 December 2025 +Opening carrying amounts ............... 24,842 37,892 62,734 +Additions ........................... 3,995 54,477 58,472 +Transfer ............................ 46,966 (46,966) — +Amortisation charges .................. (10,233) — (10,233) +Closing carrying amounts .............. 65,570 45,403 110,973 +At 31 December 2025 +Cost ............................... 83,492 45,403 128,895 +Accumulated amortisation ............... (17,922) — (17,922) +Carrying amounts .................... 65,570 45,403 110,973 +Amortisation charges were recognised in the following categories: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Cost of sales ........................ 1,483 4,323 9,679 +General and administrative expenses ....... ——1 9 +Research and development expenses ....... 114 128 247 +Capitalised in intangible assets ........... 362 348 288 +1,959 4,799 10,233 +For the purposes of impairment testing, development costs set out in above have been allocated to +individual cash-generating units (“ CGU”), comprising holding company and most of the operating +subsidiaries. The CGU is the smallest identifiable group of assets that generates cash inflows that are +largely independent of the cash inflows from other assets or groups of assets. +In addition to development cost above, property, plant and equipment, software and system +intangible assets and right-of-use assets (including allocation of corporate assets) that generate cash +flows together with the related development costs are also included in the respective cash-generating +unit for the purpose of impairment assessment. +The recoverable amount of the cash generating unit has been determined based on a value-in-use +calculation. The calculation use cash flow projections based on the financial budgets approved by the +management of the Group covering a five-year period. +APPENDIX I ACCOUNTANTS’ REPORT +– I-31 – + + +--- page 315 --- +Key assumptions and inputs used for the business valuation as at 31 December 2023, 2024 and +2025 are as follows: +31 December +2023 2024 2025 +Pre-tax discount rate ................... 15.58% 15.21% 15.14% +Revenue growth rates .................. 1%−346% 1%−37% 2%−25% +Budgeted gross margins ................ 24%−29% 24%−29% 23%−24% +The following describes each of the key assumptions on which management has based its cash +flow projections to undertake impairment testing of cash generating unit: +Discount rates — The discount rates used are pre-tax and reflect market assessments of the time +value and the specific risks relating to the industry. +Revenue growth rates — The basis used to determine the revenue growth rates in the five-year +forecast period are the historical data of the CGU, management’s expectation of the future market and +the average growth rate achieved by comparable companies. Growth rates beyond the first five years +are based on the relevant industry growth forecasts and did not exceed the average long-term growth +rate for the relevant industry. +Budgeted gross margins — The basis used to determine the budgeted gross margins is the average +gross margins achieved in the year immediately before the budget year, adjusted for expected efficiency +improvements, and expected market development. +The values assigned to the key assumptions on market development of the above CGU and +discount rate are consistent with external information sources. +If the recoverable amount of the CGU is estimated to be less than its carrying amount, the +carrying amount of the CGU is reduced to its recoverable amount. The impairment loss will be +recognised in profit or loss. Any change in the assumptions selected by management could materially +affect the value in use calculations used in the impairment testing and therefore may result in an +impairment charge to profit or loss. +As the recoverable amount of CGU as at 31 December 2023, 2024 and 2025 exceeded its carrying +amount, no impairment loss was recognised against the development costs intangible assets with +indefinite useful lives associated with the CGU for the year then ended. +For sensitivity analysis conducted during the impairment review as at 31 December 2023, had +there been a reduction in the total forecasted revenue by 7.04% or an increase in the discount rate of +27.76 percentage point each in isolation, the recoverable amount of the Group’s intangible assets would +be close to the breakeven point. As at 31 December 2023, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB216,524,000 and RMB83,584,000, respectively. +For sensitivity analysis conducted during the impairment review as at 31 December 2024, had +there been a reduction in the total forecasted revenue by 9.36% or an increase in the discount rate of +36.20 percentage point each in isolation, the recoverable amount of the Group’s intangible assets would +be close to the breakeven point. As at 31 December 2024, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB287,464,000 and RMB183,709,000, respectively. +APPENDIX I ACCOUNTANTS’ REPORT +– I-32 – + + +--- page 316 --- +For sensitivity analysis conducted during the impairment review as at 31 December 2025, had +there been a reduction in the total forecasted revenue by 3.71% or an increase in the discount rate of +21.38 percentage point each in isolation, the recoverable amount of the Group’s intangible assets would +be close to the breakeven point. As at 31 December 2025, had there been a reduction in the total +forecasted revenue by 5% or an increase in the discount rate of 5 percentage point each in isolation, the +headroom would be decreased by approximately RMB445,830,000 and RMB227,530,000, respectively. +Amortisation Methods and Periods +The Group’s intangible assets mainly include software and system. They are capitalised on the +basis of the costs incurred to acquire the specific software and system. The Group amortises intangible +assets with a limited useful life using the straight-line method over 3−10 years. +Research and Development +Research expenditure is recognised as an expense as incurred. Costs incurred on development +projects (relating to the design and testing of new and improved products) are recognised as +development costs in intangible assets when the following criteria are met: + It is technically feasible to complete the product so that it will be available for use; + Management intends to complete the product and use or sell it; + There is an ability to use or sell the product; + It can be demonstrated how the product will generate probable future economic benefits; + Adequate technical, financial and other resources to complete the development and to use or +sell the product are available; and + The expenditure attributable to the product during its development can be reliably measured. +Other development expenditures that do not meet these criteria are recognised as an expense as +incurred. Development expenditures previously recognised as an expense are not recognised as an asset +in a subsequent period. +APPENDIX I ACCOUNTANTS’ REPORT +– I-33 – + + +--- page 317 --- +The Company +Software and +system Development costs Total +RMB’000 RMB’000 RMB’000 +At 1 January 2023 +Cost ............................... 5,019 15,464 20,483 +Accumulated amortisation ............... (932) — (932) +Carrying amounts .................... 4,087 15,464 19,551 +Y ear ended 31 December 2023 +Opening carrying amounts ............... 4,087 15,464 19,551 +Additions ........................... 59 19,755 19,814 +Transfer ............................ 13,901 (13,901) — +Amortisation charges .................. (1,958) — (1,958) +Closing carrying amounts .............. 16,089 21,318 37,407 +At 31 December 2023 +Cost ............................... 18,979 21,318 40,297 +Accumulated amortisation ............... (2,890) — (2,890) +Carrying amounts .................... 16,089 21,318 37,407 +Y ear ended 31 December 2024 +Opening carrying amounts ............... 16,089 21,318 37,407 +Additions ........................... — 30,126 30,126 +Transfer ............................ 13,552 (13,552) — +Amortisation charges .................. (4,799) — (4,799) +Closing carrying amounts .............. 24,842 37,892 62,734 +At 31 December 2024 +Cost ............................... 32,531 37,892 70,423 +Accumulated amortisation ............... (7,689) — (7,689) +Carrying amounts .................... 24,842 37,892 62,734 +Y ear ended 31 December 2025 +Opening carrying amounts ............... 24,842 37,892 62,734 +Additions ........................... 3,995 54,477 58,472 +Transfer ............................ 46,966 (46,966) — +Amortisation charges .................. (10,233) — (10,233) +Closing carrying amounts .............. 65,570 45,403 110,973 +At 31 December 2025 +Cost ............................... 83,492 45,403 128,895 +Accumulated amortisation ............... (17,922) — (17,922) +Carrying amounts .................... 65,570 45,403 110,973 +APPENDIX I ACCOUNTANTS’ REPORT +– I-34 – + + +--- page 318 --- +19. FINANCIAL INSTRUMENTS BY CATEGORY +The detail information of financial instruments by category during the Track Record Period is as +below: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Financial assets +Financial assets measured at FVOCI: +Notes receivables at FVOCI (Note 3.5) .... 663 479 — +Financial assets measured at amortised cost: +Trade and notes receivables (Note 21) .... 19,817 145,676 184,423 +Other receivables (Note 22) ............ 5,358 1,977 1,743 +Term deposits and restricted +cash (Note 24) .................... 36,502 26,898 61,554 +Cash and cash equivalents (Note 24) ..... 37,115 56,705 65,556 +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Financial liabilities +Financial liabilities measured at amortised +cost: +Trade and notes payables (Note 26) ...... 45,060 79,557 45,882 +Accruals and other payables (excluding +non-financial liabilities) (Note 27) ..... 2,658 14,724 11,060 +Lease liabilities (Note 17) ............. 23,125 17,102 12,402 +Borrowings (Note 25) ................ — 29,548 201,280 +Other current liabilities (excluding +non-financial liabilities) ............. — 862 998 +20. DEFERRED TAX +Deferred tax assets and liabilities are offset when there is a legally enforceable right of offsetting +and when the deferred income taxes relate to the same authority. +The net amounts of deferred tax assets and liabilities after offsetting are as follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Gross deferred tax assets ................ 10,513 7,162 7,388 +Offsetting against deferred tax liabilities .... (4,888) (3,576) (1,939) +Net deferred tax assets ................ 5,625 3,586 5,449 +Gross deferred tax liabilities ............. 4,888 3,576 1,939 +Offsetting against deferred tax assets ....... (4,888) (3,576) (1,939) +Net deferred tax liabilities ............. ——— +APPENDIX I ACCOUNTANTS’ REPORT +– I-35 – + + +--- page 319 --- +The movements in deferred tax assets and liabilities before offsetting are as follows: +(a) Deferred Tax Assets +Impairment +provisions and +loss allowances Lease liabilities Tax losses Unrealised profits Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At 1 January 2023 ...... 342 6,235 757 — 7,334 +Credited/(debited) to profit +or loss (Note 12) ...... 164 (1,332) 4,347 — 3,179 +At 31 December 2023 ... 506 4,903 5,104 — 10,513 +Impairment +provisions and +loss allowances Lease liabilities Tax losses Unrealised profits Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At 1 January 2024 ...... 506 4,903 5,104 — 10,513 +Credited/(debited) to profit +or loss (Note 12) ...... 743 (1,293) (2,813) 12 (3,351) +At 31 December 2024 ... 1,249 3,610 2,291 12 7,162 +Impairment +provisions and +loss allowances Lease liabilities Tax losses Unrealised profits Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At 1 January 2025 ...... 1,249 3,610 2,291 12 7,162 +Credited/(debited) to profit +or loss (Note 12) ...... 906 (1,610) 905 25 226 +At 31 December 2025 ... 2,155 2,000 3,196 37 7,388 +(b) Deferred Tax Liabilities +Right-of-use assets +RMB’000 +At 1 January 2023 ................................................ 6,169 +Credited to profit or loss (Note 12) .................................. (1,281) +At 31 December 2023 ............................................. 4,888 +Right-of-use assets +RMB’000 +At 1 January 2024 ................................................ 4,888 +Credited to profit or loss (Note 12) .................................. (1,312) +At 31 December 2024 ............................................. 3,576 +Right-of-use assets +RMB’000 +At 1 January 2025 ................................................ 3,576 +Credited to profit or loss (Note 12) .................................... (1,637) +At 31 December 2025 ............................................. 1,939 +APPENDIX I ACCOUNTANTS’ REPORT +– I-36 – + + +--- page 320 --- +(c) Deferred Tax Assets Not Recognised +The Group has not recognised deferred tax assets in respect of the items below, which were +incurred by certain subsidiaries that were not likely to generate taxable profit: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Tax losses .......................... 18,905 14,982 14,500 +Deductible temporary differences .......... 7,053 7,340 7,518 +25,958 22,322 22,018 +The tax losses not recognised deferred tax assets can be carried forward in future years. As at 31 +December 2023, 2024 and 2025, the following table shows unused tax losses based on its expected +expiry date: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +2027 .............................. 3,045 3,045 1,747 +2028 .............................. 14,811 7,775 7,775 +2029 .............................. 1,049 1,049 1,049 +2030 .............................. — 3,113 3,113 +2031 .............................. — — 816 +18,905 14,982 14,500 +21. TRADE AND NOTES RECEIV ABLES +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade receivables ..................... 21,243 151,560 195,572 +Less: credit loss allowance .............. (2,200) (6,746) (12,147) +19,043 144,814 183,425 +Notes receivables (Note) ................ 774 862 998 +19,817 145,676 184,423 +Note: Notes receivables mainly consist of bank-issued notes and the impairment is considered to be minimal. +APPENDIX I ACCOUNTANTS’ REPORT +– I-37 – + + +--- page 321 --- +(a) Movements on the Group’s credit loss allowance for trade receivables are as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +At the beginning of the year ............. 1,168 2,200 6,746 +Credit loss allowance recognised, net ....... 1,032 5,036 5,903 +Receivables written off ................. — (490) (502) +At the end of the year .................. 2,200 6,746 12,147 +(b) The Group generally grants credit terms of up to 120 days to the customers. The ageing analysis +of trade receivables based on revenue recognition date is as follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +within 6 months ...................... 14,654 137,257 144,195 +6 months to 1 year .................... 4,514 13,091 43,074 +1 to 2 years ......................... 1,600 477 8,102 +2 to 3 years ......................... 93 535 182 +Over 3 years ........................ 382 200 19 +21,243 151,560 195,572 +(c) As at 31 December 2023, the loss allowance of trade receivables was determined as follows: +within 6 +months +6 months to +1 year 1 to 2 years 2 to 3 years +Over +3 years Total +RMB’000, except for percentages +Expected credit loss rate .... 4.27% 8.53% 46.13% 74.19% 100.00% +Gross carrying amount ..... 14,654 4,514 1,600 93 382 21,243 +Credit loss allowance ...... 626 385 738 69 382 2,200 +As at 31 December 2024, the loss allowance of trade receivables was determined as follows: +within 6 +months +6 months to +1 year 1 to 2 years 2 to 3 years +Over +3 years Total +RMB’000, except for percentages +Expected credit loss rate .... 3.59% 7.18% 48.85% 83.74% 100.00% +Gross carrying amount ..... 137,257 13,091 477 535 200 151,560 +Credit loss allowance ...... 4,925 940 233 448 200 6,746 +As at 31 December 2025, the loss allowance of trade receivables was determined as follows: +within 6 +months +6 months to +1 year 1 to 2 years 2 to 3 years +Over +3 years Total +RMB’000, except for percentages +Expected credit loss rate .... 3.23% 6.46% 55.67% 100.00% 100.00% +Gross carrying amount ..... 144,195 43,074 8,102 182 19 195,572 +Credit loss allowance ...... 4,654 2,781 4,511 182 19 12,147 +APPENDIX I ACCOUNTANTS’ REPORT +– I-38 – + + +--- page 322 --- +(d) As at 31 December 2025, trade receivables amounting to approximately RMB9,043,000 were +pledged for bank borrowings. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade receivables ..................... 109,776 151,560 195,637 +Less: credit loss allowance .............. (2,200) (6,746) (12,147) +107,576 144,814 183,490 +Notes receivables ..................... 774 862 998 +108,350 145,676 184,488 +The ageing analysis of trade receivables based on revenue recognition date is as follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +within 6 months ...................... 18,906 137,257 144,260 +6 months to 1 year .................... 7,625 13,091 43,074 +1 to 2 years ......................... 81,658 477 8,102 +2 to 3 years ......................... 93 535 182 +Over 3 years ........................ 1,494 200 19 +109,776 151,560 195,637 +22. PREPAYMENTS, OTHER RECEIV ABLES AND OTHER CURRENT ASSETS +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Prepayments: +Prepayments to suppliers ................ 2,727 25,089 156,297 +Prepaid listing expenses ................ — — 305 +Other receivables: +Deposits and warranties ................ 3,262 3,209 3,527 +Due from related parties (Note 33) ........ 2,696 63 — +Others ............................. 558 240 332 +9,243 28,601 160,461 +Less: credit loss allowance .............. (1,158) (1,535) (2,116) +8,085 27,066 158,345 +Other receivables had no historical default. The financial assets included in the above balances +relating to receivables were categorised in stage 1 at the end of Track Record Period. In calculating the +expected credit loss rate, the Group considers the historical loss rate and adjusts for forward-looking +macroeconomic data. As at 31 December 2023, 2024 and 2025, the Group estimated the expected credit +losses for other receivables to be RMB1,158,000, RMB1,535,000 and RMB 2,116,000, respectively. +APPENDIX I ACCOUNTANTS’ REPORT +– I-39 – + + +--- page 323 --- +Other receivables are unsecured, non-interest-bearing and are collectable within one year. +(a) Movements on the Group’s credit loss allowance for other receivables are as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +At the beginning of the year/period ........ 559 1,158 1,535 +Credit loss allowance recognised, net ....... 599 377 581 +At the end of the year/period ............ 1,158 1,535 2,116 +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Other current assets: +Deductible input V AT .................. 15,749 13,814 16,978 +Prepaid corporate income tax ............ — — 760 +Listing expenses ...................... — — 2,916 +Others ............................. 10 10 — +15,759 13,824 20,654 +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Prepayments: +Prepayments to suppliers ................ 2,345 717 19,564 +Prepaid listing expenses ................ — — 305 +Other receivables: +Due from subsidiaries .................. 28,289 73,497 170,956 +Deposits and warranties ................ 3,212 3,111 3,487 +Due from related parties (Note 33) ........ 2,696 63 — +Others ............................. 512 145 201 +37,054 77,533 194,513 +Less: credit loss allowance .............. (1,151) (1,518) (2,095) +35,903 76,015 192,418 +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Other current assets: +Deductible input V AT .................. 14,201 10,818 2,969 +Listing expenses ...................... — — 2,916 +Prepaid corporate income tax ............ — — 760 +14,201 10,818 6,645 +APPENDIX I ACCOUNTANTS’ REPORT +– I-40 – + + +--- page 324 --- +23. INVENTORIES +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Raw materials ....................... 18,766 16,312 18,863 +Work in progress ..................... 8,297 7,593 13,487 +Finished goods ....................... 4,537 6,090 6,529 +Outsourced processing materials .......... 1,017 778 42 +Goods in transit ...................... 30,419 8,192 48,895 +63,036 38,965 87,816 +Less: provision for impairment ........... (7,069) (7,388) (7,622) +55,967 31,577 80,194 +The cost of inventories carried forward to the profit or loss during the year is mainly recognised +as the cost of sales. For the years ended 31 December 2023, 2024 and 2025, the cost of inventories +carried forward to the cost of sales amounted to approximately RMB97,235,000, RMB422,072,000 and +RMB485,661,000, respectively. +The provision for impairment of inventories recorded as cost of sales during the years ended 31 +December 2023, 2024 and 2025 were RMB5,742,000, RMB4,317,000 and RMB6,894,000, respectively. +The written off of provisions for inventories during the years ended 31 December 2023, 2024 and +2025 were RMB2,825,000, RMB3,998,000 and RMB6,660,000, respectively. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Goods in transit ...................... 30,419 8,273 49,140 +Raw materials ....................... 181 1 2 +Finished goods ....................... 377 454 690 +Work in progress ..................... 33 1 0 +30,980 8,731 49,842 +Less: provision for impairment ........... (23) (65) (125) +30,957 8,666 49,717 +APPENDIX I ACCOUNTANTS’ REPORT +– I-41 – + + +--- page 325 --- +24. CASH AND CASH EQUIV ALENTS, TERM DEPOSITS AND RESTRICTED CASH +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Cash and bank balances ................ 73,617 83,603 127,110 +Less: term deposits over three months (Note +(i)) .............................. (36,452) (26,898) (61,554) +Less: restricted cash (Note (ii)) ........... (50) — — +Cash and cash equivalents ............. 37,115 56,705 65,556 +Notes: +(i) As at 31 December 2023, 2024 and 2025, the Group’s term deposits amounting to RMB5,217,000, RMB16,178,000 and +RMB10,061,000 were pledged as a guarantee for bank borrowings. +(ii) As at 31 December 2023, deposits of RMB50,000 were pledged as security deposits for the issuance of letters of +guarantee. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Cash and bank balances ................ 60,860 42,921 99,771 +Less: term deposits over three months ...... (25,839) (25,785) (40,409) +Less: restricted cash ................... (50) — — +Cash and cash equivalents ............. 34,971 17,136 59,362 +25. BORROWINGS +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Secured bank loans .................... — 29,500 180,010 +Unsecured bank loans .................. — — 20,964 +— 29,500 200,974 +Interest payables ...................... — 48 306 +Less: current-portion for long-term +borrowings ..................... — (39) (33,322) +Less: short-term borrowings ............. — (28,545) (118,950) +— 964 49,008 +(a) The Group’s borrowings were dominated in RMB and carried fixed rates with annual interest rates +ranged from 3.30% to 4.25% and 1.00% to 3.30% as at 31 December 2024 and 2025, respectively. +APPENDIX I ACCOUNTANTS’ REPORT +– I-42 – + + +--- page 326 --- +(b) As at 31 December 2024, secured bank borrowings mainly included: (i) borrowings with a +principal equivalent to approximately RMB18,500,000 guaranteed by Mr. Zhou and secured by the +Group’s certain deposits; (ii) borrowings with a principal equivalent to approximately +RMB1,000,000 guaranteed by Mr. Zhou and the Company; and (iii) borrowings with a principal +equivalent to approximately RMB10,000,000 guaranteed by Haiqing Digital. +As at 31 December 2025, secured bank borrowings mainly included: (i) borrowings with a +principal equivalent to approximately RMB16,320,000 secured by the Group’s certain deposits; +(ii) borrowings with a principal equivalent to approximately RMB40,040,000 guaranteed by Mr. +Zhou; (iii) borrowings with a principal equivalent to approximately RMB20,000,000 guaranteed +by Haiqing Digital; (iv) borrowings with a principal equivalent to approximately RMB73,950,000 +guaranteed by Mr. Zhou and Haiqing Digital; (v) borrowings with a principal equivalent to +approximately RMB29,700,000 guaranteed by Haiqing Digital and secured by the Group’s +accounts receivables. +(c) As at 31 December 2023, 2024 and 2025, the Group’s borrowings were repayable as follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Within 1 year ........................ — 28,584 152,272 +Between 1 and 2 years ................. — 36 49,008 +Between 2 and 5 years ................. — 928 — +— 29,548 201,280 +(d) Fair value +For the majority of the borrowings, the fair values are not materially different from their carrying +amounts, since either the interest payable on those borrowings is close to current market rates, or +the borrowings are of a short-term nature. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Secured bank loans .................... — 18,500 110,970 +Unsecured bank loans .................. — — 20,000 +18,500 130,970 +Interest payables ...................... — 45 303 +Less: short-term borrowings ............. — (18,545) (69,910) +Less: current-portion for long-term +borrowings ........................ — — (33,283) +— — 28,080 +APPENDIX I ACCOUNTANTS’ REPORT +– I-43 – + + +--- page 327 --- +26. TRADE AND NOTES PAYABLES +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade payables ....................... 45,060 73,550 45,882 +Notes payables ....................... — 6,007 — +45,060 79,557 45,882 +The Group’s suppliers generally grant credit terms of up to 180 days to the Group. An ageing +analysis of the trade payables based on the invoice date as at the end of the reporting period was as +follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Within 6 months ...................... 44,393 43,818 36,978 +6 months to 1 year .................... 80 20,092 452 +1 to 2 years ......................... 587 9,609 5,473 +2 to 3 years ......................... — 31 2,951 +Over 3 years ........................ ——2 8 +45,060 73,550 45,882 +As at 31 December 2023, 2024 and 2025, the carrying amounts of trade and notes payables were +denominated in RMB, which approximated their fair values. +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Trade payables ....................... 109,013 65,065 79,902 +Notes payables ....................... — 6,007 — +109,013 71,072 79,902 +APPENDIX I ACCOUNTANTS’ REPORT +– I-44 – + + +--- page 328 --- +The Company’s suppliers generally grant credit terms of up to 180 days to the Company. An +ageing analysis of the trade payables based on the invoice date as at the end of the reporting period was +as follows: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Within 6 months ...................... 89,806 34,382 72,241 +6 months to 1 year .................... 7,697 15,512 440 +1 to 2 years ......................... 3,069 5,522 4,329 +2 to 3 years ......................... 8,441 2,543 2,892 +Over 3 years ........................ — 7,106 — +109,013 65,065 79,902 +27. ACCRUALS AND OTHER PAYABLES +The Group +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Salaries, wages and benefits ............. 5,294 6,348 9,893 +Taxes other than income tax payables ...... 2,092 2,444 4,239 +Deposits ............................ 429 483 850 +Outsourcing service fees ................ — 10,791 312 +Accruals ............................ 2,017 2,498 1,727 +Listing expenses ...................... — — 7,799 +Others ............................. 212 952 372 +10,044 23,516 25,192 +The Company +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Salaries, wages and benefits ............. 4,268 5,153 8,331 +Due to subsidiaries .................... 4,892 — 913 +Taxes other than income tax payables ...... 1,755 1,596 1,370 +Deposits ............................ 429 483 850 +Outsourcing service fees ................ — 10,791 312 +Accruals ............................ 1,953 1,578 1,366 +Listing expenses ...................... — — 7,799 +Others ............................. 153 793 — +13,450 20,394 20,941 +APPENDIX I ACCOUNTANTS’ REPORT +– I-45 – + + +--- page 329 --- +28. SHARE CAPITAL +Number of +ordinary shares Share Capital +RMB’000 +At 31 December 2023 ................................ 7,903,225 7,903 +Issue of ordinary shares (a) ............................ 252,231 252 +At 31 December 2024 ................................ 8,155,456 8,155 +Issue of ordinary shares (a) ............................ 457,619 458 +At 31 December 2025 ................................ 8,613,074 8,613 +(a) In October 2024, the Company issued 252,231 ordinary shares at the consideration of RMB30,000,000 to one investor. The +consideration amounting to RMB30,000,000 was paid in October 2024, of which approximately RMB252,000 represents +share capital and the excess of approximately RMB29,748,000 was credited to the Company’s share premium. +In January 2025, the Company issued 84,077 ordinary shares at the consideration of RMB10,000,000 to one investor, and +the consideration amount of RMB10,000,000 was paid in January 2025, of which approximately RMB84,000 represents +share capital and the excess of approximately RMB9,916,000 was credited to the Company’s share premium. +In June 2025, the Company issued 252,231 ordinary shares at the consideration of RMB30,000,000 to one investor. The +consideration amounting to RMB30,000,000 was paid in June 2025, of which approximately RMB253,000 represents share +capital and the excess of approximately RMB29,747,000 was credited to the Company’s share premium. +In July 2025, the Company issued 121,311 ordinary shares at the consideration of RMB50,000,000 to one investor. The +consideration amounting to RMB50,000,000 was paid in July 2025, of which approximately RMB121,000 represents share +capital and the excess of approximately RMB49,879,000 was credited to the Company’s share premium. +As approved by the Company’s Extraordinary Shareholders’ Meeting held on 31 July 2025, immediately upon listing, the +ordinary shares of the Company will be split on a one-for-eighty basis, and the nominal value of the shares will be +changed from RMB1.0000 each to RMB0.0125 each. +29. SHARE-BASED PAYMENTS +To provide incentives to eligible employees and directors of the Group, an employee share +incentive plan (the “ Share Incentive Scheme ”) was adopted. +In order to implement the Share Incentive Scheme, Shenzhen Zhongcheng Tianying Venture +Capital Fund, L.P. (௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Zhongcheng Tianying LP ”), +Shenzhen Zhongzheng Tianying Venture Capital Fund, L.P. (௴ุҳ༟ΥྫΆุ (Υ +ྫ)) (“ Zhongzheng Tianying LP ”) and Shenzhen Zhongzhi Tianying Venture Capital Fund, L.P. ( ଉέ +௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Zhongzhi Tianying LP ”) were established and designated +as share incentive platforms to hold the shares specially awarded to the eligible participants as the +ultimate beneficial owners. +The movements in the number of the outstanding restricted share units (“ RSUs”) granted under +the Share Incentive Scheme during the Track Record Period were as follows: +Y ear ended 31 December +2023 2024 2025 +At the beginning of the year ............. 3,669,993 3,555,490 3,663,000 +Granted ............................ 23,710 127,413 118,515 +Forfeited ........................... (138,213) (19,903) (120,886) +At the end of the year ................. 3,555,490 3,663,000 3,660,629 +APPENDIX I ACCOUNTANTS’ REPORT +– I-46 – + + +--- page 330 --- +On 8 September 2023, the Group granted 23,710 restricted share units of the Company to 1 +eligible employee at a subscribed price of RMB47.32. On 12 July 2024, the Group granted 39,516 +restricted share units of the Company to 1 eligible employee at a subscribed price of RMB49.48. On 20 +December 2024, the Group granted 87,897 restricted share units of the Company to 13 eligible +employees at a subscribed price of RMB49.96. On 24 January 2025, the Group granted 118,515 +restricted share units of the Company to 3 eligible employees at a subscribed price of RMB46.50. +All of the RSUs granted to the Share Incentive Participants shall be subject to both a listing-based +condition (the “ IPO Condition ”) as well as service conditions. The IPO Condition would be satisfied +when the ordinary shares of the Company are successfully listed on a recognised stock exchange. +The fair values of the RSUs granted on 8 September 2023, 12 July 2024, 20 December 2024 and +24 January 2025 were estimated at RMB115.14, RMB130.33, RMB124.83 and RMB124.83 per share +respectively. +The fair value of each RSUs were calculated based on the most recent transaction price of the +Company’s shares at the grant date. +The total expenses arising from share-based payments during the Track Record Period are +recorded as part of employee benefit expenses (Note 10). +30. RESERVES +The Group +Share premium +Statutory +reserves Other reserves +Retained +earnings Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Balance at 1 January 2023 .. 189,365 — 3,942 (21,606) 171,701 +Loss for the year .......... — — — (18,413) (18,413) +Share-based payments +expenses .............. — — 242 — 242 +Balance at 31 December 2023 +and 1 January 2024 ...... 189,365 — 4,184 (40,019) 153,530 +Profit for the year ......... — — — 40,412 40,412 +Capital injection (Note 28(a)) .. 29,748 — — — 29,748 +Share-based payments +expenses .............. — — 2,532 — 2,532 +Appropriation to statutory +reserves .............. — 1,664 — (1,664) — +Balance at 31 December 2024 +and 1 January 2025 ...... 219,113 1,664 6,716 (1,271) 226,222 +Profit for the period ........ — — — 29,354 29,354 +Capital injection (Note 28(a)) .. 89,542 — — — 89,542 +Share-based payments +expenses .............. — — 8,465 — 8,465 +Appropriation to statutory +reserves .............. — 2,826 — (2,826) — +Balance at 31 December 2025 . 308,655 4,490 15,181 25,257 353,583 +APPENDIX I ACCOUNTANTS’ REPORT +– I-47 – + + +--- page 331 --- +The Company +Share premium +Statutory +reserves Other reserves +Retained +earnings Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Balance at 1 January 2023 .. 189,265 — 3,942 (313) 192,894 +Loss for the year .......... — — — (16,706) (16,706) +Share-based payments +expenses .............. — — 242 — 242 +Balance at 31 December 2023 +and 1 January 2024 ..... 189,265 — 4,184 (17,019) 176,430 +Profit for the year ......... — — — 33,661 33,661 +Capital injection (Note 28(a)) .. 29,748 — — — 29,748 +Share-based payments +expenses .............. — — 2,532 — 2,532 +Appropriation to statutory +reserves .............. — 1,664 — (1,664) — +Balance at 31 December 2024 +and 1 January 2025 ...... 219,013 1,664 6,716 14,978 242,371 +Profit for the period ........ — — — 28,258 28,258 +Capital injection (Note 28(a)) .. 89,542 — — — 89,542 +Share-based payments +expenses .............. — — 8,465 — 8,465 +Appropriation to statutory +reserves .............. — 2,826 — (2,826) — +Balance at 31 December 2025 . 308,555 4,490 15,181 40,410 368,636 +APPENDIX I ACCOUNTANTS’ REPORT +– I-48 – + + +--- page 332 --- +31. NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS +(a) Reconciliation of (Loss)/Profit Before Income Tax to Net Cash Generated/(Used in) from +Operations: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +(Loss)/profit before income tax for the year .. (22,854) 42,459 27,491 +Adjustments for: +Interest income ....................... (3,023) (1,373) (2,120) +Finance costs ........................ 3,055 1,016 3,862 +Depreciation of property, plant and equipment 5,326 5,234 5,974 +Depreciation of right-of-use assets ......... 7,693 7,564 5,747 +Amortisation of intangible assets .......... 1,597 4,451 9,945 +Net (gains)/losses on disposal of property, +plant and equipment and other non-current +assets ............................ (49) 25 2,989 +Net impairment losses on financial assets .... 1,631 5,413 6,484 +Impairment provision for inventories ....... 5,742 4,317 6,894 +Net losses on financial instruments ........ 940 — 1,762 +Net foreign exchange gains .............. (20) (13) (29) +Share-based compensation expenses ........ 242 2,532 8,465 +Change in working capital: +Decrease/(Increase) in receivables ......... 29,746 (152,286) (172,616) +Increase in payables ................... 54,764 53,852 21,301 +(Increase)/Decrease in inventories ......... (15,832) 20,073 (55,511) +Cash generated from/(used in) operations .. 68,958 (6,736) (129,362) +(b) Net Debt Reconciliation +Borrowings Lease liabilities Total +RMB’000 RMB’000 RMB’000 +At 1 January 2023 .................... 141,484 27,231 168,715 +Financing cash flows .................. (140,863) (9,285) (150,148) +Interest paid ......................... (811) (988) (1,799) +Interest accrued ...................... 1,955 988 2,943 +Other non-cash movements .............. (1,765) 5,179 3,414 +At 31 December 2023 ................. — 23,125 23,125 +At 1 January 2024 .................... — 23,125 23,125 +Financing cash flows .................. 29,686 (9,720) 19,966 +Interest paid ......................... (186) (835) (1,021) +Interest accrued ...................... 66 835 901 +Other non-cash movements .............. (18) 3,697 3,679 +At 31 December 2024 ................. 29,548 17,102 46,650 +At 1 January 2025 .................... 29,548 17,102 46,650 +Financing cash flows .................. 171,474 (7,187) 164,287 +Interest paid ........................ (2,744) (564) (3,308) +Interest accrued ...................... 3,002 564 3,566 +Other non-cash movements ............. — 2,487 2,487 +As at 31 December 2025 ............... 201,280 12,402 213,682 +APPENDIX I ACCOUNTANTS’ REPORT +– I-49 – + + +--- page 333 --- +32. CONTINGENCIES AND COMMITMENTS +32.1 Contingencies +The Group did not have any material contingent liabilities as at 31 December 2023, 2024 and +2025. +32.2 Capital Commitments +The following shows the major capital commitments of the Group: +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Property, plant and equipment commitments: +— Contracted, but not provided for ...... — 12,036 — +33. RELATED PARTY TRANSACTIONS +Related parties are those parties that have the ability, directly and indirectly, to control, jointly +control or exercise significant influence over the other party in making financial and operating +decisions. Parties are also considered to be related because they are subject to common control and +common joint control in the controlling shareholder’s families. Members of key management and their +close family member of the Group are also considered as related parties. +(a) Names and Relationship with Related Parties +The directors of the Company are of the view that the following parties were significant related +parties of the Group that had transactions or balances with the Group during the Track Record Period. +Name of the major related parties Relationship with the Group +Mr. Zhou ..................... Ultimate controller of the Company +Zhongcheng Tianying LP .......... A shareholder of the Company +Zhongzhi Tianying LP ............ A shareholder of the Company +Zhongzheng Tianying LP .......... A shareholder of the Company +Mr. Chen ..................... A shareholder of the Company +APPENDIX I ACCOUNTANTS’ REPORT +– I-50 – + + +--- page 334 --- +The following transactions and balances were carried out between the Group and its related +parties during the Track Record Period. In the opinion of the directors of the Company, the related +party transactions were carried out in the normal course of business and at terms negotiated between the +Group and the respective related parties. In addition to those disclosed elsewhere in the Historical +Financial Information, the Group has the following transactions with related parties: +(b) Material Transactions and Balance with Related Parties +Prepayments and other receivables +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Zhongzheng Tianying LP ............... 41 41 — +Zhongcheng Tianying LP ............... 5—— +Zhongzhi Tianying LP ................. 22 22 — +Mr. Zhou ........................... 2,628 — — +2,696 63 — +Less: credit loss allowance .............. (146) (25) — +2,550 38 — +All the balances with the related parties were related to financing activities which were non-trade +in nature, unsecured and fully settled as of June 2025. +Guarantee +As at 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Guarantor +Mr. Zhou ........................... — 19,500 113,990 +The aforesaid guarantee will be released upon listing. +(c) Key Management Compensation +Compensation of the key management personnel of the Group, including amounts paid to the +Company’s directors and supervisors as disclosed in Note 10(a), was as follows: +Y ear ended 31 December +2023 2024 2025 +RMB’000 RMB’000 RMB’000 +Salaries, wages and bonuses ............. 4,148 4,156 6,966 +Share-based compensation expenses ........ 3 3 2,656 +Pension costs, housing fund, medical +insurance and other social benefits ....... 84 96 138 +4,235 4,255 9,760 +APPENDIX I ACCOUNTANTS’ REPORT +– I-51 – + + +--- page 335 --- +(d) Redemption rights of the Pre-IPO Investors and the New Pre-IPO Investors granted by Mr. +Zhou, Mr. Chen and the Controlling Shareholders as defined in Prospectus +Prior to the Track Record Periods, the Pre-IPO Investors and the New Pre-IPO Investors had been +granted the redemption rights by Mr. Zhou, Mr. Chen and the Controlling Shareholders (i). There are no +side arrangements between the Company, the Pre-IPO Investors and the New Pre-IPO Investors or +between the Company and Mr. Zhou, Mr. Chen and the Controlling Shareholders regarding redemption +rights. Pursuant to supplemental agreements entered into by the Company, the Pre-IPO Investors, the +New Pre-IPO Investors and Mr. Zhou, Mr. Chen and the Controlling Shareholders in July 2025, the +redemption rights granted by Mr. Zhou, Mr. Chen and the Controlling Shareholders were terminated +prior to the submission of the listing application to the Stock Exchange. +The Company has not provided any form of guarantee in connection with any potential default or +failure of Mr. Zhou, Mr. Chen and the Controlling Shareholders to fulfil their obligations relating to the +redemption rights. Accordingly, no financial liability regarding redemption rights granted by Mr. Zhou, +Mr. Chen and the Controlling Shareholders was recorded by the Company during the Track Record +Periods. +(i) The controlling shareholders contain Zhongcheng Tianying LP, Zhongzheng Tianying LP and Zhongzhi Tianying LP. +34. EVENTS AFTER THE REPORTING PERIOD +Up to the date of this report, the Group had no significant subsequent events after 31 December +2025. +35. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION +(1) Basis of Consolidation +The Historical Financial Information incorporate the financial statements of the Company and +entities controlled by the Company and its subsidiaries. Control is achieved when the Company: + has power over the investee; + is exposed, or has rights, to variable returns from its involvement with the investee; and + has the ability to use its power to affect its returns. +The Group reassesses whether or not it controls an investee if facts and circumstances indicate +that there are changes to one or more of the three elements of control listed above. +Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and +ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a +subsidiary acquired or disposed of during the year are included in the consolidated statement of profit +or loss and other comprehensive income from the date the Group gains control until the date when the +Group ceases to control the subsidiary. +Profit or loss and each component of other comprehensive income are attributed to the owners of +the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is +attributed to the owners of the Company and to the non-controlling interests even if this results in the +non-controlling interests having a deficit balance. +APPENDIX I ACCOUNTANTS’ REPORT +– I-52 – + + +--- page 336 --- +When necessary, adjustments are made to the financial statements of subsidiaries to bring their +accounting policies into line with the Group’s accounting policies. +All intragroup assets and liabilities, equity, income, expenses and cash flows relating to +transactions between members of the Group are eliminated in full on consolidation. +Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, +which represent present ownership interests entitling their holders to a proportionate share of net assets +of the relevant subsidiaries upon liquidation. +(2) Separate Financial Statements +Investments in subsidiaries are accounted for at cost less impairment loss. Cost includes direct +attributable costs of investments. The results of subsidiaries are accounted for by the Company on the +basis of dividend received and receivable. +Impairment test of the investments in subsidiaries is required upon receiving a dividend from +these investments if the dividend exceeds the total comprehensive income of the subsidiary in the +period when the dividend is declared or if the carrying amount of the investment in the separate +financial statements exceeds the carrying amount of the investee’s net assets including goodwill. +(3) Foreign Currencies +(i) Functional and Presentation Currency +Items included in the financial statements of each of the Group’s entities are measured using the +currency of the primary economic environment in which the entity operates (“ the functional +currency ”). Since the majority of the assets and operations of the Group are located in the PRC, the +Historical Financial Information are presented in RMB, which is also the Company’s functional and the +Group’s presentation currency. +(ii) Transactions and Balances +Foreign currency transactions are translated into the functional currency using the exchange rates +at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such +transactions and from the translation of monetary assets and liabilities denominated in foreign +currencies at year end exchange rates are generally recognised in profit or loss. They are deferred in +equity if they relate to qualifying cash flow hedges. +Foreign exchange gains and losses that relate to borrowings are presented in the consolidated +statements of profit or loss and other comprehensive income, within finance costs. All other foreign +exchange gains and losses are presented in the consolidated statements of profit or loss and other +comprehensive income on a net basis within other (losses)/gains, net. +(4) Property, Plant and Equipment +Property, plant and equipment are tangible assets that are held for use in the production or supply +of goods or services, or for administrative purposes, are stated at cost less accumulated depreciation +and impairment losses, if any. The cost of an item of property, plant and equipment comprises its +purchase price and any directly attributable costs of bringing the asset to its working condition and +location for its intended use. +APPENDIX I ACCOUNTANTS’ REPORT +– I-53 – + + +--- page 337 --- +Expenditure incurred after items of property, plant and equipment have been put into operation, +such as repairs and maintenance, is normally charged to the statement of profit or loss and other +comprehensive income in the period in which it is incurred. In situations where the recognition criteria +are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as +a replacement. Where significant parts of property, plant and equipment are required to be replaced at +intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates +them accordingly. +Where parts of an item of property, plant and equipment have different useful lives, the cost of +that item is allocated on a reasonable basis among the parts and each part is depreciated separately. +Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at +least at each financial year end. +An item of property, plant and equipment including any significant part initially recognised is +derecognised upon disposal or when no future economic benefits are expected from its use or disposal. +Any gain or loss on disposal or retirement recognised in the statement of profit or loss and other +comprehensive income in the year when the asset is derecognised is the difference between the net sales +proceeds and the carrying amount of the relevant asset. +(5) Intangible Assets +Software and system +Intangible assets included software and system. They are initially recognised and measured at +cost. The Group amortises these intangible assets with a limited useful life using the straight-line +method over 3-10 years. +When determining the length of useful lives of these intangible assets, management take into +account the (i) estimated period during which such assets can bring economic benefits to the Group; +and (ii) the useful life estimated by comparable companies in the market. +Research and Development Costs +All research costs are charged to profit or loss as incurred. +Expenditure incurred to develop new products is capitalised only when the Group can demonstrate +the technical feasibility of completing intangible assets so that it will be available for use or sale, its +intention to complete and its ability to use or sell the asset, how the assets will generate future +economic benefits, the availability of resources to complete the project and the ability to measure +reliably the expenditure during the development. Product development expenditure which does not meet +these criteria is expensed when incurred. +(6) Impairment of Non-Financial Assets +Intangible assets that have an indefinite useful life or are not yet available for use are not subject +to amortisation and are tested annually for impairment, or more frequently if events or changes in +circumstances indicate that they might be impaired. Other assets are reviewed for impairment whenever +events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An +impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its +recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal +and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for +APPENDIX I ACCOUNTANTS’ REPORT +– I-54 – + + +--- page 338 --- +which there are separately identifiable cash flows (cash-generating units). Non-financial assets other +than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each +reporting date. +(7) Cash and Cash Equivalents +For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise +cash on hand and demand deposits, and short term highly liquid investments that are readily convertible +into known amounts of cash, which are subject to an insignificant risk of changes in value, and have a +short maturity of generally within three months when acquired. +(8) Investments and Other Financial Assets +(i) Classification +The Group classifies its financial assets in the following measurement categories: + those to be measured subsequently at fair value (either through other comprehensive income, +or through profit or loss), and + those to be measured at amortised cost. +The classification depends on the entity’s business model for managing the financial assets and +the contractual terms of the cash flows. +For assets measured at fair value through profit and loss (“ FVTPL ”), gains and losses will be +recorded in profit or loss. +(ii) Recognition and Derecognition +Regular way purchases and sales of financial assets are recognised on trade-date, the date on +which the Group commits to purchase or sell the asset. Financial assets are derecognised when the +rights to receive cash flows from the financial assets have expired or have been transferred and the +Group has transferred substantially all the risks and rewards of ownership. +(iii) Measurement +At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a +financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the +financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. +Debt instruments +Subsequent measurement of debt instruments depends on the Group’s business model for +managing the asset and the cash flow characteristics of the asset. There are three measurement +categories into which the Group classifies its debt instruments: + Amortised cost: Assets that are held for collection of contractual cash flows, where those +cash flows represent solely payments of principal and interest, are measured at amortised +cost. Interest income from these financial assets is included in finance income using the +effective interest rate method. Any gain or loss arising on derecognition is recognised +APPENDIX I ACCOUNTANTS’ REPORT +– I-55 – + + +--- page 339 --- +directly in profit or loss and presented in other gains/(losses), net together with foreign +exchange gains and losses. Impairment losses are presented as separate line item in the +statement of profit or loss and other comprehensive income. + FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at +FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is +recognised in profit or loss and presented net within other gains/(losses), net in the period in +which it arises. + FVOCI: Assets that are held for collection of contractual cash flows and for selling the +financial assets, where the assets’ cash flows represent solely payments of principal and +interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, +except for the recognition of impairment gains or losses, interest income and foreign +exchange gains and losses which are recognised in profit or loss. When the financial asset is +derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from +equity to profit or loss and recognised in other gains/(losses). Interest income from these +financial assets is included in finance income using the effective interest rate method. +Foreign exchange gains and losses are presented in other gains/(losses) and impairment +expenses are presented as a separate line item in the statement of profit or loss. +Equity instruments +The Group subsequently measures all equity investments at fair value. Where the Group’s +management has elected to present fair value gains and losses on equity investments in other +comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or +loss following the derecognition of the investment. Dividends from such investments continue to be +recognised in profit or loss as other income when the Group’s right to receive payments is established. +Changes in the fair value of financial assets at fair value through profit or loss are recognised in +the consolidated statements of comprehensive income. Impairment losses (and reversal of impairment +losses) on equity investments measured at FVOCI are not reported separately from other changes in fair +value. +(iv) Impairment of Financial Assets +The Group recognises an allowance for expected credit losses (“ ECLs”) for all debt instruments +not held at fair value through profit or loss. ECLs are based on the difference between the contractual +cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, +discounted at an approximation of the original effective interest rate. The expected cash flows will +include cash flows from the sale of collateral held or other credit enhancements that are integral to the +contractual terms. For details, please see credit risks in Note 3.2. +(9) Offsetting Financial Instruments +Financial assets and liabilities are offset and the net amount is reported in the balance sheet where +the Group currently has a legally enforceable right to offset the recognised amounts, and there is an +intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Group +has also entered into arrangements that do not meet the criteria for offsetting but still allow for the +related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a +contract. +APPENDIX I ACCOUNTANTS’ REPORT +– I-56 – + + +--- page 340 --- +(10) Contract Fulfilment Costs +The Group recognises the contract fulfilment costs from the costs incurred to fulfil a contract only +if those costs meet all of the following criteria: + the costs relate directly to a contract or to an anticipated contract that the entity can +specifically identify; + the costs generate or enhance resources of the entity that will be used in satisfying (or in +continuing to satisfy) performance obligations in the future; and + the costs are expected to be recovered. +The contract fulfilment costs recognised shall be amortised to profit or loss on a systematic basis +that is consistent with the transfer to the customer of the services to which the asset relates. +The Group recognises an impairment loss in profit or loss to the extent that the carrying amount +of contract fulfilment cost recognised exceeds: + the remaining amount of consideration that the entity expects to receive in exchange for the +services to which the asset relates; less + the costs that relate directly to providing those services and that have not been recognised as +expenses. +(11) Inventories +Raw materials, work in progress and finished goods are stated at the lower of cost and net +realisable value. Costs of inventories are determined on the month-end weighted average method. Cost +comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead +expenditure, the latter being allocated on the basis of normal operating capacity. Cost includes the +reclassification from equity of any gains or losses on qualifying cash flow hedges relating to purchases +of raw material but excludes borrowing costs. Costs of purchased inventory are determined after +deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary +course of business less the estimated costs of completion and the estimated costs necessary to make the +sale. +(12) Paid-in Capital/Share Capital and Reserve +Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new +shares are shown in equity as a deduction, net of tax, from the proceeds. +Where any group company purchases the Company’s equity instruments, for example as the result +of a share buy-back or a share-based payment plan, the consideration paid, including any directly +attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners +of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary +shares are subsequently reissued, any consideration received, net of any directly attributable +incremental transaction costs and the related income tax effects, is included in equity attributable to the +owners of the Company. +APPENDIX I ACCOUNTANTS’ REPORT +– I-57 – + + +--- page 341 --- +(13) Trade and Other Payables +These amounts represent liabilities for goods and services provided to the Group prior to the end +of financial period which are unpaid. Trade and other payables are presented as current liabilities unless +payment is not due within 12 months after the reporting period. They are recognised initially at fair +value and subsequently measured at amortised cost using the effective interest method. +(14) Borrowings +Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are +subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) +and the redemption amount is recognised in profit or loss over the period of the borrowings using the +effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction +costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In +this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is +probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for +liquidity services and amortised over the period of the facility to which it relates. +Borrowings are derecognised when the obligation specified in the contract is discharged, cancelled +or expired. The difference between the carrying amount of a financial liability that has been +extinguished or transferred to another party and the consideration paid, including any non-cash assets +transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. +Where the terms of a financial liability are renegotiated and the entity issues equity instruments to +a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in +profit or loss, which is measured as the difference between the carrying amount of the financial liability +and the fair value of the equity instruments issued. +Borrowings are classified as current liabilities unless the Group has an unconditional right to defer +settlement of the liability for at least 12 months after the reporting period. +Covenants that the Group is required to comply with, on or before the end of reporting period, are +considered in classifying loan arrangements with covenants as current or non-current. Covenants that +the Group is required to comply with after the reporting period do not affect the classification at the +reporting date. +(15) Provisions +Provisions for legal claims, service warranties and make good obligations are recognised when the +Group has a present legal or constructive obligation as a result of past events, it is probable that an +outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. +Provisions are not recognised for future operating losses. +Where there are a number of similar obligations, the likelihood that an outflow will be required in +settlement is determined by considering the class of obligations as a whole. A provision is recognised +even if the likelihood of an outflow with respect to any one item included in the same class of +obligations may be small. +Provisions are measured at the present value of management’s best estimate of the expenditure +required to settle the present obligation at the end of the reporting period. The discount rate used to +determine the present value is a pre-tax rate that reflects current market assessments of the time value +of money and the risks specific to the liability. The increase in the provision due to the passage of time +is recognised as interest expense. +APPENDIX I ACCOUNTANTS’ REPORT +– I-58 – + + +--- page 342 --- +(16) Employee Benefits +(i) Short-Term Obligations +Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating +sick leave that are expected to be settled wholly within 12 months after the end of the period in which +the employees render the related service are recognised in respect of employees’ services up to the end +of the reporting period and are measured at the amounts expected to be paid when the liabilities are +settled. The liabilities are presented as current employee benefit obligations in the statement of +financial position. +(ii) Housing Funds, Medical Insurances and Other Social Insurances +Employees of the Group in the PRC are entitled to participate in various government-supervised +housing funds, medical insurance and other employee social insurance plan. The Group contributes on a +monthly basis to these funds based on certain percentages of the salaries of the employees, subject to +certain ceiling. The Group’s liability in respect of these funds is limited to the contributions payable in +each year. Contributions to the housing funds, medical insurances and other social insurances are +expensed as incurred. +(iii) Post-Employment Benefits +The Group classifies post-employment benefit plans as either defined contribution plans or +defined benefit plans. Defined contribution plans are post-employment benefit plans under which the +Group pays fixed contributions into a separate fund and will have no obligation to pay further +contributions; and defined benefit plans are post-employment benefit plans other than defined +contribution plans. During the reporting period, the Group’s defined contribution plans mainly include +basic pensions and unemployment insurance. +(iv) Basic Pensions +The Group’s employees participate in the basic pension plan set up and administered by local +authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on the +basic pensions are calculated according to prescribed bases and percentage by the relevant local +authorities. When employees retire, the relevant local authorities are obliged to pay the basic pensions +to them. The amounts based on the above calculations are recognised as liabilities in the accounting +period in which the service has been rendered by the employees, with a corresponding charge to the +profit or loss for the current period or the cost of relevant assets. +(17) Share-Based Payments +Share-based payments can be distinguished into equity-settled share-based payments and +cash-settled share-based payments. Equity-settled share-based payments are transactions of the Group +settled through the payment of shares or other equity instruments in consideration for receiving +services. +Equity-settled share-based payments made in exchange for services rendered by employees are +measured at the fair value of equity instruments granted to employees. Instruments which are vested +immediately upon the grant are charged to relevant costs or expenses at the fair value on the date of +grant and the capital reserve is credited accordingly. Instruments of which vesting is conditional upon +completion of services or fulfilment of performance conditions are measured by recognising services +APPENDIX I ACCOUNTANTS’ REPORT +– I-59 – + + +--- page 343 --- +rendered during the period in relevant costs or expenses and crediting the capital reserve accordingly at +the fair value on the date of grant according to the best estimates conducted by the Group at each date +of the end of the reporting period during the pending period. For details see Note 29. +No expense is recognised for awards that do not ultimately vest due to non-fulfilment of +non-market conditions and/or vesting conditions. For the market or non-vesting condition under the +share-based payments agreement, it should be treated as vesting irrespective of whether or not the +market or non-vesting condition is satisfied, provided that other performance condition and/or vesting +conditions are satisfied. +Where the terms of an equity-settled share-based payment are modified, as a minimum, services +obtained are recognised as if the terms had not been modified. In addition, an expense is recognised for +any modification which increases the total fair value of the instrument granted or is otherwise +beneficial to the employee as measured at the date of modification. +(18) Dividend Distribution +Dividend distribution to the shareholders is recognised as a liability in the Group’s financial +statement in the period in which the dividends are approved by the entities’ shareholders or directors, +where appropriate. +(19) Interest Income +Interest income on financial assets at amortised cost and financial assets at FVOCI calculated +using the effective interest method is recognised in profit or loss as part of other income. +Interest income from financial instruments is calculated by effective interest method and +recognised in profit or loss for the current period. Interest income comprises premiums or discounts, or +the amortisation based on effective rates of other difference between the initial carrying amount and the +due amount of interest-earning assets. +The effective interest method is a method of calculating the amortised cost of a financial asset or +liability and the interest income or interest costs based on effective rates. The effective interest rate is +the rate at which the estimated future cash flows during the period of expected duration of the financial +instruments or applicable shorter period are discounted to the current carrying amount of the financial +instruments. When calculating the effective interest rate, the Group estimates cash flows by considering +all contractual terms of the financial instrument (e.g., early repayment options, similar options, etc.), +but without considering future credit losses. The calculation includes all fees and interest paid or +received that are an integral part of the effective interest rate, transaction costs, and all other premiums +or discounts. +Interest income from impaired financial assets is calculated at the interest rate that is used for +discounting estimated future cash flow when measuring the impairment loss. +(20) Dividend Income +Dividend income is recognised when the right to receive dividend payment is established. +APPENDIX I ACCOUNTANTS’ REPORT +– I-60 – + + +--- page 344 --- +(21) Earnings Per Share +Basic earnings per share +Basic earnings per share is calculated by dividing: + the profit attributable to owners of the Company, excluding any costs of servicing equity +other than ordinary shares; + by the weighted average number of ordinary shares outstanding during the financial year, +adjusted for bonus elements in ordinary shares issued during the year and excluding treasury +shares. +Diluted earnings per share +Diluted earnings per share adjusts the figures used in the determination of basic earnings per share +to take into account: + the after-income tax effect of interest and other financing costs associated with dilutive +potential ordinary shares, and + the weighted average number of additional ordinary shares that would have been outstanding +assuming the conversion of all dilutive potential ordinary shares. +(22) Government Grant +Government grants relating to costs are deferred and recognised in profit or loss over the period +necessary to match them with the costs that they are intended to compensate. +Government grants relating to the purchase of property, plant and equipment are included in +non-current liabilities as deferred income and they are credited to profit or loss on a straight-line basis +over the expected lives of the related assets. +(23) Current and Deferred Income Tax +The income tax expense or credit for the period is the tax payable on the current period’s taxable +income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred +tax assets and liabilities attributable to temporary differences and to unused tax losses. +(i) Current Income Tax +The current income tax charge is calculated on the basis of the tax laws enacted or substantively +enacted at the end of the reporting period in the countries where the Company and its subsidiaries and +associates operate and generate taxable income. Management periodically evaluates positions taken in +tax returns with respect to situations in which applicable tax regulation is subject to interpretation and +considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The +Group measures its tax balances either based on the most likely amount or the expected value, +depending on which method provides a better prediction of the resolution of the uncertainty. +APPENDIX I ACCOUNTANTS’ REPORT +– I-61 – + + +--- page 345 --- +(ii) Deferred Income Tax +Deferred income tax is provided in full, using the liability method, on temporary differences +arising between the tax bases of assets and liabilities and their carrying amounts in the Historical +Financial Information. However, deferred tax liabilities are not recognised if they arise from the initial +recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial +recognition of an asset or liability in a transaction other than a business combination that at the time of +the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal +taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and +laws) that have been enacted or substantively enacted by the end of the reporting period and are +expected to apply when the related deferred income tax asset is realised or the deferred income tax +liability is settled. +Deferred tax assets are recognised only if it is probable that future taxable amounts will be +available to utilise those temporary differences and losses. +Deferred tax liabilities and assets are not recognised for temporary differences between the +carrying amount and tax bases of investments in foreign operations where the Company is able to +control the timing of the reversal of the temporary differences and it is probable that the differences +will not reverse in the foreseeable future. +Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset +current tax assets and liabilities and where the deferred tax balances relate to the same taxation +authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right +to offset and intends either to settle on a net basis, or to realise the asset and settle the liability +simultaneously. +Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items +recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised +in other comprehensive income or directly in equity, respectively. +For the purposes of measuring deferred tax for leasing transactions in which the Group recognises +the right-of-use assets and the related lease liabilities, the Group first determines whether the tax +deductions are attributable to the right-of-use assets or the lease liabilities. +For leasing transactions in which the tax deductions are attributable to the lease liabilities, the +Group applies IAS 12 Income Taxes requirements to right-of-use assets and lease liabilities separately. +Temporary differences on initial recognition of the relevant right-of-use assets and lease liabilities are +not recognised due to application of the initial recognition exemption. Temporary differences arising +from subsequent revision to the carrying amounts of right-of-use assets and lease liabilities, resulting +from remeasurement of lease liabilities and lease modification, that are not subject to initial recognition +exemption are recognised on the date of remeasurement or modification. +Current and deferred tax are recognised in profit or loss, except when they relate to items that are +recognised in other comprehensive income or directly in equity, in which case, the current and deferred +tax are also recognised in other comprehensive income or directly in equity respectively. Where current +tax or deferred tax arises from the initial accounting for a business combination, the tax effect is +included in the accounting for the business combination. +In assessing any uncertainty over income tax treatments, the Group considers whether it is +probable that the relevant tax authority will accept the uncertain tax treatment used, or proposed to be +use by individual group entities in their income tax filings. If it is probable, the current and deferred +APPENDIX I ACCOUNTANTS’ REPORT +– I-62 – + + +--- page 346 --- +taxes are determined consistently with the tax treatment in the income tax filings. If it is not probable +that the relevant taxation authority will accept an uncertain tax treatment, the effect of each uncertainty +is reflected by using either the most likely amount or the expected value. +(24) Leases +A contract is, or contains, a lease if the contract conveys the right to control the use of an +identified asset for a period of time in exchange for consideration. +For contracts entered into or modified on or after the date of initial application or arising from +business combinations, the Group assesses whether a contract is or contains a lease based on the +definition under IFRS 16 at inception or modification date. Such contract will not be reassessed unless +the terms and conditions of the contract are subsequently changed. +As a practical expedient, leases with similar characteristics are accounted on a portfolio basis +when the Group reasonably expects that the effects on the financial statements would not differ +materially from individual leases within the portfolio. +Short-Term Leases and Leases of Low-V alue Assets +The Group applies the short-term lease recognition exemption to leases that have a lease term of +12 months or less from the commencement date and do not contain a purchase option. It also applies +the recognition exemption for lease of low-value assets. Lease payments on short-term leases and leases +of low-value assets are recognised as expense on a straight-line basis over the lease term. +Right-of-Use Assets +The cost of right-of-use asset includes: + the amount of the initial measurement of the lease liability; + any lease payments made at or before the commencement date, less any lease incentives +received; + any initial direct costs incurred by the Group; and + an estimate of costs to be incurred by the Group in dismantling and removing the underlying +assets, restoring the site on which it is located or restoring the underlying asset to the +condition required by the terms and conditions of the lease. +Right-of-use assets are measured at cost, less any accumulated depreciation and impairment +losses, and adjusted for any remeasurement of lease. +Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying +leased assets at the end of the lease term are depreciated from commencement date to the end of the +useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its +estimated useful life and the lease term. +The Group presents right-of-use assets as a separate line item on the consolidated statement of +financial position. +APPENDIX I ACCOUNTANTS’ REPORT +– I-63 – + + +--- page 347 --- +For payments of a property interest which includes both leasehold land and building elements, the +entire property is presented as property, plant and equipment of the Group when the payments cannot +be allocated reliably between the leasehold land and building elements, except for those that are +classified and accounted for as investment properties. +Land leases are also in the scope of IFRS 16. The Group recognises any prepaid premium for +leasehold lands as right-of-use assets which are depreciated over the relevant lease terms. +Refundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. +Adjustments to fair value at initial recognition are considered as additional lease payments and included +in the cost of right-of-use assets. +Lease Liabilities +At the commencement date of a lease, the Group recognises and measures the lease liability at the +present value of lease payments that are unpaid at that date. In calculating the present value of lease +payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest +rate implicit in the lease is not readily determinable. The lease payments are discounted using the +interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case +for leases of the Group, the lessee’s incremental borrowing rate is used, being the rate that the +individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to +the right-of-use asset in a similar economic environment with similar terms, security and conditions. +Assets and liabilities arising from a lease are initially measured on a present value basis. Lease +liabilities include the net present value of the following lease payments: + fixed payments (including in-substance fixed payments), less any lease incentives receivable; + variable lease payments that are based on an index or a rate, initially measured using the +index or rate as at the commencement date; + amounts expected to be payable by the Group under residual value guarantees; + the exercise price of a purchase option if the Group is reasonably certain to exercise that +option; + payments of penalties for terminating the lease, if the lease term reflects the Group +exercising that option; and + lease payments to be made under reasonably certain extension options are also included in +the measurement of lease liabilities. +After the commencement date, lease liabilities are adjusted by interest accretion and lease +payments. +The Group presents lease liabilities as a separate line item in the consolidated statement of +financial position. +III SUBSEQUENT FINANCIAL STATEMENTS +No audited financial statements have been prepared by the Company or any of the companies now +comprising the Group in respect of any period subsequent to 31 December 2025 and up to the date of +this report. No dividend or distribution has been declared or made by the Company or any of the +companies now comprising the Group in respect of any period subsequent to 31 December 2025. +APPENDIX I ACCOUNTANTS’ REPORT +– I-64 – + + +--- page 348 --- +The information set out in this Appendix does not form part of the Accountants’ Report on the +historical information of the Group for the years ended 31 December 2023, 2024 and 2025 (the “ Track +Record Period ”) (the “ Accountants’ report ”) from Confucius International CP A Limited, Hong Kong, +the reporting accountant of the Company as set out in Appendix I in this prospectus, and is included +herein for illustrative purposes only. +The unaudited pro forma financial information should be read in conjunction with the section +headed “Financial Information” in this prospectus and the Accountants’ Report set out in Appendix I to +this prospectus. +A. UNAUDITED PRO FORMA ADJUSTED CONSOLIDATED NET TANGIBLE ASSETS +The following is the unaudited pro forma statement of adjusted consolidated net tangible assets of +the Group as at 31 December 2025 (the “Unaudited Pro Forma Financial Information”) which has been +prepared by the Directors in accordance with Rule 4.29 of the Listing Rules to illustrate the effects of +the Global Offering as if it had taken place on 31 December 2025 and based on the audited +consolidated net tangible assets of the Group attributable to the owners of the Company as at 31 +December 2025. +The Unaudited Pro Forma Financial Information is prepared for illustrative purpose only, and +because of its hypothetical nature, it may not give a true picture of the consolidated net tangible assets +of the Group attributable to the owners of the Company immediately after completion of the Global +Offering or any future date after completion of the Global Offering. +Audited +consolidated net +tangible assets +of the Group +attributable to +owners of the +Company as at +31 December +2025 +Estimated net +proceeds from +the Global +Offering +Unaudited pro +forma adjusted +consolidated net +tangible assets +attributable to +the owners of +the Company as +at 31 December +2025 +Unaudited pro forma adjusted +consolidated net tangible assets +per Share as at +31 December 2025 +(Note 1) (Note 2) (Note 3) (Note 4) +RMB’000 RMB’000 RMB’000 RMB HK$ +Based on an Offer Price +of HK$7.20 per share . 251,223 484,397 735,620 0.95 1.09 +Notes: +(1) The audited consolidated net tangible assets of the Group attributable to the owners of the Company as at 3 1 December +2025 is extracted from the Accountants’ Report set out in Appendix I to this document, which is based on the audited +consolidated net assets of the Group attributable to the owners of the Company as at 31 December 2025 of +RMB362,196,000 with adjustments for the intangible assets of RMB110,973,000 attributable to the owners of the +Company. +(2) The estimated net proceeds from the Global Offering are based on 85,162,500 Shares at the indicative Offer Price of +HK$7.20 per share, after deduction of the underwriting fees and other related expenses payable by the Company +(excluding listing expenses of RMB17,426,000 which have been accounted for in the consolidated statements of profit or +loss prior to 31 December 2025) and takes no account of any Shares which may be issued or repurchased by the Company. +(3) The unaudited pro forma adjusted consolidated net tangible assets per Share is arrived at after the adjustments referred to +in the preceding paragraphs and on the basis that 774,208,420 Shares were in issue assuming that the Global Offering and +Share Subdivision have been completed on 31 December 2025 but takes no account of any Shares which may be issued or +repurchased by the Company. +(4) For the purpose of this unaudited pro forma adjusted consolidated net tangible assets per Share, the amounts stated in +Hong Kong dollars are converted into Renminbi at the rate of RMB1.00 to HK$1.1496. No representation is made that +Hong Kong dollars has been, could have been or may be converted to Renminbi, or vice versa, at that rate. +(5) No adjustment has been made to the unaudited pro forma adjusted net tangible assets of the Group to reflect any trading +results or other transactions of the Group entered into subsequent to 31 December 2025. +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-1 – + + +--- page 349 --- +楁㷗䀋Ṽ匲⢓㔎忻181嘇⣏㚱⣏⹰15㦻1501-1508⭌ +Rooms 1501-8, 15/F., Tai Yau Building, +181 Johnston Road, Wanchai, Hong Kong +暣娙 Tel: (852) 3103 6980 +⁛䛇 Fax: (852) 3104 0170 +暣悝 Email: info@pccpa.hk +INDEPENDENT REPORTING ACCOUNTANTS’ ASSURANCE REPORT ON THE +COMPILATION OF UNAUDITED PRO FORMA FINANCIAL INFORMATION +To the Directors of Shenzhen HQVT Technology Co., LTD. +We have completed our assurance engagement to report on the compilation of unaudited pro forma +financial information of Shenzhen HQVT Technology Co., LTD. (the “ Company ”) and its subsidiaries +(collectively the “ Group ”) by the directors of the Company (the “ Directors ”) for illustrative purposes +only. The unaudited pro forma financial information consists of the unaudited pro forma statement of +adjusted consolidated net tangible assets of the Group as at 31 December 2025 and related notes (the +“Unaudited Pro Forma Financial Information ”) as set out on pages II-1 to II-2 of the Company’s +prospectus dated 11 June 2026, in connection with the proposed initial public offering of the H shares +of the Company (the “ Prospectus ”). The applicable criteria on the basis of which the Directors have +compiled the Unaudited Pro Forma Financial Information are described on pages II-1 to II-2 of the +Prospectus. +The Unaudited Pro Forma Financial Information has been compiled by the Directors to illustrate +the impact of the proposed initial public offering on the Group’s consolidated financial position as at 31 +December 2025 as if the proposed initial public offering had taken place at 31 December 2025. As part +of this process, information about the Group’s consolidated financial position has been extracted by the +Directors from the Group’s financial information for the year ended 31 December 2025, on which an +accountants’ report has been published. +Directors’ Responsibility for the Unaudited Pro Forma Financial Information +The Directors are responsible for compiling the Unaudited Pro Forma Financial Information in +accordance with paragraph 4.29 of the Rules Governing the Listing of Securities on The Stock +Exchange of Hong Kong Limited (the “ Listing Rules ”) and with reference to Accounting Guideline 7, +Preparation of Pro Forma Financial Information for Inclusion in Investment Circulars, (“AG 7 ”) issued +by the Hong Kong Institute of Certified Public Accountants (“ HKICPA”). +Our Independence and Quality Management +We have complied with the independence and other ethical requirements of the Code of Ethics for +Professional Accountants issued by the HKICPA, which is founded on fundamental principles of +integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. +Our firm applies Hong Kong Standard on Quality Management (HKSQM) 1, Quality Management +for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related +Services Engagements , issued by the HKICPA, which requires the firm to design, implement and +operate a system of quality management including policies or procedures regarding compliance with +ethical requirements, professional standards and applicable legal and regulatory requirements. +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-2 – + + +--- page 350 --- +Reporting Accountants’ Responsibilities +Our responsibility is to express an opinion, as required by paragraph 4.29(7) of the Listing Rules, +on the Unaudited Pro Forma Financial Information and to report our opinion to you. We do not accept +any responsibility for any reports previously given by us on any financial information used in the +compilation of the Unaudited Pro Forma Financial Information beyond that owed to those to whom +those reports were addressed by us at the dates of their issue. +We conducted our engagement in accordance with Hong Kong Standard on Assurance +Engagements 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial +Information Included in a Prospectus , issued by the HKICPA. This standard requires that the reporting +accountant plans and performs procedures to obtain reasonable assurance about whether the Directors +have compiled the Unaudited Pro Forma Financial Information in accordance with paragraph 4.29 of +the Listing Rules and with reference to AG 7 issued by the HKICPA. +For purposes of this engagement, we are not responsible for updating or reissuing any reports or +opinions on any historical financial information used in compiling the Unaudited Pro Forma Financial +Information, nor have we, in the course of this engagement, performed an audit or review of the +financial information used in compiling the Unaudited Pro Forma Financial Information. +The purpose of unaudited pro forma financial information included in a prospectus is solely to +illustrate the impact of a significant event or transaction on unadjusted financial information of the +entity as if the event had occurred or the transaction had been undertaken at an earlier date selected for +purposes of the illustration. Accordingly, we do not provide any assurance that the actual outcome of +the proposed initial public offering at 31 December 2025 would have been as presented. +A reasonable assurance engagement to report on whether the unaudited pro forma financial +information has been properly compiled on the basis of the applicable criteria involves performing +procedures to assess whether the applicable criteria used by the Directors in the compilation of the +Unaudited Pro Forma Financial Information provide a reasonable basis for presenting the significant +effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence +about whether: + The related unaudited pro forma adjustments give appropriate effect to those criteria; and + The unaudited pro forma financial information reflects the proper application of those +adjustments to the unadjusted financial information. +The procedures selected depend on the reporting accountant’s judgement, having regard to the +reporting accountant’s understanding of the nature of the Group, the event or transaction in respect of +which the Unaudited Pro Forma Financial Information has been compiled, and other relevant +engagement circumstances. +The engagement also involves evaluating the overall presentation of the Unaudited Pro Forma +Financial Information. +We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for +our opinion. +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-3 – + + +--- page 351 --- +Our work has not been carried out in accordance with auditing standards or other standards and +practices generally accepted in the United States of America or auditing standards of the Public +Company Accounting Oversight Board (United States) or standards and practices of any professional +body in any other overseas jurisdiction and accordingly should not be relied upon as if it had been +carried out in accordance with those standards and practices. +Opinion +In our opinion: +(a) the Unaudited Pro Forma Financial Information has been properly compiled by the Directors +on the basis stated; +(b) such basis is consistent with the accounting policies of the Group; and +(c) the adjustments are appropriate for the purposes of the Unaudited Pro Forma Financial +Information as disclosed pursuant to paragraph 4.29(1) of the Listing Rules. +Confucius International CPA Limited +Certified Public Accountants +Hong Kong, +11 June 2026 +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-4 – + + +--- page 352 --- +TAXATION OF SECURITY HOLDERS +Income tax and capital gains tax of holders of H shares are subject to the laws and practices of the +PRC and of the jurisdictions in which holders of H shares are resident or otherwise subject to tax. The +following summary of certain relevant taxation provisions is based on current laws and practices, has +not taken into account the possible change or amendment to the relevant laws or policies, and does not +constitute any opinion or advice. This Appendix does not deal with all possible tax consequences +relating to an investment in the H shares, nor does it take into account the specific circumstances of +any particular investor, some of which may be subject to special regulation. Accordingly, investors +should consult their own tax adviser regarding the tax consequences of an investment in the H shares. +The discussion is based upon laws and relevant interpretations in effect as of the Latest Practicable +Date, all of which are subject to change or adjustment and may have retrospective effect. +This Appendix does not address any aspects of PRC taxation other than income tax, capital gains +tax and profits tax, sales tax, value-added tax, stamp duty and estate duty. Investors are advised to +consult their financial advisers regarding the PRC and other tax consequences of owning and disposing +of the H shares. +The PRC Taxation +Taxation on Dividends +Individual Investors +Pursuant to the Individual Income Tax Law of the PRC (‘) (the +“IIT Law”) issued by the SCNPC on 10 September 1980, lastly amended on 31 August 2018 and +effective on 1 January 2019, and the Implementation Rules of the Individual Income Tax Law of the +PRC (ૢԷ‘ ) issued by the State Council on 28 January 1994, +lastly amended on 18 December 2018 and effective on 1 January 2019, interest, dividends and bonuses, +as personal income, shall be subject to individual income tax at a proportional tax rate of 20%. For a +foreign natural person who is not a resident of the PRC, the receipt of dividends from an enterprise in +the PRC is normally subject to individual income tax of 20% unless specifically exempted by the tax +authority of the State Council or reduced by relevant tax agreements. +Meanwhile, according to the Notice on Issues Concerning Differentiated Individual Income Tax +Policies on Dividends and Bonus of Listed Companies (݁ +‘) jointly issued by the MOF, the SAT and the CSRC on 7 September 2015 and +effective on 8 September 2015, where an individual holds the shares of a listed company obtained from +the public offering and market transfer, if the holding period is more than one year, the dividends and +bonus income shall be temporarily exempted from individual income tax. Where an individual holds +shares of a listed company from the public offering and market transfer, if the holding period is within +one month (inclusive), the dividend income shall be included in the taxable income in full; if the +holding period is more than one month but less than one year (inclusive), the dividend income shall be +included in the taxable income at the rate of 50%; the aforesaid income shall be subject to individual +income tax at a uniform rate of 20%. +Pursuant to the Arrangement between the Mainland and the Hong Kong Special Administrative +Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to +Taxes on Income (τર‘ ) (the +“Arrangement ”) signed on 21 August 2006 and implemented on 8 December 2006, the PRC +Government may levy taxes on the dividends paid by a PRC company to Hong Kong residents +(including natural persons and legal entities) in an amount not exceeding 10% of total dividends +payable by the PRC company. If a Hong Kong resident directly holds 25% or more of the equity +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-1 – + + +--- page 353 --- +interest in a PRC company, then such tax shall not exceed 5% of total dividends payable by the PRC +company. The Fifth Protocol of the Arrangement between the Mainland of China and the Hong Kong +Special Administrative Region on the Avoidance of Double Taxation and the Prevention of Fiscal +Evasion issued by the State Administration of Taxation (ਜ +‘) (the “ Fifth Protocol of the +Arrangement ”), which came into effect on 6 December 2019, adds a criteria for the qualification of +entitlement to enjoy treaty benefits. Although there may be other provisions under this Arrangement, +the treaty benefits under the criteria shall not be granted in the circumstance where relevant treaty +benefits, after taking into account all relevant facts and conditions, are reasonably deemed to be one of +the main purposes for the arrangement or transactions which will bring any direct or indirect benefits +under this Arrangement, except when the grant of benefits under such circumstance is consistent with +relevant objective and goal under the Arrangement. The application of the dividend clause of tax +agreements is subject to the requirements of PRC tax law and regulation, such as the Notice of the +State Administration of Taxation on the Issues Concerning the Application of the Dividend Clauses of +Tax Agreements (‘ ). +Enterprise Investors +Pursuant to the Enterprise Income Tax Law of the People’s Republic of China (2018 Amendment) +(ج2018͍)‘) (the “ EIT Law ”), lastly amended and implemented by +the SCNPC on 29 December 2018, and the Implementation Rules of the Enterprise Income Tax Law of +the People’s Republic of China (ૢԷ‘ ) (the “ Implementation +Rules ”), issued by the State Council on 6 December 2007, lastly amended on 6 December 2024 and to +be implemented on 20 January 2025, a non-resident enterprise is generally subject to a 10% enterprise +income tax on PRC-sourced income, including dividends received from a PRC resident enterprise that +issues shares in Hong Kong, if a non-resident enterprise either does not have an establishment or place +of business in the PRC, or has an establishment or place of business in the PRC but its PRC-sourced +income is not effectively connected with that establishment or place of business, the aforesaid income +tax payable by the non-resident enterprise shall be withheld at source. The payer shall be the +withholding agent, and the tax shall be withheld by the withholding agent from the payment or due +payment every time it is paid or due. +The Notice of the SAT on the Issues concerning Withholding the Enterprise Income Tax on the +Dividends Paid by Chinese Resident Enterprises to H-share Holders Which Are Overseas Non-resident +Enterprises (͏ΆุΣྤ̮ H੻ +‘) issued and implemented by the SAT on 6 November 2008 further clarified that a +PRC-resident enterprise must withhold enterprise income tax at a flat rate of 10% on the dividends of +2008 and onwards that it distributes to overseas non-resident enterprise shareholders of H Shares. The +SAT Response to Questions on Levying Enterprise Income Tax on Dividends Derived by Non-resident +Enterprises from Holding Stocks such as B Shares (͏Άุ՟੻ Bٰ +ҭᔧ‘) issued and implemented by the SAT on 24 July 2009, further provides +that PRC-resident enterprises listed on Chinese and overseas stock exchanges by issuing stocks (A +shares, B shares and overseas shares) must withhold enterprise income tax at a flat rate of 10% on +dividends of 2008 and onwards that it distributes to non-resident enterprise shareholders. Non-resident +enterprise shareholders shall follow relevant provisions executed by tax agreements where they need to +enjoy the treatment of tax agreements. Pursuant to the Arrangement, the PRC Government may levy +taxes on the dividends paid by a PRC company to Hong Kong residents (including natural persons and +legal entities) in an amount not exceeding 10% of total dividends payable by the PRC company. If a +Hong Kong resident directly holds 25% or more of the equity interest in a PRC company, then such tax +shall not exceed 5% of total dividends payable by the PRC company. +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-2 – + + +--- page 354 --- +The Fifth Protocol of the Arrangement adds a criteria for the qualification of entitlement to enjoy +treaty benefits. Although there may be other provisions under the Arrangement, the treaty benefits +under the criteria shall not be granted in the circumstance where relevant treaty benefits, after taking +into account all relevant facts and conditions, are reasonably deemed to be one of the main purposes for +the arrangement or transactions which will bring any direct or indirect benefits under the Arrangement, +except when the grant of benefits under such circumstance is consistent with relevant objective and +goal under the Arrangement. The application of the dividend clause of tax agreements is subject to the +requirements of PRC tax law and regulation, such as the Notice of the State Administration of Taxation +on the Issues Concerning the Application of the Dividend Clauses of Tax Agreements (೼ਕᐼ҅ +‘ ). +Tax Treaties +Non-Chinese-resident investors who reside in a country that have already signed double taxation +treaties with China or who reside in Hong Kong or Macau may enjoy withholding tax concessions on +dividends received from Chinese companies. Currently, China has signed treaties/arrangements to avoid +double taxation with a number of countries and regions, including Hong Kong, Macau, Australia, +Canada, France, Germany, Japan, Malaysia, the Netherlands, Singapore, the United Kingdom and the +United States. Non-Chinese-resident companies that are entitled to preferential tax rates in accordance +with relevant income tax agreements or arrangements are required to apply to the Chinese tax +authorities for the refund of withholding tax paid in excess of the agreed tax rate, and that the +repayments are subject to approval by the Chinese tax authorities. +Pursuant to the Administrative Measures on Entitlement of Non-resident Taxpayers to Preferential +Treatment under Tax Treaties (‘ ), which was promulgated by the +STA on 14 October 2019 and became effective on 1 January 2020, non-resident taxpayers are entitled to +preferential treatment under the tax treaties through “self-determination, self-declaration and keeping +and documenting relevant information for inspection”. Where a non-resident taxpayer self-assesses and +concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits at the +time of tax declaration or at the time of withholding declaration through a withholding agent, +simultaneously gather and retain the relevant materials pursuant to the regulations for future inspection, +and be subject to subsequent administration by tax authorities. +Taxation on share transfer +V AT and Local Additional Tax +Pursuant to the Notice of Ministry of Finance and State Administration of Taxation on Fully +Implementing the Pilot Reform for the Transition from Business Tax to Value-added Tax (௅ +‘ )( “ Circular 36 ”), which was +implemented on 1 May 2016, entities and individuals engaged in the services sale in the PRC are +subject to V AT and “engaged in the services sale in the PRC” means that the seller or buyer of the +taxable services is located in the PRC. Circular 36 also provides that transfer of financial products, +including transfer of the ownership of marketable securities, shall be subject to V AT at 6% on the +taxable revenue (which is the balance of sales price upon deduction of purchase price), for a +general or a foreign V AT taxpayer. However, individuals who transfer financial products are exempt +from V AT, which is also provided in the Notice of Ministry of Finance and State Administration of +Taxation on Several Tax Exemption Policies for Business Tax on Sale and Purchase of Financial +Commodities by Individuals (݁ +‘) became effective on 1 January 2009. According to these regulations, if the holder is a +non-resident individual, the PRC V AT is exempted from the sale or disposal of H shares; if the +holder is a non-resident enterprise and the H-share buyer is an individual or entity located outside +China, the holder is not necessarily required to pay the PRC V AT, but if the H-share buyer is an +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-3 – + + +--- page 355 --- +individual or entity located in China, the holder may be required to pay the PRC V AT. However, it +is still uncertain whether the non-Chinese resident enterprises are required to pay the PRC V AT for +the disposal of H shares in practice. +At the same time, V AT payers are also required to pay urban maintenance and construction tax, +education surtax and local education surcharge (hereinafter collectively referred to as “ Local +Additional Tax ”), which shall be usually subject to 12% of the value-added tax, business tax and +consumption tax actually paid (if any). +Income tax +Individual Investors +According to the IIT Law and Implementing Rules of the EIT Law, gains realised on the sale of +equity interests in PRC resident enterprises are subject to the individual income tax at a rate of 20%. +Pursuant to the Circular of the MOF and SAT on Declaring that Individual Income Tax Continues +to be Exempted over Income of Individuals from the Transfer of Shares (׵ +‘ ) issued and effective on 30 March 1998 by the +MOF and SAT, from 1 January 1997, income of individuals from transfer of the shares of listed +enterprises continues to be exempted from individual income tax. On 31 December 2009, the MOF, +SAT and the CSRC jointly issued and implemented the Circular on Relevant Issues Concerning the +Collection of Individual Income Tax over the Income Received by Individuals from Transfer of Listed +Shares Subject to Sales Limitation (ஷ +‘), which provides that individuals’ income from individuals’ transfer of shares listed on the +Shanghai Stock Exchange and Shenzhen Stock Exchange shall continue to be exempted from individual +income tax, except for the relevant restricted shares as defined in the Supplementary Circular on +Relevant Issues Concerning the Collection of Individual Income Tax over the Income Received by +Individuals from Transfer of Listed Shares Subject to Sales Limitation (ٰ +‘ ) jointly issued and effective on 10 November 2010 by the +aforesaid three authorities. As of the Latest Practicable Date, the aforesaid provision has not expressly +provided that individual income tax shall be collected from non-PRC resident individuals on the +transfer of shares of PRC resident enterprises listed on overseas stock exchanges. +Enterprise Investors +In accordance with the EIT Law and its implementing regulations, a non-resident enterprise is +generally subject to a 10% enterprise income tax on the income derived from the PRC (including the +gain derived from the sale of equity interests in the PRC resident enterprise), if such non-resident +enterprise does not have an establishment or place in the PRC or has an establishment or place in the +PRC but the PRC-sourced income has no actual connection with the above establishment or premises; +in respect of the aforementioned income tax payable by the non-resident enterprise, the tax shall be +withheld at source, with the payer as the withholding agent, and the tax shall be withheld by the +withholding agent from the amount paid or due payable each time. The tax may be reduced or exempted +under the relevant tax treaty or agreement for the avoidance of double taxation. +Stamp Duty +According to the Stamp Duty Law of the PRC promulgated by the SCNPC on 10 June 2021 and +became effective on 1 July 2022, the PRC stamp duty is applicable to the entities and individuals that +conclude taxable vouchers or conduct securities trading within the territory of the PRC, and the entities +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-4 – + + +--- page 356 --- +and individuals outside the territory of the PRC that conclude taxable vouchers that are for use within +the PRC. Therefore, the stamp duty levied on the transfer of shares of listed companies in the PRC does +not apply to the purchase and disposal of H-shares outside the PRC by non-Chinese investors. +Estate Duty +As of the Latest Practicable Date, no estate duty has been levied by the PRC government under +the PRC laws. +MAJOR TAXATION OF OUR COMPANY IN THE PRC +Enterprise Income Tax +According to the EIT Law and its implementation rules, the enterprise income tax rate shall be +25%. Enterprises are classified into resident and non-resident enterprises. A resident enterprise shall pay +enterprise income tax on its incomes derived from both inside and outside China. The enterprise income +tax rate shall be 25%. For a non-resident enterprise having offices or establishments inside China, it +shall pay enterprise income tax on its incomes derived from China as well as on incomes that it earns +outside China but which has real connection with the said offices or establishments. The enterprise +income tax rate shall be 25%. +According to the Announcement of the Ministry of Finance and the State Administration of +Taxation on Relevant Tax and Fee Policies With Respect to Further Supporting the Development of +Small and Micro Enterprises and Individual Businesses (ʃฆ +ʮѓ‘ ) that was promulgated on 2 August 2023 and +implemented on 1 January 2023, for small and micro-profit enterprises, the taxable income will be +calculated at the reduced rate of 25% and the EIT shall be paid at the tax rate of 20%. The policy will +continue to be implemented until 31 December 2027. +According to the Administrative Measures for Recognition of High and New-Technology +Enterprises (‘) that was promulgated by the Ministry of Science and +Technology of the PRC, the MOF and the SAT on 14 April 2008, amended on 29 January 2016 and +came into effect on 1 January 2016, high- and new-tech enterprises can apply for a preferential +enterprise income tax rate of 15% in accordance with the EIT Law. +Value-added tax +According to the Value-Added Tax Law of the People’s Republic of China (࠽ +جthe “ V AT Law”) promulgated by the SCNPC on 25 December 2024 and became effective on 1 +January 2026, and the Implementation Rules for the Value-Added Tax Law of the PRC ( ʕശɛ͏΍ձ +ૢԷ ) promulgated by the State Council and became effective as of the same date of +the V AT Law, all enterprises and individuals that engage in the sale of goods, the provision +ofprocessing, repair and replacement services, sales of service, intangible assets and real estate and the +importation of goods within the territory of the PRC shall pay value-added tax at the rate of 0%, 6%, +9% and 13% for the different goods it sells and different services it provides, except when specified +otherwise. +Pursuant to the Notice of the Ministry of Finance and the State Administration of Taxation on the +Adjustment to V AT (‘ ) that was promulgated by +the MOF and the SAT on 4 April 2018 and came into effect on 1 May 2018, the applicable tax rate of +V AT has been adjusted, for taxpayers engaging in taxable sales or importation of goods, the previously +applicable V AT rates of 17.0% and 11.0% are adjusted to 16.0% and 10.0%, respectively. +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-5 – + + +--- page 357 --- +Pursuant to the Announcement on Relevant Policies for Deepening the V AT Reform (ଉʷᄣ +ʮѓ‘) that was promulgated by the MOF, the SAT and General Administration of +Customs on 20 March 2019 and implemented on 1 April 2019, V AT rates on sale of goods and +importation of goods were adjusted from 16% and 10% to 13% and 9%, respectively. +According to Circular 36, with the approval of the State Council, the state started to fully +implement the pilot change from business tax to value-added tax on 1 May 2016. All taxpayers of +business tax in construction industry, real estate industry, financial industry and living service industry +have been included in the scope of the pilot and should pay value-added tax instead of business tax. +According to the Implementation Measures for the Pilot Programme of Replacing Business Tax with +V AT issued by the MOF and the SAT on 12 December 2013, and amended on 23 March 2016, 11 July +2017, and 20 March 2019, and implemented on 1 April 2019, the tax rates for taxpayers selling +services, intangible assets, or real estate are 17%, 11%, 6%, and zero, respectively. +In accordance with the Announcement on the Policies on Reduction or Exemption of Value-added +Tax for Small-scale V AT Taxpayers (ʮѓ‘ ) promulgated +and implemented by the MOF and the SAT on 1 August 2023, small-scale V AT taxpayers with monthly +sales of less than RMB100,000 (including this amount) will be exempted from V AT. The +implementation period of the announcement is until 31 December 2027. +FOREIGN EXCHANGE +The lawful currency of the PRC is the Renminbi. The SAFE, under the authority of the PBOC, is +empowered with the functions of administering all matters relating to foreign exchange, including the +implementation of foreign exchange regulations. +According to the Foreign Exchange Administration Regulations of the PRC ( ʕശɛ͏΍ձ਷̮ +ි၍ଣૢԷ‘) promulgated by the State Council on 29 January 1996 and latest amended and +implemented on 5 August 2008, payments of current account items, such as profit distributions, interest +payments and trade and service related foreign exchange transactions, can be freely carried out in +foreign currencies without prior approval from the State Administration of Foreign Exchange, by +complying with certain procedural requirements. By contrast, prior approval or registration with the +State Administration of Foreign Exchange or its local branch is required where Renminbi is to be +converted into foreign currency and remitted out of China to pay capital account items, such as direct +investments, repayment of foreign currency-denominated loans, repatriation of investments and +investments in securities outside of China. +According to the Regulations for the Administration of Settlement, Sale and Payment of Foreign +Exchange (‘), which was promulgated by the PBOC on 20 June 1996 and +implemented on 1 July 1996, it removes other restrictions on convertibility of foreign exchange under +current items, while existing restrictions on foreign exchange transactions under capital account items +were also maintained. +According to the relevant laws and regulations in the PRC, PRC enterprises (including foreign +investment enterprises) which need foreign exchange for current item transactions may, without the +approval of the foreign exchange administrative authorities, effect payment through foreign exchange +accounts opened at the designated foreign exchange bank, on the strength of valid transaction receipts +and proof. Foreign investment enterprises which need foreign exchange for the distribution of profits to +their shareholders and PRC enterprises which, in accordance with regulations, are required to pay +dividends to their shareholders in foreign exchange (such as our Company) may, on the strength of +resolutions of the board of directors or the shareholders’ meeting on the distribution of profits, effect +payment from foreign exchange accounts at the designated foreign exchange bank, or effect exchange +and payment at the designated foreign exchange bank. +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-6 – + + +--- page 358 --- +According to the Notice Further Simplifying and Improving Foreign Exchange Administration +Policies on Direct Investment (ஷ +‘) issued by the SAFE on 13 February 2015 and implemented on 1 June 2015, banks shall, on behalf +of the SAFE, directly examine and handle the foreign exchange registration for domestic direct +investment and foreign exchange registration for overseas direct investment. The SAFE and its branches +shall exercise indirect supervision over the foreign exchange registration of direct investment through +banks. +According to the Decisions on Matters including Cancelling and Adjusting a Batch of +Administrative Approval Items (‘ ) +promulgated and implemented by the State Council on 23 October 2014, it was decided to cancel the +approval requirements of SAFE and its branches on the transfer of overseas raised funds from overseas +listings of foreign shares to onshore RMB accounts and foreign exchange settlement. +According to the Administrative Provisions on Foreign Exchange in Domestic Direct Investment +by Foreign Investors (‘ ), which promulgated on 10 May 2013, +became effective on 13 May 2013, amended on 10 October 2018 and partially abolished on 30 +December 2019, the administration by SAFE or its local branches over direct investment by foreign +investors in the PRC must be conducted by way of registration and banks must process foreign +exchange business relating to the direct investment in the PRC based on the registration information +provided by SAFE and its branches. +According to the Circular of SAFE on Reforming the Management Approach regarding the +Settlement of Foreign Capital of Foreign-invested Enterprise (̮ਠҳ༟ +‘ ) (the “ Circular 19 ”) promulgated on 30 March 2015 and +latest amended and implemented on 23 March 2023 by the SAFE, allows foreign-invested +enterprises to make equity investments by using RMB fund converted from foreign exchange +capital. Pursuant to the Circular 19, the foreign exchange capital in the capital account of +foreign-invested enterprises upon the confirmation of rights and interests of monetary contribution +by the local foreign exchange bureau (or the book-entry registration of monetary contribution by +the banks) can be settled at the banks based on the actual operation needs of the enterprise. The +proportion of discretionary settlement of foreign exchange capital of foreign-invested enterprises is +currently 100%. SAFE can adjust such proportion in due time based on the circumstances of the +international balance of payments. In addition, Circular 19 and the Circular of SAFE on Reforming +and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts ( ਷ +‘ ) (the “ Circular 16 ”) promulgated on +9 June 2016 and latest amended and implemented on 4 December 2023 by the SAFE continue to +prohibit foreign-invested enterprises from, among other things, using RMB fund converted from its +foreign exchange capitals for expenditure beyond its business scope or prohibited by national laws +and regulations, investment and financing (except for security investment or guarantee products +issued by banks), providing loans to non-affiliated enterprises (except where explicitly permitted +by the business scope) or constructing or purchasing real estate not for self-use (except real estate +enterprises). The Notice of the SAFE on Further Deepening Reforms and Facilitating Cross-Border +Trade and Investment (ஷ +‘)(Hui Fa [2023] No. 28) promulgated on 4 December 2023 by SAFE, which further updates +Circular 16, provides that the use of capital funds of non-financial enterprises, foreign exchange +income under foreign debt and RMB funds derived from foreign exchange settlement shall follow +the principle of truthfulness and self-use, (i) shall not be used directly or indirectly for +expenditures prohibited by national laws and regulations; (ii) unless otherwise expressly provided, +it shall not be used directly or indirectly for investment in securities or other investment and +wealth management (except for wealth management products and structured deposits with risk +ratings of not higher than Level 2); (iii) shall not be used for the issuance of loans to non-affiliated +enterprises (except for those expressly permitted in the scope of business and the four specific +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-7 – + + +--- page 359 --- +areas of China, namely, the Lingang New Area of China (Shanghai) Pilot Free Trade Zone, the +Nansha New Area of Guangzhou in China (Guangdong) Pilot Free Trade Zone, the Yangpu +Economic Development Zone of China (Hainan) Pilot Free Trade Port, and the Beilun District of +Ningbo City, Zhejiang Province) i(iv) shall not be used for the purchase of non-self-use residential +properties (except for enterprises engaged in real estate development and operation and real estate +leasing and operation). +The Notice of the SAFE on Further Facilitating Cross-Border Trade and Investment (̮ි၍ +‘ ) promulgated on 23 October 2019 and latest +amended and implemented on 4 December 2023 by SAFE, removes the restrictions on domestic equity +investment using capital funds by non-investment foreign-invested enterprises. The non-investing +foreign-funded enterprises are permitted to legally make domestic equity investments with their capital +funds under the Negative List (૶ఊ‘) are not violated and domestic invested projects are true +and compliant. +According to the Circular of the State Administration of Foreign Exchange on Optimising Foreign +Exchange Administration to Support the Development of Foreign-Related Businesses (̮ි၍ଣ +‘ ) promulgated and implemented by the SAFE on 10 +April 2020, provided that the use of funds is genuine, compliant and in line with the existing +regulations for the management of the use of income under capital accounts, eligible enterprises will be +allowed to use the income under capital accounts such as capital funds, foreign debt and overseas +listing for domestic payments without having to provide materials proving authenticity to the banks on +a case-by-case basis beforehand. The handling bank shall follow the principle of prudential business +development to manage and control relevant business risks, and conduct random checks on the +facilitation of capital project income payment afterwards in accordance with relevant requirements. +According to the Notice of the PBOC and the SAFE on Issues Concerning the Administration of +Capital Management of Domestic Enterprises in Overseas Listing (׵ +ٝwhich was issued by the PBOC and the SAFE on 24 +December 2025 and implemented on 1 April 2026, a domestic enterprise listed overseas shall, within 30 +working days from the first trading day of its overseas listing or upon completion of the over-allotment, +submit the prescribed documents to a bank in its registered province or municipality separately listed +on the State plan to apply for overseas listing registration. Proceeds from overseas listings shall, in +principle, be repatriated to the PRC in a timely manner. If such proceeds are to be retained overseas for +the purpose of overseas direct investment, overseas securities investment, or overseas lending, the +enterprise shall obtain the approval or filing documents from the competent authorities prior to the +completion of the overseas issuance and listing or the completion of the over-allotment and shall +comply with the relevant cross-border capital administration regulations. +According to the Notice of the SAFE on Further Deepening Reforms and Facilitating +Cross-Border Trade and Investment (лʷ +‘) promulgated and implemented by the SAFE on 4 December 2023. The notice cancelled +restrictions on domestic equity investments made with capital funds by non-investing foreign-funded +enterprises. In addition, restrictions on the use of funds for foreign exchange settlement of domestic +accounts for the realisation of assets have been removed and restrictions on the use and foreign +exchange settlement of foreign investors’ security deposits have been relaxed. Eligible enterprises in the +pilot area are also allowed to use revenues under capital accounts, such as capital funds, foreign debts +and overseas listing revenues for domestic payments without providing materials to the bank in advance +for authenticity verification on an item by item basis, while the use of funds should be true, in +compliance with applicable rules and conform to the current capital revenue use management +regulations. +APPENDIX III TAXATION AND FOREIGN EXCHANGE +– III-8 – + + +--- page 360 --- +This Appendix outlines of certain aspects of PRC laws and regulations, which are relevant to the +Company’s operations and business. For Laws and regulations relating to taxation in the PRC, please +see “Appendix III — Taxation and Foreign Exchange” in this document. This Appendix also contains a +summary of laws and regulatory provisions of the Company Law. The primary purpose of this summary +is to outline, for potential investors, the main legal and regulatory provisions applicable to the +Company. This summary does not cover all data that may be important to potential investors. For more +details on laws and regulations which are relevant to the Company’s business, please see the section +headed “Regulatory Overview” in this prospectus. +THE PRC LEGAL SYSTEM +The PRC legal system is based on the PRC Constitution (‘, the +“Constitution ”), and is made up of written laws, administrative regulations, local regulations, +autonomous regulations and separate regulations, rules and regulations of departments of the State +Council, rules and regulations of local governments, special administrative region law and international +treaties and other regulatory documents signed by the PRC government. Court decisions do not +constitute binding precedents, although they are used for the purposes of judicial reference and +guidance. +According to the Constitution and the Legislation Law of the People’s Republic of China ( ʕശ +‘,o rt h e“ Legislation Law ”), which was lastly amended by the NPC on 13 March +2023 and implemented on 15 March 2023, the NPC and the SCNPC are empowered to exercise the +legislative power of the State. The NPC has the power to formulate and amend basic laws involving +criminal and civil matters, state organs and other matters. The SCNPC is empowered to formulate and +amend laws other than those required to be enacted by the NPC and to supplement and amend any parts +of laws enacted by the NPC during the adjournment of the NPC, provided such supplements and +amendments are not in conflict with the basic principles of such laws. +The State Council is the highest organ of state administration and has the power to formulate +administrative regulations based on the Constitution and laws. The people’s congresses of provinces, +autonomous regions and municipalities directly under the Central Government and their respective +standing committees may formulate local regulations based on the specific circumstances and actual +needs of their respective administrative areas, provided that such local regulations do not contravene +any provision of the Constitution, laws or administrative regulations. The people’s congresses of cities +divided into districts and their standing committees may formulate local regulations on matters such as +urban and rural construction and management, environmental protection and historical and cultural +protection based on the specific circumstances and actual needs of such cities, provided that such local +regulations do not contravene any provision of the Constitution, laws, administrative regulations and +local regulations of such provinces or autonomous regions. Where laws have other stipulations on +matters of local regulations formulated by cities divided into districts, such stipulations shall prevail. +The local regulations of cities divided into districts, autonomous prefecture for approval before +implementation. +The standing committees of the people’s congresses of provinces or autonomous regions shall +examine the legality of local regulations submitted for approval, and such approval should be granted +within four months if they are not in conflict with the Constitution, laws, administrative regulations and +local regulations of their respective provinces or autonomous regions. People’s congresses of national +autonomous areas have the power to enact autonomous regulations and separate regulations in the light +of the political, economic and cultural characteristics of the nationality (nationalities) in the areas +concerned. The ministries and commissions of the State Council, PBOC, NAO and institutions with +administrative functions directly under the State Council may formulate rules and regulations within the +jurisdiction of their respective departments based on the laws and the administrative regulations, +decisions and rulings of the State Council. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-1 – + + +--- page 361 --- +The Constitution has supreme legal authority and no laws, administrative regulations, local +regulations, autonomous regulations or separate regulations or rules may contravene the Constitution. +The authority of laws is greater than that of administrative regulations, local regulations and rules. The +authority of administrative regulations is greater than that of local regulations and rules. The authority +of the rules enacted by the people’s governments of the provinces and autonomous regions is greater +than that of the rules enacted by the people’s governments of the cities divided into districts within +their respective administrative regions. +The NPC has the power to alter or annul any inappropriate laws enacted by the SCNPC, and to +annul any autonomous regulations and separate regulations which have been approved by the SCNPC +but which contravene the Constitution and the Legislation Law; the SCNPC has the power to annul +administrative regulations that contravene the Constitution and laws, to annul local regulations that +contravene the Constitution, laws and administrative regulations, and to annul autonomous regulations +and separate regulations which have been approved by the standing committees of the people’s +congresses of the relevant provinces, autonomous regions or municipalities directly under the Central +Government, but which contravene the Constitution and the Legislation Law; the State Council has the +power to alter or annul any inappropriate ministerial rules and rules of local governments; the people’s +congresses of provinces, autonomous regions and municipalities directly under the Central Government +have the power to alter or annul any inappropriate local regulations enacted or approved by their +respective standing committees; the standing committees of the local people’s congresses have the +power to annul inappropriate rules enacted by the people’s governments at the corresponding level; the +people’s governments of provinces and autonomous regions have the power to alter or annul any +inappropriate rules enacted by the people’s governments at a lower level. +According to the Constitution and the Legislation Law, the power to interpret laws belongs to the +SCNPC. According to the Decision of the SCNPC Regarding the Strengthening of Interpretation of +Laws (Ӕᙄ‘ ) passed by the SCNPC on 10 +June 1981 and implemented on the same day, the SCNPC shall give interpretation and make provisions +by means of decrees on issues related to the further clarification or supplement of laws or decrees. The +Supreme People’s Court shall give interpretations on questions involving the specific application of +laws and decrees in court trials. The Supreme People’s Procuratorate shall interpret all issues involving +the specific application of laws and decrees in the procuratorial work. If there are principled differences +in the interpretation of the Supreme People’s Court and the Supreme People’s Procuratorate, they shall +be submitted to the SCNPC for interpretation or decision. Interpretation of questions involving the +specific application of laws and decrees in areas unrelated to judicial and procuratorial work shall be +provided by the State Council and competent authorities. +Where the provisions of local regulations themselves needs to be further defined or additional +stipulations need to be made, the standing committees of the people’s congresses of provinces, +autonomous regions and municipalities directly under the Central Government which have enacted these +regulations shall provide the interpretations or make the stipulations. For matters involving the +interpretation of the specific application of local regulations, the competent departments of the people’s +governments of the provinces, autonomous regions and municipalities directly under the Central +Government shall be responsible. +JUDICIAL SYSTEM OF MAINLAND CHINA +According to the Constitution and the Law of Organisation of the People’s Courts of the PRC +(‘) lastly amended by the SCNPC on 26 October 2018 and +implemented on 1 January 2019, the People’s Court is made up of the Supreme People’s Court, the +local people’s courts, and special people’s courts. The local people’s courts are divided into three +levels, namely the basic people’s courts, the intermediate people’s courts and the higher people’s courts. +The basic people’s courts may set up certain people’s tribunals based on the status of the region, +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-2 – + + +--- page 362 --- +population and cases. The Supreme People’s Court shall be the highest judicial organ of the state. The +Supreme People’s Court shall supervise the administration of justice by the local people’s courts at all +levels and by the special people’s courts. The people’s courts at higher levels shall supervise the +judicial work of the people’s courts at lower levels. +According to the Constitution and the Law of Organisation of the People’s Procuratorate of the +PRC (‘) lastly amended by SCNPC on 26 October 2018 and +implemented on 1 January 2019, the People’s Procuratorate is the law supervision organ of the state. +The Supreme People’s Procuratorate shall be the highest procuratorial organ. The Supreme People’s +Procuratorate shall direct the work of the local people’s procuratorates at all levels and of the special +people’s procuratorates; the people’s procuratorates at higher levels shall direct the work of those at +lower levels. +The people’s courts employ a two-instance trial system, and judgement or rulings of the second +instance at the people’s courts are final. A party may appeal against the judgement or ruling of the first +instance of the local people’s courts. The people’s procuratorate may present a protest to the people’s +courts at the next higher level in accordance with the procedures stipulated by the laws. In the absence +of any appeal by the parties and any protest by the people’s procuratorate within the stipulated period, +the judgements or rulings of the people’s courts become final. Judgements or rulings of the second +instance of the intermediate people’s courts, the higher people’s courts and the Supreme People’s Court +and those of the first instance of the Supreme People’s Court are final. However, if the Supreme +People’s Court or the people’s courts at the next higher level finds any definite errors in a legally +effective final judgement or ruling of the people’s court at a lower level, or if the president of a +people’s court at any level finds any definite errors in a legally effective final judgement or ruling of +such court, the case can be retried according to judicial supervision procedures. +The PRC Civil Procedure Law (‘, the “ Civil Procedure Law ”) +lastly amended by the SCNPC on 1 September 2023 and implemented on 1 January 2024 sets forth the +requirements for instituting a civil action, the jurisdiction of the people’s courts, the procedures to be +followed for conducting a civil action and the procedures for enforcement of a civil judgement or order. +All parties to a civil action conducted within the mainland China must comply with the Civil Procedure +Law. Civil cases are generally heard by the courts where the defendants are located. The court of +jurisdiction in a civil action may be chosen by express agreement between the parties, provided that the +court is located at a place that has direct connection with the dispute, such as the plaintiff’s or the +defendant’s place of domicile, the place where the contract is performed or signed, or the object of the +action is located. However, the choice of the court cannot conflict with the regulations of differentiated +jurisdictions and exclusive jurisdictions in any case. +A foreign individual, a person without nationality, a foreign enterprise or a foreign organisation +must have the same litigation rights and obligations as a PRC citizen, legal person or other +organisations when initiating or defending any proceedings at a people’s court. If a foreign court limits +the litigation rights of PRC citizens, legal person or other organisations, the PRC court may apply the +same limitations to the citizens, legal person or other organisations of such foreign country. A foreign +individual, a person without nationality, a foreign-invested enterprise or a foreign organisation must +engage a lawyer from Mainland China if such person needs to engage a lawyer in initiating or +defending any proceedings at a people’s court. Under an international treaty signed or acceded to by the +mainland China or the principle of reciprocity, the people’s court and foreign courts may require each +other to act on their behalf to serve documents, conduct investigations, collect evidence and take other +actions. If the request by a foreign court would result in the violation of the PRC’s sovereignty, security +or public interest, the people’s court shall decline the request. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-3 – + + +--- page 363 --- +All parties involved must comply with legally effective civil judgements and rulings. If any party +to a civil action refuse to comply with a judgement or order made by a people’s court or an award made +by an arbitration tribunal, the other party may apply to the people’s court for enforcement within two +years. Suspension or disruption of the time limit for applying for such enforcement shall comply with +the provisions of the applicable law concerning the suspension or disruption of the time-barring of +actions. +When a party applies to a people’s court for enforcing an effective judgement or ruling by a +people’s court against a party who is not located within the territory of the mainland China or whose +property is not within the mainland China, the party may apply to a foreign court with proper +jurisdiction for recognition and enforcement of the judgement or ruling. A foreign judgement or ruling +may also be recognised and enforced by the people’s court according to the mainland China +enforcement procedures if the mainland China has entered into, or acceded to, an international treaty +with the relevant foreign country, which provides for such recognition and enforcement, or if the +judgement or ruling satisfies the court’s examination according to the principle of reciprocity, unless +among other exceptions, the people’s court finds that the recognition or enforcement of such judgement +or ruling will result in a violation of the basic legal principles of the mainland China, its sovereignty or +security, or for reasons of social and public interests. +THE COMPANY LA W, OVERSEAS LISTING TRIAL MEASURES AND GUIDELINES FOR +ARTICLES OF ASSOCIATION OF LISTED COMPANIES +A joint stock limited company established in PRC seeking a listing on Hong Kong Stock +Exchange is mainly subject to the following laws and regulations of PRC. +The Company Law, which was lastly amended by the SCNPC on 29 December 2023, and +implemented on 1 July 2024. +The Trial Measures for the Administration of the Offshore Offering and Listing of Securities by +Domestic Enterprises (‘ , the “ Overseas Listing Trial +Measures ”) and its five interpretative guidelines, were promulgated by the CSRC on 17 February 2023 +and came into effect on 31 March 2023 and were applicable to the direct and indirect overseas offering +and listing of PRC domestic companies’ securities. According to the Overseas Listing Trial Measures +and its interpretative guidelines, where a domestic company directly conducts offering and listing +overseas, it shall formulate its Articles of Association in line with the Guidelines for Articles of +Association of Listed Companies (ˏ‘, the “ Guidelines for Articles of Association ” +), which was lastly amended by the CSRC on 28 March 2025 and implemented on the same day, in +place of the Mandatory Provisions for Articles of Association of Companies to be Listed Overseas ( Ց +ྤ̮ɪ̹ʮ̡௝೻̀௪ૢಛ‘) which ceased to apply from 31 March 2023. +Set out below is a summary of the major provisions of the Company Law, the Overseas Listing +Trial Measures and the Guidelines for Articles of Association which are applicable to our Company. +GENERAL PROVISIONS +A “joint stock limited company” means a corporate legal person incorporated under the Company +Law, whose registered capital is divided into shares of equal par value. The liability of its shareholders +is limited to the extent of the shares held by them and the liability of a company is limited to the full +value of all the property owned by it. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-4 – + + +--- page 364 --- +A company must conduct its business in accordance with laws and regulations as well as public +and commercial ethics, be honest and trustworthy and accept the supervision of the government and the +public. A company may invest in other companies. If it is prescribed by any law that a company shall +not become a capital contributor that shall bear the joint and several liabilities for the debts of the +enterprises it invests in, such provisions shall prevail. +INCORPORATION +A joint stock limited company may be incorporated by promotion or subscription. A joint stock +limited company may be incorporated by a minimum of one but not more than 200 promoters, and at +least half of the promoters must have residence within the Mainland China. +The promoters of subscription of a joint stock company shall convene an inaugural meeting of the +company within 30 days after the share capital has been paid up and shall notify all subscribers of the +date of the meeting or make an announcement in this regard 15 days before the meeting. The inaugural +meeting may be held only with the presence of subscribers holding more than 50% of the voting rights. +The convening and voting procedures for the inaugural meeting of a joint stock limited company +incorporated by promotion shall be stipulated in the articles of association or the agreement of the +promoters. Powers to be exercised at the inaugural meeting include but are not limited to the adoption +of articles of association and the election of members of the board of directors and the supervisory +committee of a company. The aforesaid matters shall be resolved by more than 50% of the votes to be +cast by subscribers presented at the meeting. +Within 30 days after the conclusion of the inaugural meeting, the board of directors shall apply to +the registration authority for registration of the incorporation of the joint stock limited company. A +company is formally established and has the status of a legal person after the business licence has been +issued by the relevant registration authority. +A joint stock limited company’s promoters shall be liable for: (i) the payment of all expenses and +debts incurred in the incorporation process jointly and severally if the company cannot be incorporated; +(ii) the refund of subscription monies to the subscribers, together with interest, at bank rates for a +deposit of the same term jointly and severally if the company cannot be incorporated; and (iii) damages +suffered by the company as a result of the default of the promoters in the course of incorporation of the +company. +REGISTERED SHARES +Under the Company Law, shareholders may make capital contributions in currency, or with +non-monetary property that may be valued in money and legally transferred, such as contribution in +kind or with an intellectual property rights, land use rights, shareholding or claims. +The Overseas Listing Trial Measures provides that domestic enterprises that are listed overseas +may raise funds and distribute dividends in foreign currencies or Renminbi. +Under the Company Law, a joint stock limited company is required to maintain a register of +shareholders, detailing the following information: (i) the name and domicile of each shareholder; (ii) +the class and number of shares subscribed for by each shareholder; (iii) the serial number of shares if +issued in paper form; and (iv) the date on which each shareholder acquired the shares. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-5 – + + +--- page 365 --- +ALLOTMENT AND ISSUE OF SHARES +All issues of shares of a joint stock limited company shall be based on the principles of equality +and fairness. The same class of shares must carry equal rights. Shares issued at the same time and +within the same class must be issued on the same conditions and at the same price. A joint stock limited +company may issue shares at a par value or at a premium, but it may not issue shares below the par +value. +Domestic enterprises issued and listed overseas shall file with the CSRC in accordance with the +Overseas Listing Trial Measures, submit filing reports, legal opinions and other relevant materials, and +truthfully, accurately and completely explain shareholders’ information and other information. Where a +domestic enterprise directly issues and is listed overseas, the issuer itself shall file with the CSRC. If a +domestic enterprise is indirectly listed overseas, the issuer shall designate a major domestic operating +entity as the domestic person responsible and file with the CSRC. +INCREASE IN SHARE CAPITAL +Under the Company Law, in the case of a joint stock limited company issuing new shares, +resolutions shall be passed at the shareholders’ meeting in respect of the class and number of new +shares, the issue price of the new shares, the commencement and end dates for the issuance of new +shares and the class and number of the new shares proposed to be issued to original shareholders, if +any. If no par value stock is issued, more than one-half of the proceeds from the issuance of the new +stocks shall be included in the registered capital. Additionally, when the company launches a public +issuance of new shares with the approval of the securities regulatory authorities of the State Council, it +shall publish a prospectus and financial and accounting reports, and prepare the share subscription +form. After the new share issuance has been paid up, the change shall be registered with the company +registration authorities and an announcement shall be made. +REDUCTION OF SHARE CAPITAL +A company may reduce its registered capital in accordance with the following procedures +prescribed by the Company Law: (i) to prepare a balance sheet and a property list; (ii) a company +makes a resolution at the shareholders’ meeting to reduce its registered capital; (iii) a company shall +inform its creditors within 10 days and publish an announcement in newspapers or the National +Enterprise Credit Information Publicity System within 30 days after the approval of resolution of +reducing registered capital; (iv) the creditors shall have the right to require a company to repay its +debts or provide corresponding guarantees within 30 days after receiving the notice or within 45 days +after the announcement if the creditors have not received the notice; (v) when a company reduces its +registered capital, it shall register the change with a company registration authority in accordance with +the law. +When a company reduces its registered capital, it must reduce the amount of capital contribution +or shares in proportion to the capital contribution or shares held by the shareholders, unless otherwise +prescribed by any law, or agreed upon by all the shareholders of a limited liability company, or as +specified in the articles of association of a joint stock limited company. +SHARE BUY-BACK +Under the Company Law, a company shall not purchase its own shares, except for any following +circumstances: (i) reducing the registered capital of the company; (ii) merging with other company that +holds the shares of the company; (iii) using the shares for employee share ownership plan or equity +incentives; (iv) with respect to shareholders voting against any resolution adopted at the shareholders’ +meeting on the merger or division of the company, the right to demand the company to acquire the +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-6 – + + +--- page 366 --- +shares held by them; (v) using the shares for the conversion of convertible corporate bonds issued by +the company; (vi) as required for maintenance of the corporate value and shareholders’ rights and +interests of a listed company. +The purchase of shares of a company for reasons specified in the case of (i) to (ii) above shall be +subject to the resolution of the shareholders’ meeting; the purchase of shares of a company for reasons +specified in the case of (iii), (v) and (vi) above shall be subject to the resolution of the meetings of the +board of directors attended by more than two-thirds of the directors in accordance with the provisions +of the articles of association or the authorisation from the shareholders’ meeting. +Following the purchase of a company’s shares by a company in accordance with the above +provisions, such shares shall be cancelled within 10 days from the date of buy-back in the case of item +(i) above; such shares shall be transferred or cancelled within six months in the case of items (ii) and +(iv) above; the total numbers of share of the company held by a company shall not exceed 10% of the +total issued shares of the company, and shall be transferred or cancelled within three years in the case +of items (iii), (v) and (vi) above. +TRANSFER OF SHARES +Shares held by a shareholder may be transferred according to the law. Under the Company Law, a +shareholder of a joint stock limited company should affect a transfer of his shares on securities +exchange established according to the law or by any other means as required by the State Council. +Registered shares may be transferred by endorsement of shareholders or by other means stipulated by +laws or administrative regulations. After the transfer, a company shall record the name and address of +the transferee in the register of members. No changes of registration in the share register provided in +the foregoing requirement shall be affected during a period of 20 days prior to the convening of +shareholder’s meeting or 5 days prior to the record date for a company’s distribution of dividends. If +any law, administrative regulation, or any provision by the securities regulatory authority of the State +Council specifies otherwise for the modification of the register of members of a listed company, such +provisions shall prevail. +Under the Company Law, shares issued by a company prior to the public offering of shares shall +not be transferred within one year from the date on which the shares of the company are listed and +traded on a securities exchange. The directors, supervisors and senior management of the company +should declare to the company the shares they hold and the changes thereof. During the term of office +as determined when they assume the posts, the shares transferred each year shall not exceed 25% of the +total shares they hold of the company. Shares of a company held by them shall not be transferred within +one year from the date on which the shares of the company are listed and traded on a securities +exchange, nor within six months after their resignation from their positions with a company. +If the shares are pledged within the time limit for restricted transfer as provided for by laws and +administrative regulations, the pledgee cannot exercise the pledge right within such restricted transfer +period. +SHAREHOLDERS +Under the Company Law and the Guidelines for Articles of Association, the rights of a +shareholder of a company include: (i) to receive dividends and other forms of interest distribution +according to the number of shares held; (ii) to legally require, convene, preside over, participate in or +authorise proxies of shareholders to attend the shareholders’ meeting and exercise corresponding voting +rights; (iii) to supervise business operations of the company, provide suggestions or submit queries; (iv) +to transfer, grant or pledge the company’s shares held according to the provisions of the laws, +administrative regulations and the articles of association; (v) to read and copy the articles of +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-7 – + + +--- page 367 --- +association, the register of members, counterfoil of company debentures, shareholders’ meeting minutes, +resolutions of meetings of the board of directors, resolutions of meetings of the board of supervisors +and financial and accounting reports; (vi) shareholders who hold more than 3% of the company’s shares +individually or collectively for more than 180 consecutive days may inspect the company’s accounting +books and accounting vouchers in accordance with laws; (vii) to participate in the distribution of the +remaining assets of the company according to the proportion of shares held upon our termination or +liquidation; (viii) to require the company to acquire the shares from shareholders voting against any +resolutions adopted at the shareholders’ meeting concerning the merger and division of the company; +(ix) other rights conferred by laws, administrative regulations, regulations of the authorities or the +articles of association. +The obligations of a shareholder of a company include: (i) to abide by laws, administrative +regulations and the articles of association; (ii) to provide share capital according to the shares +subscribed for and share participation methods; (iii) not to withdraw shares unless prescribed otherwise +in laws and regulations; (iv) not to abuse shareholders’ rights to harm the interests of the company or +other shareholders; not to abuse the company’s independent legal person status and the limited liability +of shareholders to harm the interests of the company’s creditors; (v) to perform other duties prescribed +in laws, administrative regulations, departmental rules and articles of association. +SHAREHOLDER’S MEETINGS +Under the Company Law, the shareholders’ meeting of a joint stock limited company is made up +of all shareholders. The shareholders’ meeting is the organ of authority of a company, which exercises +the following functions and powers: (i) to elect and replace directors and supervisors and to decide on +matters relating to the remuneration of directors and supervisors; (ii) to examine and approve reports of +the board of directors; (iii) to examine and approve reports of the board of supervisors; (iv) to examine +and approve a company’s profit distribution plans and loss recovery plans; (v) to resolve on the +increase or reduction of a company’s registered capital; (vi) to resolve on the issuance of corporate +bonds; (vii) to resolve on the merger, division, dissolution, liquidation or change of corporate form of a +company; (viii) to amend the company’s articles of association; (ix) other functions and powers +specified in provision of the articles of association. +Under the Company Law, annual shareholders’ meetings are required to be held once every year. +An interim shareholders’ meeting is required to be held within two months after the occurrence of any +of the following circumstances: (i) the number of directors is less than the number stipulated in the +Company Law or less than two-thirds of the number specified in the articles of association; (ii) when +the unrecovered losses of a company amount to one-third of the total paid-up share capital; (iii) +shareholders individually or jointly holding 10% or more of the company’s shares request; (iv) when +deemed necessary by the board of directors; (v) the board of supervisors proposes to convene the +meeting; (vi) other circumstances as stipulated in the articles of association. +Shareholders’ meeting shall be convened by the board of directors and presided over by the +chairperson of the board of directors. In the event that the chairperson is incapable of performing or not +performing his duties, the meeting shall be presided over by the vice chairperson. In the event that the +vice chairperson is incapable of performing or not performing his duties, a director nominated by more +than half of directors shall preside over the meeting. +If the board of directors is incapable of performing or is not performing its duties to convene the +shareholders’ meeting, the board of supervisors should convene and preside over shareholders’ meeting +in a timely manner. If the board of supervisors fails to convene and preside over shareholders’ meeting, +shareholders individually or jointly holding 10% or more of the company’s shares for 90 days or more +consecutively may unilaterally convene and preside over shareholders’ meeting. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-8 – + + +--- page 368 --- +If the shareholders who separately or jointly hold more than 10% of the shares of the company +request to convene an interim shareholders’ meeting, the board of directors and the board of supervisors +should, within 10 days after the receipt of such request, decide whether to hold an interim shareholders’ +meeting and reply to the shareholders in writing. +Notice of the shareholders’ meeting shall state the time and venue of and matters to be considered +at the meeting and shall be given to all shareholders 20 days before the meeting. A notice of interim +shareholders’ meeting shall be given to all shareholders 15 days prior to the meeting. +There is no specific provision in the Company Law regarding the number of shareholders +constituting a quorum in a shareholders’ meeting. According to the Guidelines for Articles of +Association, for a shareholders’ meeting convened by the board of supervisors and the shareholders on +their own, the board of directors and the secretary to the board of directors shall provide cooperation. +The board of directors shall provide the register of members as of the record date. In addition, when the +shareholder’ meeting is held, all directors, supervisors and the secretary to the board of directors of +such company shall attend the meeting, and the manager and other senior management members shall +attend the meeting as non-voting participants. +Shareholders who individually or jointly hold more than 1% of the company’s shares may put +forward interim proposals and submit them to the board of directors in writing 10 days before the +shareholders’ meeting. The board of directors shall notify other shareholders within two days after +receiving the proposal and submit the interim proposal to the shareholders’ meeting for consideration. +Under the Company Law, a shareholder may entrust a proxy to attend a shareholders’ meeting, +and it should clarify the matters, power and time limit of the proxy. The proxy shall present a power of +attorney issued by the shareholder to the company and shall exercise his voting rights within the scope +of authorisation. There is no specific provision in the Company Law regarding the number of +shareholders constituting a quorum in a shareholders’ meeting. +Under the Company Law, shareholders present at a shareholders’ meeting have one vote for each +share they hold, except the shareholders of classified shares. However, shares held by the company +itself are not entitled to any voting rights. +The cumulative voting system may be adopted for the election of directors and supervisors at the +shareholders’ meeting in accordance with the provisions of the articles of association or the resolutions +of the shareholders’ meeting. Under the accumulative voting system, each share shall have the same +number of voting rights as the number of directors or supervisors to be elected at the shareholders’ +meeting, and shareholders may consolidate their voting rights when casting a vote. +Under the Company Law and the Guidelines for Articles of Association, the passing of any +resolution requires affirmative votes of shareholders representing more than half of the voting rights +represented by the shareholders who attend the shareholders’ meeting. Matters relating to merger, +division or dissolution of a company, increase or reduction of registered capital, change of corporate +form or amendments to the articles of association must be approved by more than two-thirds of the +voting rights held by the shareholders present at the meeting. +Under the Company Law, meeting minutes shall be prepared in respect of decisions on matters +discussed at the shareholders’ meeting. The chairperson of the meeting and directors attending the +meeting shall sign to endorse such minutes. The minutes shall be kept together with the shareholders’ +attendance register and the proxy forms. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-9 – + + +--- page 369 --- +DIRECTORS +Under the Company Law, a joint stock limited company should have a board of directors, which +consists of more than three members. Members of the board of directors may include employee +representatives of the company, who shall be democratically elected by the company’s staff at the staff +representative assembly, general staff meeting or otherwise. The term of office of a director shall be +stipulated in the articles of association, but each term of offices hall not exceed three years. Directors +may serve consecutive terms if re-elected. +Meetings of the board of directors shall be convened at least twice a year. All directors and +supervisors shall be notified 10 days before the meeting for every meeting. The board of directors +exercises the following functions and powers: (i) to convene shareholder’s meetings and report its work +to the shareholder’s meetings; (ii) to implement the resolutions of the shareholder’s meeting; (iii) to +decide on a company’s business plans and investment plans; (iv) to formulate a company’s profit +distribution plan and loss recovery plan; (v) to formulate proposals for the increase or reduction of a +company’s registered capital and the issue of corporate bonds; (vi) to formulate plans for merger, +division, dissolution or change of corporate form of a company; (vii) to decide on the internal +management structure of a company; (viii) to decide on the appointment or dismissal of the manager of +a company and their remuneration; to decide on the appointment or dismissal of the deputy manager +and financial officer of a company and their remuneration based on the nomination of the manager; (ix) +to formulate a company’s basic management system; (x) other functions and powers specified in the +articles of association or granted by the shareholders’ meeting. +The meetings of the board of directors shall be held only if more than half of the directors are +present. If a director is unable to attend a board meeting, he/she may appoint another director in writing +to attend the meeting on his/her behalf, and the power of attorney shall specify the scope of the +authorisation for another director. If a resolution of the board of directors violates the laws, +administrative regulations or the articles of association, and as a result of which the company suffers +serious losses, the directors participating in the resolution shall be liable to compensate the company. +However, if it can be proved that a director expressly objected to the resolution when the resolution +was voted on, and that such objection was recorded in the minutes of the meeting, such director may be +exempt from such liability. +If a resolution of the board of directors violates the laws, administrative regulations or the articles +of association, and as a result of which the company suffers serious losses, the directors participating in +the resolution shall be liable to compensate the company. However, if it can be proved that a director +expressly objected to the resolution when the resolution was voted on, and that such objection was +recorded in the minutes of the meeting, such director may be exempt from such liability. +Under the Company Law, a person may not serve as a director of a company if he/she is: (i) a +person without civil conduct capacity or with limited civil conduct capacity; (ii) a person who has been +sentenced to any criminal penalty due to an offence of corruption, bribery, embezzlement of property, +misappropriation of property, or disrupting the order of the socialist market economy, or has been +deprived of political rights due to a crime, where a five-year period has not elapsed since the date of +completion of the sentence; if he/she is pronounced for suspension of sentence, a two-year period has +not elapsed since the expiration of the suspension period; (iii) a person who was a director, factory +manager or manager of a company or enterprise which has entered into insolvent liquidation and who +was personally liable for the insolvency of such company or enterprise, where less than three years +have elapsed since the date of the completion of the insolvency and liquidation of such company or +enterprise; (iv) a person who was legal representative of a company or enterprise which had its business +licence revoked due to violation of the law and had been closed down by order, and who were +personally liable, where less than three years have elapsed since the date of the revocation of the +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-10 – + + +--- page 370 --- +business licence of the company or enterprise or the order for closure; and (v) a person listed as +dishonest persons subject to enforcement by the people’s court due to his/her failure to pay off a +relatively large amount of due debts. +The board of directors shall have one chairperson, who shall be elected by more than half of all +the directors. The chairperson shall exercise the following functions and powers (including but not +limited to): (i) to preside over shareholders’ meetings and convene and preside over meetings of the +board of directors; (ii) to examine the implementation of resolutions of the board of directors; (iii) to +exercise other powers conferred by the board of directors. +MANAGERS AND SENIOR MANAGEMENT +According to the Company Law, a company should have a manager who is appointed or removed +by the board of directors. The manager is responsible to the board of directors and exercise his/her +functions and powers according to the articles of association or the authorisation of the board of +directors. The manager attends the meetings of the board of directors as a non-voting member. +According to the Company Law, senior management shall refer to the manager, deputy manager, +financial controller, secretary of the board of directors and other personnel as stipulated in the articles +of association of the listed company. +DUTIES OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +Directors, supervisors and senior management of the company are required under the Company +Law to comply with the relevant laws, regulations and the articles of association, and have fiduciary +and diligent duties to the company. Directors, supervisors and senior management are prohibited from +abusing their powers to accept bribes or other unlawful income and from misappropriating the +company’s properties. +Directors, supervisors and senior management are prohibited from: (i) embezzling the company’s +property or misappropriating of the company’s capital; (ii) depositing the company’s capital into +accounts under his/her own name or the name of other individuals; (iii) giving bribes or accepting any +other illegal proceeds by taking advantage of their power; (iv) accept and possess commissions paid by +a third party for transactions conducted with the company; (v) unauthorised disclosure of company +secrets; or (vi) other acts in violation of their fiduciary duty to the company. +If any director, supervisor or senior management directly or indirectly concludes a contract or +conducts a transaction with the company, he/she should report the matters relating to the conclusion of +the contract or transaction to the board of directors or the shareholders’ meeting, subject to the approval +of the board of directors or the shareholders’ meeting according to the articles of association. +The provisions of the preceding paragraph shall apply if any near relatives of the directors, +supervisors or senior management, or any of the enterprises directly or indirectly controlled by the +directors, supervisors or senior management or any of their near relatives, or any related parties with +any other related-party relationship with the directors, supervisors or senior management, concludes a +contract or conducts a transaction with the company. +Neither director, supervisor nor senior management may take advantage of his/her position to seek +any business opportunity that belongs to the company for himself/herself or any other person except +under any of the following circumstances: (i) where he/she has reported to the board of directors or the +shareholders’ meeting and has been approved by a resolution of the board of directors or the +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-11 – + + +--- page 371 --- +shareholders’ meeting according to the articles of association; or (ii) where the company cannot make +use of the business opportunity as stipulated by laws, administrative regulations or the articles of +association. +Where any director, supervisor or senior management fails to report to the board of directors or +the shareholders’ meeting and obtain an approval by resolution of the board of directors or the +shareholders’ meeting according to the articles of association, he/she may not engage in any business +that is similar to that of the company where he/she holds office for himself/herself or for any other +person. +A director, supervisor or senior management who contravenes any law, administrative regulation +or the articles of association in the performance of his/her duties resulting in any loss to the company +shall be personally liable for the damages to the company. +If the shareholder’s meeting requires the presence of directors and senior management members, +the directors and senior management members shall be present at the meeting and respond to the +shareholders’ enquiries; the directors and senior management members shall truthfully provide relevant +information and materials to the Audit Committee and not preventing the Audit Committee from +exercising its/their functions and powers. +A director or senior management member other than those on the Audit Committee contravenes +laws, administrative regulations or the articles of association in the performance of his/her duties +resulting in any loss to the company, shareholders who individually or jointly hold more than 1% of the +company’s shares for more than 180 consecutive days may request the audit committee in writing to file +a lawsuit with the people’s court; If a member of the audit committee violates laws, administrative +regulations or the articles of association when performing his/her duties resulting in any loss to the +company, the aforementioned shareholders may request the board of directors in writing to bring a +lawsuit to the people’s court. In the event that the Audit Committee or the board of directors refuse to +file a lawsuit upon receipt of the shareholders’ written request specified in the preceding paragraph, or +fail to file a lawsuit within 30 days upon receipt thereof, or in the event that the failure to immediately +file a lawsuit in an emergency case will cause irreparable damage to the interests of the company, the +shareholders specified in the preceding paragraph may, in their own name, directly file a lawsuit to the +people’s court for the interest of the company. In the event of any other person infringes upon the +legitimate rights and interests of the Company and causes losses thereto, the aforementioned +shareholders may file a lawsuit with the people’s court pursuant to the provisions of the preceding +paragraphs. Where directors or senior management members violate laws, administrative regulations, or +the articles of association, thereby harming the interests of shareholders, the shareholders may file a +lawsuit with the people’s court. +FINANCE AND ACCOUNTING +Under the Company Law, a company shall establish its financial and accounting systems +according to laws, administrative regulations and the regulations of the financial department of the +State Council. At the end of each fiscal year, the company shall prepare financial and accounting +reports which shall be audited by an accounting firm in accordance with the law. The financial and +accounting reports shall be prepared in accordance with the laws, administrative regulations and the +regulations of the financial department of the State Council. +A joint stock limited company shall make its financial and accounting reports available at the +company for inspection by the shareholders 20 days before the convening of an annual meeting of +shareholders. A joint stock limited company issuing its shares in public must publish its financial and +accounting reports. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-12 – + + +--- page 372 --- +When distributing each year’s after-tax profits, the company shall set aside 10% of its profits into +its statutory reserve fund. The company can no longer withdraw statutory reserve fund if it has +accumulated to more than 50% of the registered capital. If the statutory reserve fund of the company is +insufficient to make up for the losses of the previous years, the current year profits shall be used to +make up for the losses before making allocations to the statutory reserve in accordance with the +preceding paragraph. After the company has made an allocation to the statutory reserve fund from its +after-tax profit, it may also make an allocation to the discretionary reserve fund from its after-tax profit +upon a resolution of the shareholders’ meeting. +A joint stock limited company may distribute profits in proportion to the number of shares held by +its shareholders, except for profit distributions that are not in proportion to the number of shares held in +accordance with the provisions of the articles of association of the joint stock limited company. +The premium over the nominal value of the shares of a joint stock limited company from the issue +of shares, the amount of share proceeds from the issuance of no-par shares that have not been credited +to the registered capital and other incomes required by the financial department of the State Council to +be treated as the capital reserve fund shall be accounted for as the capital reserve fund of the company. +The reserve fund of the company shall be used to make up losses of the company, expand the +production and operation of the company or increase the capital of the company. Where the reserve +fund of a company is used for making up losses, the discretionary reserve and statutory reserve shall be +firstly used. If losses still cannot be made up, the capital reserve can be used according to the relevant +provisions. When the statutory reserve fund is converted to increase registered capital, the balance of +the statutory reserve shall not be less than 25% of the registered capital before such conversion. +The company shall not keep accounts other than those provided by law. Its assets shall not be +deposited in any individual’s accounts. +APPOINTMENT AND DISMISSAL OF ACCOUNTING FIRMS +Pursuant to the Company Law, the engagement or dismissal of an accounting firm responsible for +the company’s auditing shall be determined by a shareholders’ meeting, the board of directors or the +board of supervisors in accordance with the articles of association. The accounting firm should be +allowed to make representations when the shareholders’ meeting, the board of directors or the board of +supervisors conduct a vote on the dismissal of the accounting firm. The company should provide true +and complete accounting vouchers, accounting books, financial and accounting reports and other +accounting information to the engaged accounting firm without any refusal or withholding or +falsification of information. +The Guidelines for Articles of Association provides that the company guarantees to provide true +and complete accounting vouchers, accounting books, financial accounting reports and other accounting +materials to the employed accounting firm, and shall not refuse, conceal or falsely report. And the audit +fee of the accounting firm shall be decided by the shareholders’ meeting. +PROFIT DISTRIBUTION +Where a company distributes profits to shareholders in violation of the provisions of the Company +Law, the shareholders shall refund the profits distributed to the company, and the shareholders and +directors, supervisors, and senior management who are responsible for causing losses to the company +shall bear compensation liability. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-13 – + + +--- page 373 --- +AMENDMENTS TO THE ARTICLES OF ASSOCIATION +Any amendment to the Articles of Association of the company must be carried out in accordance +with the procedures stipulated therein. Where such amendment involves registered particulars of the +Company, an application for change registration shall be filed with the registration authority. Pursuant +to the Company Law, any resolution on amending the Articles of Association adopted by the +shareholders’ meeting must be approved by more than two-thirds of the voting rights held by the +shareholders present at the meeting. +Pursuant to the Guidelines for Articles of Association, a company shall amend its Articles of +Association under any of the following circumstances: (i) where provisions of the Articles of +Association conflict with amended laws and/or administrative regulations following revisions to the +Company Law or other applicable laws or administrative regulations; (ii) where the company’s +circumstances undergo changes inconsistent with the contents recorded in the Articles of Association; +and (iii) where the shareholders’ meeting resolves to amend the Articles of Association. +DISSOLUTION AND LIQUIDATION +According to the Company Law, a company shall be dissolved for the following reasons: (i) the +term of business stipulated in the articles of association has expired or other events of dissolution +specified in the articles of association have occurred; (ii) the shareholders’ meeting resolves to dissolve +the company; (iii) dissolution is necessary due to a merger or division of the company; (iv) the business +licence is revoked, or the company is ordered to close down or is revoked in accordance with laws; (v) +where the company encounters serious difficulties in its operation and management and its continuance +shall cause a significant loss in the interest of shareholders, and where this cannot be resolved through +other means, shareholders who hold more than 10% of the total shareholders’ voting rights of the +company may present a petition to a people’s court for the dissolution of the company. +If any of the situations as mentioned in the preceding paragraph arises, a company shall publicise +the situations through the National Enterprise Credit Information Publicity System within ten days. +Where the company is dissolved in accordance with item (i) above, it may carry on its existence +by amending its articles of association or upon a resolution of the shareholders’ meeting, which must be +approved by more than two-thirds of the voting rights held by the shareholders present at the +shareholders’ meeting. Where the company is dissolved pursuant to items (i), (ii), (iv) or (v) above, it +shall be liquidated. The directors, who are the liquidation obligors of the company, shall form a +liquidation group to carry out liquidation within 15 days from the date of occurrence of the cause of +dissolution. The liquidation group shall be composed of the directors, unless it is otherwise provided +for in the company’s articles of association or it is otherwise elected by the shareholders’ meeting. The +liquidation obligors shall be liable for compensation if they fail to fulfil their obligations of liquidation +in a timely manner, and thus any loss is caused to the company or the creditors. +The liquidation group fails to be formed within the time limit or fails to carry out the liquidation +after its formation, any interested party may request the people’s court to designate relevant persons to +form a liquidation group to conduct liquidation. The people’s court shall accept such request and +organise a liquidation group to carry out the liquidation in a timely manner. +The liquidation group shall exercise the following functions and powers during the liquidation +period: (i) to liquidate the company’s property and respectively prepare balance sheet and list of +property; (ii) to notify creditors by notice or public announcement; (iii) to deal with the outstanding +business of the company involved in the liquidation; (iv) to pay all outstanding taxes and taxes arising +in the course of liquidation; (v) to liquidate claims and debts; (vi) to distribute the remaining property +of the company after paying off debts; (vii) to participate in civil litigations on behalf of the company. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-14 – + + +--- page 374 --- +The liquidation group shall notify the company’s creditors within ten days as of its formation and +shall make a public announcement in the newspaper or on the National Enterprise Credit Information +Publicity System within 60 days. The creditors shall file their proofs of claim with the liquidation +group within 30 days as of the receipt of the notice or within 45 days as of the issuance of the public +announcement in the case of failing to receive such notice. +The remaining property of the company after the payment of liquidation expenses, employees’ +wages, social insurance expenses and statutory compensation, outstanding taxes and the company’s +debts, shall be distributed to shareholders in proportion to their shareholdings. During the liquidation +period, the company shall continue to exist but shall not carry out any business activities unrelated to +the liquidation. The company’s assets shall not be distributed to the shareholders before the liquidation +in accordance with the preceding paragraph. +If the liquidation group, having thoroughly examined the company’s assets and having prepared a +balance sheet and an inventory of assets, discovers that the company’s assets are insufficient to pay its +debts in full, it shall file an application to a people’s court for bankruptcy liquidation. After the +people’s court accepts the application for bankruptcy, the liquidation group shall hand over the +liquidation matters to the bankruptcy administrator designated by the people’s court. +Upon completion of the liquidation, the liquidation group shall prepare a liquidation report to be +submitted to the shareholders’ meeting or the people’s court for confirmation, and submit to the +company registration authority to apply for cancellation of the company’s registration. +The members of the liquidation group performing their duties of liquidation are obliged to loyalty +and diligence. Any member of the liquidation group who neglects to fulfil his/her liquidation duties, +thus causing any loss to the company shall be liable for compensation, and any member of the +liquidation group who cause any loss to any creditor due to his/her intentional or gross negligence shall +be liable for compensation. +Where, after three years since the business licence of a company is revoked, or the company is +ordered to close down or is revoked, the company fails to apply for its deregistration with the company +registration authority, the said authority may announce the company’s deregistration through the +National Enterprise Credit Information Publicity System for a period of no less than 60 days. If there is +no objection after the announcement period expires, the company registration authority may deregister +the company. +OVERSEAS LISTING +According to the Overseas Listing Trial Measures, where an issuer makes an overseas initial +public offering or listing, it shall file with the CSRC within 3 working days after submitting the +application documents for overseas issuance and listing. If an issuer issues securities in the same +overseas market after overseas issuance and listing, it shall file with the CSRC within 3 working days +after the completion of the issuance. If an issuer issues and lists in other overseas markets after +overseas issuance and listing, it shall be filed in accordance with the provisions of the first paragraph of +Article 16 of the Overseas Listing Trial Measures. Moreover, if the filing materials are complete and +meet the requirements, the CSRC shall complete the filing within 20 working days from the date of +receiving the filing materials, and publicise the filing information through the website. If the filing +materials are incomplete or do not meet the requirements, the CSRC shall inform the issuer of the +materials to be supplemented within 5 working days after receiving the filing materials. The issuer shall +supplement the materials within 30 working days. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-15 – + + +--- page 375 --- +LOSS OF SHARE CERTIFICATES +A shareholder may, in accordance with the public notice procedures set out in the Civil Procedure +Law, apply to a people’s court if his share certificate(s) in registered form is either stolen, lost or +destroyed, for a declaration that such certificate(s) will no longer be valid. After the people’s court +declared that such certificate(s) will no longer be valid, the shareholder may apply to the company for +the issue of a replacement certificate(s). +TERMINATION OF LISTING +According to the Overseas Listing Trial Measures, in case of active or compulsory termination of +listing, the issuer shall report the specific situation to the CSRC within 3 working days from the date of +occurrence and announcement of the relevant matters. +MERGER AND DIVISION +Where companies merge, a merger agreement shall be executed, and the relevant companies shall +prepare their respective statement of financial position and inventory of assets. The company shall +notify its creditors within 10 days from the date of passing the merger resolution and publish a merger +announcement via newspapers or the National Enterprise Credit Information Publicity System within 30 +days. A creditor may require the company to settle any debts or provide corresponding guarantees +within 30 days from receipt of the notice or, if no notice is received, within 45 days from the +announcement date. In case of a merger, the credits and debts of the merging parties shall be assumed +by the surviving or the new company. +In case of a division, the company’s assets shall be divided and a statement of financial position +and an inventory of assets shall be prepared. When a resolution regarding the company’s division is +approved, the company shall notify all creditors within 10 days from the date of passing such resolution +and publish an announcement via newspapers or the National Enterprise Credit Information Publicity +System within 30 days. Except where the company and its creditors reach a written agreement on debt +settlement prior to the division, liabilities incurred prior to the division shall be assumed jointly and +severally by the companies resulting from the division. +Changes in the business registration of the companies as a result of the merger or division shall be +registered with the relevant Administration for Industry and Commerce. +In accordance with the laws, cancellation of a company shall be registered when a company is +dissolved and incorporation of a company shall be registered when a new company is incorporated. +SECURITIES LA W AND REGULATIONS +In October 1992, the State Council established the Securities Committee and the CSRC. The +Securities Committee is responsible for coordinating the drafting of securities regulations, formulating +securities-related policies, planning the development of securities markets, directing, coordinating and +supervising all securities-related institutions in the mainland China and administering the CSRC. The +CSRC is the regulatory arm of the Securities Committee and is responsible for the drafting of +regulatory provisions of securities markets, supervising securities companies, regulating public offers of +securities by companies in mainland China or overseas, regulating the trading of securities, compiling +securities-related statistics and undertaking research and analysis. On 29 March 1998, the State Council +consolidated the above two departments and reformed the CSRC. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-16 – + + +--- page 376 --- +The Provisional Regulations Concerning the Issue and Trading of Shares, promulgated by the +State Council on 22 April 1993 and came into effect on the same day, provide the application and +approval procedures for public offerings of shares, trading in shares, the acquisition of listed +companies, the deposit, settlement and transfer of listed shares, the disclosure of information with +respect to a listed company, investigation and penalties and dispute arbitration. +The Regulations of the State Council Concerning the Domestic Listed Foreign Shares of Joint +Stock Limited Companies, promulgated by the State Council on 25 December 1995 and came into +effect on the same day, mainly provide for the issue, subscription, trading and payment of dividends of +domestic listed foreign shares and disclosure of information of joint stock limited companies with +domestic listed foreign shares. +The Securities Law, which was lastly amended by the SCNPC on 28 December 2019 and came +into effect on 1 March 2020, provides a series of provisions regulating, among other things, the issue +and trading of securities, takeovers by listed companies, securities exchanges, securities companies and +the duties and responsibilities of the State Council’s securities regulatory authorities in the mainland +China, and comprehensively regulates activities in the securities market of mainland China. The +Securities Law provides that a domestic enterprise must comply with the relevant provisions of the +State Council in issuing securities directly or indirectly outside the mainland China or listing and +trading its securities outside the Mainland China. Currently, the issue and trading of foreign issued +shares are mainly governed by the rules and regulations promulgated by the State Council and the +CSRC. +ARBITRATION AND ENFORCEMENT OF ARBITRAL A W ARDS +Under the Arbitration Law of the PRC (the “ Arbitration Law ”), last amended by the SCNPC on +1 September 2017 and effective on 1 January 2018, the Arbitration Law is applicable to economic +disputes involving foreign parties, and all parties have entered into a written agreement to refer the +matter to an arbitration committee constituted in accordance with the Arbitration Law. An arbitration +committee may, before the promulgation by the PRC Arbitration Association of arbitration regulations, +formulate interim arbitration rules in accordance with relevant regulations under the Arbitration Law +and the Civil Procedure Law. Where both parties have agreed to settle disputes by means of arbitration, +the people’s court will refuse to take legal action brought by a party in the people’s court. +Under the Arbitration Law, an arbitral award is final and binding on the parties. If a party fails to +comply with an award, the other party to the award may apply to the people’s court for enforcement +according to the Civil Procedure Law. If there is evidence to prove that any of the following +circumstances exists: the parties have not stipulated an arbitration clause in the contract or have not +reached a written arbitration agreement afterwards; the respondent has not been notified of the +appointment of the Court of Arbitration or the arbitration proceedings or failed to present views for +other reasons for which the respondent is not responsible; the composition of the arbitral tribunal or the +arbitration procedures are not in accordance with the arbitration rules; the matters awarded are outside +the scope of the arbitration agreement, or the arbitration committee has no jurisdiction to arbitrate, the +people’s court may rule not to enforce such award. A party seeking to enforce an arbitral award of +foreign arbitration commission against a party who or whose property is not within the mainland China +shall apply to a foreign court with jurisdiction over the case for recognition and enforcement. Similarly, +an arbitral award made by a foreign arbitration body may be recognised and enforced by the people’s +court in accordance with the principles of reciprocity or any international treaty concluded or acceded +to by the PRC. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-17 – + + +--- page 377 --- +According to the Arrangement of the Supreme People’s Court on Mutual Enforcement of Arbitral +Awards between the Mainland and the Hong Kong Special Administrative Region promulgated by the +Supreme People’s Court on 24 January 2000 and effective on 1 February 2000, and the Supplementary +Arrangement of the Supreme People’s Court on Mutual Enforcement of Arbitral Awards between the +Mainland and the Hong Kong Special Administrative Region promulgated by the Supreme People’s +Court on 26 November 2020 and effective on 27 November 2020, awards made by arbitral authorities +in mainland China can be applied for enforcement in Hong Kong, and Hong Kong arbitration awards +can also be applied for enforcement in the mainland China. +JUDICIAL DECISION AND ENFORCEMENT +According to the Arrangement of the Supreme People’s Court on Reciprocal Recognition and +Enforcement of Judgements in Civil and Commercial Matters by the Courts of the Mainland and of the +Hong Kong Special Administrative Region Pursuant to Choice of Court Agreements Between Parties +Concerned promulgated by the Supreme People’s Court on 3 July 2008 and implemented on 1 August +2008 (the “ Arrangement ”), a party with a final court judgement rendered by a Hong Kong court and a +PRC court requiring payment of money in a civil or commercial case pursuant to a choice of court +agreement in writing may apply to the PRC court or Hong Kong court for recognition and enforcement +of the judgement according to the Arrangement. “ A choice of court agreement in writing ” is defined +as any agreement in writing entered into between parties for the purpose of resolving a dispute that has +arisen or is likely to arise in connection with a particular legal relationship, in which a PRC court or a +Hong Kong court is expressly designated as the court having sole jurisdiction for the dispute. +Accordingly, the final court judgement satisfying the aforesaid conditions of the Arrangement may be +recognised and enforced by the PRC court or Hong Kong court upon the application by the parties +concerned. +On 18 January 2019, the Supreme People’s Court of PRC and the HKSAR Government signed the +Arrangement on Mutual Recognition and Enforcement of Judgements in Civil and Commercial Cases +between the Supreme People’s Courts of PRC and the Hong Kong Special Administrative Region (the +“New Arrangement ”), which aims to establish a clearer and definitive mechanism for the recognition +and enforcement of judgements in a wider range of civil and commercial cases between Hong Kong and +Mainland China. The new arrangement terminates the requirement to enter into jurisdictional +agreements for the mutual recognition and enforcement of judgements. The new arrangement came into +effect on 29 January 2024 after the promulgation of the judicial interpretation by the Supreme People’s +Court and the completion of the relevant legislative procedures in Hong Kong. The New Arrangement +has replaced the Arrangement upon its entry into force. +APPENDIX IV SUMMARY OF PRINCIPAL LEGAL AND REGULATORY PROVISIONS +– IV-18 – + + +--- page 378 --- +This Appendix provides prospective investors with an overview of the Company’s Articles of +Association (which, as set out herein, will become effective from the date of the issuance and listing of +the Company’s H Shares on The Stock Exchange of Hong Kong Limited). The following contents are +for summary purposes only and as such, do not encompass all information that may be material to +prospective investors. +SHARES +Issuance of Share +The shares of the Company shall be in the form of share certificates, which include paperless +securities. The issuance of the shares of the Company shall follow the principles of openness, fairness +and impartiality, and each share of the same class shall have equal rights. For shares of the same class +issued in the same offering, the issuance conditions and price per share shall be the same; subscribers +shall pay the same amount for each share they subscribe to. +INCREASE/DECREASE AND REPURCHASE OF SHARES +The Company may, based on its operation and development needs and in accordance with laws, +regulations and respective resolutions of shareholders’ meetings, increase its capital in the following +ways: +(i) issuance of shares to unspecified parties; +(ii) issuance of shares to specified parties; +(iii) Distribution of bonus shares to existing shareholders; +(iv) conversion of capital reserve into share capital; +(v) other methods prescribed by the law, administrative regulations and rules and approved by +the CSRC and the stock exchange where the Company’s shares are listed. +The Company may reduce its registered capital. The reduction of the Company’s registered capital +shall be handled in accordance with the procedures specified in the Company Law, the Hong Kong +Listing Rules, the securities regulatory rules of the place where the Company’s shares are listed, other +relevant regulations and the Articles of Association. +The Company shall not purchase its own shares. However, the Company may purchase its own +shares under the following circumstances in accordance with the provisions of laws, administrative +regulations, departmental rules, the regulatory rules of the stock exchange where the Company’s shares +are listed, and the Articles of Association: +(i) reduction of the Company’s registered capital; +(ii) merger with another company holding shares in the Company; +(iii) using the shares for employee stock ownership plan or equity incentives; +(iv) acquisition of shares held by shareholders (upon their request) who vote against any +resolution proposed in any shareholders’ meeting on the merger or division of the Company; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-1 – + + +--- page 379 --- +(v) using shares for the conversion of corporate bonds which are convertible into shares issued +by the Company; +(vi) as necessary for maintaining the value of the Company and safeguarding the rights and +interests of shareholders; +(vii) other circumstances permitted by laws, administrative regulations, securities regulatory rules +of the place where the Company’s shares are listed. +Where the Company purchases its own shares under the circumstances described in items (iii), (v), +and (vi) above, such purchases shall be conducted through public centralised trading. Where the +Company purchases its own shares for the reasons set forth in items (i) to (ii) above, it shall be +resolved by the shareholders’ meeting. Where the Company purchases its own shares for the reasons set +forth in items (iii), (v), and (vi) above, it may, in accordance with the provisions of the Articles of +Association or the authorisation of the shareholders’ meeting and subject to compliance with the +securities regulatory rules of the place where the Company’s shares are listed, be resolved by the Board +meetings attended by more than two-thirds of the directors. +After the Company has repurchased its own shares under the Article 1 above, such shares shall be +cancelled within 10 days from the date of repurchase in the case of item (i); such shares shall be +transferred or cancelled within 6 months in the case of items (ii) and (iv); in the case of items (iii), (v) +and (vi), the total number of the Company’s shares held by it shall not exceed 10% of the total shares +issued by the Company, and shall be transferred or cancelled within 3 years. +When the Company purchases its own shares, it shall fulfil its information disclosure obligations +in accordance with relevant laws and regulations and the securities regulatory rules of the place where +the Company’s shares are listed. +The Company shall not offer gifts, advances, loans, guarantees and other financial assistance for +others to acquire the shares of the Company except where such financial assistance is provided with the +implementation of employee stock ownership plans by the Company. +TRANSFER OF SHARES +The shares of the Company shall be transferred in accordance with laws. Transfer of all H shares +shall be executed with a written instrument of transfer in a general or common format or any other +format accepted by the board of directors (including the standard transfer format or form of transfer +specified by the Hong Kong Stock Exchange from time to time); the said instrument of transfer may +only be signed by hand, or be stamped with the valid corporate seal (if the transferor or the transferee +is a company). If the transferor or the transferee is a recognised clearing house or agent thereof as +defined in the relevant ordinances of Hong Kong laws effective from time to time, the instrument of +transfer may be signed by hand or in machine printed form. All instruments of transfer shall be kept at +the legal address of the Company or other place designated by the board of directors from time to time. +The Company does not accept its own shares as collateral of pledge. +Shares issued prior to the public offering of shares by the Company shall not be transferred within +one year from the date on which the shares of the Company are listed and traded on the stock +exchange. If it is otherwise provided in laws, administrative regulations, securities regulatory rules of +the place where the Company’s shares are listed or by the CSRC on the transfer of the Company’s +shares by its shareholders or de facto controllers, such provisions shall prevail. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-2 – + + +--- page 380 --- +The Directors and senior management officers of the Company shall report to the Company on +their shareholdings in the Company and changes thereof, and shall not transfer more than twenty-five +percent of the total shares of the same class held by them in the Company per annum during their terms +of office determined at the time of appointment; the shares of the Company held by them shall not be +transferred within one year from the date on which the shares of the Company are listed and traded. +The aforesaid persons shall not transfer the shares of the Company held by them within half a year +from the date they terminate their employment with the Company. +If it is otherwise provided by the laws, administrative regulations, the CSRC or the securities +regulatory rules of the place where the Company’s shares are listed on the transfer of the Company’s +shares by its shareholders, such provisions shall prevail. +If shares are pledged within the restricted transfer period stipulated by laws, administrative +regulations and the provisions of the regulatory rules of the stock exchange where the Company’s +shares are listed, the pledgee shall not exercise the pledge right within the restricted transfer period. +In the event that any shareholder, director or senior management officer holding more than five +percent of the Company’s shares disposes of any shares or other equity-based securities held by him/her +within 6 months from the date of acquiring, or buy back such shares or equity-based securities within 6 +months from the date of disposing, the gains derived therefrom shall belong to the Company and be +recovered by the board of directors of the Company. However, such circumstances where a securities +company holds more than five percent of the Company’s shares due to purchase of the remaining shares +after underwriting, or other circumstance as prescribed by the securities regulatory authority of the +State Council shall be excluded. +Shares or other equity-based securities held by directors, senior management officers and natural +person shareholders as mentioned in the preceding paragraph, include shares or other equity-based +securities held by their spouses, parents or children, or through the accounts of others. +If the board of directors of the Company fails to execute the provisions as stated in Article 1, the +shareholders shall have the right to require the board of directors to execute within thirty days. If the +board of directors of the Company fails to execute such action within the aforesaid time limit, the +shareholders shall have the right to directly initiate a lawsuit in the people’s court in their own names +for the benefit of the Company. +If the board of directors of the Company fails to execute the provisions as stated in Article 1, the +responsible directors shall bear joint and several liabilities under the law. +SHAREHOLDERS AND SHAREHOLDERS’ MEETINGS +General Provisions for Shareholders +Name of shareholders +The Company shall make a register of members in accordance with evidentiary documents +provided by the securities registration authorities, and such register of members shall be the sufficient +evidence substantiating that the shareholders hold the shares of the Company. Shareholders enjoy rights +and undertake obligations according to the class of shares they hold. Holders of the same class shall +enjoy the same rights and bear the same obligations. +For shareholders holding domestic unlisted shares, the register of members shall be determined +conclusively by the data recorded in the securities book-entry system maintained by China Securities +Depository and Clearing Corporation Limited. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-3 – + + +--- page 381 --- +Where the Company convenes a shareholders’ meeting, distributes dividends, liquidates and +participates in other activities requiring the recognition of shareholders’ identities, the board of +directors or the convener of the shareholders’ meeting shall decide the record date, and shareholders +whose names appear on the register of members at the close of business on the record date are entitled +to relevant rights and interests. +Shareholders +Shareholders of the Company shall enjoy the following rights: +(i) to receive dividends and other benefit distributions in proportion to the number of shares +held; +(ii) to require to hold, convene, chair, attend or appoint a proxy to attend shareholders’ meetings +and exercise the corresponding voting rights in accordance with the laws; +(iii) to supervise the operations of the Company, and to put forward suggestions or raise +enquiries; +(iv) to transfer, bestow or pledge shares held by them in accordance with the laws, administrative +regulations, relevant requirements of the securities regulatory authority and stock exchange +of the place where the Company’s shares are listed and the provisions of Articles of +Association; +(v) to inspect and duplicate the Articles of Association, registers of members, the minutes of +shareholders’ meetings, resolutions of the Board meetings and the financial accounting +reports. Shareholders who meet the requirements may inspect the Company’s accounting +books and certificates; +(vi) in the event of the termination or liquidation of the Company, the right to participate in the +distribution of the remaining assets of the Company in proportion to the number of shares +held; +(vii) with respect to shareholders who voted against any resolution adopted at the shareholders’ +meeting on the merger or division of the Company, the right to demand the Company to +acquire the shares held by them, provided that all procedural requirements for the +Company’s share repurchase under the Articles of Association and relevant laws and +regulations are satisfied; +(viii) to inspect the Hong Kong branch register of members of the Company, provided that the +Company may temporarily close the register of members in accordance with provisions +equivalent to Section 632 of the Companies Ordinance (Cap. 622 of the Laws of Hong +Kong); +(ix) other rights stipulated in the laws, administrative regulations, departmental rules, securities +regulatory rules of the place where the Company’s shares are listed or the Articles of +Association. +If the content of a resolution passed at the Company’s shareholders’ meeting or Board meeting +violates laws or administrative regulations, shareholders shall have the right to petition the people’s +court to invalidate the resolution. If the procedures for convening, or the method of voting at, a +shareholders’ meeting or Board meeting violate laws, administrative regulations or the Articles of +Association, or the content of a resolution violates the Articles of Association, shareholders shall have +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-4 – + + +--- page 382 --- +the right to petition the people’s court to revoke the resolution within 60 days from the date of the +adoption of such resolution. However, except that there are only minor defects in the convening +procedures or voting method of a shareholders’ meeting or a Board meeting, which do not materially +affect the resolution. +Where the directors (other than the members of the audit committee) and senior management +officers violate the laws, administrative regulations or the Articles of Association in performing their +duties and cause any loss to the Company, the shareholder(s) severally or jointly holding more than 1% +of the shares in the Company for more than 180 consecutive days may request the audit committee in +writing to initiate proceedings in the people’s court. Where the members of the audit committee violate +the laws, administrative regulations or the Articles of Association in performing duties to the Company +and cause any loss to the Company, the aforementioned shareholders may request the board of directors +in writing to initiate proceedings in the people’s court. +If the audit committee and the board of directors, upon receipt of the shareholders’ written request +stipulated in the preceding paragraph, reject to initiate a lawsuit, or a lawsuit is not initiated within +thirty days from the date of receipt of such request, or in the event of emergency where the interest of +the Company will suffer irreparable damage if a lawsuit is not initiated immediately, the shareholders +stipulated in the preceding paragraph shall have the right to initiate legal proceedings directly with the +people’s court in their own names for the interest of the Company. +Where other parties infringe the lawful interests of the Company and cause any loss to the +Company, the shareholders stipulated in the first paragraph of this Article may initiate legal proceedings +in a people’s court in accordance with the provisions of the preceding two paragraphs. +Where any director or senior management officer violates the provisions of laws, administrative +regulations or the Articles of Association, and causes damages to the interests of shareholders, +shareholders may initiate legal proceedings to the People’s Court. +The shareholders of the Company shall assume the following obligations: +(i) complying with laws, administrative regulations, the regulatory rules of the stock exchange +where the Company’s shares are listed and the Articles of Association; +(ii) paying share payments as per the shares subscribed for and the method of subscription; +(iii) not to withdraw its share capital, except for circumstances stipulated by laws and +regulations; +(iv) not to abuse the shareholders’ rights to impair the interest of the Company or other +shareholders; not to abuse the independent legal person status of the Company and the +limited liability of shareholders to impair the interest of creditors of the Company; +(v) other obligations required to be assumed under laws, administrative regulations, the +regulatory rules of the stock exchange where the Company’s shares are listed and the +Articles of Association. +Shareholders of the Company shall be liable for making compensation for any loss suffered by the +Company or other shareholders arising from their abuse of shareholders’ rights in accordance with law. +Shareholders of the Company who abuse the independent legal person status of the Company and the +limited liability of shareholders to evade debts and seriously impair the interest of creditors of the +Company shall be jointly and severally liable for the debts of the Company. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-5 – + + +--- page 383 --- +Controlling Shareholders and De Facto Controllers +The controlling shareholders and de facto controllers of the Company shall exercise their rights +and fulfil their obligations in accordance with laws, administrative regulations, provisions of the CSRC +and the stock exchange of the place where the Company’s shares are listed, to safeguard the interests of +the Company. +The controlling shareholders and de facto controllers of the Company shall abide by the following +provisions: +(i) exercise shareholders’ rights in accordance with the law, not to abuse controlling interest, or +exploit connected-party relationships to harm the legitimate rights and interests of the +Company or other shareholders; +(ii) strictly fulfil public statements and commitments made, without unauthorised changes or +waivers; +(iii) strictly fulfil information disclosure obligations in accordance with relevant regulations, +actively cooperate with the Company in information disclosure work, and promptly inform +the Company of significant events that have occurred or are planned to occur; +(iv) shall not misappropriate the Company’s funds in any way; +(v) shall not coerce, instruct, or require the Company and related personnel to illegally provide +guarantees; +(vi) shall not seek benefits using the Company’s undisclosed significant information, shall not +disclose any undisclosed significant information about the Company in any way, shall not +engage in insider trading, short term trading, market manipulation, or other illegal activities; +(vii) shall not damage the legitimate rights and interests of the Company and other shareholders +through unfair connected transactions, profit distribution, asset reorganisation, external +investments, or any other means; +(viii) ensure the integrity of the Company’s assets, personnel independence, financial +independence, institutional independence, and business independence, and shall not in any +way affect the Company’s independence; +(ix) comply with laws, administrative regulations, provisions of the CSRC, the regulatory rules +of the stock exchange of the place where the Company’s shares are listed and other +provisions of the Articles of Association. +The controlling shareholders and de facto controllers of the Company who do not serve as +directors of the Company but actually carry out the Company’s affairs shall be subject to the provisions +of the Articles of Association regarding the fiduciary duty and diligence duty of directors. +Where any controlling shareholder or de facto controller of the Company instructs a director or +senior management officer to engage in conduct that harms the interests of the Company or +shareholders, such controlling shareholder or de facto controller shall bear joint and several liabilities +with that director or senior management officer. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-6 – + + +--- page 384 --- +If the controlling shareholders and de facto controllers pledge the Company’s shares they hold or +actually control, they should maintain the Company’s control rights and ensure stable production and +operation. +If the controlling shareholders and de facto controllers transfer their holdings of the Company’s +shares, they shall comply with the restrictive provisions on share transfer in laws, administrative +regulations, provisions of the CSRC and the stock exchange where the Company’s shares are listed, as +well as the commitments they have made regarding restricted share transfers. +General Provisions for Shareholders’ Meetings +Article 47 The shareholders’ meeting of the Company shall be composed of all shareholders. The +shareholders’ meeting is the authority of power of the Company which shall exercise the following +functions and powers in accordance with the laws: +(i) elect and replace directors, decide on the remuneration matters of the relevant directors; +(ii) consider and approve the reports of the board of directors; +(iii) consider and approve the Company’s profit distribution plans and loss recovery plans; +(iv) pass resolutions to increase or reduce the registered capital of the Company; +(v) pass resolutions on merger, division, dissolution and liquidation or change in corporate form +of the Company; +(vi) amend the Articles of Association; +(vii) pass resolutions on the issuance of corporate bonds; +(viii) pass resolutions on the engagement or dismissal of accounting firms engaged in the audit +work of the Company; +(ix) consider and approve the guarantees prescribed in Article 48 of the Articles of Association; +(x) consider and approve matters regarding the purchase and sale of material assets by the +Company within one year in which the total assets involved or the transaction value +exceeding 30% of the latest audited total assets of the Company; +(xi) consider and approve the changes in the use of proceeds raised; +(xii) consider and approve the equity incentive plans and employee stock ownership plans; +(xiii) consider and approve other matters which shall be decided by the shareholders’ meetings as +stipulated by laws, administrative regulations, departmental rules, securities regulatory rules +of the place where the Company’s shares are listed or the Articles of Association. +The shareholders’ meeting may authorise the board of directors to resolve on the issue of +corporate bonds. Saved as item (vii), the duties and powers of the shareholders’ meeting set forth above +shall not be exercised by the board of directors or other institutions and individuals on its behalf by +way of authorisation. Duties and powers that are not statutorily exercised by the shareholders’ meeting +may be granted to the board of directors after deliberation and approval by the shareholders’ meeting. +The scope of such authorisation shall be clear and specific. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-7 – + + +--- page 385 --- +The following external guarantees of the Company shall be considered and approved at the +shareholders’ meeting: +(i) guarantee with a single sum of guarantee that has exceeded 10% of the latest audited net +assets of the Company; +(ii) guarantee provided after the total amount of external guarantees of the Company has +exceeded 30% of the latest audited total assets; +(iii) guarantee after the total amount of external guarantees provided by the Company and its +holding subsidiaries has exceeded 50% of the latest audited net assets; +(iv) guarantee provided to entities with more than 70% debt equity ratio; +(v) guarantee provided after the amount of external guarantees of the Company within the year +has exceeded 30% of the Company’s latest audited total assets; +(vi) guarantees provided to the shareholders, de facto controllers and their related parties; +(vii) other external guarantee shall be considered and approved by the shareholders’ meeting as +stipulated by laws, normative documents, CSRC, securities regulatory rules of the place +where the Company’s shares are listed or the Articles of Association. +When a guarantee is raised for consideration and discussion at a board meeting, it shall be +considered and approved by more than two-thirds of the directors attending the board meeting. When +the shareholders’ meeting reviews the guarantee mentioned in item (v) of the preceding paragraph, it +shall be approved by more than two-thirds of the voting rights held by the shareholders attending the +meeting. +Shareholders’ meetings include annual shareholders’ meetings and extraordinary shareholders’ +meetings. Annual shareholders’ meetings are held once every year and within 6 months from the end of +the preceding financial year. +The Company shall convene an extraordinary shareholders’ meetings within 2 months from the +date of the occurrence of any of the following circumstances: +(i) where the number of directors is less than the number stipulated in the Company Law or +two-thirds of the number prescribed in the Articles of Association; +(ii) where the losses of the Company that have not been made up represent one-third of its total +share capital; +(iii) where such meeting is requested by shareholders individually or jointly holding more than +10% of the shares of the Company; +(iv) where such meeting is deemed necessary by the board of directors; +(v) where such meeting is proposed to be convened by the audit committee; +(vi) other circumstances specified in laws, administrative regulations, departmental rules, the +securities regulatory rules of the place where the Company’s shares are listed or the Articles +of Association. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-8 – + + +--- page 386 --- +Convening of Shareholders’ Meeting +The shareholders who individually or jointly hold 10% or more of the shares of the Company +shall have the right to convene an extraordinary general meeting, and shall make such request to the +board of directors in writing. The board of directors shall, pursuant to the provisions of laws, +administrative regulations, securities regulatory rules of the place where the Company’s shares are +listed and the Articles of Association, give a written reply on whether to convene the extraordinary +shareholders’ meeting or not within 10 days upon receipt of the proposal. +When the board of directors agrees to convene an extraordinary shareholders’ meeting, the board +of directors shall, within 5 days after the board resolution is made, issue a notice calling for the +shareholders’ meeting. Changes in the original proposal in the notice shall be subject to the approval of +the relevant shareholders. +When the board of directors does not agree to convene an extraordinary shareholders’ meeting, or +does not provide feedback within 10 days upon receipts of the request, shareholders who individually or +collectively holding more than 10% of the Company’s shares, shall have the right to propose to the +audit committee to convene an extraordinary shareholders’ meeting, and shall make such proposal in +writing. +When the audit committee agrees to convene an extraordinary shareholders’ meeting, the audit +committee shall, within 5 days after the proposal is received, issue a notice calling for the shareholders’ +meeting. Changes in the original proposal in the notice shall be subject to the approval of the relevant +shareholders. +If the audit committee fails to issue a notice of the shareholders’ meeting within the prescribed +time limit, it shall be deemed that the audit committee has not convened and presided over the +shareholders’ meeting. Shareholders who individually or collectively hold more than 10% of the +Company’s shares for a continuous period of more than 90 days may convene and preside over the +meeting on their own. +The aforesaid shall not apply where laws, administrative regulations, departmental rules and +securities regulatory rules of the place where the shares of the Company are listed stipulate otherwise. +The expenses necessary for the shareholders’ meeting convened by the Audit Committee or the +shareholders themselves shall be borne by the Company. +Proposals and Notices of Shareholders’ Meeting +Contents of a proposal for the shareholders’ meeting shall fall within the terms of reference of the +shareholders’ meeting, have definite subjects and specific matters to be resolved, and shall comply with +laws, administrative regulations, securities regulatory rules of the place where the shares of the +Company are listed and provisions of the Articles of Association. +When the Company convenes the shareholders’ meeting, the board of directors, audit committee +and shareholders holding more than 1% of the shares of the Company separately or jointly are entitled +to submit proposals to the Company. +The shareholders holding more than 1% of the shares of the Company separately or jointly may +raise a temporary proposal and submit it to the convener in writing 10 days before the shareholders’ +meeting is held. The temporary proposal shall have definite subjects and specific matters to be resolved. +The board of directors shall supplement the notice of shareholders’ meeting in 2 days after receiving +the proposal and publicise the content of the temporary proposal, and submit the temporary proposal to +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-9 – + + +--- page 387 --- +the shareholders’ meeting for consideration, except where the temporary proposal is in violation of +laws, administrative regulations or the Articles of Association, or does not fall into the terms of +reference of the shareholders’ meeting. If, in accordance with the provisions of the securities regulatory +rules of the place where the Company’s shares are listed, the shareholders’ meeting must be postponed +due to the issuance of a supplementary notice for the shareholders’ meeting, the convening of the +shareholders’ meeting shall be postponed in accordance with the provisions of the securities regulatory +rules of the place where the Company’s shares are listed. +Save as specified in preceding paragraph, the convener shall neither revise the proposals set out in +the notice of shareholders’ meeting nor add new proposals after issuing the notice of shareholders’ +meeting. +The shareholders’ meeting shall not vote or pass resolutions on proposals not listed in the notice +of the shareholders’ meeting or not in conformity with the Articles of Association. +The conveyer shall give notice of the annual shareholders’ meeting to all shareholders by way of +an announcement 21 days before the meeting is convened by the Company. The extraordinary +shareholders’ meeting shall be notified to all shareholders by way of an announcement at least 15 days +before the meeting is convened. +Notice of shareholders’ meetings shall be published on the website of the Company or on the +website designated by the Hong Kong Stock Exchange, in accordance with applicable laws, regulations, +and the securities regulatory rules of the place where the shares of the Company are listed. If, in +accordance with the Articles of Association, an announcement is to be made to shareholders of +foreign-invested shares listed overseas, such announcement shall also be published in accordance with +the methods specified in the Hong Kong Listing Rules. For shareholders of unlisted domestic shares, +notice of shareholders’ meetings may also be given by way of announcement. +The day of the meeting shall not be included in the calculation of the time limit of the notice. +Notice of the shareholders’ meeting shall include the following: +(i) time, venue and duration of the meeting; +(ii) subject matters and proposals submitted for consideration at the meeting; +(iii) clear statement that all holders of the shares are entitled to attend the shareholders’ meeting, +and may appoint a proxy in writing to attend the meeting and vote on his/her behalf and that +such proxy needs not be a shareholder of the Company; +(iv) record date for shareholders entitled to attend the shareholders’ meeting; +(v) name(s) and telephone number(s) of the standing contact person(s) for the affairs of +meetings; +(vi) time and procedure of voting via internet or by other means; +(vii) other matters as required by laws, administrative regulations, departmental rules, securities +regulatory rules of the place where the shares of the Company are listed and the Articles of +Association. +Notice and supplemental notice of the shareholders’ meeting shall fully and completely disclose +the specific content of all proposals. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-10 – + + +--- page 388 --- +The record date for shareholdings shall be determined in accordance with the Hong Kong Listing +Rules and other securities regulatory rules of the place where the Company’s shares are listed. +Where the election of Directors is to be discussed at a shareholders’ meeting, the notice of the +shareholders’ meeting shall fully disclose the particulars of the candidates for election as Directors, +which shall include the following: +(i) personal particulars such as educational background, working experience and parttime jobs; +(ii) whether there is any related relationship with the Company or the controlling shareholder +and the actual controller of the Company; +(iii) disclosure of the number of shares held in the Company; +(iv) whether or not they have been subject to penalties imposed by the CSRC, other relevant +authorities and securities regulatory authorities of the place where the Company’s shares are +listed or any disciplinary action taken by any stock exchange; +(v) other information regarding the candidates for Directors required to be disclosed by the +Hong Kong Listing Rules. +Save in the case of the election of Directors on a cumulative voting basis, a separate resolution +shall be proposed for each of the candidates for election as Directors. +After the notice of the shareholders’ meeting is given, without cogent reason, the shareholders’ +meeting shall not be postponed or cancelled, and the proposals set out in the notice shall not be +cancelled. Once the shareholders’ meeting is adjourned or cancelled, the convener shall publish an +announcement and explain the reasons in writing at least two working days before the original holding +date. +If the securities regulatory rules of the place where the shares of the Company are listed stipulate +otherwise in respect of the aforesaid matters, such provisions shall prevail on the premise of not +violating domestic regulatory requirements. +Voting at and Resolutions of General Meeting +Resolutions of the shareholders’ meeting are divided into ordinary resolutions and special +resolutions. +An ordinary resolution of the shareholders’ meeting shall be adopted by a majority of the voting +rights held by the shareholders (including proxies of shareholders) entitled to vote who are present at +the shareholders’ meeting. +Special resolutions of the general meeting shall be passed by more than two-thirds of the voting +rights held by the shareholders with voting rights (including their proxies) present at the meeting. +The following matters shall be resolved by way of ordinary resolution of the general meeting: +(i) working reports of the board of directors; +(ii) profit distribution proposals and proposals for making up losses formulated by the board of +directors; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-11 – + + +--- page 389 --- +(iii) appointment and removal of members of the board of directors, and determination of their +remuneration and payment methods; +(iv) other matters other than those that shall be resolved by special resolutions according to laws, +administrative regulations, securities regulatory rules of the place where the Company’s +shares are listed or the Articles of Association. +The following matters shall be resolved by way of special resolution of the general meeting: +(i) increase or reduction of the Company’s registered capital; +(ii) division, merger, dissolution and liquidation of the Company or alteration on the form of the +Company; +(iii) amendment of the Articles of Association; +(iv) the Company’s purchase or disposal of major assets within one year or guarantee amount +exceeding 30% of the latest audited total assets of the Company set out in the audited +financial statements; +(v) the share incentive plan; +(vi) other matters required to be resolved by way of a special resolution by the laws, +administrative regulations, securities regulatory rules of the place where the Company’s +shares are listed or the Articles of Association, and matters which, according to an ordinary +resolution of the general meeting, may have a significant impact on the Company and shall +be resolved by way of a special resolution. +Shareholders (including their proxies) shall exercise their voting rights by the amount of shares +with voting rights they represent, with each share entitled to one vote. +The Company’s shares held by the Company shall not carry voting rights, and those shares shall +not be included in calculating the total number of shares carrying voting rights at the general meetings. +Where material issues affecting the interests of small and medium-sized investors are considered +at the general meeting, the votes of small and medium-sized investors shall be counted separately. The +separate votes counting results shall be disclosed publicly in a timely manner. +If a shareholder purchases shares with voting rights of the Company in violation of the provisions +of Article 63(1) and (2) of the Securities Law, the voting rights of such shares in excess of the +prescribed proportion shall not be exercised and shall not be counted towards the total number of shares +with voting rights present at the general meeting for thirty-six months after the purchase. +When matters relating to connected transactions are considered at the general meetings, the +connected shareholders shall not vote, and the number of shares with voting rights represented by them +shall not be included in the total number of valid votes; the resolutions of the general meetings shall +specify the voting information of the non-connected shareholders. +In addition to the cumulative voting system, the general meeting shall resolve on all the proposals +separately; in the event of several proposals for the same issue, such proposals shall be voted on and +resolved in the order of time at which they are submitted. Unless the general meeting is adjourned or +no resolution can be made for special reasons such as force majeure, voting of such proposals shall +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-12 – + + +--- page 390 --- +neither be shelved nor refused at the general meeting. If there are other provisions on the aforesaid +matters in the securities regulatory rules of the place where the Company’s shares are listed, such +provisions shall prevail. +The general meeting shall vote by open poll. +Before voting on any proposal, a general meeting shall choose two shareholders’ representatives to +participate in the votes counting or scrutinising. When any shareholder is related to any matter under +consideration, the said shareholder and proxy thereof shall not participate in vote counting or +scrutinising. +At the time of voting on a proposal at a general meeting, lawyers (if needed), shareholders’ +representatives shall count and scrutinise the votes jointly and announce the voting results on the spot. +The voting results in connection with the resolution shall be recorded in the meeting minutes. +BOARD OF DIRECTORS +General Provisions on Board of Directors +The directors of the Company shall be natural persons. A person in any of the following +categories may not serve as a director of the Company: +(i) persons without capacity or with limited capacity for civil conduct; +(ii) persons who were sentenced for crimes of corruption, bribery, encroachment or +embezzlement of property or disruption of the social and economic order, where five years +have not elapsed following the serving of the sentence, or persons who were deprived of +their political rights for committing a crime, where five years have not elapsed following the +serving of the sentence, or in case of a suspended sentence, no more than two years have +elapsed since the date of expiration of the probationary period; +(iii) persons who acted as directors, or factory managers or managers of bankrupt or liquidated +companies or enterprises who bear personal liability for the bankruptcy of such companies or +enterprises, where three years have not elapsed following the date of completion of such +bankruptcy or liquidation; +(iv) persons who were legal representatives of a company or enterprise, which had its business +licence revoked due to a violation of the law and was ordered to close down, and who were +personally liable for it, where less than three years have elapsed since the date when the +business licence of the company or enterprise was revoked or when it was ordered to close +down; +(v) persons who have been listed by the People’s Court as defaulter because they have incurred +debts of a large amount that have not been settled by the due date; +(vi) persons who are imposed by the CSRC a ban from entering into the securities market for a +period which has not yet expired; +(vii) persons who are publicly deemed to be disqualified to act as a director or senior +management of listed companies by the stock exchange of the place where the Company’s +shares are listed, where the disqualification period remains effective; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-13 – + + +--- page 391 --- +(viii) other requirements stipulated in the laws, administrative regulations or departmental rules, +securities regulatory rules of the CSRC and of the place where the Company’s shares are +listed. +Election, appointment or employment of directors in violation of this Article shall be invalid. In +the event that the circumstances as stipulated in this Article arise during the term of office of any +director, the Company shall remove him/her from his/her position and suspend his/her duties. +Directors shall be elected or replaced by the general meeting and may be removed from office by +the general meeting by way of resolution before the expiration of their term of office, and such removal +shall take effect on the date of the resolution. The directors have a tenure of three years and can be +re-elected upon the expiry of the tenure. +The term of office of directors shall last from the date on which the directors take office to the +expiration of the term of office of the current board of directors. Where a new director is not yet +available upon expiration of a director’s term, such director, before the new director takes his office, +shall continue the performance of his duties in accordance with laws, administrative regulations, +departmental rules, the securities regulatory rules of the place where the Company’s shares are listed +and the Articles of Association. +If a director resigns, he shall notify the Company in writing. The resignation shall take effect on +the date the Company receives the notice. However, under the circumstances specified in the preceding +paragraph, the director shall continue to perform his duties. +A director may be the manager or other senior management concurrently, provided that the total +number of directors who concurrently serve as the manager or other senior management shall not +exceed half of the total number of directors. +The directors shall comply with the provisions of the laws, administrative regulations, the +regulatory rules of the place where the Company’s shares are listed and the Articles of Association and +shall perform the following fiduciary duties to the Company. They shall take measures to avoid +conflicts of interest between their personal interests and those of the Company, and must not exploit +their positions to seek improper gains: +Directors owe the following fiduciary duties to the Company: +(i) shall not misappropriate the Company’s property or embezzle the Company’s funds; +(ii) shall not deposit Company funds into accounts opened in his/her own name or in the name +of any other individual; +(iii) shall not use his/her position to solicit or accept bribes or other unlawful income; +(iv) shall not, directly or indirectly, enter into contracts or conduct transactions with the +Company, unless such matter has been reported to the board of directors or the general +meeting and approved by a resolution of the board of directors or the general meeting in +accordance with the provisions of the Articles of Association; +(v) shall not exploit his/her position to pursue business opportunities belonging to the Company +for himself/herself or for others, except where such matter has been reported to the board of +directors or the general meeting and approved by a resolution of the general meeting, or +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-14 – + + +--- page 392 --- +where the Company is unable to take advantage of such business opportunity in accordance +with laws, administrative regulations, securities regulatory rules of the place where the +Company’s shares are listed or the Articles of Association; +(vi) shall not engage in, or assist others in engaging in, any business of the same nature as that +of the Company, unless such matter has been reported to the board of directors or the +general meeting and approved by a resolution of the general meeting; +(vii) shall not accept commissions from transactions between others and the Company for his/her +own benefit; +(viii) shall not disclose the Company’s secrets without authorisation; +(ix) shall not use his/her connected relationships to harm the interests of the Company; +(x) shall not vote on any resolution approving any contract or arrangement or any other proposal +in which such director or any of his associates have a material interest nor shall such +director be counted in the quorum present at the meeting; +(xi) other duties of loyalty stipulated by laws, administrative regulations, departmental rules, the +regulatory rules of the place where the Company’s shares are listed and the Articles of +Association. +Income received by any directors in violation of this article shall be forfeited by the Company. +Any directors who act in violation of this article shall be liable for compensation for any losses caused +to the Company. +The senior management of the Company shall perform their duties with reference to the +aforementioned requirements. +The directors shall abide by the laws, administrative regulations, securities regulatory rules of the +place where the Company’s shares are listed and the Articles of Association and shall be subject to the +following diligence obligations to the Company. When performing their duties, directors shall act in the +best interests of the Company and exercise the reasonable care that would ordinarily be expected of a +manager: +(i) to exercise the rights granted by the Company in a prudent, conscientious and diligent +manner to ensure that the Company’s commercial behaviours comply with the requirements +of national laws, administrative regulations, regulatory rules of the stock exchange where the +Company’s shares are listed and various national economic policies, and that the extent of +the commercial activities do not exceed the business scope stipulated in the business licence; +(ii) to treat all shareholders equally and fairly; +(iii) to keep abreast of the Company’s business operation and management; +(iv) to initial and approve regular reports of the Company and to ensure the integrity, accuracy +and completeness of the information disclosed by the Company; +(v) to provide all relevant information required by the audit committee and shall not intervene +the performance of its duties; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-15 – + + +--- page 393 --- +(vi) to perform other due diligence obligations stipulated by laws, administrative regulations, +departmental rules, the securities regulatory rules of the place where the Company’s shares +are listed and the Articles of Association. +The senior management of the Company shall perform their duties with reference to the +aforementioned requirements. +A director may resign before the expiration of their term of office. If a director fails to attend the +Board meeting and does not entrust another director to attend on their behalf, it shall be deemed that +they are unable to perform their duties, and the board of directors shall propose to the shareholders’ +meeting that such director be removed. +A director may resign before the expiry of his/her tenure. The resigning director shall submit to +the Company a written resignation. The resignation shall take effect on the date the Company receives +the written resignation. The Company shall disclose the relevant information within two trading days. +Where, as a result of a director’s resignation, the quorum requirement for the member of the +Board of Directors is no longer met, or the number of independent non–executive directors is less than +one-third (1/3) of the members of the Board of Directors due to the resignation of an independent +nonexecutive director, or there is no accounting professional among the independent non-executive +directors, the outgoing director shall continue to perform a director’s functions in accordance with laws, +administrative regulations, departmental rules, securities regulatory rules of the place where the +Company’s shares are listed and the Articles of Association before the newly elected director assumes +office. +The Company has a system in place to manage the departure of directors, which specifies +safeguard measures for pursuing and recovering liability for unfulfilled public commitments and other +outstanding matters. A director shall complete all formalities for handing over to the board of directors +when his/her resignation takes effect or when his/her term of office expires, and his/her fiduciary duty +towards the Company and its shareholders shall not ipso facto be discharged upon expiration of his/her +term of office. The liability that a director bears during his/her term of office due to the performance of +his/her duties shall not be waived or terminated upon leaving office. +Board of Directors +The Company shall have a board of directors. +The Board shall consist of 9 directors. The Company shall have one chairman, who shall be +elected by more than half of all the directors. There are 3 independent non-executive directors. +Independent non-executive directors shall constitute one-third or more of the total number of the board +of directors. At least one independent non-executive director shall have appropriate professional +qualifications, and one shall ordinarily reside in Hong Kong. +The Board of Directors exercises the following powers: +(i) convene a shareholders’ meeting and report work to the shareholders’ meeting; +(ii) implement the resolutions of the shareholders’ meeting; +(iii) determine the Company’s business plan and investment plan; +(iv) formulate the Company’s profit distribution plan and loss compensation plan; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-16 – + + +--- page 394 --- +(v) formulate plans for the Company to increase or reduce its registered capital, issue bonds or +other securities and for the listing; +(vi) formulate plans for the Company’s major acquisitions, the Company’s acquisition of the +Company’s shares, or merger, division, dissolution and change of form of the Company; +(vii) determine, within the scope of the powers granted by the shareholders’ meeting, matters +including the Company’s external investments, the sale and purchase of assets, asset +mortgages, external guarantees, entrusted financial management, connected transactions, +donations to other organisations, among other matters; +(viii) decide on the establishment of the Company’s internal management agencies; +(ix) appoint or dismiss the Company’s manager, secretary to the Board of Directors and other +senior management personnel, and determine their remuneration, rewards and punishments; +decide on the appointment or dismissal of the Company’s deputy general manager, financial +controller and other senior management personnel based on the nomination of the manager +and decide on their remuneration and rewards and punishments; +(x) manage the Company’s information disclosure matters; +(xi) formulate the Company’s basic management system; +(xii) formulate a plan to amend the Articles of Association; +(xiii) propose to the shareholders’ meeting to hire or change the accounting firm to audit the +Company; +(xiv) listen to the work report of the manager of the Company and inspect the work of the +manager; +(xv) decide on the Company’s repurchase of its shares under the circumstances specified in items +(iii), (v) and (vi) in the first paragraph in Article 25 of the Articles of Association on the +premise of complying with the securities regulatory rules of the place where the shares of +the Company are listed; +(xvi) laws, administrative regulations, departmental rules, securities regulatory rules of the place +where the Company’s shares are listed, or other powers granted by the Articles of +Association. +Matters beyond the scope of authority of the shareholders’ meeting shall be submitted to the +shareholders’ meeting for consideration. +The Company shall disclose to the shareholders the remuneration received by the Directors and +senior management personnel from the Company on a regular basis. +The Board of Directors shall give explanations to the general meeting for the qualified audit +opinions issued by certified public accountants in respect of financial reports of the Company. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-17 – + + +--- page 395 --- +The Board of Directors shall formulate the rules of procedures of meetings of the Board of +Directors to ensure the Board of Directors will implement resolutions of the shareholders’ general +meeting, thereby enhancing efficiency and ensuring scientific decision-making. The rules of procedures +for the Board of Directors shall be appended to the Articles of Association and shall be formulated by +the Board of Directors and approved at the general meetings. +The Board of Directors shall convene at least four meetings each year. All board meetings shall be +convened and presided over by the chairman or, as the case may be, a director. A written notice +specifying the time, venue and agenda of the meeting shall be sent to all directors at least 14 days prior +to the convening of each board meeting. With the unanimous consent of all the Company’s Directors, +the aforesaid notice period for convening regular board meetings may be shortened or waived. +Board meetings shall be attended by more than half of the Directors. Resolutions made by the +Board of Directors shall be approved by more than half of all Directors, unless otherwise provided by +the Articles of Association. +V oting on resolutions of the Board of Directors is based on one person, one vote. +If a Director is related to the corporates or individuals involved in the matters resolved at the +Board meeting, or if the Director himself/herself or any of his/her associates has a material interest +therein, such Director shall promptly report in writing to the Board of Directors. A director who has a +related relationship or who himself or any of his associates has a material interest shall not exercise +voting rights on such resolution, nor shall he act as a proxy for other directors to exercise voting rights. +Such director shall also not be counted in the quorum for the relevant meeting. The Board meeting may +be held if more than half of the unrelated Directors are present, and resolutions made at the Board +meeting shall be passed by more than half of the unrelated Directors. If the number of unrelated +directors present at the meeting of the Board of Directors is less than 3, the matter shall be submitted to +the shareholders’ meeting for review. +Board meetings shall be attended by the director in person; if a director is unable to attend for any +reason, he/she may authorise another director in writing to attend on his/ her behalf. The letter of +authorisation shall state the name of the agent, matters of agency, scope of authorisation and validity +period, and shall be signed or stamped by the principal. Directors who attend meetings on their behalf +shall exercise the rights of directors within the scope of authorisation. If a director fails to attend a +Board meeting or appoint a representative to attend, he/ she shall be deemed to have given up his/her +right to vote at the meeting. +Independent Non-executive Directors +Independent non-executive Directors shall maintain their independence. The following persons +shall not serve as independent non-executive Directors: +(i) persons working for the Company or its subsidiaries, their spouses, parents and children, and +major social relations; +(ii) natural person shareholders who directly or indirectly hold more than 1% of the Company’s +issued shares or who are among the Company’s top ten shareholders, and their spouses, +parents and children; +(iii) persons who work for shareholders who directly or indirectly hold more than 5% of the +Company’s issued shares or who work for the Company’s top five shareholders, and their +spouses, parents, and children; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-18 – + + +--- page 396 --- +(iv) persons serving in the subsidiaries of the Company’s controlling shareholders and de facto +controllers and their spouses, parents and children; +(v) persons who have significant business dealings with the Company, its controlling +shareholders, de facto controllers or their respective subsidiaries, or who serve in entities +with which they have significant business dealings and their controlling shareholders or de +facto controllers; +(vi) persons providing financial, legal, consulting and sponsorship and other services to the +Company, its controlling shareholders, de facto controllers or their respective subsidiaries; +including, but not limited to, all members of the project team of the intermediaries providing +the services, reviewers at all levels, persons signing the report, partners, directors, senior +management and principals; +(vii) persons who have been in the situations listed in the items (i) to (vi) within the last twelve +months; +(viii) other persons who are not independent as stipulated by the laws, administrative regulations, +the CSRC, the securities regulatory rules of the place where the Company’s shares are listed, +as well as the Articles of Association. +The subsidiaries of the Company’s controlling shareholder and de facto controller as referred to in +items (iv) to (vi) of the preceding paragraph do not include those companies which are controlled by +the same state-owned asset administration institution and the Company does and do not have a +connected relationship with the Company in accordance with the relevant regulations. +Independent non-executive Directors shall conduct self-examination of independence each year +and submit the results of self-examination to the Board. The Board shall assess independence of +incumbent independent non-executive Directors and issue special opinions each year, which shall be +disclosed together with annual reports. +The following conditions shall be met in order to serve as independent non-executive Directors of +the Company: +(i) being qualified for serving as director of a listed company according to laws, administrative +regulations, regulatory rules of the stock exchange where the Company’s shares are listed +and other relevant provisions; +(ii) meeting the independence requirements set forth in the Articles of Association; +(iii) having basic knowledge of the operation of listed companies and being familiar with +relevant laws, regulations and rules; +(iv) having more than five years of legal, accounting or economic work experience necessary to +perform the duties of an independent non-executive Director; +(v) having good personal morality, with no bad records such as major dishonesty, etc.; +(vi) other conditions stipulated by the laws, administrative regulations, the requirements of the +CSRC, the securities regulatory rules of the place where the Company’s shares are listed and +the Articles of Association. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-19 – + + +--- page 397 --- +As members of the Board of Directors, the independent non-executive Directors owe fiduciary +duties and diligence to the Company and all shareholders and shall prudently perform the following +duties: +(i) to participate in the decision making of the Board of Directors and provide explicit opinions +on the matters discussed; +(ii) to supervise matters that indicate potential material conflict of interest between the Company +and its controlling shareholders, actual controllers, directors and senior management so as to +protect legitimate rights and interests of minority shareholders; +(iii) to provide professional and objective advice on the Company’s operations and development, +thereby facilitating improvement in the standard of the decision-making of the Board of +Directors; +(iv) other duties stipulated by the laws, administrative regulations, the requirements of the +CSRC, the securities regulatory rules of the place where the Company’s shares are listed and +the Articles of Association. +Independent non-executive Directors shall exercise the following special functions and powers: +(i) independently engage intermediaries to audit, provide consultation on or verify specific +matters of the Company; +(ii) propose the convening of extraordinary general meetings to the Board of Directors; +(iii) propose the convening of Board meetings; +(iv) openly solicit shareholders’ rights from shareholders in accordance with the laws; +(v) express independent opinions on matters potentially detrimental to interests of the Company +or its minority shareholders; +(vi) other functions and powers as provided by the laws, administrative regulations, the CSRC, +the securities regulatory rules of the place where the Company’s shares are listed, as well as +the Articles of Association. +Any exercise of the functions and powers as referred to in items (i) to (iii) of the preceding +paragraph by the independent non-executive Directors shall be approved by more than half of all +independent non-executive Directors. +The Company shall disclose in a timely manner any exercise of the functions and powers set out +in Article 1 by the independent non-executive Directors. If any of the aforesaid functions and powers +could not be exercised properly, the Company shall disclose the specific circumstances and reasons +thereof. +The following matters shall be approved by more than half of all the independent non-executive +Directors of the Company before submitting to the Board of Directors for consideration: +(i) discloseable connected transactions; +(ii) proposals for changing or waiving undertakings made by the Company and relevant parties; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-20 – + + +--- page 398 --- +(iii) decisions and measures taken by the board of directors of the company being acquired in +response to the acquisition; +(iv) other matters as prescribed by laws, administrative regulations, the CSRC, the securities +regulatory rules of the place where the Company’s shares are listed, and the Articles of +Association. +The Company shall establish a mechanism for special meetings which will be attended by +independent non-executive Directors only. Matters such as connected transactions to be considered by +the Board of Directors shall be approved in advance by a special meeting of the independent +non-executive Directors. +The Company shall convene special meetings of the independent non-executive Directors on a +regular or ad hoc basis. Matters listed in items (i) to (iii) of paragraph 1 of Article 136 and in Article +137 of the Articles of Association shall be considered by a special meeting of the independent +non-executive Directors. +The special meetings of the independent non-executive Directors may consider and discuss other +matters of the Company when necessary. +The special meetings of the independent non-executive Directors shall be convened and chaired by +one independent non-executive Director elected by more than half of the independent non-executive +Directors; in the event that the convener fails to or is unable to perform his/her duties, two and more +independent non-executive Directors may convene a meeting on their own and elect one representative +to preside over the meeting. +Minutes of special meetings of independent non-executive Directors should be prepared in +accordance with the regulations and the views of independent non-executive Directors should be set out +in the minutes. The independent non-executive Directors should sign to confirm the minutes of the +meeting. +The Company shall facilitate and support the convention of the special meetings of the +independent non-executive Directors. +Special Committees of the Board of Directors +The board of directors of the Company shall establish the Audit Committee, which shall exercise +the functions and powers of the board of supervisors as stipulated in the Company Law. +The Audit Committee shall consist of 3 members, all of whom are non-executive directors, +including 2 independent non-executive directors. The convener shall be an independent non-executive +director with accounting expertise. +The Audit Committee is responsible for reviewing the financial information of the Company and +its disclosure, supervising and evaluating internal and external audit work and internal control. The +following matters shall be submitted to the Board of Directors for consideration after being approved +by more than half of all members of the Audit Committee: +(i) disclosure of financial information in financial accounting reports and periodic reports, as +well as internal control evaluation reports; +(ii) hiring or dismissing the accounting firm engaged to carry out the audit of the company; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-21 – + + +--- page 399 --- +(iii) appointment or dismissal of the company’s financial controller; +(iv) changes in accounting policies, accounting estimates or corrections of material accounting +errors for reasons other than changes in accounting standards; +(v) other matters provided for by laws, administrative regulations, the CSRC, the securities +regulatory rules of the place where the Company’s shares are listed and the Articles of +Association. +The Audit Committee shall hold at least one meeting each quarter. An extraordinary meeting may +be held when it is proposed by two or more members, or when it is deemed necessary by the convener. +Meeting of the Audit Committee shall be held only if more than two-thirds of the members are present. +The resolutions made by the Audit Committee shall be passed by more than half of the members +of the Audit Committee. V oting on the resolutions of Audit Committee shall be one person, one vote. +Minutes shall be prepared for the resolutions of the Audit Committee as required and shall be +signed by the members of the Audit Committee present at the meetings. The Board of Directors shall be +responsible for formulating work procedures for the Audit Committee. +The Nomination Committee is responsible for formulating the standards and procedures for the +selection of directors and senior management, selecting and reviewing the candidates for directors and +senior management and their qualifications for office, and making recommendations to the Board of +Directors on the following matters: +(i) nominating or removing of directors; +(ii) appointing or dismissing senior management; +(iii) other matters as provided by laws, administrative regulations, the CSRC, the securities +regulatory rules of the place where the Company’s shares are listed and the Articles of +Association. +If the Board of Directors does not adopt or does not fully adopt the recommendations of the +Nomination Committee, it shall record the opinion of the Nomination Committee and the specific +reasons for not adopting in the resolution of the Board of Directors and disclose the same. +The Remuneration and Appraisal Committee is responsible for the formulation of standards for +appraising and conducting evaluation of Directors and senior management, and the formulation and +review of the remuneration decision mechanisms, decision-making processes, payment and cessation of +payment recovery arrangements, and other remuneration policies and plans for Directors and senior +management, and making recommendations to the Board of Directors on the following matters: +(i) the remuneration of Directors and senior management; +(ii) the formulation or amendment of equity incentive schemes and employee stock ownership +plans, and the granting of rights to incentive recipients and the achievement of conditions +for the exercise of such rights by incentive recipients; +(iii) the arrangement of stock ownership plans for Directors and senior management in the event +of a proposed spin-off of a subsidiary; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-22 – + + +--- page 400 --- +(iv) other matters stipulated by laws, administrative regulations, the CSRC, the securities +regulatory rules of the place where the Company’s shares are listed and the Articles of +Association. +If the Board of Directors does not adopt or does not fully adopt the recommendations of the +Remuneration and Appraisal Committee, it shall record the opinion of the Remuneration and Appraisal +Committee and the specific reasons for its non-adoption in a resolution of the Board of Directors and +disclose the same. +Manager and Other Senior Management Officers +The Company has a manager, who is appointed or dismissed by the Board of Directors. +The Company has several deputy managers, who are appointed or dismissed by the Board of +Directors. +The Company’s manager, deputy managers, secretary to the Board of Directors, and financial +controller are senior management personnel of the Company. +The provisions of the Articles of Association regarding the circumstances under which a person +may not serve as a director shall apply equally to senior management personnel. +The directors’ duty of loyalty and the directors’ duties of diligence as mentioned in the Articles of +Association shall also apply to senior management. +Any person who takes administrative position other than a director or supervisor in the controlling +shareholder of the Company shall not act as senior management of the Company. +The Company’s senior management are only paid by the Company and are not paid by the +controlling shareholder on behalf of the Company. +The manager is elected for a term of three years, and the manager may be reappointed +consecutively for subsequent terms. +The manager is responsible to the Board of Directors and exercises the following powers: +(i) preside over the Company’s production, operation and management work, organise the +implementation of Board resolutions, and report work to the Board of Directors; +(ii) organise and implement the Company’s annual business plan and investment plan; +(iii) formulate a plan for the establishment of the Company’s internal management organisation; +(iv) formulate the Company’s basic management system; +(v) formulate specific regulations of the Company; +(vi) request the Board of Directors to appoint or dismiss the Company’s deputy general manager +and financial controller; +(vii) decide on the appointment or dismissal of management personnel other than those who shall +be appointed or dismissed by the Board of Directors; +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-23 – + + +--- page 401 --- +(viii) other powers granted by the Articles of Association or the Board of Directors. +The manager attends Board meetings. +The Company shall have a Board secretary, who is responsible for preparing for the Shareholders’ +meeting and the board meetings, keeping documents and shareholders’ materials and handling matters +relating to information disclosure, etc.. +The Board secretary shall comply with the relevant provisions of the laws, administrative +regulations, departmental rules, securities regulatory rules of the place where the Company’s shares are +listed, and the Articles of Association. +Where a member of senior management causes damage to others in executing his/her office in the +Company, the Company shall be liable for compensation. Where a member of senior management acts +with intent or gross negligence, he/she shall also bear the liability for compensation. +Where a member of senior management violates any laws, administrative regulations, +departmental rules, regulatory rules of the stock exchange where the Company’s shares are listed or the +Articles of Association in executing his/her office in the Company, causing losses to the Company, +he/she shall be liable for compensation. +Senior management members of the Company shall faithfully perform their duties and safeguard +the best interests of the Company and all shareholders. Where a senior management member fails to +perform his/her duties faithfully or violates the fiduciary duty, causing damage to the interests of the +Company and the public shareholders, he/she shall be liable for compensation in accordance with law. +FINANCIAL AND ACCOUNTING SYSTEM, PROFIT DISTRIBUTION AND AUDIT +Financial and Accounting System +The Company formulates its financial accounting system in accordance with laws, administrative +regulations, regulatory rules of the stock exchange where the Company’s shares are listed and the +regulations of the financial departments of the State Council. +The Company shall adopt the Gregorian calendar year as its accounting year, which shall +commence on 1 January and end on 31 December of the same Gregorian calendar year. +The Company shall submit and disclose its annual report to the delegated authorities of CSRC (if +required) and the stock exchange where the Company’s shares are listed within four months after the +end of each accounting year, submit and disclose its interim report to the delegated authorities of CSRC +(if required) and the stock exchange where the Company’s shares are listed within two months after the +end of the first half of each accounting year, and may submit and disclose quarterly reports in +accordance with the relevant rules of the stock exchange where the Company’s shares are listed. Where +the regulatory rules of the stock exchange where the Company’s shares are listed provide otherwise, +such provisions shall prevail. +The above financial and accounting reports shall be prepared in accordance with the relevant laws, +administrative regulations, the provisions of the CSRC, the securities regulatory authorities and stock +exchanges where the Company’s shares are listed. +In addition to the statutory accounting books, the Company will not maintain separate accounting +books. The Company’s funds are not stored in accounts opened in any individual’s name. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-24 – + + +--- page 402 --- +When distributing after-tax profits of the year, the Company shall allocate 10% of its after-tax +profits for the Company’s statutory reserve fund. If the cumulative amount of the Company’s statutory +reserve fund is more than 50% of the Company’s registered capital, no further withdrawals may be +made. +Where the Company’s statutory reserve fund is not enough to make up losses of the Company for +the preceding year, the current year’s profits shall be applied firstly to make up the losses before being +allocated to the statutory reserve in accordance with the preceding paragraph. +After the Company withdraws the statutory reserve fund from the after-tax profits, it can also +withdraw the discretionary reserve fund from the after-tax profits upon resolution of the Shareholders’ +meeting. +The remaining after-tax profits after the Company has made up for its losses and withdrawn the +reserve fund shall be distributed according to the proportion of shares held by shareholders, unless the +Articles of Association stipulated that distribution is not based on the proportion of shareholdings. +If the Shareholders’ meeting violates the provisions of the Company Law and distributes profits to +shareholders, shareholders shall return the profits distributed in violation of the regulations to the +Company; if losses are caused to the Company, the shareholders and the responsible Directors and +senior management shall be liable for compensation. +The Company’s shares held by the Company will not participate in the distribution of profits. +After the Shareholders’ meeting of the Company makes a resolution on the profit distribution +plan, the board of directors of the Company shall complete the distribution of dividends (or shares) +within 2 months after the Shareholders’ meeting. If the specific plan cannot be implemented within 2 +months due to the provisions of laws and regulations and the securities regulatory rules of the place +where the Company’s shares are listed, the implementation date of the specific plan may be adjusted +accordingly in accordance with such provisions and the actual situation. +When formulating profit distribution policies and specific plans, the Company shall attach +importance to providing investors with reasonable investment returns, while taking into account the +long-term interests and sustainable development of the Company, and maintaining the continuity and +stability of profit distribution policies. +The Company may distribute profits in the form of cash, shares, a combination of cash and shares, +or other methods permitted by laws and regulations. +Internal Audit +The Company implements an internal audit system, which specifies the leadership system, +responsibilities and authorities, personnel allocation, funding support, application of audit results and +accountability for internal audit work. +The internal audit system of the Company shall be implemented upon approval by the board of +directors and shall be disclosed externally. +The internal audit institution of the Company shall conduct supervisory inspections of the +Company’s business activities, risk management, internal controls, financial information, and other +relevant matters. +The internal audit institution shall be accountable to the board of directors. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-25 – + + +--- page 403 --- +The internal audit institution shall accept the supervision and guidance from the Audit Committee +in the course of supervising and inspecting the business activities, risk management, internal control +and financial information of the Company. If the internal audit institution discovers relevant major +issues or clues, it shall report directly to the Audit Committee immediately. +Appointment of Accounting Firm +The Company engages an accounting firm that complies with the provisions of the Securities Law +and the provisions of securities regulatory authorities where the Company’s shares are listed to conduct +financial accounting report audits, net asset verification and other related consulting services. The +appointment period is one year and can be renewed. +The Company’s appointment and dismissal of an accounting firm shall be decided on the +Shareholders’ meeting, and the board of directors may not appoint an accounting firm before a decision +is made on the Shareholders’ meeting. +The audit fees of an accounting firm are determined on the Shareholders’ meeting. +When the Company dismisses or no longer re-appoints the accounting firm, it must notify the +accounting firm 30 days in advance; the resolution on dismissal of accounting firm shall be resolved at +the Shareholders’ meeting of the Company and the accounting firm is allowed to give its opinion. +If an accounting firm proposes to resign, it shall explain to the Shareholders’ meeting whether +there is any misconduct in the Company. +MERGER, DIVISION, CAPITAL INCREASE, CAPITAL REDUCTION, DISSOLUTION AND +LIQUIDATION +Merger, Division, Capital Increase and Capital Reduction +Company mergers may take the form of mergers by absorption or mergers by new establishment. +In the event of a merger, the parties to the merger shall enter into a merger agreement, and +prepare balance sheets and property list. The Company shall notify the creditors within 10 days from +the date of the resolution to merge and publish an announcement in a newspaper recognised by the +stock exchange where the Company’s shares are listed or on the National Enterprise Credit Information +Publicity System within 30 days. The creditors may require the Company to settle the debts or provide +appropriate guarantees within 30 days after receipt of the notice or within 45 days after the date of the +announcement if the creditors have not received the notice. +If the Company is divided, a balance sheet and property list shall be prepared. The Company shall +notify the creditors within 10 days from the date of making the separation resolution and publish an +announcement in a newspaper recognised by the stock exchange where the Company’s shares are listed +or on the National Enterprise Credit Information Publicity System within 30 days. +If the Company reduces its registered capital, it must prepare a balance sheet and property list. +The Company shall notify the creditors within 10 days from the date of the Shareholders’ meeting +resolution on capital reduction and publish an announcement in a newspaper recognised by the stock +exchange where the Company’s shares are listed or on the National Enterprise Credit Information +Publicity System within 30 days. The creditors shall have the right to require the Company to settle the +debts or provide appropriate guarantees within 30 days after receipt of the notice or within 45 days +after the date of the announcement if the creditors have not received the notice. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-26 – + + +--- page 404 --- +When a company reduces its registered capital, in principle, it shall reduce its capital contribution +or shares accordingly according to the proportion of the capital contribution or shares held by +shareholders. However, after deliberation and approval by the Shareholders’ meeting, it may not be +restricted by the same proportion reduction, and the Company may make targeted capital reduction. +The registered capital of the Company after reduction shall not be less than the statutory +minimum. +If the Company is merged or divided and the registered items are changed, the registration of the +change shall be carried out with the Company registration authority in accordance with the law; if the +Company is dissolved, the registration of the cancellation of the Company shall be carried out in +accordance with the law; if a new company is established, the registration of the establishment of such +company shall be carried out in accordance with the law. +If the Company increases or decreases its registered capital, it shall apply for a registration of the +change with the Company registration authority in accordance with the law. +Dissolution and Liquidation +The Company shall be dissolved upon the occurrence of the following events: +(i) The business period stipulated in the Articles of Association expires or other reasons for +dissolution stipulated in the Articles of Association occur; +(ii) The Shareholders’ meeting makes a resolution to dissolve; +(iii) Dissolution is required due to company merger or division; +(iv) The business licence has been revoked, it is ordered to close, or revoked in accordance with +the law; +(v) If the Company encounters serious difficulties in its operation and management, and its +continued existence will cause heavy losses to the interests of shareholders, and cannot be +solved through other means, shareholders holding 10% or above of the voting rights of the +Company may request the People’s Court to dissolve the Company, and the People’s Court +shall dissolve the Company. +If the Company encounters the reasons for dissolution in the preceding paragraph, it shall +publicise the reasons for dissolution through the National Enterprise Credit Information Publicity +System within 10 days. +If the Company is in the situation as described in items (i) and (ii) and has not yet distributed its +properties to Shareholders, it can continue to exist by amending the Articles of Association or through a +resolution of the Shareholders’ meeting. +Any amendment made to the Articles of Association pursuant to the preceding paragraph or by +resolution of the Shareholders’ meeting shall be adopted by no less than two-thirds of all voting +shareholders in attendance at the relevant Shareholders’ meeting. +Where the Company is to be dissolved pursuant to items (i), (ii), (iv), or (v) above, it shall be +liquidated. A liquidation committee shall be established within 15 days from the date when the event of +dissolution occurs with the Directors as the liquidation obligor of the Company. The liquidation +committee shall be composed of directors or any other person appointed by a resolution of the +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-27 – + + +--- page 405 --- +Shareholders’ meeting. If the liquidation committee is not duly set up for liquidation within the +specified period or fails to carry out the liquidation after its formation, any interested party may request +the People’s Court to designate related persons to form a liquidation committee to carry out liquidation. +If the liquidation obligor fails to perform its liquidation obligations in a timely manner and causes +losses to the Company or its creditors, it shall be liable for compensation. +Where the Company is dissolved in accordance with the circumstances specified in item (iv) +above, the department or the Company registration authority that made the decision to revoke the +business licence, order closure or revocation may apply to the People’s Court for designating relevant +persons to form a liquidation committee to carry out liquidation. +The liquidation committee shall exercise the following powers during the liquidation period: +(i) clean up the Company’s properties and prepare a balance sheet and property list +respectively; +(ii) notify and announce creditors; +(iii) handle the Company’s uncompleted businesses related to liquidation; +(iv) pay the taxes owed and the taxes incurred during the liquidation process; +(v) clear claims and debts; +(vi) distribute the Company’s remaining property after paying off its debts; +(vii) participate in civil litigation activities on behalf of the Company. +The liquidation committee shall notify the creditors within 10 days from the date of establishment +and publish an announcement in a newspaper recognised by the stock exchange where the Company’s +shares are listed or on the National Enterprise Credit Information Publicity System within 60 days. +Creditors shall declare their claims to the liquidation committee within 30 days from the date of receipt +of the notice, or within 45 days from the date of announcement if the notice is not received. +When a creditor declares a creditor’s right, he shall explain the relevant matters of the creditor’s +right and provide supporting materials. The liquidation committee shall register the claims. +The liquidation committee shall not make any settlement to creditors during the period of the +claim. +After cleaning up the Company’s assets and preparing a balance sheet and property list, the +liquidation committee shall formulate a liquidation plan and submit it to the Shareholders’ meeting or +the People’s court for confirmation. +The Company’s property is the remaining property after paying liquidation expenses, employees’ +wages, social insurance fees and statutory compensation, paying taxes owed, and settling the +Company’s debts respectively, and the Company distributes the remaining property according to the +proportion of shares held by shareholders. +During the liquidation period, the Company continues to exist, but it cannot carry out business +activities unrelated to the liquidation. The company’s property shall not be distributed to shareholders +before settlements are made in accordance with the provisions of the preceding paragraph. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-28 – + + +--- page 406 --- +After clearing the Company’s property and preparing a balance sheet and property list, if the +liquidation committee finds that the Company’s property is insufficient to pay off its debts, it shall +apply to the People’s Court for bankruptcy liquidation in accordance with the law. +After the bankruptcy application is accepted by the People’s Court, the liquidation committee shall +hand over the liquidation matters to the bankruptcy administrator designated by the People’s Court. +After the Company’s liquidation is completed, the liquidation committee shall prepare a +liquidation report, submit it to the Shareholders’ meeting or the People’s Court for confirmation, and +submit it to the Company registration authority to apply for cancellation of the Company registration. +AMENDMENTS TO THE ARTICLES OF ASSOCIATION +The Company shall amend the Articles of Association in any of the following circumstances: +(i) after the Company Law or relevant laws, administrative regulations and securities regulatory +rules of the place where the Company’s shares are listed are revised, the matters stipulated +in the Articles of Association contradict with the provisions of the revised laws, +administrative regulations; +(ii) if certain changes of the Company occur resulting in the inconsistency with certain terms +specified in the Articles of Association; +(iii) the Shareholders’ meeting has resolved to amend the Articles of Association. +Where the amendments to the Articles of Association passed by resolutions of the Shareholders’ +meetings require approval of the competent authorities, the amendments shall be submitted to the +relevant authorities for approval. Where the amendments involve registration matters of the Company, +the involved changes shall be registered in accordance with the laws. +APPENDIX V SUMMARY OF THE ARTICLES OF ASSOCIATION +– V-29 – + + +--- page 407 --- +A. FURTHER INFORMATION ABOUT OUR COMPANY +1. Incorporation of our Company +Our Company was established as a limited liability company under the laws of the PRC on 3 April +2013 and was converted into a joint stock limited company on 8 November 2022 under the laws of the +PRC. Our Company was registered as a non-Hong Kong company in Hong Kong under Part 16 of the +Companies Ordinance on 24 July 2025 and our principal place of business in Hong Kong is at Room +1802, 18/F, Ruttonjee House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong. Ms. Lui Mei +Ka have been appointed as the authorised representatives of our Company for the acceptance of service +of process and notices on behalf of our Company in Hong Kong. +As our Company was established in the PRC, we are subject to the relevant laws and regulations +of the PRC. A summary of the relevant aspects of laws and regulations of the PRC and various +provisions of our constitution is set out in “Regulatory Overview” and “Appendix V — Summary of the +Articles of Association” to this prospectus. +2. Changes in share capital of our Company +As at the date of incorporation, our Company had a registered capital of RMB1,000,000. +Please refer to the sections headed “History, Development and Corporate Structure — +Establishment and Development of our Company” and “History, Development and Corporate Structure +— Pre-IPO Investments” of this prospectus for details of the alteration in our share capital within the +two years immediately preceding the date of this prospectus. +3. Resolutions of our Shareholders +Pursuant to an Extraordinary Shareholders’ Meeting held on 31 July 2025, our Shareholders +resolved to approve, among other things, the following: +(a) immediately upon listing, the ordinary shares of our Company will be split on a +one-for-eighty basis, and the nominal value of the shares will be changed from RMB1.0000 +each to RMB0.0125 each; +(b) the issue of H Shares with a nominal value of RMB0.0125 each and such H Shares be listed +on the Stock Exchange; +(c) approving and adopting the Articles of Association, which shall only become effective from +the Listing Date, and authorising the Board or any other person authorised by the Board to +amend the Articles of Association according to applicable laws and regulations as well as +comments and requirements from relevant governmental authorities and regulatory +authorities; and +(d) approving the Board and its authorised persons to handle all matters relating to, among other +things, the issue and listing of H Shares on the Stock Exchange. +4. Changes in share capital of subsidiaries +Our material operating subsidiaries are listed in “History, Development and Corporate Structure” +in this prospectus and all of our subsidiaries are listed in Note 15 under the Accountant’s Report set out +in Appendix I to this prospectus. Save for the subsidiaries mentioned in Appendix I to this prospectus, +our Company has no other subsidiaries. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-1 – + + +--- page 408 --- +Save as disclosed below, there has been no other alteration in the share capital of any of the +subsidiaries in our Company within the two years immediately preceding the date of this prospectus: +Zhejiang Haiqing Zhiyuan Technology Co., Ltd. * (ʮ̡ ) +Zhejiang Haiqing Zhiyuan Technology Co., Ltd.* (ʮ̡ ) was established +as a limited liability company under the laws of the PRC on 26 June 2024 with a registered share +capital of RMB10 million, which was wholly-owned by our Company. +Hongkong HQVT Technology Limited ( +ʮ̡ ) +Hongkong HQVT Technology Limited (ʮ̡ ) was incorporated as a +company with limited liability under the laws of Hong Kong on 2 September 2025 with an issued share +capital of HK$1 million, which was wholly-owned by our Company. +B. FURTHER INFORMATION ABOUT OUR BUSINESS +1. Summary of material contracts +The following contracts (not being contracts in the ordinary course of business) have been entered +into by members of our Group within two years preceding the date of this prospectus: +(a) the capital increase agreement ( ᄣ༟՘ᙄ) dated 18 October 2024 entered into among our +Company, Jinhua Jinlan Sunshine Strategy Venture Capital Partnership (Limited +Partnership)* (ᚆජΈᗱଫ௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Jinlan Sunshine ”), +Beward Invest Limited* (׸( ଉέ)ʮ̡)( “ Beward ”), Shenzhen Langke +Investment Co., Ltd.* (ʮ̡ )( “ Langke Investment ”), Mr. Zhou, Mr. +Chen Yonggang, Mr. Xia Dong, Zhongcheng Tianying LP, Zhongzheng Tianying LP, +Zhongzhi Tianying LP, Shenzhen Taolue New Energy Equity Investment Fund Partnership +Enterprise (Limited Partnership)* (ΥྫΆุ (Υྫ)) +(“Taolue New Energy ”), Shenzhen Kaiying No. 9 Venture Capital Partnership (Limited +Partnership)* (ɘ໮௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Kaiying No. 9 ”), Shenzhen +Kaiying No. 8 Venture Capital Partnership (Limited Partnership)* (ɞ໮௴ุҳ༟Υ +ྫΆุ(Υྫ)) (“ Kaiying No. 8 ”), Shenzhen HTI Venture Capital Co., Ltd.* ( ଉέ̹৷ +ʮ̡ )( “ Gaoxintou ”), Chengdu Shengao Investment Zhongxiaodan +Entrepreneurship Equity Investment Fund Partnership Enterprise (Limited Partnership)* ( ϓ +ΥྫΆุ (Υྫ)) (“ Chengdu Zhongxiaodan ”), +Shenzhen Shenrong Ruihe Venture Capital Partnership (Limited Partnership)* ( ଉέଉႂ๿ +Υ௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Shenrong Ruihe ”), Shenzhen City Talent Innovation +Venture II Equity Investment Fund Partnership (Limited Partnership)* ( ଉέ̹ɛʑ௴อ௴ุ +ΥྫΆุ (Υྫ)) (“ Rencai No. 2 ”), Shenzhen Xiaohe Investment +Partnership (Limited Partnership)* ( ଉέ̹ʃͫ௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Xiaohe +Investment LP ”), Shenzhen Taolue Xinwang Venture Capital Partnership Enterprise +(Limited Partnership)* (௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Taolue Xinwang ”), +Shenzhen Kaiying No. 10 Venture Capital Partnership Enterprise (Limited Partnership)* ( ଉ +ɤ໮௴ุҳ༟ΥྫΆุ (Υྫ)) (“ Kaiying No. 10 ”) and Shenzhen Fuquan No. 1 +Investment Partnership Enterprise (Limited Partnership)* (ఠ໮ҳ༟ΥྫΆุ (ࠢ +Υྫ)) (“ Fuquan No. 1 ”), in respect of the subscription of RMB504,461 of the registered +capital of our Company by Jinlan Sunshine for a consideration of RMB60.0 million; +(b) the shareholders agreement dated 18 October 2024 entered into among our Company, Jinlan +Sunshine, Beward, Langke Investment, Mr. Zhou, Mr. Chen Yonggang, Mr. Xia Dong, +Zhongcheng Tianying LP, Zhongzheng Tianying LP, Zhongzhi Tianying LP, Taolue New +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-2 – + + +--- page 409 --- +Energy, Kaiying No. 9, Kaiying No. 8, Gaoxintou, Chengdu Zhongxiaodan, Shenrong Ruihe, +Rencai No. 2, Xiaohe Investment LP, Taolue Xinwang, Kaiying No. 10 and Fuquan No. 1, +pursuant to which certain shareholder rights were agreed among the parties; +(c) the capital increase agreement ( ᄣ༟՘ᙄ) dated 31 December 2024 entered into among our +Company, Shenzhen Panhui Investment Development Co., Ltd.* (ࠢ +ʮ̡)( “ Panhui Investment ”), Beward, Langke Investment, Mr. Zhou, Mr. Chen Yonggang, +Mr. Xia Dong, Zhongcheng Tianying LP, Zhongzheng Tianying LP, Zhongzhi Tianying LP, +Taolue New Energy, Kaiying No. 9, Kaiying No. 8, Gaoxintou, Chengdu Zhongxiaodan, +Shenrong Ruihe, Rencai No. 2, Xiaohe Investment LP, Taolue Xinwang, Kaiying No. 10, +Fuquan No. 1 and Jinlan Sunshine, in respect of the subscription of RMB84,077 of the +registered capital of our Company by Panhui Investment for a consideration of RMB10.0 +million; +(d) the shareholders agreement dated 31 December 2024 entered into among our Company, +Panhui Investment, Beward, Langke Investment, Mr. Zhou, Mr. Chen Yonggang, Mr. Xia +Dong, Zhongcheng Tianying LP, Zhongzheng Tianying LP, Zhongzhi Tianying LP, Taolue +New Energy, Kaiying No. 9, Kaiying No. 8, Gaoxintou, Chengdu Zhongxiaodan, Shenrong +Ruihe, Rencai No. 2, Xiaohe Investment LP, Taolue Xinwang, Kaiying No. 10, Fuquan No. 1 +and Jinlan Sunshine, pursuant to which certain shareholder rights were agreed among the +parties; +(e) a capital increase agreement dated 18 July 2025 entered into among our Company, Shanghai +No. 9 Private Investment Fund Partnership Enterprise (Limited Partnership)* (੻ɘ໮ +ΥྫΆุ (Υྫ)) (“ Zhide No. 9 ”), Beward, Langke Investment, Mr. Zhou, +Mr. Chen Yonggang, Mr. Xia Dong, Zhongcheng Tianying LP, Zhongzheng Tianying LP, +Zhongzhi Tianying LP, Taolue New Energy, Kaiying No. 9, Kaiying No. 8, Gaoxintou, +Chengdu Zhongxiaodan, Shenrong Ruihe, Rencai No. 2, Xiaohe Investment LP, Taolue +Xinwang, Kaiying No. 10, Fuquan No. 1, Jinlan Sunshine, Panhui Investment and Hainan +Kezhihua Digital Technology Co., Ltd.* (ʮ̡ )( “ Kezhihua ”), in +respect of the subscription of RMB121,311 of the registered capital of our Company by +Zhide No. 9 for a consideration of RMB50.0 million; +(f) the shareholders agreement dated 18 July 2025 entered into among our Company, Zhide No. +9, Beward, Langke Investment, Mr. Zhou, Mr. Chen Yonggang, Mr. Xia Dong, Zhongcheng +Tianying LP, Zhongzheng Tianying LP, Zhongzhi Tianying LP, Taolue New Energy, Kaiying +No. 9, Kaiying No. 8, Gaoxintou, Chengdu Zhongxiaodan, Shenrong Ruihe, Rencai No. 2, +Xiaohe Investment LP, Taolue Xinwang, Kaiying No. 10, Fuquan No. 1, Jinlan Sunshine, +Panhui Investment and Hainan Kezhihua, pursuant to which certain shareholder rights were +agreed among the parties; +(g) the Deed of Indemnity; +(h) the Deed of Non-competition; and +(i) the Hong Kong Underwriting Agreement. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-3 – + + +--- page 410 --- +2. Intellectual property rights +i. Trademark(s) +As at the Latest Practicable Date, our Group had registered the following trademark(s) which, in +the opinion of our Directors, are material to our business and are utilised in Multispectral AI Perception +Terminals, Multispectral AI Large Model Services, Multispectral AI Modules and Other AI Vision +Modules: +No. Trademark +Place of +Registration Registered Owner Class +Registration +Number Registration Date Expiry Date +1. + PRC Our Company 9 19024277 7 March 2017 6 March 2027 +2. + PRC Our Company 35 22645363 14 February 2018 13 February 2028 +3. + PRC Our Company 35 68596320 14 June 2023 13 June 2033 +4. + PRC Our Company 9 68596312 14 June 2023 13 June 2033 +5. + PRC Our Company 35 68596322 14 June 2023 13 June 2033 +6. + PRC Our Company 35 58445295 14 February 2022 13 February 2032 +7. + PRC Our Company 9 58469954 14 February 2022 13 February 2032 +8. + PRC Our Company 42 64013768 7 October 2022 6 October 2032 +9. + PRC Our Company 35 63997234 7 October 2022 6 October 2032 +10. + PRC Our Company 9 64012381 7 October 2022 6 October 2032 +11. + PRC Our Company 35 64012412 7 October 2022 6 October 2032 +12. + PRC Our Company 42 64003515 14 October 2022 13 October 2032 +13. + PRC Our Company 9 64007738 14 October 2022 13 October 2032 +14. + PRC Our Company 9 68581465 14 June 2023 13 June 2033 +15. + PRC Our Company 42 68586712 14 June 2023 13 June 2033 +16. + PRC Our Company 42 68592678 14 June 2023 13 June 2033 +17. + Hong +Kong +Our Company 16, 42 307017273 3 September 2025 2 September 2035 +18. + Hong +Kong +Our Company 16, 42 307017282 3 September 2025 2 September 2035 +19. + Hong +Kong +Our Company 16, 42 307017291 3 September 2025 2 September 2035 +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-4 – + + +--- page 411 --- +ii. Copyright(s) +As at the Latest Practicable Date, our Group had registered the following software copyright(s) +which, in the opinion of our Directors, are material to our business: +No. Copyright Version +Place of +Application Registration Number +First Publication +Date/Registration Date Applicable Product +1. Face surveillance management +system ( ɛᑕ̺છ၍ଣӻ୕ ) . +V1.0 PRC 2017SR193338 22 March 2017 Multispectral AI +Large Model +Services +2. Video structuring management +system ( ൖ᎖ഐ࿴ʷ၍ଣӻ +୕) ................ +V1.0 PRC 2018SR194015 22 September 2017 Multispectral AI +Large Model +Services +3. Multi-channel face snapshot +comparison server software +(ਕኜழ +΁) ................ +V1.0 PRC 2018SR1036613 28 June 2018 Other AI Vision +Modules +4. High-definition intelligent +analysis system ( ৷૶౽ঐʱ +ӻ୕) ............. +V1.0 PRC 2018SR1074194 1 August 2018 Other AI Vision +Modules +5. People and vehicles cloud +comprehensive management +system software ( ɛԓථၝΥ +၍ଣӻ୕ழ΁ ) ......... +V1.0 PRC 2018SR1070808 1 August 2018 Multispectral AI +Large Model +Services +6. Thermal imaging dual-light +temperature measurement +camera system ( ᆠϓ྅ᕐΈ +಻๝ᙲ྅ዚӻ䕠 ) ........ +V1.0 PRC 2021SR0632943 9 October 2020 Multispectral AI +Perception +Terminals +7. AI algorithm computing power +and scenario model +application control software +(AIᏐ͜ +છՓழ΁) ............ +V1.0 PRC 2022SR0354989 16 March 2022 Multispectral AI +Modules +8. Industrial thermal imaging +embedded software ( ʈุᆠ +ϓ྅లɝόழ΁ ) ........ +V1.0 PRC 2022SR0561132 1 January 2022 Multispectral AI +Modules +9. IVMS-6800 management system +(IVMS-6800 ၍ଣӻ୕)..... +V1.0 PRC 2022SR0692448 1 March 2022 Multispectral AI +Large Model +Services +10. Multi-spectrum NVR mobile +software ( εΈᗅNVR˓ዚ၌ +ழ΁)............... +V1.0 PRC 2022SR0786912 1 January 2022 Multispectral AI +Perception +Terminals +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-5 – + + +--- page 412 --- +No. Copyright Version +Place of +Application Registration Number +First Publication +Date/Registration Date Applicable Product +11. Multi-spectrum physical +perception management cloud +platform (၍ +ଣථ̨̻) ............ +V1.0 PRC 2022SR1516478 15 August 2022 Multispectral AI +Large Model +Services +12. AI security large model service +system (AIਕӻ +୕) ................ +V1.0 PRC 2024SR0208325 6 September 2023 Multispectral AI +Large Model +Services +13. Intelligent access control +attendance management cloud +platform (ຫϽා၍ଣ +ථ̨̻) ............. +V1.0 PRC 2024SR0155853 2 June 2023 Multispectral AI +Large Model +Services +14. F8000 comprehensive access +control management system +(F8000ຫ၍ଣӻ୕ ) .. +V1.0 PRC 2024SR1132116 2 June 2024 Multispectral AI +Large Model +Services +15. Xiaoyuan Dazhi APP ( ʃʩɽ౽ +APP) ............... +V1.0 PRC 2024SR1308935 8 July 2024 Multispectral AI +Perception +Terminals +16. Park safety protection system +(෤ਜτΌԣᇍӻ୕ ) ...... +V1.0 PRC 2025SR0452423 31 May 2024 Multispectral AI +Large Model +Services +iii. Patent(s) +As at the Latest Practicable Date, our Group had registered the following patent(s) which, in the +opinion of our Directors, are material to our business: +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +1. A face information +collection method +based on camera +face recognition ( ɓ +ᙲ྅ዚɛᑕ +ϗ +ج)..... +Invention Our Company PRC 2017105577080 10 July 2017 9 July 2037 Other AI Vision +Modules +2. Image recognition +method, device, +equipment, medium +and product ( ྡ྅ᗆ +eༀໄeண +ۜ) . +Invention Our Company PRC 2021108678836 30 July 2021 29 July 2041 Multispectral AI +Large Model +Services +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-6 – + + +--- page 413 --- +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +3. Target recognition +method, device, +equipment and +storage medium ( ͦ +eༀໄ +eண௪ʿπᎷʧሯ ) +Invention Our Company PRC 2022100074279 6 January 2022 5 January 2042 Other AI Vision +Modules +4. A children face +recognition method +and system ( ɓ၇Յ +ʿ +ӻ୕) ....... +Invention Our Company PRC 2021106982259 23 June 2021 22 June 2041 Multispectral AI +Modules +5. Handwashing action +detection method, +model training +method, device and +electronic +equipment (˓ਗ +ۨ +eༀໄʿ +ཥɿண௪) ..... +Invention Our Company PRC 2022100515676 18 January 2022 17 January 2042 Other AI Vision +Modules +6. A method and system +for high-altitude +falling object +recognition ( ɓ၇৷ +ʿ +ӻ୕) ....... +Invention Our Company PRC 2021104702639 28 April 2021 27 April 2041 Multispectral AI +Modules +7. Coal mine personnel +behaviour detection +method, equipment +and storage medium +(Ꮸ಻ +eண௪ʿπᎷ +ʧሯ) ....... +Invention Our Company PRC 2022100120934 7 January 2022 6 January 2042 Multispectral AI +Perception +Terminals +8. Face recognition +method, device, +recognition terminal +and storage medium +(e +ༀໄeᗆй୞၌ʿ +πᎷʧሯ) ..... +Invention Our Company PRC 202210119656X 9 February 2022 8 February 2042 Multispectral AI +Modules +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-7 – + + +--- page 414 --- +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +9. Training method for +panoramic +segmentation model, +panoramic +segmentation +method and device +(৅ +eΌ౻ʱ௲ +ʿༀໄ ) .... +Invention Our Company PRC 2022100465075 17 January 2022 16 January 2042 Multispectral AI +Perception +Terminals +10. Flame detection +method and flame +detection equipment +(ʿ˦ +ೋᏨ಻ண௪ ) ... +Invention Our Company PRC 2022102744148 21 March 2022 20 March 2042 Multispectral AI +Perception +Terminals +11. Test method and +device for face +recognition +equipment ( ɛᑕᗆ +ج +ձༀໄ) ..... +Invention Our Company PRC 2021106393324 8 June 2021 7 June 2041 Multispectral AI +Modules +12. Image acquisition +method, device, +equipment and +storage medium ( ྡ +eༀໄ +eண௪ʿπᎷʧሯ ) +Invention Our Company PRC 2022102490033 15 March 2022 14 March 2042 Multispectral AI +Modules +13. Target recognition +method and device +(ʿༀ +ໄ) ........ +Invention Our Company PRC 2022102665555 18 March 2022 17 March 2042 Multispectral AI +Perception +Terminals +14. Thermal imaging data +processing method, +device, thermal +imaging +photographic +equipment and +storage medium ( ᆠ +ج +eༀໄeᆠϓ྅ᙲ +ᅂண௪ʿπᎷʧሯ ) +Invention Our Company PRC 2022103359010 1 April 2022 31 March 2042 Multispectral AI +Perception +Terminals +15. Multi-target pedestrian +trajectory prediction +model training +method, prediction +method and device +(༦ཫ +e +ʿༀໄ ) . +Invention Our Company PRC 2022102440265 14 March 2022 13 March 2042 Multispectral AI +Perception +Terminals +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-8 – + + +--- page 415 --- +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +16. Image processing +method, device, +equipment and +system ( ྡ྅ஈଣ˙ +eༀໄeண௪ʿ +ӻ୕) ....... +Invention Our Company PRC 2022104132771 20 April 2022 19 April 2042 Other AI Vision +Modules +17. Human eye state +detection method, +device, electronic +equipment and +storage medium ( ɛ +e +ༀໄeཥɿண௪ʿ +πᎷʧሯ) .... +Invention Our Company PRC 2022104129124 20 April 2022 19 April 2042 Multispectral AI +Modules +18. Fill light control +method, device, +equipment and +storage medium for +face recognition +equipment ( ɛᑕᗆ +йண௪໾ΈછՓ˙ +eༀໄeண௪ʿ +πᎷʧሯ) .... +Invention Our Company PRC 2022105001429 10 May 2022 9 May 2042 Multispectral AI +Perception +Terminals +19. User facial expression +recognition method, +device and +equipment (ࠦ +e +ༀໄձண௪ ) ... +Invention Our Company PRC 2022105414313 19 May 2022 18 May 2042 Multispectral AI +Modules +20. Image fusion +processing method, +device, equipment +and storage medium +(ج +eༀໄeண௪ʿπ +Ꮇʧሯ) ..... +Invention Our Company PRC 2022106180144 2 June 2022 1 June 2042 Multispectral AI +Modules +21. Fire detection method +and related +equipment ( ˦ӨᏨ +ᗫண௪ ) +Invention Our Company PRC 2022109297501 4 August 2022 3 August 2042 Multispectral AI +Perception +Terminals +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-9 – + + +--- page 416 --- +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +22. Method, device, +equipment, medium +and programme +product for +identifying artefacts +in thermal imaging +(ᗆ +eༀໄeண +௪eʧሯʿ೻ҏପ +ۜ)........ +Invention Our Company PRC 2022110365764 29 August 2022 28 August 2042 Multispectral AI +Perception +Terminals +23. Handwashing guidance +method, device and +system based on +thermal imaging +(˓ +eༀໄձ +ӻ୕) ....... +Invention Our Company PRC 2022109135530 1 August 2022 31 July 2042 Other AI Vision +Modules +24. Three-dimensional +animation character +model generation +method and device +(ۨ +ʿༀໄ ) . +Invention Our Company PRC 2021115832867 22 December 2021 21 December 2041 Multispectral AI +Modules +25. Method for repelling +target object, +controller and +aiming device ( ɓ၇ +ج +eછՓኜձ်๟ண +௪) ........ +Invention Our Company PRC 2022104141893 20 April 2022 19 April 2042 Other AI Vision +Modules +26. Living face +recognition method +based on colour +image and +near-infrared image +(ڐ +᜗ɛ +ج) ... +Invention Our Company PRC 2021100535548 15 January 2021 14 January 2041 Multispectral AI +Perception +Terminals +27. A camera and face +information +collection method +based on camera +face recognition ( ɓ +ᙲ +ɛ +ج) . +Invention Our Company PRC 2021104381197 10 July 2017 9 July 2037 Multispectral AI +Large Model +Services +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-10 – + + +--- page 417 --- +No. Patent Name Type Patentee +Place of +Registration Patent Number Application Date Expiry Date Applicable Product +28. Cross-age face +recognition method +and device ( ༨ϋᙧ +ʿண +௪) ........ +Invention Our Company PRC 2021104302176 21 April 2021 20 April 2041 Multispectral AI +Perception +Terminals +29. Human body tracking +method and related +equipment ( ɛ᜗৛ +ᗫண௪ ) +Invention Our Company PRC 2022102783918 21 March 2022 20 March 2042 Multispectral AI +Perception +Terminals +30. Image processing +method, device and +equipment ( ྡ྅ஈ +eༀໄʿண +௪) ........ +Invention Our Company PRC 2022105447340 19 May 2022 18 May 2042 Multispectral AI +Modules +31. Image acquisition +device and +panoramic image +acquisition method +(ྡ྅મණༀໄձΌ +ج) . +Invention Our Company PRC 202210284657X 22 March 2022 21 March 2042 Multispectral AI +Modules +32. Flame Detection +Methods, Systems, +Equipment, and +Storage Media +(eӻ +୕eண௪˸ʿπᎷ +ʧሯ) ....... +Invention Our Company PRC 2025110371608 28 July 2025 27 July 2045 Multispectral AI +Perception +Terminals +As at the Latest Practicable Date, our Group had applied for registration of the following patent +which, in the opinion of our Directors, are material to our business: +No. Patent Name for Application Type Applicant +Place of +Application Application Number Application Date Applicable Product +1 Path Planning Method, +Device, Equipment, and +Medium for Autonomous +Driving Systems (Іਗ +e +ༀໄeண௪˸ʿʧሯ ).... +Invention Our Company PRC 2024114471206 16 October +2024 +Multispectral Large +Model Services +2 A Method for Fabricating a +Dual-Band Uncooled +Infrared Detector (ت +̮ᇞઞ಻ኜႡЪ +ج)............ +Invention Our Company PRC 2025113047023 12 September +2025 +Multispectral AI +Perception +Terminals +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-11 – + + +--- page 418 --- +No. Patent Name for Application Type Applicant +Place of +Application Application Number Application Date Applicable Product +3 A Rapid Method for Detecting +Bacterial Species and +Concentrations in Gases +Using Raman Spectroscopy +(ं᜗ +ʕ୚ഽ၇ᗳၾўඎҞ஺Ꮸ಻ +ج)............ +Invention Our Company PRC 2025116265424 7 November +2025 +Multispectral AI +Perception +Terminals +iv. Domain name(s) +As at the Latest Practicable Date, our Group has registered the following domain names which, in +the opinion of our Directors, are material to our business: +Domain name Registrant Registration date Expiry date Applicable product +hqvt.com ....... Our Company 6 November +2020 +28 October +2027 +Multispectral AI Perception Terminals, +Multispectral AI Large Model +Services, Multispectral AI Modules +and Other AI Vision Modules +iotisyun.com ..... Our Company 23 June 2022 23 June 2029 Multispectral AI Perception Terminals, +Multispectral AI Modules and Other +AI Vision Modules +C. FURTHER INFORMATION ABOUT DIRECTORS AND SHAREHOLDERS +1. Disclosure of interests +(a) Interests and short positions of the Directors and the chief executives of our Company in the +shares, underlying shares and debentures of our Company and our associated corporations +As at the date of this prospectus and immediately following completion of the Share Subdivision +and the Global Offering, the interests or short positions of our Directors and the chief executive of our +Company in our Shares, underlying Shares and debentures of our associated corporations, within the +meaning of Part XV of the SFO which will have to be notified to our Company and the Stock Exchange +pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which he +is taken or deemed to have under such provisions of the SFO) or which will be required, pursuant to +section 352 of the SFO, to be recorded in the register referred to therein or which will be required to be +notified to us and the Stock Exchange pursuant to the Model Code for Securities Transactions by +Directors of Listed Companies contained in the Listing Rules, will be as follows: +Name +Capacity/ +Nature of interest +Number of Shares held/interested +in immediately following +completion of +the Share Subdivision and +the Global Offering +Percentage of +shareholding immediately +following completion of +the Share Subdivision and +the Global Offering +Mr. Zhou ................. Beneficial owner 41,082,080 +H Shares (L) +5.31% +Interest in a controlled +corporation (1) +295,680,000 +H Shares (L) +38.19% +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-12 – + + +--- page 419 --- +Name +Capacity/ +Nature of interest +Number of Shares held/interested +in immediately following +completion of +the Share Subdivision and +the Global Offering +Percentage of +shareholding immediately +following completion of +the Share Subdivision and +the Global Offering +Mr. Chen Yonggang ........... Beneficial owner 23,774,800 +H Shares (L) +3.07% +Note: +(1) As at the date of this prospectus, Zhongcheng Tianying LP held 3,301,887 Unlisted Shares, Zhongzheng Tianying LP held +240,000 Unlisted Shares of our Company and Zhongzhi Tianying LP held 154,113 Unlisted Shares of our Company, +accounting for 38.34%, 2.79% and 1.79% of the equity interests in our Company. The general partner of Zhongcheng +Tianying LP, Zhongzheng Tianying LP and Zhongzhi Tianying LP is Mr. Zhou, respectively. Under the SFO, Mr. Zhou is +deemed to be interested in the entire Shares held by each of Zhongcheng Tianying LP, Zhongzheng Tianying LP and +Zhongzhi Tianying LP. +(b) Interests and short positions of substantial shareholders in the Shares and underlying Shares of +our Company +So far as is known to our Directors and taking no account of any Shares which may be taken up +under the Global Offering, the following persons (not being a Director or chief executive of our +Company) will, immediately following the completion of the Share Subdivision and the Global +Offering, have interests or short positions in Shares or underlying Shares which would fall to be +disclosed to our Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part +XV of SFO or, who are, directly or indirectly, interested in 10% or more of the issued voting shares of +any other member of our Group: +Name +Capacity/ +Nature of interest +Number of Shares +held/interested in immediately +following completion of +the Share Subdivision and +the Global Offering +Percentage of +shareholding immediately +following completion of +the Share Subdivision and +the Global Offering +Zhongcheng Tianying LP ....... Beneficial owner 264,150,960 +H Shares (L) +34.12% +Zhejiang Business Venture ...... Interest in controlled +corporation +102,356,720 +H Shares (L) +13.22% +Zheshang Capital ........... Interest in controlled +corporation +102,356,720 +H Shares (L) +13.22% +Note: +(1) As at the date of this prospectus, Taolue New Energy held 654,192 Unlisted Shares of our Company, Taolue Xinwang held +120,806 Unlisted Shares of our Company and Jinlan Sunshine held 504,461 Unlisted Shares of our Company. The general +partner of Taolue New Energy, Taolue Xinwang and Jinlan Sunshine is Zhejiang Business Venture Capital Management +(Shenzhen) Co., Ltd. ( एਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡), respectively. Under the SFO, Zhejiang Business Venture Capital +Management (Shenzhen) Co., Ltd. ( एਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡) is deemed to be interested in the entire Shares held +by each of Taolue New Energy, Taolue Xinwang and Jinlan Sunshine. The controlling shareholder of Zhejiang Business +Venture Capital Management (Shenzhen) Co., Ltd. ( एਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡) is Zheshang Venture Capital Co., +Ltd. (ʮ̡ ). Accordingly, Zheshang Venture Capital Co., Ltd. (ʮ̡ ) is therefore be +deemed or taken to be interested in the Shares in which Zhejiang Business Venture Capital Management (Shenzhen) Co., +Ltd. ( एਠ௴ุҳ༟၍ଣ (ଉέ)ʮ̡) is interested pursuant to the SFO. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-13 – + + +--- page 420 --- +2. Particulars of service agreements +Each of our Directors has entered into a service agreement with our Company. The service +contracts may be renewed in accordance with their respective terms, the Articles of Association and the +applicable laws, rules and regulations. +Save as disclosed above, none of our Directors has entered into, or has proposed to enter into, a +service agreement with any member of our Group (other than contracts expiring or determinable by the +employer within one year without the payment of compensation (other than statutory compensation)). +3. Directors’ remuneration +Save as disclosed in the sections headed “Directors and senior management” and “Appendix I — +Accountants’ Report — II. Notes to the historical financial information — 10(a) Directors’ and +Supervisors’ Remuneration and 33(c) Key Management Compensation” for FY2023, FY2024 and +FY2025, none of our Directors received other remunerations of benefits in kind from our Company. +During the Track Record Period, no fees were paid by our Group to any of the Directors or the +five highest paid individuals as an inducement to join our Group or as compensation for loss of office. +4. Fees or commission received +Save as disclosed in this prospectus, none of our Directors or the experts named in the paragraph +headed “D. Other Information — 7. Consents of experts” in this Appendix had received any agency +fees, discounts, commissions, brokerages or other special terms in connection with the issue or sale of +any capital of any member of our Group within the two years preceding the date of this prospectus. +5. Related party transactions +Details of the related party transactions are set out under Note 33 to the Accountants’ Report set +out in Appendix I to this prospectus. +6. Disclaimers +Save as otherwise disclosed in this section: +(a) there are no existing or proposed service contracts (excluding contracts expiring or +determinable by the employer within one year without payment of compensation (other than +statutory compensation)) between our Directors and any members of our Group; +(b) none of our Directors or the experts named in the paragraph headed “D. Other information +— 6. Qualifications of experts” in this Appendix has any direct or indirect interest in the +promotion of, or in any assets which have been, within the two years immediately preceding +the date of this prospectus, acquired or disposed of by or leased to, any member of our +Group, or are proposed to be acquired or disposed of by or leased to any member of our +Group; +(c) none of our Directors or the experts named in the paragraph headed “D. Other information +— 7. Consents of experts” in this Appendix is materially interested in any contract or +arrangement subsisting at the date of this prospectus which is significant in relation to the +business of our Group taken as a whole; +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-14 – + + +--- page 421 --- +(d) none of our Directors or the experts named in the paragraph headed “D. Other information +— 7. Consents of experts” in this Appendix has any shareholding in any member of our +Group or the right (whether legally enforceable or not) to subscribe for or to nominate +persons to subscribe for securities in any member of our Group; +(e) none of our Directors knows of any person (not being a Director or chief executive of our +Company) who will, immediately following completion of the Share Subdivision and the +Global Offering, have any interest in Shares or underlying Shares which would fall to be +disclosed to our Company under the provisions of Divisions 2 and 3 of Part XV of SFO, or +who will be interested, directly or indirectly, in 10% or more of the nominal value of any +class of share capital carrying rights to vote in all circumstances at general meetings of any +other member of our Group; +(f) none of our Directors or chief executive of our Company has any interest or short position in +our Shares, underlying Shares or debentures of our Company or any of the associated +corporations (within the meaning of SFO) which, once our Shares are listed on the Stock +Exchange, will have to be notified to our Company and the Stock Exchange pursuant to +Divisions 7 and 8 of Part XV of SFO (including any interests and short positions which he +will be taken or deemed to have under such provisions of SFO) or which will be required, +pursuant to section 352 of SFO, to be entered in the register referred to therein, or which +will be required, pursuant to the Model Code for Securities Transactions by Directors of +Listing Companies in the Listing Rules, to be notified to our Company and the Stock +Exchange; +(g) so far as is known to our Directors, none of our Directors, their respective close associates +(as defined under the Listing Rules) or Shareholders who are interested in more than 5% of +the issued share capital of our Company has any interests in the top five customers or the +top five suppliers of our Group in each year during the Track Record Period; and +(h) no remuneration or other benefits in kind have been paid by any member of our Group to +any Director since the date of incorporation of our Company, nor are any remuneration or +benefits in kind payable by any member of our Group to any Director in respect of the +current financial year under any arrangement in force as at the Latest Practicable Date. +D. OTHER INFORMATION +1. Tax and other indemnities +Each of our Controlling Shareholders have entered into the Deed of Indemnity in favour of our +Company (for itself and as trustee for each of its present subsidiaries) to provide indemnities, on a joint +and several basis, in connection with, among other things: +(a) any taxation claim and the amount of any and all taxation (including tax penalty, if any) +falling on any member of our Group resulting from or by reference to any income, profits or +gains earned, accrued or received (or deemed to be so earned, accrued or received) as well +as any other claim to which any member of our Group may be subject and payable on or +before the date on which the Global Offering becomes unconditional or any event, act or +omission occurring or deemed to occur on or before such date whether alone or in +conjunction with any other event, act, omission or circumstance whenever occurring and +whether or not such Taxation or Taxation Claim is chargeable against or attributable to any +other person, firm or company; +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-15 – + + +--- page 422 --- +(b) all costs (including all legal costs), expenses or other liabilities which any member of our +Group may reasonably incur in connection with: +(i) the investigation, assessment or the contesting of any taxation claim; +(ii) the settlement of any claim under the Deed of Indemnity; +(iii) any legal proceedings in which any member of our Group claims under or in respect of +the Deed of Indemnity and in which judgment is given for any member of our Group; +or +(iv) the enforcement of any such settlement or judgment falling on any member of our +Group; +(c) any undeclared tax, overdue tax and any other form of tax burden (including tax burden +arising from receipt, accumulation or acceptance of income, profit or gain) of any members +of our Group before the date on which the Global Offering becomes unconditional; and +(d) any claim, fine or other form of liability that may arise from breach of any law, regulation +and rule by any members of our Group before the date on which the Global Offering +becomes unconditional. +2. Litigation +Save as disclosed in the section headed “Business — Legal Proceedings” of this prospectus, as at +the Latest Practicable Date, no member of our Group was engaged in any litigation or arbitration of +material importance and no litigation or claim of material importance is known to our Directors to be +pending or threatened against any member of our Group. +3. Joint Sponsors +The Joint Sponsors have made an application on behalf of our Company to the Listing Committee +for the listing of, and permission to deal in, the Shares in issue and to be issued as mentioned herein. +The Joint Sponsors have confirmed to the Stock Exchange that it satisfies the independence test as +stipulated under Rule 3A.07 of the Listing Rules. +Our Company has entered into an agreement with each of the Joint Sponsors, pursuant to which +our Company agreed to pay an aggregate amount of HK$6.4 million to the Joint Sponsors to act as the +Joint Sponsors to our Company for purposes of the Global Offering. +4. Preliminary expenses +Our Company did not incur any material preliminary expenses. +5. Promoter +Our Company has no promoter for the purpose of the Listing Rules. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-16 – + + +--- page 423 --- +6. Qualifications of experts +The following are the respective qualifications of the experts (as defined under the Listing Rules +and the Companies (Winding Up and Miscellaneous Provisions) Ordinance) who have given their +opinions and/or advice which is contained in this prospectus: +Name Qualification +CMBC International Capital Limited A corporation licenced under SFO and permitted to +carry out Type 1 (dealing in securities) and Type 6 +(advising on corporate finance) of the regulated +activities as defined under SFO +SPDB International Capital Limited A corporation licenced under SFO and permitted to +carry out Type 1 (dealing in securities) and Type 6 +(advising on corporate finance) of the regulated +activities as defined under SFO +Confucius International CPA Limited Certified Public Accountants under the Professional +Accountants Ordinance (Chapter 50 of the Laws of +Hong Kong) +Registered Public Interest Entity Auditor under the +Accounting and Financial Reporting Council +Ordinance (Chapter 588 of the Laws of Hong Kong) +AllBright Law Offices (Shenzhen) Legal advisers to our Company as to PRC law +Frost & Sullivan (Beijing) Inc., +Shanghai Branch Co. +Independent industry consultant +AllBright Law Offices (Shanghai) Legal advisers to our Company as to PRC data +compliance law +DeHeng Law Offices Legal advisers as to U.S. export controls and +sanctions +7. Consents of experts +Each of the above experts has given and has not withdrawn their respective consent to the issue of +this prospectus with the inclusion of its report and/or letter and/or summary of valuations and/or legal +opinion (as the case may be) and references to its name included in the form and context in which it +respectively appears. +None of the experts named above has any shareholding interests in our Company or any of our +subsidiaries or the right (whether legally enforceable or not) to subscribe for or to nominate persons to +subscribe for securities in our Company or any of our subsidiaries. +8. Binding effect +This prospectus shall have the effect, if an application is made in pursuance of it, of rendering all +persons concerned bound by all the provisions (other than the penal provisions) of sections 44A and +44B of the Companies (WUMP) Ordinance so far as applicable. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-17 – + + +--- page 424 --- +9. No material adverse change +Save for the expenses expected to be incurred in connection with the Listing, our Directors +confirm that there has been no material adverse change in the financial or trading position or prospects +of our Company or its subsidiaries since 31 December 2025 (being the date to which the latest audited +financial statements of our Group were made up), and there is no event since 31 December 2025 which +would materially affect the information shown in our consolidated financial information included in the +Accountants’ Report set forth in Appendix I to this prospectus. +10. Taxation of holders of H Shares +The sale, purchase and transfer of H Shares registered with our Hong Kong branch register of +members will be subject to Hong Kong stamp duty. The current rate charged on each of the purchaser +and seller is 0.1% of the consideration of or, if higher, of the fair value of our Shares being sold or +transferred. +11. Miscellaneous +(a) Save as disclosed in this prospectus, within the two years immediately preceding the date of +this prospectus: +(i) no share or loan capital of our Company or any of the subsidiaries has been issued, +agreed to be issued or is proposed to be issued fully or partly paid either for cash or +for a consideration than cash; +(ii) no commissions, discounts, brokerages or other special terms have been granted or +agreed to be granted in connection with the issue or sale of any share or loan capital of +our Company or any of the subsidiaries and no commission has been paid or is payable +in connection with the issue or sale of any capital of our Company or any of the +subsidiaries; +(iii) no commission has been paid or is payable for subscribing or agreeing to subscribe, or +procuring or agreeing to procure subscriptions, for any shares or debenture of any of +our Company or the subsidiaries; +(iv) no founder, management or deferred shares or any debentures of our Company have +been issued or agreed to be issued; and +(v) no share or loan capital of our Company or any of the subsidiaries is under option or is +agreed conditionally or unconditionally to be put under option; +(b) Save as disclosed in the section headed “Underwriting” in this prospectus, none of the +parties listed in the paragraph headed “Consents of experts” in this Appendix is interested +legally or beneficially in any securities of our Company or any of its subsidiaries; or has any +right or option (whether legally enforceable or not) to subscribe for or to nominate persons +to subscribe for any securities of our Company or any of its subsidiaries; +(c) There has not been any interruption in the business of our Group which may have or have +had a significant effect on the financial position of our Group in the 12 months immediately +preceding the date of this prospectus; +(d) No company within our Group is presently listed on any stock exchange or traded on any +trading system; +(e) Our Group has no outstanding convertible debt securities; +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-18 – + + +--- page 425 --- +(f) Our Company is a joint stock limited company and is subject to the PRC Company Law; +(g) Our Company has adopted a code of conduct regarding Directors’ securities transactions on +terms as required under the Model Code for Securities Transactions by Directors of Listed +Issuers as set out in Appendix C3 to the Hong Kong Listing Rules; and +(h) The English text of this prospectus shall prevail over the Chinese text. +12. Bilingual Prospectus +The English language and Chinese language versions of this prospectus are being published +separately in reliance upon the exemption provided in section 4 of the Companies (Exemption of +Companies and Prospectuses from Compliance with Provisions) Notice (Chapter 32L of the Laws of +Hong Kong). +13. Financial Adviser +China Harbour International Capital Limited has been appointed by our Company as the financial +adviser to our Company in respect of the Listing. China Harbour International Capital Limited is a +corporation licensed under the SFO to conduct Type 6 (advising on corporate finance) regulated +activities under the SFO. +The fee (the “ Service Fee ”) payable by us for the services of our Financial Adviser is HK$2.2 +million. This Service Fee was negotiated between our Company and our Financial Adviser and was +determined after comprehensive consideration of factors, such as the scope of services, the level of +responsibility of the personnel involved, the duration of services, and the manpower and time costs +expected to be incurred in providing the services. The service period commenced on the date of the +service agreements to six months after the Listing. During the service period, our Financial Adviser will +(a) advise us on shareholding structure restructuring, and assist us in setting up relevant structure; (b) +provide us guidance prior to the Listing, recommend and coordinate with professional parties involved +in the Listing; (c) assist our Company in communicating with investors prior to the Listing regarding +financing matters; and (d) provide advice to our Company concerning circulation of our Shares +following the Listing. +APPENDIX VI STATUTORY AND GENERAL INFORMATION +– VI-19 – + + +--- page 426 --- +DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES IN HONG KONG +The documents attached to the copy of this prospectus and delivered to the Registrar of +Companies in Hong Kong for registration were, among other documents: +(a) the written consents referred to in “Appendix VI — Statutory and General Information — D. +Other Information — 7. Consents of Experts;” and +(b) a copy of the material contract referred to in “Appendix VI — Statutory and General +Information — B. Further Information about Our Business — 1. Summary of Material +Contracts.” +DOCUMENTS A V AILABLE ON DISPLAY +Copies of the following documents will be available on display on the Stock Exchange’s website +at www.hkexnews.hk +and our Company’s website at www.hqvt.com during a period of 14 days from +the date of this prospectus: +(a) the Articles of Association; +(b) the Accountants’ Report and the report on the unaudited pro forma financial information +prepared by Confucius International CPA Limited, the texts of which are set out in +Appendices I and II to this prospectus; +(c) the audited consolidated financial statements of our Company as have been prepared for the +companies comprising our Group for FY2023, FY2024 and FY2025; +(d) the PRC legal opinion issued by AllBright Law Offices (Shenzhen), our PRC Legal Advisers +in respect of the general matters and property interests of our Company in the PRC; +(e) the legal memorandum issued by AllBright Law Offices (Shanghai), the legal advisers to our +Company as to PRC data compliance law in respect of the data compliance of our Company +in the PRC; +(f) the legal memorandum issued by DeHeng Law Offices, our legal advisers as to U.S. export +controls and sanctions; +(g) the market research report prepared by Frost & Sullivan on the overview of the industry in +which our Group operates; +(h) the material contracts referred to the section headed “Statutory and General information — +B. Further Information about Our business — 1. Summary of Material Contracts” in +Appendix VI to this prospectus; +(i) the written consents referred to in the section headed “Statutory and General Information — +D. Other Information — 7. Consents of Experts” in Appendix VI to this prospectus; +(j) the service agreements with each of our Directors referred to in the paragraph headed +“Statutory and General Information — C. Further Information about Directors and +Shareholders — 2. Particulars of Service Agreements” in Appendix VI to this prospectus; +and +(k) PRC Company Law, the PRC Securities Law, the Guidelines for Articles of Association of +Listed Companies, the Overseas Listing Trial Measures together with their unofficial English +translation. +APPENDIX VII DOCUMENTS DELIVERED TO THE REGISTRAR OF +COMPANIES AND A V AILABLE ON DISPLAY +– VII-1 – + + +--- page 427 --- +Shenzhen HQVT Technology Co., Ltd. +ʮ̡ diff --git a/data/extracted_text/06132/prospectus_2026-06-12_2026061200083.txt b/data/extracted_text/06132/prospectus_2026-06-12_2026061200083.txt new file mode 100644 index 0000000..a248556 --- /dev/null +++ b/data/extracted_text/06132/prospectus_2026-06-12_2026061200083.txt @@ -0,0 +1,22067 @@ +--- page 1 --- +GLOBAL OFFERING +Sole Sponsor, Sponsor-Overall Coordinator, Sole Overall Coordinator, +Sole Global Coordinator, Sole Bookrunner and Sole Lead Manager +Stock Code : 6132 +(A joint stock company incorporated in the People’s Republic of China with limited liability) +華健未來（成都）科技股份有限公司 +HJ SCIENCE CO., L TD. + + +--- page 2 --- +IMPORTANT: If you are in any doubt about any of the contents of this prospectus, you should seek independent professional advice. +HJ Science Co., Ltd. +ശ਄͊Ը (ϓே )ʮ̡ +(A joint stock company incorporated in the People’ s Republic of China with limited liability) +GLOBAL OFFERING +Number of Offer Shares under +the Global Offering +: 13,600,000 H Shares (subject to the +Over-allotment Option) +Number of Hong Kong Offer Shares : 1,360,000 H Shares (subject to reallocation) +Number of International Offer Shares : 12,240,000 H Shares (subject to reallocation +and the Over-allotment Option) +Offer Price : HK$81.80 per Offer Share, plus brokerage of +1.0%, SFC transaction levy of 0.0027%, +Stock Exchange trading fee of 0.00565% +and AFRC transaction levy of 0.00015% +(payable in full on application in Hong +Kong Dollars and subject to refund) +Nominal Value : RMB1.00 per H Share +Stock Code : 6132 +Sole Sponsor, Sponsor-Overall Coordinator, Sole Overall Coordinator, +Sole Global Coordinator, Sole Bookrunner and Sole Lead Manager +Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsib ility for the contents of this +prospectus, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arisi ng from or in reliance upon the whole or +any part of the contents of this prospectus. +A copy of this prospectus, having attached thereto the documents specified in “Appendix V—Documents Delivered to the Registrar of Companies and Docu ments on Display—A. Documents +Delivered to the Registrar of Companies” to this prospectus, has been registered by the Registrar of Companies in Hong Kong as required by section 342C of the Companies (Winding Up and +Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). The Securities and Futures Commission and the Registrar of Companies in Ho ng Kong take no responsibility +for the contents of this prospectus or any other documents referred to above. +The Sole Overall Coordinator (acting in such capacity and as the Underwriter and the Capital Market Intermediary) may, with the consent of our Company , reduce the number of Hong Kong +Offer Shares and/or the Offer Price below that stated in this prospectus at any time prior to the morning of the last day for lodging applications under t he Hong Kong Public Offering. In such +a case, a notice of the reduction in the number of Hong Kong Offer Shares and/or the Offer Price will be published on the Stock Exchange’s website at www.hkexnews.hk and our website +at www.hj3h.com not later than the morning of the last day for lodging applications under the Hong Kong Public Offering. Further details are set forth in “Structure of t he Global +Offering—Conditions of the Global Offering” and “How to Apply for the Hong Kong Offer Shares” in this prospectus. If applications for the Hong Kong Off er Shares have been submitted +prior to the day which is the last day for lodging applications under the Hong Kong Public Offer, then such applications can be subsequently withdrawn i f the number of Offer Shares and/or +the Offer Price is so reduced. +The obligations of the Hong Kong Underwriter under the Hong Kong Underwriting Agreement to subscribe for, and to procure applicants for the subscript ion for, the Hong Kong +Offer Shares, are subject to termination by the Sole Overall Coordinator (acting in such capacity and as the Underwriter and the Capital Market Interm ediary) if certain grounds +arise prior to 8:00 a.m. on the Listing Date. Such grounds are set out in the section headed “Underwriting—Underwriting Arrangements and Expenses—Ho ng Kong Public +Offering—Grounds for termination” in this prospectus. It is important that you refer to that section for further details. +Prior to making an investment decision, prospective investors should consider carefully all the information set forth in this prospectus, includin g but not limited to the risk factors set forth +in “Risk Factors” in this prospectus. +The Offer Shares have not been and will not be registered under the U.S. Securities Act or any state securities law in the United States and may not be offe red, sold, pledged or transferred +within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securiti es Act. The Offer Shares are being offered +and sold outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act. +ATTENTION +We have adopted a fully electronic application process for the Hong Kong Public Offering. We will not provide printed copies of this prospectus to the p ublic in relation to the Hong Kong +Public Offering. +This prospectus is available at the websites of the Stock Exchange ( www.hkexnews.hk ) and our Company ( www.hj3h.com ). If you require a printed copy of this prospectus, you may +download and print from the website addresses above. +IMPORTANT +June 12, 2026 + + +--- page 3 --- +IMPORTANT NOTICE TO INVESTORS: +FULLY ELECTRONIC APPLICATION PROCESS +We have adopted a fully electronic application process for the Hong Kong Public +Offering. We will not provide printed copies of this prospectus to the public in relation to the +Hong Kong Public Offering. +This prospectus is available on the website of the Stock Exchange at www.hkexnews.hk +under the “ HKEXnews > New Listings > New Listing Information ” section, and our website at +www.hj3h.com. If you require a printed copy of this prospectus, you may download and print +from the website addresses above. +To apply for the Hong Kong Offer Shares, you may use one of the following application +channels: +Application Channel Platform Target Investors Application Time +White Form eIPO service /H1118/H1118www.eipo.com.hk Applicant who would like to +receive a physical H Share +certificate. Hong Kong Offer +Shares successfully applied +for will be allotted and +issued in your own name. +From 9:00 a.m. on Friday, +June 12, 2026 to 11:30 a.m. +on Wednesday, June 17, +2026. The latest time for +completing full payment of +application monies will be +12:00 noon on Wednesday, +June 17, 2026. +HKSCC EIPO channel /H1118/H1118/H1118Your broker or custodian who +is a HKSCC Participant will +submit electronic +application instructions on +your behalf through +HKSCC’s FINI system in +accordance with your +instruction. +Applicant who would not +like to receive a physical +H Share certificate. +Hong Kong Offer Shares +successfully applied for will +be allotted and issued in the +name of HKSCC Nominees, +deposited directly into +CCASS and credited to your +designated HKSCC +Participant’s stock account. +Contact your broker or +custodian for the earliest +and latest time for giving +such instructions, as this +may vary by broker or +custodian. +We will not provide any physical channels to accept any application for the Hong Kong Offer +Shares by the public. The contents of the electronic version of this prospectus are identical to the +printed prospectus as registered with the Registrar of Companies in Hong Kong pursuant to Section +342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. +If you are an intermediary , broker or agent , please remind your customers, clients or +principals, as applicable, that this prospectus is available online at the website addresses above. +See “How to Apply for Hong Kong Offer Shares” in this prospectus for further details on the +procedures through which you can apply for the Hong Kong Offer Shares electronically. +IMPORTANT +–i i– + + +--- page 4 --- +Your application through the White Form eIPO service or the HKSCC EIPO service must be for +a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table below. +If you are applying through the White Form eIPO service , you may refer to the table below for the +amount payable for the number of Shares you have selected. You must pay the respective maximum +amount payable on application in full upon application for Hong Kong Offer Shares. +If you are applying through the HKSCC EIPO channel, your broker or custodian may require you +to pre-fund your application in such amount as determined by the broker or custodian, based on the +applicable laws and regulations in Hong Kong. You are responsible for complying with any such +pre-funding requirement imposed by your broker or custodian with respect to the Hong Kong Offer Shares +you applied for. +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application +HK$ HK$ HK$ HK$ +100 8,262.49 2,000 165,249.91 10,000 826,249.54 200,000 16,524,990.60 +200 16,524.98 2,500 206,562.38 20,000 1,652,499.05 250,000 20,656,238.26 +300 24,787.49 3,000 247,874.87 30,000 2,478,748.59 300,000 24,787,485.90 +400 33,049.98 3,500 289,187.34 40,000 3,304,998.12 350,000 28,918,733.56 +500 41,312.47 4,000 330,499.81 50,000 4,131,247.66 400,000 33,049,981.20 +600 49,574.97 4,500 371,812.29 60,000 4,957,497.18 450,000 37,181,228.86 +700 57,837.48 5,000 413,124.76 70,000 5,783,746.71 500,000 41,312,476.50 +800 66,099.97 6,000 495,749.72 80,000 6,609,996.25 600,000 49,574,971.80 +900 74,362.46 7,000 578,374.67 90,000 7,436,245.76 680,000 +(1) 56,184,968.05 +1,000 82,624.95 8,000 660,999.62 100,000 8,262,495.30 +1,500 123,937.42 9,000 743,624.58 150,000 12,393,742.96 +Notes: +(1) Maximum number of Hong Kong Offer Shares you may apply for. +(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Stock Exchange trading fee and AFRC transaction +levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the Listing Rules) +and the SFC transaction levy, the Stock Exchange trading fee and AFRC transaction levy are paid to the Stock Exchange (in +the case of the SFC transaction levy, collected by the Stock Exchange on behalf of the SFC; and in the case of the AFRC +transaction levy, collected by the Stock Exchange on behalf of the AFRC). +No application for any other number of the Hong Kong Offer Shares will be considered and any such +application is liable to be rejected. +IMPORTANT +– iii – + + +--- page 5 --- +If there is any change in the following expected timetable (1) of the Hong Kong Public +Offering, we will issue an announcement in Hong Kong to be published on our website at +www.hj3h.com and the website of the Stock Exchange at www.hkexnews.hk. +Hong Kong Public Offering commences .................................... .9:00 a.m. on +Friday, June 12, 2026 +Latest time to complete electronic applications +under the White Form eIPO service through +the designated website at www.eipo.com.hk (2) .............................. 1 1:30 a.m. on +Wednesday, June 17, 2026 +Application lists open (3) ................................................ 1 1:45 a.m. on +Wednesday, June 17, 2026 +Latest time for (a) completing payment of White Form eIPO +applications by effecting internet banking transfer(s) +or PPS payment transfer(s) and (b) applying through +the HKSCC EIPO channel +(4) ........................................ .12:00 noon on +Wednesday, June 17, 2026 +If you are instructing your broker or custodian who is a HKSCC Participant to give electronic +application instructions via HKSCC’s FINI system in accordance with your instruction and on your +behalf, you are advised to contact your broker or custodian for the earliest and latest time for giving such +instructions which may vary by broker or custodian . +Application lists close (3) .............................................. .12:00 noon on +Wednesday, June 17, 2026 +Announcement of the level of indications +of interest in the International Offering, the level of +applications in the Hong Kong Public Offering and the +basis of allocation of the Hong Kong Public Offering +to be published on our website at www.hj3h.com +(5) +and the website of the Stock Exchange at www.hkexnews.hk ......... n o later than 11:00 p.m. on +Monday, June 22, 2026 +The results of allocations in the Hong Kong Public Offering (with successful applicants’ +identification document numbers, where appropriate) to be available through a variety of channels, +including: + in the announcement to be posted on our +website and the website of the Stock Exchange +at www.hj3h.com and www.hkexnews.hk +respectively ....................................... n o later than 11:00 p.m. on +Monday, June 22, 2026 +EXPECTED TIMETABLE +–i v– + + +--- page 6 --- + on the designated results of allocation at +www.iporesults.com.hk (alternatively: +http://www.eipo.com.hk/eIPOAllotment ) +with a “search by ID” function from ............................... 1 1:00 p.m. on +Monday, June 22, 2026 +to 12:00 midnight on +Sunday, June 28, 2026 + from the allocation results telephone enquiry +line by calling +852 2862 8555 +between 9:00 a.m. and 6:00 p.m. .......................o nT uesday, June 23, 2026, +Wednesday, June 24, 2026, +Thursday, June 25, 2026 +and Friday, June 26, 2026 +For those applying through HKSCC EIPO channel, +you may also check with your broker or custodian from ...................... .6:00 p.m. on +Thursday, June 18, 2026 +H Share certificates in respect of wholly or partially +successful applications to be dispatched or deposited +into CCASS on or before +(6) ................................... .Monday, June 22, 2026 +White Form e-Refund payment instructions/refund +cheques in respect of wholly or partially successful +applications if the final Offer Price is less than the +maximum Offer Price per Offer Share initially paid +on application (if applicable) or wholly or partially +unsuccessful applications to be dispatched +on or before +(7)(8) ............................................ T uesday, June 23, 2026 +Dealings in the H Shares on the Hong Kong +Stock Exchange expected to commence at ................................. .9:00 a.m. on +Tuesday, June 23, 2026 +Notes: +(1) Unless otherwise stated, all times and dates refer to Hong Kong local times and dates. +(2) You will not be permitted to submit your application through the designated website at www.eipo.com.hk after 11:30 a.m. +on the last day for submitting applications. If you have already submitted your application and obtained an application +reference number before 11:30 a.m., you will be permitted to continue the application process (by completing payment of +application monies) until 12:00 noon on the last day for submitting applications, when the application lists close. +(3) If there is/are a “black” rainstorm warning or a tropical cyclone warning signal number 8 or above and/or Extreme Conditions +in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Wednesday, June 17, 2026, the application lists will +not open or close on that day. See “How to Apply for Hong Kong Offer Shares—E. Severe Weather Arrangements” in this +prospectus for details. +(4) Applicants who apply for Hong Kong Offer Shares via HKSCC EIPO channel should refer to “How to Apply for Hong Kong +Offer Shares—A. Application for Hong Kong Offer Shares—2. Application Channels— HKSCC EIPO channel” in this +prospectus for details. +(5) None of the websites or any of the information contained on the websites forms part of this prospectus. +EXPECTED TIMETABLE +–v– + + +--- page 7 --- +(6) The H Share certificates will only become valid evidence of title provided that the Global Offering has become unconditional +in all respects and neither of the Hong Kong Underwriting Agreement nor the International Underwriting Agreement is +terminated in accordance with its respective terms prior to 8:00 a.m. on the Listing Date. The Listing Date is expected to be +on or about Tuesday, June 23, 2026. Investors who trade the H Shares on the basis of publicly available allocation details prior +to the receipt of H Share certificates or prior to the H Share certificates becoming valid evidence of title do so entirely at their +own risk. +(7) White Form e-Refund payment instructions/refund cheques will be issued in respect of wholly or partially unsuccessful +applications. +(8) Applicants who have applied for Hong Kong Offer Shares through the HKSCC EIPO channel should see “How to Apply for +Hong Kong Offer Shares—D. Despatch/Collection of H Share Certificates and Refund of Application Monies” in this +prospectus for details. +Applicants who have applied through the White Form eIPO service and paid their applications monies through single bank +accounts may have refund monies (if any) dispatched to the bank account in the form of White Form e-Refund payment +instructions. Applicants who have applied through the White Form eIPO service and paid their application monies through +multiple bank accounts may have refund monies (if any) dispatched to the address as specified in their application instructions +in the form of refund cheques in favor of the applicant (or, in the case of joint applications, the first-named applicant) by +ordinary post at their own risk. +Further information is set out in the sections headed “How to Apply for Hong Kong Offer Shares—D. Despatch/Collection +of H Share Certificates and Refund of Application Monies.” +The above expected timetable is a summary only. For further details of the structure of the +Global Offering, including its conditions, and the procedures for applications for Hong Kong Offer +Shares, see “Structure of the Global Offering” and “How to Apply for Hong Kong Offer Shares” in +this prospectus, respectively. +If the Global Offering does not become unconditional or is terminated in accordance with its terms, +the Global Offering will not proceed. In such case, our Company will make an announcement as soon as +practicable thereafter. +EXPECTED TIMETABLE +–v i– + + +--- page 8 --- +IMPORTANT NOTICE TO INVESTORS +This prospectus is issued by us solely in connection with the Hong Kong Public Offering and +does not constitute an offer to sell or a solicitation of an offer to buy any security other than the +Hong Kong Offer Shares offered by this prospectus pursuant to the Hong Kong Public Offering. +This prospectus may not be used for the purpose of, and does not constitute, an offer or a +solicitation of an offer to subscribe for or buy, any security in any other jurisdiction or in any +other circumstances. No action has been taken to permit a public offering of the Offer Shares or +the distribution of this prospectus in any jurisdiction other than Hong Kong. The distribution of +this prospectus and the offering and sale of the Offer Shares in other jurisdictions are subject to +restrictions and may not be made except as permitted under the applicable securities laws of such +jurisdictions pursuant to registration with or authorization by the relevant securities regulatory +authorities or an exemption therefrom. +Y ou should rely only on the information contained in this prospectus to make your +investment decision. We have not authorized anyone to provide you with information that is +different from what is contained in this prospectus. Any information or representation not made +in this prospectus must not be relied on by you as having been authorized by us, the Sole Sponsor, +the Sponsor-Overall Coordinator, the Sole Overall Coordinator, the Sole Global Coordinator, the +Sole Bookrunner and the Sole Lead Manager, the Capital Market Intermediary, the Underwriter, +any of our or their respective directors, officers or representatives, or any other person or party +involved in the Global Offering. Information contained in our website, located at www.hj3h.com, +does not form part of this prospectus. +EXPECTED TIMETABLE ................................................. i v +CONTENTS ............................................................ v i i +SUMMARY ............................................................. 1 +DEFINITIONS AND ACRONYMS ........................................... 2 0 +GLOSSARY OF TECHNICAL TERMS ........................................ 2 8 +FORW ARD-LOOKING STATEMENTS ........................................ 4 0 +RISK FACTORS ......................................................... 4 1 +W AIVERS FROM STRICT COMPLIANCE WITH THE REQUIREMENTS UNDER THE +LISTING RULES AND EXEMPTION FROM THE COMPANIES (WINDING UP AND +MISCELLANEOUS PROVISIONS) ORDINANCE ............................. 6 8 +INFORMATION ABOUT THIS PROSPECTUS AND THE +GLOBAL OFFERING ................................................... 7 2 +DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE +GLOBAL OFFERING ................................................... 7 6 +CORPORATE INFORMATION ............................................. 8 0 +INDUSTRY OVERVIEW .................................................. 8 2 +REGULATORY OVERVIEW ............................................... 1 1 2 +CONTENTS +– vii – + + +--- page 9 --- +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE .................... 1 3 2 +BUSINESS ............................................................. 1 5 2 +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT ..................... 2 3 6 +RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS .................. 2 4 8 +SUBSTANTIAL SHAREHOLDERS ........................................... 2 5 1 +CORNERSTONE INVESTORS .............................................. 2 5 2 +SHARE CAPITAL ........................................................ 2 5 8 +FINANCIAL INFORMATION ............................................... 2 6 1 +FUTURE PLANS AND USE OF PROCEEDS ................................... 2 8 2 +UNDERWRITING ........................................................ 2 8 5 +STRUCTURE OF THE GLOBAL OFFERING .................................. 2 9 5 +HOW TO APPLY FOR HONG KONG OFFER SHARES .......................... 3 0 4 +APPENDIX I ACCOUNTANTS’ REPORT .............................. I - 1 +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION ...... II-1 +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION ............... III-1 +APPENDIX IV STATUTORY AND GENERAL INFORMATION ............... I V - 1 +APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR OF +COMPANIES AND DOCUMENTS ON DISPLAY ............ V - 1 +CONTENTS +– viii – + + +--- page 10 --- +This summary aims to give you an overview of the information contained in this prospectus. +As this is a summary, it does not contain all the information that may be important to you. Y ou +should read this prospectus in its entirety before you decided to invest in the Offer Shares. There +are risks associated with any investment. Some of the particular risks in investing in the Offer +Shares are set out in “Risk Factors” of this prospectus. Y ou should read that section carefully +before you decide to invest in the Offer Shares. In particular, we are a biotechnology company +seeking to list on the Main Board of the Stock Exchange under Chapter 18A of the Listing Rules +on the basis that we are unable to meet the requirements under Rule 8.05(1), (2) or (3) of the +Listing Rules. HJ787, HJ178 and HJ891 are designated as the Core Products. Each of our Core +Products is the product for the purpose of satisfying the eligibility requirements under Chapter +18A of the Listing Rules and Chapter 2.3 of the Guide for New Listing Applicants. We may +continue to incur substantial costs and expenses in relation to R&D activities for the Core +Products, and the Core Products may not be successfully developed or marketed. There are unique +challenges, risks and uncertainties associated with investing in companies such as ours. Y our +investment decision should be made in light of these considerations. +OVERVIEW +We are a clinical-stage biotech company founded by a team of industrial experts in 2017, dedicated +to researching and developing therapies for autoimmune, metabolic and oncology diseases. We have three +Core Products—HJ787, HJ178 and HJ891—all of which are self-developed, small-molecule NMPA +Category 1 innovative drugs. HJ787 is a selective TYK2 inhibitor intended for the topical treatment of +mild-to-moderate atopic dermatitis (AD), mild-to-moderate acne vulgaris (A V), neurodermatitis (ND) and +psoriasis (Ps) and the oral treatment of AD, ND and Ps in the autoimmune sector. HJ178 is an orally +available agent acting on GLP-1 and GIP, intended for type 2 diabetes and potentially overweight or +obesity in the metabolic sector. HJ891 is an oral KRAS +G12C inhibitor intended for the treatment of +non-small-cell lung cancer (NSCLC) with KRAS G12C mutation that has progressed following first-line +standard therapies as monotherapy and non-squamous NSCLC with KRAS G12C mutation as first-line +combination therapy, in the oncology sector. As of the Latest Practicable Date, we also had one +clinical-stage drug candidate, HJ197, and five preclinical drug candidates—HJ356, HJ093, HJ199, HJ198 +and HJ086—all of which are also self-developed, small-molecule NMPA Category 1 innovative therapies. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET OUR CORE +PRODUCTS AND OTHER PIPELINE PRODUCTS SUCCESSFULLY +SUMMARY +–1– + + +--- page 11 --- +The following chart sets forth a summary of key information about our drug candidates as of the Latest Practicable Date: +Disease +Area +Disease +Area ProgramProgram +Modality +(Drug Category +under the Drug +Administration +Law) +Target/PathwayTarget/Pathway +Indication +(line of treatment + and patient group) +Route of +Administration PreclinicalPreclinical IND +Approval Phase IPhase I Phase II +Pivotal +Phase II/ +Phase III +Current +Key Regulatory +Authority +Current Status/Upcoming Milestone(7) Commercial +Rights Collaborators +Metabolism +HJ178 +Type 2 diabetes +(adult) +Initiated Phase II in July 2025, complete the +trial in 1H 2027, initiate Phase III in 1H 2027, +complete the trial in 2H 2028; +submit IND to FDA in December 2026 Global +// +// +// +// +Overweight or obesity +(adult) +Submit IND to NMPA and +FDA in October 2026 +HJ356 +HJ086 +Lp(a) +MonoMono +ComboCombo +Cardiovascular disease +and atherosclerosis +(adult) +Submit IND to NMPA and +FDA in 2H 2026 Global +Oncology +HJ891 KRASG12C +NSCLC with KRAS G12C +mutation that has progressed +following first-line +standard therapies (2L+) +(adult) +Initiated Phase IIb in June 2023, +complete the trial in August 2026, +submit NDA in 2H 2026 +Global +Non-squamous +NSCLC with KRAS G12C +mutation (1L) +(Combo: toripalimab) (4) +(adult) +Initiated Phase Ib clinical trial in January 2024, +and complete Phase Ib in June 2026, initiate +Phase III in 2H 2026, complete the trial in +2H 2029; submit IND to FDA in 2H 2026 +Global +Junze +ChuangyaoHJ197 FGFR4 FGFR4 +Received approval for Phase III in +August 2023, initiate Phase III in July 2026, +complete the trial in 2H 2029 +Global (Other than +Asian countries and +regions) (5) +HJ093 +HJ199 +HJ198 +RAS-MAPKRAS-MAPK +Pan-RASPan-RAS +KRASG12VKRASG12V +Submit IND to the NMPA +in 2H 2026 Global +Submit IND to the NMPA +in 2H 2026 Global +Submit IND to the NMPA +in 1H 2027 Global +TYK2 +mild-to-moderate +AV +(adult) +Initiated Phase IIa in February 2025, +complete the trial in May 2026, initiate +Phase IIb in 2H 2026, complete the trial in +1H 2027; submit IND to FDA in 2H 2026 +Global +Small molecule +(Cat. 1 of +Chemical Drugs) +Topical +administration +Topical +administration +Topical +administration +Topical +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration ++ +intravenous +injection +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Initiated Phase II in September 2024, +complete the trial in September 2026, initiate +Phase III in 2H 2026, complete the trial in +1H 2028; submit IND to FDA in March 2027 +Global +ND +(adult) +Ps +(adult) +AD +(adult) +ND +(adult) +Ps +(adult) +Initiated Phase II in August 2024 and +complete Phase II in 2H 2026; +initiate Phase III in 1H 2027, +complete the trial in 2H 2029 +Obtained IND approval in April 2024 +Obtained IND approval in June 2024 +Obtained IND approval in June 2024 +Obtained IND approval in June 2024 +Global +Global +Global +Global +Global +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +(3) +Core Product +Key Product +Abbreviations: 1H = first half; 2H = second half; AD = Atopic dermatitis; AV= Acne vulgaris; Combo = combination therapy; FGFR-4 = Fibroblast growth factor receptor 4; GIP = Gastric inhibitory polypeptide; GLP-1 = Glucagon-like peptide-1; HCC: hepatocellular carcinoma; IND = investigational new drug application; +KRASG12C = Kirsten rat sarcoma viral oncogene homolog G12C; Lp(a) = Lipoprotein(a); MAPK: mitogen-activated protein kinase; +Mono = monotherapy; NSCLC = non-small cell lung cancer; ND = Neurodermatitis; RAS = Rat sarcoma; SMDC = Small molecule-drug conjugates; TYK2 = Tyrosine kinase 2 +mild-to-moderate +AD +(adult) +GLP-1/GIP(2) +Solid tumors +(adult) +advanced +HCC (2L+) +(adult) +Solid tumors +(adult) +Solid tumors +(adult) +R&D +Autoimmune +HJ787(1) +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Lead Indication: the indication in the most advanced stage of clinical development +Small molecule +(Cat. 1 of +Chemical Drugs) +AD +(adult) +Oral +administration Self-developed NMPA Submit IND to NMPA in 2H 2027 GlobalITK +SUMMARY +–2– + + +--- page 12 --- +Notes: +(1) We received IND approvals for HJ787 as both oral and topical treatments for AD, ND and Ps, and as topical treatment for A V . We plan to prioritize the de velopment of topical treatments +for mild-to-moderate AD and A V . +(2) HJ178 acts through multiple mechanisms. The use of HJ178 simultaneously increases GLP-1 secretion and reduces GIP secretion, thereby producing notable glucose-lowering effects and +providing weight-loss benefits. +(3) We commenced a single-arm pivotal Phase IIb clinical trial in June 2023 and expect to submit an NDA to the CDE in the second half of 2026. The CDE may req uire us to initiate a +confirmatory Phase III trial before granting conditional approval. +(4) We are developing HJ891 as a combination therapy with toripalimab (a PD-1 inhibitor) for non-squamous NSCLC with KRAS G12C mutation. Toripalimab (TUOYI ®) is PD-1 inhibitor +developed by Junshi Biosciences, which was approved for marketing in China in 2018 and approved as LOQTORZI ® in the United States in 2023. Currently, the IND approval from the +NMPA in China for HJ891 as combination therapy covers only toripalimab developed by Junshi Biosciences. Combining HJ891 with any other approved PD-1 inhibitor will require prior +CDE approval. Junshi Biosciences does not have any rights in HJ891, whether as monotherapy or combination therapy, including any ownership, co-deve lopment rights, commercialization +rights, profit-sharing rights, or other economic interests in HJ891. As of the Latest Practicable Date, we had not entered into any supply arrangemen t for toripalimab in the United States. +For the U.S. market, the selection of combination therapy partners is an important consideration in our future clinical development strategy. We wil l comprehensively evaluate the market +position and approved indications of various PD-1 inhibitor products to determine the appropriate combination drug for our clinical development pr ograms. +(5) In November 2020, we, our wholly owned subsidiary Shanghai Zheye entered into the HJ197 Agreement with Junshi Biosciences with respect to the join t development and +commercialization of HJ197 in all Asian countries and regions (the “ Collaboration Area ”). In June 2025, we, Shanghai Zheye, Junshi Biosciences and Junze Chuangyao entered into the +HJ197 Novation Agreement (together with the HJ197 Agreement, the “ HJ197 Agreements ”). Pursuant to the HJ197 Agreements, Junze Chuangyao has the option to pay 50% of the actual +expenses incurred in Phase I, Phase II and Phase III clinical trials, thereby acquiring a 50% rights and interests in HJ197 in the Collaboration Area, s ubject to other provisions of the HJ197 +Agreements. Other than the Collaboration Area, we hold all rights to HJ197 globally. Our Company is the sponsor for the existing and planned trials and shall be the Marketing Authorization +Holder (MAH) of HJ197. See “Business—Collaborations” in this prospectus for details. +(6) Except for the lead indications, the remaining indications represent indication expansions. +(7) We currently have no detailed U.S. clinical development plan for HJ787, HJ178, or HJ891 beyond submitting IND applications to the FDA. For HJ787, w e will first generate comprehensive +safety and efficacy data for the topical formulation before allocating resources to an oral formulation. We have no immediate clinical development p lans for HJ787 for the oral treatment +of moderate-to-severe AD and ND or the oral or topical treatment of Ps, and this decision is not related to any safety or efficacy concerns. +SUMMARY +–3– + + +--- page 13 --- +OUR CORE PRODUCTS +HJ787 +HJ787—the only topical selective TYK2 inhibitor in clinical development in China as of the +Latest Practicable Date. Our Core Product, HJ787, is a potent and selective tyrosine kinase 2 (TYK2) +inhibitor. We received IND approvals for HJ787 as both oral and topical treatments for AD, +neurodermatitis (ND) and psoriasis (Ps) and as topical treatment for A V . We are currently developing +HJ787 as a topical treatment for mild-to-moderate AD and A V , which we have prioritized among our +HJ787 development programs. HJ787 demonstrated efficacy for the treatment of AD was comparable to +or higher than established PDE4 inhibitors such as crisaborole and roflumilast, as well as pan-JAK +inhibitors like ruxolitinib, based on non-head-to-head cross-trial comparisons. Importantly, HJ787 does +not exhibit the common adverse reactions generally associated with PDE4 inhibitors and pan-JAK +inhibitors which were observed in their respective clinical trials. + Meaningful efficacy : In our ongoing Phase II clinical trial for mild-to-moderate AD, HJ787 +ointment showed meaningful efficacy by week 8. In three dosage groups, A1 (0.5%, once daily, +or QD), A2 (3%, QD) and A3 (3%, twice daily, or BID), 25.0%, 30.0% and 62.5% of subjects +achieved a 75% reduction from baseline in the Eczema Area and Severity Index (EASI-75), +respectively. + Good safety : In our Phase I trial, the PK study showed that HJ787 was minimally absorbed into +the bloodstream after single or multiple topical applications, suggesting its safety as a topical +treatment. In our Phase II clinical trial for mild-to-moderate AD, all TRAEs observed were +mild, with no SAEs or AEs leading to subject withdrawal. +For AD, we initiated a Phase II clinical trial evaluating the efficacy and safety of HJ787 in patients +with mild-to-moderate AD in September 2024, and expect to complete the trial in September 2026. +For A V , we initiated a Phase IIa clinical trial to evaluate the efficacy and safety of HJ787 in patients +with mild-to-moderate A V in February 2025, and the trial was completed in May 2026. We plan to initiate +a Phase IIb clinical trial in the second half of 2026. +We also initiated the Phase II clinical trial evaluating the efficacy and safety of HJ787 in patients +with ND in August 2024 and expect to complete the trial in the second half of 2026. +Market Opportunity and Competition +We are currently exploring the potential of HJ787 for the treatment of various diseases including AD, +A V , and ND. TYK2 is a member of the JAK family of intracellular signaling molecules, which also +includes JAK1, JAK2 and JAK3. TYK2 signaling contributes to the development and progression of +various autoimmune and inflammatory diseases, including rheumatoid arthritis, multiple sclerosis, +inflammatory bowel disease, psoriasis, sarcoidosis and delayed-type hypersensitivity. +In China, the prevalence of AD was approximately 54.5 million patients in 2020 and 54.8 million +patients in 2025, and is expected to reach 55.3 million patients by 2030. Among these patients, about 73% +of AD cases are mild (SCORAD 0-24), roughly 25% are moderate (SCORAD 25-50) and around 2% are +severe (SCORAD > 50). Mild-to-moderate AD accounts for approximately 98% of total AD cases, +corresponding to approximately 53.4 million patients in 2020, 53.5 million patients in 2025, and 54.2 +million patients in 2030 in China. According to CIC, in 2025, mild, moderate and severe AD accounted +for approximately 18%, 56% and 26% of the AD drug market in China, respectively. From 2020 to 2025, +market growth was primarily driven by moderate and severe AD cases, reflecting the increasing adoption +of biologics and JAK inhibitors. From 2025 to 2030, moderate and severe AD are expected to remain the +key growth segments, driven by continued treatment escalation and increasing penetration of systemic +SUMMARY +–4– + + +--- page 14 --- +therapies. China’s AD drug market grew from approximately RMB5.1 billion in 2020 to RMB15.3 billion +in 2025 at a CAGR of 24.6%, and is expected to reach approximately RMB27.2 billion by 2030 at a CAGR +of 12.2% from 2025 to 2030. The following chart illustrates the historical and projected growth of the +market size of AD drugs in China: +Market size of AD drug market in China, 2020-2030E +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +Total AD 24.6% 12.2% +5.6% 10.9%Mild AD +27.0% 11.8%Moderate AD +53.9% 13.8%Severe AD +2.0 +2.6 +0.50.5 +5.1 +2.1 +2.9 +0.60.6 +5.5 2.2 +4.8 +1.11.1 +8.2 2.3 +6.2 +2.0 +10.4 2.3 +6.7 +3.1 +12.1 2.7 +8.6 +4.0 +15.3 3.0 +9.6 +4.6 +17.2 3.2 +11.1 +5.4 +19.7 3.4 +12.2 +6.2 +21.8 3.9 +13.6 +6.9 +24.5 4.5 +15.1 +7.6 +27.2 +Source: Chin J Dermatol, CIC +AD treatment varies by disease severity. Mild AD is managed primarily with basic skin care, +moisturizers and topical therapies including topical corticosteroids, calcineurin inhibitors and PDE-4 +inhibitors such as crisaborole, with patients prioritizing convenience, tolerability, safety and affordability. +Moderate AD treatment combines topical therapies with biologics or JAK inhibitors for inadequately +controlled cases, while severe AD generally requires systemic treatment with biologics, JAK inhibitors, +immunosuppressants or, in selected cases, short-term corticosteroids. Patients with moderate-to-severe AD +generally prioritize efficacy, rapid itch relief, durability of response and quality-of-life improvement. AhR +agonists provide a safer alternative for mild-to-moderate AD in adults and children aged 2 years and older, +particularly for pediatric patients and those with contraindications to corticosteroids. +As of the Latest Practicable Date, no TYK2 inhibitor had been approved in China for the treatment +of AD. As of the same date, 26 drug candidates targeting the JAK family had been registered in China for +the treatment of AD, of which nine were TYK2 inhibitors, comprising three drug candidates selectively +targeting TYK2 and six drug candidates targeting TYK2 in combination with other JAK family members. +In China, the prevalence of A V was approximately 118.3 million patients in 2020 and 122.1 million +patients in 2025, and is estimated to increase to 127.2 million patients by 2030. Among these patients, +approximately 68%, 26% and 6% of A V patients are classified as mild, moderate and severe, respectively. +Mild-to-moderate A V accounts for approximately 94% of total A V cases, corresponding to approximately +111.2 million, 114.8 million and 120.0 million patients in 2020, 2025 and 2030, respectively. The market +is currently anchored in traditional therapies such as antibiotics and retinoids that are constrained by +limited efficacy, skin irritation and antibiotic resistance, with future growth expected to be driven by novel +mechanisms such as TYK2 inhibitors, improved topical formulations and rising disease awareness. +China’s A V drug market grew from approximately RMB3.8 billion in 2020 to RMB5.3 billion in 2025 at +a CAGR of 6.8%, and is expected to grow to RMB6.7 billion in 2030 at a CAGR of 4.9% from 2025 to +2030. The following chart illustrates the historical and projected market size of A V drugs in China: +SUMMARY +–5– + + +--- page 15 --- +Market size of A V drug in China, 2020-2030E +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +Total A V 6.8% 4.9% +4.3% 4.0%Mild A V +8.2% 5.3%Moderate A V +8.4% 5.4%Severe A V +1.5 +1.6 +0.7 +3.8 +1.6 +1.8 +0.8 +4.2 +1.7 +2.0 +0.9 +4.5 +1.7 +2.1 +0.9 +4.8 +1.8 +2.3 +1.0 +5.0 +1.9 +2.4 +1.1 +5.3 +1.9 +2.5 +1.1 +5.5 +2.0 +2.6 +1.2 +5.8 +2.1 +2.8 +1.2 +6.1 +2.2 +2.9 +1.3 +6.4 +2.3 +3.1 +1.4 +6.7 +Source: Acta Derm V enereol, CIC +Treatment for A V varies by disease severity. Mild A V is managed with topical therapies including +retinoids, benzoyl peroxide and azelaic acid, with patients prioritizing convenience, tolerability, safety and +affordability. Moderate A V is treated with combination topical therapies and, for more severe cases, oral +antibiotics or isotretinoin. Severe A V requires systemic treatment with oral isotretinoin and adjunctive +topical therapies, with short-term glucocorticoids for rapid control. Patients with moderate-to-severe A V +generally prioritize efficacy, onset of action, relapse prevention and improvement in acne-related scarring +and quality of life. As of the Latest Practicable Date, 12 drug candidates had been registered with the CDE +for the treatment of A V . As of the Latest Practicable Date, no TYK2 inhibitor had been approved in China +for A V . According to CIC, for A V treatment, HJ787 is the only drug candidate in China targeting the JAK +family, and it is a selective TYK2 inhibitor. +According to Guideline for primary care of neurodermatitis (2023), ND is generally classified into +single-lesion, multiple-lesion and generalized disease based on the extent and distribution of lesions. In +China, approximately 18%, 63% and 19% of ND patients have single-lesion, multiple-lesion and +generalized disease, respectively. ND prevalence increased from 159.8 million patients in 2020 to 164.9 +million in 2025, and is expected to reach approximately 167.8 million by 2030. China’s ND drug market +reached approximately RMB3.7 billion in 2025 at a CAGR of 1.3% from 2020 to 2025, mainly supported +by traditional therapies including topical corticosteroids, antihistamines, sedatives and topical NSAIDs. In +2025, single-lesion, multiple-lesion and generalized ND accounted for approximately 12%, 59% and 29% +of the market, respectively. The market is expected to grow at a CAGR of 8.1% from 2025 to 2030, +reaching approximately RMB5.4 billion by 2030, with multiple-lesion and generalized ND remaining the +key growth contributors driven by higher treatment needs and adoption of novel treatment options. The +following chart illustrates the historical and projected growth of the market size of ND drugs in China: +Market size of ND drug in China, 2020-2030E +RMB billionCAGR 2020-2025 2025-2030E +Total ND 1.3% 8.1% +1.5% 6.9%Single-lesion ND +1.2% 7.4%Multiple-lesion ND +1.3% 9.9%Generalized ND +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +0.4 +2.0 +1.0 +3.4 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.6 +0.4 +2.2 +1.1 +3.7 +0.5 +2.3 +1.1 +3.9 +0.5 +2.5 +1.2 +4.2 +0.5 +2.7 +1.3 +4.5 0.6 +2.9 +1.5 +4.9 +0.6 +3.1 +1.7 +5.4 +Source: Acta Derm V enereol, Guideline for Primary Care of ND, CIC +SUMMARY +–6– + + +--- page 16 --- +Treatment for ND focuses on relieving pruritus, avoiding scratching, controlling local inflammation +and breaking the itch-scratch cycle. Local drug therapy remains the mainstay, with topical corticosteroids +as the preferred option for localized ND. For inadequately controlled patients, antihistamines may be +added for itch relief and anti-inflammatory effects, while sedatives may be considered for patients with +associated anxiety or insomnia. Physical therapies such as NB-UVB, fractional CO2 laser, ultrasonic drug +delivery and focused ultrasound may be used for stubborn lesions. Given the limited established treatment +options, physicians generally select treatment based on clinical guidelines and patient-specific disease +features. As of the Latest Practicable Date, no TYK2 inhibitor had been approved in China for ND. With +respect to ND specifically, two drugs had been approved in China and two drugs had been approved +globally as of the Latest Practicable Date. The clinical-stage pipeline of JAK family-targeting therapies +for ND treatment in China remains limited, and as of the Latest Practicable Date, HJ787, a TYK2 inhibitor, +was the only drug candidate registered with the CDE in China for the treatment of ND that targets the JAK +family. See “Industry Overview—The TYK2 Drug Market” in this prospectus for details. +HJ178 +HJ178—a small molecule with a mechanism that differs from those of existing multi-target +drugs. HJ178, one of our Core Products, is an orally available small molecule intended for type 2 diabetes +and potentially overweight or obesity. Use of HJ178 simultaneously increases GLP-1 secretion and +reduces GIP secretion, thereby producing pronounced glucose-lowering effects and providing weight-loss +benefits. Compared to existing injectable GLP-1 related therapies, which often lead to side effects such +as nausea, vomiting, and depression, our HJ178 can be used long-term to achieve safe blood sugar +reduction, time in range (TIR) improvement and weight loss without vomiting, or mental-related adverse +reactions, making it a potential major treatment in the diabetes field. + Meaningful efficacy . HJ178 has demonstrated significant postprandial blood sugar-lowering +effects that are higher than several currently available therapies. In addition to blood sugar +control, HJ178 also contributed to weight loss. + Good safety and tolerability . In our Phase Ib/IIa clinical trial, HJ178 demonstrated a favorable +safety profile compared to commonly used anti-diabetic medications, such as semaglutide. +There were no TRAEs that led to dose discontinuation and no AEs that led to dose reduction. +We received the IND approval of HJ178 for oral treatment of type 2 diabetes from the NMPA in May +2023. Subsequently, we initiated a Phase I clinical trial in October 2023 to evaluate the safety, tolerability, +and pharmacokinetics (PK) of a single dose of HJ178 capsule in healthy subjects and completed this trial +in November 2023. Following the Phase I clinical trial, we initiated a Phase Ib/IIa clinical trial in January +2024 to assess the safety, tolerability, PK, and preliminary efficacy of multiple doses in both healthy +subjects and patients with type 2 diabetes. The Phase Ib portion commenced in January 2024 and was +completed in March 2024. The Phase IIa portion commenced in March 2024, and was completed in May +2024. Additionally, we initiated a Phase II clinical trial in July 2025 to further evaluate the efficacy and +safety of HJ178 in people with type 2 diabetes mellitus inadequately controlled with diet and exercise +alone. We expect to complete the Phase II clinical trial in the first half of 2027. +Market Opportunity and Competition +We are currently exploring the potential of HJ178 for the treatments of various diseases including +type 2 diabetes and obesity. Type 2 diabetes is characterized by insulin resistance and/or insufficient +insulin production resulting in hyperglycemia. According to CIC, the prevalence of type 2 diabetes in +China was 129.8 million in 2025 and is expected to exceed 140 million by 2030. A wide range of therapies +is available for type 2 diabetes, with blood glucose control and weight management as the main treatment +goals. Metformin is the preferred therapy. Very high-efficacy options for glycemic control include +high-dose dulaglutide, semaglutide, tirzepatide, and insulin combined with GLP-1 related therapies, while +GLP-1 related therapies and metformin are considered high-efficacy treatments. GLP-1 related +therapieshave significantly transformed the therapeutic landscape for type 2 diabetes. As of the Latest +Practicable Date, 14 GLP-1 related therapies had been approved in China for type 2 diabetes treatment, +SUMMARY +–7– + + +--- page 17 --- +including both single-target and multi-target GLP-1 related therapies receptor agonists, had been approved +for the treatment of type 2 diabetes in China. China’s type 2 diabetes drug market grew from +approximately RMB59.0 billion in 2020 to RMB67.0 billion in 2025 at a CAGR of 2.6%, and is projected +to reach RMB113.8 billion by 2030 at a CAGR of 11.2% from 2025 to 2030. Globally, the type 2 diabetes +drug market grew from approximately US$59.2 billion in 2020 to US$95.2 billion in 2025 at a CAGR of +10.0%, and is projected to reach US$130.4 billion by 2030 at a CAGR of 6.5% from 2025 to 2030. The +following chart illustrates the historical and projected global and China’s market size for type 2 diabetes +therapies from 2020 to 2030, with a breakdown by GLP-1 related therapies, including both single-target +and multi-target GLP-1 related therapies receptor agonists, and other antidiabetic drugs: +Global Type 2 Diabetes Drug Market Size, +2020-2030E +China Type 2 Diabetes Drug Market Size, +2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies 33.6% 8.1% +Others -2.0% 4.3% +Total 10.0% 6.5% +12.5 +46.8 +59.2 +15.0 +46.4 +61.4 +19.8 +42.7 +62.5 +30.0 +40.3 +70.3 +38.5 +41.7 +80.3 +53.0 +42.2 +95.2 +59.4 +44.2 +103.5 +64.7 +46.1 +110.9 +69.6 +48.1 +117.7 +74.1 +50.0 +124.1 +78.4 +52.0 +130.4 +RMB billionCAGR 2020-2025 2025-2030E +GLP-1 related therapies 48.6% 34.1% +Others -0.7% 3.0% +Total 2.6% 11.2% +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +1.61.6 +57.5 +59.0 +2.72.7 +57.4 +60.2 +6.0 +47.4 +53.4 8.7 +52.1 +60.7 +9.1 +55.0 +64.1 +11.4 +55.6 +67.0 +15.5 +57.4 +72.9 +20.8 +59.2 +80.1 +28.1 +61.0 +89.1 +37.5 +62.7 +100.2 +49.4 +64.3 +113.8 +Source: World Health Organization, FDA, The International +Diabetes Federation, CIC +Source: NMP A, The Journal of the American Medical +Association, The International Diabetes Federation, periodic +reports released by public companies, CIC +The global type 2 diabetes drug market is expected to maintain strong growth driven by the rising +patient burden, prevailing use of innovative agents, expanded indications, and better healthcare access, +alongside a shift toward holistic cardiometabolic disease management. Growth in the GLP-1 related +therapies market for type 2 diabetes in China from 2025 to 2030 is expected to be driven by increasing +diagnosis rates, higher treatment rates and greater GLP-1 related therapies penetration. +As of the Latest Practicable Date, there were a total of 104 GLP-1 related therapies under clinical +development for type 2 diabetes in China. Among these, nineteen were clinical-stage oral GLP-1 related +therapies in China. +Obesity is characterized by abnormal or excessive fat accumulation that poses a significant risk to +health. Obesity has emerged as a growing global public health challenge, with the affected population +exceeding one billion in 2025 and expected to exceed 1.1 billion by 2030. The patient population for +obesity in China reached 286.0 million in 2025. Approved anti-obesity drugs primarily comprise GLP-1 +related therapies and lipase inhibitors such as orlistat, which act via appetite suppression, delayed gastric +emptying or fat absorption inhibition. As of the Latest Practicable Date, there were a total of 91 GLP-1 +related therapies under clinical development for obesity or overweight in China. Among these, 26 were +clinical-stage oral GLP-1 related therapies in China. Also, there were two multi-target GLP-1 related +therapies approved in China, with a number of drug candidates under development. +As of the Latest Practicable Date, five GLP-1 related therapies had been approved in China for the +treatment of obesity or overweight, all of which are administered via subcutaneous injection, and orlistat +is the only non-GLP-1 treatment option in China. In the United States, five GLP-1 related therapies had +been approved for the treatment of obesity or overweight; although no oral GLP-1 related therapies had +been approved for obesity or overweight in China, two oral GLP-1 related therapies had been approved +in the United States. The GLP-1 related therapies market for obesity in China grew from nil in 2020 to +RMB3.3 billion in 2025, and is expected to grow from RMB3.3 billion in 2025 to RMB35.2 billion by +2030, at a CAGR of 60.5%. The GLP-1 related therapies market for obesity globally grew from US$0.8 +SUMMARY +–8– + + +--- page 18 --- +billion in 2020 to US$27.4 billion in 2025, at a CAGR of 103.2%, and is expected to grow from US$27.4 +billion in 2025 to US$55.9 billion by 2030, at a CAGR of 15.3%. The following charts illustrate the +historical and projected global and China obesity drug market size with a breakdown by GLP-1 related +therapies and other obesity drugs from 2020 to 2030: +Global Obesity Drug Market Size, 2020-2030E China’s Obesity Drug Market Size, 2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies 103.2% 15.3% +Others 21.0% 11.8% +Total 67.7% 14.9% +0.80.81.61.6 +2.4 1.21.22.32.3 +3.5 +2.42.4 +2.62.6 +5.0 6.0 +3.1 +9.1 15.0 +3.6 +18.6 +27.4 +4.1 +31.5 +32.4 +4.7 +37.1 +37.3 +5.3 +42.6 +43.1 +5.9 +49.0 +49.4 +6.5 +56.0 +55.9 +7.2 +63.0 +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies / 60.5% +Others -6.5% 23.5% +Total 14.2% 50.8% +0.00.0 0.00.0 0.0 0.02.7 +2.7 +1.71.7 +1.7 +1.31.3 +1.3 +0.10.12.0 +2.1 +0.50.5 +1.9 +2.3 +3.3 +1.9 +5.2 +6.4 +2.0 +8.3 +11.0 +2.0 +13.0 +17.5 +3.1 +20.6 +25.7 +4.3 +30.0 +35.2 +5.5 +40.8 +Source: FDA, periodic reports released by public companies, +CIC +Source: NMP A, periodic reports released by public companies, +CIC +See “Industry Overview—GLP-1 related therapies Market” in this prospectus for details. +HJ891 +HJ891—one of the few KRAS G12C inhibitors being developed for first-line treatment in +combination with immunotherapy . Our Core Product, HJ891, is a PK-profile improved KRAS G12C +inhibitor designed for the treatment of NSCLC with KRAS G12C mutation that has progressed following +first-line standard therapies. HJ891 showed significant changes in PK while demonstrating outstanding +efficacy and safety. + Favorable lung-targeted PK enabling improved safety and efficacy . HJ891 has a unique +molecular design that allows it to accumulate in the lungs, leading to improved safety and +efficacy. This lung-targeted PK reduces exposure to the liver and kidneys, which minimizes +liver toxicity and allows for lower dosing. + Meaningful efficacy . In our Phase I/IIa clinical trial, HJ891 achieved a confirmed ORR of +47.2% in patients who underwent at least one efficacy assessment in the 640 mg (recommended +dose for pivotal trial) QD group, demonstrating its efficacy in treating KRAS +G12C-mutant +NSCLC patients, while sotorasib showed an ORR of 36%. In our Phase Ib/III clinical trial, +where HJ891 was combined with toripalimab, it also showed meaningful efficacy. In the HJ891 +640 mg QD combined with toripalimab 240 mg every three weeks (Q3W) treatment cohort, the +ORR was 77.8%, rising to an impressive ORR of 92.3% in those with a PD-L1 tumor +proportion score (TPS) of 50% or higher. + Good safety . HJ891 has demonstrated a good safety profile in clinical trials. In the Phase I/IIa +clinical trial of HJ891 as monotherapy, the incidence of grade 3 or higher TRAEs was 13.5%, +significantly lower than those reported for approved products: sotorasib (33%), adagrasib +(44.8%), fulzerasib (41.4%), garsorasib (50%), glecirasib (38.7%), and sosimerasib (40.0%). In +the Phase Ib/III clinical trial, the combination of HJ891 and toripalimab showed an acceptable +safety profile, with grade 3 or higher TRAEs occurring in 43.2% of patients. +SUMMARY +–9– + + +--- page 19 --- +We received the IND approval of HJ891 from the NMPA to initiate a clinical trial for the treatment +of solid tumors on April 21, 2021. We initiated a Phase I/IIa clinical trial in October 2021 to evaluate the +safety, tolerability, PK and anti-tumor efficacy of HJ891 in patients with advanced solid tumors. The Phase +I portion commenced in October 2021, and was completed in July 2022, followed by the Phase IIa portion +in May 2022, and the Phase IIa portion was completed in January 2023. Based on the results of the Phase +I/IIa trial, we initiated clinical trials separately for developing HJ891 as a monotherapy and combination +therapy: + Monotherapy: We initiated a single-arm pivotal Phase IIb clinical trial in June 2023 to evaluate +the safety and efficacy of HJ891 as monotherapy in treating NSCLC with KRAS +G12C mutation +that has progressed following first-line standard therapies. We expect to complete the trial in +August 2026. + Combination therapy: We received an IND approval from the NMPA to initiate a clinical trial +of HJ891 in combination with toripalimab (a PD-1 inhibitor) for the treatment of non-squamous +NSCLC with KRAS +G12C mutation as combination therapy as a first-line treatment on July 23, +2023. We initiated a Phase Ib/III clinical trial in January 2024. This trial is currently ongoing. +Market Opportunity and Competition +In 2025, lung cancer was the most frequently diagnosed cancer in China, accounting for 22% of new +cases. NSCLC is any type of epithelial lung cancer other than SCLC, accounting for 85% of lung cancer. +According to CIC, the global incidence of NSCLC increased from approximately 1.92 million cases +in 2020 to 2.26 million in 2025 at a CAGR of 3.3%, and is expected to reach 2.58 million by 2030 at a +CAGR of 2.7% from 2025 to 2030. In China, NSCLC incidence increased from approximately 0.83 million +cases in 2020 to 1.01 million in 2025 at a CAGR of 4.0%, and is expected to reach 1.17 million by 2030 +at a CAGR of 3.1% from 2025 to 2030. +The following charts illustrate the historical and projected global and China NSCLC drug market +size from 2020 to 2030: +Global market size of NSCLC +drugs, 2020-2030E +China’s market size of NSCLC +drugs, 2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +China 7.5% 9.8% +RoW 22.1% 9.8% +Total 19.2% 9.0% +5.3 +17.2 +22.5 5.8 +24.2 +29.9 5.9 +31.6 +37.4 6.5 +36.7 +43.1 7.1 +42.2 +49.2 7.7 +46.7 +54.3 +8.3 +51.3 +59.6 9.1 +56.5 +65.6 +9.9 +61.4 +71.4 +11.0 +66.4 +77.4 +12.2 +71.5 +83.7 +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +China’s NSCLC drug market size 7.5% 9.8% +38.3 41.7 42.5 +46.6 +50.9 +55.1 +59.8 +65.3 +71.6 +79.0 +87.8 +Source: Global Cancer Observatory, The National Childhood +Cancer Registry, The National Comprehensive Cancer +Network, Chinese Society of Clinical Oncology, CIC +Source: Annual report, NMP A, CIC +KRASG12C is among the most clinically significant KRAS mutation subtypes in NSCLC and +accounted for approximately 4.5% of NSCLC incidence in China in 2025. The incidence of KRAS G12C +mutated NSCLC in China increased from 37.0 thousand in 2020 to 45.5 thousand in 2025, and is expected +to reach 52.4 thousand by 2028. China’s NSCLC KRAS +G12C inhibitor market remains at an early stage. +KRASG12C inhibitors were first launched in China in 2024, and four products are currently available as +SUMMARY +–1 0– + + +--- page 20 --- +of the Latest Practicable Date. The market size of KRAS G12C inhibitors in China was approximately +RMB0.2 billion in 2025 and is expected to grow to approximately RMB1.9 billion by 2030, representing +a CAGR of approximately 63.5% from 2025 to 2030. +Advanced NSCLC continues to present significant unmet clinical needs. Although targeted therapies +such as TKIs have improved outcomes in certain molecularly defined subgroups, treatment resistance +commonly develops and post-resistance options remain limited, resulting in suboptimal long-term clinical +benefit. In addition, patients with other oncogenic drivers or without identifiable driver mutations continue +to face insufficient treatment options, highlighting substantial unmet demand for more effective therapies. +KRAS is a key signaling protein involved in cell proliferation and survival through pathways including +MAPK. Oncogenic KRAS mutations lead to persistent downstream signaling and promote tumor growth. +KRAS mutations are common in PDAC, CRC and NSCLC, accounting for over 20% of all cancers, which +highlights the need for mutation-specific KRAS-targeted therapies. +In 2025, the incidence of KRAS +G12C-mutated NSCLC cases was 45.5 thousand (4.5% of NSCLC +incidence) in China and 203.3 thousand (9.0% of NSCLC incidence) globally. These figures indicate a +higher overall prevalence of KRAS-mutant NSCLC and a higher share of the G12C subtype globally than +in China, suggesting regional differences in molecular profiles and treatment opportunities. +The global market for NSCLC KRAS +G12C therapies is expected to expand significantly, reaching +approximately US$1.9 billion by 2030, while the Chinese market is also expected to also experience rapid +growth, reaching RMB1.9 billion by 2030, representing a CAGR of 63.5% from 2025 to 2030. This +projection highlights the significant commercial opportunity and accelerating adoption of KRAS +G12C- +targeted therapies in China over the coming years. +As of the Latest Practicable Date, four KRAS G12C inhibitors had been approved in China. Apart from +KRASG12C inhibitors, the alternative treatment of NSCLC includes immunotherapy and chemotherapy, +with a targeted patient population for second-line NSCLC reaching 28.8 thousand in China in 2025. +As of the Latest Practicable Date, 17 KRAS G12C-targeted drug candidates for solid tumors had been +registered with the CDE in China, of which nine were in Phase II or later stage of clinical-stage +development, including certain approved drugs that were subject to ongoing confirmatory, combination or +indication-expansion studies. See “Industry Overview—Overview of the Global and China KRAS-targeted +and HCC-targeted Drug Markets” in this prospectus for details. +OUR KEY DRUG CANDIDATE +HJ197 +HJ197—one of the most advanced FGFR4 inhibitors in China in terms of clinical development +stage as of the Latest Practicable Date. Our key drug candidate, HJ197, is a potent and selective +inhibitor of fibroblast growth factor receptor 4 (FGFR4). We are developing HJ197 as a monotherapy for +the treatment of HCC. Currently, there are no FGFR4 inhibitors approved globally. + Favorable tissue distribution profile . In a study assessing tissue concentrations following oral +administration in rats, the results demonstrate that HJ197 tends to concentrate in the liver, a key +target organ in HCC, which may contribute to its improved efficacy and safety in clinical +settings. + Improved efficacy . In our Phase I/IIa clinical trial, HJ197 demonstrated significantly improved +efficacy compared to fisogatinib. +SUMMARY +–1 1– + + +--- page 21 --- + Favorable safety profile . In a 7-day subacute toxicity study, HJ197 showed no apparent +toxicity at doses up to 500 mg. In contrast, fisogatinib induced AEs such as diarrhea and body +weight loss at 100 mg. HJ197 demonstrated an onset dose of 5 mg/kg, compared with 15 mg/kg +for fisogatinib. These data suggest HJ197 has a broader therapeutic index, supporting its +potential for safer and more effective dosing in clinical use. +We received the IND approval from the NMPA in November 2018 for the treatment of HCC. We +initiated a Phase I/IIa clinical study to evaluate the safety, tolerability, PK and antitumor activity of HJ197 +capsule in patients with advanced HCC in June 2019. The Phase I portion commenced in June 2019 and +was completed in October 2021. The Phase IIa portion commenced in July 2020 and was completed in +October 2023. We received an approval from the NMPA for commencing a Phase III clinical trial to +evaluate the safety and tolerability of HJ197 in patients with advanced HCC in August 2023 and plan to +initiate this trial in July 2026. +Market Opportunity and Competition +Liver cancer is the fourth leading cause of cancer-related deaths globally, with HCC making up 90% +of all liver cancer cases, according to CIC. Key risk factors for HCC include hepatitis B and C infections, +alcohol consumption and obesity. Despite the slight decreases in incidence of HCC in China mainly as a +result of widespread hepatitis B virus (HBV) vaccination programs, the market size of targeted drugs in +China increased from RMB5.1 billion in 2020 to RMB15.2 billion in 2025 at a CAGR of 24.4%, and is +expected to further increase to RMB22.9 billion in 2030 at a CAGR of 8.5% from 2025 to 2030. It is +expected that the first FGFR4-selective inhibitor may be approved in 2028, driving the growth of the +market size of FGFR4-selective inhibitors for treating HCC in China to RMB3.1 billion in 2032 at a +CAGR of 54.5% from 2028 to 2032, according to CIC. As of the Latest Practicable Date, there were three +FGFR4-selective inhibitors for the treatment of HCC, registered with the CDE in Phase II or later +development. See “Industry Overview—HCC—Competitive Landscape of FGFR4-selective Inhibitors in +China” for details. +COMPETITION +The development and commercialization of innovative drugs are highly competitive and subject to +rapid and significant changes. We believe that our differentiated portfolio and deep knowledge of key +therapeutic pathways provide us with strong competitive advantages. We face potential competition from +many different sources working to develop therapies targeting the same indications for which we develop +our drug candidates. These include major pharmaceutical companies as well as specialty pharmaceutical +companies of various sizes. Our Core Products and other drug candidates face competition from approved +and clinical-stage drug candidates that focus on similar indications and the same target patient population +with us, and these competing products may have significant competitive strengths and advantages when +compared to our drug candidates. For competitive landscape of our drug candidates, see “Business—Our +Drug Candidates” and “Industry Overview” in this prospectus for details. +OUR STRENGTHS +We believe our strengths are: (i) discover and develop drug candidates through targeted innovation, +leveraging a deep scientific insight; (ii) focus on broad and rapidly growing fields in autoimmune, +metabolic and oncology diseases; (iii) integrated R&D capabilities driven by clinical demand; (iv) +advanced drug development technology platforms; (v) established deep collaborations to validate our +innovative potential and commercial value; and (vi) led by a scientist-founder, our team combines +practical experience with innovation capabilities, with support from renowned investors. See +“Business—Our Strengths” in this prospectus for details. +SUMMARY +–1 2– + + +--- page 22 --- +OUR STRATEGIES +We plan to pursue the following strategies: (i) accelerate clinical development for rapid product +commercialization; (ii) continuously strengthen R&D capabilities and accelerate preclinical product +development; (iii) establish manufacturing and commercialization capabilities to prepare for product +launches; and (iv) explore external collaboration opportunities to maximize the commercial value of our +drug candidates. See “Business—Our Strategies” in this prospectus for details. +RESEARCH AND DEVELOPMENT +We have established a comprehensive R&D system that supports every stage of the drug +development lifecycle. As of the Latest Practicable Date, there were 92 members in our R&D team, around +29.3% of whom held master’s or doctoral degrees in relevant fields. In line with industry practice, we +engage reputable CROs to support our preclinical and clinical studies from time to time. We had engaged +an aggregate of 41 and 51 CROs as of December 31, 2024 and 2025, respectively, all of which were +Independent Third Parties to the best of our knowledge. Our research and development expenses in 2024 +and 2025 amounted to RMB75.0 million and RMB110.2 million, respectively. +OUR TECHNOLOGY PLATFORMS +We have built a development platform for small molecule drugs, covering the entire process from +drug design, efficient synthesis, screening and evaluation, pharmacological studies, and comprehensive +CMC research to clinical strategy and operations as well as translational medicine. Through an integrated +approach combining in silico and experimental drug design and screening, targeted and rapid drug- +likeness evaluation, and efficient CMC development and clinical research, we have advanced multiple +drug candidates with significant differentiation. +Our approach to differentiated small molecule development is guided by core principles such as +precise biological mechanisms and tissue-specific distribution. In particular, by adopting a tissue +distribution-oriented design strategy, which leverages the relationship between molecular features and +tissue distribution to identify and develop molecules with favorable tissue distribution characteristics, we +are able to enhance drug enrichment at disease sites while potentially reducing exposure in non-target +tissues, thereby improving efficacy and lowering potential toxicity. Supported by our deep understanding +of structure-activity relationships and mechanisms of action, together with our design capabilities, we are +well-positioned to develop differentiated therapies and to lay a foundation for the development of +therapies with greater clinical value and commercial potential. +We have developed the Tissue-Specific Distribution-Intelligent Analytics System (TSD-IAS), a +supplementary analytical tool designed to predict the in vivo tissue distribution of drug candidates. +TSD-IAS extracts hundreds of structural and physicochemical features from each molecule, integrates +them with tissue-distribution datasets, and applies modeling to learn how new molecules will distribute +across key organs, thereby improving the efficiency of our differentiated drug discovery. +In addition, to advance the development of advanced XDCs, we have established a payload platform +based on our proprietary molecular glue technology. This payload exerts antitumor effects by targeting the +MAPK pathway, demonstrating therapeutic efficacy while mitigating drug resistance. The MAPK pathway +is closely associated with tumor initiation, progression, invasion, and metastasis, with pathological +activation primarily driven by RAS or BRAF mutations, which account for more than 40% of human +cancers. These platforms strengthen our differentiated drug design capabilities and improve therapeutic +targeting. +SUMMARY +–1 3– + + +--- page 23 --- +OUR INTELLECTUAL PROPERTY +Our continued success depends on our ability to obtain and maintain proprietary or intellectual +property protection for our drug candidates, our core technologies and other know-how. As of the Latest +Practicable Date, we held 29 issued patents including 12 patents in China and 17 patents overseas. As of +the same date, we had 30 patent applications including 4 patent applications in China, 20 patent +applications overseas and 6 PCT applications. In particular, with respect to our Core Products, we had 2 +issued patents and 2 pending patent applications for HJ891, 3 issued patents and 9 pending patent +applications for HJ787 and 5 issued patents and 1 pending patent application for HJ178. As of the same +date, we also owned 1 registered trademark. +CUSTOMERS AND SUPPLIERS +During the Track Record Period, our revenue was all derived from our out-license and collaboration +agreements with Junshi Biosciences and/or Junze Chuangyao. +Our major suppliers primarily consisted of suppliers of raw materials and consumables for our drug +development, third-party contractors including contract research organizations (CROs), contract +development and manufacturing organizations (CDMOs) and site management organizations (SMOs) as +well as research centers where we conduct clinical trials. Purchases from our largest supplier in 2024 and +2025 accounted for 10.3% and 17.2%, respectively, of our total purchases of those periods. Purchases from +our five largest suppliers in 2024 and 2025 accounted for 38.8% and 37.0%, respectively, of our total +purchases for each of the same periods. +COLLABORATIONS +HJ197 +In November 2020, our Company and our wholly owned subsidiary Shanghai Zheye entered into a +technology license and collaboration agreement (the “ HJ197 Agreement ”) with Shanghai Junshi +Biosciences Co., Ltd. (“ Junshi Biosciences ”) with respect to the joint development and commercialization +of HJ197 in all Asian countries and regions (the “ Collaboration Area ”). On June 18, 2025, our Company, +Shanghai Zheye, Junshi Biosciences and Shanghai Junze Chuangyao Biotechnology Company Limited, an +associate of Junshi Biosciences (“ Junze Chuangyao ”) entered into a four-party agreement (the “ HJ197 +Novation Agreement ” and, together with the HJ197 Agreement, the “ HJ197 Agreements ”) to novate the +rights and obligations under the HJ197 Agreement. Pursuant to the HJ197 Novation Agreement, the parties +agree that all rights and obligations of Junshi Biosciences are transferred to Junze Chuangyao on the date +of the HJ197 Novation Agreement. As of the Latest Practicable Date, we had received the upfront payment +of RMB30.0 million and the first and second milestone payments of RMB20.0 million under the HJ197 +Agreements. +HJ191 +In November 2020, our Company and our wholly owned subsidiary Shanghai Zheye entered into a +technology license and collaboration agreement (the “ HJ191 Agreement ”) with Junshi Biosciences with +respect to the collaboration regarding HJ191 in the Collaboration Area. We exclusively license the rights +to and interests in HJ191 in the Collaboration Area to Junshi Biosciences, including but not limited to the +rights for research and development, manufacturing, clinical studies and commercialization of HJ191 in +the Collaboration Area. Shanghai Zheye shall hold no rights and interests in HJ191 in the Collaboration +Area. Junshi Biosciences shall also have priority right to negotiate with respect to the research and +development, manufacturing (including contract manufacturing), clinical studies and commercialization of +HJ191 outside the Collaboration Area. As of the Latest Practicable Date, we had received the upfront +payment of RMB15.0 million. See “Business—Collaborations” for details. +SUMMARY +–1 4– + + +--- page 24 --- +RECENT DEVELOPMENTS +As we strive to advance our drug pipeline and enhance our research and development capabilities, +we expect to continue recognizing a significant increase in net losses in 2026, primarily due to (i) the +increase in R&D expenses driven by (a) the increase in the testing and technical service costs and material +expenses as we continue to advance clinical development of drug candidates, and (b) the increase in staff +costs due to an increase in R&D headcount, as well as share-based payment expenses; and (ii) the increase +in administrative expenses due to an increase in the number of administrative personnel and an overall +increase in salaries and bonuses as well as share-based payment expenses, to support our platform +development and preparation for future commercialization. Since the end of the Track Record Period, we +have continuously developed our business and continued to advance our pipeline. See “Business—Our +Drug Candidates” for details. +Pan-RAS or RAS(ON) multi-selective inhibitors have recently emerged as a new class of +RAS-targeted therapies, with daraxonrasib (RMC-6236) developed by Revolution Medicines being the +most clinically advanced candidate. Daraxonrasib has received FDA Breakthrough Therapy Designation, +Orphan Drug Designation and the Commissioner’s National Priority V oucher for pancreatic ductal +adenocarcinoma (PDAC), and remains under Phase III clinical development for NSCLC with no Phase III +efficacy data publicly disclosed as of the Latest Practicable Date. While pan-RAS inhibitors represent an +emerging therapeutic approach, based on currently available data they have not been established to replace +mutation-selective KRAS +G12C inhibitors in KRAS G12C-mutant NSCLC. See “Industry +Overview—Overview of RAS and KRAS as Therapeutic Targets” for details. +NO MATERIAL ADVERSE CHANGE +Our Directors confirm that, up to the date of this prospectus, there has been no material adverse +change in our financial or trading position since December 31, 2025 (being the date on which the latest +consolidated financial information of our Company was prepared) and there has been no event since +December 31, 2025 which would materially affect the information shown in our consolidated financial +statements included in the Accountants’ Report in Appendix I. +IMPACT OF COVID-19 +During the Track Record Period and up to the Latest Practicable Date, we did not experience material +disruptions to our operations as a result of COVID-19. A large majority of our clinical trials were initiated +in late 2023 or 2024, after the COVID-19 restrictions had long been lifted. As COVID-19’s global impact +continued to lessen as of the Latest Practicable Date, we do not expect COVID-19 to have a material +adverse impact on our business going forward. +RISK FACTORS +Our business and the Global Offering involve certain risks as set out in “Risk Factors” in this +prospectus. Some of the major risks we face include: (i) our business and financial prospects depend +substantially on the success of our drug candidates. If we are unable to successfully complete their clinical +development, obtain their regulatory approvals and achieve their commercialization, or if we experience +significant delays in doing any of the foregoing, our business will be materially harmed; (ii) we face +intense competition and our competitors may discover, develop or commercialize competing drugs faster +or more successfully than we do, which may adversely affect our ability to successfully commercialize our +drug candidates. If we fail to effectively compete with our competitors, our competitive position in our +target markets may be undermined, our drug candidates, if and when approved, may fail to be +commercially successful and our business, financial condition, results of operations and prospects could +suffer; (iii) prioritization of certain programs may delay others and adversely affect our competitive +position; (iv) we may not be able to identify, discover or develop new drug candidates, or to identify or +develop new indications for our drug candidates, to expand or maintain our product pipeline; and (v) we +have incurred net losses since our inception and anticipate that we will continue to incur net losses for the +foreseeable future and may never achieve or maintain profitability. +See “Risk Factors” in this prospectus for details. +SUMMARY +–1 5– + + +--- page 25 --- +SUMMARY OF KEY FINANCIAL INFORMATION +This summary historical financial information set forth below is derived from, and should be read +in conjunction with, our consolidated financial information, together with the accompanying notes, set +forth in “Appendix I—Accountants’ Report” to this prospectus, as well as the information set forth in +“Financial Information” of this prospectus. Our consolidated financial information has been prepared in +accordance with IFRS. +Summary of Consolidated Statements of Profit or Loss and Other Comprehensive Income +Y ear ended December 31, +2024 2025 +(RMB’000) +Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,800 12,982 +Other income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,856 175 +Other gains and losses, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(119,074) 6,545 +Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(12,635) (28,291) +Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(74,973) (110,178) +Share of result of an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(239) (158) +Listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (16,026) +Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(52) (129) +Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,080) +Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (4) +Loss and total comprehensive expense for the year /H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +Loss and total comprehensive expense for the year +attributable to: +Owners of the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +During the Track Record Period, our revenue was derived from our license and collaboration +agreements with Junshi Biosciences and/or Junze Chuangyao. See “Business—Collaborations” for details. +We received an upfront payment of RMB30.0 million from Junshi Biosciences in January 2021, and +received the first and second milestone payments of RMB20.0 million from Junze Chuangyao in July +2025. These payments were recognized as revenue over time based on the actual costs incurred as a +percentage of total estimated costs for us to fully perform our obligations, with the unrecognized portion +presented as contract liabilities. As a result, we recognized revenue of RMB1.8 million and RMB13.0 +million, respectively, in 2024 and 2025. See “Financial Information—Description of Selected Components +of the Consolidated Statements of Profit or Loss and Other Comprehensive Income” in this prospectus for +details. +Our loss and total comprehensive expenses for the period decreased from RMB202.3 million in 2024 +to RMB135.1 million in 2025, primarily because we recorded other net losses of RMB119.1 million in +2024, reflecting loss from changes in fair value of financial instruments with preferred rights of +RMB124.7 million, representing fair value losses of the preferred shares issued to the investors, as offset +by net gains of RMB5.7 million attributed to favorable changes in fair value of financial assets at FVTPL, +while we recorded other net gains of RMB6.5 million in 2025, attributed to favorable changes in fair value +of financial assets at FVTPL because we transferred a portion of our time deposits upon maturity to +financial products with better liquidity, such as structured bank deposits and wealth management products. +We did not record any loss related to changes in fair value of financial instruments with preferred rights +in 2025, as the special rights agreement was terminated on August 29, 2024, and the corresponding +adjustments to the value of financial instruments with preferred rights were completed. +SUMMARY +–1 6– + + +--- page 26 --- +Summary of Consolidated Statements of Financial Position +As of December 31, As of +April 30, +20262024 2025 +(RMB’000) +(unaudited) +Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,714 29,067 59,894 +Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118400,459 403,542 354,467 +Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,938 96,047 105,651 +Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118346,521 307,495 248,816 +Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,562 308,710 +Total non-current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 362 1,412 +Net assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 307,298 +Equity attributable to owners of the Company /H1118/H1118 376,235 336,200 307,298 +Total equity /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 307,298 +Our net current assets decreased from RMB346.5 million as of December 31, 2024 to RMB307.5 +million as of December 31, 2025, primarily attributable to an increase in current liabilities of RMB42.1 +million, mainly driven by (i) a RMB26.5 million increase in trade and other payables, which primarily +reflected a rise in trade payables in line with the advancement of our preclinical studies and clinical trials +of drug candidates, the recognition of accrued listing expenses and issue cost of RMB12.6 million, and (ii) +an increase in borrowings of RMB10.0 million. +Our net current assets decreased by RMB49.0 million from RMB307.5 million as of December 31, +2025 to RMB248.8 million as of April 30, 2026, primarily attributable to (i) a decrease of RMB50.1 +million in financial assets at FVTPL, primarily because we redeemed a portion of our wealth management +products, and utilized the proceeds to purchase three-year large-denomination certificate of deposit, which +were classified as non-current assets, and (ii) an increase of RMB10.0 million in borrowings. +We had net assets of RMB376.2 million and RMB336.2 million as of December 31, 2024 and 2025, +respectively. These balances reflect the loss and total comprehensive expense for the year, capital injection +to the Company and equity-settled share-based transactions. Our net assets decreased from RMB376.2 +million as of December 31, 2024 to RMB336.2 million as of December 31, 2025 due to the recognition +of loss and total comprehensive expense of RMB135.1 million in 2025, partially offset by a capital +injection to the Company of RMB70.0 million and equity-settled share-based transactions of RMB25.0 +million. See “Financial Information—Description of Selected Items from the Consolidated Statements of +Financial Position” in this prospectus for details. +Summary of Consolidated Statements of Cash Flows +The following table sets forth the components of our consolidated statements of cash flows for the +periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Net cash used in operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(78,042) (89,434) +Net cash generated used in investing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(46,984) (38,067) +Net cash generated (used in)/from financing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(105) 77,411 +Net decrease in cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(125,131) (50,090) +Cash and cash equivalents at beginning of the period /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118178,941 53,810 +Cash and cash equivalents at the end of the period /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,810 3,720 +SUMMARY +–1 7– + + +--- page 27 --- +Our primary uses of cash during the Track Record Period were to fund the R&D of our Core Products +and other pipeline programs. During the Track Record Period, we conducted equity financing and also +generated cash inflow from our out-license and collaboration agreement. We recorded net cash used in +operating activities of RMB78.0 million and RMB89.4 million for the years ended December 31, 2024 and +2025, respectively. Substantially all of our operating cash outflows resulted from research and +development expenses and administrative expenses. +As of April 30, 2026, being the latest practicable date for determining our indebtedness, we had cash +and cash equivalents and financial assets at FVTPL of RMB327.0 million. Our Directors are of the opinion +that, taking into account the financial resources available to our Group, including cash and cash +equivalents financial assets at FVTPL and the estimated net proceeds from the Listing, we have sufficient +working capital to cover at least 125% of our costs, including R&D costs and administrative expenses, for +at least the next 12 months from the expected date of this prospectus. We had cash and cash equivalents +of RMB4.9 million and financial assets at FVTPL of RMB322.1 million as of April 30, 2026. Assuming +an average cash burn rate going forward of 2.3 times the level in 2025, we estimate that our cash and cash +equivalents and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial +viability for 18 months or, if we take into account 10% of the estimated net proceeds from the Listing +(namely, the portion allocated for our working capital and other general corporate purposes), 23 months +or, if we also take into account the estimated net proceeds from the Listing, 69 months. See “Financial +Information—Liquidity And Capital Resources—Cash Flow” in this prospectus for details. +KEY FINANCIAL RATIO +Our current ratio, which equals current assets divided by current liabilities, was 7.4 and 4.2 as of +December 31, 2024 and 2025, respectively. See “Financial Information—Key Financial Ratio” for details. +OUR CONTROLLING SHAREHOLDERS AND PRE-IPO INVESTMENTS +Immediately upon completion of the Global Offering (assuming the Over-allotment Option is not +exercised), Dr. Ji will be, directly and through Chengdu Wenshao and Suzhou Jishitang, of which Dr. Ji +is the general partner, entitled to exercise 46.87% of the voting rights in our Company. Therefore, Dr. Ji, +Chengdu Wenshao and Suzhou Jishitang will be regarded as a group of Controlling Shareholders upon +Listing. +Our Company obtained several rounds of investments from the Pre-IPO Investors. The Group’s +post-money valuation in the latest round of pre-IPO financing was RMB2.70 billion and a total amount +of RMB619.30 million was raised from the pre-IPO investors, with meaningful investment of RMB112 +million from SDIC Shanghai and Junlian Xinkang, our Sophisticated Investors. Upon the completion of +the Global Offering (assuming the Over-allotment Option is not exercised), the percentage of equity +interest expected to be held by SDIC Shanghai and Junlian Xinkang will represent 7.50% and 5.77%, +respectively. See “History, Development and Corporate Structure—Pre-IPO Investments” in this +prospectus for details. +OFFERING STATISTICS +Based on the Offer +Price of HK$81.80 +Market capitalization of our Shares (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +HK$6,020.4 +million +Unaudited pro forma adjusted consolidated net tangible assets per Share (2) /H1118/H1118/H1118/H1118/H1118HK$19.35 +Notes: +(1) The calculation of market capitalization is based on 73,599,605 Shares expected to be in issue immediately upon completion +of the Global Offering, assuming the Over-allotment Option is not exercised. +(2) See “Appendix II—Unaudited Pro Forma Financial Information” for the assumptions and calculation method. +SUMMARY +–1 8– + + +--- page 28 --- +FUTURE PLANS AND USE OF PROCEEDS +We estimate that we will receive net proceeds of approximately HK$1,018.7 million from the Global +Offering, after deducting the underwriting commissions and other estimated expenses payable by us in +connection with the Global Offering, assuming that the Over-allotment Option is not exercised and +assuming an Offer Price of HK$81.80 per Share. We intend to use such net proceeds from the Global +Offering for the purposes and in the amounts set forth below: +(i) approximately 80.6%, or HK$821.3 million, will be used to provide funding for ongoing and +planned clinical research and development activities for our pipeline products; +(ii) approximately 9.4%, or HK$95.6 million, will be used to enhance our research and +development platform to strengthen our innovation pipeline in immunology, metabolism and +oncology, and to explore and develop new preclinical drugs to enhance our current treatment +options; +(iii) approximately 5.0%, or HK$50.9 million, will be used to gradually build our +commercialization team, and expand this team as our drug candidates near commercialization, +ensuring effective outreach and support for our product launches; and +(iv) approximately 5.0%, or HK$50.9 million, will be used for general business operations and +working capital. +See “Future Plans and Use of Proceeds” in this prospectus for details. +DIVIDENDS +No dividend was paid or declared by our Company since its date of incorporation and up to the end +of the Track Record Period. As of the Latest Practicable Date, we did not have a formal dividend policy +or fixed dividend payout ratio. In view of our accumulated losses, as advised by our PRC Legal Advisors, +according to the relevant PRC laws and regulations and the Articles of Association, we shall not declare +or pay dividend until the accumulated losses are covered by our after-tax profits and sufficient statutory +common and other reserves are drawn in accordance with the relevant laws, regulations and our Articles +and Association. See “Financial Information—Dividends” in this prospectus for details. +LISTING EXPENSES +Listing expenses to be borne by us are estimated to be approximately HK$93.7 million (including +underwriting commission, assuming an Offer Price of HK$81.8 per H Share, which is the Offer Price +stated in this prospectus and assuming that the Over-allotment Option is not exercised). The listing +expenses consist of (i) underwriting-related expenses, including underwriting commission, of +approximately HK$55.7 million, and (ii) non-underwriting-related expenses of approximately HK$38.0 +million, comprising (a) fees and expenses of our legal advisors, reporting accountants and other +professional parties of approximately HK$31.0 million, and (b) other fees and expenses of approximately +HK$7.0 million. During the Track Record Period, we incurred listing expenses of HK$23.0 million, of +which HK$17.5 million was recognized as listing expenses in the consolidated statements of profit or loss +and of HK$5.5 million was directly attributable to the issuance of Offer Shares which is expected to be +charged against equity upon the Listing. We expect to incur additional listing expenses of approximately +HK$70.7 million, of which approximately HK$15.1 million is expected to be recognized as listing +expenses in the consolidated statements of profit or loss and other comprehensive income and +approximately HK$55.6 million is expected to be recognized as a deduction in equity directly upon the +Listing. +SUMMARY +–1 9– + + +--- page 29 --- +In this prospectus, unless the context otherwise requires, the following terms shall have the +meanings set out below. Certain other terms are explained in the section headed “Glossary of +Technical Terms” in this prospectus. +“Accountants’ Report” the Accountants’ Report for the years ended December 31, 2024 +and 2025 prepared by Deloitte, the text of which is set out in +Appendix I to this prospectus; +“affiliate(s)” with respect to any specified person, any other person, directly or +indirectly, controlling or controlled by or under direct or indirect +common control with such specified person; +“AFRC” the Accounting and Financial Reporting Council of Hong Kong; +“Articles of Association” or +“Articles” +the articles of association of our Company adopted on July 11, +2025 which shall become effective as of the date on which the H +Shares are listed on the Stock Exchange, as amended from time to +time, a summary of which is set out in “Appendix III—Summary +of Articles of Association” to this prospectus; +“Board” or “Board of Directors” the board of Directors; +“Business Day” or “business day” a day on which banks in Hong Kong are generally open for normal +banking business to the public and which is not a Saturday, Sunday +or public holiday in Hong Kong; +“Capital Market Intermediary” the capital market intermediary participating in the Global +Offering and has the meaning ascribed thereto under the Listing +Rules; +“CCASS” the Central Clearing and Settlement System established and +operated by HKSCC; +“CDE” Center for Drug Evaluation (ᄲ൙ʕː), a +division of the NMPA responsible for acceptance and technical +review of applications for drug clinical trials and drug marketing +authorization; +“Chengdu Wenshao” Chengdu Wenshao Enterprise Management Center (Limited +Partnership) ( ϓேၲჭΆุ၍ଣʕː(Υྫ)), a limited +partnership established under the laws of the PRC on November 8, +2019 with Dr. Ji acting as the general partner and one of our +Controlling Shareholders; +“Chengdu Yuanyuan” Chengdu Yuanyuan Biotechnology Co., Ltd. (ҦϞ +ʮ̡), a company established in the PRC with limited liability +on October 30, 2012 and a wholly-owned subsidiary of our +Company; +“China” or “PRC” the People’s Republic of China, but for the purpose of this +prospectus and for geographical reference only and except where +the context requires otherwise, references in this prospectus to +“China” and the “PRC” do not apply to Hong Kong Special +Administrative Region, Macau Special Administrative Region and +Taiwan; +DEFINITIONS AND ACRONYMS +–2 0– + + +--- page 30 --- +“CIC” or “China Insights +Consultancy” +China Insights Industry Consultancy Limited ( ӧᗆΆุ၍ଣፔ༔ +(ɪऎ)ʮ̡), an Independent Third Party, and a market +research firm engaged by our Company to prepare an industry +report, the details of which are set out in “Industry Overview”; +“CIC Report” an independent market research report commissioned by us and +prepared by CIC for the purpose of this prospectus; +“Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong +Kong) as amended, supplemented or otherwise modified from time +to time; +“Companies (Winding Up and +Miscellaneous Provisions) +Ordinance” +the Companies (Winding Up and Miscellaneous Provisions) +Ordinance (Chapter 32 of the Laws of Hong Kong), as amended, +supplemented or otherwise modified from time to time; +“Company” or “our Company” HJ Science Co., Ltd. ( ശ਄͊Ը(ϓே)ʮ̡), a +limited liability company established in the PRC on February 20, +2017 as HJ Science Co., Ltd. (ʮ̡) which +was converted into a joint stock company with limited liability on +March 18, 2025; +“Company Law” or “PRC +Company Law” +the Company Law of the People’s Republic of China ( ʕശɛ͏΍ +جas amended, supplemented or otherwise modified +from time to time; +“Controlling Shareholder(s)” has the meaning ascribed thereto under the Listing Rules, and +unless the context otherwise requires, refers to Dr. Ji, Chengdu +Wenshao and Suzhou Jishitang, and a Controlling Shareholder +shall mean each or any of them; +“Core Product” has the meaning ascribed thereto under Chapter 18A of the Listing +Rules, which is the product for the purpose of satisfying the +eligibility requirements under Chapter 18A of the Listing Rules +and Chapter 2.3 of the Guide for New Listing Applicants; +“COVID-19” a viral respiratory disease caused by the severe acute respiratory +syndrome coronavirus; +“CSRC” the China Securities Regulatory Commission ( ʕ਷ᗇՎ္ຖ၍ଣ +ึ); +“Director(s)” the director(s) of our Company; +“Dr. Ji” Dr. Ji Jianxin (อ), our executive Director, chief executive +officer, general manager, chairman of our Board, one of our +promoters and one of our Controlling Shareholders; +“EIT Law” the PRC Enterprise Income Tax Law (੻೼ +جas enacted by the NPC on March 16, 2007 and effective on +January 1, 2008, as amended, supplemented or otherwise modified +from time to time; +DEFINITIONS AND ACRONYMS +–2 1– + + +--- page 31 --- +“Extreme Conditions” the occurrence of “extreme conditions” as announced by any +government authority of Hong Kong due to serious disruption of +public transport services, extensive flooding, major landslides, +large-scale power outage or any other adverse conditions before +Typhoon Signal No. 8 or above is replaced with Typhoon Signal +No. 3 or below; +“FDA” the United States Food and Drug Administration +“FINI” Fast Interface for New Issuance, an online platform operated by +HKSCC for admission to trading and, where applicable, the +collection and processing of specified information on subscription +in and settlement for all initial public offerings; +“General Rules of HKSCC” General Rules of HKSCC published by the Stock Exchange and as +amended from time to time; +“Global Offering” the Hong Kong Public Offering and the International Offering; +“Group,” “our Group,” “our,” “we” +or “us” +our Company and all of our subsidiaries or, where the context so +requires, in respect of the period before our Company became the +holding company of our present subsidiaries, the business operated +by such subsidiaries or their predecessors (as the case may be); +“Guide” or “Guide for New Listing +Applicants” +the Guide for New Listing Applicants, as published by the Stock +Exchange on November 29, 2023 and effective on January 1, 2024, +as amended or supplemented or otherwise modified from time to +time; +“H Share(s)” ordinary share(s) in the share capital of our Company with a +nominal value of RMB1.00 each, to be subscribed for and traded in +Hong Kong dollars and to be listed on the Hong Kong Stock +Exchange; +“H Share Registrar” Computershare Hong Kong Investor Services Limited; +“Hefei Hualu” Hefei Hualu Zhiye Technology Co., Ltd. (ࠢ +ʮ̡), a company established in the PRC with limited liability on +March 14, 2025 and an wholly-owned subsidiary of our Company; +“HK$” Hong Kong dollars, the lawful currency of Hong Kong; +“HKSCC” Hong Kong Securities Clearing Company Limited, a wholly owned +subsidiary of Hong Kong Exchanges and Clearing Limited; +“HKSCC EIPO” the application for the Hong Kong Offer Shares to be issued in the +name of HKSCC Nominees and deposited directly into CCASS to +be credited to your or a designated HKSCC Participant’s stock +account through causing HKSCC Nominees to apply on your +behalf, including by instructing your broker or custodian who is +a HKSCC Participant to give electronic application instructions +via HKSCC’s FINI system to apply for the Hong Kong Offer +Shares on your behalf; +“HKSCC Nominees” HKSCC Nominees Limited, a wholly-owned subsidiary of +HKSCC; +DEFINITIONS AND ACRONYMS +–2 2– + + +--- page 32 --- +“HKSCC Operational Procedures” the operational procedures of HKSCC, containing the practices, +procedures and administrative or other requirements relating to +HKSCC’s services and the operations and functions of CCASS, +FINI or any other platform, facility or system established, operated +and/or otherwise provided by or through HKSCC, as from time to +time in force; +“HKSCC Participant” a participant admitted to participate in CCASS as a direct clearing +participant, a general clearing participant or a custodian +participant; +“Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC; +“Hong Kong Offer Shares” the 1,360,000 new H Shares being initially being offered by our +Company for subscription at the Offer Price pursuant to the Hong +Kong Public Offering (subject to reallocation as described in the +section headed “Structure of the Global Offering” in this +prospectus); +“Hong Kong Public Offering” the offer for subscription of the Hong Kong Offer Shares to the +public in Hong Kong at the Offer Price (plus brokerage of 1.0%, +SFC transaction levy of 0.0027%, Stock Exchange trading fee of +0.00565% and AFRC transaction levy of 0.00015%), subject to and +in accordance with the terms and conditions set out in this +prospectus; +“Hong Kong Stock Exchange” or +“Stock Exchange” +The Stock Exchange of Hong Kong Limited, a wholly owned +subsidiary of Hong Kong Exchange and Clearing Limited; +“Hong Kong Underwriter” the underwriter of the Hong Kong Public Offering whose name is +set out in the section headed “Underwriting—Hong Kong +Underwriter” in this prospectus; +“Hong Kong Underwriting +Agreement” +the underwriting agreement dated June 11, 2026 relating to the +Hong Kong Public Offering entered into by our Company, the +Controlling Shareholders, the Sole Sponsor, the Sole Overall +Coordinator and the Hong Kong Underwriter; +“Huajin Pharmaceutical” Huajin (Chongqing) Pharmaceutical Co., Ltd. (ݵ(ᅅ)ᖹุϞ +ʮ̡), a company established in the PRC with limited liability +on December 12, 2023 and a wholly-owned subsidiary of our +Company; +“IAS” International Accounting Standards; +“IFRS(s)” International Financial Reporting Standards, as issued from time to +time by the International Accounting Standards Board +“Independent Third Party(ies)” an individual or a company, who or which, to the best of our +Directors’ knowledge, information, and belief, having made all +reasonable enquiries, is not a connected person of our Company +within the meaning of the Listing Rules; +DEFINITIONS AND ACRONYMS +–2 3– + + +--- page 33 --- +“International Offer Shares” the 12,240,000 H Shares initially being offered for subscription +under the International Offering, together, where relevant, with any +additional H Shares which may be issued pursuant to the exercise +of the Over-allotment Option, subject to reallocation as described +in the section headed “Structure of the Global Offering” in this +prospectus; +“International Offering” the offer of the International Offer Shares at the Offer Price, +outside the United States in offshore transactions in accordance +with Regulation S under the U.S. Securities Act, as further +described in “Structure of the Global Offering” of this prospectus; +“International Underwriter” the international underwriter expected to enter into the +International Underwriting Agreement relating to the International +Offering; +“International Underwriting +Agreement” +the international underwriting agreement relating to the +International Offering to be entered into by, among other parties, +our Company and the International Underwriter on or about +Thursday, June 18, 2026; +“IP Legal Advisors” Hiways Law Firm, the legal advisors to our Company as to PRC +intellectual property laws +“Latest Practicable Date” June 2, 2026, being the latest practicable date for the purpose of +ascertaining certain information contained in this prospectus prior +to its publication; +“Listing” the listing of our H Shares on the Main Board; +“Listing Date” the date, expected to be on or about Tuesday, June 23, 2026 on +which dealings in our H Shares first commence on the Main Board; +“Listing Rules” the Rules Governing the Listing of Securities on The Stock +Exchange of Hong Kong Limited, as amended or supplemented +from time to time; +“Main Board” the stock exchange (excluding the option market) operated by the +Stock Exchange which is independent from and operated in +parallel with the GEM of the Stock Exchange; +“MOF” the Ministry of Finance of the PRC (௅); +“MOFCOM” or “Ministry of +Commerce” +the Ministry of Commerce of the PRC ( ʕശɛ͏΍ձ਷ਠਕ௅); +“NMPA” the National Medical Products Administration of the PRC (ᖹ +္ຖ၍ଣ҅) and its predecessor, the China Food and Drug +Administration (္ຖ၍ଣᐼ҅); +“Offer Price” HK$81.80, the Hong Kong dollar price per Offer Share (exclusive +of brokerage fee of 1.0%, SFC transaction levy of 0.0027%, Stock +Exchange trading fee of 0.00565% and AFRC transaction levy of +0.00015%); +DEFINITIONS AND ACRONYMS +–2 4– + + +--- page 34 --- +“Offer Shares” the Hong Kong Offer Shares and the International Offer Shares; +“Over-allotment Option” the option to be granted by us to the International Underwriter and +exercisable by the Sole Overall Coordinator, pursuant to which we +may be required to allot and issue up to an aggregate of 2,040,000 +additional H Shares (representing 15% of the number of Offer +Shares initially available under the Global Offering) at the Offer +Price to cover over-allocations in the International Offering, if any, +details of which are described in the section headed “Structure of +the Global Offering—The International Offering—Over-allotment +Option” in this prospectus; +“Overseas Listing Trial Measures” the Trial Administrative Measures of Overseas Securities Offering +and Listing by Domestic Companies ( ྤʫΆุྤ̮೯БᗇՎձ +‘) released by the CSRC on February 17, 2023 +and took effect on March 31, 2023; +“PRC Government” the central government of the PRC and all governmental +subdivisions (including provincial, municipal and other regional or +local government entities) and organizations of such government +or, as the context requires, any of them; +“PRC Legal Advisors” JunHe LLP, the legal advisors to our Company as to PRC laws in +connection with the Global Offering; +“Pre-IPO Investment(s)” the pre-IPO investment(s) in our Company, details of which are set +out in “History, Development and Corporate Structure—Pre-IPO +Investments” in this prospectus; +“Pre-IPO Investor(s)” the investor(s) of the Pre-IPO Investments; +“Pre-IPO Share Incentive Scheme” the share incentive plan approved and adopted by our Company on +July 11, 2025, a summary of the principal terms of which is set +forth in “Appendix IV—Statutory and General Information—D. +Pre-IPO Share Incentive Scheme”; +“Regulation S” Regulation S under the U.S. Securities Act; +“Renminbi” or “RMB” the lawful currency of the PRC; +“Reporting Accountants” Deloitte, the reporting accountants of our Company; +“SAFE” the State Administration of Foreign Exchange of the PRC ( ʕശɛ +̮ි၍ଣ҅); +“SAIC” the State Administration for Industry and Commerce of the PRC +(၍ଣᐼ҅), which was consolidated into the +SAMR in March 2018, including, as the context may require, its +local counterparts; +“SAMR” the State Administration for Market Regulation of the PRC ( ʕ਷ +̹ఙ္ຖ၍ଣᐼ҅); +“SCNPC” the Standing Committee of the NPC; +DEFINITIONS AND ACRONYMS +–2 5– + + +--- page 35 --- +“Securities and Futures +Commission” or “SFC” +the Securities and Futures Commission of Hong Kong; +“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of +Hong Kong), as amended, supplemented or otherwise modified +from time to time; +“Shanghai Zheye” Shanghai Zheye Biotechnology Co., Ltd. (ࠢ +ʮ̡), a company established in the PRC with limited liability on +December 21, 2016 and a wholly-owned subsidiary of our +Company; +“Share(s)” ordinary share(s) with nominal value RMB1.00 each in the share +capital of the Company, comprising H Shares and Unlisted Shares; +“Shareholder(s)” holder(s) of our Share(s); +“Sole Bookrunner” the sole bookrunner as named in the section headed “Directors, +Supervisors and Parties Involved in the Global Offering” of this +prospectus; +“Sole Global Coordinator” The sole global coordinator as named in the section headed +“Directors, Supervisors and Parties Involved in the Global +Offering” of this prospectus; +“Sole Lead Manager” the sole lead manager as named in the section headed “Directors, +Supervisors and Parties Involved in the Global Offering” of this +prospectus; +“Sole Overall Coordinator” CLSA Limited; +“Sole Sponsor” CITIC Securities (Hong Kong) Limited; +“Sophisticated Investor(s)” has the meaning ascribed to it under Chapter 2.3 of the Guide; +“Stabilizing Manager” CLSA Limited; +“State Council” the State Council of the PRC ( ʕശɛ͏΍ձ਷਷ਕ৫); +“Supervisor(s)” the supervisor(s) of our Company; +“Supervisory Committee” the supervisory committee of our Company; +“Suzhou Jishitang” Suzhou Jishitang Enterprise Management Center (Limited +Partnership) ( ᘽψጐͩੀΆุ၍ଣʕː(Υྫ)), a limited +partnership established in the PRC on June 14, 2017 with Dr. Ji +acting as the general partner, which is an employee incentive +platform of our Group and one of our Controlling Shareholders; +“Takeovers Code” the Hong Kong Code on Takeovers and Mergers issued by the SFC, +as amended, supplemented or otherwise modified from time to +time; +“Track Record Period” the years ended December 31, 2024 and 2025; +“Underwriter” the Hong Kong Underwriter and the International Underwriter; +DEFINITIONS AND ACRONYMS +–2 6– + + +--- page 36 --- +“Underwriting Agreements” the Hong Kong Underwriting Agreement and the International +Underwriting Agreement; +“Unlisted Share(s)” ordinary Share(s) issued by our Company with a nominal value of +RMB1.00 each which is/are not listed on any stock exchange; +“U.S.” or “United States” the United States of America, its territories, its possessions, any +State of the United States, and the District of Columbia; +“U.S. dollar(s)” or “US$” United States dollar(s), the lawful currency of the United States; +“U.S. Securities Act” United States Securities Act of 1933, as amended, supplemented or +otherwise modified from time to time; +“V AT” the PRC value-added tax; +“we”, “us” or “our” the Company or the Group, as the context requires; +“White Form eIPO ” the application for Hong Kong Offer Shares to be issued in the +applicant’s own name by submitting applications online through +the designated website of White Form eIPO at www.eipo.com.hk ; +“White Form eIPO Service +Provider” +Computershare Hong Kong Investor Services Limited +Unless otherwise specified, all references to any shareholdings in our Company following the +completion of the Global Offering assume that the Over-allotment Option is not exercised. +In this prospectus, the terms “associate(s),” “Biotech Company,” “close associate(s),” “connected +person(s),” “core connected person(s),” “subsidiary,” “substantial shareholder(s)” and “treasury +share(s)” shall have the meanings ascribed to them under the Listing Rules, unless the context otherwise +requires. +Unless the content otherwise requires, references to “2024” and “2025” in this prospectus refer to +our financial year ended December 31 of such year . +For ease of reference, the names of Chinese laws and regulations, governmental authorities, +institutions, natural persons or other entities (including certain of our subsidiaries) have been included +in the prospectus in both the Chinese and English languages and in the event of any inconsistency, the +Chinese versions shall prevail. English translations of company names and other terms from the Chinese +language are provided for identification purposes only. +Certain amounts and percentage figures included in this prospectus were subjected to rounding +adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregation of +the figures preceding them. +For the purpose of this prospectus, references to “provinces” of China include provinces, +municipalities under direct administration of the central government and provincial-level autonomous +regions. +DEFINITIONS AND ACRONYMS +–2 7– + + +--- page 37 --- +This glossary contains definitions of certain technical terms used in this document in +connection with us and our business. These may not correspond to standard industry definitions, +and may not be comparable to similarly terms adopted by other companies. +“A-427” a cell line isolated from the lungs of a male with carcinoma +“A375” a cell line isolated from the skin of a patient with malignant +melanoma +“A549 ” a cell line isolated from the lung tissue of a White, 58-year-old +male with lung cancer +“acne vulgaris” or “A V” a chronic skin condition in which blockage or inflammation of the +hair follicles and accompanying sebaceous glands +“ADC” antibody-drug conjugate, a class of biopharmaceutical drugs that +comprise an antibody conjugated to a payload molecule, typically +a cytotoxic agent, via a chemical linker +“ADMET” absorption, distribution, metabolism, excretion, toxicity, a set of +test categories used together in drug discovery to provide insight +into how a pharmaceutical drug interacts with the body as a whole +“AE” adverse event, which may be mild, moderate, or severe, any +untoward medical occurrence in a patient or subject receiving a +drug or other pharmaceutical product in a clinical trial and which +does not necessarily have a causal relationship with the treatment +“agonist” a chemical that binds to and activates a receptor or other protein to +produce a biological response +“AKT” also known as protein kinase B (PKB), a serine/threonine protein +kinase with 3 isoforms (AKT1, AKT2 and AKT3) that participate +in multiple pathways regulating several cellular processes, +including survival, proliferation, tissue invasion, and metabolism +“anrogen receptor” or “AR” a type of nuclear receptor that is activated by binding of either of +the androgenic hormones testosterone or dihydrotestosterone in the +cytoplasm and then translocating into the nucleus +“antibiotics” a drug or medicine that kills or inhibits the growth of bacteria. +Antibiotics are the chief antibacterial agents for fighting bacterial +infections, and antibiotic medications are widely used in the +treatment and prevention of those infections +“aryl hydrocarbon receptor” or +“AhR” +a protein that in humans is encoded by the AHR gene +“AsPC-1” a cell line isolated from pancreas tissue of a patient with +adenocarcinoma +“atopic dermatitis” or “AD” an immune-mediated inflammatory skin disease that causes dry, +itchy and inflamed skin +GLOSSARY OF TECHNICAL TERMS +–2 8– + + +--- page 38 --- +“AUC” area under the curve, a pharmacokinetic parameter that measures +the body’s exposure to a drug, i.e., how much of the drug reaches +a person’s bloodstream over a given period of time after a dose is +administered +“AUC +last” area under the concentration-time curve from the first time point +measured (0) to the time of the last measurable concentration +“autoimmune disease” with respect to any disorder or disease, an abnormal immune +response of the body against substances and tissues normally +present in the body +“/H9252-cell” a type of cell found in the pancreas that is responsible for +producing and releasing insulin, a hormone that regulates blood +sugar levels +“bioavailability” the fraction of an administered dose of drug that reaches systemic +circulation, which is one of the principal pharmacokinetic +properties of drugs +“biologics” drug products derived from a variety of living sources—human, +animal, or microorganism—that may be produced by +biotechnology methods and other cuttingedge technologies (in +contrast to small-molecule drugs, which are chemically +synthesized). Biologics can be composed of sugars, proteins or +nucleic acids or complex combinations of these substances, or may +be living entities, such as cells and tissues +“biomarker” a naturally occurring molecule, gene, or characteristic by which a +particular pathological or physiological process, disease, etc. can +be identified +“BRAF” a gene and the protein it encodes, involved in cell signaling and +growth +“C57BL/6J” the original and most widely used inbred laboratory mouse strain +in biomedical research, particularly for immunology, neurobiology, +and genetics studies +“CAGR” compound annual growth rate +“CD3 ++” a specific protein found on the surface of T lymphocytes, a type of +white blood cell crucial for the immune system +“CDMO” contract development and manufacturing organization, a company +that provides support to the pharmaceutical, biotechnology, and +medical device industries in the form of development and +manufacturing services outsourced on a contract basis +“cell line” a population of cells which descend from a single cell and contain +the same genetic makeup, thereby producing the same proteins. +The productivity of a cell line determines the cost of +manufacturing, and the quality of a cell line is directly related to +the quality of the relevant biologics +GLOSSARY OF TECHNICAL TERMS +–2 9– + + +--- page 39 --- +“chemotherapy” or “chemo” a drug treatment that uses cytotoxic chemicals to kill fast-growing +cells in a patient’s body. It is most often used as a cancer treatment +because cancer cells grow and multiply much faster than most +other cells in the body +“cGMP” current good manufacturing practice +“clinical trial” a research study for validating or finding the therapeutic effects +and side effects of test drugs in order to determine the therapeutic +value and safety of such drugs +“C +max” maximum plasma concentration, a pharmacokinetic parameter that +measures the highest concentration of a drug in the blood, +cerebrospinal fluid, or target organ after a dose is given +“CMC” chemistry, manufacturing and controls, also commonly referred to +as process development, covering the various procedures used to +assess the physical and chemical characteristics of drug products, +and to ensure their quality and consistency during manufacturing +“cohort” a group of patients as part of a clinical trial who share a common +characteristic or experience within a defined period and who are +monitored over time +“COLO 201” a cell line isolated from a patient with colorectal adenocarcinoma +“combination therapy” a treatment that uses more than one medication or modality +“corticosteroids” class of steroid hormones drug that lower inflammation in the body +and reduce immune system activity +“CR” complete response, the disappearance of all signs of cancer in +response to treatment +“CRC” colorectal cancer, a type of cancer arising from the colon or rectum +“CREB” cAMP-response element binding protein +“CMO(s)” contract manufacturing organization(s), a company that serves +other companies in the pharmaceutical industry on a contract basis +to provide comprehensive services from drug development through +drug manufacturing +“CT26” a murine colorectal carcinoma cell line derived from a chemically +induced tumor in BALB/c mouse +“CRO(s)” contract research organization, a company provides support to the +pharmaceutical, biotechnology, and medical device industries in +the form of research and development services outsourced on a +contract basis +“cytokine” a broad category of small proteins that are important in cell +signaling, whose release has an effect on the behavior of cells +expressing corresponding receptors +“cytotoxic” toxic to living cells +GLOSSARY OF TECHNICAL TERMS +–3 0– + + +--- page 40 --- +“DCR” disease control rate, the total proportion of patients who +demonstrate a response to treatment, equal to the sum of complete +responses (CR), partial responses (PR) and stable disease (SD) +“diabetes” a complex, chronic metabolic disease characterized by elevated +levels of blood glucose, which over time leads to serious damage +to the heart, blood vessels, eyes, kidneys, nerves and other organs, +comprised of two categories including type 1 diabetes mellitus and +type 2 diabetes mellitus +“DIO” diet-induced obesity, is excessive fat accumulation caused by +consistently consuming more calories than are expended, primarily +through diets high in fat, sugar, and salt +“DNFB-induced” an experimental process using 2,4-dinitrofluorobenzene (DNFB) to +create animal models, primarily in mice, that exhibit +characteristics of atopic dermatitis (AD) or contact +hypersensitivity (CHS) +“DOR” duration of response, the length of time that a tumor continues to +respond to treatment without the cancer growing or spreading +“DPP-4” dipeptidyl peptidase-4, also known as adenosine deaminase +complexing protein 2 or CD26 (cluster of differentiation 26), an +enzyme expressed on the surface of most cell types and associated +with immune regulation, signal transduction, and apoptosis +“DLT” dose-limiting toxicity, toxicities of a drug or other treatment that +are serious enough to prevent an increase in dose or level of that +treatment +“EGFR” epidermal growth factor receptor +“EGFRm” or “EGFR-mutant” cells or tissues harboring mutations in the EGFR gene, which can +affect receptor function and are often associated with certain types +of cancer +“endpoint” with respect to a clinical study or trial, the outcome that is +measured +“ERK” extracellular signal-regulated kinase +“fatty acid synthase” or “FASN” a 270-kDa cytosolic dimeric enzyme that is responsible for +palmitate synthesis +“FDA” the United States Food and Drug Administration, a federal agency +of the Department of Health and Human Services +“FGF19” fibroblast growth factor 19, a protein that in humans encoded by +the FGF19 gene. It functions as a hormone, regulating bile acid +synthesis, with effects on glucose and lipid metabolism +“FGFR1, 2, 3, and 4” a family of four receptor tyrosine kinases that bind to fibroblast +growth factors (FGFs) and trigger signaling pathways regulating +vital cellular processes including growth, cell survival, +multiplication, development, and wound healing +GLOSSARY OF TECHNICAL TERMS +–3 1– + + +--- page 41 --- +“first-line” or “1L” with respect to any disease, the first line therapy, which is the +treatment regimen or regimens that are generally accepted by the +medical establishment for initial treatment. It is also called primary +treatment or therapy +“gastrointestinal” relating to or affecting the stomach and intestines, which comprise +the digestive system +“GCG” glucagon, the main catabolic hormone of the body, produced by +alpha cells of the pancreas; it raises the concentration of glucose +and fatty acids in the bloodstream +“GCGR” glucagon receptor +“GCP” good clinical practice, an international ethical and scientific +quality standard for the performance of a clinical trial on medicinal +products involving humans +“GIP” glucose-dependent insulinotropic polypeptide, also known as +gastric inhibitory polypeptide; it is a hormone produced in the +upper gut and secreted to the circulation in response to the +ingestion of foods, especially fatty foods +“GIPR” glucose-dependent insulinotropic polypeptide receptor, or gastric +inhibitory polypeptide receptor, found on beta-cells in the +pancreas; its activation stimulates insulin secretion +“glucagon” a hormone that raises blood sugar levels by signaling the liver to +release stored glucose +“GMP” good manufacturing practice, the practices required in order to +conform to the guidelines recommended by agencies that control +the authorization and licensing of the manufacture and sale of +products +“GLP-1” glucagon-like peptide-1; a peptide hormone that decreases blood +sugar levels in a glucose-dependent manner by enhancing the +secretion of insulin +“GLP-1R” glucagon-like peptide-1 receptor +“GLP-1 RA” glucagon-like peptide-1 receptor agonist, unless otherwise +specified, “GLP-1 RA” or “GLP-1RAs” as used in this prospectus +include both single-target GLP-1 RA and multi-target GLP- +1–based RA +“glycemic control” the management of blood sugar levels +“Grade” term used to refer to the severity of adverse events according to +Common Terminology Criteria for Adverse Events (CTCAE) +v4.03, using Grade 1, Grade 2, Grade 3, etc. +“HbA1c” glycated hemoglobin, formed when hemoglobin joins with glucose +in the blood and becomes glycated +GLOSSARY OF TECHNICAL TERMS +–3 2– + + +--- page 42 --- +“HCC” hepatocellular carcinoma, a type of cancer arising from +hepatocytes +“HCT116” an adherent cell line isolated from the colon of a patient with colon +cancer +“Hepatitis B” a liver infection caused by the hepatitis B virus (HBV) +“Hepatitis C” a liver disease caused by the hepatitis C virus (HCV) +“HER2” human epidermal growth factor receptor 2 +“HF” heart failure +“HRAS” HRas proto-oncogene, a gene providing instructions for making a +protein called H-Ras that is involved primarily in regulating cell +division +“HT-29” a cell line from a colorectal adenocarcinoma patient +“IFN-I” type I interferon, a cytokine involved in the innate immune +response against viral infections and other pathogens +“IFN-/H9253” a dimerized soluble cytokine that is the only member of the type II +class of interferons +“IL-17” a cytokine, a type of signaling molecule, that plays a crucial role +in the immune system, particularly in inflammation and host +defense against pathogens +“IL-22” a cytokine, a type of signaling protein, that plays a role in tissue +protection, regeneration, and host defense +“immune checkpoint inhibitor(s)” +or “ICI(s)” +a type of immunotherapy that blocks proteins called immune +checkpoints, which prevent the immune system from attacking the +cancer cells +“immunotherapy” or “IO” a type of therapy that uses substances to stimulate or suppress the +immune system to help the body fight cancer, infection, and other +diseases +“IND” investigational new drug or investigational new drug application, +also known as clinical trial application in China or the U.S. +“inhibitor” a substance added or applied to another substance to slow down a +reaction or to prevent an unwanted chemical change +“in vitro ” Latin for “in glass”, studies in vitro are conducted using +components of an organism that have been isolated from their +usual biological surroundings, such a microorganisms, cells or +biological molecules +“in vivo ” Latin for “within the living”, studies in vivo are those in which the +effects of various biological or chemical substances are tested on +whole, living organisms as opposed to a partial or dead organism, +or those done in vitro +GLOSSARY OF TECHNICAL TERMS +–3 3– + + +--- page 43 --- +“JAK1” Janus kinase 1, a protein-tyrosine kinase essential for mediating +signals from a large number of cytokine receptors +“JAK2” Janus kinase 2, a protein that plays a crucial role in cell signaling, +particularly in blood cell production +“JAK3” Janus Kinase 3, a protein that plays a critical role in the JAK-STAT +pathway, a key signaling pathway that regulates immune cell +development and function +“JH1 kinase” the Janus kinase (JAK) family’s catalytic tyrosine kinase domain +responsible for transferring phosphate groups during intracellular +signaling +“KIV-2 domain” a specific region of the apolipoprotein(a) (apo(a)) protein, which is +part of the lipoprotein(a) (Lp(a)) particle in human blood +“KIV-7 domain” a specific region of the apolipoprotein(a) (apo(a)) protein, which is +part of the lipoprotein(a) (Lp(a)) particle in human blood +“KRAS” Kirsten rat sarcoma 2 viral oncogene homolog, a signal transducer +protein, which plays an important role in various cellular signaling +events such as in regulation of cell proliferation, differentiation +and migration +“KRAS +G12C” a specific mutation in the KRAS gene, a gene that plays a role in +cell growth and division. The “G12C” refers to a change from +glycine (G) to cysteine (C) at a particular position (12) within the +KRAS protein +“Low-density lipoprotein (LDL)” one of the five major groups of lipoprotein that transport all fat +molecules around the body in extracellular water +“LS1034” a cell line isolated from a patient with colorectal adenocarcinoma +“LS174T” a cell line derived from a Dukes type B colorectal adenocarcinoma +“MAPK” mitogen-activated protein kinase, a type of protein kinase that is +specific to the amino acids serine and threonine, and is involved in +various cellular functions, including cell proliferation, +differentiation and migration +“MAPK/ERK” a crucial signaling cascade in cells that transmits signals from the +cell surface to the nucleus, regulating fundamental cellular +processes like growth, division, and survival +“metastatic” in reference to any disease, including cancer, disease producing +organisms or of malignant or cancerous cells transferred to other +parts of the body by way of the blood or lymphatic vessels or +membranous surfaces +“MEK” mitogen-activated protein kinase kinase (also known as MAPKK), +a kinase enzyme which phosphorylates MAPK +GLOSSARY OF TECHNICAL TERMS +–3 4– + + +--- page 44 --- +“MHC” major histocompatibility complex, a large locus on vertebrate DNA +containing a set of closely linked polymorphic genes that code for +cell surface proteins essential for the adaptive immune system +“MIA PaCa-2” an epithelial cell line that was established from tumor tissue of the +pancreas +“monotherapy” therapy that uses a single drug to treat a disease or condition +“MMAE” monomethyl auristatin E +“MNC” multinational companies +“MoA” mechanism of action, the specific biochemical interaction through +which a drug substance produces its pharmacological effect +“NCI-H358” a well-known human cell line derived from a bronchioalveolar +carcinoma, a subtype of non-small cell lung cancer +“ND” neurodermatitis, also known as lichen simplex chronicus, is a skin +condition characterized by a localized, itchy patch of skin that +becomes thickened and leathery due to repeated scratching +“NDA” new drug application +“NMPA” National Medical Products Administration of China +“NRAS” neuroblastoma RAS viral oncogene homolog, which provides +instructions for making a protein called N-Ras that is involved +primarily in regulating cell division +“NRDL” National Reimbursement Drug List +“NSCLC” non-small cell lung cancer +“obesity” abnormal or excessive fat accumulation in the body; defined as an +individual having a body mass index over 28kg/m2 or more in +China and 30 kg/m2 or more in the United States, respectively +“ORR” objective response rate +“pan-JAK inhibitor” a type of medication that blocks the activity of all four Janus +kinase (JAK) enzymes: JAK1, JAK2, JAK3, and TYK2 +“Panc 04.03” an epithelial-like cell line that was isolated from the pancreas of a +patient with adenocarcinoma +“payload” one of the three core components of an ADC. Payloads are +conventionally highly active and cytotoxic molecules attached to +an antibody via a chemical linker. Non-cytotoxic payloads have +recently emerged as novel ADC strategies for oncology and +non-oncology indications +“PCSK9” proprotein convertase subtilisin/kexin type 9, a protein that plays a +role in regulating cholesterol levels in the blood +GLOSSARY OF TECHNICAL TERMS +–3 5– + + +--- page 45 --- +“PDAC” Pancreatic Ductal Adenocarcinoma, is the most common and +aggressive type of pancreatic cancer +“PDE4” an enzyme belonging to the phosphodiesterase family that +specifically hydrolyzes cyclic adenosine monophosphate (cAMP) +into its inactive form. By regulating intracellular levels of cAMP, +PDE4 plays a key role in controlling inflammatory and immune +responses, as well as various cellular signaling pathways. +Inhibition of PDE4 has been shown to have antiinflammatory +effects and is a therapeutic strategy for treating certain +inflammatory diseases, including COPD, psoriasis, and AD +“PD-1” programmed cell death protein 1, an immune checkpoint receptor +expressed on T cells, B cells and macrophages. The normal +function of PD-1 is to turn off the T cell mediated immune +response as part of the process that stops a healthy immune system +from attacking other pathogenic cells in the body. When PD-1 on +the surface of a T cell attaches to certain proteins on the surface of +a normal cell or a cancer, the T cell turns off its ability to kill the +cell +“PD-L1” PD-1 ligand 1, which is a protein on the surface of a normal cell +or a cancer cell that attaches to certain proteins on the surface of +the T cell that causes the T cell to turn off its ability to kill the +cancer cell +“PBMCs” peripheral blood mononuclear cells, a group of white blood cells +that play a crucial role in the immune system +“pharmacodynamics” or “PD” the study of how a drug affects an organism, which, together with +pharmacokinetic, influences dosing, benefit, and adverse effects of +the drug +“pharmacokinetics” or “PK” the study of the bodily absorption, distribution, metabolism, and +excretion of drugs, which, together with pharmacodynamics, +influences dosing, benefit, and adverse effects of the drug +“pharmacology” a branch of medicine and pharmaceutical sciences which is +concerned with the study of drug or medication action, where a +drug can be broadly or narrowly defined as any man-made, natural +or endogenous molecule which exerts a biochemical or +physiological effect on the cell, tissue, organ or organism +“Phase I clinical trial” study in which a drug is introduced into healthy human subjects or +patients with the target disease or condition and tested for safety, +dosage tolerance, absorption, metabolism, distribution, excretion, +and if possible, to gain an early indication of its effectiveness +“Phase II clinical trial” study in which a drug is administered to a limited patient +population to identify possible adverse effects and safety risks, to +preliminarily evaluate the efficacy of the product for specific +targeted diseases, and to determine dosage tolerance and optimal +dosage +GLOSSARY OF TECHNICAL TERMS +–3 6– + + +--- page 46 --- +“Phase III clinical trial” study in which a drug is administered to an expanded patient +population generally at geographically dispersed clinical trial sites, +in well-controlled clinical trials to generate enough data to +statistically evaluate the efficacy and safety of the product for +approval, to provide adequate information for the labeling of the +product +“PI3K/AKT” a critical intracellular signaling cascade that regulates fundamental +cellular processes such as cell growth, proliferation, metabolism, +and survival +“pivotal trial” or “registrational +trial” +the final controlled trial or study to demonstrate clinical efficacy +and safety evidence required before submission for drug marketing +approval +“placebo” any dummy medical treatment administered to the control group in +a controlled clinical trial in order that the specific and non-specific +effects of the experimental treatment can be distinguished +“PR” partial response or partial response rate +“preclinical study(ies)” preclinical studies testing a drug on non-human subjects, to gather +efficacy, toxicity, pharmacokinetic and safety information and to +decide whether the drug is ready for clinical trials +“progression-free survival” or +“PFS” +the length of time during and after the treatment of a disease, such +as cancer, that a patient lives with the disease but it does not get +worse. In a clinical trial, measuring the progression-free survival is +one way to see how well a new treatment works +“pruritus” itchy skin, which is an uncomfortable, irritating sensation that +makes the patient want to scratch +“PSN-1” a cell line exhibiting epithelial-like morphology isolated from the +pancreas of a patient with adenocarcinoma +“psoriasis” or “Ps” a skin disease associated with dysregulation of the immune +systems that causes a rash with itchy and scaly patches, most +commonly on the knees, elbows, trunk and scalp +“RAS” a low-molecular-weight GDP/GTP-binding guanine +triphosphatase, which is a prototypical member of the small- +GTPase superfamily +“RAF-induced MEK” the process where the Raf kinase, activated by upstream signals +like Ras, phosphorylates and activates MEK (MAPK/ERK kinase) +within the MAPK signaling pathway +“Retinoic acid receptor gamma” or +“RARG” +one of the three subtypes of nuclear transcription factors that, upon +activation by retinoic acid, regulate the expression of target genes +involved in cell differentiation, proliferation, and apoptosis +“RNA” a nucleic acid present in all living cells +“RP2D” recommended Phase II dose +GLOSSARY OF TECHNICAL TERMS +–3 7– + + +--- page 47 --- +“QA” quality assurance +“QD” once daily +“SAE” serious adverse events +“SCLC” Small Cell Lung Cancer, a rare fast-growing lung cancer +“SCORAD” a clinical tool used to assess the severity of AD. It combines the +extent and intensity of skin lesions with subjective symptoms such +as itching and sleep loss to generate a score that reflects disease +severity +“SGLT2 inhibitors” a class of medications used to treat type 2 diabetes and heart failure +“SMDC” Small-Molecule Drug Conjugate, a class of targeted therapeutic +agents that combine the favorable properties of small molecules +with the specificity of targeting moieties +“solid tumor” an abnormal mass of tissue that usually does not contain cysts or +liquid areas. Solid tumors may be benign (not cancer), or +malignant (cancer). Different types of solid tumors are named for +the type of cells that form them. Examples of solid tumors are +sarcomas, carcinomas, and lymphomas +“standard of care” treatment that is accepted by medical experts as a proper treatment +for a certain type of disease and that is widely used by healthcare +professionals +“STAT5” Signal Transducer and Activator of Transcription 5, a protein +involved in cell signaling, particularly in response to cytokines and +growth factors +“STZ-induced” a state, most commonly diabetes mellitus, that is chemically +triggered in an animal using the compound streptozotocin (STZ) +for research purposes +“SW620” a cell line isolated from a colorectal cancer patient +“Target of Rapamycin +Complex 2” or “TORC2” +a central node in signaling feedback loops serving to maintain +biophysical homeostasis of the plasma membrane +“TEAE(s)” treatment emergent adverse events, an event that emerges during +treatment, having been absent pretreatment, or worsens relative to +the pretreatment state +“TGI” Tumor Growth Inhibition, (TGI(%)=[1−(T +t−T0)/( C t−C0)]×100% +T0 and C 0: the mean tumor volumes of the treatment and control +groups at baseline (start of treatment) T t and C t: the mean tumor +volumes of the treatment and control groups at time t) +“Th17” a subset of T helper cells characterized by their production of +interleukin-17 (IL-17) and other inflammatory cytokines +“TNF” tumor necrosis factor, a group of cell signaling proteins (cytokines) +that regulate immune cells and mediate the inflammatory responses +GLOSSARY OF TECHNICAL TERMS +–3 8– + + +--- page 48 --- +“TNF-/H9251” a prominent member of the TNF family and one of the cytokines +that make up the acute phase reaction, a series of physiological +process occurring soon after the onset of inflammatory processes +“IFN-/H9253” a dimerized soluble cytokine that is the only member of the type II +class of interferons +“tolerability” the degree to which overt AEs of a drug can be tolerated by a +patient. Tolerability of a particular drug can be discussed in a +general sense, or it can be a quantifiable measurement as part of a +clinical study +“TYK2” Tyrosine Kinase 2, a protein that plays a critical role in immune +signaling pathways +“Type 2 diabetes” a lifelong (chronic) disease in which there is a high level of sugar +(glucose) in the blood +“XDC” a targeted drug therapy, similar to an antibody-drug conjugate +(ADC), consisting of a targeting moiety (X), a cytotoxic payload +(D), and a chemical linker +GLOSSARY OF TECHNICAL TERMS +–3 9– + + +--- page 49 --- +We have included in this prospectus forward-looking statements. Statements that are not +historical facts, including statements about our intentions, beliefs, expectations or predictions for +the future, are forward-looking statements. +This prospectus contains certain forward-looking statements and information relating to our +Company and our subsidiaries that are based on the beliefs of our management as well as assumptions +made by and information currently available to our management. When used in this prospectus, the words +“aim,” “anticipate,” “believe,” “could,” “expect,” “going forward,” “intend,” “may,” “ought to,” “plan,” +“project,” “seek,” “should,” “will,” “would” and the negative of these words and other similar expressions, +as they relate to our Group or our management, are intended to identify forward-looking statements. Such +statements reflect the current views of our management with respect to future events, operations, liquidity +and capital resources, some of which may not materialize or may change. These statements are subject to +certain risks, uncertainties and assumptions, including the other risk factors as described in this +prospectus. You are strongly cautioned that reliance on any forward-looking statements involves known +and unknown risks and uncertainties. The risks and uncertainties facing our company which could affect +the accuracy of forward-looking statements include, but are not limited to, the following: + the timing of initiation and completion, and the progress of our research and development +programs and clinical trials; + the timing and likelihood of regulatory filings and approvals, and pricing of our product +candidates; + the commercialization of our product candidates; + the market opportunities and competitive landscape of our product candidates; + estimates of our costs, expenses, future revenues, capital expenditures and our needs for +additional financing; + our ability to attract and retain senior management and key employees; + future developments, trends, conditions and competitive landscape in the industry and markets +in which we operate; and + our strategies, plans, objectives and goals and our ability to successfully implement these +strategies, plans, objectives and goals. +Subject to the requirements of applicable laws, rules and regulations, we do not have any and +undertake no obligation to update or otherwise revise the forward-looking statements in this prospectus, +whether as a result of new information, future events or otherwise. As a result of these and other risks, +uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus +might not occur in the way we expect or at all. Accordingly, you should not place undue reliance on any +forward-looking information. All forward-looking statements in this prospectus are qualified by reference +to the cautionary statements in this section. +In this prospectus, statements of or references to our intentions or those of our Directors are made +as of the date of this prospectus. Any such information may change in light of future developments. +FORW ARD-LOOKING STATEMENTS +–4 0– + + +--- page 50 --- +An investment in our H Shares involves significant risks. Y ou should carefully consider all +of the information in this Prospectus, including the risks and uncertainties described below, as +well as our financial statements and the related notes, and the “Financial Information” section, +before making an investment in our H Shares. Particularly, we are a biotechnology company +seeking to list on the Main Board of the Stock Exchange under Chapter 18A of the Listing Rules. +Our business, financial condition and results of operations and growth prospects could be +materially and adversely affected by any of these risks and uncertainties. The trading price of our +H Shares could decline due to any of these risks, and you may lose all or part of your investment. +Additional risks and uncertainties not presently known to us, or not expressed or implied below, +or that we deem immaterial, could also harm our business, financial condition and results of +operations. +RISKS RELATING TO THE RESEARCH AND DEVELOPMENT OF OUR DRUG CANDIDATES +Our business and financial prospects depend substantially on the success of our drug candidates. If +we are unable to successfully complete their clinical development, obtain their regulatory approvals +and achieve their commercialization, or if we experience significant delays in doing any of the +foregoing, our business will be materially harmed. +Our revenue and profitability are substantially dependent on our ability to complete the development +of our drug candidates, obtain requisite regulatory approvals and successfully manufacture and +commercialize our drug candidates. As of the Latest Practicable Date, none of our drug candidates has +been approved for marketing. We have invested a significant portion of our efforts and capital resources +in the development of our drug candidates, and we expect to incur substantial and increasing expenditures +for the development and commercialization of our drug candidates in the future. +We cannot guarantee that we will be able to obtain regulatory approvals for our drug candidates in +a timely manner, or at all. The success of our drug candidates will depend on several factors, including +but not limited to: (i) completion of preclinical studies as well as completion of clinical trials, including +successful enrollment of patients; (ii) favorable safety and efficacy data from our clinical trials and other +studies; (iii) obtaining sufficient supplies of any drug products that are used in combination with our drug +candidates or comparison drugs that may be necessary for use in clinical trials for evaluation of our drug +candidates; (iv) establishing or obtaining sufficient commercial manufacturing capabilities; (v) the +capabilities and competence of our collaboration partners and the success of clinical trials conducted by, +or jointly with, our collaboration partners; (vi) the performance by CROs or other third parties we may +retain to conduct clinical trials and preclinical studies of their duties to us in a manner that complies with +our protocols and applicable laws without damaging or compromising the integrity of the resulting data; +and (vii) obtaining, maintaining, and enforcing patent, trademark, trade secret, and other intellectual +property protection and regulatory exclusivity for our drug candidates. +If we do not achieve one or more of these in a timely manner or at all, we could experience +significant delays or difficulties in obtaining approvals for and commercializing our drug candidates, +which would materially harm our business and may prevent us from generating sufficient revenue and cash +flows to continue our operations. +We may not be able to identify, discover or develop new drug candidates, or to identify or develop +new indications for our drug candidates, to expand or maintain our product pipeline. +Although we expect to focus a substantial amount of our efforts on the continued clinical trials, +potential approval, and commercialization of our existing drug candidates, the success of our business +depends in part upon our ability to identify, discover, develop or commercialize additional drug +candidates, or to identify or develop new indications for our drug candidates. Some drug candidates are +RISK FACTORS +–4 1– + + +--- page 51 --- +technically challenging to develop and manufacture. We may consider pursuing collaboration with third +parties in the discovery and development of potential drug candidates, but we cannot assure you that such +collaboration will be able to deliver the intended results. +Research programs to identify new drug candidates and to develop our drug candidates for additional +indications require substantial technical, financial and human resources. Our research programs may +initially show promising results in identifying potential indications and/or drug candidates, yet fail to yield +results for clinical development. Accordingly, there can be no assurance that we will be able to identify +new drug candidates or develop new indications for our drug candidates or develop suitable potential drug +candidates. We may invest efforts and resources in potential drug candidates or indication expansions that +ultimately prove to be unsuccessful. Any of the foregoing events will have a material adverse effect on our +business, results of operations and prospects. +We invest substantial resources in research and development in order to develop, enhance or adapt +to new technologies and methodologies, which may not be successful attempts. +The global pharmaceutical industry is constantly evolving and in order to maintain our competitive +position, we need to keep up with new technologies and methodologies. For example, we have made +significant efforts to develop our technology platforms, which allow us to continuously develop a strong +pipeline of drug candidates. We must continue to allocate significant human and capital resources to +develop or acquire technologies that will enable us to improve the breadth and caliber of our drug pipeline. +We intend to continue to enhance our technical capabilities in drug discovery, development and +manufacturing, which are capital-and-time-intensive. We cannot assure you that we will be able to +develop, enhance or adapt to new technologies and methodologies or successfully identify new +technological opportunities. Any failure to do so may render our previous efforts obsolete, which could +significantly reduce the competitiveness of our technology platforms and drug candidates, and harm our +business and prospects. +We face intense competition and our competitors may discover, develop or commercialize competing +drugs faster or more successfully than we do, which may adversely affect our ability to successfully +commercialize our drug candidates. If we fail to effectively compete with our competitors, our +competitive position in our target markets may be undermined, our drug candidates, if and when +approved, may fail to be commercially successful and our business, financial condition, results of +operations and prospects could suffer. +The pharmaceutical industry is subject to fierce competition and rapid and significant technological +advancements. We face competition with respect to our current drug candidates from existing products and +product candidates under development in the market of autoimmune, metabolic and oncology diseases, +including products developed by large and established pharmaceutical companies with substantially +greater resources, more extensive development and commercialization capabilities, and more established +market presence than ours. We will also face competition with respect to any drug candidates that we may +seek to develop or commercialize in the future. +HJ787, our topical TYK2 inhibitor candidate, will compete with a range of approved therapies for +AD, A V and ND in China, including JAK inhibitors, PDE-4 inhibitors and corticosteroids, several of which +are included in the NRDL and are already widely adopted in clinical practice. Major pharmaceutical +companies have established strong market positions with their products for dermatological indications. +These companies possess extensive commercial infrastructure, established relationships with +dermatologists and healthcare providers, and significant marketing resources that may provide competitive +advantages in physician and patient adoption. As of the Latest Practicable Date, 13 TYK2-targeted drug +candidates registered with the CDE were in Phase II or Phase III clinical development in China, and a +number of additional TYK2 and JAK inhibitor candidates at various stages of development may further +compete with HJ787 upon approval. Major pharmaceutical companies have established treatment patterns, +physician familiarity, and reimbursement coverage that may present barriers to market entry for new +entrants. +RISK FACTORS +–4 2– + + +--- page 52 --- +The GLP-1 related therapies market for type 2 diabetes and obesity in China is rapidly evolving and +dominated by large multinational pharmaceutical companies. As of the Latest Practicable Date, 14 GLP-1 +related therapies had been approved in China for the treatment of type 2 diabetes, comprising one oral +formulation and 13 injectable formulations, and five oral GLP-1 related therapies candidates were in Phase +II or later clinical development in China. The emergence of oral GLP-1 related therapies, which offer the +pharmacological benefits of injectable formulations—including glucose-dependent insulin secretion, +glucagon suppression and increased satiety—in a more convenient dosage form, is intensifying +competition in the oral segment in which our candidate is positioned. While market growth from 2024 to +2032 is expected to be driven by increasing diagnosis rates, higher treatment rates and rising GLP-1 +related therapies penetration, these same dynamics will continue to attract further competitive entry from +both established pharmaceutical companies and emerging biotechnology companies. Additionally, HJ178 +will face competition from other oral anti-diabetic drug classes including SGLT-2 inhibitors, and DPP-4 +inhibitors many of which are marketed by major pharmaceutical companies, have established efficacy and +safety profiles, are included in treatment guidelines, and benefit from NRDL inclusion and favorable +reimbursement status. Even if HJ178 demonstrates differentiated clinical benefits, physician prescribing +habits, existing treatment algorithms, and reimbursement considerations may favor established therapies. +HJ891, our KRAS +G12C inhibitor candidate, faces competition from both approved therapies and a +significant number of clinical-stage programs. As of the Latest Practicable Date, 6 drugs for KRAS G12C- +mutated NSCLC had been approved globally, and a total of 9 KRAS G12C-targeted drug candidates were +registered with the CDE and in Phase II or later clinical development in China. +HJ891 also faces emerging competition from pan-RAS inhibitors being developed by major global +pharmaceutical and biotechnology companies, which are designed to target a broader range of RAS +mutations than KRAS +G12C-selective inhibitors. For example, daraxonrasib, a pan-RAS inhibitor developed +by Revolution Medicines, has reported preliminary clinical activity and has received certain expedited +regulatory designations. The continued development of pan-RAS inhibitors may further intensify +competition in the RAS-targeted therapy landscape and could influence future treatment paradigms for +patients with RAS-mutated cancers, including NSCLC. +Even if successfully developed and subsequently approved by the NMPA, the FDA or other +comparable regulatory authorities, our drug candidates may still face competition in various aspects, +including safety and efficacy, the timing and scope of regulatory approvals, the availability and cost of +supply, sales and marketing capabilities, price and patent status. Our competitors may have substantially +greater financial, technical and human resources and expertise in research and development, +manufacturing, preclinical studies, conducting clinical trials, obtaining regulatory approvals and +marketing approved drugs than we do. Smaller or early-stage companies may also prove to be significant +competitors, particularly through collaborative arrangements with large, established companies. +Additional mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even +more resources being concentrated in our competitors. These third parties compete with us in recruiting +and retaining qualified scientific and management personnel, engaging clinical trial sites and patient +recruitment for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our +research programs. Our competitors may succeed in developing competing drugs and obtaining regulatory +approvals before us or achieve better acceptance in the markets. +Competition may increase further as a result of advances in the commercial applicability of +technologies and greater availability of capital for investment in these industries. Our competitors may +succeed in developing, acquiring, or licensing products that are more effective or less costly than our drug +candidates or any future drug product that we may develop, or achieve earlier patent protection, regulatory +approvals, product commercialization, and market penetration than we do. Our competitors also may +obtain approval from the NMPA, the FDA or other regulatory authorities for their drugs more rapidly than +we may obtain approval for ours, which could result in our competitors establishing a strong market +position before we are able to enter the market. They may cause us to experience delay in obtaining +regulatory approval for our drug candidates or render our drug candidates obsolete or non-competitive +before we can recover the expenses of developing and commercializing any of our drug candidates. +RISK FACTORS +–4 3– + + +--- page 53 --- +Prioritization of certain programs may delay others and adversely affect our competitive position. +We are developing a number of drug candidates across multiple therapeutic indications. We may +prioritize certain drugs and indications over others, which can delay the initiation or progression of some +clinical programs. We are developing drug candidates across multiple therapeutic indications, including +HJ787, HJ178, and HJ891. Given our limited R&D resources and budget, we must prioritize certain drug +candidates and indications over others, which may delay lower-priority clinical programs. Our focus on +multiple indications with constrained resources may result in slower clinical and commercialization +progress compared to competitors with greater resources, limit our ability to advance multiple programs +simultaneously, and reduce our ability to compete effectively. Such prioritization may slow our clinical +progress relative to competitors, reduce the likelihood of securing first-mover advantages, and make it +more difficult to attract collaboration partners. If we are unable to advance our pipeline in a timely manner +due to resource constraints or prioritization decisions, our business, financial condition and prospects +could be materially and adversely affected. +Clinical drug development involves a lengthy and expensive process with uncertain outcomes, and +we may encounter unexpected difficulties executing our clinical trials and commercializing our drug +candidates on a timely basis. +As of the Latest Practicable Date, five of our drug candidates were under preclinical stage. See +“Business—Our Drug Candidates” in this prospectus for details. Commencement of a clinical trial is +subject to finalizing trial design based on ongoing discussions with the NMPA, the FDA or other +regulatory authorities. We cannot assure you as to when the clinical trials for our drug candidate in +discovery and preclinical stages will begin, if at all. +As of the Latest Practicable Date, our Core Products and key drug candidate were under clinical +trials in China. The successful completion of clinical trials is an essential requirement to obtain NDA or +similar approvals from the NMPA, the FDA, or other comparable regulatory authorities for each of our +drug candidates and, ultimately, the commercialization of our drug candidates. Clinical trials, however, +come with an expense, are challenging to plan and carry out, and can take years to finish with no guarantee +of success. Failure can occur at any time or stage during the clinical development process, which would +result in a material and adverse effect on our business, financial condition and results of operations. +We may experience numerous unexpected events during, or as a result of, clinical trials that could +delay or prevent our ability to receive regulatory approvals for the development and commercialization of +our drug candidates, including but not limited to situations whereby regulators may not authorize us to +commence a clinical trial or conduct a clinical trial at a prospective trial site. If we are required to conduct +additional clinical trials or other testing of our drug candidates beyond those that we currently +contemplate, if we are unable to successfully complete clinical trials of our drug candidates or other +testing, if the results of these trials or tests are not positive or are only modestly positive or if they raise +safety concerns, we may experience a delay in obtaining regulatory approval for our drug candidates or +not obtain regulatory approval at all, among other things. +Delays in clinical trials or obtaining regulatory approvals may result in increases in our drug +development costs. We cannot assure you whether any clinical trials will begin as planned, will need to +be restructured or will be completed on schedule, or at all. Significant delays in clinical trials could also +shorten any periods during which we have the right to commercialize our drug candidates or allow our +competitors to bring drugs to market before we do, which could impair our ability to commercialize our +drug candidates and may have an adverse effect on our business and results of operations. +If we encounter difficulties in enrolling patients in our clinical trials, our clinical development +activities could be delayed or otherwise adversely affected. +The timely completion of clinical trials in accordance with their protocols depends, among other +things, on our ability to enroll a sufficient number of patients in the clinical trials. We may fail or +experience significant delays in initiating or continuing clinical trials for our drug candidates if we are +RISK FACTORS +–4 4– + + +--- page 54 --- +unable to locate and enroll a sufficient number of eligible patients to participate in these trials as required +by the NMPA, the FDA, or similar regulatory authorities. Even if we are able to enroll a sufficient number +of patients in our clinical trials, delays in patient enrollment may result in increased costs or may affect +the timing or outcome of the planned clinical trials. +Patient enrollment for our clinical trials may be affected by many factors. For example, some of our +competitors have ongoing clinical trials for drug candidates that treat the same indications as our drug +candidates, and patients who would otherwise be eligible for our clinical trials may instead enroll in the +clinical trials of our competitors’ drug candidates. Other factors include epidemics or other events beyond +our control. Failure to enroll a sufficient number of patients in our clinical trials in a timely manner could +prevent completion of our trials and adversely affect our ability to advance the development of our drug +candidates. +AEs or undesirable side effects caused by our drug candidates could interrupt, delay or halt clinical +trials, delay or prevent regulatory approval, limit the commercial profile of an approved drug, or +result in other significant negative consequences. +AEs and undesirable side effects caused by our drug candidates could cause us or regulatory +authorities to interrupt, delay or halt clinical trials and may result in a narrowed scope of indications or +a more restrictive label for our drug candidates, a delay or denial of regulatory approval by the NMPA, +the FDA or other comparable regulatory authorities, or a significant change in our clinical protocol or even +our development plan. In such an event, such trials could be suspended or terminated, and the NMPA, the +FDA, or other comparable regulatory authorities could order us or our collaboration partner, as applicable, +to cease further development of, or deny approval of, our drug candidates for any or all targeted +indications. AEs related to our drug candidates may also affect patient enrollment or the ability of enrolled +patients to complete the trial, and could result in potential liability claims. Any of these occurrences may +significantly harm our reputation, business, financial condition and prospects. +Additionally, any AEs or undesirable side effects caused by our drug candidates after they receive +regulatory approval may lead to potentially significant negative consequences. Further, combination +therapy using our drug candidates with third-party agents may involve AEs, which in some cases could be +exacerbated compared with AEs from monotherapies. Any of these events could prevent us or our +collaboration partner, as applicable, from achieving or maintaining market acceptance of any particular +drug candidate that is approved and could significantly harm our business, financial condition, results of +operations and prospects. +Results of early clinical trials may not be predictive of future trial results. +The results of preclinical studies and early clinical trials and non-head-to-head analyzes may not be +predictive of the success of later phase clinical trials, and favorable initial or interim results of a clinical +trial do not necessarily predict successful final results. Drug candidates in later stages of clinical trials may +fail to show the desired safety and efficacy profiles. A number of companies in the pharmaceutical and +biopharmaceutical industries have suffered significant setbacks in advanced clinical trials due to lack of +efficacy or adverse safety profiles, notwithstanding promising results in earlier trials. As drug candidates +are developed through preclinical to early- to late-stage clinical trials towards approval and +commercialization, it is customary that various aspects of the development programs, such as +manufacturing and formulation, are altered along the way in an effort to optimize processes and results. +Such changes carry the inherent risks that they may not necessarily achieve the intended objectives. +In some instances, there can be significant variability in safety and/or efficacy results among +different trials of the same drug candidate due to numerous factors, including, but not limited to, changes +in trial procedures set forth in protocols, differences in the size and type of the patient populations, +including ethnic and genetic differences, patient adherence to the dosing regimen and other trial protocol +elements, the rate of dropout among clinical trial participants, and other compounding factors, such as +other medications or pre-existing medical conditions. In the case of any trials we conduct, results may +differ from earlier trials due to, among other things, the larger number of clinical trial sites, additional +RISK FACTORS +–4 5– + + +--- page 55 --- +countries and languages involved in such trials, the different conductors of the trials, different clinical trial +standards required in different jurisdictions, different patient populations, and different standards of care +and pretreatment of patients before enrolling in such trials. Any of these changes could make the results +of planned clinical trials or other future clinical trials we may initiate less predictable and could cause our +drug candidates to perform differently, which could delay completion of clinical trials, delay approval of +our drug candidates and/or jeopardize our ability to commence commercialization of our drug candidates. +Furthermore, there can be no assurance that non-head-to-head analyzes (e.g., comparisons with competing +drugs based on their publicly available study and trial data) will be predictive of future clinical results. +We may allocate our limited resources to pursuing particular drug candidates or indications and fail +to capitalize on other drug candidates or indications that may later prove to be more profitable, or +for which there is a greater likelihood of success. +As we have limited financial and managerial resources, we focus our product pipeline on research +programs and drug candidates that we identify for specific indications. We cannot exclude the possibility +that our spending on current and future research and development programs and drug candidates for +specific indications may not yield any commercially viable products. We may also deprioritize our pursuit +of opportunities with other drug candidates or for other indications, which might later be proven to have +greater commercial potential or a greater likelihood of success. +If we do not accurately evaluate the commercial potential or target market for a particular drug +candidate, we may relinquish valuable rights to that drug candidate through collaboration, licensing or +other royalty arrangements in cases in which it would have been more advantageous for us to retain +development and commercialization rights to such drug candidate, or we may allocate internal resources +to a drug candidate in a therapeutic area in which it would have been more advantageous to enter into a +partnering arrangement. Our business expansion and financial position may be adversely impacted in that +case. +We may be unable to successfully develop or market our drug candidates or may experience +significant regulatory delays, if safety, efficacy or other issues arise from any pharmaceutical +product or medical treatment used, or intended to be used, in combination with our drug candidates. +We plan to develop certain of our drug candidates for combination therapies. For example, we are +exploring HJ891 in combination with PD-1 for the treatment of KRAS +G12C-mutated non-squamous +NSCLC. If any of the NMPA, the FDA or other comparable regulatory authorities revokes its approvals +of the pharmaceutical products or medical treatments we intend to use in combination with our drug +candidates, we may not be able to develop or market our drug candidates as a combination therapy as +planned. In addition, if safety or efficacy issues arise with these pharmaceutical products or medical +treatments that we seek to combine with our drug candidates, we may also experience significant +regulatory delays, and be required to re-design or terminate the relevant clinical trials. Moreover, if +manufacturing or other issues result in a supply shortage of any component in the combination therapies +we are developing, we may not be able to complete clinical development of our drug candidates under our +target timetable or within our current budget, or at all. +The current IND approval for HJ891 as a combination therapy covers only toripalimab developed by +Junshi. Accordingly, the use of any other approved PD-1 inhibitor in combination with HJ891, whether +during clinical development or following commercialization, would require prior approval from the CDE. +If we are required or elect to substitute toripalimab with an alternative PD-1 inhibitor — whether due to +supply constraints, commercial considerations, or changes in the competitive or regulatory landscape — +we would need to obtain separate CDE approval before proceeding, which could result in material delays +to our clinical development timeline. Furthermore, different PD-1 inhibitors may have distinct +pharmacological profiles, safety characteristics and immunogenic properties. There can be no assurance +that HJ891 will demonstrate a comparable safety or efficacy profile when used in combination with a PD-1 +inhibitor other than toripalimab. Any change in the combination partner could necessitate additional +preclinical or clinical studies to establish the safety and efficacy of the new combination regimen, further +RISK FACTORS +–4 6– + + +--- page 56 --- +extending the development timeline and increasing costs. If the combination of HJ891 with an alternative +PD-1 inhibitor fails to demonstrate an acceptable safety profile or sufficient efficacy, our ability to +advance HJ891 through clinical development and obtain regulatory approval may be materially and +adversely affected. +The data and information that we gather in our research and development process could be +inaccurate or incomplete, which could harm our business, reputation, financial condition and results +of operations. +We collect, aggregate, process, and analyze data and information from our preclinical studies and +clinical trials. We also engage in substantial information gathering following the identification of a +promising drug candidate. Because data in the healthcare industry is fragmented in origin, inconsistent in +format, and often incomplete, the overall quality of data collected or accessed in the healthcare industry +is often subject to challenge, the degree or amount of data which is knowingly or unknowingly absent or +omitted can be material, and data issues and errors are often discovered. If we make mistakes in the +capture, input, or analysis of these data, our ability to advance the development of our drug candidates may +be materially harmed and our business, prospects and reputation may suffer. +In the process of our application for regulatory approvals necessary for the development and +commercialization of our drug candidates, we also manage and submit data to governmental authorities. +These processes and submissions are governed by complex data processing and validation policies and +regulations. Notwithstanding such policies and regulations, interim, top-line or preliminary data from our +clinical trials that we announce or publish from time to time may change as more patient data become +available and are subject to audit and verification procedures that could result in material changes in the +final data, in which case we may be exposed to liability to a patient, court or government agency that +concludes that our storage, handling, submission, delivery, or display of health information or other data +was wrongful or erroneous. The insurance coverage for clinical trials may prove to be inadequate or could +cease to be available to us on acceptable terms, or at all. Even unsuccessful claims could result in +substantial costs and diversion of management time, attention, and resources. A claim brought against us +that is uninsured or under-insured could harm our business, financial condition and results of operations. +In addition, we engage CROs and other third parties in our clinical trials. If any of our CROs or other +third parties do not perform to our standards in terms of data accuracy or completeness, such data may be +compromised as a result, and our engagement of these parties does not relieve us of our regulatory +responsibilities. +In conducting drug discovery, development and commercialization, we face potential liabilities, in +particular, product liability claims or lawsuits that could cause us to incur substantial liabilities. +We face an inherent risk of product liability as a result of the clinical trials and any future +commercialization of our drug candidates inside and outside China. Any such product liability claims may +include allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in +the drug, negligence, strict liability or a breach of warranties. Claims could also be asserted under +applicable consumer protection laws. +Liability claims may result in decreased demand for our drug candidates, injury to our reputation, +withdrawal of clinical trial participants and inability to continue clinical trials, initiation of investigations +by regulators, costs to defend the related litigation, a diversion of management’s time and our resources, +substantial monetary awards to trial participants or patients, product recalls, withdrawals, or labeling, +marketing or promotional restrictions, loss of revenue, exhaustion of any available insurance and our +capital resources, the inability to commercialize any approved drug candidate, and a decline in the market +price of our H Shares. +RISK FACTORS +–4 7– + + +--- page 57 --- +To cover such liability claims arising from clinical studies, we purchase clinical trial insurance to +cover AEs in our clinical trials. It is possible that our liabilities could exceed our insurance coverage or +that our insurance will not cover all situations in which a claim against us could be made. We may not be +able to maintain insurance coverage at a reasonable cost or obtain insurance coverage that will be adequate +to satisfy any liability that may arise. If a successful product liability claim or series of claims is brought +against us for uninsured liabilities or in excess of insured liabilities, our assets may not be sufficient to +cover such claims and our business operations could be impaired. Should any of these events occur, it +could have a material adverse effect on our business, financial condition and results of operations. +RISKS RELATING TO MANUFACTURING OF OUR DRUG CANDIDATES +We have no experience in manufacturing pharmaceutical products, and our business could be +materially and adversely affected if we encounter problems in manufacturing our future drug +products. +We have no experience in manufacturing pharmaceutical products, which is a complex process +requiring significant expertise and capital investment, in part due to strict regulatory requirements. If +problems arise during the production process of certain future products, a batch or several related batches +of such product may have to be discarded and cause production delays, cost increases, lost revenue, +damage to customer relationships, time and expense spent investigating the cause and, depending on the +cause, similar losses with respect to other batches or products. If problems are not discovered before the +products are released to the market, recall and product liability costs may also be incurred. +In addition, the quality of our drugs manufactured by us for commercial use in the future depends +significantly on the effectiveness of our quality control and quality assurance, which in turn depends on +factors such as the production processes used in our manufacturing facility, the quality and reliability of +equipment used, the quality of the operating staff and related training programs and our ability to ensure +that our staff adhere to our quality control and quality assurance procedures. We cannot assure you that +our quality control and quality assurance procedures will be effective in consistently preventing and +resolving deviations from our quality standards or that our standard operating procedures will be complete +or updated at all times. Any significant failure or deterioration of our quality control and quality assurance +procedures could render our products unsuitable for use, or not in compliance with the relevant +requirements of the cGMP and/or harm our market reputation and relationships with business partners. +Any such developments may have a material adverse effect on our business, financial condition and results +of operations. +We collaborate with third parties to manufacture our clinical drug supplies, and expect to continue +doing so in the foreseeable future. Our business could be harmed if those third parties fail to provide +us with sufficient quantities of product or fail to do so at acceptable quality levels or prices. +We currently collaborate with CDMOs for the manufacturing of our drug candidates. We expect +collaboration with CDMOs to remain an important part of our production plan to support the ongoing +preclinical and clinical development of our drug candidates. Our anticipated reliance on a limited number +of third-party manufacturing partners may expose us to risks. For example, we may be unable to identify +manufacturers on acceptable terms or at all because the number of potential manufacturers is limited and +applicable health authorities must approve any manufacturers. This approval would require new testing +and good manufacturing practices compliance inspections by health authorities. In addition, a new +manufacturer would have to be educated in, or develop substantially equivalent processes for, production +of the materials used in the manufacturing of our products. +RISK FACTORS +–4 8– + + +--- page 58 --- +RISKS RELATING TO COMMERCIALIZATION OF OUR DRUG CANDIDATES +We have no experience in the commercialization of drugs. If we are unable to build, manage, expand +and optimize an effective sales and distribution network for our drug candidates, either by ourselves +or through third parties, we may not be able to successfully create or increase market awareness of +our products or sell our products, which will materially affect our ability to generate product sales +revenue. +Our operations to date have been largely focused on developing our drug candidates, primarily +undertaking preclinical studies and conducting clinical trials. We have not yet demonstrated that we have +the ability to launch and commercialize any of our drug candidates. Our ability to successfully +commercialize our drug candidates may involve more inherent risk, take longer, and cost more than it +would if we were a company with experience in launching and marketing drug candidates. We will have +to compete with many companies that currently have commercialization teams and extensive sales and +marketing operations. With limited experience in sales and marketing, we may be unable to compete +successfully against these more established companies. In the long term, if we intend to distribute our +products worldwide, we would need to develop and expand our in-house marketing organization and sales +force, which will require significant expenditures, management resources and time. We will have to +compete with other pharmaceutical companies to recruit, hire, train and retain marketing and sales +personnel. +We may also consider working with external partners to leverage their sales and marketing expertise +and well-established networks and resources. However, there can be no assurance that we will be able to +establish or maintain such collaborative arrangements, or if we are able to do so, that they will have +effective sales forces. Any revenue we receive will depend upon the efforts of such third parties. We would +have little or no control over the marketing and sales efforts of such third parties, and our revenue from +product sales may be lower than if we had commercialized our drug candidates ourselves. We will also +face competition in our search for third parties to assist us with the sales and marketing efforts for our drug +candidates. There can be no assurance that we will be able to successfully develop and maintain in-house +sales and commercial distribution capabilities or establish or maintain relationships with third-party +collaboration partners to successfully commercialize any product, and as a result, our ability to generate +product sales revenue may be negatively affected. +The size of the potential market for our current or future drug candidates is difficult to estimate and, +if any of our assumptions are inaccurate, the actual markets for our current or future drug +candidates may be smaller than our estimates. +Our projections of the number of patients who have the potential to benefit from treatment with our +drug candidates are based on our beliefs and estimates. These estimates have been derived from a variety +of sources, including scientific literature, surveys of clinics, patient foundations, and market research and +may prove to be incorrect. Further, new studies may change the estimated incidence or prevalence of these +diseases. The number of patients may turn out to be fewer than expected. As a result, the potentially +addressable patient population and market size for our drug candidates may be smaller than our estimates. +Furthermore, there is no guarantee that any of our drug candidates, even if approved, would be +approved for the line of therapy or the scope of indications we are aiming for. For example, cancer +therapies may be characterized as first-line, second-line or later-line therapy depending on options for +treatment and prior treatments received. For indications with well-established standard of care therapies, +the NMPA, the FDA and other comparable regulatory authorities may approve new therapies initially only +for later-lines of therapy. While we may seek approval for our drug candidates as an early-line therapy for +certain indications, there is no guarantee that they will be approved as such. As a result, even if we obtain +market approval for our drug candidates, we may not achieve the anticipated market size and revenue +unless such market approval is for the intended lines of therapy or for additional indications. +RISK FACTORS +–4 9– + + +--- page 59 --- +Our drug candidates, once approved, may fail to achieve the degree of market acceptance by +physicians, patients, third-party payers and others in the medical community that would be +necessary for our drug candidates’ commercial success. +Our future approved drug candidates may fail to gain sufficient market acceptance by physicians, +patients, third-party payers and others in the medical community. For example, current treatments for +cancers are well established in the medical community, and doctors may continue to rely on these +treatments to the exclusion of our drug candidates that are in clinical trials for the same or similar +indications. In addition, physicians, patients and third-party payers may prefer other novel products to +ours. The degree of market acceptance of our drug candidates, if approved for commercial sale, will +depend on a number of factors, including: the clinical indications for which our drug candidates are +approved; and physicians, hospitals and patients’ perception of our drug candidates as a safe and effective +treatment. +If any approved drug candidates that we commercialize fail to achieve market acceptance in the +medical community, we will not be able to generate significant revenue. Even if our future approved drug +candidates achieve market acceptance, we may not be able to maintain that market acceptance over time +if new products or technologies are introduced that are more favorably received or more cost-effective. +Our failure to achieve or maintain market acceptance for our future approved drug candidates would +materially adversely affect our business, financial condition, results of operations and prospects. +Guidelines, recommendations and studies published by various organizations could disfavor our +drug candidates. +Government agencies, professional societies, practice management groups, private health and +science foundations, and organizations focused on various diseases may publish guidelines, +recommendations or studies that affect our or our competitors’ drugs and drug candidates. Any such +guidelines, recommendations or studies that reflect negatively on our drug candidates, either directly or +relative to our competitive drug candidates, could result in current or potential decreased use, sales of, and +revenue from one or more of our drug candidates. Furthermore, our success depends in part on our and +our commercialization partners’ ability to educate healthcare providers and patients about our drug +candidates, and these education efforts could be rendered ineffective by, among other things, third-party +guidelines, recommendations or studies. +Our drug candidates may not be covered by insurance or reimbursement programs or may become +subject to unfavorable insurance policies or reimbursement practices, either of which could harm +our business, and we may be subject to unfavorable pricing regulations, which could make it difficult +for us to sell our drugs profitably. +The regulations that govern regulatory approvals, pricing and reimbursement for new therapeutic +products vary widely from jurisdiction to jurisdiction. We intend to seek approval to market our drug +candidates in China and certain of them in the United States. We may consider seeking approvals in other +jurisdictions in the future. In China and some markets outside China, the pricing of drugs is subject to +governmental oversight and regulation, which can take considerable time even after obtaining regulatory +approval. Thus, our ability to commercialize any approved drug candidates successfully will depend in +part on the extent to which reimbursement for these drugs and related treatments will be available from +government health administration authorities, private health insurers and other organizations. +There may be significant delays in obtaining reimbursement for approved drug candidates, and +reimbursement coverage may be more limited than the approved indications of the drug candidates by the +NMPA, the FDA or other comparable regulatory authorities. Moreover, eligibility for reimbursement does +not imply that any drug will be paid for in all cases or at a rate that covers our costs, including research, +development, manufacture, sale and distribution. Interim payments for new drugs, if applicable, may also +not be sufficient to cover our costs and may not be made permanent. Payment rates may vary according +to the use of the drug and the clinical setting in which it is used, may be based on payments allowed for +lower cost drugs that are already reimbursed, and may be incorporated into existing payments for other +RISK FACTORS +–5 0– + + +--- page 60 --- +services. Net prices for drugs may be reduced by mandatory discounts or rebates required by government +healthcare programs or private payers. Our inability to promptly obtain reimbursement coverage at +profitable payment rates from both government-funded and private payers for any future approved drug +candidates and any new drugs that we develop could have a material adverse effect on our business, our +operating results, and our overall financial condition. +RISKS RELATING TO OUR INTELLECTUAL PROPERTY RIGHTS +If we are unable to obtain and maintain patent protection for our drug candidates, third parties +could develop and commercialize products and technologies similar or identical to ours and compete +directly against us, and the commercial prospects of our drug candidates would be materially and +adversely affected. +We view the proprietary protection of our drugs as integral to our entire operation. We seek to protect +the drug candidates and technologies that we consider commercially important by filing patent +applications in China and other countries, relying on trade secrets or pharmaceutical regulatory protection +or employing a combination of these methods. Any failure by us to obtain or maintain patent protection +with respect to our drug candidates and technologies could materially adversely affect our business, +financial condition, results of operations and prospects. +Patents may be invalidated and patent applications may not be granted for a number of reasons, +including known or unknown prior art, deficiencies in the patent application or the lack of novelty of the +underlying invention or technology. In such cases, it is possible that our patent applications will be +rejected. It is also possible that we will fail to identify patentable aspects of our research and development +output in time to obtain patent protection. Parties who have access to confidential or patentable aspects +of our research and development output, such as our employees, corporate collaborators, outside scientific +collaborators, consultants, advisors and other third parties, may breach non-disclosure and confidentiality +agreements and disclose such output before a patent application is filed, thereby jeopardizing our ability +to obtain patent protection. +In addition, publications of discoveries in the scientific literature often lag behind the actual +discoveries, and patent applications in certain jurisdictions are typically not published until 18 months +after filing, or in some cases, not at all. Therefore, we cannot be certain that we were the first to make +the inventions claimed in our patents or pending patent applications, or that we were the first to file for +patent protection of such inventions. +Furthermore, China and the United States have adopted the “first-to-file” system under which +whoever first files a patent application will be awarded the patent if all other patentability requirements +are met and no objection is raised by other parties. Under the first-to-file system, if third parties file first, +they may be granted a patent relating to a technology which we invented. In addition, under the PRC patent +law, any organization or individual that applies for a patent in a foreign country for an invention or utility +model accomplished in China is required to report to the CNIPA for confidential examination. Otherwise, +if an application is later filed in China, the patent right will not be granted. +Our drugs may become subject to intellectual property infringement or misappropriation claims or +other legal challenges and such litigation could be costly and time-consuming and could prevent or +delay us from developing or commercializing our drug candidates. +Our commercial prospect depends partly upon our ability to develop, manufacture, market and sell +our drug candidates without infringing, misappropriating or otherwise violating the intellectual property +rights of others. Many drug companies maintain worldwide patent portfolios. We cannot guarantee that our +drug candidates or any uses of our drug candidates do not and will not in the future infringe third-party +patents or other intellectual property rights. It is also possible that we failed to identify, or may in the +future fail to identify, relevant patents or patent applications held by third parties that cover our drug +candidates. Additionally, pending patent applications which have been published can, subject to certain +limitations, be later amended in a manner that could cover our drug candidates or their use. +RISK FACTORS +–5 1– + + +--- page 61 --- +Third parties might allege that we are infringing their patent rights or that we have misappropriated +their trade secrets, or that we are otherwise violating their intellectual property rights, whether with +respect to the manner in which we have conducted our research, use or manufacture of the drugs we have +developed or are developing. Such third parties might resort to litigation against us. Any patent or +trademark infringement, trade secret misappropriation or other intellectual property claims or legal +proceedings brought against us could result in substantial costs and divert capital resources and +management attention, we may be unsuccessful in defending such claims or legal proceedings. +Even if we obtain patent protection for our drug candidates, the term of such protection, if any, is +limited, and third parties could develop and commercialize products and technologies similar or +identical to ours and compete directly against us after the expiration of our patent rights, if any, and +our ability to successfully commercialize any product or technology would be materially and +adversely affected. +Although various adjustments and extensions may be available, the term of a patent, and the +protection it affords, is limited. For example, the expiration of a patent is generally 20 years for invention +in the PRC and generally 20 years from the earliest date of filing of the first non-provisional patent +application to which the patent claims priority in the United States. generic or biosimilar medications may +obtain marketing approval following our patent expiration. The patents and pending patent applications, +if issued, for our drug candidates are expected to expire on various dates. For the expiration dates of our +issued patents for our drug candidates, see “Business—Intellectual Property” in this prospectus for details. +Upon the expiration of our issued patents or patents that may issue from our pending patent applications, +we will not be able to assert such patent rights against potential competitors and our business and results +of operations may be adversely affected. +Given the amount of time required for the development, testing and regulatory review of new drug +candidates, patents protecting such drug candidates might expire before or shortly after such drug +candidates are commercialized. As a result, our patents and patent applications may not provide us with +sufficient rights to exclude others from commercializing products similar or identical to ours, which could +have a material adverse effect on our competitive position, business, financial conditions, results of +operations and prospects. +Failure to protect our know-how, trade secrets and other confidential proprietary information may +adversely affect our competitiveness. +In addition to patents and pending patent applications, we rely on know-how, trade secrets and other +confidential proprietary information that cannot be patented to maintain our competitive position. To +protect such intellectual property, we generally enter into nondisclosure and confidentiality agreements +with employees, business partners, consultants, advisors and other third parties. Our standard employment +contract contains a confidentiality clause and an assignment clause, under which we own all the rights to +all inventions, technologies, know-how and trade secrets derived during the course of our employees’ +work. We also enter into standard non-compete agreements with our key personnel. Additionally, we +require our collaborating research institutions or other individuals to sign contracts with provisions that +limit their ability to disclose certain data and other information obtained during the course of their +research. However, we cannot assure you that our employees or other third parties will not intentionally +or inadvertently make unauthorized disclosures or uses of our know-how, trade secrets and other +confidential proprietary information. We also cannot guarantee the physical and cyber security of our +information technology systems from data breaches and malicious attacks. Despite measures taken to +protect our intellectual property, unauthorized parties may attempt to or successfully gain access to, obtain +or use information that we regard as proprietary without our consent. Moreover, there may not be adequate +remedies readily available to mitigate their unauthorized use or disclosure of our confidential proprietary +information. We may hence be unable to sufficiently protect our trade secrets and proprietary information +and other parties may attempt to or successfully make use of our know-how, trade secrets and other +confidential proprietary information to produce drugs that erode our competitive position. Any +enforcement and/or remedial measures that we take may be expensive and time-consuming, and the +eventual outcomes may be unfavorable. +RISK FACTORS +–5 2– + + +--- page 62 --- +We require our employees who may be involved in the development of intellectual property to +execute agreements assigning such intellectual property to us. However, we may be unsuccessful in +executing such an agreement with each party who in fact develops intellectual property that we regard as +our own. Furthermore, the assignment of intellectual property rights may not be self-executing, or the +assignment agreements may be breached, each of which may result in claims by or against us related to +the ownership of such intellectual property. If we fail in prosecuting or defending any such claims, in +addition to paying monetary damages, we may lose valuable intellectual property rights. Even if we are +successful in prosecuting or defending against such claims, litigation could result in substantial costs and +be a distraction to our management and scientific personnel. Any of the foregoing could materially +adversely affect our business, financial condition, results of operations, and prospects. +We may be subject to claims that our employees, consultants or advisors have wrongfully used or +disclosed alleged trade secrets of their former employers or claims asserting ownership of what we +regard as our own intellectual property. +Many of our employees, consultants, and advisors, including our senior management, were +previously employed at other pharmaceutical or biotech companies, including our competitors or potential +competitors. Some of these employees, consultants, and advisors executed proprietary rights, non- +disclosure, and non-competition agreements in connection with such previous employment. Although we +try to ensure that our employees do not use the proprietary information or know-how of others in their +work for us, we may be subject to claims that we or these employees have used or disclosed intellectual +property, including trade secrets or other proprietary information, of any such individual’s former +employer, or that third parties have an interest in our patents as an inventor or co-inventor. We are not +aware of any threatened or pending claims related to these matters or concerning the agreements with our +senior management, but such claims may arise in the future. If we fail in defending any such claims, in +addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even +if we are successful in defending against such claims, litigation could result in substantial costs and be a +distraction to management. +Failure to adequately protect our trade names, trademarks and other intellectual property may +affect our ability to build brand recognition. +Our trade names or trademarks may be challenged, infringed, circumvented, or declared generic or +infringing on other marks. We may not be able to protect our rights to these trade names and trademarks, +which we need to build brand recognition among potential partners or customers in our markets of interest. +As our products mature, our reliance on our trademarks to differentiate us from our competitors will +increase, and as a result, if we are unable to prevent third parties from adopting, registering or using +trademarks and trade dress that infringe, dilute or otherwise violate our trademark rights, or engaging in +conduct that constitutes unfair competition, defamation or other violation of our rights, our business could +be materially adversely affected. +Certain of our trademarks remain unregistered in Chinese Mainland, and our continued use of such +unregistered marks may expose us to potential infringement risks. As of the Latest Practicable Date, our +trademark registration applications in Chinese Mainland were accepted by the China National Intellectual +Property Administration, the word trademark “ ശ਄͊Ը” had received preliminary approval, with the +remaining trademark applications currently under examination. There is no assurance that our trademark +applications will ultimately be approved for registration. In the event that we do not obtain trademark +registration in respect of any of the relevant marks, although we may continue using such marks in +unregistered form under the PRC Trademark Law, we would not obtain exclusive trademark rights or the +corresponding exclusivity protection that would enable us to restrict third parties from using identical or +similar marks; and if a third party were to obtain registered trademark rights over the same or similar mark +prior to our registration, our continued use of the unregistered mark could potentially constitute +infringement of such third party’s registered trademark rights, in which case we may be required to cease +using the relevant mark, rebrand our corporate identity and products, and compensate the rights holder for +losses, any of which could have an adverse effect on our brand recognition. +RISK FACTORS +–5 3– + + +--- page 63 --- +Additionally, there is no guarantee that we will always be able to successfully register our trade +names and trademarks. Failure to do so may prevent us from using our trade names and trademarks under +the protection of the relevant laws and regulations, and we risk being accused of infringing on other +intellectual property rights. In addition, at times, competitors may adopt trade names or trademarks similar +to our own and impede our ability to build brand recognition. Over the long term, failure to establish brand +recognition based on our trade names and trademarks may prevent us from competing effectively and +diminish our future prospects. +RISKS RELATING TO OUR FINANCIAL POSITION AND NEED FOR ADDITIONAL CAPITAL +We are a clinical-stage biopharmaceutical company with a limited operating history, which may +make it difficult to evaluate our current business and predict our future performance. +We are a clinical-stage biopharmaceutical company with a limited operating history. Our operations +to date have focused on establishing our intellectual property portfolio, conducting drug discovery, +preclinical studies and clinical trials of our drug candidates, organizing and staffing our operations, +business planning and raising capital. We have not yet demonstrated an ability to successfully obtain +marketing approvals for, or commercialize, our drug candidates. To date, we have no products approved +for commercial sale and have not generated any revenue from product sales. +Our limited operating history, particularly in light of the rapidly evolving drug research and +development industry in which we operate and the changing regulatory and market environments we +encounter, may make it difficult to evaluate our prospects for future performance. Consequently, any +predictions about our future success or viability may not be as accurate as they could be if we had a longer +operating history. We will encounter risks and difficulties frequently experienced by early-stage +companies in rapidly evolving fields as we seek to transition to a company capable of supporting +commercial activities. If we do not address these risks and difficulties successfully, our business will +suffer. +We have incurred net losses since our inception and anticipate that we will continue to incur net +losses for the foreseeable future and may never achieve or maintain profitability. +Investment in the development of biopharmaceutical products is highly uncertain as it entails +substantial upfront expenditures and significant risks that a drug candidate may fail to demonstrate +efficacy and safety to gain regulatory or marketing approvals or become commercially viable. We have not +generated any revenue from commercial product sales to date, and we continue to incur significant +research and development costs and other expenses related to our ongoing operations. As a result, we have +incurred net losses in 2024 and 2025 of RMB202.3 million and RMB135.1 million, respectively. +Our net losses during the Track Record Period were primarily attributable to expenses incurred by +our research and development activities, including those in relation to our preclinical studies and clinical +trials, as well as fair value changes of financial instruments with preferred rights. In 2024 and 2025, our +expenses in relation to R&D activities were RMB75.0 million and RMB110.2 million, respectively. During +the same years, we recorded losses from changes in fair value of instruments with preferred rights of +RMB124.7 million and nil, respectively. See “Financial Information—Description of Selected +Components of the Consolidated Statements of Profit or Loss and Other Comprehensive Income” in this +prospectus for details. Our ability to generate revenue and achieve profitability depends significantly on +our success in advancing these drug candidates into later stages of clinical development, and obtaining +regulatory approvals for each drug candidate, which we may not be able to do in a timely manner or at +all. We expect to continue to incur net losses in the foreseeable future, and that these net losses may +increase as we carry out certain activities relating to our development, including, but not limited to +ongoing and planned research and development and further expansion of our product pipeline. +The size of our future net losses will depend, among other factors, on the rate of the future growth +of our expenses, our ability to generate revenues and the timing and amount of milestone payments and +other payments that we receive from or pay to third parties. If any of our drug candidates fail during +RISK FACTORS +–5 4– + + +--- page 64 --- +clinical trials or does not gain regulatory approval, or, even if approved, fails to achieve market +acceptance, our business may not become profitable. Even if we achieve profitability in the future, we may +not be able to sustain profitability in subsequent periods thereafter. Our prior losses and expected future +losses have had, and will continue to have, an adverse effect on our business, financial condition and +results of operations. +We may need to obtain substantial additional financing to fund our operations and expansion, and +if we fail to do so, we may be unable to complete the development and commercialization of our drug +candidates. +During the Track Record Period, we funded our operations primarily through equity financing and +revenue from our out-licensing agreements. We expect our expenses to increase significantly in connection +with our ongoing activities, particularly as we advance the clinical development of our clinical-stage drug +candidates, continue the research and development of our preclinical-stage drug candidates and initiate +additional clinical trials of, and seek regulatory approval for, these and other future drug candidates. In +addition, if we obtain regulatory approvals for any of our drug candidates, we expect to incur significant +commercialization expenses relating to product manufacturing, marketing, sales and distribution and +post-approval commitments to continue monitoring the efficacy and safety data of our future products on +the market. Accordingly, we may need to secure substantial additional funding in connection with our +continuing operations through public or private equity offerings, debt financing, collaborations or +licensing arrangements or other sources. +We expect to fund our future operations primarily with existing cash and cash equivalents, revenue +from our out-licensing agreements, and proceeds from the Global Offering. Upon the successful +commercialization of one or more of our drug candidates, we expect to fund our operations in part with +income generated from sales of our commercialized drug products. Changes in our ability to fund our +operations may affect our cash flow and results of operations. If we are unable to raise capital when needed +or on acceptable terms, we could be forced to delay, limit, reduce or terminate our research and +development programs or any future commercialization efforts. +We have historically received financial incentives, such as government subsidies, and we may not +continue to receive such incentives in the future. +We have historically received various government subsidies, including subsidies from different PRC +governmental authorities to support the research and development for our drug candidates. We recognized +government grants as other income of RMB0.8 million and RMB88.0 thousand in 2024 and 2025, +respectively. There is no assurance that we will continue to enjoy or maintain financial incentives or +government subsidies at the historical levels, or at all, or apply for new financial incentives or government +subsidies. Any change, suspension or termination of these government subsidies, or government financial +incentives in other forms, may have a negative impact on our business, financial condition and results of +operations. +We had net operating cash outflow during the Track Record Period. +We had net cash used in operating activities of RMB78.0 million and RMB89.4 million in 2024 and +2025, respectively. While we believe we have sufficient working capital to fund our current operations for +the next few years, we expect that we will continue to experience net cash outflows from our operating +activities for the foreseeable future. If we are unable to maintain adequate working capital, we may default +on our payment obligations and may not be able to meet our operating cash and capital expenditure +requirements, which may have a material adverse effect on our business, financial condition, results of +operations, and prospects. +RISK FACTORS +–5 5– + + +--- page 65 --- +Fair value changes in financial assets at fair value through profit or loss may adversely affect our +financial condition and results of operations. +During the Track Record Period, we acquired certain wealth management products and structured +bank deposits to improve the utilization of our cash on hand. We classified these wealth management +products and structured bank deposits as financial assets at fair value through profit or loss, or FVTPL. +As of December 31, 2024 and 2025, we recorded financial assets at FVTPL of RMB329.1 million and +RMB372.2 million, respectively. We recorded gains on financial assets at FVTPL of RMB5.7 million and +RMB6.5 million for the years ended December 31, 2024 and 2025, respectively. +We may continue to allocate capital to wealth management and similar instruments. We cannot assure +you that factors beyond our control, including general economic and market conditions, movements in +market interest rates, and the prevailing regulatory environment, will result in fair value gains on such +investments, or that we will not incur fair value losses in the future. Should we incur such losses, our +results of operations and financial condition could be materially and adversely affected. Moreover, even +if fair value gains are realized, the yields generated by these investments may be materially below our +expectations. The fair values of these instruments may also fluctuate significantly, giving rise to valuation +uncertainty. Any failure to realize the anticipated benefits of these investments could materially and +adversely affect our business, results of operations, and financial condition. +RISKS RELATING TO OUR OPERATIONS +We may fail to successfully manage our growth and expand our operations. +Since our inception, we have sought to expand our business through organic growth. As we advance +our drug candidates through clinical trials and prepare for potential commercial launch for multiple drug +candidates in the future, we will need to expand our development capabilities and seek cooperation +opportunities for the sales and marketing of our future approved drugs. However, we cannot guarantee that +we will be able to successfully execute our development strategies. To a certain extent, our future growth +may be affected by changes in regulatory, economic or political conditions beyond our control, such as +changes in China’s general economic conditions, the biotech industry and relevant government +regulations. It is difficult to predict our future growth based on our historical and operating data. We also +cannot assure you that our future development plans will materialize. Investors should not rely solely on +our historical results of operations to predict our future performance. Additionally, our expansion plans are +based on our forward-looking assessment of market prospects. We cannot assure you that our assessments +will prove correct. +We may be unable to attract and retain senior management and qualified clinical or research and +development personnel. +Our operation depends in part on our continued ability to attract, retain and motivate senior +management and qualified management, clinical and scientific personnel. We believe their efforts, +connections and industry expertise are key to our business development. The loss of services of any of our +key management personnel may impede the achievement of our research, development and +commercialization objectives. We cannot guarantee that we will be able to promptly hire and integrate +other qualified replacements. Replacing executive officers or senior management personnel may be +difficult and may take an extended period of time because of the limited number of individuals in our +industry with the breadth of skills and experience required to successfully develop, gain regulatory +approval of and commercialize small molecule drugs like those we develop. Competition to hire from this +limited pool is intense, and we may be unable to hire, train, retain or motivate these key personnel on +acceptable terms given the competition among numerous pharmaceutical and biotech companies for +similar personnel. +In addition, the future growth of our business will depend partly on our ability to attract and retain +qualified personnel on reasonable terms, particularly those involved in our clinical and research and +development operations. We may need to compete with other drug companies for employees with the +RISK FACTORS +–5 6– + + +--- page 66 --- +relevant qualifications and experience. We also experience competition for the hiring of scientific and +clinical personnel from universities and research institutions. Our consultants and advisors may be +employed by other entities and may have commitments under consulting or advisory contracts with +employers that may limit their availability to us. +We have entered into collaboration agreements, and may form or seek other collaborations or +strategic alliances or enter into licensing arrangements in the future, and we may not realize the +benefits of such alliances or licensing arrangements. +We have entered into collaboration agreements in relation to HJ197 and HJ191. See +“Business—Collaborations” in this prospectus for details. We may continue to explore a variety of +possible strategic collaborations or license opportunities in an effort to utilize the resources of our partners +to advance the development of our drug candidates or gain access to additional drug candidates, +technologies or commercialization resources. We face significant competition in seeking appropriate +strategic partners and the negotiation process, which is time-consuming and complex. Moreover, we may +not be successful in our efforts to establish a strategic partnership or other alternative arrangements for +our drug candidates, because a majority of them may be deemed to be at too early a stage of development +for collaborative effort and potential partners may not view our drug candidates as having the requisite +potential to demonstrate safety and efficacy or commercial viability. +We may not be able to realize the benefit of current or future collaborations, if we are unable to +successfully integrate such collaborations with our existing operations and company culture, which could +delay our timelines or otherwise adversely affect our business. We also cannot be certain that, following +a strategic transaction or license, we will achieve the revenue or other financial benefits that justify such +a transaction. If we are unable to reach agreements with suitable collaborators on a timely basis, on +acceptable terms, or at all, we may have to curtail or delay the development or commercialization of one +or more of our drug candidates, reduce the scope of any sales or marketing activities, or increase our +expenditures and undertake such development or commercialization activities at our own expense. As a +result, we may not be able to further develop our drug candidates or bring them to market and generate +product sales revenue, which would harm our business prospects, financial condition and results of +operations. +Our employees, CROs, CDMOs, collaboration partners and others with whom we deal may engage +in misconduct or other improper activities, including non-compliance with regulatory standards and +requirements, which could harm our reputation and subject us to penalties and significant expenses +that have a material adverse effect on our business, financial condition and results of operations. +We are exposed to the risk of fraud, misconduct or other illegal activity by our employees, CROs, +CDMOs, collaboration partners and others with whom we deal. Misconduct by these parties could include +intentional, reckless and negligent conduct that fails to: (i) comply with the laws of the NMPA and other +regulatory authorities; (ii) provide true, complete and accurate information to the NMPA and other +regulatory authorities; (iii) comply with healthcare fraud and abuse laws in China; or (iv) report financial +information or data accurately or to disclose unauthorized activities to us. If we obtain NMPA approval +for any of our drug candidates and begin commercializing those drugs in China, our potential exposure +under relevant laws will increase significantly and our costs associated with compliance with such laws +are also likely to increase. These laws may impact, among other things, our current activities with +principal investigators of our clinical trials and our use of information obtained in the course of patient +recruitment for clinical trials. +It is not always possible to identify and deter misconduct by employees and other parties, and the +precautions we take to detect and prevent this activity may not be effective in controlling unknown or +unmanaged risks or losses, or in protecting us from governmental investigations or other actions or +lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are +instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions +could have a significant impact on our business, including the imposition of significant fines or other +sanctions. +RISK FACTORS +–5 7– + + +--- page 67 --- +We may be required to pay late payment fines or other penalties in connection with our failure to +contribute to social insurance and housing provident funds. +We are subject to various labor-related laws and regulations in the Chinese Mainland and other +jurisdictions in which we operate. For example, we are required to contribute to a number of social +insurance funds, including funds for pension insurance, unemployment insurance, basic medical insurance, +work-related injury insurance, maternity insurance and housing provident fund on behalf of our employees +in the Chinese Mainland. We are required to (i) set up housing provident fund accounts (ሪ˒) +and pay the housing provident fund in accordance with the Regulation on the Administration of Housing +Provident Funds (၍ଣૢԷ‘) and (ii) obtain social insurance certificates (ᎈ೮াᗇ) +for our employees and pay the social insurance contributions on time in accordance with the PRC Social +Insurance Law (جWe may be required to pay such shortfall in housing +provident fund and social insurance contributions within a prescribed time period and to pay penalties if +we fail to do so. As advised by our PRC Legal Advisors, (i) under the Regulations on Administration of +Housing Provident Fund, if we fail to pay housing provident fund contributions within the prescribed +deadlines, we may be subject to an order by the relevant people’s court to make such payments; and (ii) +according to the PRC Social Insurance Law, (a) for outstanding social insurance fund contributions that +we did not fully pay within the prescribed deadlines, the relevant PRC authorities may demand that we +pay the outstanding social insurance contributions within a stipulated deadline and we may be liable for +a late payment fee equal to 0.05% of the outstanding contribution amount for each day of delay; and (b) +if we fail to make such payments, we may be liable to a fine of one to three times the outstanding +contribution amount. Violations of these laws and regulations could adversely affect our brand, overseas +growth efforts and business. As of December 31, 2024 and 2025, our shortfall in social insurance and +housing provident fund contributions amounted to RMB5.8 million and RMB7.4 million, respectively, on +a cumulative basis. +We have implemented remedial measures and enhanced our internal control, and we began paying +housing provident fund and social insurance for our employees in full from August 2025. As advised by +our PRC Legal Advisors, the likelihood of material administrative fines or other penalties being imposed +against us in respect of the previously unpaid contributions is considered remote because: (i) as of the +Latest Practicable Date, no material administrative action, fine or penalty had been imposed by relevant +regulatory authorities with respect to our previous unpaid contributions; (ii) we have obtained Special +Credit Reports for Market Entities confirming that no administrative penalty was imposed on us in relation +to our social insurance and housing provident fund contributions during the Track Record Period; (iii) +based on the interviews conducted by our PRC Legal Advisors with relevant competent authorities, the +government agencies have confirmed that in the absence of large-scale employee complaints, they +generally will not proactively initiate investigations into the previous unpaid social insurance or housing +fund contributions. As of the Latest Practicable Date, we were not aware of any employee complaints or +involved in any labor disputes with our current or former employees, with respect to social insurance and +housing provident funds; and (iv) on April 1, 2019, the General Office of the State Council issued the +Notice on Issuing the Comprehensive Plan for Reducing Social Insurance Contribution Rates ( ਷ਕ৫፬ +ٝwhich prohibits administrative authorities from +conducting centralized clearance of enterprises’ historical arrears of social insurance contributions without +authorization during the reform of the social insurance levy and collection system. +Our compliance risks may increase as PRC labor laws and regulations continue to evolve. According +to Article 19(1) of the Supreme People’s Court’s Interpretation (II) on Several Issues Concerning the +Application of Law in Labor Dispute Cases (༆ᙑ +(ɚ)‘) (the “New Judicial Interpretation”), which was issued on July 31, 2025 and became effective on +September 1, 2025, any agreement between an employer and an employee that waives social insurance +contributions or any employee undertaking to that effect is invalid. Our PRC Legal Advisors are of the +view that the New Judicial Interpretation does not repeal or change the existing social insurance laws and +regulations, and does not by itself increase our social insurance exposure. However, as PRC labor laws and +regulatory guidance continue to evolve, we cannot assure that how future developments may affect our +operations. If we are deemed to have violated the relevant labor laws and regulations, we could be subject +to related penalties, fines or legal costs, and our business, financial condition and results of operations +could be materially and adversely affected. +RISK FACTORS +–5 8– + + +--- page 68 --- +We did not make any provisions for the shortfall. However, no assurance can be given that PRC +authorities will not seek to impose fines, late payment fees or other penalties in respect of our prior +underpayments, or that the amounts of any such fines, fees or liabilities will not be material. If PRC +authorities were to impose material fines, late payment fees, or other penalties, our financial condition, +results of operations and cash flows could be materially and adversely affected. +If we fail to comply with environmental, health and safety laws and regulations, we could become +subject to fines or penalties or incur costs that could materially and adversely affect our business. +We are subject to numerous environmental, health and safety laws and regulations, including those +governing laboratory procedures, manufacturing facilities and the handling, use, storage, treatment and +disposal of hazardous materials and wastes. Our operations may involve the use of hazardous and +flammable materials, including chemicals and biological materials, and may produce hazardous waste +products. We may contract with third parties for the disposal of these materials and wastes. We cannot +eliminate the risk of contamination or injury from these materials. In the event of contamination or injury +resulting from our use of hazardous materials, we could be held liable for any resulting damages, and any +liability could exceed our resources. We also could incur significant costs associated with civil or criminal +fines and penalties. Although we maintain statutory employees’ social insurance to cover us for costs and +expenses we may incur due to injuries to our employees resulting from the use of or exposure to hazardous +materials, this insurance may not provide adequate coverage against potential liabilities. We do not +maintain insurance for environmental liability or toxic tort claims that may be asserted against us in +connection with our storage, use or disposal of biological or hazardous materials. +In addition, we may be required to incur substantial costs to comply with current or future +environmental, health and safety laws and regulations. These current or future laws and regulations may +impair our research, development or production efforts. Failure to comply with these laws and regulations +also may result in substantial fines, penalties or other sanctions. During the Track Record Period, we failed +to comply with the requirements for the simultaneous implementation of safety facilities and the +simultaneous implementation of occupational disease prevention measures for a construction project. As +of the date of this prospectus, we have rectified such non-compliance and obtained the relevant report as +needed. If a production and operation entity fails to simultaneously implement safety facilities +concurrently with a construction project as required, it may be ordered to make corrections within a +specified time limit, and may be fined between RMB5,000 to RMB30,000. If it fails to implement +occupational disease prevention measures concurrently as required, the health administrative department +will issue a warning and order corrections within a specified time limit; if no corrections are made within +the time limit, a fine of RMB10,000 to RMB500,000 will be imposed; and if the circumstances are serious, +operations that generate occupational disease hazards may be suspended, and the relevant people’s +government may be requested to order the suspension of construction or closure. Any of the foregoing +could materially adversely affect our business, financial condition, results of operations and prospects. +We may be exposed to risks of conducting our business and operations in international markets. +International markets are an important component of our growth strategy. We plan to explore market +opportunities overseas, where we believe there is substantial demand for our drug candidates, and we may +also collaborate with reputable local partners that have proven track record to maximize the global value +of our drug candidates. We may also seek licensing and co-development opportunities with global MNCs, +and expand our global clinical programs. See “Business—Our Business Strategies” in this prospectus for +details. However, such activities may subject us to additional risks that may materially adversely affect our +ability to attain or sustain profitable operations, including but not limited to: (i) efforts to enter into +collaboration or licensing arrangements with third parties may increase our expenses or divert our +management’s attention from the development of drug candidates; (ii) changes in a specific country’s or +region’s political and cultural climate or economic condition; (iii) differing regulatory requirements for +drug approvals and marketing internationally; (iv) difficulty of effective enforcement of contractual +provisions in local jurisdictions; (v) potentially reduced protection for intellectual property rights; (vi) +unexpected changes in tariffs, trade barriers and regulatory requirements; (vii) compliance with tax, +RISK FACTORS +–5 9– + + +--- page 69 --- +employment, immigration and labor laws for employees traveling abroad; and (viii) business interruptions +resulting from geo-political actions, including war and terrorism, or natural disasters, including +earthquakes, volcanoes, typhoons, floods, hurricanes and fires. +These and other risks may materially adversely affect our ability to attain or sustain revenue and +profits from international markets. +Changes in social trends and political policies related to environmental, social, and governance issues +may adversely affect our business operation. +As a biotech company, we are subject to potential risks arising from changes in social trends and +political policies related to environmental, social, and governance (ESG) issues, such as public perception +with respect to animal testing for the R&D of small molecule drugs. Changes in social trends and political +policies related to ESG issues could impact our business model in several ways. For example, if there is +a shift towards more stringent regulations on environmental protection or animal welfare, we may face +increased compliance costs and operational challenges. Similarly, if there is a growing demand for small +molecule drugs that are developed and manufactured using environmentally friendly processes, we may +need to adapt our pipeline and invest in new technologies and processes to reduce our environmental +footprint. +Moreover, changes in political policies related to ESG issues may impact our access to funding and +other resources that are critical to our growth and success. For instance, if there is a change in government +policies that restricts funding for biotech companies that do not meet certain ESG criteria, we may face +challenges in securing financing for our business activities. +Negative publicity about us, our Shareholders and affiliates, our brand and management may +materially and adversely affect our business, reputation and trading price of our H Shares. +We believe that market awareness and recognition of our brand image are important to our +commercial prospects. Despite our efforts to promote our brand image, we may not be successful in doing +so. Over the long term, negative publicity may materially and adversely affect our business and brand so +as to reduce the trading price of our H Shares and diminish our competitive position. As we continue to +grow our business, we may find it necessary to expand our network of collaborators to enhance our +marketing and branding efforts. Since we have limited control over such parties, we cannot guarantee that +our efforts will be successful, nor that they will perform according to the standards expected. Any actions +on their part that reflect negatively on our business or generate negative publicity for us may impede our +efforts to establish our industry reputation. +Furthermore, negative publicity about us, our Shareholders and affiliates, alleged misconduct or +improper activities or negative rumors relating to us, our management, employees, business partners or +affiliates may arise from time to time on the internet and other media sources. Such publicity may harm +our business and results of operations even if it is unsubstantiated. There is no guarantee that our efforts +to defend ourselves against such negative publicity or rumors, or to address them internally, will be +successful. Any regulatory inquiries or investigations against our directors and senior management, +business partners or other affiliates regarding any perceived unethical, fraudulent or other inappropriate +conduct may be particularly harmful to our reputation regardless of the merits or final outcome. In turn, +this may affect our ability to grow our business and attract customers, suppliers and talented employees. +We are also particularly susceptible to negative media about the drug industry in general or particular +drugs or services. Such negative media may result from the actions of competitors or other industry +players, over whom we have no control. It is possible that the PRC government may promulgate laws and +regulations that seek to address the source and reasons for such negative media. We cannot guarantee that +we will be able to adapt to such laws and regulations in a timely and effective manner, including adequate +management of the related compliance costs. +RISK FACTORS +–6 0– + + +--- page 70 --- +We are exposed to risks in connection with failing to detect and prevent fraud, negligence or other +misconduct committed by third parties. +Our information management system and internal control procedures are designed to monitor our +operations and overall compliance. There will therefore continue to be risks that fraud, negligence and +other misconduct (accidental or otherwise) may occur and cause negative publicity, which may have an +adverse effect on our brand and reputation. Although we have limited control over the behavior of any of +these parties, we may be viewed as at least partially responsible for their conduct. We may become, or be +joined as, a defendant in litigation or other administrative or investigative proceedings and be held +accountable for injuries or damages sustained by our employees, business partners, suppliers, customers +or other third parties from time to time. To the extent that we cannot recover related costs from the +employees, business partners, suppliers, customers or other third parties involved, we may experience +material adverse effects on our business, financial position and results of operations. +Our insurance coverage may not sufficiently cover the risks related to our business operations. +We maintain insurance policies that we believe are customary in standard commercial practice in the +drug industry and as required under the relevant PRC laws and regulations. However, we cannot guarantee +you that our insurance policies will provide adequate coverage for all the risks in connection with our +business operations. For example, although we maintain liability insurance covering our clinical trials as +required under PRC laws and regulations, our coverage may be insufficient to cover any amounts payable +under court judgments or settlements. Should we incur substantial amounts in product liability claims, and +be unable to cover these with our existing insurance policies or internal resources, we may be forced to +suspend other key operations, such as the conduct of clinical trials, to divert funds from other aspects of +our business. +Moreover, there are certain losses for which insurance is not available in China on commercially +practicable terms, such as losses suffered due to business interruptions, earthquakes, typhoons, flooding, +war or civil disorder. We may be required to bear our losses to the extent that they are not covered by +insurance, or that our insurance coverage is insufficient, and such amounts could be substantial. We could +suffer significant costs and diversion of our resources as a result. +Our information technology systems, or those of our CROs or other service providers or consultants, +may fail or suffer security breaches. +Our internal computer systems and those of our CROs, service providers or consultants are +vulnerable to damage or interruption caused by, among others, power outages, computer viruses, phishing +attacks, ransomware, worms, unauthorized access, telecommunication failures, cyber-attacks, natural +disasters, terrorism and war. Should such events occur and interrupt our operations, we may experience +a material disruption to our business operations. +In our ordinary course of business, we collect and store sensitive information, including the personal +information of our employees, various intellectual property (including trade secrets), research and +development information, sales and marketing strategies and key business and financial data. We manage +and maintain our information and data through on-site systems and third-party vendors. Because +information systems, networks and other technologies are critical to many of our operating activities, +shutdowns or service disruptions at our sites or third-party vendors may materially and adversely affect +our business operations by damaging key data and equipment. Such disruptions may be caused by events +such as computer hacking, phishing attacks, ransomware, dissemination of computer viruses, worms and +other destructive or disruptive software, denial of service attacks and other malicious activity, as well as +power outages, natural disasters (including extreme weather), terrorist attacks or other similar events. +There is no guarantee that our disaster recovery and automatic recovery systems will be able to retain and +recover all the equipment or data affected by shutdowns or service disruptions. In addition, we may not +have adequate insurance coverage to compensate for losses associated with such events. +RISK FACTORS +–6 1– + + +--- page 71 --- +Furthermore, we are vulnerable to risks caused by misappropriation, misuse, leakage, falsification, +or intentional or accidental release or loss of sensitive information maintained in our information systems +and those of our vendors, including confidential data on our employees, customers, suppliers and clinical +trial subjects. Outside parties may attempt to penetrate our information systems or those of our vendors, +or fraudulently induce our employees or our vendors’ employees to disclose sensitive information through +means such as viruses, phishing and cyber-attacks. The number and complexity of these threats continue +to increase over time. In the event of a material breach of our information technology systems or those +of our vendors, our business partners, customers or other industry players may have a negative perception +of the effectiveness of our security measures, and we may experience harm to our reputation and +credibility. We may also be compelled to expend substantial financial resources to repair or replace our +information systems. In addition, we may be subjected to collective actions and/or claims from individuals +respecting issues related to data privacy laws and regulations, such as misuse or inappropriate disclosure +of data and unfair or deceptive practices. +The development and maintenance of our information systems are costly and requires ongoing +monitoring and updating as technologies change and efforts to overcome security measures become +increasingly sophisticated. We may not always be able to adapt our internal control procedures and update +our information systems in a sufficiently timely or effective manner to eliminate all such risks. +Additionally, the more we outsource protection and upgrading of our information systems to vendors, +engage in electronic transactions and rely on cloud-based information systems, the less control we have +over the risks to our information systems. To the extent that disruptions or security breaches of our +information systems or those of our vendors, CROs, service providers or other consultants compel us to +temporarily suspend our business operations, we may experience delays in the development and +commercialization of our drug candidates. +Failure to comply with existing or future laws and regulations related to privacy or data security +could lead to government enforcement actions, which could include civil or criminal fines or +penalties, private litigation, other liabilities, and/or adverse publicity. +The regulatory framework for the collection, use, safeguarding, sharing, transfer and other +processing of personal information in China is rapidly evolving and is likely to remain uncertain for the +foreseeable future. There are numerous laws that protect the confidentiality of individually identifiable +patient health information, including patient records, and restrict the use and disclosure of that protected +information. Regulatory authorities may continue to introduce additional legislative and regulatory +proposals concerning personal data protection. +In terms of cybersecurity and personal information protection, the Standing Committee of the NPC +promulgated the Cybersecurity Law of the PRC (‘) and the Personal +Information Protection Law of the PRC (‘) . The PRC Cybersecurity +Law, which came into effect on June 1, 2017, requires network constructors, operators, and service +providers to implement cybersecurity protection measures and strengthen network information +management. On September 12, 2022, the CAC proposed draft amendments to the PRC Cybersecurity +Law, imposing stricter legal liabilities for certain violations. These amendments were publicly solicited for +opinion again from March 28, 2025 until April 27, 2025, and uncertainties remain regarding their final +form, interpretation, and implementation. +The Personal Information Protection Law of the PRC, which became effective on November 1, 2021, +sets forth detailed rules on handling personal information and legal responsibilities and also strengthens +the punishment for illegal processing of personal information. Under the Personal Information Protection +Law of the PRC, healthcare relevant personal information, including the information collected during +clinical trials, shall be deemed as “sensitive personal information” and shall be under strict protection. +Furthermore, GCP requires that the privacy of trial subjects and the confidentiality of the relevant +information shall be protected. +RISK FACTORS +–6 2– + + +--- page 72 --- +In terms of cross-border transfer of data, the Data Security Law of the PRC ( ʕശɛ͏΍ձ਷ᅰ +‘) which took effect on September 1, 2021, provides that relevant authorities will establish the +measures for the cross-border transfer of import data, if any company violates the Data Security Law of +the PRC by providing important data outside China, such company may be punished by administrative +sanctions, including penalties, fines, and/or may suspension of relevant business or revocation of the +business license. Moreover, the Outbound Data Transfer Security Assessment Measures (the “Outbound +Data Transfer Security Assessment Measures”) (‘) was published on July 7, +2022 and became effective on September 1, 2022, which specifies that data processors who intend to +provide important data and personal information that are collected and generated in the operation within +the territory of the PRC to overseas shall be subject to security assessment. The Outbound Data Transfer +Security Assessment Measures further stipulates the process and requirements for the security assessment. +On September 24, 2024, the State Council released the Regulations on the Management of Network Data +Security (the “Regulations on MNDS”), which came into force on January 1, 2025. The Regulations on +MNDS are not only the first at the administrative regulation level specifically for network data security, +but they also serves as a comprehensive implementing regulation for the compliance requirements set out +by the Cybersecurity Law, Data Security Law, and Personal Information Protection Law. The Regulations +on MNDS introduce several key obligations, including requiring network data processors to specify the +purpose and method of personal information processing, as well as the types of personal information +involved, before any personal information is processed. We will continue to adopt relevant improvement +measures to ensure effective protection and lawful utilization of data and personal information. +Compliance with these and any other applicable laws, regulations, standards and obligations relating +to data privacy, security and transfers is a rigorous and time-intensive process and may cause us to incur +additional operational costs or require us to modify our data processing practices and processes. If we or +our third-party vendors, collaborators, contractors and consultants fail to comply with any such laws or +regulations, we may face proceedings against us by data protection authorities and governmental entities, +which could subject us to significant fines, penalties, judgments, negative publicity and reputational +damage, and may otherwise materially and adversely affect our business, financial condition and results +of operations. +RISKS RELATING TO THE GLOBAL OFFERING +There has been no prior public market for our H Shares and an active trading market for our H +Shares may not develop. +No public market currently exists for our H Shares. The Offer Price for our H Shares to the public +was the result of negotiations between our Company and Sole Overall Coordinator (acting in such capacity +and as the Underwriter), and the Offer Price may differ significantly from the market price of the H Shares +following the Global Offering. We have applied to the Stock Exchange for the listing of, and permission +to deal in, the H Shares. A listing on the Stock Exchange, however, does not guarantee that an active and +liquid trading market for our H Shares will develop, or if it does develop, that it will be sustained +following the Global Offering, or that the market price of the H Shares will rise following the Global +Offering. +The market price and trading volume of our H Shares may be volatile, which could result in +substantial losses for investors who purchase our H Shares in the Global Offering. +The market price and trading volume of our H Shares may be highly volatile. Several factors beyond +our control such as variations in our revenue, earnings and cash flow, strategic alliances, the addition or +departure of key personnel, litigation, the removal of the restrictions on H Share transactions or volatility +in market prices and changes in demand for our products may cause significant and sudden changes to the +market price and trading volume of our H Shares. Furthermore, the market price of our H Shares could +also decline as a result of future sales of a substantial number of our H Shares or other securities relating +to our H Shares in the public market, or the issuance of new shares or other securities, or the perception +that such sales or issuances may occur. New shares or share-linked securities issued by our Company may +also confer rights and privileges that take priority over those conferred by the H Shares. +RISK FACTORS +–6 3– + + +--- page 73 --- +The Stock Exchange and other securities markets have, from time to time, experienced significant +price and trading volume volatility that are not related to the operating performance of any particular +company. This volatility may also materially and adversely affect the market price of our H Shares. +Potential investors will experience immediate and substantial dilution as a result of the Global +Offering. +Potential investors will pay a price per H Share in the Global Offering that substantially exceeds the +per H Share value of our tangible assets after subtracting our total liabilities as of December 31, 2025. +Therefore, purchasers of our H Shares in the Global Offering will experience substantial immediate +dilution in pro forma net tangible assets, and our existing Shareholders will receive an increase in the pro +forma adjusted net tangible assets per Share on their Shares. As a result, if we were to distribute our net +tangible assets to the Shareholders immediately following the Global Offering, potential investors would +receive less than the amount they paid for their H Shares. See “Appendix II—Unaudited Pro Forma +Financial Information” to this prospectus for details. +There is no assurance whether and when we will pay dividends, which is subject to satisfaction of +requirements and necessary procedures under applicable PRC laws and regulations. +No dividend had been paid or declared by our Company during the Track Record Period. Under the +applicable PRC laws, the payment of dividends may be subject to certain limitations. The calculation of +our profit under applicable accounting standards differs in certain respects from the calculation under +IFRS. As a result, we may not be able to pay a dividend in a given year even if we were profitable as +determined under IFRS. Our Board may declare dividends in the future after taking into account our +results of operations, financial condition, cash requirements and availability and other factors as it may +deem relevant at such time. Any declaration and payment as well as the amount of dividends will be +subject to our constitutional documents and the PRC laws and regulations and will require approval at our +shareholders’ meeting. No dividend shall be declared or payable except out of our profits and reserves +lawfully available for distribution. +Dividends payable to investors and gains on the sale of our H Shares may be subject to PRC income +taxes. +Under applicable PRC tax laws, regulations and statutory documents, non-PRC resident individuals +and enterprises are subject to different tax obligations with respect to dividends received from us or gains +realized upon the sale or other disposition of our H Shares. Non-PRC individuals are generally subject to +PRC individual income tax under the Individual Income Tax Law of the PRC (ה +‘) with respect to PRC source income or gains at a rate of 20% unless specifically exempted by +the tax authority of the State Council or reduced or eliminated by an applicable tax treaty. We are required +to withhold related tax from dividend payments. Pursuant to applicable regulations, domestic non-foreign- +invested enterprises issuing shares in Hong Kong may generally, when distributing dividends, withhold +individual income tax at the rate of 10%. However, withholding tax on distributions paid by us to non-PRC +individuals may be imposed at other rates pursuant to applicable tax treaties (and up to 20% if no tax treaty +is applicable) if the identity of the individual holder of H Shares and the tax rate applicable thereto are +known to us. There is uncertainty as to whether gains realized upon disposition of H shares by non-PRC +individuals are subject to PRC individual income tax. +Non-PRC resident enterprises that do not have establishments or premises in the PRC, or that have +establishments or premises in the PRC but their income is not related to such establishments or premises +are subject to PRC EIT at the rate of 10% on dividends received from PRC companies and gains realized +upon disposition of equity interests in the PRC companies pursuant to the EIT Law and other applicable +PRC tax regulations and statutory documents, which may be reduced or eliminated under special +arrangements or applicable treaties between the PRC and the jurisdiction where the non-resident enterprise +resides. +RISK FACTORS +–6 4– + + +--- page 74 --- +Pursuant to applicable regulations, we intend to withhold tax at a rate of 10% from dividends paid +to non-PRC resident enterprise holders of our H Shares (including HKSCC Nominees). Non-PRC resident +enterprises that are entitled to be taxed at a reduced rate under an applicable income tax treaty will be +required to apply to the PRC tax authorities for a refund of any amount withheld in excess of the applicable +treaty rate, and payment of such refund will be subject to the PRC tax authorities’ verification. As of the +Latest Practicable Date, there were no specific rules on how to levy tax on gains realized by non-resident +enterprise holders of H shares through the sale or transfer by other means of H shares. +There remains significant uncertainty as to the interpretation and application of the relevant PRC tax +laws by the PRC tax authorities, including whether and how individual income tax or EIT on gains derived +by holders of our H Shares from their disposition of our H Shares may be collected. If any such tax is +collected, the value of our H Shares may be materially and adversely affected. +Fluctuations in Renminbi exchange rates may lead to foreign exchange losses and materially and +adversely affect our ability to pay dividends to holders of our H Shares. +We expect that a substantial majority of our revenue will be denominated in Renminbi. A portion of +our revenues may be converted into other currencies in order to meet our foreign currency obligations. For +example, we need to obtain foreign currency to make payments of declared dividends, if any, on our H +Shares. Shortages in availability of foreign currency may then restrict our ability to remit sufficient foreign +currency to pay dividends or make other payments or otherwise to satisfy our foreign currency +denominated obligations. +The proceeds from the Global Offering will be denominated in Hong Kong dollars. As a result, any +appreciation of the Renminbi against the U.S. dollar, the Hong Kong dollar or any other foreign currencies +may result in a decrease in the value of our proceeds from the Global Offering. Conversely, any +depreciation of the Renminbi may adversely affect the value of, and any dividends payable on, our H +Shares in foreign currency. In addition, there are limited instruments available for us to reduce our foreign +currency risk exposure at reasonable costs. Any of these factors could materially and adversely affect our +business, financial condition, results of operations and prospects, and could reduce the value of, and +dividends payable on, our H Shares in foreign currency terms. +Governmental control of currency conversion, and restrictions on the remittance of Renminbi into +and out of the PRC may limit our ability to pay dividends and other obligations and affect the value +of your investment. +The convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of +currency into and out of China are subject to PRC foreign exchange regulations. A substantial majority of +our future revenue is expected to be denominated in Renminbi and we will need to convert Renminbi into +foreign currencies for the payment of dividends, if any, to holders of our H Shares. Shortages in the +availability of foreign currency may restrict our ability to remit sufficient foreign currency to pay +dividends or other payments, or otherwise satisfy our foreign currency denominated obligations. +Under China’s current foreign exchange control system, foreign exchange transactions under the +current account conducted by us do not require advance approval from SAFE, but we are required to +present relevant documentary evidence of such transactions and conduct such transactions at designated +foreign exchange banks within China that have the licenses to carry out foreign exchange business. +Approval from appropriate government authorities is required where Renminbi is to be converted into +foreign currency and remitted out of China to pay capital expenses such as the repayment of loans +denominated in foreign currencies. If we cannot obtain sufficient foreign currencies under the current +foreign exchange control system to satisfy our foreign currency demands, we may not be able to pay +dividends in foreign currencies to our Shareholders. Further, there is no assurance that new regulations +will not be promulgated in the future that would have the effect of further restricting the remittance of +Renminbi into or out of China. +RISK FACTORS +–6 5– + + +--- page 75 --- +Any possible conversion of our Unlisted Shares into H Shares in the future could increase the +number of our H Shares in the market and negatively impact the market price of our H Shares. +Potential conversion of Unlisted Shares into H Shares may result in an increase in the number of our +H Shares available in the market, which could, in turn, affect the price of our H Shares. Our remaining +Unlisted Shares may also be converted into H Shares upon completion of required procedures in the future, +and such converted shares may be listed or traded on an overseas stock exchange, provided that, prior to +the conversion and trading of such converted shares, any requisite filings with relevant PRC regulatory +authorities shall be completed. However, the PRC Company Law provides that in relation to the public +offering of a company, the shares of that company which are issued prior to the public offering shall not +be transferred within one year from the date of listing of the public offering. Therefore, upon completing +the requisite filing, our Unlisted Shares may be traded, after the conversion, in the form of H Shares on +the Stock Exchange one year after this Global Offering, which at that time could further increase the +number of our H Shares available in the market and may negatively impact the market price of our H +Shares. +We cannot make fundamental changes to our business without the consent of the Stock Exchange. +On April 30, 2018, the Stock Exchange adopted rules under Chapter 18A of its Rules Governing the +Listing of Securities on the Stock Exchange. Under these rules, without the prior consent of the Stock +Exchange, we will not be able to effect any acquisition, disposal or other transaction or arrangement or +a series of acquisitions, disposals or other transactions or arrangements, which would result in a +fundamental change in our principal business activities as set forth in this prospectus. As a result, we may +be unable to take advantage of certain strategic transactions that we might otherwise choose to pursue in +the absence of Chapter 18A. Were any of our competitors that are not listed on the Stock Exchange to take +advantage of such opportunities in our place, we may be placed at a competitive disadvantage, which could +have a material adverse effect on our business, financial condition and results of operations. +Facts, forecasts and statistics obtained from various government sources in this prospectus relating +to the pharmaceutical industry may not be fully reliable. +Facts, forecasts and statistics in this prospectus relating to the pharmaceutical industry in and outside +China are obtained from various sources, comprising information provided or published by government +agencies, and we can guarantee neither the quality nor reliability of such source materials. We believe that +the information originated from appropriate sources and was extracted and reproduced after taking +reasonable care. We have no reason to believe that such information is false or misleading or that any fact +has been omitted that would render such information false or misleading. However, neither we, the Sole +Sponsor, the Sole Overall Coordinator, the Underwriter nor our or their respective affiliates or advisors +have verified the facts, forecasts and statistics nor ascertained the underlying economic assumptions to the +extent such information is obtained solely from official governmental sources. Therefore, we make no +representation as to the accuracy of such facts, forecasts and statistics from official governmental sources. +Due to possibly flawed or ineffective collection methods or discrepancies between published information +and factual information and other problems, the statistics in this prospectus relating to the pharmaceutical +industry in and outside China may be inaccurate, and you should not place undue reliance on them. +Moreover, these facts, forecasts and statistics involve risk and uncertainties and are subject to change +based on various factors and should not be unduly relied upon. +Forward-looking statements contained in this prospectus are subject to risks and uncertainties. +This prospectus contains certain forward-looking statements and information relating to us that are +based on the beliefs of our management as well as assumptions made by and information currently +available to our management. When used in this prospectus, the words “aim,” “anticipate,” “believe,” +“can,” “continue,” “could,” “estimate,” “expect,” “going forward,” “intend,” “ought to,” “may,” “might,” +“plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” and similar expressions, as +they relate to us or our business, are intended to identify forward-looking statements. Such statements +reflect the current views of our management with respect to future events, business operations, liquidity +RISK FACTORS +–6 6– + + +--- page 76 --- +and capital resources, some of which may not materialize or may change. These statements are subject to +certain risks, uncertainties and assumptions, including the other risk factors as described in this +prospectus. Should one or more of these risks or uncertainties materialize, or if any of the underlying +assumptions prove incorrect, actual results may differ materially from the forward-looking statements in +this prospectus. Whether actual results will conform to our expectations and predictions is subject to a +number of risks and uncertainties, many of which are beyond our control, and reflect future business +decisions that are subject to change. In light of these and other uncertainties, the inclusion of +forward-looking statements in this prospectus should not be regarded as representations that our plans or +objectives will be achieved, and investors should not place undue reliance on such forward-looking +statements. All forward-looking statements contained in this prospectus are qualified by reference to the +cautionary statements set out in this section. Subject to the ongoing disclosure obligations of the Listing +Rules or other requirements of the Stock Exchange, we do not intend publicly to update or otherwise revise +the forward-looking statements in this prospectus, whether as a result of new information, future events +or otherwise. +Y ou should read this entire prospectus carefully and should not consider or rely on any particular +statements in published media reports without carefully considering the risks and other information +contained in this prospectus. +Prior to the publication of this prospectus, and subsequent to the date of this prospectus but prior to +the completion of the Global Offering, there may have been or may be press and media coverage regarding +us, our business, our industry and the Global Offering. Such press and media coverage may include +references to information that does not appear in this prospectus or that is inaccurate. We have not +authorized the publication of any such information contained in such press and media coverage. Therefore, +we make no representation as to the appropriateness, accuracy, completeness or reliability of any +information disseminated in the press or media and do not accept any responsibility for the accuracy or +completeness of any financial information or forward-looking statements contained therein. To the extent +that any of such information is inconsistent or conflicts with the contents of this prospectus, we expressly +disclaim responsibility for it. Accordingly, prospective investors should rely on only information included +in this prospectus and not on any of the information in press articles or other media coverage in deciding +whether or not to invest in our Global Offering. By applying to purchase our H Shares in the Global +Offering, you will be deemed to have agreed that you have not and will not rely on any information other +than that contained in this prospectus, the Global Offering, and any formal announcements made by us in +Hong Kong in relation to our Global Offering. +RISK FACTORS +–6 7– + + +--- page 77 --- +In preparation for the Listing, our Group has sought the following waivers from strict compliance +with the relevant provisions of the Listing Rules and exemption from strict compliance with the relevant +provisions of the Companies (Winding Up and Miscellaneous Provisions) Ordinance: +MANAGEMENT PRESENCE IN HONG KONG +Pursuant to Rules 8.12 and 19A.15 of the Listing Rules, an issuer must have sufficient management +presence in Hong Kong and, in normal circumstances, at least two of the issuer’s executive directors must +be ordinarily resident in Hong Kong. +Currently, all of our executive Directors reside in the PRC and for the foreseeable future will not be +ordinarily resident in Hong Kong. Our Group’s business operations are primarily conducted in the PRC, +our management headquarter, senior management and assets are primarily located in the PRC, and our +management is best able to attend to its function by being based in the PRC. It would be practically +difficult and commercially unnecessary for us to relocate two of our executive Directors to Hong Kong, +or to appoint additional executive Directors solely for the purpose of satisfying Rules 8.12 and 19A.15 of +the Listing Rules. +Accordingly, we have applied to the Stock Exchange for, and the Stock Exchange has granted us, a +waiver from compliance with Rules 8.12 and 19A.15 of the Listing Rules subject to, among others, the +following conditions: +(a) pursuant to Rule 3.05 of the Listing Rules, we have appointed two authorized representatives, +Dr. Ji, our executive Director, chairman of our Board, chief executive officer and general +manager, and Ms. Zhang Jingjie (“ Ms. Zhang ”), our joint company secretary, chief financial +officer and Board secretary, who will act as our Company’s principal channel of +communication with the Stock Exchange. Although Dr. Ji and Ms. Zhang resides in the PRC, +they possess valid travel documents and are able to renew such travel documents when they +expire to travel to Hong Kong. Each of our authorized representatives will be available to meet +with the Stock Exchange in Hong Kong within a reasonable time frame upon the request of the +Stock Exchange and will be readily contactable by telephone, facsimile and/or email (where +available). Each of our authorized representatives is authorized to communicate on our behalf +with the Stock Exchange. Our Company has been registered on September 12, 2025 as a +non-Hong Kong company under Part 16 of the Companies Ordinance and Ms. Ma Wing Yee +(“Ms. Ma ”), our joint company secretary who is an ordinarily resident in Hong Kong, has also +been authorized to accept service of legal process and notices in Hong Kong on behalf of our +Company; +(b) both of our authorized representatives have means to contact all our Directors (including our +independent non-executive Directors) promptly at all times as and when the Stock Exchange +wishes to contact our Directors for any matters. Our Directors who are not ordinarily resident +in Hong Kong possess or can apply for valid travel documents to visit Hong Kong and will be +able to meet with the Stock Exchange within a reasonable period of time, when required. Each +of our Directors has provided his/her respective mobile phone numbers, office phone numbers, +facsimile numbers and/or email addresses (where available) to our authorized representatives. +In the event that a Director expects to travel, he/she will endeavor to provide the phone number +of the place of his/her accommodation to our authorized representatives or maintain an open +line of communication via his/her mobile phone. Each of our Directors and authorized +representatives has provided his/her mobile phone numbers, office phone numbers, facsimile +numbers and/or email addresses (where available) to the Stock Exchange; +W AIVERS FROM STRICT COMPLIANCE WITH THE REQUIREMENTS UNDER THE +LISTING RULES AND EXEMPTION FROM THE COMPANIES (WINDING UP AND +MISCELLANEOUS PROVISIONS) ORDINANCE +–6 8– + + +--- page 78 --- +(c) pursuant to Rule 3A.19 of the Listing Rules, we have appointed Somerley Capital Limited as +our compliance advisor (the “ Compliance Advisor ”), which shall have access at all times to +our authorized representatives, Directors, senior management and other officers of our +Company, and will act as an additional channel of communication between the Stock Exchange +and us; and +(d) meetings between the Stock Exchange and our Directors could be arranged through our +authorized representatives or the Compliance Advisor, or directly with our Directors within a +reasonable time frame. We will promptly inform the Stock Exchange of any changes of our +authorized representatives and/or the Compliance Advisor. +JOINT COMPANY SECRETARIES +According to Rules 3.28 and 8.17 of the Listing Rules and Chapter 3.10 of the Guide issued by the +Stock Exchange, the secretary of an issuer must be a person who has the requisite knowledge and +experience to discharge the functions of the company secretary and is either (i) a member of the Hong +Kong Chartered Governance Institute, a solicitor or barrister as defined in the Legal Practitioners +Ordinance (Chapter 159 of the Laws of Hong Kong) or a certified public accountant as defined in the +Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong); or (ii) an individual who, +by virtue of his/her academic or professional qualifications or relevant experience, is, in the opinion of the +Stock Exchange, capable of discharging the functions of a company secretary. +According to Chapter 3.10 of the Guide, the waiver under Rule 3.28 of the Listing Rules will be +granted for a fixed period of time, but in any case, will not exceed three years from the Listing Date (the +“Waiver Period ”) and on the conditions that (i) the company secretary in question must be assisted by a +person who possesses the qualifications or experience as required under Rule 3.28 and is appointed as a +joint company secretary throughout the Waiver Period; and (ii) the waiver can be revoked if there are +material breaches of the Listing Rules by our Company. +We have appointed Ms. Zhang and Ms. Ma as our joint company secretaries. Ms. Zhang joined our +Group as our chief financial officer and Board secretary in September 2023, and is primarily responsible +for the overall supervision and management of financial and accounting affairs and company secretarial +matters of our Group. Our Directors are of the view that, having regard to Ms. Zhang’s thorough +understanding of the overall business operations and corporate governance matters of our Group, she is +considered as a suitable person to act as a company secretary of our Company. In addition, as our +headquarters and principal business operations are substantially based and conducted in the PRC, our +Directors believe that it is necessary to appoint Ms. Zhang as a company secretary whose presence in the +headquarters of our Group enables her to attend the day-to-day corporate secretarial matters of our Group +and to take the necessary actions in an effective and efficient manner. +However, given that Ms. Zhang does not possess a qualification stipulated in Rule 3.28(1) of the +Listing Rules nor the “relevant experience” set out in Rule 3.28(2) of the Listing Rules, she is not able +to solely fulfill the requirements as a company secretary of a listed issuer stipulated under Rules 3.28 and +8.17 of the Listing Rules. In order to provide support to Ms. Zhang, we have appointed Ms. Ma, an +associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance +Institute in the United Kingdom, who is qualified under Rule 3.28 of the Listing Rules, to act as the other +joint company secretary to closely work with and provide support to Ms. Zhang during the Waiver Period +so as to enable Ms. Zhang to acquire the relevant experience (as required under Rule 3.28(2) of the Listing +Rules) to duly discharge her duties as a company secretary of a listed issuer. +W AIVERS FROM STRICT COMPLIANCE WITH THE REQUIREMENTS UNDER THE +LISTING RULES AND EXEMPTION FROM THE COMPANIES (WINDING UP AND +MISCELLANEOUS PROVISIONS) ORDINANCE +–6 9– + + +--- page 79 --- +Accordingly, we have applied to the Stock Exchange for, and the Stock Exchange has granted us, a +waiver from strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules in +relation to the appointment of Ms. Zhang as our joint company secretary on the condition that Ms. Zhang +will be assisted by Ms. Ma as our joint company secretary throughout the Waiver Period. Being an +assistant manager of SWCS Corporate Services Group (Hong Kong) Limited and by virtue of her +experience in corporate secretarial practice, Ms. Ma is, in our Directors’ opinion, a qualified and suitable +person to render assistance to Ms. Zhang so as to enable her to acquire the relevant experience (as required +under Rule 3.28(2) of the Listing Rules) to duly discharge her duties. In addition, Ms. Zhang will comply +with the annual professional training requirement under Rule 3.29 of the Listing Rules and will enhance +her knowledge of the Listing Rules during the Waiver Period. Our Company will further ensure that Ms. +Zhang has access to the relevant training and support that would enhance her understanding of the Listing +Rules and the duties of a company secretary of an issuer listed on the Stock Exchange. +Such waiver will be revoked immediately if and when Ms. Ma ceases to provide such assistance or +our Company commits any material breaches of the Listing Rules during the Waiver Period. Before the +expiry of such three-year period, we will liaise with the Stock Exchange to enable it to assess the then +experience of Ms. Zhang, having had the benefit of Ms. Ma’s assistance for three years, will have acquired +the relevant experience within the meaning of Rule 3.28 of the Listing Rules so that a further waiver will +not be necessary. +See “Directors, Supervisors and Senior Management” in this prospectus for the biographical +information of Ms. Zhang and Ms. Ma. +EXEMPTION FROM STRICT COMPLIANCE WITH SECTION 342(1) OF THE COMPANIES +(WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE IN RELATION TO +PARAGRAPH 27 OF PART I AND PARAGRAPH 31 OF PART II OF THE THIRD SCHEDULE TO +THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE +According to section 342(1)(b) of the Companies (Winding Up and Miscellaneous Provisions) +Ordinance, the prospectus shall include the matters specified in Part I of the Third Schedule thereto and +the reports specified in Part II of the Third Schedule thereto. +According to paragraph 27 of Part I of the Third Schedule to the Companies (Winding Up and +Miscellaneous Provisions) Ordinance, our Company is required to include in the prospectus a statement +as to the gross trading income or sales turnover (as the case may be) of our Company during each of the +three financial years immediately preceding the issue of the prospectus as well as an explanation of the +method used for the computation of such income or turnover and a reasonable breakdown of the more +important trading activities. +According to paragraph 31 of Part II of the Third Schedule to the Companies (Winding Up and +Miscellaneous Provisions) Ordinance, our Company is required to include in the prospectus a report +prepared by our Company’s auditor with respect to the profits and losses and assets and liabilities of our +Company for each of the three financial years immediately preceding the issue of the prospectus. +According to section 342A(1) of the Companies (Winding Up and Miscellaneous Provisions) +Ordinance, the SFC may issue, subject to such conditions (if any) as the SFC thinks fit, a certificate of +exemption from compliance with the relevant requirements under the Companies (Winding Up and +Miscellaneous Provisions) Ordinance if, having regard to the circumstances, the SFC considers that the +exemption will not prejudice the interest of the investing public and compliance with any or all of such +requirements would be irrelevant or unduly burdensome, or is otherwise unnecessary or inappropriate. +W AIVERS FROM STRICT COMPLIANCE WITH THE REQUIREMENTS UNDER THE +LISTING RULES AND EXEMPTION FROM THE COMPANIES (WINDING UP AND +MISCELLANEOUS PROVISIONS) ORDINANCE +–7 0– + + +--- page 80 --- +According to Rule 4.04(1) of the Listing Rules, the accountants’ report contained in the prospectus +must include, among others, the results of the company in respect of each of the three financial years +immediately preceding the issue of the prospectus or such shorter period as may be acceptable to the Stock +Exchange. +According to Rule 18A.06 of the Listing Rules, an eligible biotech company shall comply with Rule +4.04 of the Listing Rules modified so that references to “three financial years” or “three years” in that rule +shall instead reference to “two financial years” or “two years,” as the case may be. +In compliance with the abovementioned requirements under the Listing Rules, the Accountants’ +Report set out in Appendix I to this prospectus is prepared to cover the two financial years ended +December 31, 2025. +As such, we have applied to the SFC for, and the SFC has granted, a certificate of exemption from +strict compliance with the requirements under paragraph 27 of Part I and paragraph 31 of Part II of the +Third Schedule to the Companies (Winding Up and Miscellaneous Provisions) Ordinance regarding the +inclusion of an accountants’ report covering the full three financial years immediately preceding the issue +of this prospectus on the following grounds: +(a) we are a clinical-stage biotech company founded by a team of industrial experts in 2017, +dedicated to researching and developing innovative therapies for autoimmune, metabolic and +oncology diseases and falls within the scope of biotech company as defined under Chapter 18A +of the Listing Rules; +(b) the Accountants’ Report for each of the two financial years ended December 31, 2025 has been +prepared and is set out in Appendix I to this prospectus in accordance with Rule 18A.06 of the +Listing Rules; +(c) notwithstanding that the financial results set out in this prospectus are only for the two years +ended December 31, 2025 in accordance with Chapter 18A of the Listing Rules, other +information required to be disclosed under the Listing Rules and the Companies (Winding Up +and Miscellaneous Provisions) Ordinance has been adequately disclosed in this prospectus +pursuant to the relevant requirements; +(d) given that Chapter 18A of the Listing Rules provides that the minimum track record period for +biotech companies in terms of financial disclosure is two years, strict compliance with the +requirements of section 342(1) of the Companies (Winding Up and Miscellaneous Provisions) +Ordinance and paragraph 27 of Part I and paragraph 31 of Part II of the Third Schedule to the +Companies (Winding Up and Miscellaneous Provisions) Ordinance would be unnecessary for +our Company; and +(e) the Accountants’ Report covering the two financial years ended December 31, 2025, together +with other disclosures in this prospectus, has already provided adequate and reasonable +up-to-date information for the potential investors to make an informed assessment of the +business, assets and liabilities, financial position, management and prospects and to form a +view on the track record of our Company. Therefore, the exemption would not prejudice the +interest of the investing public. +The SFC has granted a certificate of exemption under section 342A of the Companies (Winding Up +and Miscellaneous Provisions) Ordinance exempting our Company from strict compliance with section +342(1)(b) in relation to paragraph 27 of Part I and paragraph 31 of Part II of the Third Schedule to the +Companies (Winding Up and Miscellaneous Provisions) Ordinance on the conditions that particulars of the +exemption are set out in this prospectus and this prospectus will be issued on or before June 12, 2026. +W AIVERS FROM STRICT COMPLIANCE WITH THE REQUIREMENTS UNDER THE +LISTING RULES AND EXEMPTION FROM THE COMPANIES (WINDING UP AND +MISCELLANEOUS PROVISIONS) ORDINANCE +–7 1– + + +--- page 81 --- +DIRECTORS’ RESPONSIBILITY FOR THE CONTENTS OF THIS PROSPECTUS +This prospectus, for which the Directors collectively and individually accept full responsibility, +includes particulars given in compliance with the Companies (Winding Up and Miscellaneous Provisions) +Ordinance, the Securities and Futures (Stock Market Listing) Rules (Chapter 571V of the Laws of Hong +Kong) and the Listing Rules for the purpose of giving information to the public with regard to the Group. +The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and +belief, the information contained in this prospectus is accurate and complete in all material respects and +not misleading or deceptive, and there are no other matters the omission of which would make any +statement herein or this prospectus misleading. +CSRC FILING +We have filed the required documents with the CSRC, and the CSRC has issued the filing notice +dated April 23, 2026, confirming our completion of the filing pursuant to the new filing regime introduced +by the Overseas Listing Trial Measures for the Global Offering, for the conversion of certain Unlisted +Shares into H Shares and the application for listing of the H Shares on the Stock Exchange. +INFORMATION ON THE GLOBAL OFFERING +This prospectus is published solely in connection with the Hong Kong Public Offering, which forms +part of the Global Offering. The Global Offering comprises the Hong Kong Public Offering of initially +1,360,000 Offer Shares and the International Offering of initially 12,240,000 Offer Shares (subject to, in +each case, reallocation on the basis as set out in “Structure of the Global Offering” and, in case of the +International Offering, any exercise of the Over-allotment Option). +The Hong Kong Offer Shares are offered solely on the basis of the information contained and +representations made in this prospectus and on the terms and subject to the conditions set out herein. No +person is authorized to give any information in connection with the Global Offering or to make any +representation not contained in this prospectus, and any information or representation not contained herein +must not be relied upon as having been authorized by our Company, the Sole Sponsor, the Sole Overall +Coordinator, the Sponsor-Overall Coordinator, the Sole Global Coordinator, the Sole Bookrunner, the Sole +Lead Manager, the Capital Market Intermediary, the Underwriter, any of our or their respective directors, +officers, employees, advisors, agents or representatives, or any other persons or parties involved in the +Global Offering. +Neither the delivery of this prospectus nor any offering, sale or delivery made in connection with the +Offer Shares should, under any circumstances, create any implication that there has been no change or +development in our affairs since the date of this prospectus or that the information in this prospectus is +correct as of any date subsequent to the date of this prospectus. +Details of the structure of the Global Offering, including its conditions, are set out in “Structure of +the Global Offering”, and the procedures for applying for Hong Kong Offer Shares are set out in “How +to apply for Hong Kong Offer Shares.” +INFORMATION ON THE CONVERSION OF UNLISTED SHARES INTO H SHARES +Our Company has applied for the conversion of 59,999,605 Unlisted Shares into H Shares and see +“History, Development and Corporate Structure” and “Share Capital” in this prospectus for details of their +interests in our Company and relevant procedures for the conversion of Unlisted Shares into H Shares. +Such H Shares to be converted from Unlisted Shares are restricted from trading for a period of one year +after the Listing. +The relevant filing procedure in relation to the conversion of Unlisted Shares into H Shares has been +completed on April 23, 2026. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–7 2– + + +--- page 82 --- +RESTRICTIONS ON OFFER AND SALE OF THE OFFER SHARES +Each person acquiring the Hong Kong Offer Shares under the Hong Kong Public Offering will be +required to, or be deemed by his/her/its acquisition of the Hong Kong Offer Shares to, confirm that +he/she/it is aware of the restrictions on the offer and sale of the Hong Kong Offer Shares described in this +prospectus. +No action has been taken to permit a public offering of the Offer Shares outside Hong Kong or the +distribution of this prospectus in any jurisdiction other than Hong Kong. Accordingly, and without +limitation to the following, this prospectus may not be used for the purpose of, and does not constitute, +an offer or invitation in any jurisdiction or in any circumstances where such an offer or invitation is not +authorized or to any person to whom it is unlawful to make such an offer or invitation for subscription. +The distribution of this prospectus and the offering and sale of the Offer Shares in other jurisdictions are +subject to restrictions and may not be made except as permitted under the applicable securities laws of +such jurisdictions pursuant to registration with or authorization by the relevant securities regulatory +authorities or an exemption therefrom. +UNDERWRITING +The listing of our H Shares on the Stock Exchange is sponsored by the Sole Sponsor and the Global +Offering is managed by the Sole Overall Coordinator. The Hong Kong Public Offering is fully +underwritten by the Hong Kong Underwriter subject to the terms and conditions of the Hong Kong +Underwriting Agreement. The International Offering is expected to be fully underwritten by the +International Underwriter subject to the terms and conditions of the International Underwriting +Agreement. For more information on the Underwriter and the Underwriting Agreements, see +“Underwriting.” +APPLICATION FOR LISTING OF THE H SHARES ON THE STOCK EXCHANGE +Our Company has applied to the Stock Exchange for the granting of the listing of, and permission +to deal in, the H Shares to be issued by us pursuant to the Global Offering (including any H Shares which +may be issued pursuant to the exercise of the Over-allotment Option) and the H Shares to be converted +from the Unlisted Shares. +Dealings in the H Shares on the Stock Exchange are expected to commence on Tuesday, June 23, +2026. No part of our Shares is listed or dealt in on any other stock exchange, and no such listing or +permission to list is being or proposed to be sought on any other stock exchange as of the date of this +prospectus. +Under section 44B(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, any +allotment made in respect of any application will be invalid if the listing of, and permission to deal in, our +H Shares on the Stock Exchange pursuant to this prospectus has been refused before the expiration of three +weeks from the date of the closing of the application lists, or such longer period (not exceeding six weeks) +as may, within the said three weeks, be notified to our Company by or on behalf of the Stock Exchange. +H SHARES WILL BE ELIGIBLE FOR ADMISSION INTO CCASS +Subject to the granting of the listing of, and permission to deal in, our H Shares on the Stock +Exchange and compliance with the stock admission requirements of HKSCC, our H Shares will be +accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from +the date of commencement of dealings in our H Shares on the Stock Exchange or on any other date as +determined by HKSCC. Settlement of transactions between participants of the Stock Exchange is required +to take place in CCASS on the second settlement day after any trading day. All activities under CCASS +are subject to the General Rules of HKSCC and the HKSCC Operational Procedures in effect from time +to time. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–7 3– + + +--- page 83 --- +All necessary arrangements have been made enabling our H Shares to be admitted into CCASS. +Investors should seek the advice of their stockbrokers or other professional advisors for details of the +settlement arrangements as such arrangements may affect their rights and interests. +H SHARE REGISTER AND STAMP DUTY +All H Shares issued pursuant to applications made in the Global Offering and converted from +Unlisted Shares will be registered on our H Share register of members to be maintained in Hong Kong by +our H Share Registrar, Computershare Hong Kong Investor Services Limited. Our principal register of +members will be maintained by us at our head office in the PRC. +Dealings in our H Shares registered in our H Share register will be subject to Hong Kong stamp duty. +DIVIDENDS PAYABLE TO HOLDERS OF H SHARES +Unless determined otherwise by our Company, dividends payable in Hong Kong dollars in respect +of our H Shares will be paid to our Shareholders as recorded on our H Share register of members in Hong +Kong and sent by ordinary post, at the Shareholders’ risk, to the registered address of each Shareholder. +Cash dividends to domestic investors of H-share “full circulation” shall be distributed through CSDC. An +H-share listed company shall transfer RMB cash dividends to the designated bank account of the Shenzhen +subsidiary of CSDC, who shall complete the clearing of cash dividends by distributing the cash dividends +to investors through domestic securities companies. +REGISTRATION OF SUBSCRIPTION, PURCHASE AND TRANSFER OF H SHARES +We have instructed our H Share Registrar, and it has agreed not to register the subscription, purchase +or transfer of any H Shares in the name of any particular holder unless and until the holder delivers a +signed form to our H Share Registrar in respect of those H Shares bearing statements to the effect that the +holder: + agrees with us and each of our Shareholders, and we agree with each Shareholder, to observe +and comply with the PRC Company Law and our Articles of Association; + agrees with us and each of our Shareholders that the H Shares are freely transferable by the +holders thereof; and + authorizes us to enter into a contract on his/her/its behalf with each of the Directors, +Supervisors, managers and officers whereby such Directors, Supervisors, managers and +officers undertake to observe and comply with their obligations to our Shareholders as +stipulated in our Articles of Association. +Persons applying for or purchasing H Shares under the Global Offering are deemed, by their making +an application or purchase, to have represented that they are not close associates of any of the Directors, +Supervisors or an existing Shareholder or a nominee of any of the foregoing. +PROFESSIONAL TAX ADVICE RECOMMENDED +You should consult your professional advisors if you are in any doubt as to the taxation implications +of subscribing for, purchasing, holding, disposal of, dealing in or the exercise of any rights in relation to +the H Shares. None of our Company, the Sole Sponsor, the Sole Overall Coordinator, the Sponsor-Overall +Coordinator, the Sole Global Coordinator, the Sole Bookrunner, the Sole Lead Manager, the Capital +Market Intermediary, the Underwriter, any of our or their respective directors, officers, employees, +advisors, agents or representatives, or any other persons or parties involved in the Global Offering accepts +responsibility for any tax effects on, or liabilities of, any person resulting from the subscription, purchase, +holding, disposal of, dealing in, or the exercise of any rights in relation to, the H Shares. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–7 4– + + +--- page 84 --- +LANGUAGE +If there is any inconsistency between the English version of this prospectus and the Chinese +translation of this prospectus, the English version of this prospectus shall prevail unless otherwise stated. +However, if there is any inconsistency between the names of any of the entities mentioned in the English +prospectus that are not in the English language and are English translations, the names in their respective +original languages shall prevail. For ease of reference, the names of the Chinese laws and regulations, +government authorities, institutions, natural persons or other entities (including certain of our subsidiaries) +have been included in this prospectus in both the Chinese and English languages. +ROUNDING +Certain amounts and percentage figures, such as share ownership and operating data, included in this +prospectus may have been subject to rounding adjustments. Accordingly, figures shown as totals in certain +tables may not be an arithmetic aggregation of the figures preceding them. +EXCHANGE RATE CONVERSION +Solely for your convenience, this prospectus contains translations among certain amounts +denominated in Renminbi, Hong Kong dollars and U.S. dollars at specified rates. +Unless otherwise specified, the translation of Renminbi into Hong Kong dollars, of Renminbi into +U.S. dollars and of Hong Kong dollars into U.S. dollars, and vice versa, in this prospectus was made at +the following rates: +RMB0.86998 to HK$1.00 +RMB6.8187 to US$1.00 +HK$7.83777 to US$1.00 +No representation is made that any amounts in RMB or Hong Kong dollars can be or could have been +at the relevant dates converted at the above rate or any other rates or at all. +INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING +–7 5– + + +--- page 85 --- +DIRECTORS +Name Address Nationality +Executive Directors +Dr. Ji Jianxin (อ) Room 01, 2/F, Unit 3, Building 09 +No. 8 Shenxianshu South Road +High-tech Zone, Chengdu +Sichuan Province +PRC +Chinese +Mr. Yang Xiangyu ( เജρ) Room 806, Unit 1, Building 11 +Shengfei TOWN City +Shuangliu District, Chengdu +Sichuan Province +PRC +Chinese +Mr. Wu Zhen (ࣈRoom 1903, 19th Floor, Unit 1 +Building 1, No. 998 Liangshui Road +Kangdexinyuan, Wenjiang District +Chengdu +PRC +Chinese +Ms. Zhang Yao ( ੵ䊦) No. 11, Unit 1, Aijia Xincheng +Residential Community +11 Yongsheng South Street +Wuhou District +Chengdu +PRC +Chinese +Non-executive Directors +Ms. Geng Xueli ( অኪ஁) No. 1 Qinghuayuan +Faculty & Staff Family Residence (Building +1) Haidian District +Beijing +PRC +Chinese +Mr. Du Jiangbo (تRoom 202, No. 15, Lane 55 Guangzhou Road +Yangpu District +Shanghai +PRC +Chinese +Mr. Wang Junfeng (ࢤڲRoom 502, Building 9, +Yard 4 Laiguangying West Road +Chaoyang District +Beijing +PRC +Chinese +Mr. Zhang Zhiyong (ۇRoom 7-3, Building 1 +No. 28 Tianlongzhi Road +Yubei District +Chongqing +PRC +Chinese +DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–7 6– + + +--- page 86 --- +Name Address Nationality +Independent non-executive Directors +Wong Jovi Chi Wing ( ˮқ࿲) Flat A, 29/F, BLK 2 +Scenecliff +33 Conduit Road +Central Mid-Level +Hong Kong +Chinese +(Hong Kong) +Mr. Jiang He (ձ) 1-2-1102 Shanghai Garden +No. 52 Zijing South Road +Wuhou District, Chengdu +Sichuan +PRC +Canadian +Ms. Lin Fangzhu (϶) Room 5-401 +No. 505 Kanghua Road +Gaoxin District +Chengdu +Sichuan Province +PRC +Chinese +Mr. Liu Zhe (ࡪRoom 704, Building 11 +Xibahe Beili +Chaoyang District +Beijing +PRC +Chinese +SUPERVISORS +Note +Name Address Nationality +Mr. Tang Gaojia (৷ྗ) Room 302, Unit 1, Building 9 +Xuefu Xinglin Phase II +No. 760 Longping Road +Yongning Street +Wenjiang District +Chengdu +PRC +Chinese +Ms. Wang Liqun ( ӓᘆ໊) Room 602, Unit 1, Building 11 +Kangcheng Jiayuan +Wenjiang District +Chengdu +PRC +Chinese +Ms. Guo Qi ( ெೡ) Room 304, Unit 1, Building 20 +Xinzhuang Community +Wenjiang District, Chengdu City +Sichuan Province +PRC +Chinese +Please refer to the section headed “Directors, Supervisors and Senior Management” in this +prospectus for further details of our Directors and Supervisors. +Note: Pursuant to the PRC Company Law, our Shareholders passed a resolution at our general meeting held on July 11, 2025 to +abolish the supervisory committee of the Company effective upon Listing. Following the abolishment of the supervisory +committee, the principal functions of the supervisory committee has been replaced by the Audit Committee. +DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–7 7– + + +--- page 87 --- +PARTIES INVOLVED IN THE GLOBAL OFFERING +Sole Sponsor CITIC Securities (Hong Kong) Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Sponsor-Overall Coordinator and Sole Overall +Coordinator +CLSA Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Sole Global Coordinator CLSA Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Sole Bookrunner CLSA Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Sole Lead Manager CLSA Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Capital Market Intermediary CLSA Limited +18/F, One Pacific Place +88 Queensway +Hong Kong +Legal advisors to our Company As to Hong Kong and United States laws: +Sidley Austin +Level 39, Two International Finance Centre +8 Finance Street +Central +Hong Kong +As to PRC laws: +JunHe LLP +26/F HKRI Centre One +HKRI Taikoo Hui 288 Shimen Road (No. 1) +Shanghai +PRC +As to PRC intellectual property laws: +Hiways Law Firm +12/F, 1366 Lujiazui Ring Road +Shanghai +PRC +DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–7 8– + + +--- page 88 --- +Legal advisors to the Sole Sponsor and the +Underwriter +As to Hong Kong and United States laws: +Herbert Smith Freehills Kramer +23rd Floor, Gloucester Tower +15 Queen’s Road Central +Hong Kong +As to PRC laws: +Jingtian & Gongcheng +34th Floor, Tower 3 +China Central Place +77 Jianguo Road +Chaoyang District +Beijing +PRC +Reporting Accountants and Auditor Deloitte Touche Tohmatsu +Certified Public Accountants +Registered Public Interest Entity Auditor +35/F One Pacific Place +88 Queensway +Hong Kong +Industry Consultant China Insights Industry Consultancy Limited +10/F, Building B, Jing’an International Center +No. 88 Puji Road +Jing’an District +Shanghai +PRC +Receiving Banks CMB Wing Lung Bank Limited +45 Des V oeux Road Central +Hong Kong +Industrial and Commercial Bank of China +(Asia) Limited +33/F, ICBC Tower +3 Garden Road +Central +Hong Kong +DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING +–7 9– + + +--- page 89 --- +Headquarters and registered office in the PRC No. 501, 5/F, Unit 1, Building 4, No. 18 +North Section of Bayi Road Yongning Town +Wenjiang District Chengdu +PRC +Principal place of business in Hong Kong 40/F, Dah Sing Financial Centre +248 Queen’s Road East +Wanchai +Hong Kong +Company’s website address www.hj3h.com +(information on this website does not form part of +this prospectus) +Joint Company Secretaries Ms. Zhang Jingjie ( ੵവᆎ) +Room 302, Building 2, Langshi Xihuafu +No. 777 Shengzhi Street +High-tech Zone, Chengdu +Sichuan Province +PRC +Ms. Ma Wing Y ee +ACG (CS, CGP); HKACG (CS, CGP) +40/F, Dah Sing Financial Centre +248 Queen’s Road East +Wanchai +Hong Kong +Authorized Representatives Dr. Ji Jianxin (อ) +Room 01, 2/F, Unit 3, Building 09 +No. 8 Shenxianshu South Road +High-tech Zone, Chengdu +Sichuan Province +PRC +Ms. Zhang Jingjie ( ੵവᆎ) +Room 302, Building 2, Langshi Xihuafu +No. 777 Shengzhi Street +High-tech Zone, Chengdu +Sichuan Province +PRC +Audit Committee Ms. Lin Fangzhu (϶) (Chairlady) +Mr. Jiang He (ձ) +Mr. Liu Zhe (ࡪ) +Remuneration and Appraisal Committee Ms. Lin Fangzhu (϶) (Chairlady) +Dr. Ji Jianxin (อ) +Mr. Jiang He (ձ) +CORPORATE INFORMATION +–8 0– + + +--- page 90 --- +Nomination Committee Dr. Ji Jianxin (อ) (Chairman) +Mr. Jiang He (ձ) +Ms. Lin Fangzhu (϶) +Compliance Advisor Somerley Capital Limited +20/F, China Building +29 Queen’s Road Central +Hong Kong +H Share Registrar Computershare Hong Kong Investor Services +Limited +Shops 1712-1716 +17th Floor, Hopewell Centre +183 Queen’s Road East +Wan Chai +Hong Kong +Principal bank Industrial and Commercial Bank of China, +Ltd. Chengdu Wenjiang Branch +No. 27, East Street, Liucheng Town +Wenjiang District, Chengdu +Sichuan Province +PRC +CORPORATE INFORMATION +–8 1– + + +--- page 91 --- +Certain information and statistics set out in this section have been extracted from various +official government publications, available sources from public market data providers and an +Independent Third-Party source, China Insights Consultancy. The report prepared by China +Insights Consultancy and cited in this document was commissioned by us. We believe that the +sources of this information are appropriate sources for such information and have taken +reasonable care in extracting and reproducing such information. We have no reason to believe +that such information is false or misleading or that any fact has been omitted that would render +such information false or misleading. The information from official government sources has not +been independently verified by us, the Sole Sponsor, the Sole Overall Coordinator, the Sole Global +Coordinator, the Sole Bookrunner and the Sole Lead Manager, the Underwriter, any of their +respective directors, employees, agents or advisers or any other person or party involved in the +Global Offering, and no representation is given as to its accuracy, fairness and completeness. For +discussion of the risks relating to our industry, see “Risk Factors” in this prospectus. +THE TYK2 DRUG MARKET +Atopic Dermatitis (AD) +Overview +AD is a widespread skin condition in China and globally. It causes dry, itchy, and inflamed skin and +often starts in young children. AD is a chronic, relapsing condition characterized by flare-ups that require +more intensive treatment. These symptoms can lower patients’ quality of life and lead to psychological +problems. +Prevalence and Market Size of AD in China +In China, the prevalence of AD has shown a slight increase over the past decade, attributed to +changes in lifestyle and environmental factors, and is estimated at over 10% among children and +approximately 6% among adults. In China, the prevalence of AD was approximately 54.5 million patients +in 2020 and 54.8 million patients in 2025, and is expected to reach 55.3 million patients by 2030. Among +these patients, about 73% of AD cases are mild (SCORAD 0-24), roughly 25% are moderate (SCORAD +25-50) and around 2% are severe (SCORAD > 50). Mild-to-moderate AD accounts for approximately 98% +of total AD cases, corresponding to approximately 53.4 million patients in 2020, 53.5 million patients in +2025, and 54.2 million patients in 2030 in China, in which adults account for more than 50%, while +adolescents represent over 15% of the patient population. Notably, the prevalence among children aged 1 +to 7 years is more than five times that observed in infants (0 to 1 year). +In 2025, mild, moderate and severe AD represented approximately 18%, 56% and 26%, respectively, +of the AD drug market in China. From 2020 to 2025, market growth was mainly driven by moderate and +severe AD, primarily due to the approval and increasing adoption of biologics and JAK inhibitors for +patients requiring systemic treatment. From 2025 to 2030, moderate and severe AD are expected to remain +the key growth segments, driven by continued treatment escalation and increasing penetration of systemic +therapies. The following chart illustrates the historical and projected growth of the market size of AD +drugs in China: +Market size of AD drug market in China, 2020-2030E +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +Total AD 24.6% 12.2% +5.6% 10.9%Mild AD +27.0% 11.8%Moderate AD +53.9% 13.8%Severe AD +2.0 +2.6 +0.50.5 +5.1 +2.1 +2.9 +0.60.6 +5.5 2.2 +4.8 +1.11.1 +8.2 2.3 +6.2 +2.0 +10.4 2.3 +6.7 +3.1 +12.1 2.7 +8.6 +4.0 +15.3 3.0 +9.6 +4.6 +17.2 3.2 +11.1 +5.4 +19.7 3.4 +12.2 +6.2 +21.8 3.9 +13.6 +6.9 +24.5 4.5 +15.1 +7.6 +27.2 +Source: Chin J Dermatol, CIC +INDUSTRY OVERVIEW +–8 2– + + +--- page 92 --- +The AD treatment drug market in China has experienced rapid growth historically, with a CAGR of +about 24.6% from 2020 to 2025, expanding from approximately RMB5.1 billion in 2020 to RMB15.3 +billion by 2025. The market is currently characterized by a lack of highly specific drugs and insufficient +efficacy in existing treatments, leading to a relatively stable but unmet clinical demand landscape. +Looking forward, the momentum driving growth includes the emergence of innovative drug targets such +as TYK2 inhibitors and IL-4/13 blockers, the development of new formulations and targeted delivery +systems, and improving healthcare infrastructure and disease awareness. These factors, combined with +increasing patient diagnosis and access to biologics, are expected to foster accelerated market expansion. +The market is projected to grow at a CAGR of 12.2% from 2025 to 2030, reaching approximately +RMB27.2 billion by 2030 signaling robust future opportunities in China’s AD drug sector. +Traditional and Innovative Targeted Therapies +The following chart illustrates the treatment pathways for AD in China: +Treatment pathways of AD +Mild +(SCORAD: +0 ~ 24) +Moderate +(SCORAD: +25 ~ 50) +Severe +(SCORAD: +> 50) +• Symptomatic treatment with topical corticosteroids (TCS)/Topical +calcineurin inhibitors (TCI)/topical Phosphodiesterase-4 (PDE-4) +inhibitors + For concurrent infection: antimicrobial treatment + For associated allergies or severe itching: oral antihistamines + For pediatric patients and those with corticosteroid +contraindications: AhR agonists + Proactive maintenance treatment with TCS/TCI/topical PDE-4 +inhibitors + Narrow-band ultraviolet B (NB-UVB) or Long-wave ultraviolet A1 +(UVA1) therapy + Biologics (e.g., dupilumab) + For moderate-to-severe or refractory cases poorly controlled by +other systemic treatments: oral JAK (Janus kinase) inhibitors (e.g., +upadacitinib, abrocitinib) + For severe cases unresponsive or unsuitable for conventional +therapies: systemic immunosuppressants (e.g., ciclosporin) + For acute severe exacerbations: short-term systemic +corticosteroids when necessary +Basic +treatment + Health +education to +avoid +triggers + Use of +moisturizers +and +emollients +Short-term goals +3 months: + Itch relief (PP-NRS reduction ≥ 3) + Skin lesion improvement (EASI50) + Improved quality of life (DLQI reduction +≥ 4) +6 months: + Sustained itch control (PP-NRS ≤ 4) + Continued skin lesion improvement +(EASI75) + Significantly improved quality of life +(DLQI ≤ 5) +Long-term goals + Sustained itch control (PP-NRS ≤ 4) + Continued skin lesion improvement +(EASI75) + Significantly improved quality of life +(DLQI ≤ 5) + Long-term disease control (ADCT < 7) +Treatment goal assessment +If all criteria are +met: continue +treatment +If 1-2 criteria are +met: discuss with +the patient +whether to adjust +the treatment +plan +If none of the +criteria are met: +adjust the +treatment plan +Notes: PP-NRS: peak pruritus numerical rating scale; EASI: eczema area and severity index; DLQI: dermatology life quality index; +ADCT: atopic dermatitis control tool. +Source: Expert consensus on the application and management of therapeutic drugs for atopic dermatitis (2024), Expert consensus +on topical treatment and management of atopic dermatitis (2025), Chin J Dermatol, CIC +Treatment options generally vary by disease severity. Mild AD is primarily managed with basic skin +care, moisturizers and topical prescription therapies, including low- to medium-potency topical +corticosteroids and topical calcineurin inhibitors, while topical PDE-4 inhibitors, such as crisaborole, may +be considered for patients inadequately controlled by conventional topical treatments. Patients in this +segment generally place greater emphasis on convenience, tolerability, safety and affordability. Moderate +AD is treated with a broader range of topical therapies, including medium- to high-potency topical +corticosteroids and topical calcineurin inhibitors, and, for patients with inadequate disease control, +recurrent flares or material impact on quality of life, systemic or targeted therapies such as biologics and +JAK inhibitors may be considered. Severe AD generally requires systemic disease control, with higher use +of biologics, JAK inhibitors, conventional systemic immunosuppressants and, in selected cases, short-term +systemic corticosteroids. Physicians and patients in moderate-to-severe AD generally place greater +emphasis on efficacy, rapid itch relief, durability of response and quality-of-life improvement. In addition, +AhR agonists can be used to treat mild-to-moderate atopic dermatitis in adults and children aged 2 years +and older, offering a safer treatment option for pediatric patients and those with contraindications to +corticosteroids. +In clinical practice, physician prescribing patterns further reflect the above severity-based approach. +For topical therapies, TCIs and TCS remain the most commonly selected topical agents among Chinese +dermatologists, selected by 81.40% and 79.84% of respondents, respectively, while PDE-4 inhibitors were +selected by 18.25%. For moderate-to-severe AD, commonly selected systemic treatments in Chinese +INDUSTRY OVERVIEW +–8 3– + + +--- page 93 --- +physician surveys include compound glycyrrhizin, systemic corticosteroids and biologics, selected by +66.78%, 48.85% and 47.79% of dermatologists, respectively. From the patient perspective, preference +studies suggest that patients generally prefer less invasive and more convenient modalities, with topical +therapies preferred over oral therapies and oral therapies preferred over injectable therapies. This +preference is partly attributable to the clinical and practical advantages of topical therapies, which enable +localized, high-concentration treatment with limited systemic exposure and a favorable safety profile +relative to systemic therapies. However, topical therapies may still be associated with local skin reactions +and adherence challenges due to frequent and prolonged application. Among topical formulations, +ointments may be preferred over creams in certain studies. +In recent years, significant advances in understanding AD’s underlying mechanisms have facilitated +the emergence of biologics and small molecule inhibitors, offering more targeted and more effective +treatment options. JAK inhibitors represent a key targeted therapy class for the treatment of AD, +particularly for patients with moderate-to-severe disease who require systemic disease control. JAK +inhibitors block JAK/STAT signaling, which regulates multiple immune pathways implicated in AD, as +well as epidermal barrier function and pruritus-related neuronal signaling, offering a targeted approach to +AD management. Compared with broader JAK inhibitors that carry black box warnings, TYK2 inhibitors +more selectively target immune pathways while largely sparing those involved in hematopoiesis and +metabolism, which may reduce severe side effects. Their improved safety profile and oral or potential +topical formulations may make them more suitable for pediatric and long-term use. +As of the Latest Practicable Date, there has been no TYK2 inhibitors approved in China to treat AD. +The treatments of AD include corticosteroids, JAK inhibitors, aryl hydrocarbon receptor (AhR) agonists, +monoclonal antibodies, calcineurin, and PDE-4 inhibitors, with a targeting patient group reaching 54.8 +million in China in 2025. The following chart illustrates number of approved drugs in China and globally +and treatment comparisons for AD as of the Latest Practicable Date: +Number of approved drugs and treatment comparisons in AD, as of the Latest Practicable Date +MoA +No. of +approved +drugs in China +No. of +approved +drugs globally +Representative +drugs Company Target 2025 +NRDL +Approval +in China +Approval +in U.S. Advantages Limitations +Corticosteroids 64 +Meprednisone +Brand names vary by +manufacturer +/G R Y e s Y e s Y e s +• Rapid relief of inflammation +and itching +• Well-established topical use +• Widely experienced +clinical use +• Long -term use risks skin +thinning, pigment changes, +dependence +• Non-specific immune +suppression +• Relapse risk +• Caution in children +JAK inhibitors 34 +Abrocitinib +Cibinqo +®/ᑂᗻਥ® Pfizer JAK1 Yes Yes Yes • Oral or topical forms +• Fast onset +• Block multiple inflammatory +signaling pathways +• Effective for refractory +cases +• Black -box warning of pan -JAK +inhibitors +• Side effects including +headache, nausea, higher +infection risk, potential +cardiovascular events +Upadacitinib +Rinvoq +®/⪔⿅® AbbVie JAK1 Yes Yes Yes +Ruxolitinib +Opzelura®/ↆᲤ◚® CMS/Incyte JAK1, 2 - No Yes +Baricitinib +Olumiant®㢴‸᱄® Eli Lilly JAK1, 2 - No Yes +Ivarmacitinib +㢴䙕䚊® Hengrui JAK1 Yes Yes No +AhR agonists 11 Benvitimod +Vtama®/◚㄁㗄® Jumpcan/Thederma AHR No Yes Yes +• Modulates skin barrier +and immune response +• Reduces inflammation +and itch +• Efficacy and safety need +further validation +Monoclonal +antibodies 24 +Stapokibart +ᓭᚻ䚊® Keymed IL-4Rα Yes Yes No • Target specific inflammatory +pathways (e.g., dupilumab +targets IL-4/IL-13) +• Significant efficacy +• Injection-related inconvenience +• High cost +• Not all patients achieve +complete remission +• Side effects like conjunctivitis +Dupilumab +Dupixent +®/䚊ᗻ࿛® Sanofi IL-4Rα Yes Yes Yes +PDE-4 inhibitors 13 Crisaborole +Eucrisa®/㡈ග᱄® Pfizer PDE-4 Yes Yes Yes • Suitable for mild to moderate +cases +• Less effective than JAK +inhibitors +• May cause gastrointestinal +discomfort +Calcineurin 34 +Tacrolimus +Protopic®/Ფ⢯ⳤ® Leo Pharma Calcineurin/ +FKBP12 Yes Yes Yes +• Steroid -sparing anti- +inflammatory therapy +• Suitable for sensitive skin +areas +• Local burning or irritation at +application site +• Black-box warning on long- +term malignancy risk +Pimecrolimus +Elidel®/ᝑ响ᗍ® +Viatris +Healthcare +Calcineurin/ +FKBP12 Yes Yes Yes +Ciclosporin +Neoral®/᯦ኧ൦᱄® Novartis Calcineurin/ +Cyclophilin Yes Yes Yes +Note: +(1) Conventional immunosuppressants, such as methotrexate and azathioprine, may be used off-label or referenced in clinical +guidelines for selected moderate-to-severe AD patients, but are not included in the approved-drug count in the table as they +are not approved specifically for AD. +Source: NMP A, FDA, EMA, PMDA, CIC +INDUSTRY OVERVIEW +–8 4– + + +--- page 94 --- +Competitive Landscape of Targeted Drugs for AD +The following table summarizes all targeted drugs approved by the NMPA in China for the treatment +of AD as of the Latest Practicable Date. In contrast, no topical TYK2 inhibitors had been approved or +marketed in China or globally as of the Latest Practicable Date: +NMPA approved targeted drugs with the indication of AD +Drug name Brand name Targets Admin. Company Approval date Approved indications NRDL first- +included year +Price +in 2025 (RMB) +Crisaborole Eucrisa®/㡈ග᱄® PDE-4 Topical Pfizer +2020/7/29 • Mid-mod AD in infants aged 2 years and older +2021 ~160/unit +(30g)2023/8/1 • Mid-mod AD in infants aged 3 months and older +Upadacitinib Rinvoq®/⪔⿅® JAK1 Oral AbbVie 2022/2/18 • Refractory mod -severe AD in adults and adolescents aged +12 years and older 2022 ~1,830/unit +(15mg*28) +Abrocitinib Cibinqo®/ᑂᗻਥ® JAK1 Oral Pfizer +2022/4/8 • Refractory mod-severe AD in adults +2022 ~950/unit +(100mg*14)2024/2/23 • Refractory mod-severe AD in adolescents aged 12 years +and older +Dupilumab Dupixent®/䚊ᗻ࿛® IL-4Rα Injection Sanofi +2020/6/17 • Mod-severe AD in adults +2020 ~1,510/unit +(300mg) +2021/9/7 • Mod-severe AD in adolescents aged 12 years and older +2022/2/18 • Mod-severe AD in children aged 6 years and older +2023/5/26 • Mod-severe AD in children and infants aged 6 months to 5 +years +Stapokibart ᓭᚻ䚊® IL-4Rα Injection KeyMed 2024/9/10 • Mod-severe AD in adult patients 2025 ~1,039/unit +(300mg) +Benvitimod Vtama®/◚㄁㗄® AhR Topical Jumpcan/TheD erma 2024/11/22 • Mild to moderate AD in patients aged 2 years and older - 360/unit +(15g) +Ivarmacitinib 㢴䙕䚊® JAK1 Oral Hengrui 2025/4/1 • Mod-severe AD in adult patients 2025 ~1,906/unit +(4mg × 28) +Notes: PDE-4: phosphodiesterase-4; AhR: aryl hydrocarbon receptor . +Source: NMP A, FDA, EMA, PMDA, CIC +As of the Latest Practicable Date, 26 drug candidates targeting the JAK family had been registered +in China for the treatment of AD, of which nine were TYK2 inhibitors, comprising three drug candidates +selectively targeting TYK2 and six drug candidates targeting TYK2 in combination with other JAK family +members. The following table summarizes these drug candidates as of the Latest Practicable Date: +Pipelines of TYK2 or JAK targeted drug registered in CDE in AD treatment +Drug Name Target Formulation Indication Company Phase First Posted Date Trial Number +Pumecitinib +(PG-011) JAK1, 2 Topical Mild-mod AD in teenagers and adults Beijing Primegene NDA 2026/2/11 - +Ivarmacitinib JAK1 Topical Mild-mod AD in adults Hengrui NDA 2025/2/15 - +Ruxolitinib Cream JAK1, 2 Topical Mild-mod AD in teenagers and adults Incyte/China Medical System NDA 2026/2/25 - +Tofacitinib (MH004) JAK1, 2 Topical Mild-mod AD in teenagers and adults Minghui NDA 2026/4/3 - +Zemprocitinib +(LNK01001) JAK1 Oral Mod-severe AD in adults Lynk Pharmaceuticals NDA 2026/4/8 - +Gecacitinib JAK1, 2, 3/TYK2/ALK2 Oral Mod-severe AD in adults Zelgen III 2022/6/21 CTR20221417 +Soficitinib +(ICP-332) TYK2 Oral +Mod-severe AD in adults Innocare Pharma III 2024/8/26 CTR20243202 +Mod-severe AD in teenagers Innocare Pharma II 2026/5/6 CTR20261421 +VC005 JAK1 Oral Moderate to AD in adults Jiangsu Vcare III 2024/12/13 CTR20244630 +Abrocitinib JAK1 Oral Mod-severe AD in aged 6 to 12 year old children Pfizer III 2025/10/14 CTR20253946 +QY201 JAK1/TYK2 Oral Mod-severe AD in adults E-Nitiate III 2025/2/7 CTR20244696 +QLM3003 JAK1, 2, 3 Topical Mild-mod AD in adults Qilu III 2025/3/31 CTR20250987 +LW402 JAK1 Oral Mild-mod AD in adults Shanghai Longwood III 2026/1/27 CTR20260288 +VC005 JAK1 Topical Mild-mod AD in teenagers and adults Jiangsu Vcare III 2026/4/23 CTR20261540 +MDI-1228 JAK Topical Mild-mod AD in adults Rui-Inno Pharma II 2023/9/27 CTR20233049 +JYP0061 JAK1 Oral Mod-severe AD in adults Guangzhou Jiayue II 2023/11/9 CTR20233559 +TUL01101 JAK1 Oral Mod-severe AD in adults Zhuhai United II 2023/11/13 CTR20233576 +TUL01101 JAK1 Topical Mild-mod AD in adults Zhuhai United II 2024/3/13 CTR20240878 +HJ787 TYK2 Topical Mild-mod AD in adults HJ Science II 2024/7/29 CTR20242529 +WXFL10203614 JAK1 Oral Mod-severe AD in adults Wuxi Fortune II 2024/8/14 CTR20242982 +ZL-82 JAK3 Oral Mod-severe AD in adults Zenitar II 2025/4/30 CTR20251409 +LNK01004 JAK1, 2, 3/TYK2 Topical AD Lynk Pharmaceuticals II 2025/2/10 CTR20250432 +H018 JAK1 Topical AD Jiangsu Carephar II 2025/8/4 CTR20253018 +CMS-D001 TYK2 Oral Mod-severe AD in adults Hainan Dermavon II 2026/1/19 CTR20260084 +HL-300 JAK1, 2/TYK2 Topical Mild-mod AD in adults Highlight Pharma Ib/II 2026/4/28 CTR20261611 +QY211 JAK1/TYK2 Topical Mild-mod AD in adults E-Nitiate I 2023/2/15 CTR20230357 +Girocitinib +(TLL-018) JAK1/TYK2 Oral AD Highlight Pharma I 2023/7/7 CTR20231983 +Note: +(1) The “First Posted Date” reflects the initial posting date on the CDE website for clinical-stage pipelines and the NMPA +acceptance date for NDA-stage pipelines. +Source: CDE, CIC +INDUSTRY OVERVIEW +–8 5– + + +--- page 95 --- +Market Drivers and Future Trends of Targeted Drugs for AD in China + TYK2 inhibitors are an important emerging option for AD treatment. Their greater selectivity +may offer an improved safety profile while modulating multiple inflammatory pathways +involved in AD, making them a promising option for long-term disease control. Their potential +to modulate multiple key inflammatory pathways involved in AD, while minimizing systemic +immunosuppression, makes them a promising therapeutic option, especially for long-term +disease control and patients at higher risk from broader JAK inhibition. Topical TYK2 +formulations in development may further expand treatment options with minimal systemic +exposure. + Pediatric and chronic disease management. Children account for a large share of AD patients, +and early onset and recurrent symptoms drive demand for safer and more effective long-term +treatments than traditional corticosteroids. As AD is increasingly recognized as a chronic +condition linked with other allergic and immune diseases, more integrated and targeted +long-term management is needed. +Acne Vulgaris (A V) +Overview +A V is a chronic inflammatory disorder that affects the hair and oil glands, often lasting a long time. +It commonly starts during adolescence, triggered by Cutibacterium acnes, a type of bacteria, and +influenced by levels of dehydroepiandrosterone in the body. While A V is not life-threatening, it can cause +scarring, irritation, and significant psychological effects. The introduction of new medications aimed at +more effectively managing inflammation, excessive oil production, and microbial imbalance is anticipated +to transform the current treatment paradigm. +Prevalence and Market Size of AV in China +In China, the prevalence of A V was approximately 118.3 million patients in 2020 and 122.1 million +patients in 2025, and is estimated to increase to 127.2 million patients by 2030. Among these patients, +approximately 68%, 26% and 6% of patients were classified as having mild, moderate and severe A V , +respectively. Mild-to-moderate A V accounts for approximately 94% of total A V cases, corresponding to +approximately 111.2 million, 114.8 million and 120.0 million patients in 2020, 2025 and 2030, +respectively. +In China, the A V drug market can be segmented into mild, moderate and severe A V markets, which +represented approximately 35%, 45% and 20%, respectively, of the overall A V drug market in 2025. +Moderate A V represented the largest segment, primarily due to its sizable patient base and higher rates of +physician visits and prescription drug use. The A V market structure has remained relatively stable +historically and is expected to remain broadly stable going forward, while moderate and severe A V are +expected to grow slightly faster, mainly driven by higher treatment intensity and the potential adoption of +newer topical and systemic therapies. +The following chart illustrates the historical and projected market size of A V drugs in China: +Market size of A V drug in China, 2020-2030E +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +Total A V 6.8% 4.9% +4.3% 4.0%Mild A V +8.2% 5.3%Moderate A V +8.4% 5.4%Severe A V +1.5 +1.6 +0.7 +3.8 +1.6 +1.8 +0.8 +4.2 +1.7 +2.0 +0.9 +4.5 +1.7 +2.1 +0.9 +4.8 +1.8 +2.3 +1.0 +5.0 +1.9 +2.4 +1.1 +5.3 +1.9 +2.5 +1.1 +5.5 +2.0 +2.6 +1.2 +5.8 +2.1 +2.8 +1.2 +6.1 +2.2 +2.9 +1.3 +6.4 +2.3 +3.1 +1.4 +6.7 +Source: Acta Derm V enereol, CIC +INDUSTRY OVERVIEW +–8 6– + + +--- page 96 --- +China’s A V drug market has grown steadily, expanding from roughly RMB3.8 billion in 2020 to +RMB5.3 billion in 2025, representing a CAGR of 6.8%. The market remains anchored in traditional, +non-specific therapies such as antibiotics and retinoids, options constrained by limited efficacy, notable +skin irritation and mounting antibiotic resistance, which keeps the market relatively stable yet +underserved. Looking ahead, momentum is expected to shift as novel mechanisms (notably TYK2 +inhibitors), improved topical formulations with advanced delivery systems, and rising disease awareness +and diagnosis rates begin to reshape treatment patterns. Together, these factors are projected to support a +more moderate 4.9% CAGR from 2025 to 2030, sustaining growth while broadening clinical and +commercial opportunities in China’s acne treatment landscape. +Treatment Pathways +Treatment options generally vary by disease severity. Mild A V is primarily managed with topical +therapies, including topical retinoids, benzoyl peroxide, azelaic acid and other topical agents, with patients +generally placing greater emphasis on convenience, tolerability, safety and affordability. Moderate A V is +commonly treated with combination topical therapies and, for patients with more inflammatory lesions or +inadequate disease control, oral antibiotics or oral isotretinoin may be considered. Severe A V generally +requires systemic treatment, including oral isotretinoin as a key option and topical therapies as adjunctive +treatment, with systemic glucocorticoids available for short-term rapid control. Physicians and patients in +moderate-to-severe A V generally place greater emphasis on efficacy, onset of action, relapse prevention, +long-term disease control and improvement in acne-related scarring and quality of life. In addition, for +female patients, androgen receptor antagonists can also be considered as one of the systemic treatment +options. +In clinical practice, physician prescribing patterns generally follow a step-care approach. Topical +therapy remains a core component of A V treatment, with 97% of surveyed Chinese dermatologists +incorporating topical agents into their regimens. Among these, topical retinoids, such as adapalene, and +oxidizing agents, such as benzoyl peroxide, are commonly used options. From the patient perspective, +current treatment experience highlights significant unmet needs. Survey data show that 62.9% of patients +discontinued topical medication within one month, primarily due to perceived slow onset of action. This +gap between the broad clinical use of topical therapies and patient adherence challenges indicates +continued demand for next-generation topical agents with improved efficacy, faster onset and better +tolerability. +The following chart illustrates treatment pathways of A V: +Treatment pathways of acne vulgaris +Acne severity Manifestation Level I recommendation Level II recommendation Not recommended Women’s choice Maintenance therapy +Mild Comedones • Topical retinoid +• Benzoyl peroxide +• Salicylic acid +• Comedone extraction +• Alpha hydroxy acid +• Traditional Chinese medicine +• Oral and topical +antibiotics / • Topical retinoid ± +Benzoyl peroxide +Moderate Papules/pustules +• Topical retinoid + Benzoyl peroxide/ +Topical antibiotic ± Oral antibiotic +• Benzoyl peroxide + Topical antibiotic +• Oral antibiotic + Topical retinoid ± Benzoyl +peroxide/Topical antibiotic +• Oral isotretinoin monotherapy +• Blue ± red light +• Photodynamic therapy +• Laser +• Alpha hydroxy acid +• Traditional Chinese medicine +• Single systemic therapy +• Single topical therapy • Oral antiandrogen drugs • Topical retinoid ± +Benzoyl peroxide +Severe Cysts, nodules +• Oral isotretinoin monotherapy+ Benzoyl +peroxide/Topical antibiotic +• Oral antibiotic + Benzoyl peroxide/Topical +antibiotic followed by oral isotretinoin +• Oral antibiotic + Topical retinoid ± Benzoyl +peroxide +• Photodynamic therapy +• Systemic glucocorticoids +• Traditional Chinese medicine +• Single topical therapy +• Oral antibiotic +monotherapy +• Oral antiandrogen drugs • Topical retinoid ± +Benzoyl peroxide +Source: Chinese Guidelines for the Management of Acne Vulgaris (2024), CIC +INDUSTRY OVERVIEW +–8 7– + + +--- page 97 --- +As of the Latest Practicable Date, no TYK2 inhibitors had been approved for the treatment of A V in +China. The treatments of A V include retinoids, corticosteroids and hormones, and antibiotics and +antimicrobials, with a targeting patient group reaching 122.1 million in China in 2025. The following chart +illustrates number of approved drugs in China and globally and treatment comparisons for A V as of the +Latest Practicable Date: +Number of approved drugs and treatment comparisons in A V , as of the Latest Practicable Date +MoA +No. of +approved +drugs in China +No. of +approved +drugs globally +Representative +drugs Company Target 2025 +NRDL +Approval +in China +Approval in +the U.S. Advantages Limitations +Retinoids 31 0 +Adapalene +Differin®/˖® Galderma RAR-β/ +RAR-γ Yes Yes Yes +Tretinoin +Retin-A® J&J +RAR-α/ +RAR-β/ +RAR-γ +Yes No1 Yes +Trifarotene +Aklief® +Galderma +SA RAR-γ –N o Y e s +Oxidizing agent 11 Benzoyl peroxide +Benzac®/⨣䌳® Galderma – Yes Yes Yes +Androgen +receptor +antagonists +01 Clascoterone +Winlevi® +Cosmo +Pharma AR – No Yes +• Normalize follicular +hyperkeratinization and block +inflammatory pathways +• Effective for both comedonal and +inflammatory acne +• Enhances penetration of other +topical agents +• Skin irritation, dryness, peeling, +photosensitivity +• Therapeutic effect may take +weeks to months +• Some variability in tolerability +among different retinoids +Corticosteroids +and hormones 44 +Drospirenone + +Ethinylestradiol +Yaz®/ᙓ᱄® +Bayer anti- +androgenic No No Yes +• Oral corticosteroids useful for +short-term flare control, especially +with isotretinoin +• Intralesional corticosteroids +effective for painful +inflammatory cysts +• Hormonal agents regulate +androgen-driven acne +• Systemic corticosteroids have +risks of side effects; not for +long-term use +• Hormonal agents take weeks to +months for effect; not suitable +for all patients +Antibiotics and +antimicrobials - +2 -2 +Erythromycin +㓘䴿㍖ +(Brand name varies) +– +50S +ribosomal +inhibitor +Yes Yes Yes +Clindamycin +᷍䴿㍖ +(Brand name varies) +– +50S +ribosomal +inhibitor +Yes Yes Yes +• Reduce C. acnes bacterial +colonization; anti-inflammatory +properties +• Often used in combination with +benzoyl peroxide to enhance +efficacy +• Oral antibiotics effective for +moderate to severe inflammatory +acne +• Risk of antimicrobial resistance, +especially with prolonged or +monotherapy use +• Side effects include +gastrointestinal upset, yeast +infections, allergic reactions +• Rapidly reduces C. acnes +colonization through oxidative +antibacterial activity +• No known risk of bacterial +resistance +• Mild comedolytic and +anti-inflammatory effects +• Commonly causes dryness, +irritation, peeling, burning or +stinging +• Local tolerability may limit +adherence, especially in +sensitive skin +• Targets androgen signaling locally +in the skin +• Reduces sebum production and +inflammation without systemic +hormonal therapy +• Local application-site reactions +may occur, such as erythema, +dryness or irritation +• Clinical effect may take several +weeks to become apparent +Notes: RAR: retinoic acid receptor; +(1) Only generic drugs of Tretinoin was approved by NMPA for A V treatment in China +(2) The approval number is not readily estimable, as certain agents are used based on guidelines or established clinical practice +rather than indication-specific approvals +Source: NMP A, FDA, EMA, PMDA, CIC +Competitive Landscape of Targeted Drugs for AV +The table below sets forth details of drug candidates registered with the CDE for A V as of the Latest +Practicable Date: +Clinical phase pipelines for A V treatment in China, CDE-registered, as of the Latest Practicable Date +Drug Name Target Formulation Indication Company Phase First Posted Date1 Trial Number +Denifanstat FASN Oral Mod-severe AV Ascletis Pharma NDA 2025-12-04 - +Tazarotene +Clindamycin Cream2 +RAR/g69/RAR-γ/50S +ribosomal sub-unit Topical Mod AV Sanjiu NDA 2026-01-10 - +Clascoterone AR Topical AV Cosmo/3SBio III 2024-04-09 CTR20241222 +Trifarotene RAR-γ Topical AV Galderma SA III 2025-06-25 CTR20252487 +5-ALA Photosensitizer4 Oral Mod-severe AV Fudan Zhangjiang II 2021-12-10 CTR20212082 +GT20029 AR Topical AV Suzhou Kintor II 2024-03-22 CTR20240799 +Pyrilutamide AR Topical Mod-severe AV Suzhou Kaixi II 2024-06-04 CTR20241858 +HJ787 TYK2 Topical AV Our company II 2025-02-25 CTR20250633 +KR230109 RAR-γ Topical AV Jiangxi kerui II 2025-12-23 CTR20255054 +WSK-V108E3 Virulence factors4 Injection Mild-mod AV WestVac I 2025-12-05 CTR20254829 +PD-DP-008 Antimicrobial peptide4 Topical Mild-mod AV Hunan Jiudian I 2025-02-14 CTR20250456 +ITR2202 - Topical AV SoliPharma I 2024-11-05 CTR20244126 +Notes: RAR: retinoic acid receptor; F ASN: fatty acid synthase; AR: androgen receptor; CAMP toxins: Christie—Atkins—Munch- +Petersen toxins; +INDUSTRY OVERVIEW +–8 8– + + +--- page 98 --- +(1) The “First Posted Date” reflects the initial posting date on the CDE website for clinical-stage pipelines and the NMPA +acceptance date for NDA-stage pipelines. +(2) Fix-dose combination. +(3) Vaccine for A V . +(4) For WSK-V108E, PD-DP-008 and 5-ALA, “target” refers to the target pathogen, bacterial structure, virulence factor or +therapeutic mechanism rather than a conventional human molecular target. +Source: CDE, CIC +Market Drivers and Future Trends of Targeted Drugs for AV in China + Increasing demand for topical therapies with improved tolerability and no resistance concerns. +Topical therapies remain the cornerstone of A V treatment in China, particularly for mild-to-moderate +A V and as adjunctive options for more severe disease. While antibiotics, retinoids and hormonal +therapies are widely used, they may be associated with limitations such as antibiotic resistance +concerns, local irritation, recurrence and adherence challenges. As a result, new locally acting topical +therapies with anti-inflammatory effects, low irritation risk, convenient dosing and no risk of +inducing antibiotic resistance are expected to gain increasing clinical relevance. + Growing diagnosis, treatment awareness and aesthetic demand. Increasing awareness of A V as +a chronic inflammatory skin disease, together with rising demand for appearance-related care, is +expected to expand the treated population and support earlier and more standardized treatment. This +trend may be particularly relevant among adolescents and young adults, where treatment willingness +is influenced by acne severity, recurrence, scarring risk and quality-of-life impact. +Neurodermatitis (ND) +Overview +ND, also known as lichen simplex chronicus, is a common chronic inflammatory skin disease +associated with skin neurofunctional disorders, affecting up to 12.0% of the total population. The disease +is characterized by lichenificated plaque as a result of excessive scratching. Neck, elbow, ankles, vulva, +eyelid even faces are the most common affected sites. Although ND is not life-threatening, it can produce +a psychosocial burden. According to Guideline for primary care of neurodermatitis (2023), ND is +generally classified into single-lesion, multiple-lesion and generalized disease based on the extent and +distribution of lesions. In China, approximately 18%, 63% and 19% of ND patients had single-lesion, +multiple-lesion and generalized disease, respectively. +Prevalence and Market Size of ND in China +In China, the prevalence of ND increased from 159.8 million in 2020 to 164.9 million in 2025, and +is estimated to increase to approximately 167.8 million by 2030. +From 2020 to 2025, the ND market remained largely stable, growing at a CAGR of 1.3% and +reaching approximately RMB3.7 billion in 2025, mainly supported by traditional local and symptomatic +therapies, including topical corticosteroids, antihistamines, sedatives and approved topical non-steroidal +anti-inflammatory drugs (NSAIDs), for local inflammation control, itch relief and itch-scratch cycle +management. In 2025, single-lesion, multiple-lesion and generalized ND represented approximately 12%, +59% and 29%, respectively, of the ND drug market in China. From 2025 to 2030, market growth is +expected to accelerate at a CAGR of 8.1%, reaching approximately RMB5.4 billion by 2030, with +multiple-lesion and generalized ND expected to remain the key growth contributors, driven by broader +lesion distribution, higher treatment needs and the potential adoption of more effective and novel +treatment options. +INDUSTRY OVERVIEW +–8 9– + + +--- page 99 --- +The following chart illustrates the historical and projected growth of the market size of ND drugs +in China: +Market size of ND drug in China, 2020-2030E +RMB billionCAGR 2020-2025 2025-2030E +Total ND 1.3% 8.1% +1.5% 6.9%Single-lesion ND +1.2% 7.4%Multiple-lesion ND +1.3% 9.9%Generalized ND +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +0.4 +2.0 +1.0 +3.4 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.5 +0.4 +2.1 +1.0 +3.6 +0.4 +2.2 +1.1 +3.7 +0.5 +2.3 +1.1 +3.9 +0.5 +2.5 +1.2 +4.2 +0.5 +2.7 +1.3 +4.5 0.6 +2.9 +1.5 +4.9 +0.6 +3.1 +1.7 +5.4 +Source: Acta Derm V enereol, Guideline for Primary Care of ND, CIC +Treatment Pathways +Treatment options for ND focus on relieving pruritus, avoiding scratching, controlling local +inflammation and breaking the itch-scratch cycle. Treatment is generally selected based on lesion +distribution, disease extent, lesion type and location, degree of lichenification, pruritus burden and +associated neuropsychological symptoms. Local drug therapy remains the mainstay of treatment, with +topical corticosteroids generally used as the preferred local treatment option for localized ND. Occlusive +therapy may be used for severe or stubborn lesions to increase skin moisture and enhance topical drug +absorption. For patients whose symptoms are not adequately controlled by topical corticosteroids alone, +antihistamines may be used in combination for itch relief, anti-inflammatory, immunomodulatory and +sedative effects. Sedatives may also be considered for patients with significant anxiety, insomnia or other +neuropsychological symptoms to help reduce the vicious cycle of negative emotions and worsening +pruritus. Physical therapies, such as NB-UVB, fractional CO2 laser, ultrasonic drug delivery and focused +ultrasound, may be used for stubborn lesions where appropriate. Given the limited number of established +ND treatment options, physicians generally select treatment based on clinical guidelines and patient- +specific disease features. +Treatment Pathway for ND +PRINCIPLE: Relieve Itching and Avoid Scratching +Local Therapy1 Other Therapy + Topical Corticosteroids : Strongly anti-inflammatory, +immunomodulatory, and anti-allergic effects, preferred +treatment for localized neurodermatitis (e.g., mometasone +furoate); the appropriate formulation can be selected +according to the type and location of the lesions + Occlusive Therapy: Increases skin moisture, enhances +drug absorption, for severe cases +P h y s i c a l T h e r a p y +/g190NB-UVB +/g190fractional CO2 laser +/g190Ultrasonic introducer +/g190Focused ultrasound + Traditional Chinese Medicine Therapy +/g190Acupuncture +Systemic Therapy + Antihistamines: Anti-itch, anti-inflammatory, +immunomodulatory, and sedative effects, for patients who +cannot be controlled by topical anti-inflammatory drugs +such as topical glucocorticoids alone, and used in +combination with topical medications + Sedatives: Relieve anxiety, break the “negative emotions – +worsening itchiness” cycle +Note: +(1) Ethoxybenzamide ointment has ND listed as an indication in its China package insert, but is not specifically listed in the 2023 +Chinese primary care guideline for ND and is therefore not separately presented in the treatment pathway above. +Source: Chinese Guidelines for Primary Care Diagnosis and Treatment of Neurodermatitis (2023), Acta Derm V enereol, Guideline +for Primary Care of ND, CIC +INDUSTRY OVERVIEW +–9 0– + + +--- page 100 --- +The treatment pathway above includes both ND-specific therapies and therapies used for the +management of ND-related symptoms, such as pruritus, local inflammation, anxiety and insomnia. Some +of these therapies may not be specifically approved for ND as an indication, while the approved novel drug +comparison below focuses on drugs with ND-specific approval status. As of the Latest Practicable Date, +no TYK2 inhibitors had been approved for the treatment of ND in China. ND-specific approved treatment +options in China include corticosteroids and NSAIDs, with a targeting patient group reaching 164.9 +million in China in 2025. The following chart illustrates number of approved drugs in China and globally +and treatment comparisons for ND as of the Latest Practicable Date: +Number of approved drugs and treatment comparisons in ND, as of the Latest Practicable Date +1 +MoA +No. of +approved drugs +in China +No. of approved +drugs globally +Representative +drugs Company Target NRDL Approval +in China +Approval +in U.S. Advantages Limitations +Corticosteroids 12 +Mometasone +Elocon®/ؒݾ® Bayer GR Yes Yes No  Effectively reduce inflammation, +itching, and skin thickening; +widely used as preferred topical +treatment + Improve symptoms quickly +• Prolonged use can cause skin +thinning, secondary infections, +hypersensitivity +• Systemic side effects possible +with oral corticosteroids +• Require careful monitoring and +limited duration of use +Methylprednisolone +acetate +Depo-Medrol® +Pfizer GR/ +ANXA1 -N oY e s +NSAID 10 +Etofenamate +Ointment +⋔⮊ᢿ® +Xinhua +Pharma /N o Y e s N o +• Reduce pro-inflammatory +cytokines and immune activation +• Control itch and inflammation +with fewer side effects than +systemic steroids +• Useful as adjunct or alternative +treatment +• Cause sedation and +anticholinergic effects +• Require consistent application +and patient compliance +Notes: GR: glucocorticoid receptor; ANXA1: annexin A1; NSAID: non-steroidal anti-inflammatory drug +(1) Antihistamines and sedatives are included as adjunctive therapies for ND-related pruritus, sleep disturbance and anxiety, but +are not separately presented in the approved drug comparison table as they are used mainly for symptom control rather than +as ND-specific approved therapies +Source: NMP A, FDA, EMA, PMDA, CIC. +In addition to the approved therapies listed above, the clinical-stage pipeline of JAK family-targeting +therapies for ND treatment in China remains limited. As of the Latest Practicable Date, HJ787 (a TYK2 +inhibitor) was the only drug candidate registered in China for ND treatment that targets the JAK family. +TYK2 +Overview +TYK2 is a member of the JAK family of intracellular signaling molecules, which includes JAK1, +JAK2, JAK3, and TYK2. TYK2 pairs with receptors for cytokines such as IFNs, IL-12, and IL-23, and it +plays a pivotal role in both innate and adaptive immune responses. It is primarily involved in IL-12, IL-23 +and type I interferon (IFN- /H9251//H9252) signaling pathways. In humans, loss-of-function mutations in TYK2 +causes an autosomal recessive hyper-IgE syndrome, and impair signaling of IL-23, IL-10, and IL-6, +highlighting TYK2’s broad regulatory function across multiple cytokine pathways. +TYK2 signaling contributes to the development and progression of many autoimmune and +inflammatory diseases, such as rheumatoid arthritis, multiple sclerosis, inflammatory bowel disease, Ps, +sarcoidosis, and delayed-type hypersensitivity. +Advantages of TYK2 + Narrower range of action: TYK2 primarily mediates signaling for immune cytokines, including +IL-23, IL-12, and type I interferons, with limited effects on other cytokine pathways. This +targeted activity reduces the risk of off-target effects, offering a more favorable safety profile +compared to broader JAK inhibitors. + Unique JH2 domain: TYK2 has a distinct pseudokinase (JH2) domain that allows selective +allosteric inhibition by small-molecules, blocking ATP binding and downstream signaling. This +structural feature makes TYK2 an attractive and potentially safer therapeutic target. +INDUSTRY OVERVIEW +–9 1– + + +--- page 101 --- +Market Size and Competitive Landscape of TYK2 inhibitors in China +The market size of TYK2 inhibitors in China is estimated to grow from RMB87.3 million in 2025 +to RMB1.4 billion in 2030 at a CAGR of 73.1%. +As of the Latest Practicable Date, gecacitinib and deucravacitinib are the only two TYK2 inhibitors +approved by the NMPA. Gecacitinib was approved in May 2025 for adult patients with myelofibrosis. +Deucravacitinib, approved by the NMPA in October 2023 for moderate-to-severe plaque psoriasis. +Globally, there are no TKY2 inhibitors approved globally for AD, A V and ND. The following table +summarizes TYK2-targeted drug candidates that had been registered with the CDE that were in Phase II +or Phase III in China as of the Latest Practicable Date: +Candidate MoA Administration Company Indication Phase First Posted Date Trial Number +Deucravacitinib TYK2 Oral BMS +Active PsA NDA 2025/5/20 - +Active systemic lupus erythematosus III 2023/3/1 CTR20230595 +Active adult Sjögren's syndrome (SjS) III 2023/9/27 CTR20233047 +Juvenile PsA III 2025/10/15 CTR20253828 +Mod-severe plaque psoriasis in teenagers III 2025/12/4 CTR20254809 +Gecacitinib JAK1, 2, +3/TYK2/ALK2 Oral Zelgen +Mod-severe atopic dermatitis III 2022/12/22 CTR20223203 +Severe alopecia areata III 2022/2/9 CTR20220056 +Active ankylosing spondylitis III 2023/5/18 CTR20231388 +Acute graft-versus-host disease II 2021/7/21 CTR20211758 +Myelofibrosis II 2021/5/11 CTR20210694 +Psoriasis II 2020/11/2 CTR20202165 +Idiopathic pulmonary fibrosis II 2020/7/23 CTR20200904 +TLL-018 TYK2/JAK1 Oral Highlightll Urticaria/Hives III 2024/3/19 CTR20240829 +Rheumatoid arthritis III 2025/1/3 CTR20244903 +ICP-332 JAK1/TYK2 Oral InnoCare +Mod-severe atopic dermatitis III 2024/8/26 CTR20243202 +Non-segmental vitiligo II/III 2025/4/8 CTR20251135 +Mod-severe chronic spontaneous urticaria II/III 2026/1/4 CTR20255229 +Prurigo nodularis II 2025/10/29 CTR20254285 +Plaque psoriasis II 2025/11/19 CTR20254616 +Mod-severe AD in teenagers II 2026/05/06 CTR20261421 +QY201 TYK2/JAK1 Oral E-Nitiate +Mod-severe atopic dermatitis III 2025/2/7 CTR20244696 +Mod-severe atopic dermatitis in adolescents II 2025/4/24 CTR20251592 +Non-segmental vitiligo II 2025/9/1 CTR20253365 +Mod-severe prurigo nodularis II 2025/11/13 CTR20254407 +ICP-488 TYK2 Oral InnoCare Mod-severe plaque psoriasis III 2025/2/20 CTR20250582 +Cutaneous lupus erythematosus II 2026/2/6 CTR20260460 +HS-10374 TYK2 Oral Hansoh +Mod-severe plaque psoriasis III 2025/4/3 CTR20251164 +PsA II 2023/11/28 CTR20233854 +Mild-mod plaque psoriasis II 2025/3/24 CTR20251043 +Zasocitinib TYK2 Oral Takeda +Active PsA III 2025/4/10 CTR20251181 +Mod-severe plaque psoriasis III 2026/3/2 CTR20260706 +Mod-severe active UC and active CD II 2025/9/8 CTR20253581 +Non-segmental vitiligo II 2025/12/30 CTR20254990 +Mod-severe hidradenitis suppurativa II 2026/3/20 CTR20261070 +SYHX1901 JAK1, 3/TYK2/SYK Oral CSPC Ouyi +Mod-severe plaque psoriasis III 2025/5/30 CTR20251872 +Non-segmental vitiligo III 2026/2/6 CTR20260391 +Severe alopecia areata II 2024/8/14 CTR20243029 +VVN461 JAK1/TYK2 Topical Weimou Non-infectious anterior uveitis III 2025/9/17 CTR20253764 +D-2570 TYK2 Oral InventisBio +Mod-severe plaque psoriasis III 2025/11/27 CTR20254653 +Ulcerative colitis II 2025/5/7 CTR20251691 +PsA II 2025/12/18 CTR20254967 +Systemic lupus erythematosus +II +II 2025/12/29 CTR20255110 +Non-segmental vitiligo 2026/05/18 CTR20261915 +WD-890 TYK2 Oral Wenda Mod-severe plaque psoriasis III 2026/3/8 CTR20261024 +PF-06700841 JAK1/TYK2 Oral Pfizer Systemic lupus erythematosus II 2020/3/19 CTR20192662 +AC-201 TYK2/JAK1 Oral Accro Mod-severe plaque psoriasis II 2024/2/22 CTR20240483 +HJ787 TYK2 Topical Our company +Neurodermatitis II 2024/7/22 CTR20242526 +Mild-mod atopic dermatitis II 2024/7/29 CTR20242529 +Acne vulgaris II 2025/2/25 CTR20250633 +TQH-3906 TYK2 Oral Chia Tai Tianqing +Mod-severe plaque psoriasis II 2024/8/19 CTR20243055 +PsA II 2026/2/13 CTR20260426 +Systemic lupus erythematosus II 2026/4/10 CTR20261167 +UA021 TYK2 Oral Usynova Plaque psoriasis II 2025/9/24 CTR20253729 +FXS5626 JAK1/TYK2 Oral Accro Active non-infectious uveitis II 2025/12/22 CTR20255083 +CMS-D001 TYK2 Oral Kangzhe Mod-severe atopic dermatitis II 2026/1/19 CTR20260084 +Mod-severe plaque psoriasis II 2026/2/4 CTR20260287 +LNK01004 JAK1, 2, 3/TYK2 Topical Lynk Pharmaceuticals AD II 2025/2/10 CTR20250432 +Source: CDE, CIC +Topical treatment delivers high drug levels directly to skin lesions, thereby reducing risks such as +infections and systemic side effects. Because it avoids systemic accumulation, topical therapy is generally +safer for long-term use than oral medications. This approach is ideal for mild-to-moderate or localized +presentations, making it useful as initial therapy or as an adjunct for maintenance. Topical options also +tend to increase patient adherence and quality of life due to its ease of use and fewer concerns about +systemic adverse effects. +Market Drivers and Future Trends of TYK2 Inhibitors + Rising prevalence of autoimmune disease. The incidence of autoimmune diseases has been rising +steadily. According to The Lancet, the 19 most common autoimmune diseases collectively affect +approximately 10.2% of the global population. In China, around 30 million individuals were affected +by autoimmune diseases in 2025, supporting substantial clinical demand and commercial potential +for TYK2 inhibitors. + Excellent clinical efficacy and safety. More than twenty TYK2 inhibitors are in clinical development +globally for autoimmune diseases. Compared with conventional JAK inhibitors, TYK2 inhibitors +offer greater selectivity, which may reduce off-target effects and lower the risk of AEs. + Ongoing advancements and growing investments in research. Recent biomedical advances and +increasing R&D investment are accelerating the development of TYK2 inhibitors and expanding +potential indications. +INDUSTRY OVERVIEW +–9 2– + + +--- page 102 --- +GLP-1 RELATED THERAPIES MARKET +Type 2 Diabetes Drug Market +Type 2 diabetes +Diabetes is a chronic metabolic disorder characterized by persistently elevated blood glucose levels. +Glucose, derived from food intake, serves as a key energy source for cellular function, and its uptake is +regulated by insulin—a hormone secreted by the pancreas. There are two primary types of diabetes. Type +1 diabetes is an autoimmune condition in which the body’s immune system attacks and destroys +insulin-producing /H9252-cells in the pancreas, leading to an absolute insulin deficiency. Type 2 diabetes, the +more prevalent form, is marked by insulin resistance and/or insufficient insulin production, resulting in +hyperglycemia due to impaired glucose uptake and utilization. The prevalence of type 2 diabetes in China +was at 129.8 million in 2025 and is expected to exceed 140 million by 2030. +Current Treatment Regimen and Medical Needs +The following table sets forth eight primary classes of pharmacological agents commonly used in the +treatment of type 2 diabetes. Among them, GLP-1 related therapies stand out for their superior glycemic +efficacy and additional clinical benefits, including weight reduction and cardiovascular and renal +protective effects. As of the Latest Practicable Date, 14 GLP-1 related therapies, including both +single-target and multi-target GLP-1 related therapies receptor agonists, had been approved for the +treatment of type 2 diabetes in China. The targeting patient population of GLP-1 related therapies for type +2 diabetes reached 129.8 million in China in 2025. The following chart illustrates number of approved +drugs in China and globally and treatment comparisons for type 2 diabetes as of the Latest Practicable +Date: +Number of approved drugs and treatment comparisons in type 2 diabetes, as of the Latest +Practicable Date +SourcejCDE, FDA, BMS, CIC +MoA +No. of +approved +drugs in +China +No. of +approved +drugs +globally +Representative drugs Company Target 2025 +NRDL +Approval +in China +Approval +in U.S. Advantages Limitations +GLP-1 +related +therapies +14 9 +Semaglutide +Ozempic®/ፕձइ®; +Rybelsus®/ፕձᢊ® +Novo Nordisk GLP-1R Yes Yes Yes + Potent hba1c lowering +• Robust and consistent weight +loss +• Low hypoglycaemia risk +• Protect kidneys and +cardiovascular system +• Common GI side effects (nausea, +vomiting, constipation) +• Risk of acute pancreatitis in some trials +• Risk of diabetic retinopathy progression +in some trials +• Cost/access issues +Tirzepatide +Mounjaro®/༺® Eli Lilly GLP-1R/ +GIPR Yes Yes Yes +DPP-4i 11 31 +Sitagliptin +Januvia®/ઠፕၪ® Merk DPP-4i Yes Yes Yes • Do not cause nausea or +vomiting +• Low hypoglycaemia risk +• Can reduce inflammation +• Possible lowering of blood +pressure +• May have allergic and hypersensitivity +reactions +• Potential hepatotoxicity +• Do not exhibit any beneficial renal +outcomes +Linagliptin +Trajenta +®/ྐྵ® BI DPP-4i Yes Yes Yes +SGLT2i 11 23 +Henagliflozin +๿ӎ® Hengrui SGLT2i Yes Yes - • Benefits in heart failure +• Benefits in chronic kidney +disease +• Modest weight loss +• Blood pressure reduction +• Risk of genital mycotic infections +• Risk of urosepsis and pyelonephritis +• 3-fold increased risk of diabetic +ketoacidosis +• Risk of hypoglycemia +• Risk of erythema, rash, pruritus, and +angioedema +Dapagliflozin +Forxiga +®/ࡥ® AZ SGLT2i Yes Yes Yes +Insulin 11 12 +Insulin +Brand names vary by +manufacturer +/ INSR Yes Yes Yes +• Can address almost any level +of blood glucose +• Better predictability +• Risk of weight gain +• The need for education, titration and +regular glucose monitoring +• Risk of hypoglycaemia +• Cost issues +Metformin 12 17 +Metformin +Brand names vary by +manufacturer +/ AMPK Yes Yes Yes +• Generally considered safe and +well-tolerated +• Inexpensive +• Risk of adverse GI effects, such as +diarrhea, nausea, and vomiting +• Risk of chest discomfort, headache, +diaphoresis, hypoglycemia, weakness, +and rhinitis +• May decrease vitamin B12 levels +TZDs 35 Pioglitazone +Actos +®/ן® Takeda PPAR γ Yes Yes Yes +• Potentially have anti- +inflammatory and anti-cancer +properties +• Beneficial effects on +endothelial function, +atherogenesis, fibrinolysis, +and ovarian steroidogenesis +• Risk of edema and congestive heart failure +• Weight gain +• Increased fracture risk +• Increased risk of bladder cancer +• Hepatotoxicity +• Increased Ovulation and Teratogenic +Effects +Sulfonylureas 35 +Glibenclamide +Brand names vary by +manufacturer +/ KATP +channel Yes Yes Yes +• Lower cost +• Significant reduction in HbA1c +• Improve outcomes in patients +presenting with ischemic +stroke +• Risk of hypoglycemia +• Weight gain +• Do not have a lasting effect +GKA 10 Dorzagliatin +䕅ੀឞ +® Hualing GCK Yes Yes - +• Effectively reduce HbA1c +level +• Significant decrease in FINS +level +• Attenuated efficacy over time +• Risk of hypoglycemia +• Risk of dyslipidemia +Notes: AMPK: AMP-activated protein kinase; ABCC8: ATP-binding cassette subfamily C member 8; KCNJ11: potassium +voltage-gated channel subfamily J member 11; DPP-4i: dipeptidyl peptidase-4 inhibitor; GCK: glucokinase; TZDs: +thiazolidinediones; GKA: glucokinase activator; KATP channel: ATP-sensitive potassium channel +Source: NMP A, FDA, EMA, PMDA, CIC +INDUSTRY OVERVIEW +–9 3– + + +--- page 103 --- +A wide range of therapies is available for type 2 diabetes, with blood glucose control and weight +management as the main treatment goals. Metformin is the preferred therapy. Very high-efficacy options +for glycemic control include high-dose dulaglutide, semaglutide, tirzepatide, and insulin combined with +GLP-1 related therapies, while GLP-1 related therapies and metformin are considered high-efficacy +treatments. +GLP-1 related therapies are recommended in China as part of dual therapy for patients with HbA1c +above 7.0%, as well as for those with ASCVD, high cardiovascular risk, heart failure or CKD regardless +of HbA1c levels. However, around one-third of type 2 diabetes patients in China still require insulin +therapy, and the relatively high cost of GLP-1 related therapies and limited patient awareness have +contributed to their low market penetration. +GLP-1 related therapies increase insulin secretion and reduce glucagon release, and some also target +GCG and GIP receptors. They demonstrate high to very high efficacy in lowering blood glucose, with low +hypoglycemia risk, significant weight-loss benefits, cardiovascular benefits including reduced major +adverse cardiovascular events, and renal benefits, although gastrointestinal adverse effects such as nausea +and vomiting remain common. +The following chart illustrates treatment flow of type 2 diabetes in China: +Treatment flow of type 2 diabetes in China +Dual Therapy +Triple Therapy Addition of one other class of drug to the above treatment +Multiple Insulin +Injections Basal insulin + mealtime insulin Premixed insulin analogue +(failure to achieve target HbA1c levels) +(failure to achieve target HbA1c levels) +SGLT2i or GLP-1RA +with evidence of +CKD benefit +ASCVD or its high-risk +Antidiabetic drug with +weight loss effect +HF +Metformin +CKD +Lifestyle intervention + Self-management education and support +No ASCVD or its high risk, HF, CKD +SGLT2i with evidence +of HF benefit +GLP-1RA or SGLT2i +with evidence of +ASCVD benefit +Monotherapy +On the basis of the above treatment, add one additional antidiabetic drug from a different class (metformin, SGLT2i, GLP-1RA, DPP-4i, TZD, +alpha-glucosidase inhibitor, GKA, PPAR pan-agonist, insulin secretagogue, dual agonist, insulin). +Overweight or obesity Without overweight or +obesity +(failure to achieve target HbA1c levels)Lifestyle +intervention ++ Self- +management +education +and support +Notes: HbA1c: glycated hemoglobin; ASCVD: atherosclerosis cardiovascular disease; CKD: chronic kidney disease; GCK: +glucokinase; TZD: thiazolidinedione; GKA: glucokinase Activator; PP AR: peroxisome proliferator activated receptor +Source: Chinese Guidelines for the Prevention and Treatment of Type 2 Diabetes (2024); CIC +INDUSTRY OVERVIEW +–9 4– + + +--- page 104 --- +Market Size of Type 2 Diabetes Drugs +In recent years, the development of GLP-1 related therapies has significantly transformed the +therapeutic landscape for metabolic disorders, particularly type 2 diabetes. GLP-1 related therapies have +rapidly gained market traction and are increasingly capturing a larger share of the type 2 diabetes +treatment market. The chart below presents the historical and projected global and China’s market size for +type 2 diabetes therapies from 2020 to 2030, with a breakdown by GLP-1 related therapies, including both +single-target and multi-target GLP-1 related therapies receptor agonists, and other antidiabetic drugs: +Global Type 2 Diabetes Drug Market Size, +2020-2030E +China Type 2 Diabetes Drug Market Size, +2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies 33.6% 8.1% +Others -2.0% 4.3% +Total 10.0% 6.5% +12.5 +46.8 +59.2 +15.0 +46.4 +61.4 +19.8 +42.7 +62.5 +30.0 +40.3 +70.3 +38.5 +41.7 +80.3 +53.0 +42.2 +95.2 +59.4 +44.2 +103.5 +64.7 +46.1 +110.9 +69.6 +48.1 +117.7 +74.1 +50.0 +124.1 +78.4 +52.0 +130.4 +RMB billionCAGR 2020-2025 2025-2030E +GLP-1 related therapies 48.6% 34.1% +Others -0.7% 3.0% +Total 2.6% 11.2% +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +1.61.6 +57.5 +59.0 +2.72.7 +57.4 +60.2 +6.0 +47.4 +53.4 8.7 +52.1 +60.7 +9.1 +55.0 +64.1 +11.4 +55.6 +67.0 +15.5 +57.4 +72.9 +20.8 +59.2 +80.1 +28.1 +61.0 +89.1 +37.5 +62.7 +100.2 +49.4 +64.3 +113.8 +Source: World Health Organization, FDA, The International +Diabetes Federation, CIC +Source: NMP A, The Journal of the American Medical +Association, The International Diabetes Federation, periodic +reports released by public companies, CIC +The global type 2 diabetes drug market is expected to maintain strong growth driven by the rising +patient burden, prevailing use of innovative agents, expanded indications, and better healthcare access, +alongside a shift toward holistic cardiometabolic disease management. +The decline in the market size of type 2 diabetes drugs in China in 2022 was mainly driven by the +reallocation of medical resources, reduced patient willingness to seek care, supply chain disruptions and +broader economic pressures at the peak of the COVID-19 outbreak, which interrupted diabetes treatment +for some patients. Growth in the GLP-1 related therapies market for type 2 diabetes in China from 2025 +to 2030 is expected to be driven by increasing diagnosis rates, higher treatment rates and greater GLP-1 +related therapies penetration. +The market size also decreased from 2021 to 2022 due to the national centralized procurement of +insulin. While insulin therapies have shown a declining trend, GLP-1 related therapies are reshaping the +market landscape. +Oral GLP-1 related therapies offer a convenient, non-injectable treatment option for type 2 diabetes +and obesity. Compared with injectable GLP-1 related therapies, oral formulations may improve adherence +and broaden access, especially for patients reluctant to start injections. +INDUSTRY OVERVIEW +–9 5– + + +--- page 105 --- +Competitive Landscape of Oral GLP-1 related therapies for Type 2 Diabetes Drug Market in China +As of the Latest Practicable Date, there were a total of 104 GLP-1 related therapies under clinical +development for T2D in China. Among these, nineteen were clinical-stage oral GLP-1 related therapies in +China as illustrated in the following table: +Competitive landscape of clinical-stage oral GLP-1 related therapies for type 2 diabetes in China +Drug name Target Company Indication Phase First Posted Date Trial Number +Orforglipron GLP-1R Eli Lilly T2DM NDA 2026/1/10 – +Conveglipron GLP-1R Huadong Me dicine T2DM III 2025/7/7 CTR20252647 +HRS-7535 GLP-1R Hengrui T 2DM III 2024/9/23 CTR20243559 +HS-10501 GLP-1R Hansoh T2DM II 2025/10/22 CTR20254127 +HJ178 GLP-1R/GIPR Our c ompany T2DM II 2025/4/25 CTR20251614 +SAL0112 GLP-1R Salubris T2DM II 2024/8/16 CTR20242666 +HRS9531 Tablet GLP-1R/GIPR Shengd i T2DM II 2026/5/12 CTR20261854 +MWN109 Tablet GLP-1R/GCGR/GIPR Mi nwei T2DM II 2025/5/29 CTR20261918 +SAL0150 GLP-1R Salubris T2DM I 2026/3/31 CTR20261095 +Naperiglipron GLP-1R Eli Li lly T2DM I 2025/7/10 CTR20252656 +ZT006 GLP-1R QL Biopharm T2DM I 2024/11/15 CTR20244313 +APH01727 GLP-1R ApicHope T2DM I 2024/7/26 CTR20242743 +Ribupatide Tablet GLP-1R/GIPR Hengrui T2DM I 2024/8/5 CTR20242520 +DA-302168S GLP-1R Di’Ao T2DM I 2024/4/11 CTR20241150 +Bofanglutide Tablet GLP-1R Gan&Lee T2DM I 2024/3/7 CTR20240663 +THDBH110 GLP-1R Tonghua Dongbao T2DM I 2023/11/9 CTR20233631 +BPYT-01 GLP-1R Baiji Youtang T2DM I 2023/11/1 CTR20233453 +HSK34890 GLP-1R Haisco T2DM I 2023/8/21 CTR20232557 +VCT220 GLP-1R Vincentage T2DM I 2022/12/14 CTR20222374 +Notes: T2DM: type 2 diabetes +(1) Phase refers to each drug’s most advanced phase of all ongoing clinical trials. +Source: CDE, CIC +As of the Latest Practicable Date, 14 GLP-1 related therapies were approved in China for the +treatment of type 2 diabetes, including one oral formulation and 13 injectable formulations, while in the +United States, 5 innovative GLP-1 related therapies for type 2 diabetes have been approved by the FDA, +including one oral formulation as illustrated in the following table: +NMPA approved innovative GLP-1 related therapies in type 2 diabetes +Drug Name Brand Name +(CHN) +Brand Name +(ENG) Target Company Modality Administration Dosage +Frequency Approval Date 2025 NRDL Monthly cost +(thousand RMB) +Exenatide1 Ⲵ⌂䚊® Byetta® GLP-1R AZ Peptide s.c. BID 2009-05-08 /g57 N/A +Liraglutide࣑® Victoza® GLP-1R Novo Nordisk Peptide s.c. QD 2011-03-04 /g57 ~0.7 +Beinaglutide1 䃲⭕⌦® – GLP-1R Benemae Peptide s.c. TID 2016-12-13 No N/A +Lixisenatide1ᱸᮅ® Lyxumia®/Adlyxin® GLP-1R Zealand +Pharma/Sanofi Peptide s.c. QD 2017-09-29 /g57 N/A +Exenatide +microsphere1 Ⲵ䚊ᨐ® Bydureon® GLP-1R AZ Peptide s.c. QW 2017-12-28 No N/A +Dulaglutide ᓜ᱉䚊® Trulicity® GLP-1R Eli Lilly Fusion +protein s.c. QW 2019-02-22 /g57 ~0.5 +Loxenatide㗄® – GLP-1R Hansoh Pharma Peptide s.c. QW 2019-05-05 /g57 ~0.4 +Semaglutide 䄴ૂ⌦® Ozempic® GLP-1R Novo Nordisk Peptide s.c. QW 2021-04-27 /g57 ~0.9 +Oral Semaglutide 䄴ૂᘱ® Rybelsus® GLP-1R Novo Nordisk Peptide p.o. QD 2024-01-23 No ~2.9 +Tirzepatide ぼጦ䚊® Mounjaro® GLP-1R/GIPR Eli Lilly Peptide s.c. QW 2024-05-15 /g57 ~1.0 +Efsubaglutide alfa ᙗ䄴䕋® – GLP-1R Innogen Fusion +protein s.c. QW 2025-01-24 /g57 ~1.1 +Mazdutide⡴㗄® – GLP-1R/GCGR Innovent Peptide s.c. QW 2025-09-16 No ~1.4 +Visepegenatide ⍴䚊ᓭ® – GLP-1R PegBio Peptide s.c. QW 2025-11-12 No N/A +Ecnoglutide乚䚊® – GLP-1R Sciwind Peptide s.c. QW 2026-01-30 No N/A +Notes: p.o.: per os/orally; s.c.: subcutaneously; BID: twice daily; TID: three times daily; QD: once daily; QW: once weekly +INDUSTRY OVERVIEW +–9 6– + + +--- page 106 --- +(1) Due to strategic shifts of the relevant pharmaceutical companies in China, certain products were withdrawn or discontinued +in the China market. Based on publicly available information, no product efficacy or safety issue was identified as the reason +for such withdrawal or discontinuation. +(2) Monthly cost = unit price * average monthly dose in maintenance stage, based on four weeks or 28 days treatment cycle. +Source: NMP A, CIC +Growth Drivers and Future Trends of Type 2 Diabetes Drug Market +The type 2 diabetes drug market growth has primarily been driven by the following key factors: + Growing prevalence of type 2 diabetes in China and unmet clinical needs in rural regions. +Patients in rural China face substantial barriers to effective diabetes management, including +limited access to healthcare infrastructure, preventive care, screening and early diagnosis, +contributing to poorer glycemic control and a higher disease burden. + Favorable policies towards chronic disease management. The Healthy China Initiative +(2019-2030) identifies diabetes prevention and control as a key intervention for chronic +diseases. + Comprehensive benefits of type 2 diabetes management paradigm. Clinical guidelines +emphasize integrated management of diabetes-related risk factors through pharmacotherapy +and lifestyle interventions to improve metabolic control and long-term outcomes, which is +expected to be a future trend in diabetes care. + Improved patient compliance and efficacy resilience. Current therapies may face challenges +including loss of efficacy over time and suboptimal long-term adherence due to adverse effects. +In clinical trials for type 2 diabetes, subcutaneous semaglutide was associated with overall +gastrointestinal adverse events (GI AEs) in 32.7%-36.4% of participants, with nausea and +vomiting occurring in 15.8%-20.3% and 5.0%-9.2%, respectively. The treatment +discontinuation rate in these studies was 12%-13%. + “Patient-centered” strategy for the management of type 2 diabetes. Type 2 diabetes +management has evolved from a sole focus on HbA1c to broader attention to complications and +weight management, with clinical guidelines emphasizing more personalized treatment +approaches. + Pancreatic islet function restoration and alleviation of type 2 diabetes. GLP-1 related therapies +can reduce blood glucose without increasing hypoglycemia risk, while also showing protective +effects on pancreatic /H9252-cell function and supporting weight reduction. +Obesity Drug Market +Obesity +Obesity is characterized by abnormal or excessive fat accumulation that poses a significant risk to +health. In China, a body mass index (BMI) greater than 24 kg/m +2 is classified as overweight, while a BMI +over 28 kg/m 2 is classified as obese. Obesity is both an independent risk factor for and a contributing +condition to, numerous health disorders. It is particularly associated with an increased incidence of +cardiovascular diseases, type 2 diabetes, musculoskeletal disorders, and certain cancers, making it a major +public health concern. +INDUSTRY OVERVIEW +–9 7– + + +--- page 107 --- +Prevalence of Obesity +Obesity has emerged as a growing global public health challenge, with the affected population +exceeding one billion by the end of 2025 and expected to exceed 1.1 billion by 2030. China currently has +the largest population of individuals with obesity worldwide. Notably, the prevalence of obesity in China +is expected to increase at a faster rate than in more developed countries, such as the United States, with +the number of obese individuals projected to surpass 320 million by 2030. +Current Treatment Regimen and Medical Needs +Current treatment obesity treatment primarily includes lifestyle intervention, medication and +bariatric surgery. First choice approach involves diet modification, exercise, and behavioral therapy, but +often insufficient alone due to poor long-term adherence and biological resistance to weight loss. +Approved anti-obesity drugs mainly were GLP-1 related therapies, and lipase inhibitors (e.g., orlistat). +These drugs act via appetite suppression, delayed gastric emptying, or fat absorption inhibition. Bariatric +surgery are reserved for severe or refractory obesity, with significant weight loss and metabolic benefits +but high cost, surgical risks, and limited accessibility. +The medical needs of obesity drug market is that many patients regain weight after drug +discontinuation, highlighting a need for therapies that support long-term weight maintenance without +continuous medication. In the meanwhile, current drugs, especially GLP-1 related therapies, often have +gastrointestinal side effects (nausea, vomiting), leading to poor adherence, tolerability and compliance. +The following chart illustrates treatment flow of obesity in China: +Treatment flow of obesity/overweight in China +Pharmacotherapy + Lifestyle intervention +• Orlistat + GLP-1RAs such as Liraglutide, Semaglutide, +Benaglutide, GIP/GLP-1 Dual Agonists – +Tirzepatide +• Phentermine +Bariatric Surgery +• Sleeve gastrectomy/Roux-en-Y gastric +bypass/Adjustable gastric band/ +Biliopancreatic diversion/duodenum +switch gastric bypass +Overweight and obesity patients +Overweight +Lifestyle intervention +• nutrition/exercise/cognition and +behavior intervention +Obesity Severe Obesity +• BMI: 24.0~27.5 kg/m +2, no related +diseases or pre-related diseases +• BMI: 27.5~32.5 kg/m2 or +• BMI≥24.0 kg/m2 with obesity-related diseases +• BMI≥32.5 kg/m2 or +• BMI≥27.5 kg/m2 with obesity-related +diseases +Fails +Patient assessment +Targeted +patients +Treatment +Fails +Source: Chinese Diabetes Society; Chinese journal of Epidemiology, CIC +INDUSTRY OVERVIEW +–9 8– + + +--- page 108 --- +As of the Latest Practicable Date, five GLP-1 related therapies had been approved for the treatment +of obesity or overweight in China. Apart from GLP-1 related therapies, the alternative treatment of obesity +or overweight includes orlistat only, with a targeting patient population for obesity reaching 286.0 million +in China in 2025. The following illustrates number of approved drugs in China and globally and treatment +comparisons for obesity or overweight as of the Latest Practicable Date: +Number of approved drugs and treatment comparisons in obesity/overweight, +as of the Latest Practicable Date +Types of +treatment +No. of approved +drugs in China +No. of approved +drugs globally Representative methods Target 2025 +NRDL +Approval +in China +Approval +in U.S. Advantages Limitations +GLP-1RA 56 +Beinaglutide +㨨ງ㗄® GLP-1R No Yes – +• Robust and consistent weight loss. +• Low intrinsic hypoglycaemia risk. +• Have a protective effect on the kidneys +and cardiovascular system. +• Common GI side effects +(nausea, vomiting, +constipation). +• Risk of acute pancreatitis in +some trials. +• Risk of diabetic retinopathy +progression in some trials. +• Expensive. +Semaglutide +Wegovy®/Rybelsus®/䄴ૂ⳾® GLP-1R No Yes Yes +Tirzepatide +Zepbound®/ぼጦ䚊® GLP-1R/GIPR No Yes Yes +Ecnoglutide +㔪⳾® GLP-1R No Yes – +Orforglipron +Foundayo™ GLP-1R No – Yes +Mazdutide +⡴㗄® GLP-1R/GCGR No Yes – +Orlistat 11 Orlistat +Xenical®/Alli®/䌳ቲਥ® +Gastric and +pancreatic +lipases +No Yes Yes +• Leads to notable reductions in BMI, waist +circumference, total cholesterol, and low- +density lipoprotein levels. +• Safe and effective for treating obesity in +individuals with heart failure. +• Benefit patients with metabolic fatty liver +disease (MAFLD) and metabolic +steatohepatitis (NASH). +• May cause GI responses +including steatorrhea, fecal +spotting, diarrhea, abdominal +pain, and anal fissures. +• May have hepatotoxicity. +• Can increase the risk of +osteoporosis. +Source: NMP A, FDA, EMA, PMDA, CIC +In clinical trials for obesity, subcutaneous semaglutide was associated with overall gastrointestinal +adverse events (GI AEs) in approximately 73% of participants, with nausea and vomiting occurring in 44% +and 25%, respectively. The treatment discontinuation rate was 6.8%. Similarly, orforglipron demonstrated +GI AEs in 60%-69% of participants, with nausea and vomiting reported in 26%-35% and 6%-10%, +respectively, and treatment discontinuation rates of 6%-10%. +As of the Latest Practicable Date, five GLP-1 related therapies had been approved in China for the +treatment of obesity or overweight, all of which are administered via subcutaneous injection. In the United +States, five GLP-1 related therapies had been approved for the treatment of obesity or overweight, +including two oral formulations. +NMPA approved innovative GLP-1 related therapies in the indication of obesity/overweight +Drug Name Brand Name Target Company Modality Administration Dosage +Frequency Approval Date 2025 NRDL Monthly cost1 +(thousand RMB) +Beinaglutideߕ® GLP-1R Benemae Peptide s.c. TID 2023-07-25 No ~7.9 +Semaglutide 䄴ޮ® GLP-1R Novo Nordisk Peptide s.c. QW 2024-06-18 No* ~0.9 +Tirzepatide༺® GLP-1R/GIPR Eli Lilly Peptide s.c. QW 2024-07-16 No* ~1.3 +Mazdutideߕ® GLP-1R/GCGR Innovent Biologics Peptide s.c. QW 2025-06-24 No ~1.4 +Ecnoglutideޮ® GLP-1R Sciwind Peptide s.c. QW 2026-03-03 No N/A +Notes: +(1) Monthly cost = unit price * average monthly dose in maintenance stage, based on four weeks or 28 days treatment cycle. +(2) Products included in the 2025 NRDL are reimbursed only for the treatment of T2DM, and 2025 NRDL coverage does not +extend to the indication of overweight or obesity. +Source: NMP A, CIC +INDUSTRY OVERVIEW +–9 9– + + +--- page 109 --- +Market Size of Obesity Drug +Driven by the continuous development of innovative therapeutics and rising clinical demand, the +global market for obesity drugs has experienced substantial growth in recent years and is anticipated to +expand at an accelerated pace going forward. The following charts illustrate the historical and projected +global and China obesity drug market size with a breakdown by GLP-1 related therapies and other obesity +drugs from 2020 to 2030: +Global Obesity Drug Market Size, 2020-2030E China’s Obesity Drug Market Size, 2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies 103.2% 15.3% +Others 21.0% 11.8% +Total 67.7% 14.9% +0.80.81.61.6 +2.4 1.21.22.32.3 +3.5 +2.42.4 +2.62.6 +5.0 6.0 +3.1 +9.1 15.0 +3.6 +18.6 +27.4 +4.1 +31.5 +32.4 +4.7 +37.1 +37.3 +5.3 +42.6 +43.1 +5.9 +49.0 +49.4 +6.5 +56.0 +55.9 +7.2 +63.0 +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +GLP-1 related therapies / 60.5% +Others -6.5% 23.5% +Total 14.2% 50.8% +0.00.0 0.00.0 0.0 0.02.7 +2.7 +1.71.7 +1.7 +1.31.3 +1.3 +0.10.12.0 +2.1 +0.50.5 +1.9 +2.3 +3.3 +1.9 +5.2 +6.4 +2.0 +8.3 +11.0 +2.0 +13.0 +17.5 +3.1 +20.6 +25.7 +4.3 +30.0 +35.2 +5.5 +40.8 +Source: FDA, periodic reports released by public companies, +CIC +Source: NMP A, periodic reports released by public companies, +CIC +With the continuous development of novel drugs and the increasing clinical demands, the global +obesity drug market has witnessed significant expansion in the past years and is expected to grow at an +expedited pace, especially the GLP-1 related therapies segment. +China has long had limited options for treating obesity, essentially orlistat when GLP-1 related +therapies are excluded, while GLP-1 related therapies offer a more effective and sustainable alternative. +Clinical evidence shows orlistat typically produces about 5-10% weight loss over 6 to 12 months with a +calorie restricted diet, whereas semaglutide has achieved roughly 15-20% weight loss, significantly +outperforming orlistat. GLP-1 related therapies also provide metabolic benefits, including improved blood +glucose control in patients with type 2 diabetes, which is not a primary effect of orlistat. Sustained weight +loss with orlistat can be difficult due to strict dietary requirements, while GLP-1 related therapies have +maintained meaningful weight reduction over 1 to 2 years by mechanically stimulating the activity of +anorexigenic neurons (POMC/CART) and suppress orexigenic neurons (NPY/AgRP), leading to reduced +appetite and decreased food intake, as well as delaying gastric emptying. In conclusion, the potential of +GLP-1 related therapies in obesity is expected to be realized through broader awareness, the launch of +additional agents, and innovations such as multi target mechanisms and oral formulations. +GLP-1 related therapies +Mechanisms of GLP-1/GLP-1R and GIP/GIPR +Glucagon-like peptide-1 (GLP-1) is an incretin secreted by the distal intestinal ileum and colon +L-cells following food intake. GLP-1 stimulates glucose-dependent insulin secretion from pancreatic +islets, slows gastric emptying, regulates postprandial glucagon secretion, and reduces food intake. +Glucose-dependent insulinotropic polypeptide (GIP) is a 42-amino-acid peptide secreted by K cells +of small intestine. Upon binding to the GIP receptor, GIP activates adenylate cyclase, increasing cyclic +adenosine monophosphate (cAMP) and Ca +2+ concentrations, which activates cAMP dependent protein +kinases, and promotes insulin secretion. +INDUSTRY OVERVIEW +– 100 – + + +--- page 110 --- +Dual, Triple, and Multi-Target Therapies +Therapies that target multiple passways can simultaneously produce superior glycemic control while +minimizing side effects. Because metabolic diseases such as diabetes are heterogeneous and often have +multiple concurrent pathophysiological mechanism single-target agents have limited efficacy. +Combination treatments or single molecules designed to act on multiple targets can address this +complexity. However combined regimens and their clinical evaluation tend to be more complex. +Consequently, single-molecule multi-target therapies become an important emerging development +direction in diabetes therapeutics. +Most dual-target therapies in development focus on GLP-1R/GIPR, GLP-1R/GCGR, and GLP- +1R/FGF21R (Fibroblast growth factor 21). Among them, the GLP-1R/GIPR class is led by tirzepatide from +Eli Lilly, which has been approved by the FDA and the NMPA. Mazdutide, which targets GLP-1R/GCG, +has also been approved in China. Recent research increasingly targets three or more G-protein-coupled +receptor targets. Several GIP/GLP-1/glucagon receptor triple agonists are currently in clinical +development, including Eli Lilly’s retatrutide. The rational for adding GCG receptor agonism is that it may +further reduce energy intake, increase energy expenditure, or both, thus potentially enhancing efficacy. +Commercialized and Clinical Pipeline of Multi-target +As of the Latest Practicable Date, there were a total of 91 GLP-1 related therapies under clinical +development for obesity or overweight in China. Among these, 26 were clinical-stage oral GLP-1 related +therapies in China. Also, there were two multi-target GLP-1 related therapies approved in China, with a +number of drug candidates under development. The following table illustrates the clinical pipelines of +multi-target GLP-1 related therapies registered with CDE that were in phase II or later development stage +as of the Latest Practicable Date: +Drug name Target Company Indication Phase First Posted Date Administration Trial number +HRS-9531 GLP-1R/GIPR Hengrui Obesity/overweight BLA 2025/9/2 SC – +T2DM Phase III 2024/10/18 SC CTR20243938 +BGM0504 GLP-1R/GIPR BrightGene/Sanjiu Obesity/overweight Phase III 2024/10/31 SC CTR20243983 +T2DM Phase III 2024/12/10 SC CTR20244493 +Olatorepatide +(HS-20094) GLP-1R/GIPR Hansoh/Regeneron Obesity/overweight Phase III 2024/10/31 SC CTR20243973 +T2DM Phase III 2025/8/28 SC CTR20253481 +Poterepatide +(HDM1005) GLP-1R/GIPR Huadong Medicine Obesity/overweight Phase III 2025/9/24 SC CTR20253677 +T2DM Phase III 2026/2/3 SC CTR20260321 +RAY1225 GLP-1R/GIPR Zhongsheng/Qilu Obesity/overweight Phase III 2025/6/18 SC CTR20251977 +T2DM Phase III 2025/7/30 SC CTR20252996 +Survodutide GLP-1R/GCGR Zealand/BI Ob esity/overweight Phase III 2023/12/14 SC CTR20234044 +RO7795068 GLP-1R/GIPR Roche Obesity/overweight Phase III 2026/5/25 SC CTR20262017 +Obesity/Overweight/T2DM Phase III 2026/6/2 SC CTR20262018 +AZD9550 GLP-1R/GCGR AZ Obesity/overweight Pha se II 2025/5/6 SC CTR20251720 +HEC88473 GLP-1R/FGF21 HEC/Apollo Therapeutics T2DM /obesity Phase II 2023/8/17 SC CTR20232481 +HJ178 GLP-1R/GIPR Our company T2DM Phase II 2025/4/25 PO CTR20251614 +HRS9531 Tablet GLP-1R/GIPR Hengrui Obesity/overweight Phase II 2025/2/19 PO CTR20250596 +MWN101 GLP-1R/GIPR/GCGR Minwei Obesity/overweight Phase II 2024/3/7 SC CTR20240802 +T2DM Phase II 2024/3/11 SC CTR20240817 +MWN105 GLP-1R/FGF21/GIPR Minw ei/Sidera Bio Obesity/overweight Phase II 2025/8/20 SC CTR20253336 +MWN109 GLP-1R/GIPR/GCGR Minwei Obesity/overweigh t Phase II 2025/8/14 SC CTR20253058 +MWN109 Tablet GLP-1R/GIPR/GCGR Minwei Obesity/overweight Phase II 2025/12/8 PO CTR20254820 +T2DM Phase II 2026/5/29 PO CTR20261918 +Retatrutide GLP-1R/GIPR/GCGR Eli Lilly Obesity/ overweight Phase II 2026/3/12 SC / 2 +THDBH120 GLP-1R/GIPR Tonghua Dongbao Obesity/ove rweight Phase II 2024/12/5 SC CTR20244607 +UBT251 GLP-1R/GIPR/GCGR The United Laboratories/ +Novo Nordisk +T2DM Phase II 2025/1/13 SC CTR20250029 +Obesity/overweight Phase II 2025/2/17 SC CTR20250288 +ZX2010 GLP-1R/GIPR Kanion T2DM Phase II 2025/6/26 SC CTR20252333 +ZX2021 GLP-1R/GIPR/GCGR Kanion Obesity/overweight +Obesity/overweight +Phase II 2025/4/11 SC CTR20250527 +DYX116 GLP-1R/GIPR/GCGR Jiangsu Deyuan T2DM Phase II 2026/5/13 SC CTR20261893 +Phase II 2026/5/18 SC CTR20261894 +Notes: +(1) HJ178 acts through multiple mechanisms by simultaneously increasing GLP-1 secretion and reducing GIP secretion, thereby +producing glucose-lowering effects and providing weight-loss benefits. +(2) On February 15, 2026, a Phase II clinical trial of retatrutide for the treatment of obesity was initiated in Mainland China under +NCT07467447, while no related trial had been registered with the CDE. +(3) Fixed-dose combinations are not included in the list. +Source: CDE, CIC +INDUSTRY OVERVIEW +– 101 – + + +--- page 111 --- +Among the multi-target GLP-1 related therapies above, there are 5 oral multi-target GLP-1 related +therapies under clinical development in China. Also, as of the Latest Practicable Date, there are 15 +multi-target GLP-1 related therapies for type 2 diabetes and 20 multi-target candidates for obesity, as well +as 59 single-target candidates for type 2 diabetes and 55 single-target candidates for obesity. +On April 1, 2026, FDA approved orforglipron for chronic weight management in adults with obesity +or overweight. This milestone marks the first approval of a small-molecule, non-peptide oral GLP-1 +receptor agonist. Eli Lilly has also submitted NDA in China for the treatment of type 2 diabetes in January +2026. +OVERVIEW OF GLOBAL AND CHINA KRAS TARGETED AND HCC TARGETED DRUG +MARKET +Non-Small Cell Lung Cancer (NSCLC) +Overview +Lung cancer is a malignant tumor originating from the bronchial mucosa or glands. It is one of the +most prevalent and deadly cancers in China and worldwide. In 2025, lung cancer was the most frequently +diagnosed cancer in China, accounting for 22% of new cases. +NSCLC is the predominant subtype, accounting for approximately 85% of all Lung cancers globally, +and remains a leading cause of cancer-related mortality, with substantial unmet medical need in China. The +two most common histological subtypes of NSCLC are adenocarcinoma (AC) and squamous cell +carcinoma (SCC), collectively accounting for 70% to 90% of NSCLC cases. Advances in next-generation +sequencing have enabled more precise molecular classification, driver mutations are identified in +approximately 60% of AC cases. +Incidence of NSCLC and Market Size of NSCLC drugs in Global and China +The global incidence of NSCLC increased from approximately 1.92 million cases in 2020 to 2.26 +million in 2025 at a CAGR of 3.3%, and is estimated to increase to 2.58 million by 2030, representing a +CAGR of 2.7% from 2025 to 2030. In China, the incidence of NSCLC increased from approximately 0.83 +million cases in 2020 to 1.01 million in 2025 at a CAGR of 4.0%, and is estimated to increase to 1.17 +million by 2030, representing a CAGR of 3.1% from 2025 to 2030. +The following charts illustrates the historical and projected global and China NSCLC drug market +size from 2020 to 2030: +Global market size of NSCLC +drugs, 2020-2030E +China’s market size of NSCLC +drugs, 2020-2030E +USD billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +China 7.5% 9.8% +RoW 22.1% 9.8% +Total 19.2% 9.0% +5.3 +17.2 +22.5 5.8 +24.2 +29.9 5.9 +31.6 +37.4 6.5 +36.7 +43.1 7.1 +42.2 +49.2 7.7 +46.7 +54.3 +8.3 +51.3 +59.6 9.1 +56.5 +65.6 +9.9 +61.4 +71.4 +11.0 +66.4 +77.4 +12.2 +71.5 +83.7 +RMB billion +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +CAGR 2020-2025 2025-2030E +China’s NSCLC drug market size 7.5% 9.8% +38.3 41.7 42.5 +46.6 +50.9 +55.1 +59.8 +65.3 +71.6 +79.0 +87.8 +Source: Global Cancer Observatory, The National Childhood +Cancer Registry, The National Comprehensive Cancer +Network, Chinese Society of Clinical Oncology, CIC +Source: Annual report, NMP A, CIC +INDUSTRY OVERVIEW +– 102 – + + +--- page 112 --- +KRASG12C is among the most clinically important KRAS mutation subtypes in NSCLC given its +meaningful prevalence and therapeutic relevance. In 2025, KRAS G12C mutated NSCLC accounted for +approximately 4.5% of NSCLC incidence in China. The incidence of KRAS G12C mutated NSCLC in China +increased from 37.0 thousand in 2020 to 45.5 thousand in 2025, and is projected to reach 52.4 thousand +by 2028. China’s NSCLC KRAS +G12C inhibitor market remains at an early stage. KRAS G12C inhibitors +were first launched in China in 2024, and four products are currently available as of LPD. The market size +of KRAS +G12C inhibitors in China is approximately RMB0.2 billion in 2025 and is expected to grow to +approximately RMB1.9 billion by 2030, representing a CAGR of approximately 63.5% from 2025 to 2030. +Today, few KRAS +G12C—specific inhibitors are broadly available, and patients often rely on chemotherapy +or immunotherapy, which have limited efficacy and poor outcomes in this setting. +NSCLC Diagnosis, Treatment Pathways and Unmet Clinical Needs +Advanced NSCLC continues to present significant unmet clinical needs. Although targeted therapies +such as TKIs have improved outcomes in certain molecularly defined subgroups, treatment resistance +commonly develops and post-resistance options remain limited, resulting in suboptimal long-term clinical +benefit. In addition, patients with other oncogenic drivers or without identifiable driver mutations continue +to face insufficient treatment options, highlighting substantial unmet demand for more effective therapies. +The mitogen-activated protein kinase (MAPK) pathway is a conserved intracellular signaling +cascade comprising key protein kinases—RAS, RAF, MEK, and ERK. It plays a central role in regulating +critical cellular functions, including proliferation, differentiation, survival, and apoptosis. Signal +transmission within the MAPK pathway is initiated when extracellular signals activate RAS, prompting a +switch from its inactive GDP-bound form to an active GTP-bound form. This triggers sequential activation +of RAF, MEK, and ERK. Activated ERK then phosphorylates various downstream targets, including +kinases and transcription factors, thereby modulating a broad range of cellular responses. +The following charts set forth the treatment guidelines for NSCLC by CSCO and NCCN Guidelines: +Treatment guidelines for NSCLC patients, CSCO 2024 +la/r/m +NSCLC +• Operable: Surgical resection + Mediastinal lymph node dissection +• Inoperable: Radiotherapy ± Chemotherapy +EGFR (“classical”) +FIRST-LINE THERAPY (GRADE I) +ALK +ROS1 +BRAF V600E +METex14 +RET +Gene-negative +Non-squamous NSCLC +KRAS G12C +SUBSEQUENT THERAPY (GRADE I) +• PS=0~1: PD-1 therapy combined with chemotherapy, + with or without bevacizumab +• PS=2: Single-agent chemotherapy +• PS=0~2: Immunotherapy or targeted therapy +• PS=3~4: Best supportive care +• EGFR TKI +• Targeted therapy +• Targeted therapy +• Targeted therapy +• Immunotherapy or targeted therapy, or chemotherapy for the squamous +• Targeted therapy +• Targeted therapy +• PD-1 therapy combined with chemotherapy, with or without bevacizumab +• Targeted therapy +• Immunotherapy or targeted +therapy, or chemotherapy for +the squamous +• Initial TKI (or others) ± local th erapy (Oligoprogress/CNS metastasis) +• TKI if effective (only for ALK)/ chemotherapy ± Beva (Extensive stage) +• Initial TKI + local therap y (Oligoprogress/CNS metastasis) +• TKI if T790M positive/Platinum-based chemotherapy ± Beva (Extensive stage) +• EGFR exon20ins TKI +Gene-Negative +Squamous NSCLC +Localized early NSCLC +GENE +NTRK +HER-2 +• PD-1 therapy combined with chemotherapy, with or without bevacizumab +• Immunotherapy or targeted +therapy, or chemotherapy for the +squamous +• Targeted therapy +• Targeted therapy +• KRAS G12C inhibitor +• her1/her2/her4 +TKI +• Immunotherapy or targeted therapy, or chemotherapy +for the squamous +• PD-1 therapy combined with + chemotherapy, with or without + bevacizumab +• PD-1 therapy combined with + chemotherapy, with or without + bevacizumab +• Her-2 targeted therapy +• Immunotherapy +• Only for Squamous: +Chemotherapy or +targeted therapy +EGFR (“ex20ins”) +Source: CSCO, CIC +INDUSTRY OVERVIEW +– 103 – + + +--- page 113 --- +Treatment guidelines for NSCLC patients, NCCN version 5.2024 +Stage IA~IIIA NSCLC +Stage +IVB +NSCLC +• Operable: Surgical exploration & resection + mediastinal lymph node dissection or systematic lymph node sampling +• Inoperable: Definitive RT, preferably stereotactic ablative radiotherapy +FIRST-LINE THERAPY +ALK +ROS1 +METex14 +RET +KRAS G12C +SUBSEQUENT THERAPY +• Osimertinib; Osimertinib + pemetrexed (non-squamous) +• Erlotinib, Afatinib, Gefitinib, Dacomitinib +• Alectinib, Brigatinib, Lorlatinib +• Ceritinib; Crizotinib +• Entrectinib, Crizotinib, Repotrectinib +• Ceritinib• Dabrafenib + Trametinib; Encorafenib + Binimetinib +• Vemurafenib or Dabrafenib +• Selpercatinib or Pralsetinib; Cabozantinib +• Continue alectinib or brigatinib or ceritinib or lorlatinib +• Local therapy for limited lesions +• Continue Osimertinib; Local therapy for limited lesions +• Amivantamab-vmjw+ carboplatin + pemetrexed (non-squamous) +Stage IIIB~IIIC NSCLC • Definitive concurrent chemoradiation • Durvalumab +Stage IIIA NSCLC • Stereotactic radiosurgery (SRS) alone or surgical +resection +PD-1 therapy combined +with chemotherapy, +with or without +bevacizumab, or +targeted therapyPD-1 therapy combined with chemotherapy, +with or without bevacizumab, or targeted therapy +• Sotorasib; Adagrasib +• Local therapy for limited lesions +• Continue entrectinib, crizotinib, repotrectinib, or ceritinib; lorlatinib +BRAF V600E +PD-1 therapy combined with chemotherapy, with or without bevacizumab, or targeted therapyNTRK1/2/3 • Larotrectinib or Entrectinib +• Capmatinibor Tepotinib; Crizotinib +ERBB2 (HER2) PD-1 therapy combined with chemotherapy, +with or without bevacizumab, or targeted therapy • Fam-trastuzumab, deruxtecan-nxki; Ado-trastuzumab emtansine +PD-L1 ≥1% +PD-L1 <1% +• PS 0-2: Biomarker-directed therapy • Continuation maintenance +• PS 3-4: Supportive care +• PS 3-4: Supportive care +PD-1 therapy combined with chemotherapy, +with or without bevacizumab, +or targeted therapy +• Maintenance therapy +GENE +• Systemic Therapy +EGFR +(“classical”) +EGFR +(“atypical”) +• S768I, L861Q, and/or G719X: Osimertinib, Afatinib; Erlotinib, Gefitinib, +Dacomitinib +• Exon 20ins: Amivantamab-vmjw + carboplatin/pemetrexed +PD-1 therapy combined with chemotherapy, +with or without bevacizumab, or targeted therapy +Source: NCCN, CIC +Overview of RAS and KRAS as Therapeutic Targets +RAS Pathway and Cancer Expression +RAS mutations are among the most common oncogenic alterations in human cancer, present in +approximately one-third of tumors. They are especially prevalent in pancreatic, colorectal, thyroid, lung, +and melanoma cancers. Among the RAS isoforms, KRAS is the most frequently mutated, found in over +20% of cancers, followed by NRAS with 8% and HRAS with 3.3%. Targeted drugs developed to address +these mutations include sotorasib, adagrasib, garsorasib, fulzerasib and glecirasib. +Pan-RAS or RAS(ON) multi-selective inhibitors have recently emerged as a new class of +RAS-targeted therapies. Daraxonrasib (RMC-6236), an oral RAS(ON) multi-selective inhibitor developed +by Revolution Medicines, has been clinically developed in RAS-mutant tumors, with its most advanced +regulatory progress currently in PDAC. In PDAC, daraxonrasib has received FDA Breakthrough Therapy +Designation, Orphan Drug Designation and a Commissioner’s National Priority V oucher. Revolution +Medicines has stated its intention to submit an NDA to the FDA under the CNPV program; however, as +of the Latest Practicable Date, no NDA had been submitted. In NSCLC, daraxonrasib remains under +clinical development; its global randomized Phase III RASolve 301 trial in previously treated RAS-mutant +NSCLC is ongoing, and no Phase III NSCLC efficacy data have been publicly disclosed. Its currently +disclosed NSCLC clinical data remain preliminary and were reported for the broader RAS G12X-mutant +population, with no separate publicly disclosed efficacy analysis for the KRAS +G12C-mutant NSCLC +subgroup. In disclosed NSCLC data, among patients treated with daraxonrasib at 120 mg to 300 mg once +daily, TRAEs led to dose interruption, dose reduction and treatment discontinuation in 48%, 27% and 6% +of patients, respectively, and 52% required dose modification due to TRAEs. The most common TRAEs +reported in at least 10% of patients included rash, with any-grade rash reported in 89% of patients and +Grade /H113503 rash reported in 7% of patients. Further, based on publicly available information, daraxonrasib +has not yet generated clinical data specifically in Chinese patients with NSCLC, and its potential clinical +adoption in China would depend on future China-related clinical development, regulatory approval and +commercialization progress. Therefore, while pan-RAS inhibitors may represent an emerging therapeutic +approach for RAS-mutant tumors, based on currently available data, they have not been established to +replace mutation-specific KRAS +G12C inhibitors in KRAS G12C-mutant NSCLC, and HJ891 may continue to +have a differentiated role if it demonstrates a favorable benefit-risk profile in its target treatment settings. +KRAS mutations occur most in pancreatic, rectal, colon and lung adenocarcinoma, the four cancer +types with the highest KRAS mutation rates. +INDUSTRY OVERVIEW +– 104 – + + +--- page 114 --- +KRASG12C Inhibitors +KRAS is a key signaling protein involved in cell proliferation and survival through pathways +including MAPK. Oncogenic KRAS mutations lead to persistent downstream signaling and promote tumor +growth. KRAS mutations are common in PDAC, CRC and NSCLC, accounting for over 20% of all +cancers, which highlights the need for mutation-specific KRAS-targeted therapies. +As of the Latest Practicable Date, four KRAS +G12C inhibitors had been approved in China. Apart from +KRASG12C inhibitors, the alternative treatment of NSCLC includes immunotherapy and chemotherapy, +with a targeting patient population for second-line NSCLC reaching 28.8 thousand in China in 2025. The +following chart illustrates number of approved drugs in China and globally and treatment comparisons for +KRAS +G12C-mutated NSCLC as of the Latest Practicable Date: +Number of approved drugs and treatment comparisons in KRAS G12C + NSCLC, as of the Latest +Practicable Date +MoA +No. of +approved +drugs in China +No. of +approved +drugs globally +Representative +drugs Target Company NRDL Approval in +China +Approval in +the U.S. Advantages Limitations +Targeted +therapies 42 +Sotorasib +Lumakras® KRASG12C Amgen - No Yes +• Specific inhibitors directly +target KRASG12C mutation +• Improved understanding of +KRAS-driven tumor biology +• Potential for combination with +immunotherapy to enhance +efficacy +• Resistance develops with +prolonged use +• Currently approved mainly as +second-line treatment +• Limited overall survival +benefit shown vs +chemotherapy in some trials +Adagrasib +Krazati +® KRASG12C BMS - No Yes +Fulzerasib +䚊ե⢯® KRASG12C Genfleet/ +Innovent Yes Yes No +Garsorasib +ᆿᯯም® KRASG12C CTTQ Yes Yes No +Glecirasib +ࠧ® KRASG12C Jacobio/ +Allist Yes Yes No +Sosimerasib +☕‸㗄® KRASG12C Jeyou No Yes No +Immunotherapy2 16 12 +Pembrolizumab +Keytruda®/ਥ⪔䚊® PD-1 Merck No Yes Yes +• Offers survival benefits, +especially with high PD-L1 +expression +• Can be combined with +chemotherapy for additive +effect +• Efficacy affected by KRAS co- +mutations (e.g., STK11, KEAP1) +• Some KRAS mutations (e.g., +G12D) may respond less well +• Immune-related adverse +effects may occurNivolumab +Opdivo +®/ↆ⣺⊹® PD-1 BMS No Yes Yes +Chemotherapy –1 –1 Docetaxel +Taxotere®/⌦㍘ᑓ® -S a n o fi Y e s Y e s Y e s +• Effective for rapid tumor +burden reduction +• Often combined with +immunotherapy in KRASG12C +NSCLC patients for better +outcomes +• Non-specific, toxic side +effects +• Resistance and relapse +common +• Limited efficacy as +monotherapy in KRAS +G12C +mutant tumors +Notes: +(1) The approval number is not readily estimable, as certain chemotherapy agents are used based on guidelines or established +clinical practice rather than indication-specific approvals; +(2) The immunotherapy has been approved for the indication of NSCLC, rather than specifically for KRAS G12C-mutant NSCLC. +Source: NMP A, FDA, EMA, PMDA, CIC +KRAS targeted Drug and Market Size of NSCLC KRAS G12C Therapies +In 2025, there were approximately 1,008.3 thousand newly diagnosed NSCLC in China and 2,258.6 +thousand globally. KRAS-mutant NSCLC accounted for 103.9 thousand (about 10.3%) cases in China, and +478.8 thousand cases (about 21.2%) globally. +In 2025, the incidence of KRAS +G12C-mutated NSCLC cases were 45.5 thousand (4.5% of NSCLC +incidence) in China and 203.3 thousand (9.0% of NSCLC incidence) globally. These figures indicate a +higher overall prevalence of KRAS-mutant NSCLC and a higher share of the G12C subtype globally than +in China, suggesting regional differences in molecular profiles and treatment opportunities. +INDUSTRY OVERVIEW +– 105 – + + +--- page 115 --- +Globally, the first KRAS G12C inhibitors for KRAS G12C-mutated NSCLC were approved in 2021. +Since then, the market has grown steadily, reaching US$0.3 billion in 2022 and growing to US$0.6 billion +by 2025. In 2025, China’s first KRAS +G12C inhibitor was officially approved, while the Chinese market size +was approximately RMB0.2 billion in 2025, which remained relatively small compared to the global +market. +The global market is projected to expand significantly, reaching approximately US$1.9 billion by +2030, while the Chinese market is expected to also experience rapid growth, reaching RMB1.9 billion by +2030, representing a CAGR of 63.5% from 2025 to 2030. This projection highlights the significant +commercial opportunity and accelerating adoption of KRAS +G12C-targeted therapies in China over the +coming years. +Market Drivers and Future Trends of NSCLC KRAS G12C Mutation Drug Market + Increasing adoption of molecular testing for KRAS mutations. The growing adoption of +comprehensive molecular testing, including next-generation sequencing (NGS), has improved the +identification rate of patients with KRAS +G12C mutations in NSCLC. Broader testing coverage and +increasing physician awareness have expanded the addressable patient population eligible for +KRAS +G12C-targeted therapies. + Currently approved KRAS G12C inhibitors in China are primarily indicated for second-line or +later-line treatment following disease progression on standard therapies. Ongoing clinical +development programs are evaluating the use of KRAS +G12C inhibitors in earlier-line settings, +including first-line monotherapy and combination regimens. If successfully developed and approved, +such label expansions are expected to significantly expand the eligible patient population and further +drive market penetration and commercial growth. +Favorable Regulatory Environment Supporting Innovative Drug Development in China + Accelerated regulatory pathways for innovative drugs: Recent regulatory reforms in China have +streamlined the review and approval process for innovative drug clinical trial applications, +shortening review timelines to approximately 30 working days and strengthened early +communication between sponsors and regulators, improving development efficiency and time to +market. + Enhanced full-lifecycle support for first-in-class innovative drugs: In 2026, Chinese regulatory +authorities announced strengthened full-lifecycle support measures for innovative drugs with novel +mechanisms of action or novel targets. Such measures cover clinical development, regulatory review +and approval processes, with the objective of promoting earlier market entry and encouraging +original innovation within China’s pharmaceutical industry. +Clinical V alue of Combining KRAS and PD-1 Inhibitors +KRAS +G12C inhibitors have validated KRAS as a clinical druggable target. Various combination +strategies involving KRAS G12C inhibitors and other agents—such as PD-(L)1, SHP2, EGFR, and MEK +inhibitors—are being actively explored in clinical trials for improved clinical efficacy. Among these, the +combination of KRAS +G12C inhibitors with PD-1 inhibitors has demonstrated particularly promising +efficacy in patients with KRAS G12C-mutated NSCLC. +INDUSTRY OVERVIEW +– 106 – + + +--- page 116 --- +Pipeline Comparison of KRAS Targeted Drugs +The following table summarizes global approved KRAS targeted drugs with the indication of solid +tumor as of the Latest Practicable Date: +Global approved KRAS targeted drug with the indication of solid tumor +Product MOA Company Indication Initial +Approval Date Dosage Price in US and China +Sotorasib +(LUMAKRAS®) +KRASG12C +Amgen • KRAS G12C-mutated locally advanced or +metastatic NSCLC who have received at +least one prior systemic therapy +• KRAS G12C-mutated locally advanced or +metastatic CRC who have received prior +chemotherapy +FDA: 2021.05 +EMA: 2021.11 +PMDA: 2022.01 +960mg QD US: ~23,000 USD +per month +Adagrasib +(KRAZATI +®) BMS FDA: 2022.12 +EMA: 2024.01 600mg BID US: ~22,500 USD +per month +Fulzerasib +(䚊ե⢯®) +Genfleet/ +Innovent +• KRAS G12C-mutated Locally Advanced or +Metastatic NSCLC who have received at +least one prior systemic therapy +NMPA: 2024.08 600mg BID China: ~12,400 RMB +per month +Garsorasib +(ᆿᯯም +®) InventisBio NMPA: 2024.11 600mg BID China: ~10,980 RMB +per month +Glecirasib +(ࠥ®) +Jacobio/ +Allist NMPA: 2025.05 800mg QD China: ~12,000 RMB +Sosimerasib +( ☕‸㗄®) Jemincare NMPA: 2026.02 N/A N/A +Source: Company website, NMP A, FDA, EMA, PMDA, CIC +The following table summarizes pipelines and the total number of KRAS G12C-targeted drug +candidates for solid tumors registered with the CDE in China as of the Latest Practicable Date. As of the +same date, there were 17 such candidates with active registered clinical-stage development in China, 9 of +which were in Phase II or later, including certain approved drugs that were subject to ongoing +confirmatory, combination or indication-expansion studies. +Pipelines of KRAS +G12C Targeted Drugs for Solid Tumors, CDE-registered +Candidate Company Indication Treatment Line Phase First Posted Date Trial Number +Adagrasib BMS/Zai Lab +NSCLC with KRASG12C mutation 2L+ III 2022-05-31 CTR20221262 +NSCLC with KRASG12C mutation (combo with cetuximab) 2L+ III 2022-02-09 CTR20220199 +NSCLC with KRASG12C mutation (combo with pembrolizumab) 1L III 2024-03-27 CTR20240835 +Divarasib Roche NSCLC with KRASG12C mutation 2L+ III 2022-10-11 CTR20222238 +NSCLC with KRASG12C mutation (combo with pembrolizumab) 1L II 2023-12-05 CTR20233972 +Garsorasib1 InventisBio +NSCLC with KRASG12C mutation 2L+ III 2024-01-11 CTR20240098 +Non-squamous NSCLC with KRASG12C mutation (combo with IN10018) 1L III 2025-08-18 CTR20253319 +NSCLC, CRC and other solid tumors with KRASG12C mutation (Monotherapy, +or combo with cetuximab) 2L+ II 2021-12-01 CTR20212920 +Sotorasib Amgen NSCLC with KRAS G12C mutation and PD-L1 negative (combo with chemotherapy) 1L III 2024-03-05 CTR20240724 +Glecirasib Jacobio/Allist PC with KRASG12C mutation 2L+ II 2023-08-18 CTR20232444 +MK-1084 MSD NSCLC with KRASG12C mutation and PD-L1 TPS≥50% (combo with pembrolizumab) 1L III 2024-06-27 CTR20242278 +Olomorasib Eli Lilly NSCLC with KRASG12C mutation (combo with pembrolizumab, or chemotherapy) 1L/2L+ III 2024-08-06 CTR20242544 +NSCLC with KRASG12C mutation (combo with pembrolizumab, durvalumab) 2L+ III 2025-03-21 CTR20250763 +HJ891 Our company Non-squamous NSCLC with KRASG12C mutation (combo with Toripalimab) 1L/2L+ Ib/III 2024-01-08 CTR20240054 +NSCLC − IIb 2023-05-04 CTR20231351 +HRS-7058 Suncadia +NSCLC with KRASG12C mutation 2L+ III 2026-05-15 CTR20261946 +PC with KRASG12C mutation 2L+ II 2026-05-15 CTR20261820 +Advanced solid tumors − II 2025-04-10 CTR20251267 +ZG19018 Zelgen Advanced solid tumors with KRASG12C mutation 2L+ I/II 2022-02-15 CTR20220296 +D3S-001 D3 Bio Advanced solid tumors with KRASG12C mutation (Monotherapy, or combo with +pembrolizumab, cetuximab, or chemotherapy) − I/II 2022-10-21 CTR20222546 +HYP-2090PTSA Huiyu Advanced solid tumors with KRAS G12C mutation − I/II 2023-12-22 CTR20234061 +SY-5933 Shouyao Holdings Advanced solid tumors with KRASG12C mutation (combo with conteltinib) − I/II 2025-04-30 CTR20251745 +Fulzerasib Innovent +CRC with KRASG12C mutation (combo with cetuximab) − Ib/III 2022-08-09 CTR20221972 +Non-squamous NSCLC with KRASG12C mutation (combo with chemotherapy) − Ib/III 2022-09-14 CTR20221975 +Advanced solid tumors with KRASG12C mutation − I/II 2021-08-12 CTR20211933 +GEC255 generosbio Advanced solid tumors with KRASG12C mutation − I 2021-10-22 CTR20212486 +HS-10370 Hansoh Advanced solid tumors with KRAS G12C mutation − I 2022-03-28 CTR20220710 +BEBT-607 BeBetter Med Advanced solid tumors with KRASG12C mutation 2L+ I 2023-06-14 CTR20231811 +Note: +(1) Garsorasib received conditional NMPA approval in November 2024 for previously treated KRAS G12C-mutated NSCLC +based on its pivotal phase II data, while ongoing the phase III trial are being conducted to provide the clinical evidence +required to convert this into a full approval +INDUSTRY OVERVIEW +– 107 – + + +--- page 117 --- +(2) As advised by CIC, the Company, as the Marketing Authorization Holder (MAH)/applicant for its own product and the sole +sponsor of the combination trials, may seek marketing authorization for new indications of its product based on the study +results, including its proposed use in the relevant combination regimen with an approved drug. Under the applicable NMPA +regulatory framework, such application would be submitted by the Company in respect of its own product, without requiring +the consent, participation or co-filing by the MAH/applicant of the approved combination partner drug. +Source: CDE, CIC +HCC +Overview +Primary liver cancer (PLC), which includes HCC, intrahepatic cholangiocarcinoma (ICC), and +combined hepatocellular-cholangiocarcinoma (cHCC-CCA), is a malignant tumor originating from liver +cells or intrahepatic bile duct epithelium. HCC is the predominant subtype, accounting for approximately +90% of liver cancer cases. +Liver cancer poses a significant global health burden, with over one million new cases expected by +2025. It has particularly high incidence in Asia, with approximately 75% of cases occurring in the region, +and China alone accounting for approximately half of the global total. Chronic infection with hepatitis B +or C viruses is the leading cause of HCC, with over 90% of cases developing against a background of +chronic liver disease. Notably, around 70% of PLC cases are diagnosed at an advanced stage, and the +five-year survival rate remains low—26-50% in China and 14% in the United States. +HCC Incidence and Market Size of targeted-drugs +The global incidence of HCC was approximately 676 thousand cases in 2025, of which +approximately 305 thousand occurred in China. Although the incidence is expected to decline, likely +driven by improved hepatitis prevention and early screening efforts, continued introduction of innovative +therapies specifically targeting HCC, the market is expected to support market recovery and steady +growth. +The diagram below illustrates the historical and projected market size of HCC targeted therapies in +China from 2020 to 2030: +Market size of HCC targeted-drugs in China, 2020-2030E +RMB billionCAGR 2020-2025 2025-2030E +24.4% 8.5%HCC Targeted drugs +2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E +5.1 +6.1 +9.9 +12.9 +14.6 15.2 +16.6 +18.1 +19.6 +21.3 +22.9 +Source: NMP A, Chinese Society of Clinical Oncology, CIC +Traditional treatments for HCC, surgery, liver transplantation, and chemotherapy, have limited +effectiveness, especially in advanced stages. Targeted therapies enable a more effective, personalized +approach. Immunotherapies (PD-1/PD-L1 inhibitors) and tyrosine kinase inhibitors (TKIs) such as +sorafenib, lenvatinib, and regorafenib have improved survival in advanced HCC, leading to wider adoption +in Chinese clinical practice. The approval of combination regimens that pair immune checkpoint inhibitors +with TKIs is further accelerating market growth. Looking ahead, steady expansion is expected, driven by +newly launched TKIs with novel targets (e.g., FGFR, GPC-3), broader use of TKI–immunotherapy +combinations, and a shift toward chronic disease management that supports longer survival. +INDUSTRY OVERVIEW +– 108 – + + +--- page 118 --- +Treatment and Unmet Clinical Need +Systemic therapies for HCC include chemotherapy, immunotherapy-based combinations and targeted +small molecules in the first-line setting, and targeted therapies and immunotherapies in the second-line +setting. Although surgical resection remains the primary treatment approach, recurrence occurs in 60-70% +of patients within five years, underscoring the importance of systemic therapies in advanced or recurrent +disease. +Although HCC involves multiple gene mutations, few actionable driver mutations have been +identified. Existing targeted therapies mainly act on VEGF/VEGFR pathways, which limits overall +efficacy, while immunotherapy has shown modest efficacy, with ORR typically below 30%. +The following chart illustrates treatment pathways for HCC: +Treatment Pathway for Hepatocellular Carcinoma +HCC +Phase Ia Phase IIa Phase IIIb +Early Stage Middle & Late Stage +Phase IV +• Surgical Resection +• Ablation Therapy +• Liver Transplantation +•T A C E +•S u r g e r y +• Systemic +Antitumor +Therapy +• Systemic +Antitumor +Therapy +•T A C E +• Radiotherapy +• Symptomatic +Support +• Transplantation +• Palliative Care +First-line +Second-line +Pathway for Systemic Therapy, Systemic therapies play a critical role, particularly in advanced-stage or recurrent cases. +• Chemotherapy +• Atezolizumab + Bevacizumab; Sintilimab + Bev acizumab Biosimilar; Apatinib + Camrelizumab; Tislelizumab +• Donafenib; Lenvatinib; Sorafenib +• Regorafenib; Apatinib; Ramucirumab +• Camrelizumab; Tislelizumab; Pembrolizumab +20%-30% 70%-80% +Phase IIIa +• TACE/+Systemic +Antitumor Therapy +• Systemic Antitumor +Therapy +•S u r g e r y +• Radiotherapy +Phase IIb +•S u r g e r y +•T A C E +• Surgery+Ablation +/TACE+Ablation +• Transplantation +Phase Ib +•S u r g e r y +• Ablation Therapy +• Ablation/TACE*+ +Ablation +• Transplantation +Note: TACE: transarterial chemoembolization +Source: CSCO 2024, CIC +As of the Latest Practicable Date, no FGFR4 inhibitors had been approved in China. Apart from +FGFR4 inhibitors, the alternative treatment of FGFR4 overexpressed HCC include chemotherapy, VEGFR +inhibitors, and immunotherapy, with a targeting patient population of second-line HCC reaching 6.6 +thousand in China in 2025. The following chart compares treatment options for HCC: +MoA +No. of +approved +drugs in China +No. of +approved +drugs globally +Representative +drugs Target Company NRDL Approval in +China +Approval in +the U.S. Advantages Limitations +Chemotherapy -1 -1 FOLFOX4 – / Yes Yes Yes +• • +• +• +• +Usually cheaper +• Works in most cases +• Effectively inhibit +metastasis +• May have faster +response +Have a long list of side +effects including GI +reactions, bone marrow +function inhibition, liver +and kidney damage, +alopecia and neuro +toxicity +Targeted drugs 86 +Bevacizumab +Avastin +®/τ㏣͓® VEGFA Roche Yes Yes Yes +• Highly targeted, less +damage towards normal +cells, controllable side +effects +• Effective when against +cancer with certain +genotype +Mutations in cancer cells +may cause drug tolerance +May cause adverse events +such as hand-foot skin +reaction and fatigue +Not curative for most +advanced cases +Ramucirumab +Cyramza +®/Ҏ̄᫽® VEGFR2 Eli Lilly/ +Innovent No Yes Yes +Lenvatinib +Lenvima®/ᆀሊီ® +VEGFR1/2/3; +FGFR1/2/3/4; +PDGFRα; RET; KIT +Eisai Yes Yes Yes +Cabozantinib +Cabometyx® +MET, RET, AXL, +VEGFR2, FLT3, c-KIT Exelixis - - Yes +Immunotherapy 12 10 +Pembrolizumab +Keytruda®/̙๿༺® PD-1 Merck No Yes Yes +• May have effect over a +longer period of time +• May cause less damage +towards normal cells +• Rely on patients’ own +immune system, in the +whole patients group the +overall response rates +remain modest +• +Tremelimumab +Imjudo +®/ՙɭ® +May cause +immune-related +adverse events +CTLA-4 AZ - Yes Yes +Ipilimumab +Yervoy +®/අӜ® CTLA-4 BMS No Yes Yes +Finotonlimab +τС̻® PD-1 SinoCelltech Yes Yes - +Tislelizumab +ϵዣτ® PD-1 Beigene Yes Yes - +Notes: VEGF A: vascular endothelial growth factor A; VEGFR2: vascular endothelial growth factor receptor 2; VEGFR: vascular +endothelial growth factor receptor; FGFR: fibroblast growth factor receptor; PDGFR /H9251: platelet-derived growth factor receptor +alpha; RET: rearranged during transfection; KIT: KIT proto-oncogene receptor tyrosine kinase; MET: mesenchymal-epithelial +transition factor; AXL: AXL receptor tyrosine kinase; EGFR2: epidermal growth factor receptor 2; FLT3: Fms-like tyrosine kinase +3; FOLFOX4: folinic acid, fluorouracil, and oxaliplatin regimen 4 +INDUSTRY OVERVIEW +– 109 – + + +--- page 119 --- +(1) The approval number is not readily estimable, as certain agents are used based on guidelines or established clinical practice +rather than indication-specific approvals +Source: NMP A, FDA, EMA, PMDA, CIC +Competitive Landscape of HCC Targeted Drugs +The following table sets forth marketed HCC targeted drugs candidates approved by the NMPA in +China as of the Latest Practicable Date: +Overview of marketed HCC targeted drugs approved by NMPA, as of the +Latest Practicable Date +Generic name Brand name Original MAH Target Treatment line NMPA approval Efficacy NRDL status Month spending +Sorafenib Nexavar® +ߕ® Bayer +CRAF; BRAF; c-KIT; +FLT3; VEGFR1/2/3; +PDGFRα/β +1L 2006 +SHARP +ORR: 2%; DCR: 43% +mTTP: 5.5 months +mOS: 10.7 months +Yes RMB ~10,000 +Lenvatinib Lenvima +® +ᆀሊီ® Eisai VEGFR1/2/3; FGFR1/2/3/4; +PDGFRα; RET; KIT 1L 2018 +REFLECT +ORR: 24.1% +mPFS: 7.4 months +mOS: 13.6 months +Yes RMB ~7,500 +Donafenib Zepsun® +ዣ౷͛® Suzhou Zelgen VEGFR; PDGFR; RAF 1L 2021 +ZGDH3 +ORR: 4.6%; DCR: 30.8% +mPFS: 3.7 months +mOS: 12.1 months +Yes RMB ~6,000 +Regorafenib Stivarga® +ຬˑ® Bayer +VEGFR1/2/3; TIE2; FGFR1/2; +KIT; BRAF; RET; +PDGFRα/β 2L 2017 +RESORCE +ORR: 11% +mPFS: 3.1 months +mOS: 10.6 months +Yes RMB ~15,000 +Ramucirumab Cyramza® +Ҏ̄኿® Eli Lilly VEGFR2 2L 2022 +REACH-2 +ORR: 4.6% +mPFS: 2.8 months +mOS: 8.5 months +No RMB ~30,000 +Apatinib Aitan® +Ўվ® Jiangsu Hengrui VEGFR2 +2L 2020 +1L 2023 +AHELP +ORR: 10.7% +mPFS: 4.5 months +mOS: 8.7 months +CARES-310 +ORR: 25.4% +mPFS: 5.6 months +mOS: 23.8 months +Yes RMB 3,000~9,500 +Anlotinib ၅̙ၪ® CHIA TAI TIANQING KIT; VEGFR; PDGFR; +FGFR 1L 2025 +APOLLO +mPFS: 6.9 months +mOS: 16.5 months +No RMB ~6,800 +Bevacizumab τၪ͓® Roche VEGFA 1L +Mono/Combo +Mono +Mono +Mono +Mono +Mono +Mono +Combo with camrelizumab +Combo with penpulimab +2020 +IMbrave150 +mPFS: 6.8 months +mOS: 19.2 months +Yes RMB ~2,500Combo with atezolizumab +Notes: CRAF: RAF proto-oncogene serine/threonine kinase; RET: rearranged during transfection; BRAF: B-Raf proto-oncogene +serine/ threonine kinase; c-Kit: KIT proto-oncogene receptor tyrosine kinase; FLT3: Fms-like tyrosine kinase 3; VEGFR: vascular +endothelial growth factor receptor; PDGFR: platelet-derived growth factor receptor; RAF: rapidly accelerated fibrosarcoma; TIE2: +tyrosine kinase with immunoglobulin and EGF-like domains 2; VEGF A: vascular endothelial growth factor A +Source: NMP A, CIC +Overview of FGFR4 Inhibitors +The fibroblast growth factor receptor (FGFR) family comprises four transmembrane receptor +tyrosine kinases: FGFR1, FGFR2, FGFR3, and FGFR4. Aberrations in FGFRs, including gene +amplification, fusion, and mutation, occur in approximately 5% to 10% of all human cancers and are +recognized as key oncogenic drivers. Among FGFRs, FGFR4 signals primarily through selective binding +to its ligand FGF19. High co-expression of FGF19 and FGFR4 is associated with poor prognosis across +multiple cancer types, such as breast cancer, pancreatic cancer, and NSCLC. In HCC, aberrant activation +of the FGF19-FGFR4 signaling axis is a key oncogenic pathway, making FGFR4 a promising therapeutic +target. +Through its interaction with FGF19, FGFR4 activates downstream signaling pathways that regulate +cell proliferation, differentiation, migration, and survival. FGFR4 amplification has been detected in +several cancers, notably gastric cancer and melanoma, but is most commonly observed in HCC. It is +estimated that approximately 50% of HCC cases exhibit FGFR4 overexpression, representing around +300,000 new cases globally each year, including about 150,000 annually in China. Despite its clinical +relevance, no highly selective FGFR4 inhibitors have been approved globally to date. +Market Size of FGFR4-selective inhibitors in China +FGFR4 is considered one of the most promising therapeutic targets for HCC. However, to date, no +FGFR4-selective inhibitor has received regulatory approval globally, although several candidates are +currently undergoing clinical development. Given that approximately 50% of HCC patients exhibit FGFR4 +INDUSTRY OVERVIEW +–1 1 0– + + +--- page 120 --- +overexpression, a selective FGFR4 inhibitor has the potential to become a treatment option. Following its +initial approval, the market is expected to expand rapidly. Specifically, the market for FGFR4-targeted +therapies is projected to grow at a CAGR of 54.5% from 2028 to 2032. +FGFR4 is one of the most promising targets in HCC, yet no FGFR4 selective inhibitor has been +approved globally to date, although several are in clinical trials. Targeting FGFR4 offers a novel approach +that addresses a key treatment gap in tumors with limited responses to existing therapies. In advanced +HCC, resistance to current treatments often limits long term survival; FGFR4 selective inhibitors may help +overcome resistance and provide a more precise option to improve outcomes. Given the scarcity of +effective targeted drugs, market penetration for FGFR4 inhibitors is expected to begin at about 4% and rise +to roughly 20% by 2032. +Competitive Landscape of FGFR4-selective inhibitors in China +The table below provides an overview of the pipelines of innovative FGFR4-selective inhibitors for +the treatment of HCC, registered with the CDE as of the Latest Practicable Date: +Clinical pipelines of innovative FGFR4-selective inhibitors, CDE-registered +Drug name Target Treatment Line Company Phase Indication First Posted Date Trial Number +Irpagratinib FGFR4 2L+ Abbisko Pharma Ph II pivotal Advanced or unresectable HCC 2025-04-16 CTR20251382 +HJ197 FGFR4 2L+ Our company Phase III enabling Advanced HCC / / +BB102 FGFR4 2L+ Broden Bio II Advanced or unresectable HCC 2025/11/25 CTR20254460 +Fisogatinib FGFR4 − CStone Pharma/ +Blueprint Medicine Ib/II Advanced HCC 2019/11/27 CTR20190180 +SY-4798 FGFR 4 2L+ Shouyao Holdings I Advanced solid tumors, including +HCC 2021/4/14 CTR20210550 +Source: official website, CDE, CIC +SOURCE OF INFORMATION +In connection with the Global Offering, we have commissioned CIC, an Independent Third Party, to +conduct a detailed analysis and to prepare an industry report on the relevant global and PRC drug markets. +The CIC Report has been prepared by CIC independent from our influence. We have agreed to pay CIC +a fee of RMB580,000 for the preparation of the CIC Report which we consider is in line with the market +rates. Except as otherwise noted, all data and forecasts in this section are derived from the CIC Report. +Our Directors confirm that, after taking reasonable care, there is no adverse change in the market +information since the date of the CIC Report which may qualify, contradict or have an impact on the +information disclosed in this section. +CIC conducted both primary and secondary research using a variety of resources. Primary research +involved interviewing key industry experts and leading industry participants. Secondary research involved +analyzing data from various publicly available data sources, including but not limited to the National +Bureau of Statistics, the NMPA, the FDA, National Health Commission of the People’s Republic of China, +the International Monetary Fund, World Health Organization. The market projections in the commissioned +report are based on the following key assumptions: (i) the overall social, economic and political +environment in China is expected to remain stable during the forecast period; (ii) China’s economic and +industrial development is likely to maintain a steady growth trend over the next decade; (iii) related key +industry drivers are likely to continue driving the growth of the market during the forecast period; and (iv) +there is no extreme force majeure or industry regulation in which the market may be affected dramatically +or fundamentally. +INDUSTRY OVERVIEW +– 111 – + + +--- page 121 --- +We are subject to a variety of PRC laws, rules and regulations affecting many aspects of our business. +This section summarizes the major PRC regulatory authorities and PRC laws and regulations that we +believe are relevant to our business and operations in the PRC. +PRINCIPAL REGULATORY AUTHORITIES +NMPA and Center for Drug Evaluation +National Medical Products Administration (္ຖ၍ଣ҅) (formerly known as the China +Food and Drug Administration (္ຖ၍ଣᐼ҅) (the “CFDA”)) (the “NMPA”) is the +department in charge of the pharmaceutical industry of China. It is primarily responsible for supervision +and management of safety of pharmaceuticals, medical devices and cosmetics, including drawing up the +relevant laws and regulations; conducting standard management, registration management, quality +management and post-market risk management for drugs, medical devices and cosmetics; and organizing +and guiding the supervision and inspection of drugs, medical devices and cosmetics and etc. +Center for Drug Evaluation, NMPA (ᄲ൙ʕː) (the “CDE”) is the +technical evaluation unit for drug registration with NMPA. It is primarily responsible for conducting +technical evaluation on the drugs application for registration and verifying the relevant drug registrations. +NHC +The National Health Commission (ึ) (formerly known as the National Health +and Family Planning Commission (ึ)) (the “NHC”), is primary national +regulator for national public health and medical system. +It is primarily responsible for drafting national health policies, supervising and regulating public +health, healthcare services and etc. +NHSA +The National Healthcare Security Administration (ღ҅) (the “NHSA”), a new authority +established in May 2018, is directly under the State Council and responsible for the management of the +healthcare security system.It is primarily responsible for drafting and implementing policies and standards +on medical insurance, maternity insurance and medical assistance; and etc. +PRINCIPAL REGULATORY PROVISIONS +Laws and Regulations on New Drugs +Research and development of new drugs +The Drug Administration Law of the PRC (‘) (the “Drug +Administration Law”) promulgated by the Standing Committee of the National People’s Congress (the +“SCNPC”) in September 1984, last amended on August 26, 2019 and became effective on December 1, +2019, and the Implementation Regulations of the Drug Administration Law of the PRC ( ʕശɛ͏΍ձ +ૢԷ‘) (the “Implementation Regulations”) promulgated by the State Council in +August 2002 and last amended on December 6, 2024 and became effective on January 20, 2025, have laid +down the legal framework for the establishment and maintenance of pharmaceutical manufacturing and +trading enterprises. The developer and clinical trial applicant of any new drug shall truthfully submit the +new drug’s manufacturing method, quality specifications, results of pharmacological and toxicological +tests and the related data, documents and samples to the NMPA for approval before any clinical trial is +conducted. +The General Office of the State Council and the General Committee of China Communist Party +jointly issued the Opinions on Deepening the Reform of the Evaluation and Approval Systems and +Encouraging Innovation on Drugs and Medical Devices (ᔼᐕኜ૛௴ +จԈ) (the “Innovation Opinions”) on October 2017. +REGULATORY OVERVIEW +–1 1 2– + + +--- page 122 --- +Non-clinical research +The non-clinical safety evaluation study for drugs for the purpose of applying for drug registration +shall be conducted in accordance with the Administrative Measures for Good Laboratories Practice ( ᖹ +Ӻሯඎ၍ଣ஝ᇍ‘), which was promulgated in August 2003 and amended in July 2017 by the +CFDA and became into effective on September 1, 2017. In April 2007, the CFDA issued the Circular on +Measures for Certification of Good Laboratory Practice (Ӻሯඎ၍ଣ஝ᇍႩᗇ၍ଣ፬ +‘), last amended on January 19, 2023 and taking effect on July 1, 2023, which set forth the +requirements for an institution to apply for a Certification of Good Laboratory Practice to undertake +non-clinical research on drugs. +Animal Testing +According to the Regulations for the Regulation on Administration of Experimental Animals ( ྼ +၍ଣૢԷ‘) issued by the State Scientific and Technological Commission on November 14, 1988 +and last amended by the State Council on March 1, 2017, the Administrative Measures on Good Practice +of Experimental Animals (‘) jointly issued by the State Scientific and +Technological Commission and the State Bureau of Quality and Technical Supervision on December 11, +1997 and the Administrative Measures on the Certificate for Experimental Animals (Trial) (஢ +ج(༊Б)‘) issued by the Ministry of Science and Technology and other regulatory authorities +on December 5, 2001 and effective from January 1, 2002, using, breeding, providing, transporting +experimental animals shall be subject to some rules and requirements, and performing experimentation on +animals requires a Certificate for Use of Experimental Animals. +Application for clinical trial +According to the Decision on Adjusting the Approval Procedures of Certain Administrative Approval +Items for Drugs (‘) promulgated by the CFDA on +March 17, 2017, the decision on the approval of clinical trials of drugs shall be made by the CDE from +May 1, 2017. According to the Administrative Measures for Drug Registration (‘) +(the “Circular 27”), which was promulgated on January 22, 2020 and took effect on July 1, 2020, drug +clinical trials shall be divided into Phase I clinical trial, Phase II clinical trial, Phase III clinical trial, Phase +IV clinical trial, and bioequivalence trial. In accordance with Circular 27 and the Announcement on +Adjusting Evaluation and Approval Procedures for Clinical Trials for Drugs (ᑗґ༊᜕ᄲ +ʮѓ‘) issued in July 2018, if a clinical trial applicant does not receive any negative or +questioned opinions from the CDE within 60 days after the date when the trial application is accepted and +the fees are paid, the applicant can proceed with the clinical trial in accordance with the trial protocol +submitted to the CDE. +After obtaining the approval of clinical trial from the NMPA, the applicant must complete the clinical +trial registration at the Drug Clinical Trial Information Platform for public disclosure in accordance with +the Circular on Drug Clinical Trial Information Platform (ʮѓ‘), which +came into effect in September 2013. +Conduct of clinical trial +Such clinical trial institutions shall be subject to filing requirements, with the exception of +institutions that only engage in analysis of biological samples which shall not be subject to such filing +requirements. The NMPA is responsible for setting up a filing management information platform for the +registration, filing and operation management of drug clinical trial institutions, as well as the entry, +sharing and disclosure of information from the supervision and inspection activities conducted by the drug +regulatory authorities and competent healthcare authorities. +Clinical trials must be conducted in accordance with the Good Clinical Practice for Drug Trials ( ᖹ +ᑗґ༊᜕ሯඎ၍ଣ஝ᇍ‘) promulgated by NMPA and NHC on April 23, 2020 and effective on July 1, +2020, which stipulates the requirements for the procedures of conducting clinical trials, including +preclinical trial preparation, trial protocols, protection of testees’ rights and interests, duties of researchers, +sponsors and monitors, as well as data management and statistical analysis. +REGULATORY OVERVIEW +–1 1 3– + + +--- page 123 --- +According to the Announcement on Adjusting Evaluation and Approval Procedures for Clinical +Trials for Drugs (ʮѓ‘), where the application for clinical trial +of new drug has been approved, upon the completion of Phases I and II clinical trials and prior to Phase +III clinical trial, the applicant shall submit the application for communication meetings to CDE to discuss +with CDE the key technical questions including the design of Phase III clinical trial protocol. According +to the Administrative Measures for Communication on the Research, Development and Technical +Evaluation of Drugs (‘), revised by the NMPA on December +10, 2020, during the research and development periods and in the registration applications of, among +others, the innovative new drugs, the applicants may propose to conduct communication meetings with the +CDE. +According to the Announcement on Matters Concerning the Optimization of Drug Registration +Review and Approval (ʮѓ) jointly issued by the NMPA and the +NHC on May 17, 2018, the CDE will prioritize the allocation of resources for review, inspection, +examination and approval of registration applications that have been included in the scope of fast track +clinical trial approval. +New drug registration +Pursuant to Circular 27, upon completion of clinical trials, determination of quality standards, +completion of validation of commercial-scale production processes and completion of other related +preparation works, the applicant may apply with the NMPA for the marketing authorization. +Pursuant to the Review and Approval Procedures for Conditional Approval of Drug Marketing +Applications (Trial) (ɪ̹͡ሗᄲ൙ᄲҭʈЪ೻ҏ(༊Б)‘), promulgated by the NMPA +on July 7,2020 and came into effect on the same day, for applications for a conditional approval, the +applicant shall communicate with the CDE on the conditional approval criteria for marketing and the +post-marketing research work to be continued and completed. +On July 8, 2025, the NMPA published the Review and Approval Procedures for Conditional Approval +of Drug Marketing Applications (Trial) (Revised Draft for Comment) (the “ Revised Draft ”), seeking +public feedback till August 7,2025. The Revised Draft refines the approval procedures by clarifying that +the period for completing post-marketing research shall not exceed four years in principle, requiring +annual progress reports on conditional studies following the conditional approval, and clarifying +conditions for conversion to regular approval and circumstances of revoking drug registration certificates. +Under the draft revised Procedures for Review and Approval of Applications for Conditional +Marketing Approval of Drugs, a sponsor must submit an application for conditional marketing approval +along with all required supporting materials. When conditional approval is based on early phase clinical +data, the sponsor must also provide evidence that the confirmatory study has been initiated (when the first +subject signed informed consent form). Any required post-approval confirmatory studies will generally be +completed within four years of conditional approval. +The revised draft Procedures for Review and Approval of Applications for Conditional Marketing +Approval of Drugs that was published by the NMPA in July 2025 strengthens lifecycle oversight of +conditionally approved drugs while ensuring patient access to urgently needed therapies for serious +diseases lacking effective treatment options. The draft, released for public comment on July 8, 2025, +introduces stricter requirements including proof of confirmatory study initiation before approval, prohibits +marketing authorization holder changes during the conditional period, establishes a four-year validity limit +with one extension option, and mandates sales suspension upon certificate expiry while allowing +continued treatment for patients with no alternatives. Key revisions include a “conditional waiver” +mechanism enabling generics to bypass conditional indications, enhanced cancellation triggers for failed +studies or unfavorable risk-benefit profiles, and streamlined conversion procedures to regular approval +upon completion of confirmatory studies. +REGULATORY OVERVIEW +–1 1 4– + + +--- page 124 --- +Marketing Authorization Holder Mechanism +Pursuant to the Drug Administration Law, China implements the marketing authorization holder +mechanism for management of the drug industry. The marketing authorization holders may manufacture +drugs by themselves or entrust a pharmaceutical manufacturing enterprise to manufacture drugs. Likewise, +they may sell drugs by themselves or entrust a pharmaceutical distribution enterprise to sell drugs. The +drug marketing authorization holder shall establish a drug quality assurance system and be equipped with +special personnel to take charge of quality management on drugs independently. +Laws and Regulations on Gathering, Collection and Filing of Human Genetic Resources +On June 10, 1998, the Ministry of Science and Technology (the “MOST”) and the Ministry of Health +(the “MOH”, which was canceled in the institutional reform of the State Council in 2013, its functions +were first inherited by the National Health and Family Planning Commission and then by the NHC, which +was established in 2018) promulgated the Interim Measures for the Management of Human Genetic +Resources (‘), which sets out rules for the protection and use of human +genetic resources in China. Pursuant to the Service Guide for Administrative Licensing of Gathering, +Collection, Deal, Export and Exit Approval of Human Genetic Resources of Human genetic resources +(‘) promulgated by the +MOST on July 2, 2015 and the Notice on the Implementation of the Administrative License for the +Gathering, Collection, Deal, Export and Exit of Human Genetic Resources (ɛᗳ፲ෂ༟๕મ +‘) promulgated by the MOST on August 24, 2015, the +gathering and collection of human genetic resources though clinical trials by a foreign-invested sponsor +shall be filed for record with the China Human Genetic Resources Management Office through an online +system. +Pursuant to the Regulations on the Management of Human Genetic Resources of the PRC ( ʕശ +ɛ͏΍ձ਷ɛᗳ፲ෂ༟๕၍ଣૢԷ‘), last amended by the State Council on March 10, 2024 and came +into effect on May 1, 2024, the State supports the rational use of human genetic resources for scientific +research, development of the biomedical industry, improvement of diagnosis and treatment technology, +improvement of China’s ability to guarantee biosafety and improvement of the level of people’s health. +The Implementing Rules of the Regulation on the Administration of Human Genetic Resources ( ɛᗳ +‘), which was promulgated by the MOST on May 26, 2023 and became +effective on July 1, 2023, further provides specific requirements on the collection, preservation, utilization +and external provision of China’s human genetic resources. +The Biosecurity Law of the PRC (‘) (the “Biosecurity Law”), which +was promulgated by SCNPC on October 17, 2020 and last amended on April 26, 2024, establishes a +comprehensive legislative framework for the pre-existing regulations in such areas as epidemic control of +infectious diseases for humans, animals and plants, research, development, and application of biology +technology, biosecurity management of pathogenic microbial laboratories, security management of human +genetic resources and biological resources, countermeasures for microbial resistance, and prevention of +bioterrorism and defending threats of biological weapons. +Laws and Regulations on the Manufacturing of Drugs +Drug Manufacturing Certificate +Pursuant to the Drug Administration Law and the Implementing Regulations, a drug manufacturer +must obtain a Drug Manufacturing Certificate (͛ପ஢̙ᗇ) from the drug regulatory authority at +provincial, autonomous regional or municipal level before it may start manufacturing drugs in the PRC. +REGULATORY OVERVIEW +–1 1 5– + + +--- page 125 --- +Contract manufacturing of drugs +Pursuant to the Administrative Regulations for the Contract Manufacturing of Drugs (։ৄ͛ +‘) (the “Contract Manufacturing Regulations”) issued by the CFDA in August 2014, only +when a drug manufacturer temporarily lacks manufacturing conditions due to technology upgrade or is +unable to ensure market supply due to insufficient manufacturing capabilities, can such drug manufacturer +entrust the manufacturing of the drug to another domestic drug manufacturer. The Administrative +Measures on Supervision of Drug Manufacturing (‘) (the “Revised +Administrative Measures of Drug Manufacturing”) promulgated by the State Administration for Market +Regulation on January 22, 2020 and effective on July 1, 2020 further implements the drug marketing +authorization holder system as stipulated in the Drug Administration Law. +Laws and Regulations on Drug Supply +Drug Purchases by Hospitals +According to the Opinion on the Guidance of the Reform of Urban Medical and Health Care System +(ኬจԈ‘) promulgated and took into effect on February 16, 2000 and +the Opinion on the Implementation of Classification Management of Urban Medical Institutions (׵ +จԈ‘) promulgated on July 18, 2000 and became effective from +September 1, 2000, a medical institution must be defined as a profit-making or non-profit-making +institution at the time when it is established. +According to the Notice on the Trial Implementation of the Centralized Tender with Respect to Drug +Purchases by Medical Institutions (‘) +promulgated and became effective on July 7, 2000, the Notice on the Further Standardizing of the +Centralized Tender with respect to Drug Purchases By Medical Institutions (ආɓӉਂλᔼᐕዚ࿴ +‘) promulgated and became effective on July 23, 2001 and the Opinions +concerning Further Regulating Purchase of Medicines by Medical Institutions through Centralized +Tendering (จԈ‘) promulgated and took into effect on +January 17, 2009, any non-profit-making medical institutions established and/or controlled by any +government at a county level or above must implement the centralized tender system in respect of purchase +of any drugs which are contained in the Medicines List for National Basic Medical Insurance and are +generally used for clinical purposes and purchased in relatively large amount. +The Circular on the Good Practice of Medical Institutions with respect to Centralized Procurement +of Drugs (ණʕમᒅʈЪ஝ᇍ‘) promulgated and was effective on July 7, 2010, provides +stipulations in detail in respect of the catalog for centralized procurement and methods, procedures, +evaluators, expert database construction and management of drugs, further regulating the centralized drug +procurement and clarifying the code of conduct on the part of purchasing parties. According to the +Guidance Opinion of the General Office of the State Council on the Improvement of the Drug Centralized +Procurement Work of Public Hospitals (ኬจ +Ԉ‘) promulgated and came into effect on February 9, 2015, the centralized procurement work of public +hospitals will be improved through the classification purchase of drugs. +Two-invoice System +According to the Circular on Issuing the Implementing Opinions on Carrying out the Two-invoice +System for Drug Procurement among Public Medical Institutions (for Trial Implementation) ( Ι೯<ᗫ +મᒅʕપБ“ՇୃՓ”จԈ(༊Б)>‘) (the “Circular”), which was +effective from December 26, 2016, the two-invoice system means one invoice between the pharmaceutical +manufacturer and the pharmaceutical distributor, and one invoice between the pharmaceutical distributor +and the hospital, and thereby only allows a single level of distributor for the sale of pharmaceutical +products from the pharmaceutical manufacturer to the hospital. +REGULATORY OVERVIEW +–1 1 6– + + +--- page 126 --- +Commercial Briberies in Pharmaceutical Industry +According to the Regulations on the Establishment of Adverse Records with Respect to Commercial +Briberies in the Medicine Purchase and Sales Industry (஝ +‘) promulgated in January 19, 2007 and amended in December 25 2013, effective on March 1, 2014, +where a manufacturer of drugs, medical devices and medical disposables, an enterprise, an agency or an +individual offers staff of a medical institution any items of value or other benefits, the enterprise should +be listed in the adverse records with respect to commercial bribery in the event of the following +circumstances: (1) where the act has constituted a crime of bribery as determined by the ruling of a +people’s court, or where the circumstance of crime is not serious enough for the imposition of criminal +punishment and criminal punishment is exempted as decided by the people’s court in accordance with the +Criminal Law; (2) where the circumstance of the crime of bribery is minor and the relevant people’s +procuratorate has decided not to lodge a prosecution; (3) where a discipline inspection and supervision +authority has initiated a case of bribery and conducted investigation, and punishment has been imposed +in accordance with the law; (4) where administrative penalties against the act of bribery have been +imposed by, inter alia, the finance administration, the SAMR, the NMPA; (5) any other circumstances +specified by laws, regulations and rules. If medical production and operation enterprises are listed into the +Adverse Records of Commercial Briberies for the first time, their products shall not be purchased by +public medical institutions, and medical and health institutions receiving financial subsidies in local +province for two years since publication of the record, and public medical institution, and medical and +health institutions receiving financial subsidies in other province shall lower their rating in bidding or +purchasing process. +According to the Guiding Opinions on Establishment of the Trustworthiness Evaluation System for +Drug Prices and Procurement by Bidding (ኬจԈ‘) +promulgated by the NHSA in August 28, 2020 and took effect simultaneously, the NHSA would establish +a catalogue of dishonest matters involving drug prices and procurement by bidding, and the kickbacks or +other improper benefits in the purchase and sale of drugs, tax-related violations of laws, monopolistic +practices, improper pricing practices, disruption of the order of centralized procurement, malicious breach +of contracts and other malpractices, will be included in such catalogue. +Regulations in relation to the Medical Insurance Program +Coverage of the national medical insurance program +The national medical insurance program was first adopted according to the Decision of the State +Council on the Establishment of the Urban Employee Basic Medical Insurance Program (ܔ׵ +‘) issued by the State Council on December 14, 1998, under which +all employers in urban cities are required to enroll their employees in the basic medical insurance program +and the insurance premium is jointly contributed by the employers and employees. On July 10, 2007, the +State Council issued the Guiding Opinions of the State Council about the Pilot Urban Resident Basic +Medical Insurance (ኬจԈ‘), further enlarged the +coverage of the basic medical insurance program. In addition, on January 3, 2016, the Opinions of the +State Council on Integrating the Basic Medical Insurance Systems for Urban and Rural Residents ( ਷ +จԈ‘) issued by the State Council required the integration +of the urban resident basic medical insurance and the new rural cooperative medical care system and the +establishment of a unified basic medical insurance system. +Medical Insurance Catalogue +According to the Interim Measures for the Administration of Use of Drugs Covered by the Basic +Medical Insurance (‘) or the NRDL Administrative Measures, which +promulgated by the NHSA, on July 30, 2020 and took effect on September 1, 2020, the scope of drugs +covered by the basic medical insurance shall be administered through a reimbursement drug list. +REGULATORY OVERVIEW +–1 1 7– + + +--- page 127 --- +The National Drug Catalog for Basic Medical Insurance, Work-related Injury Insurance and +Maternity Insurance (ͦ፽‘), or the National +Reimbursement Drug List (the “NRDL”), which promulgated by the NHSA and last amended on January +6, 2025, sets forth the payment standard for pharmaceutical products under the basic medical insurance, +work-related injury insurance and maternity insurance funds. According to the NRDL Administrative +Measures, a Provincial Reimbursement Drug List (“PRDL”) must be made by the provincial healthcare +security authorities. Patients purchasing List A drugs can directly obtain reimbursement under the basic +medical insurance program. Patients purchasing List B drugs shall pay a certain percentage of the purchase +price first and then obtain reimbursement under the basic medical insurance program. +National Essential Drug List +On August 18, 2009, the Ministry of Health (the “MOH”) and eight other ministries and commissions +in the PRC issued the Provisional Measures on the Administration of the National Essential Drug List +(ج(ᅲБ)‘), which was amended on February 13, 2015, and the Guidelines +on the Implementation of the National Essential Drug List System (݄ +จԈ‘), which aims to promote essential medicines sold to consumers at fair prices in the PRC and ensure +that the general public in the PRC has equal access to the drugs contained in the National Essential Drug +List. The NHC promulgated the National Essential Drug List (2018) (ͦ፽(2018و)‘), +the “National Essential Drug List”) on September 30, 2018, replacing the National Essential Drug List +(2012) (ͦ፽(2012و)‘) which was promulgated on March 13, 2013. According to +these regulations, basic healthcare institutions funded by government shall store up and use drugs listed +in National Essential Drug List. The drugs listed in National Essential Drug List shall be purchased by +centralized tender process and shall be subject to the price control by the National Development and +Reform Commission of the PRC (ึ(the “NDRC”)). Remedial drugs +in the National Essential Drug List are all listed in the Medical Insurance Catalogue and the entire amount +of the purchase price of such drugs is entitled to reimbursement. +Laws and Regulations on Intellectual Properties +In terms of international conventions, the PRC has entered into (including but not limited to) the +Agreement on Trade-Related Aspects of Intellectual Property Rights (‘), +the Paris Convention for the Protection of Industrial Property (‘), the Madrid +Agreement Concerning the International Registration of Marks (‘) and the +Patent Cooperation Treaty (‘). +Patent +Patents in the PRC are mainly protected by the Patent Law of the PRC (‘), +which was promulgated by the SCNPC on March 12, 1984, last amended on October 17, 2020 and became +effective on June 1, 2021, and the Implementation Rules of the Patent Law of the PRC ( ʕശɛ͏΍ձ +‘), which were promulgated by the State Council on June 15, 2001, last amended on +December 11, 2023 and became effective on January 20, 2024. The Patent Law of the PRC and its +Implementation Rules provide for three types of patents, “invention”, “utility model” and “design.” +Trade Secret +According to the Anti-Unfair Competition Law of the PRC (‘), +promulgated by the SCNPC in September 1993 and subsequently amended on November 4, 2017, April +23, 2019, June 27, 2025 and which became on October 15, 2025, the term “trade secrets” refers to +technical and business information that is unknown to the public, has utility, may create business interests +or profits for its legal owners or holders, and is maintained as a secret by its legal owners or holders. +REGULATORY OVERVIEW +–1 1 8– + + +--- page 128 --- +Trademark +Pursuant to the Trademark Law of the PRC (‘) promulgated by the +SCNPC on August 23, 1982, last amended on April 23, 2019 and became effective on November 1, 2019, +the period of validity for a registered trademark is 10 years, commencing from the date of registration. +Copyright +Copyright in the PRC is primarily protected by the Copyright Law of the PRC ( ʕശɛ͏΍ձ਷ +‘), which was promulgated by the SCNPC on September 7, 1990, last amended on November +11, 2020 and became effective on June 1, 2021, and Implementation Regulations of the Copyright Law of +PRC (ૢԷ‘), which was promulgated by the State Council on August 2, +2002 and last amended on January 30, 2013. +Domain Names +In accordance with the Measures for the Administration of Internet Domain Names ( ʝᑌၣਹΤ +‘) which was issued by the Ministry of Information Industry on August 24, 2017 and came into +effect on November 1, 2017, the Ministry of Industry and Information Technology is responsible for +supervision and administration of domain name services in the PRC. +Laws and Regulations on Labor and Employee Incentives +Labor, Social Insurance and Housing Provident Funds +According to the Labor Law of the PRC (‘), which was promulgated by +the SCNPC in July 1994 and last amended and came into effect in December 2018, the Labor Contract Law +of the PRC (‘), which was promulgated by the SCNPC in June 2007 and +amended in December 2012 and came into effect in July 2013, and the Implementing Regulations of the +Labor Contracts Law of the PRC (ૢԷ‘), which was promulgated by +the State Council and came into effect in September 2008, labor contracts in written form shall be executed +to establish labor relationships between employers and employees. +According to the Social Insurance Law of PRC (‘), which was +promulgated by the SCNPC in October 2010 and last amended and came into effect in December 2018, +and the Interim Regulations on the Collection and Payment of Social Security Funds (ᎈ൬ᅄᖮ +ᅲБૢԷ‘), which was promulgated by the State Council in January 1999 and last amended in March +2019, and the Regulations on the Administration of Housing Provident Funds (၍ଣૢԷ‘), +which was promulgated by the State Council in April 1999 and last amended in March 2019, employers +are required to contribute, on behalf of their employees, to a number of social security funds. Any +employer who fails to make the required contributions may be fined and ordered to compensate the deficit +within a stipulated time limit. +According to the Interpretation (II) of the Supreme People’s Court on Issues Concerning the +Application of Law in the Trial of Labor Dispute Cases (ਪ +༆ᙑ(ɚ)), which was promulgated by the Supreme People’s Court in July 2025 and came into effect +in September 2025, the employer and the laborer agree, or the laborer promises the employer, that there +is no need to pay social insurance premiums, such agreement or promise shall be determined invalid; +where an employer fails to pay social insurance premiums in accordance with the law, and such employee +requests to terminate the labor contract and for the employer to pay economic compensation, the people’s +court shall support such requests in accordance with the law. In the event an employer, after making up +the social insurance contributions in accordance with the law under the circumstances stipulated in the +preceding paragraph, requests the employee to return the social insurance compensation already paid, the +people’s court shall support such request in accordance with the law. +REGULATORY OVERVIEW +–1 1 9– + + +--- page 129 --- +The Prevention and Control of Occupational Diseases Law of the PRC ( ʕശɛ͏΍ձ਷ᔖุषԣ +‘), which was promulgated by the SCNPC on October 27, 2001 and latest amended on December 29, +2018 (the “Prevention and Control of Occupational Diseases Law”), is the basic law for the prevention and +control of occupational diseases. According to the Prevention and Control of Occupational Diseases Law, +budget for facilities for the prevention and control of occupational diseases of a construction project shall +be included in the budget of the project and those facilities shall be designed, constructed and put into +operation simultaneously with the main body of the project. +Laws and Regulations on Leasing +On December 1, 2010, the Ministry of Housing and Urban-Rural Development promulgated the +Administrative Measures on Leasing of Commodity Housing (‘),which became +effective on February 1, 2011. According to such measures, the lessor and the lessee are required to +complete property leasing registration and filing formalities within 30 days from execution of the property +lease contract with the development authorities or real estate authorities of the municipality or county +where the leased property is located. If a company fails to do as aforesaid, it may be ordered to rectify +within a stipulated period, and if such company fails to rectify, a fine ranging from RMB1,000 to +RMB10,000 may be imposed on each lease agreement. According to the Civil Code of the PRC ( ʕശ +Պ‘), the relevant parties fail to complete property leasing registration and filing +formality in accordance with the laws and regulations, the validity of the lease is not affected. +Laws and Regulations on Environmental Protection, Health and Safety +Environment Protection +The Environmental Protection Law of the PRC (‘) (“the +Environmental Protection Law”), which was promulgated by the SCNPC on December 26, 1989 and last +amended on April 24, 2014, came into effect on January 1, 2015, outlines the authorities and duties of +various environmental protection regulatory agencies. The Ministry of Ecology and Environment is +authorized to issue national standards for environmental quality and emissions, and to monitor the +environmental protection scheme of the PRC. +Environmental Impact Appraisal +According to the Administration Rules on Environmental Protection of Construction Projects (ܔ +ᚐ၍ଣૢԷ‘), which was promulgated by the State Council on November 29, 1998, +amended on July 16, 2017 and became effective on October 1, 2017, depending on the impact of the +construction project on the environment, an construction employer shall submit an environmental impact +report or an environmental impact statement, or file a registration form. According to the Environmental +Impact Appraisal Law of PRC (‘) (“the Environmental Impact +Appraisal Law”), which was promulgated by the SCNPC on October 28, 2002, amended on July 2, 2016 +and December 29, 2018, for any construction projects that have an impact on the environment, an entity +is required to produce either a report, or a statement, or a registration form of such environmental impacts +depending on the seriousness of effect that may be exerted on the environment. +Completion and Acceptance +The Interim Measures for Acceptance of Environmental Protection upon Completion of Construction +Projects (‘), promulgated and implemented by the former +Ministry of Environmental Protection (now the MEE) on November 20, 2017, regulate the procedures and +standards for environmental protection acceptance by construction entities upon the completion of +construction projects. +REGULATORY OVERVIEW +– 120 – + + +--- page 130 --- +Fire Prevention +According to the Fire Prevention Law of the PRC (‘), promulgated by the +SCNPC on April 29, 1998 and last amended with effect from April 29, 2021, design and construction of +the fire control facilities for a construction work shall comply with the national fire control technical +standards. The developer, designer, constructors and project supervisor of a construction project shall be +responsible for the quality of the design and construction of the fire control facilities for the construction +work according to the relevant laws. +Management of Waste Discharge +Pursuant to the Catalog of Classified Management of Pollutant Discharge Permits for Stationary +Pollution Sources (2019 Version) (๕રϮ஢̙ʱᗳ၍ଣΤ፽(2019و)‘) issued by the +Ministry of Ecology and Environment of the PRC and became effective on December 20, 2019, the State +implements the primary management, simplified management and registration management of pollutant +discharge permits based on the pollutant production, emission amount and the extent of environmental +impact of the pollutant discharge entities. +Pursuant to the Regulations on the Administration of Pollutant Discharge Permits ( રϮ஢̙၍ଣ +ૢԷ‘) promulgated by the State Council on January 24, 2021 and became effective on March 1, 2021, +based on the quantity of pollutants generated and discharged, their impacts on the environment and other +factors, categorical administration of pollutant discharge permit system is implemented to regulate +pollutant-discharging entities. The entities that generate and discharge relatively small quantities of +pollutants and have a relatively small impact on the environment shall fill in the waste discharge +registration form (ڌand are no longer required to obtain a waste discharge license ( રϮ஢̙ +ᗇ). +Laws and Regulations on Foreign Investment +Company Law of the PRC +The Company Law of the PRC (‘) (the “Company Law”) which was +promulgated by the Standing Committee of the NPC on December 29, 1993, came into effect on July 1, +1994, revised on December 25,1999, August 28, 2004, October 27, 2005 and December 28, 2013, October +26, 2018, December 29,2023 respectively and the latest revision of which was implemented on July 1, +2024, governs the establishment, operation and management of companies in the PRC, including +foreign-invested companies. Unless foreign investment laws provide otherwise, foreign-invested +companies shall abide by the Company Law of the PRC. +Foreign Investment +Foreign investment in the PRC is subject to the Catalogue of Industries for Encouraging Foreign +Investment (2022 Version) ( ོᎸ̮ਠҳ༟ପุͦ፽(2022و)‘) (the “Catalogue”), amended on +October 26, 2022 and effective since January 1, 2023 and the Special Administrative Measures for Foreign +Investment Access (Negative List) (2024 Version) (݄(૶ఊ)(2024 ϋ +و)‘) (the “Negative List”), promulgated on September 6, 2024 and effective since November 1, 2024, +both of which issued by the National Development and Reform Commission (ึ) (the +“NDRC”) and the Ministry of Commerce of the PRC ( ʕശɛ͏΍ձ਷ਠਕ௅) (the “MOFCOM”). The +Catalogue and the Negative List lay out the basic framework for foreign investment in China, classifying +businesses into three categories with regard to foreign investment: “encouraged”, “restricted”, and +“prohibited”. Industries not listed in the Catalogue or the Negative List are generally deemed as falling +into a fourth category, “permitted”, unless specifically restricted by other PRC laws and regulations. The +Foreign Investment Law of the PRC (‘) (the “FIL”), promulgated by the +National People’s Congress (ɽึ) (the “NPC”) on March 15, 2019, effective since January +1, 2020, and the Implementation Regulations for the Foreign Investment Law of the PRC ( ʕശɛ͏΍ +ૢԷ‘) (the “Implementation Regulations for FIL”), promulgated by the State +REGULATORY OVERVIEW +– 121 – + + +--- page 131 --- +Council ( ਷ਕ৫) on December 26, 2019, effective since January 1, 2020, are the principal existing law +and regulation governing foreign investment in the PRC. The FIL and the Implementation Regulations for +FIL are enacted to further expand opening-up, actively promote foreign investment, protect legitimate +rights and interests in foreign investment, and standardize foreign investment management. +On December 30, 2019, the Ministry of Commerce and the SAMR, jointly promulgated the Measures +for Information Reporting on Foreign Investment (‘), which became effective +on January 1, 2020. On December 19, 2020, the NDRC and the MOFCOM jointly promulgated the +Measures on the Security Review of Foreign Investment (‘), effective on +January 18, 2021, setting forth provisions concerning the security review mechanism on foreign +investment, including the types of investments subject to review, review scopes and procedures, among +others. +Laws and Regulations on Foreign Exchange and Taxation +Foreign Exchange +On January 29, 1996, the State Council promulgated the Administrative Regulations on Foreign +Exchange of the PRC ( ʕശɛ͏΍ձ਷̮ි၍ଣૢԷ‘) which became effective on April 1, 1996 and +was amended on January 14, 1997 and August 5, 2008. Domestic entities and domestic individuals making +overseas direct investments or engaging in issuance and trading of overseas securities and derivatives shall +process registration formalities pursuant to the provisions of the foreign exchange control department of +the State Council. +On November 19, 2012, the SAFE issued the Circular of Further Improving and Adjusting Foreign +Exchange Administration Policies on Foreign Direct Investment (ආɓӉҷආձሜ +‘) (“the SAFE Circular 59”), which came into effect on December 17, +2012 and was revised on May 4, 2015, October 10, 2018 and partially abolished on December 30, 2019. +The SAFE Circular 59 aims to simplify the foreign exchange procedure and promote the facilitation of +investment and trade. Later, the SAFE promulgated the Circular on Further Simplifying and Improving +Foreign Exchange Administration Policies in Respect of Direct Investment (ٜ +‘) on February 13, 2015, which was partially abolished on December 30, +2019 and prescribed that the bank instead of SAFE can directly handle the foreign exchange registration +and approval under foreign direct investment while SAFE and its branches indirectly supervise the foreign +exchange registration and approval under foreign direct investment through the bank. +On May 10, 2013, the SAFE issued the Administrative Provisions on Foreign Exchange in Domestic +Direct Investment by Foreign Investors (‘) (“the SAFE +Circular 21”), which became effective on May 13, 2013, amended on October 10, 2018 and partially +abolished on December 30, 2019. The SAFE Circular 21 specifies that the administration by SAFE or its +local branches over direct investment by foreign investors in the PRC must be conducted by way of +registration and banks must process foreign exchange business relating to the direct investment in the PRC +based on the registration information provided by SAFE and its branches. +According to the Notice of the State Administration of Foreign Exchange on Issues Concerning the +Foreign Exchange Administration of Overseas Listing (ྤ̮ɪ̹̮ි၍ଣϞᗫਪ +‘) issued by the SAFE on December 26, 2014, a domestic company shall, within 15 business +days from the date of the end of its overseas listing issuance, register the overseas listing with the local +branch office of state administration of foreign exchange at the place of its establishment; the proceeds +from an overseas listing of a domestic company may be remitted to the domestic account or deposited in +an overseas account, but the use of the proceeds shall be consistent with the content of the document and +other disclosure documents. +REGULATORY OVERVIEW +– 122 – + + +--- page 132 --- +On June 9, 2016, SAFE issued the Notice of the State Administration of Foreign Exchange on +Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account +(‘) (“the SAFE Circular 16”), which +came into effect on the same day and was partially amended according to Notice of the State +Administration of Foreign Exchange on Further Deepening Reforming to Facilitate Cross-border Trade +and Investment (‘) promulgated +by the SAFE on December 4, 2023. The SAFE Circular 16 provides that discretionary foreign exchange +settlement applies to foreign exchange capital, foreign debt offering proceeds and remitted foreign listing +proceeds, and the corresponding RMB capital converted from foreign exchange may be used to extend +loans to related parties or repay inter-company loans (including advances by third parties). +On October 23, 2019, SAFE promulgated the Notice on Further Facilitating Cross-Board Trade and +Investment (‘), which became effective +on the same date (except for Article 8.2, which became effective on January 1, 2020) and was partially +amended according to Notice of the State Administration of Foreign Exchange on Further Deepening +Reforming to Facilitate Cross-border Trade and Investment (ආ +‘) promulgated by the SAFE on December 4, 2023. +Taxation +Enterprise Income Tax +The Enterprise Income Tax Law of the PRC (‘) (“the EIT Law”), +promulgated by the NPC on March 16, 2007, came into effect on January 1, 2008 and amended on +February 24, 2017 and December 29, 2018, as well as the Implementation Rules of the EIT Law ( ʕശ +ૢԷ‘) (“the Implementation Rules”), promulgated by the State Council on +December 6, 2007, came into force on January 1, 2008 and last amended on December 6, 2024, are the +principal law and regulation governing enterprise income tax in the PRC. According to the EIT Law and +its Implementation Rules, enterprises are classified into resident enterprises and non-resident enterprises. +A uniform income tax rate of 25% applies to all resident enterprises and non-resident enterprises that have +set up institutions or sites in the PRC to the extent that such incomes are derived from their set-up +institutions or sites in the PRC, or such income are obtained outside the PRC but have an actual connection +with the set-up institutions or sites. And non-resident enterprises that have not set up institutions or sites +in the PRC or have set up institutions or sites but the incomes obtained by the said enterprises have no +actual connection with the set-up institutions or sites, shall pay enterprise income tax at the rate of 10% +in relation to their income sources from the PRC. +V alue-Added Tax (the “VAT”) +Pursuant to the Provisional Regulations of the PRC on Value-added Tax (೼ +ᅲБૢԷ‘) amended in November 2017, and the Detailed Rules for the Implementation of the Interim +Regulations of the PRC on Value-Added Taxes (‘) amended +in October 2011, all entities or individuals engaged in the sale of goods, provision of processing, repair +and maintenance services, or importation of goods within China shall be value-added tax taxpayers and +subject to value-added tax in accordance with relevant laws and regulations. Through the value-added tax +reform in China, value-added tax rates have undergone multiple adjustments and value-added tax are +regulated by the Value-Added Tax Law of the PRC (‘), which was +implemented in January 2026. +Laws and Regulations on Information Security and Data +Cybersecurity, Privacy Data Security and Data Export +According to the Cybersecurity Law of the PRC (‘) (the +“Cybersecurity Law”) promulgated by the SCNPC on November 7, 2016 and effective on June 1, 2017, +the state shall implement rules for graded protection of cybersecurity and the network operators shall +REGULATORY OVERVIEW +– 123 – + + +--- page 133 --- +comply with laws and regulations and fulfill their obligations to safeguard security of the network when +conducting business and providing services. Those who provide services through networks shall take +technical measures and other necessary measures pursuant to laws, regulations and compulsory national +standards. Critical information infrastructures operators (the “CIIO”) (٫shall +store within the territory of the PRC all the personal information and important data collected and +produced within the territory of PRC. +On December 28, 2021, the Cyberspace Administration of China (the “CAC”) and other twelve PRC +regulatory authorities jointly revised and promulgated the Measures for Cybersecurity Review ( ၣഖτ +‘) (the “Cyber Review Measures”), which came into effect on February 15, 2022. The Cyber +Review Measures stipulate that, among others, (i) when the purchase of network products and services by +a CIIO (٫or the data processing activities conducted by a network platform +operator (٫affect or may affect national security, a cybersecurity review shall be +conducted pursuant to the Cyber Review Measures; (ii) an application for cybersecurity review shall be +made by an issuer who is a network platform operator holding personal information of more than one +million users before such issuer applies to list its securities abroad; and (iii) the relevant PRC +governmental authorities may initiate cybersecurity review if such governmental authorities determine that +the issuer’s network products or services, or data processing activities affect or may affect national +security. +We are not a CIIO or a network platform operator. Our core business operations do not involve the +procurement of network products and services or significant data processing activities. Therefore, we are +not obliged to apply for a cybersecurity review pursuant to the Cyber Review Measures with respect to +our proposed offering and listing. The SCNPC promulgated the Data Security Law of the PRC ( ʕശɛ +‘) on June 10, 2021, which became effective from September 1, 2021, for the +establishment of a data classification and grading protection system to conduct classified and hierarchical +protection of data. Entities engaged in data processing activities shall take corresponding technical +measures and other necessary measures to ensure data security. +According to the Measures on Security Assessment of Cross-border Data Transfer ( ᅰኽ̈ྤτΌ +‘) issued by the CAC on July 7, 2022 and effective on September 1, 2022, a data processor that +provides data overseas under any of the following circumstances shall apply to the national cyberspace +administration for the security assessment of the outbound data transfer through local provincial +cyberspace administration: (i) a data processor provides important data abroad; (ii) the CIIO or the data +processor that has processed the personal information of more than 1 million people provides personal +information abroad; (iii) the data processor that has provided the personal information of over 100,000 +people or the sensitive personal information of over 10,000 people cumulatively since January 1 of the +previous year provides personal information abroad; and (iv) any other circumstance where an application +for the security assessment of outbound data transfer is required by the national cyberspace administration. +According to the Measures for Standard Contract for Outbound Transfer of Personal Information +(‘) issued by the CAC on February 22, 2023 and effective from June 1, +2023, to provide personal information to an overseas recipient through the conclusion of the standard +contract, a personal information processor shall meet all of the following circumstances: (i) it is not a +CIIO; (ii) it has processed the personal information of less than one million individuals; (iii) it has +cumulatively provided the personal information of less than 100,000 individuals to overseas recipients +since January 1 of the previous year; and (iv) it has cumulatively provided the sensitive personal +information of less than 10,000 individuals since January 1 of the previous year. +According to the Provisions on Promoting and Regulating Cross-border Data Flows (ආձ஝ᇍ +‘), which was promulgated by the CAC on March 22, 2024 and came into effect on the +same day, if the data have not been informed or publicly announced as important data by relevant +departments or regions, data handlers are not required to declare security assessment for cross-border +provision of the data as important data. +REGULATORY OVERVIEW +– 124 – + + +--- page 134 --- +On September 24, 2024, the Cyber Data Security Regulations ( ၣഖᅰኽτΌ၍ଣૢԷ‘) was +promulgated by the State Council and has come into effect on January 1, 2025. The Cyber Data Security +Regulations is to implement general requirements on data security management from the Cybersecurity +Law, the Data Security Law, as well as the Personal Information Protection Law. In summary, we are +complied with the applicable regulations related to data protection in all material respects. +Personal Information Protection +According to the Civil Code of the PRC (Պ‘), personal information of +natural persons is protected by law. The Personal Information Protection Law of the PRC ( ʕശɛ͏΍ +‘) promulgated by the SCNPC on August 20, 2021 and implemented on November +1, 2021 further emphasizes the obligations and responsibilities of processors for the protection of personal +information, and requests higher level of protective measures on the processing of sensitive personal +information. According to the Cybersecurity Law, network operators must follow the principles of legality, +legitimacy and necessity when collecting and using personal information, publicly disclose the rules for +collection and use, clearly state the purpose, method and scope of collecting and using information, and +obtain the consent of the person whose data is being collected. +The Interpretations of the Supreme People’s Court and the Supreme People’s Procuratorate on +Several Issues Concerning the Application of Law in the Handling of Criminal Cases Involving +Infringement of Citizens’ Personal Information (ࡈ +༆ᙑ‘) was promulgated on May 8, 2017 and became effective on +June 1, 2017. The Interpretations clarify several concepts regarding the crime of “infringement of citizens’ +personal information” stipulated by Article 253A of the Criminal Law of the PRC ( ʕശɛ͏΍ձ਷Α +‘), including “citizens’ personal information,” “violation of relevant national provisions,” “provision +of citizens’ personal information” and “illegally obtaining any citizen’s personal information by other +methods.” In summary, we are complied with the applicable regulations related to personal information +protection in all material respects. +Laws and Regulations on Overseas Securities Offering and Listing by Domestic Companies +Securities Law of the PRC +The Securities Law of the People’s Republic of China (‘) (the “ Securities +Law”) took effect on July 1, 1999 and was revised on August 28, 2004, October 27, 2005, June 29, 2013, +August 31, 2014 and December 28, 2019, respectively. The latest revised Securities Law came into effect +on March 1, 2020. The Securities Law comprehensively regulates activities in the PRC securities market. +Article 224 of the Securities Law provides that domestic enterprises shall comply with the relevant +provisions of the State Council to list its shares outside the PRC. Currently, the issuance and trading of +foreign issued shares (including H shares) are mainly governed by the rules and regulations promulgated +by the State Council and the CSRC. +Overseas Listing +On February 17, 2023, the CSRC promulgated the Overseas Listing Trial Measures and relevant +supporting guidelines, which came into effect on March 31, 2023. Any domestic company that is deemed +to conduct overseas offering and listing activities shall file with the CSRC in accordance with the Overseas +Listing Trial Measures. +The Overseas Listing Trial Measures provide that the overseas securities offering and listing will be +considered a direct overseas offering by a PRC domestic company if the issuer is a company limited by +shares registered and established in the Chinese Mainland. Pursuant to the Overseas Listing Trial +Measures, an issuer shall file with the CSRC within three business days after its application for initial +public offering is submitted to competent overseas securities regulators. +REGULATORY OVERVIEW +– 125 – + + +--- page 135 --- +H-share Full Circulation +“Full circulation” means listing and circulating on the stock exchange of the domestic unlisted shares +of an H-share listed company, including unlisted domestic shares held by domestic shareholders prior to +overseas listing, unlisted domestic shares additionally issued after overseas listing, and unlisted shares +held by foreign shareholders. On November 14, 2019, the CSRC issued the Guidelines for the “Full +Circulation” Program for Domestic Unlisted Shares of H-share Listed Companies ( Hʮ̡ྤʫ͊ɪ̹ +΅͡ሗ“ஷ”ˏ‘) (the “Guidelines for the Full Circulation”), which was partly revised on +August 10, 2023 according to the Decision on Revising and Abolishing Part of Securities and Futures +Policy Documents by CSRC (Ӕ +‘). +On December 31, 2019, CSDCC and the Shenzhen Stock Exchange (“SZSE”) jointly announced the +Measures for Implementation of H-share Full Circulation Business ( Hٰ“ஷ”‘) (the +“Measures for Implementation”). The businesses in relation to the H-share full circulation business, such +as cross-border transfer registration, maintenance of deposit and holding details, transaction entrustment +and instruction transmission, settlement, management of settlement participants, services of nominal +holders, etc. are subject to the Measures for Implementation. +On June 30, 2025, the Shenzhen Branch of CSDC issued the latest Guidelines to the Program for +“Full Circulation” of H-shares of Shenzhen Branch of China Securities Depository and Clearing +Corporation Limited (ப΂ʮ̡ଉέʱʮ̡Hٰ“ஷ”‘), which are +applicable to the business preparation, cross-border share transfer registration and overseas centralized +custody, the initial maintenance of details of domestic shareholding and the maintenance of its changes, +corporate actions, clearing, settlement and risk management measures. On the same day, China Securities +Depository and Clearing (Hong Kong) Company Limited issued the H-Share Full Circulation Business +Guide of China Securities Depository and Clearing (Hong Kong) Limited ( ʕ਷ᗇՎ೮াഐၑ(ಥ)Ϟ +ʮ ̡Hٰ“ஷ”‘), which is applicable to businesses such as share custody and depository, +agent service, arrangement for settlement and delivery, and risk management measures. +OVERVIEW OF U.S. LA WS AND REGULATIONS +This section summarizes the principal laws and regulations in the U.S. that are relevant to our +business. +U.S. Government Regulation of Drug and Biological Products +In the U.S., the FDA regulates drugs under the FDCA, its implementing regulations and biologics +under the FDCA and the Public Health Service Act (the “PHSA”) and their implementing regulations. Both +drugs and biologics also are subject to other federal, state and local statutes and regulations, such as those +related to competition. The process of obtaining regulatory approvals and the subsequent compliance with +appropriate federal, state, and local statutes and regulations requires the expenditure of substantial time +and financial resources. Failure to comply with the applicable U.S. requirements at any time during the +product development process, approval process or following approval may subject an applicant to +administrative actions or judicial sanctions. These actions and sanctions could include, among other +actions, the FDA’s refusal to approve pending applications, withdrawal of an approval, license revocation, +a clinical hold, untitled or warning letters, voluntary or mandatory product recalls or market withdrawals, +product seizures, total or partial suspension of production or distribution, injunctions, fines, refusals of +government contracts, restitution, disgorgement and civil or criminal fines or penalties. Any agency or +judicial enforcement action could have a material adverse effect on our business, the market acceptance +of our products and our reputation. +Once a product candidate is identified for development, it enters preclinical testing, which includes +laboratory evaluations of product chemistry, toxicity, formulation and stability, as well as animal studies. +Preclinical testing is conducted in accordance with FDA’s Good Laboratory Practice regulations. A +sponsor of IND must submit the results of the preclinical testing, manufacturing information, analytical +REGULATORY OVERVIEW +– 126 – + + +--- page 136 --- +data, the clinical trial protocol, and any available clinical data or literature to the FDA. The IND +automatically becomes effective 30 days after receipt by the FDA, unless the FDA raises concerns or +questions and places the trial on a clinical hold within that 30-day period. FDA may also impose clinical +holds or partial clinical holds at any time during clinical trials due to safety concerns or non-compliance. +All clinical trials, which involve the administration of the investigational product to humans, must be +conducted under the supervision of one or more qualified investigators in accordance with Good Clinical +Practice regulations, including the requirement that all research subjects provide informed consent in +writing before their participation in any clinical trial. Further, an Institutional Review Board (“IRB”), must +review and approve the plan for any clinical trial before it commences at any institution, and the IRB must +conduct continuing review and reapprove the study at least annually. Each new clinical protocol and any +amendments to the protocol must be submitted for FDA review, and to the IRBs for approval. An IRB can +suspend or terminate approval of a clinical trial at its institution if the trial is not being conducted in +accordance with the IRB’s requirements or if the product has been associated with unexpected serious +harm to subjects. +Clinical trials generally are conducted in three sequential phases, known as Phase I, Phase II and +Phase III, and may overlap. + Phase I clinical trials generally involve a small number of healthy volunteers or disease- +affected patients who are initially exposed to a single dose and then multiple doses of the +product candidate. The primary purpose of these clinical trials is to assess the metabolism, +pharmacologic action, side effect, tolerability and safety of the product candidate. + Phase II clinical trials involve studies on disease-affected patients to evaluate proof of concept +and/or determine the dose required to produce the desired benefits. At the same time, safety and +further PK and PD information is collected, possible adverse effects and safety risks are +identified and a preliminary evaluation of efficacy is conducted. + Phase III clinical trials generally involve a large number of patients at multiple sites and are +designed to provide the data necessary to demonstrate the effectiveness of the product for its +intended use, its safety in use and to establish the overall benefit/risk relationship of the +product and provide an adequate basis for product labeling. +Progress reports detailing the results of the clinical trials must be submitted at least annually to the +FDA. Safety reports must be submitted to the FDA and the investigators 15 calendar days after the trial +sponsor determines that the information qualifies for reporting. The sponsor also must notify FDA of any +unexpected fatal or life-threatening suspected adverse reaction as soon as possible but in no case later than +7 calendar days after the sponsor’s initial receipt of the information. Sponsors of clinical trials of +FDA-regulated products, including drugs, are required to register and disclose certain clinical trial +information, which is publicly available at www.clinicaltrials.gov . +Concurrent with clinical trials, companies usually complete additional animal studies and must also +finalize a process for manufacturing the product in commercial quantities in accordance with GMP +requirements. The process of obtaining regulatory approvals and compliance with appropriate federal, +state, local and foreign statutes and regulations require the expenditure of substantial time and financial +resources. Failure to comply with the applicable U.S. requirements may subject an applicant to +administrative or judicial sanctions. +U.S. Review and Approval Processes +The results of product development, pre-clinical studies and clinical trials, along with descriptions +of the manufacturing process, analytical tests conducted on the product, proposed labeling and other +relevant information, are submitted to the FDA as part of an NDA or BLA. Unless deferred or waived, +NDAs or BLAs, or supplements must contain data adequate to assess the safety and effectiveness of the +REGULATORY OVERVIEW +– 127 – + + +--- page 137 --- +product for the claimed indications in all relevant pediatric subpopulations and to support dosing and +administration for each pediatric subpopulation for which the product is safe and effective. The submission +of an NDA or a BLA is subject to the payment of a substantial user fee and an annual prescription drug +product program fee. +Within 60 days of its receipt, the FDA reviews the NDA/BLA to ensure that it is sufficiently +complete for substantive review before it accepts the NDA/BLA for filing. After accepting the NDA/BLA +filing, the FDA begins an in-depth substantive review to determine, among other things, whether a product +is safe and effective for its intended use. The FDA also evaluates whether the product’s manufacturing is +GMP-compliant to assure the product’s identity, strength, quality and purity. Before approving the +NDA/BLA, the FDA typically will inspect whether the manufacturing processes and facilities are in +compliance with GMP requirements and adequate to assure consistent production of the product within +required specifications. The FDA may refer the NDA/BLA to an advisory committee, a panel of experts, +for review whether the application should be approved and under what conditions and considers such +recommendations when making decisions. +The FDA may refuse to approve the NDA/BLA if the applicable regulatory criteria are not satisfied +or may require additional clinical data or other data and information. The FDA will issue a complete +response letter describing all of the specific deficiencies that the FDA identified in the NDA/BLA that +must be satisfactorily addressed before it can be approved. The deficiencies identified may be minor, for +example, requiring labeling changes, or major, for example, requiring additional clinical trials. +Additionally, the complete response letter may include recommended actions that the applicant might take +to place the application in a condition for approval. The applicant may either resubmit the NDA/BLA, +addressing all of the deficiencies identified in the letter, or withdraw the application or request an +opportunity for a hearing. +The regulatory approval may be limited to specific diseases and dosages or the indications for use +may otherwise be limited, which could restrict the commercial value of the product. Further, the FDA may +require that certain contraindications, warnings or precautions be included in the product labeling. In +addition, the FDA may require post-approval studies, including Phase IV clinical trials, to further assess +a product’s safety and effectiveness after NDA/BLA approval and may require testing and surveillance +programs to monitor the safety of approved products that have been commercialized. +In the U.S., products composed of components that would normally be regulated by different centers +at the FDA are known as combination products. Typically, the FDA’s Office of Combination Products +assigns a combination product to a specific Agency Center as the lead reviewer. The FDA determines +which Center will lead a product’s review based upon the product’s primary mode of action. Depending +on the type of combination product, its approval, clearance or licensure may usually be obtained through +the submission of a single marketing application. However, the FDA sometimes will require separate +marketing applications for individual constituent parts of the combination product, which may require +additional time, effort, and information. Even when a single marketing application is required for a +combination product, the relevant Centers may participate in the review. An applicant will also need to +discuss with the Agency how to apply certain premarket requirements and post-marketing regulatory +requirements, including conduct of clinical trials, adverse event reporting and good manufacturing +practices, to their combination product. +Expedited Development and Review Programs +Accelerated Approval +Under FDA’s accelerated approval regulations, the FDA may approve a drug or biologic candidate +for a serious or life-threatening illness that provides meaningful therapeutic benefit to patients over +existing treatments and demonstrates an effect on either a surrogate endpoint that is reasonably likely to +predict clinical benefit or on a clinical endpoint that can be measured earlier than irreversible morbidity +or mortality (“IMM”), that is reasonably likely to predict an effect on IMM or other clinical benefit, taking +into account the severity, rarity, or prevalence of the disease or condition and the availability or lack of +REGULATORY OVERVIEW +– 128 – + + +--- page 138 --- +alternative treatments. A product candidate approved on this basis is subject to rigorous post-marketing +compliance requirements, including the completion of post-approval clinical trial to confirm the effect on +the clinical endpoint. Failure to conduct required post-approval studies, or to confirm a clinical benefit +during post-marketing studies, will allow the FDA to withdraw the product from the market on an +expedited basis. All promotional materials for product candidates approved under accelerated regulations +are subject to prior review by the FDA. +Breakthrough Designation +Another program available for sponsors is the breakthrough therapy designation. A drug or biologic +may be eligible for designation as a breakthrough therapy if the product is intended, alone or in +combination with one or more other drugs or biologics, to treat a serious or life-threatening condition and +preliminary clinical evidence indicates that the product may demonstrate substantial improvement over +currently approved therapies on one or more clinically significant endpoints, such as substantial treatment +effects observed early in clinical development. A sponsor may request that a product be designated as a +breakthrough therapy concurrently with, or at any time after, the submission of IND, and according to +FAQs published by the FDA (current as of February 3, 2022), the FDA must determine if the candidate +qualifies for such designation within 60 days of receipt of the request. If so designated, the FDA shall act +to expedite the development and review of the product’s marketing application, including by meeting with +the sponsor throughout the product’s development, providing timely advice to the sponsor to ensure that +the development program to gather preclinical and clinical data is as efficient as practicable. +Orphan Drugs +Under the Orphan Drug Act, the FDA may grant orphan drug designation to drugs or biologic +candidates intended to treat a rare disease or condition generally affecting fewer than 200,000 individuals +in the U.S. The first applicant to receive FDA approval for the disease or indication for which it has orphan +drug designation is entitled to a seven-year exclusive marketing period. During the exclusivity period, the +FDA may not approve any other applications to market the same product for the same disease or condition +except in limited circumstance. +Priority Review +The FDA may give a priority review designation to drugs that offer major advances in treatment or +provide a treatment where no adequate therapy exists. A priority review means that the goal for the FDA +to review an application is six months, rather than the standard review of ten months under the Prescription +Drug User Fee Act guidelines. These six- and ten-month review periods are measured from the “filing” +date rather than the receipt date for NDAs for new molecular entities, which typically adds approximately +two months to the timeline for review and decision from the date of submission. Most products that are +eligible for fast-track designation are also likely to be considered appropriate to receive a priority review. +Post-Marketing Requirements +Following the approval of a new product, the manufacturer and the approved product are subject to +continuing regulation by the FDA, including, among other things, monitoring and record-keeping +activities, reporting of adverse experiences, complying with promotion and advertising requirements, +which include restrictions on promoting products for unapproved uses or patient populations (known as +“off-label use”) and limitations on industry-sponsored scientific and educational activities. Although +physicians may prescribe legally available products for off-label uses, manufacturers may not market or +promote such uses. The FDA and other agencies actively enforce the laws and regulations prohibiting the +promotion of off-label uses, and a company that is found to have improperly promoted off-label uses may +be subject to significant liability, including investigation by federal and state authorities. Prescription drug +promotional materials must be submitted to the FDA in conjunction with their first use or first publication. +Further, if there are any modifications to the drug or biologic, including changes in indications, labeling +REGULATORY OVERVIEW +– 129 – + + +--- page 139 --- +or manufacturing processes or facilities, the applicant may be required to submit and obtain FDA approval +of a new NDA/BLA or NDA/BLA supplement, which may require the development of additional data or +preclinical studies and clinical trials. +The FDA may also place other conditions on approvals including the requirement for a risk +evaluation and mitigation strategy (“REMS”), to assure the safe use of the product. If the FDA concludes +a REMS is needed, the sponsor of the NDA/BLA must submit a proposed REMS. The FDA will not +approve the NDA/BLA without an approved REMS, if required. A REMS could include medication guides, +physician communication plans or elements to assure safe use, such as restricted distribution methods, +patient registries and other risk minimization tools. Any of these limitations on approval or marketing +could restrict the commercial promotion, distribution, prescription or dispensing of products. Product +approvals may be withdrawn for non-compliance with regulatory standards or if problems occur following +initial marketing. FDA regulations require that products be manufactured in specific approved facilities +and in accordance with cGMP regulations. These manufacturers must comply with cGMP regulations that +require, among other things, quality control and quality assurance, the maintenance of records and +documentation, and the obligation to investigate and correct any deviations from cGMP. +Manufacturers and other entities involved in the manufacture and distribution of approved drugs or +biologics are required to register their establishments with the FDA and certain state agencies and are +subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with +cGMP requirements and other laws. Accordingly, manufacturers must continue to expend time, money and +effort in the area of production and quality control to maintain cGMP compliance. The discovery of +violative conditions, including failure to conform to cGMP regulations, could result in enforcement +actions, and the discovery of problems with a product after approval may result in restrictions on a +product, manufacturer or holder of an approved NDA/BLA, including recall. +Once an approval is granted, the FDA may issue enforcement letters or withdraw the approval of the +product if compliance with regulatory requirements and standards is not maintained or if problems occur +after the drug or biologic reaches the market. Corrective action could delay drug or biologic distribution +and require significant time and financial expenditures. Later discovery of previously unknown problems +with a drug or biologic, including AEs of unanticipated severity or frequency, or with manufacturing +processes, or failure to comply with regulatory requirements, may result in revisions to the approved +labeling to add new safety information; imposition of post-market studies or clinical trials to assess new +safety risks; or imposition of distribution or other restrictions under a REMS program. Other potential +consequences include, among other things: + restrictions on the marketing or manufacturing of the drug or biologic, suspension of the +approval, complete withdrawal of the drug from the market or product recalls; + fines, warning letters or holds on post-approval clinical trials; + refusal of the FDA to approve applications or supplements to approved applications, or +suspension or revocation of drug or biologic approvals; drug or biologic seizure or detention, +or refusal to permit the import or export of drugs; or + injunctions or the imposition of civil or criminal penalties. +Optimizing the Dosage of Human Prescription Drugs and Biological Products for the Treatment of +Oncologic Diseases +In August 2024, the U.S. Food and Drug Administration (FDA) issued guidance on optimizing the +dosage of oncology drugs and biological products, encouraging sponsors to determine an optimal dosage +that maximizes therapeutic benefit while minimising toxicity early in clinical development. This guidance +is intended to assist sponsors in identifying an optimized dosage(s) for human prescription drugs or +biological products for the treatment of oncologic diseases during clinical development and prior to +submitting an application for approval of a new indication and usage. +REGULATORY OVERVIEW +– 130 – + + +--- page 140 --- +This reflects a shift from the traditional focus on identifying the maximum tolerated dose, which may +not be appropriate for modern targeted therapies that can achieve similar efficacy at lower, more tolerable +doses. The guidance notes that unnecessarily high doses may adversely affect patient quality of life, +treatment adherence and clinical outcomes. The guidance encourages early engagement with the FDA, +including through formal meetings or the Model-Informed Drug Development paired meeting program, to +discuss dosage optimization plans. +Patent Term Restoration and Marketing Exclusivity +Given the lengthy administrative approval cycle for pharmaceuticals, the United States introduced +the Patent Term Extension (PTE) mechanism under the Drug Price Competition and Patent Term +Restoration Act of 1984 (the “Hatch–Waxman Act”) to compensate for delays in the market approval +process for pharmaceuticals, food additives, medical devices and other regulated products. After approval, +owners of relevant drug or biological product patents may apply for up to a five-year patent extension to +restore a portion of patent term lost during product development and FDA review of an NDA or a BLA +if approval of the application is the first permitted commercial marketing or use of a biologic containing +the active ingredient under the Drug Price Competition and Patent Term Restoration Act of 1984. The +allowable patent term extension is calculated as one-half of the product’s testing phase, which is the time +between IND and NDA/BLA submission, and all of the review phase, which is the time between +NDA/BLA submission and approval, up to a maximum of five years. The time can be shortened if the FDA +determines that the applicant did not pursue approval with due diligence. The total patent term after the +extension may not exceed more than 14 years from the date of FDA approval of the product. Only one +patent claiming each approved product is eligible for restoration, only those claims covering the approved +product, a method for using it, or a method for manufacturing it may be extended, and the patent holder +must apply for restoration within 60 days of approval. The United States Patent and Trademark Office +(USPTO), in consultation with the FDA, reviews and approves the application for patent term restoration. +For patents that might expire during the application phase, the patent owner may request an interim patent +extension. An interim patent extension increases the patent term by one year and may be renewed up to +four times. For each interim patent extension granted, the post-approval patent extension is reduced by one +year. The director of the USPTO must determine that approval of the drug candidate covered by the patent +for which a patent extension is being sought is likely. Interim patent extensions are not available for a drug +candidate for which an NDA or a BLA has not been submitted. +In 1994, the United States further introduced the Patent Term Adjustment (PTA) mechanism to +compensate for delays arising from the patent examination process. Under 35 U.S.C. §154(b), the +examination process of the USPTO may involve three categories of delay — A-delay, B-delay and C-delay +— and the specific calculation rules for each category are set out in 37 C.F.R. §§1.703 and 1.704. A +pharmaceutical patent may benefit from both PTA and PTE, with PTE being calculated in addition to the +patent expiry date as adjusted by PTA. Accordingly, PTE is added on top of the original patent term, +including any extension granted through PTA. +REGULATORY OVERVIEW +– 131 – + + +--- page 141 --- +OVERVIEW +We are a clinical-stage biotech company dedicated to researching and developing innovative +therapies for autoimmune, metabolic and oncology diseases. Our history can be traced back to 2017, when +our Company was established in the PRC by Dr. Ji, our Controlling Shareholder, executive Director, chief +executive officer, general manager and chairman of our Board. +Since the establishment of our Company, we have strategically focused our R&D on oncology, +autoimmune and metabolic diseases, selected based on our Company’s comprehensive and integrated +platform for small-molecule innovative drug discovery as well as market demand. We have developed our +R&D capabilities spanning drug design, efficient synthesis, screening and evaluation, pharmacological +studies, comprehensive CMC research to clinical strategy and operations as well as translational medicine, +which enable our Company to pursue differentiated drug development across the three core therapeutic +areas. We have developed a strategically designed and differentiated pipeline. This includes three Core +Products, namely HJ787, HJ178 and HJ891, all of which are self-developed, small-molecule, NMPA +Category 1 innovative drugs. Our pipeline also includes other drug candidates, including our clinical-stage +drug candidate HJ197 and five preclinical drug candidates HJ356, HJ093, HJ199, HJ198 and HJ086, all +of which are also self-developed, small-molecule, NMPA Category 1 innovative therapies. For further +details of the Company’s R&D development and strategies, see “Business” in this prospectus. +KEY MILESTONES +The following table sets forth the key milestones of our corporate and business development. +Y ear Milestone events +2017 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Our Company was established. +2018 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118We submitted our first IND application for HJ197 to the NMPA. +2021 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118We submitted the IND application for HJ891 to the NMPA. +2023 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118We submitted the IND application for HJ178 and the IND application +for HJ787 ointment to the NMPA. +2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118We commenced a Phase Ib/III clinical trial in combination with +toripalimab for the treatment of non-squamous NSCLC with +KRAS +G12C mutation as combination therapy. +We initiated a Phase II clinical trial evaluating the efficacy and safety +of HJ787 in patients with ND. +2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118We initiated a Phase IIa clinical trial to evaluate the efficacy and +safety of HJ787 in patients with mild-to-moderate A V . +We completed a Phase Ib/IIa clinical trial in May 2024 to assess the +safety, tolerability, PK, and preliminary efficacy of multiple doses in +both healthy subjects and patients with type 2 diabetes. +OUR CORPORATE DEVELOPMENTS +Establishment and major shareholding changes of our Company +Our Company was established in the PRC as a limited liability company on February 20, 2017 with +an initial registered capital of RMB10 million. At the time of establishment, our Company was owned as +to 85.00% by Dr. Ji and 15.00% by Mr. Yuan Hao (؀“() Mr. Yuan”), an Independent Third Party. Dr. +Ji and Mr. Yuan are alumni of Lanzhou University ( ᚆψɽኪ) in the PRC. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 132 – + + +--- page 142 --- +Equity transfers in November 2017 +On November 18, 2017, Dr. Ji, Mr. Yuan, Suzhou Jishitang and Suzhou Wenshao Biotechnology Co., +Ltd. (ʮ̡)( “ Suzhou Wenshao ”) entered into an equity transfer agreement, +pursuant to which (i) Mr. Yuan transferred his 15.00% equity interest in our Company to Suzhou Wenshao; +(ii) Dr. Ji transferred his approximately 6.08% equity interest in our Company to Suzhou Jishitang; and +(iii) Dr. Ji transferred his approximately 41.71% equity interest in our Company to Suzhou Wenshao, all +at nil consideration. The consideration was determined after arm’s length negotiations between the parties +with reference to our then unpaid registered capital. Mr. Yuan’s equity transfer was due to his decision to +pursue other personal development. +Suzhou Wenshao is a limited liability company established in the PRC as an investment holding +company and was controlled by Dr. Ji at the time of the above equity transfer. Suzhou Jishitang currently +is one of our employee incentive platforms under the Pre-IPO Share Incentive Scheme. See “—Employee +Incentive Platforms” below for further details. +Series A Financing +Pursuant to a capital increase agreement (the “ SDIC Shanghai Capital Increase Agreement ”) dated +December 21, 2017 (as amended), the registered capital of our Company was increased from RMB10 +million to RMB12,298,688, which was subscribed as to 20.00% by (SDIC) VC Fund (Shanghai) of +Technology Transfer and Commercialization (Limited Partnership) ( ਷ҳ(ɪऎ)ᔷʷ௴ุҳ༟ਿ +Άุ(Υྫ)) (“ SDIC Shanghai ”) and 6.08% by Suzhou Wenshao at the consideration of RMB42 +million and RMB24,329,138, respectively. Dr. Ji also agreed to transfer 1.00% equity interest in our +Company to SDIC Shanghai at nil consideration. The consideration was determined after arm’s length +negotiations between the parties with reference to the valuation of our Company, our development +strategies and potential, our research and development capabilities, and the milestones our Group expected +to achieve. The consideration for the increased registered capital subscribed by SDIC Shanghai and +Suzhou Wenshao was fully settled on December 26, 2017 and December 22, 2017, respectively. +Equity transfer in December 2019 +On December 31, 2019, Suzhou Wenshao and Chengdu Wenshao, an investment platform whose +general partner is Dr. Ji and with an identical shareholding structure as Suzhou Wenshao at the relevant +time, entered into an equity transfer agreement, pursuant to which Suzhou Wenshao transferred its 52.80% +equity interest in our Company (corresponding to a registered capital of RMB6,493,708) to Chengdu +Wenshao at a consideration of RMB30 million. The consideration was determined after arm’s length +negotiations between the parties with reference to the paid-up registered capital of our Company by +Suzhou Wenshao, which was fully settled on September 28, 2021. Chengdu Wenshao has been controlled +by Dr. Ji since its establishment due to his capacity as the general partner of Chengdu Wenshao and his +shareholding in Chengdu Wenshao of over 50%, pursuant to the partnership agreement of Chengdu +Wenshao. Chengdu Wenshao had been established with a view to hold an interest in the Company by Dr. +Ji and his acquaintances who had confidence in Dr. Ji’s expertise and experience in this field as well as +the Company’s development potential. As of the Latest Practicable Date, Chengdu Wenshao had two +limited partners, namely Zhang Xingguo ( ੵጳ਷) and Ouyang Ling ( ᆄජὋ), both acquaintances of Dr. +Ji and Independent Third Parties, none of whom holds 30% or more interest in Chengdu Wenshao. Zhang +Xingguo is a director of a PRC listed company which is engaged in manufacturing computers and other +electronic equipment. Dr. Ji and Zhang Xingguo have befriended through the introduction a mutual friend +since before the Company was founded. Ouyang Ling, also a long-time friend of Dr. Ji who was introduced +to Dr. Ji by Zhang Xingguo, is a managing director of the investment bank department of a securities +company in the PRC. Both Zhang Xingguo and Ouyang Ling became shareholders of Chengdu Wenshao +because of their positive outlook on the development and future prospects of the Company, as well as Dr. +Ji’s experience and abilities in the industry. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 133 – + + +--- page 143 --- +Series B Financing +Pursuant to the capital increase agreements dated December 15, 2019 and September 25, 2020, the +registered capital of our Company was increased from RMB12,298,688 to RMB13,704,252, which was +subscribed as to 8.97% by Suzhou Junlian Xinkang Venture Capital Partnership (Limited Partnership) ( ᘽ +ੰ௴ุҳ༟ΥྫΆุ(Υྫ)) (“ Junlian Xinkang ”) and 1.28% by Suzhou Yuanju Fanmao +Investment Partnership Enterprise (Limited Partnership) (ҳ༟ΥྫΆุ(Υྫ)) +(“Suzhou Fanmao ”) at the consideration of RMB70 million and RMB10 million, respectively. The +consideration was determined with reference to the market conditions, valuation of our Company at the +time of investments and our business prospects, and was fully settled on October 20, 2020. +Series B+ Financing +From December 2020 to August 2021, pursuant to the investment agreements and the capital increase +agreement entered into among the Company, its then shareholders and each of Jingning Huaige Ruixin +Venture Investment Partnership Enterprise (Limited Partnership) (௴ุҳ༟ΥྫΆุ(ࠢ +Υྫ)) (now known as Ningbo Huaige Ruixin Venture Capital Partnership Enterprise (Limited Partnership) +(௴ุҳ༟ΥྫΆุ(Υྫ)) (“ Huaige Ruixin ”), Ningbo Huaige Health Investment +Management Partnership (Limited Partnership) (਄ੰҳ༟၍ଣΥྫΆุ(Υྫ)) (“ Huaige +Health ”), Gongqingcheng Ruiji Fund III Investment Partnership (Limited Partnership) (๿Λɧಂ +ҳ༟ΥྫΆุ(Υྫ)) (now known as Anyi Ruiji Phase III Venture Capital Partnership (Limited +Partnership) ( τ່๿Λɧಂ௴ุҳ༟ΥྫΆุ(Υྫ)) (“ Ruiji Phase III ”), Shanghai Junshi +Biosciences Co., Ltd. (ʮ̡)( “ Junshi Biosciences ”), Chengdu Peikun +Jingrong Venture Capital Partnership (Limited Partnership) ( ϓேӒտവႂ௴ุҳ༟ΥྫΆุ(Υྫ)) +(“Peikun Jingrong ”), Chengdu Peikun Songfu Technology Partnership (Limited Partnership)( ϓேӒտ҂ +ҦΥྫΆุ(Υྫ)) (“ Peikun Songfu ”), Sichuan Science and Technology Achievement +Transformation Equity Investment Fund Partnership (Limited Partnership) (ᛆҳ༟ +ΥྫΆุ(Υྫ)) (“ STAT Fund ”), (collectively, the “ Series B+ Investors ”), the Series B+ +Investors agreed to subscribe for an increased registered capital of approximately RMB1,437,119 and +agreed to acquire an aggregate of approximately RMB362,540 registered capital of our Company held by +Chengdu Wenshao, representing approximately 2.44% equity interest in our Company upon completion of +the above capital increase, details of which are set out below: +Series B+ Investors +Registered capital +subscribed for Consideration +Registered capital +acquired from +Chengdu Wenshao Consideration +Huaige Ruixin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB322,050 RMB35,250,000 RMB146,386 RMB11,750,000 +Huaige Health /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB20,556 RMB2,250,000 RMB9,344 RMB750,000 +Ruiji Phase III /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB205,564 RMB22,500,000 RMB93,438 RMB7,500,000 +Junshi Biosciences /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB365,447 RMB40,000,000 – – +Peikun Jingrong /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB239,824 RMB26,250,000 RMB109,011 RMB8,750,000 +Peikun Songfu /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB9,593 RMB1,050,000 RMB4,360 RMB350,000 +STAT Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118RMB274,085 RMB30,000,000 – – +The consideration for the increased registered capital was determined after arm’s length negotiations +between the parties with reference to the market conditions, valuation of our Company at the time of +investments and our business prospects. The consideration for the registered capital acquired from +Chengdu Wenshao was determined among the parties as a result of commercial negotiation. The +consideration was fully settled on June 2, 2021. +Series B++ Financing +On August 30, 2021, among others, our Company, Chengdu Wenshao, Xiamen Jianfa Emerging +Industries Equity Investment Partnership No. 2 (Limited Partnership) (ᛆҳ༟൩໮Υ +ྫΆุ(Υྫ)) (“Xiamen Jianfa ”), Jiangsu Shengyu Heike Medical Health Investment Fund (Limited +Partnership)(ږ(Υྫ)) (“ Shengyu Heike ”) +1 entered into a capital +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 134 – + + +--- page 144 --- +increase agreement, pursuant to which (i) each of Xiamen Jianfa and Shengyu Heike agreed to subscribe +for an increased registered capital of approximately RMB152,943 at a consideration of RMB20 million +with reference to the market conditions, valuation of our Company at the time of investments and our +business prospects; and (ii) both Xiamen Jianfa and Shengyu Heike agreed to each acquire a registered +capital of approximately RMB100,942 held by Chengdu Wenshao at the consideration of RMB10 million, +which was determined through the results of commercial negotiations among the parties. The total +consideration was fully settled on October 13, 2021. +Note: +(1) In June 2025, Shengyu Heike transferred its entire equity interest in our Company to Ms. Zhang Naiye ( ੵɗ⮶). After such +equity transfer, Shengyu Heike ceased to be a Shareholder. See “—Series C2 Financing and equity transfer in June 2025” +below for further details. Shengyu Heike is a limited partnership incorporated in the PRC and is principally engaged in +medical and health industry investment. +Series C1 Financing +Pursuant to a capital increase agreement dated December 16, 2023, the registered capital of our +Company was increased from RMB15,447,258 to RMB16,927,620, which was subscribed as to 3.04% by +Chongqing Chengyu Tuanjie Lake Strategic Emerging Industry Private Equity Investment Fund +Partnership (Limited Partnership) (ΥྫΆุ(Υ +ྫ)) (“ Chengyu Tuanjiehu Fund ”), 3.80% by Chongqing Jiangjin District Private Equity Investment +Fund Partnership (Limited Partnership) (ΥྫΆุ(Υྫ)) (“Jiangjin +Fund”), 0.76% by Wuxi Runyuan Biopharmaceutical Venture Capital Partnership (Limited Partnership) +(ᔼᖹ௴ุҳ༟ΥྫΆุ(Υྫ)) (“Wuxi Runyuan ”) and 1.14% by Hefei Xingtai Huike +Venture Capital Partnership (Limited Partnership) (௴ุҳ༟ΥྫΆุ(Υྫ)) (“ Huike +Fund”) at the consideration of RMB80 million, RMB100 million, RMB20 million and RMB30 million, +respectively. The consideration was determined after arm’s length negotiations between the parties with +reference to the market conditions, valuation of our Company at the time of investments and our business +prospects and was fully settled on December 25, 2023. +Conversion into a joint stock limited liability company +On March 18, 2025, our then Shareholders passed resolutions approving, among other matters, the +conversion of our Company from a limited liability company into a joint stock limited liability company. +The conversion was completed on April 15, 2025. +Series C2 Financing and equity transfer in June 2025 +Pursuant to a capital increase agreement dated June 19, 2025, the registered capital of our Company +was increased from RMB58,444,059 to RMB59,999,605, which was subscribed as to 1.11% by Anyi Ruiji +Phase X Venture Capital Partnership Enterprise (Limited Partnership) ( τ່๿Λɤಂ௴ุҳ༟ΥྫΆุ +(Υྫ)) (“Ruiji Phase X ”), 0.74% by Fuzhou Huace Xinming Pharmaceutical Investment Partnership +Enterprise (Limited Partnership) (ᔼᖹҳ༟ΥྫΆุ(Υྫ)) (“ Huace Xinming ”) and +0.74% by Hefei Baohe District Linghang Venture Capital Fund Partnership Enterprise (Limited +Partnership) (ΥྫΆุ (Υྫ)) (“ Baohe Linghang ”) at the +consideration of RMB30 million, RMB20 million and RMB20 million, respectively. The consideration +was determined after arm’s length negotiations between the parties with reference to the market +conditions, valuation of our Company at the time of investments and our business prospects and was fully +settled on July 11, 2025. +On June 26, 2025, Shengyu Heike and Ms. Zhang Naiye ( ੵɗ⮶), entered into an equity transfer +agreement, pursuant to which Shengyu Heike transferred 1.46% equity interest in our Company to Ms. +Zhang Naiye at a consideration of RMB40,773,024. Such consideration was determined based on arm’s +length negotiations between the parties with reference to the original investment amount of Shengyu Heike +and the valuation of our Company, and was fully settled on June 26, 2025. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 135 – + + +--- page 145 --- +Equity transfer in August 2025 +On August 21, 2025, Chengdu Wenshao and Chengdu Chunlei Xingming Technology Venture Capital +Partnership Enterprise (Limited Partnership) (Ҧ௴ุҳ༟ΥྫΆุ(Υྫ)) +(“Chengdu Chunlei ”) entered into an equity transfer agreement, pursuant to which Chengdu Wenshao +transferred 0.83% equity interest in our Company indirectly held by a limited partner of Chengdu Wenshao +to Chengdu Chunlei at a total consideration of RMB20 million. The consideration was determined after +arm’s length negotiations between the parties with reference to the original investment amount and the +current valuation of our Company, which was fully settled on August 21, 2025. +As of the Latest Practicable Date, the shareholding structure of our Company was as follows: +Name of Shareholder Registered capital +Approximate +percentage of +shareholding +(RMB) +Chengdu Wenshao /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,971,379 33.29% +Dr. Ji /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,424,624 20.71% +SDIC Shanghai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,520,100 9.20% +Junlian Xinkang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,246,253 7.08% +Jiangjin Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,222,218 3.70% +Suzhou Jishitang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,097,440 3.50% +Chengyu Tuanjiehu Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,777,751 2.96% +Huaige Ruixin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,617,322 2.70% +Junshi Biosciences /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,261,749 2.10% +Peikun Jingrong /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,204,357 2.01% +Ruiji Phase III /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,032,356 1.72% +STAT Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118946,326 1.58% +Xiamen Jianfa /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118876,544 1.46% +Ms. Zhang Naiye /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118876,544 1.46% +Huike Fund /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118666,671 1.11% +Ruiji Phase X /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118666,662 1.11% +Suzhou Fanmao /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118606,591 1.01% +Chengdu Chunlei /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118499,997 0.83% +Wuxi Runyuan /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118444,467 0.74% +Huace Xinming /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118444,442 0.74% +Baohe Linghang /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118444,442 0.74% +Huaige Health /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118103,212 0.17% +Peikun Songfu /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111848,158 0.08% +Total: 59,999,605 100% +PRC Legal Advisors’ Confirmation +Our PRC Legal Advisors have confirmed that the above mentioned equity transfers and changes in +the registered capitals of our Group have been properly and legally completed and our Group has obtained +all necessary approvals and made all necessary filings, and has complied with applicable PRC laws and +regulations in all material respects in relation to the changes in shareholdings as set out above. +MAJOR ACQUISITIONS, DISPOSALS AND MERGERS +We had not conducted any acquisitions, disposals or mergers that we consider to be material to us +during the Track Record Period and up to the Latest Practicable Date. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 136 – + + +--- page 146 --- +EMPLOYEE INCENTIVE PLATFORMS +For the purpose of awarding our management team and employees for their contributions to our +Group and to incentivize them to further promote our development, we adopted the Pre-IPO Share +Incentive Scheme on July 11, 2025 to award the partnership interest in our employee incentive platforms +to the scheme participants. All the underlying Shares of the awards granted under the Pre-IPO Share +Incentive Scheme are directly held by Suzhou Jishitang. The general partner +(4) of Suzhou Jishitang is Dr. +Ji, and its limited partners include five employee incentive platforms, namely Chengdu Kunluntang +Enterprise Management Center (Limited Partnership) (ԿੀΆุ၍ଣʕː(Υྫ)) (“ Chengdu +Kunluntang ”), Chengdu Cuiyingtang Enterprise Management Center (Limited Partnership) (ੀ +Άุ၍ଣʕː(Υྫ)) (“ Chengdu Cuiyingtang ”), Chengdu Chunhuatang Enterprise Management +Center (Limited Partnership) (ശੀΆุ၍ଣʕː(Υྫ)) (“ Chengdu Chunhuatang ”), +Chengdu Chuntiandao Enterprise Management Center (Limited Partnership) (˂༸Άุ၍ଣʕː(Ϟ +Υྫ)) (“ Chengdu Chuntiandao ”) and Chengdu Chunguitang Enterprise Management Center (Limited +Partnership) (ᓥੀΆุ၍ଣʕː(Υྫ)) (“ Chengdu Chunguitang ”) and one former +employee +(4). As of the Latest Practicable Date, the limited partner interest in Suzhou Jishitang held by +Chengdu Kunluntang, Chengdu Cuiyingtang, Chengdu Chunhuatang, Chengdu Chuntiandao and Chengdu +Chunguitang was approximately 60.57%, 14.27%, 13.65%, 10.56% and 0.74%, respectively. +(4) The +following table sets forth a summary of the partnership structure of each of our employee incentive +platforms as of the Latest Practicable Date: +Name of employee incentive +platform General partner +Interest held by +the general +partner (1) +Number of limited +partner(s) (1)(2) +Chengdu Kunluntang /H1118/H1118/H1118/H1118/H1118/H1118/H1118Dr. Ji 73.30% One, namely Ms. Guo Na, a +senior management of our +Company, held 26.70% limited +partnership interest +Chengdu Cuiyingtang /H1118/H1118/H1118/H1118/H1118/H1118Ms. Zhang Jingjie, a senior +management of our +Company +12.77% 22, none of which held 30% or +more partnership interest +Chengdu Chunhuatang /H1118/H1118/H1118/H1118/H1118/H1118Dr. Ji 30.31% One, namely Mr. Du Fengtian, a +senior management of our +Company, held 69.69% limited +partnership interest +Chengdu Chuntiandao /H1118/H1118/H1118/H1118/H1118/H1118Dr. Ji 9.91% One, namely Mr. Yang Xiangyu, +an executive Director, held +90.09% limited partnership +interest +Chengdu Chunguitang /H1118/H1118/H1118/H1118/H1118/H1118Ms. Zhang Tao ( ੵᏹ), an +employee of our +Company +(3) +14.29% Six, none of which held 30% or +more partnership interest +(1): Each of the general partners and limited partners holds the partnership interest for his/her own interest. +(2): The partnership interest which each limited partner holds in his/her corresponding employee incentive platform does +not bear any voting rights in our Company. The limited partners are all Independent Third Parties. +(3): Ms. Zhang Tao, an employee of our Company, is not the same person as Mr. Zhang Tao, the ultimate controller of the +general partner of Chengdu Peikun Jingrong Venture Capital Partnership (Limited Partnership). +(4): As of the Latest Practicable Date, the partnership interests in Suzhou Jishitang are held as follows: (i) the five +employee shareholding platforms (Chengdu Kunluntang, Chengdu Cuiyingtang, Chengdu Chunhuatang, Chengdu +Chuntiandao, and Chengdu Chunguitang) serve as limited partners; (ii) Dr. Ji serves as general partner holding +approximately 0.20%; and (iii) Mr. Zhang Lei, a former employee of our Group, serves as limited partner holding +approximately 0.01%. He joined us upon our establishment as a key employee responsible for our internal +administrative management and resigned in 2023 due to personal and family reasons. The partnership interests held by +Dr. Ji and Mr. Zhang Lei are not included in the Share Incentive Scheme. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 137 – + + +--- page 147 --- +According to the Pre-IPO Share Incentive Scheme, the respective partnership agreements and the +grant agreement, certain members of our management team and employees were granted restricted Shares +by virtue of their capacity as limited partners or general partners (as the case may be) of the employee +incentive platforms. The management of Suzhou Jishitang and the voting rights of the underlying Shares +held by Suzhou Jishitang are exercised by Dr. Ji as its general partner, whereas the relevant participants +to the Pre-IPO Share Incentive Scheme are entitled to the economic interest. Despite that each of the five +employee incentive platforms listed above is managed and controlled by its respective general partner, +according to the Pre-IPO Share Incentive Scheme, none of the incentive platforms and their general +partners has the right to control the voting rights and determine the transfer of the Shares held by Suzhou +Jishitang. Therefore, notwithstanding that Dr. Ji is the general partner of Chengdu Kunluntang, Chengdu +Chunhuatang and Chengdu Chuntiandao, they are not considered as members of the group of Controlling +Shareholders. +The rationale for establishing multiple employee incentive platforms is to facilitate a more +systematic management and classification of the shareholding platforms. Each platform has its own +assessment standards as determined by the Company on the employees holding their interest in the same +platform, with the aim to facilitate unity of assessment of and targets set for employees of similar or +comparable profile, such as length of service, overall work performance, leadership capability and/or +seniority. Specifically, Chengdu Kunluntang, Chengdu Chunhuatang and Chengdu Chuntiandao are the +incentive platforms for the founding members of the Company, being employees who joined the Company +at the inception or initial stage of development of the Company. Chengdu Cuiyingtang is the incentive +platform for department heads and other management team members. Chengdu Chunguitang is the +incentive platform for backbone members. +As of the Latest Practicable Date, share awards corresponding to 2,093,400 underlying Shares +representing approximately 2.84% of the total issued Shares immediately after completion of the Global +Offering (assuming the Over-allotment Option is not exercised), were conditionally granted by our +Company to a total of 34 participants under the Pre-IPO Share Incentive Scheme. +The Pre-IPO Share Incentive Scheme is not subject to the provisions of Chapter 17 of the Listing +Rules as it does not involve the grant of incentive Shares after the Listing. The principal terms of the +Pre-IPO Share Incentive Scheme and the details of the underlying Shares granted to the Directors, +Supervisors and senior management are set out in “Appendix IV—Statutory and General Information—D. +Pre-IPO Share Incentive Scheme”. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 138 – + + +--- page 148 --- +PRE-IPO INVESTMENTS +Principal Terms of the Pre-IPO Investments +Our Company has completed several rounds of Pre-IPO Investments, details of which are set out below: +Round Form of investment Date of agreements +Date of full settlement +of consideration Investor +Amount of +registered +capital involved Consideration Cost per Share (1) +Post-money +valuation (2) +Discount to the +Offer Price (3) +(RMB) (approx.) (RMB) (approx.) (RMB) (approx.) (RMB) (approx.) +% +(approx.) +Series A Financing /H1118/H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +December 21, 2017 December 26, 2017 SDIC Shanghai 1,475,842 42 million 8.24 350 million (4) 88.42% +Series B Financing /H1118/H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +September 25, 2020, +December 15, 2019 +October 20, 2020 Junlian Xinkang, Suzhou Fanmao 1,405,564 80 million 16.49 780 million (5) 76.83% +Series B+ Financing /H1118/H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +December 11, 2020, +December 24, 2020, +January 11, 2021, May +25, 2021 +June 2, 2021 Huaige Ruixin, Huaige Health, +Ruiji Phase III, Junshi +Biosciences, Peikun Jingrong, +Peikun Songfu, STAT Fund +1,437,120 157,300,000 31.70 1.66 billion +(6) 55.45% +Equity transfer by +Chengdu Wenshao +May 25, 2021 June 2, 2021 Huaige Ruixin, Huaige Health, +Ruiji Phase III, Peikun Jingrong, +Peikun Songfu +362,540 29,100,000 23.25 N/A 67.33% +Series B++ Financing /H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +August 30, 2021 October 13, 2021 Xiamen Jianfa, Shengyu Heike 305,887 40 million 37.88 2.02 billion +(7) 46.78% +Equity transfer by +Chengdu Wenshao +October 13, 2021 Xiamen Jianfa, Shengyu Heike 201,885 20 million 28.69 N/A 59.68% +Series C1 Financing /H1118/H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +December 16, 2023 December 25, 2023 Chengyu Tuanjiehu Fund, Jiangjin +Fund, Wuxi Runyuan, Huike +Fund +1,480,362 230 million 45.00 2.63 billion +(8) 36.77% +Series C2 Financing /H1118/H1118/H1118/H1118/H1118/H1118Subscription of +registered share capital +June 19, 2025 July 11, 2025 Ruiji Phase X, Huace Xinming, +Baohe Linghang +1,555,546 70 million 45.00 2.70 billion (9) 36.77% +Equity transfer in June 2025 /H1118/H1118Equity transfer by +Shengyu Heike +June 26, 2025 June 26, 2025 Ms. Zhang Naiye 876,544 40,773,024 46.52 N/A 34.64% +Equity transfer in August 2025 /H1118 Equity transfer by +Chengdu Wenshao +August 21, 2025 August 21, 2025 Chengdu Chunlei 499,997 20 million 40.00 N/A 43.79% +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 139 – + + +--- page 149 --- +Notes: +(1) The cost per Share is calculated based on the total consideration paid by the Pre-IPO Investors in each round of Pre-IPO Investment as divided by eit her (i) the registered capital subscribed +by them (as adjusted to the number of Shares such registered capital represents after the Company’s conversion to a joint stock company, if applicable ) or (ii) the number of Shares acquired +by them in the respective round of Pre-IPO Investment. +(2) The post-money valuation is calculated on the basis of (i) the cost per Share of the respective round of Pre-IPO Investment and (ii) the total regist ered capital immediately after the relevant +investment (as adjusted to the number of Shares such registered capital represents after the Company’s conversion to a joint stock company, if applic able). +(3) The discount to the Offer Price is calculated based on the exchange rate as of the Latest Practicable Date and the Offer Price is HK$81.80 per H Share. +(4) The post-money valuation of this round of investment was determined having considered that our Company has commenced the development of competit ive oncology innovation projects +and was planning to submit IND applications. +(5) The post-money valuation of this round of investment was determined having considered that our Company’s innovative oncology drug has entered cl inical trials, and several other new +drugs have shown strong competitive advantages in the pre-clinical studies. +(6) The post-money valuation of this round of investment was determined having considered that our Company has achieved phased results in clinical tr ials of the innovative oncology projects, +there were significant differentiated advantages of our other autoimmune and metabolic products in preclinical studies, and our small molecule pla tform was established. +(7) The post-money valuation of this round of investment was determined having considered that there was a more diversified clinical pipeline and not able progress from the pre-clinical +pipeline stage to the IND stage, as well as the fact that the progress of various businesses is in line with expectations. +(8) The post-money valuation of this round of investment was determined having considered that there was a breakthrough in our Company’s core product s and major products at this stage, +i.e. multiple innovative drug projects in metabolism, autoimmune, and oncology are making progress at the clinical stage. +(9) The post-money valuation of this round of investment was determined fairly and reasonably by parties involved in the transaction, taking into acc ount the market conditions and the +reasonableness of our Company’s valuation at the time of investment. Compared to previous rounds of investment, the valuation of this round of invest ment has not been significantly +adjusted. +The reasons for the increase between the post-money valuation of this round of investment and the expected market capitalization upon listing are +that (i) since this round of Series C2 Financing, our Company’s core products have achieved positive R&D breakthroughs, for example, the initiation o f +the Phase II clinical trial of HJ178 for the treatment of T2D in July 2025; and (ii) our ongoing business development efforts, including our latest +collaboration with Junze Chuangyao, has brought about milestone payments for our Company, serving as additional backing for an increased valuation in +our Company. See “Business — Collaborations” for details. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 140 – + + +--- page 150 --- +Basis of determination of the +valuation and consideration /H1118/H1118/H1118/H1118/H1118/H1118 +The valuation and consideration for each round of Pre-IPO +Investments were determined based on arm’s length +negotiation between the respective Pre-IPO Investors and our +Company after taking into account the timing of the +investments and the status of our business operations and +prospects. +Use of proceeds /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118For financing our research and development activities and +funding our daily operations and external investments. +As of the Latest Practicable Date, approximately 73% of the +net proceeds from the Pre-IPO Investments had been utilized +for the aforementioned purposes. We expect to use the +remaining proceeds from the Pre-IPO Investments for the +same purposes. +Lock-up period /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118All current Shareholders (including the Pre-IPO Investors) +are subject to a lock-up period of 12 months following the +Listing Date according to the PRC Company Law. +Strategic benefits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Our Directors are of the view that (i) our Group has benefited +from the additional capital provided by the Pre-IPO Investors +for our research and development and daily operations; (ii) +the Pre-IPO Investments have broadened our shareholder base +and demonstrated the Pre-IPO Investors’ confidence in the +operations and development of our Group; and (iii) the +Pre-IPO Investors include experienced investors in, among +others, biotech and healthcare industries, who can share their +insights on business strategies and provide professional +advice for our Group’s corporate governance, financial +reporting, internal control and future development. +Special Rights of the Pre-IPO Investors +Certain Pre-IPO Investors were granted certain customary special rights in relation to our Company +under their investment agreements or capital agreements, including, among others, redemption and +repurchase rights, pre-emptive and co-sale rights, anti-dilution rights, drag-along rights, liquidation rights, +and information rights. Pursuant to the termination agreements entered into by our Company and the +relevant Shareholders on August 29, 2024 and August 27, 2025, respectively: (i) under the August 29, 2024 +agreement, the special rights granted by the Company, namely redemption rights, liquidation preference +rights and anti-dilution rights, had been terminated and shall be void ab initio; and (ii) under the August +27, 2025 agreement, the special rights granted by Dr. Ji in his capacity as the Company’s de facto +controller, namely redemption rights, liquidation preference rights and anti-dilution rights, had been +terminated. As of the Latest Practicable Date, the terminated special rights granted by Dr. Ji shall only be +automatically and retroactively restored in the event of the earliest to occur of the following: (i) voluntary +withdrawal of the listing application by the Company; (ii) the Company’s listing application having been +rejected; (iii) failure to complete the public offering within twelve (12) months after the hearing by the +Listing Committee of the Stock Exchange; and (iv) failure to complete the public offering within eighteen +(18) months after submission of the listing application. Pursuant to the termination agreement dated +August 29, 2024, the Company has no outstanding obligations in respect of the special rights granted by +Dr. Ji. In particular, the Company had previously provided a guarantee in relation to the redemption rights, +but all obligations of the Company in connection with such guarantee have been terminated pursuant to +the termination agreement dated August 29, 2024. To the best of the Company’s knowledge and as +confirmed by Dr. Ji, there does not exist any side agreements in respect of such special rights; and no +liability relating to such rights has been recorded since August 29, 2024, as the related liability was +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 141 – + + +--- page 151 --- +reclassified to equity at fair value upon the termination agreement on that date. All other special rights +which are required to be terminated pursuant to Chapter 4.2 of the Listing Guide will be terminated upon +the Listing. See Note 36 to the Accountants’ Report in Appendix I for details. +Information about the Pre-IPO Investors +Among our Pre-IPO Investors, each of SDIC Shanghai and Junlian Xinkang is a Sophisticated +Investor who has made meaningful investments in our Company in accordance with Chapter 2.3 of the +Guide. The background information of our Pre-IPO Investors who remained as Shareholders of our +Company as of the Latest Practicable Date is set out below. To the best knowledge of our Directors, each +of our Pre-IPO Investors, its ultimate beneficial owners, and its general partner and limited partners (as +the case may be) is an independent third party and has no relationship with any connected persons of the +Company. +SDIC Shanghai +The general partner of SDIC Shanghai is SDIC (Shanghai) Venture Capital Management Co., Ltd. +(਷ҳ(ɪऎ)ʮ̡), which is wholly owned by SDIC Venture Capital Management Co., +Ltd. (ʮ̡)( “ SDICVC ”). SDICVC is owned as to 40% by China SDIC Gaoxin +Industrial Investment Corp. Ltd. (ʮ̡), which is ultimately controlled by the +State-owned Assets Supervision and Administration Commission of the State Council ( ਷ਕ৫਷Ϟ༟ପ္ +ึ); and as to 23.75% by Veken Holding Group Co., Ltd. (ʮ̡), +20.00% by Yixin (Shanghai) Enterprise Management Center (Limited Partnership) ( χอ(ɪऎ)Άุ၍ଣ +ʕː(Υྫ)), 6.52% by Shanghai Zhanxin Investment Management Co., Ltd. (ࠢ +ʮ̡), 6.25% by Ningbo Yuantai Heyu Investment Management Partnership (Limited Partnership) (ت +ӑइձ༃ҳ༟၍ଣΥྫΆุ(Υྫ)) and 3.48% by State Development & Investment Corp., Ltd. (࢕ +ʮ̡). As of the Latest Practicable Date, none of the limited partners of SDIC Shanghai +held 30% or more partnership interest. +SDIC Shanghai focuses on equity investments in the biopharmaceutical sector. It has invested in a +number of biotech companies, including, BioCytoGen Pharmaceuticals (Beijing) Co., Ltd. ( ϵෳᒄྡ(̏ +ԯ)ʮ̡), a company listed on the Stock Exchange (stock code: 2315). As of December +31, 2025, SDIC Shanghai had assets under management of approximately RMB10 billion with a paid-up +capital of approximately RMB10 billion. SDICVC is a leading professional venture fund management +institution with a focus on biotech, digital information, advanced manufacturing and material energy +sections and has invested in over 50 biotech companies, including but not limited to, RemeGen Co., Ltd. +(Ⴁᖹ(๧̨)ʮ̡), a company listed on the Shanghai Stock Exchange (stock code: +688331) and the Stock Exchange (stock code: 9995), Keymed Biosciences Inc. (ࠢ +ʮ̡), a company listed on the Stock Exchange (stock code: 2162), Biocytogen Pharmaceuticals (Beijing) +Co., Ltd. ( ϵෳᒄྡ(̏ԯ)ʮ̡), a company listed on the Stock Exchange (stock code: +2315), and TransThera Sciences (Nanjing), Inc. ( ᖹઠτੰ(ԯ)ʮ̡), a company listed on +the Stock Exchange (stock code: 2617). To the best knowledge of our Directors, each of SDIC (Shanghai) +Venture Capital Management Co., Ltd., SDICVC, China SDIC Gaoxin Industrial Investment Corp. Ltd., +State-owned Assets Supervision and Administration Commission of the State Council and the limited +partners of SDIC Shanghai is an Independent Third Party. +Junlian Xinkang +Junlian Xinkang is a limited partnership established in the PRC. The general partner of Junlian +Xinkang is Lhasa Junqi Enterprise Management Co., Ltd. (ʮ̡), which is a +wholly-owned subsidiary of Junlian Capital Management Co., Ltd. (ʮ̡) +(“Junlian Capital ”), which in turn is ultimately controlled by Zhu Linan (یChen Hao ( ௓ख), +Wang Nengguang ( +ˮঐΈ) and Li Jiaqing (ᅅ), each an Independent Third Party. None of the limited +partners of Junlian Xinkang hold 30% or more partnership interest therein. Junlian Xinkang is principally +engaged in equity investment, with a fund size of approximately RMB1.6 billion as of December 31, 2025. +Junlian Xinkang has invested in more than 10 biotech and healthcare companies, such as Jiangsu Recbio +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 142 – + + +--- page 152 --- +Technology Co., Ltd. (ʮ̡), a company listed on the Stock Exchange (stock +code: 2179) and Jiangsu Hanbon Science and Technology Co., Ltd. (ʮ̡), a +company listed on the Shanghai Stock Exchange (stock code: 688755). +Junlian Capital was established in April 2001 and is a leading professional investment institution in +China specializing in early-stage venture capital and growth-stage private equity investments. It focuses +on the fields of intelligent manufacturing, healthcare, technology, mass consumption and enterprise +services, with approximately RMB80 billion of assets under management as of December 31, 2025. With +a track record of investing in biotech and healthcare sectors, Junlian Capital has invested in companies +engaged in the biopharmaceutical, manufacturing and R&D services to pharmaceutical industry, new drug +discovery and biotech, including Innovent Biologics, Inc. (Ⴁᖹ), a company listed on the Stock +Exchange (stock code: 1801), HBM Holdings Limited (ʮ̡), a company listed on the +Stock Exchange (stock code: 2142), Beijing Kawin Technology Share-holding Co., Ltd. (ٰ +ʮ̡), a company listed on the Shanghai Stock Exchange (stock code: 688687), Aidite +(Qinhuangdao) Technology Co., Ltd. (त(ࢥެ)ʮ̡), a company listed on the +Shenzhen Stock Exchange (stock code: 301580), Wuhan Easy Diagnosis Biomedicine Co., Ltd. (׼ +ʮ̡), a company listed on the Shenzhen Stock Exchange (stock code: 002932), +WuXi AppTec Co., Ltd. (ʮ̡), a company listed on the Stock Exchange +(stock code: 2359) and Pharmaron Beijing Co., Ltd. ( ੰᎲʷϓ(̏ԯ)ʮ̡), a company +listed on the Stock Exchange (stock code: 3759). +To the best knowledge of our Directors, each of Junlian Xinkang, Lhasa Junqi Enterprise +Management Co., Ltd., Junlian Capital and the limited partners of Junlian Xinkang is an Independent +Third Party. +Suzhou Fanmao +Suzhou Fanmao is a limited partnership established in the PRC. The general partner of Suzhou +Fanmao is Yuanju Capital Management Co., Ltd. (ʮ̡), which is ultimately controlled +by Huang Liwei ( රͭਃ), an Independent Third Party. Among the limited partners of Suzhou Fanmao, +Suzhou Industrial Park Yuanju Kaiyuan Investment Partnership Enterprise (Limited Partnership) ( ᘽψʈ +ุ෤ਜʩၳක෥ҳ༟ΥྫΆุ(Υྫ)) holds approximately 31.52% limited partnership interest +therein, which is ultimately controlled by Huang Liwei and none of the remaining limited partners of +Suzhou Fanmao holds 30% or more partnership interest therein. Suzhou Fanmao is principally engaged in +growth-stage private equity investment, and has accumulated experience in financing for the development +of biotech companies and companies specializing in biopharmaceutical and medical equipment. With +approximately seven years of investment experience in these sectors, its portfolio includes Puyi +(Shanghai) Biotechnology Co., Ltd. (׸(ɪऎ)ʮ̡) and Shanghai Huiyueyan +Biotechnology Co., Ltd. (ʮ̡), etc. As of December 31, 2025, Suzhou Fanmao +had assets under management exceeding RMB100 million. To the best knowledge of our Directors, each +of Yuanju Capital Management Co., Ltd. and the limited partners of Suzhou Fanmao is an Independent +Third Party. +Huaige Health and Huaige Ruixin +Huaige Health is a limited partnership established under the laws of the PRC and is principally +engaged in equity investment management in the healthcare and biotechnology industries. The general +partner of Huaige Health is Wang Kai ( ˮ⺍), an Independent Third Party, holding 82.5% equity interest +in the partnership. None of the three limited partners of Huaige Health holds a partnership interest of 30% +or more. To the best knowledge of our Directors, each of the limited partners of Huaige Health is an +Independent Third Party. +Huaige Ruixin is a limited partnership established under the laws of the PRC and is principally +engaged in venture capital and equity investment in the healthcare and biotechnology industries. Huaige +Ruixin has invested in a number of healthcare and biotech companies, including Shanghai Ruiyi +Pharmaceutical Technology Co., Ltd. (ʮ̡), a company listed on the National +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 143 – + + +--- page 153 --- +Equities Exchange and Quotations (stock code: 836193). As of December 31, 2025, Huaige Ruixin had +assets under management of approximately RMB433 million. The general partner of Huaige Ruixin is +Huaige Health, which holds a 1.20% partnership interest in Huaige Ruixin. As of the Latest Practicable +Date, Huaige Ruixin had 19 limited partners, none of which holds 30% or more partnership interest +therein, with the two largest limited partners, Shanghai INT Medical Instruments Co., Ltd. (a company +listed on the Stock Exchange (Stock Code: 1501)) and Warom Technology Incorporated Company ( ശ࿲ +ʮ̡) (a company listed on the Shanghai Stock Exchange (Stock Code: 603855), each +holding 15.83% of Huaige Ruixin’s Partnership interest. To the best knowledge of our Directors, each of +the limited partners of Huaige Ruixin is an Independent Third Party. +Huaige Ruixin is the investment arm of Huaige Capital (༟͉). Huaige Capital was founded in +2017 and is headquartered in Shanghai. It is a professional investment institution focusing on the medical +and health care and biotechnology fields. As of December 31, 2025, Huaige Capital had assets under +management exceeding RMB2.8 billion. Its investment portfolio includes Shanghai INT Medical +Instruments Co., Ltd. (a company listed on the Stock Exchange (Stock Code: 1501)), Nanjing Leads +Biolabs Co., Ltd. (a company listed on the Stock Exchange (stock code:9887)) and Cofoe Medical +Technology Co., Ltd. (ʮ̡) (a company listed on the Shenzhen Stock Exchange +(stock code: 301087)), etc. +Ruiji Phase III and Ruiji Phase X +Each of Ruiji Phase III and Ruiji Phase X is a limited partnership established in the PRC. The general +partner of both Ruiji Phase III and Ruiji Phase X is Shenzhen Zhenji Capital Private Equity Investment +Management Co., Ltd. (ʮ̡), which is ultimately controlled by +Dai Shan (ޙand Zhao Xiaoqiang ( Ⴛʃ੶), each an Independent Third Party. Among the limited +partners of Ruiji Phase III, Pi Hailing (ޛan Independent Third Party, holds approximately 31.01% +limited partnership interest therein and none of the remaining limited partners of Ruiji Phase III holds 30% +or more partnership interest. Among the limited partners of Ruiji Phase X, Shenzhen Bowei Technology +Co., Ltd. (ʮ̡)( “Shenzhen Bowei ”) holds approximately 45.05% limited partnership +interest therein and none of the remaining limited partners of Ruiji Phase X holds 30% or more partnership +interest. Shenzhen Bowei is a wholly-owned subsidiary of Shenzhen Bolin Group Co., Ltd. (ණ +ʮ̡), which in turn is ultimately controlled by Lin Renhao (ʠᚦ). To the best knowledge of our +Directors, each of Shenzhen Zhenji Capital Private Equity Investment Management Co., Ltd. and the +limited partners of Ruiji Phase III and Ruiji Phase X is an Independent Third Party. +Ruiji Phase III focuses on investing in biopharmaceutical companies, which includes ImmuneOnco +Biopharmaceuticals (Shanghai) Inc. (ᔼᖹҦஔ(ɪऎ)ʮ̡), a company listed on +the Stock Exchange (stock code: 01541). As of December 31, 2025, Ruiji Phase III had assets under +management of approximately RMB258 million. Ruiji Phase X focuses on investing in innovative +technology and biopharmaceutical companies, with assets under management of approximately RMB88.8 +million as of December 31, 2025. +Ruiji Phase III and Ruiji Phase X are both venture capital funds, which are managed by Shenzhen +Zhenji Capital Private Equity Investment Management Co., Ltd. (ࠢ +ʮ̡)( “ Zhenji Capital ”). As of December 31, 2025, Zhenji Capital had managed more than ten funds +with assets under management exceeding RMB1.3 billion. Zhenji Capital has participated in investments +in numerous innovative pharmaceutical technology and advanced manufacturing companies. Among the +funds managed by Zhenji Capital, ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (ᔼᖹ +Ҧஔ(ɪऎ)ʮ̡) (stock code: 01541) and Nanjing Leads Biolabs Co., Ltd. (߅ي +ʮ̡) (stock code: 09887) are listed on the Stock Exchange, and Mabwell (Shanghai) +Bioscience Co., Ltd. (۾(ɪऎ)ʮ̡) (stock code: 688062) is listed on the Shanghai +Stock Exchange. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 144 – + + +--- page 154 --- +Junshi Biosciences and Wuxi Runyuan +Junshi Biosciences is a joint stock limited liability company established in the PRC, whose H shares +are listed on the Stock Exchange (stock code: 1877) and A shares are listed on the STAR Market of the +Shanghai Stock Exchange (stock code: 688180). Junshi Biosciences is an innovation-driven +biopharmaceutical company dedicated to the discovery and development of innovative drugs and their +clinical research and commercialization on a global scale. +Wuxi Runyuan is a limited partnership established in the PRC. The general partner of Wuxi Runyuan +is Junshi Venture Capital (Hainan) Co., Ltd. ( ёྼ௴ุҳ༟(ی)ʮ̡), which is a wholly-owned +subsidiary of Junshi Biosciences. Among the limited partners of Wuxi Runyuan, Junshi Biosciences holds +59.80% limited partnership interest therein and none of the remaining limited partners of Wuxi Runyuan +holds 30% or more partnership interest. Wuxi Runyuan is principally engaged in venture capital +investment in biopharmaceutical sector and medical and health industry, in particular on emerging +biotechnologies in oncology, metabolic, autoimmune, and anti-infective indications. Wuxi Runyuan has +invested over RMB420 million in 12 projects, covering antibody drugs, small molecule drugs, cancer +vaccines, cell therapy, and interventional medical devices. Its portfolio includes Shanghai Haihe +Pharmaceutical Research and Development Co., Ltd. (ʮ̡), Shen Zhen +Oculgen Biomedical Technology Limited Company Co., Ltd. (ʮ̡) and +Wuxi Shengliao Exploration Pharmaceutical Technology Co., Ltd. (ʮ̡). As +of December 31, 2025, Wuxi Runyuan had assets under management of approximately RMB630 million. +To the best knowledge of our Directors, each of Junshi Venture Capital (Hainan) Co., Ltd. and the limited +partners of Wuxi Runyuan is an Independent Third Party. +Peikun Jingrong and Peikun Songfu +Peikun Jingrong is a limited partnership established in the PRC. The general partner of Peikun +Jingrong is Chengdu Peikun Shenghua Private Equity Investment Fund Management Partnership +Enterprise (Limited Partnership) (၍ଣΥྫΆุ(Υྫ)), which is +controlled and managed by Chengdu Shenghua Chuanghe Investment Management Partnership Enterprise +(Limited Partnership) ( ϓே᳅ശ௴Υҳ༟၍ଣΥྫΆุ(Υྫ)) (“Chengdu Shenghua ”) as its general +partner, which is in turn ultimately controlled by Zhang Tao ( ੵᏹ) and Pan Sha ( ᆙ୶), each an +Independent Third Party. None of the limited partners of Peikun Jingrong holds 30% or more partnership +interest therein. Peikun Jingrong is principally engaged in equity investment. Peikun Jingrong primarily +invests in innovative companies in emerging industries during their early to mid-stage, including +companies in biopharmaceuticals and electronic information sectors. With over seven years of investment +experience in biotech sectors, Peikun Jingrong has invested in several biotech companies, including +Hinova Pharmaceuticals Inc. (ʮ̡), a company listed on the Shanghai Stock Exchange +(stock code: 688302) and Serena (China) Medical Technology Co., Ltd. ( ᒄཤॶ(ʕ਷)ʮ̡). +As of December 31, 2025, Peikun Jingrong had assets under management exceeding RMB250 million, +with fund size of approximately RMB254 million. To the best knowledge of our Directors, each of the +limited partners of Peikun Jingrong is an Independent Third Party. +Peikun Songfu is a limited partnership established in the PRC. The general partner of Peikun Songfu +is Chengdu Shenghua. Among the limited partners of Peikun Songfu, Chengdu Peikun Xinjingrong +Technology Co., Ltd. (ʮ̡)( “ Chengdu Xinjingrong ”) holds approximately +70.76% limited partnership interest therein and none of the remaining limited partners of Peikun Songfu +holds 30% or more partnership interest. Chengdu Xinjingrong is ultimately controlled by Zhang Tao and +Pan Sha. Peikun Songfu is principally engaged in equity investment, in particular investing in technology +companies such as Beijing X-charge Technology Co., Ltd. (ʮ̡), in which its holding +company, XCHG Limited, is listed on the Nasdaq Stock Exchange in the United States (stock code: XCH). +As of December 31, 2025, Peikun Songfu had assets under management exceeding RMB11 million. To the +best knowledge of our Directors, each of Chengdu Shenghua and the limited partners of Peikun Songfu +is an Independent Third Party. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 145 – + + +--- page 155 --- +STAT Fund +STAT Fund is a limited partnership established in the PRC, which is principally engaged in venture +capital investments in the biopharmaceuticals, electronic information, healthcare and new energy +industries. It has invested in 13 companies, including Chengdu Zeling Biopharmaceutical Technology Co., +Ltd. (ʮ̡), Jingze Biopharmaceutical (Hefei) Co., Ltd (ᔼᖹ(Υ +٭)ʮ̡), Sichuan Ruobin Biotechnology Co., Ltd. (ப΂ʮ̡) and +Chengdu Shibeikang Biotechnology Co., Ltd. (ʮ̡). As of December 31, +2025, STAT Fund had assets under management of approximately RMB179 million. +The general partner of STAT Fund is Sichuan Innovation and Development Investment Management +Co., Ltd. (ʮ̡)( “ Sichuan Innovation Investment ”), which is ultimately +controlled by Sichuan Provincial Department of Finance (ᝂ). Among the limited partners of +STAT Fund, Sichuan Industrial Revitalization Fund Investment Group Co., Ltd. (ҳ༟ +ʮ̡) holds approximately 50.06% limited partnership interest therein, which is ultimately +controlled by Sichuan Provincial Department of Finance. None of the remaining limited partners of STAT +Fund holds 30% or more partnership interest. Sichuan Innovation Investment has nurtured +entrepreneurship and innovation, backing numerous technology-based small and medium-sized enterprises +(SMEs). Sichuan Innovation Investment manages a portfolio of entrepreneurship and innovation funds, +technology transfer funds, and various market-oriented funds, raising approximately RMB4 billion and +investing in over 160 technology-based SMEs, five of which are listed companies. It has extensive +investment in various sectors, including healthcare, electronics and information technology, equipment +manufacturing, and new energy. To the best knowledge of our Directors, each of Sichuan Innovation and +Development Investment Management Co., Ltd., Sichuan Provincial Department of Finance and the +limited partners of STAT Fund is an Independent Third Party. +Xiamen Jianfa +Xiamen Jianfa is a limited partnership established in the PRC, which is principally engaged in equity +investment, focusing on the healthcare, advanced manufacturing, telecommunication, media and +technology (TMT), and consumer sectors. The general partner and the sole limited partner of Xiamen +Jianfa are Xiamen Jianxin Investment Co., Ltd. (ʮ̡)( “Xiamen Jianxin ”) and Xiamen +C&D Emerging Industries Equity Investment Co., Ltd. (ப΂ʮ̡) +(“Xiamen C&D ”), respectively. Xiamen Jianxin is controlled by Xiamen C&D, and both of which are +ultimately controlled by the State-owned Assets Supervision and Administration Commission of Xiamen +Municipal People’s Government (ึ). To the best knowledge of +our Directors, each of Xiamen C&D and Xiamen Jianxin is an Independent Third Party. +Xiamen C&D is principally engaged in equity and fund investments, focusing on medical health, +advanced manufacturing, TMT, and consumer sectors. It has invested in a number of companies in the +biopharmaceutical sectors, which include Pharmaron Beijing Co., Ltd. ( ੰᎲʷϓ(̏ԯ)ࠢ +ʮ̡), a company listed on the Shenzhen Stock Exchange (stock code: 300759) and the Stock Exchange +(stock code: 3759), Bloomage Biotechnology Corporation Limited (ʮ̡), a +company listed on the Shanghai Stock Exchange (stock code: 688363), RemeGen Co., Ltd. (Ⴁ +ᖹ(๧̨)ʮ̡), a company listed on the Shanghai Stock Exchange (stock code: 688331) and the +Stock Exchange (stock code: 09995), APT Medical Inc. (ʮ̡), a company +listed on the Shanghai Stock Exchange (stock code: 688617), and Zylox-Tonbridge Medical Technology +Co., Ltd. (ʮ̡), a company listed on the Hong Kong Stock Exchange (stock +code: 2190). As of December 31, 2025, Xiamen C&D had assets under management approximately +RMB32 billion. +Chengyu Tuanjiehu Fund and Jiangjin Fund +Chengyu Tuanjiehu Fund is a limited partnership established in the PRC. The general partners of +Chengyu Tuanjiehu Fund are Chengdu Jizhuan Venture Capital Co., Ltd. (ʮ̡) +(“Chengdu Jizhuan VC ”) and Huada (Chongqing) Private Equity Investment Fund Management Co., Ltd. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 146 – + + +--- page 156 --- +(ശ༺(ᅅ)ʮ̡)( “ Huada PE ”). Among the limited partners of Chengyu +Tuanjiehu Fund, Chengdu Wutongshu Innovation and Entrepreneurship Investment Partnership Enterprise +(Limited Partnership) (ዓ௴อ௴ุҳ༟ΥྫΆุ(Υྫ)) (“ Chengdu Wutongshu ”) and +Chongqing Jiangjin District Private Equity Investment Fund Partnership Enterprise (Limited Partnership) +(ΥྫΆุ(Υྫ)) (“ Chongqing Jiangjin PE ”) hold 54.80% and +43.52% limited partnership interest, respectively. Chengdu Jizhuan VC and Chengdu Wutongshu are +ultimately controlled by Chengdu State-owned Assets Supervision and Administration Commission ( ϓே +ึ). Huada PE and Chongqing Jiangjin PE are ultimately controlled by the +State-owned Assets Supervision and Administration Commission of Jiangjin District, Chongqing City (ࠠ +ึ). The remaining limited partner of Chengyu Tuanjiehu Fund holds +less than 30% partnership interest. Chengyu Tuanjiehu Fund is principally engaged in equity investment, +in particular investing in companies engaged in green and low-carbon development, new materials, new +energy, electronic information, advanced manufacturing, life sciences, and other technological innovation +sectors. Chengyu Tuanjiehu Fund has approximately two years of investment experience in biotech +industry and invested in several biotech companies. As of December 31, 2025, Chengyu Tuanjiehu Fund +had assets under management of approximately RMB140 million. To the best knowledge of our Directors, +each of Chengdu Jizhuan VC, Huada PE, Chengdu State-owned Assets Supervision and Administration +Commission, State-owned Assets Supervision and Administration Commission of Jiangjin District, +Chongqing City and the limited partners of Chengyu Tuanjiehu Fund is an Independent Third Party. +Jiangjin Fund is a limited partnership established in the PRC. The general partner of Jiangjin Fund +is Huada PE. Among the limited partners of Jiangjin Fund, Chongqing Jiangjin District Huaxin Asset +Management (Group) Co., Ltd. (༟ପ຾ᐄ(ණྠ)ʮ̡) and Western (Chongqing) +Science City Jiangjin Park Development and Construction Group Co., Ltd. ( Г௅(ᅅ)෤ਜ +ʮ̡) hold 50.00% and 49.00% limited partnership interest, respectively, both of which +are ultimately controlled by the State-owned Assets Supervision and Administration Commission of +Jiangjin District, Chongqing City. The remaining limited partner of Jiangjin Fund holds less than 30% +partnership interest. Jiangjin Fund is principally engaged in equity investment and has invested in over 10 +companies. As of December 31, 2025, Jiangjin Fund had assets under management of approximately +RMB1.4 billion. To the best knowledge of our Directors, each of the limited partners of Jiangjin Fund is +an Independent Third Party. +Huike Fund +Huike Fund is a limited partnership established in the PRC. The general partner and executive +partner of Huike Fund is Hefei Xingtai Asset Management Co., Ltd. (ʮ̡), which +is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the +People’s Government of Hefei City (ึ). Among the limited +partners of Huike Fund, Anhui Province Industrial Transformation and Upgrading Fund Co., Ltd. (޲ +ʮ̡) holds 39.80% limited partnership interest, which is ultimately controlled by +the State-owned Assets Supervision and Administration Commission of the People’s Government of Anhui +Province (ึ). None of the remaining limited partners of Huike +Fund holds 30% or more partnership interest. Huike Fund is principally engaged in equity investment in +key sectors, such as integrated circuits, display technologies, new materials, biopharmaceutical, new +energy vehicles and intelligent connected vehicles, photovoltaics and new energy, artificial intelligence, +quantum computing, and aerospace information technology. As of December 31, 2025, Huike Fund had +assets under management of approximately RMB195.7 million. To the best knowledge of our Directors, +each of Hefei Xingtai Asset Management Co., Ltd., State-owned Assets Supervision and Administration +Commission of the People’s Government of Hefei City and the limited partners of Huike Fund is an +Independent Third Party. +Huace Xinming +Huace Xinming is a limited partnership established in the PRC. The general partners of Huace +Xinming are Huaxing Kangping Private Fund Management (Fuzhou) Co., Ltd. (၍ଣ +ʮ̡) (formally known as Huaxing Kangping Pharmaceutical Industry Private Equity Fund +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 147 – + + +--- page 157 --- +Management (Pingtan) Co., Ltd. (၍ଣ(̻ᆐ)ʮ̡)) (“ Huaxing +Kangping ”) and Fujian Province Innovation and Entrepreneurship Investment Management Co., Ltd. ( ၅ +ʮ̡)( “ Fujian Innovation and Entrepreneurship Investment ”). Huaxing +Kangping is ultimately controlled by Zhang Lu ( ੵᚣ). Fujian Innovation and Entrepreneurship Investment +is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the +People’s Government of Fujian Province. Among the limited partners of Huace Xinming, Fuzhou Xintou +Venture Capital Co., Ltd. (ʮ̡) holds 65.00% limited partnership interest therein, +which is ultimately controlled by State-owned Assets Supervision and Administration Commission of the +People’s Government of Fuzhou City (ึ). None of the remaining +limited partners of Huace Xinming holds 30% or more partnership interest. Huace Xinming is principally +engaged in the investment in private equity funds, focusing on the fields of biomedicine, medical +equipment and medical services. Huace Xinming has invested in several biotech companies, which include +Nanjing Ningdan New Drug Technology Co., Ltd. (ʮ̡) and Chengdu Shilian +Kangjian Biotechnology Co., Ltd. (ʮ̡). As of December 31, 2025, Huace +Xinming had assets under management of approximately RMB249 million. To the best knowledge of our +Directors, each of Huaxing Kangping, Fujian Innovation and Entrepreneurship Investment, Zhang Lu and +the limited partners of Huace Xinming is an Independent Third Party. +Baohe Linghang +Baohe Linghang, a limited partnership established in the PRC, is a venture capital fund, which +focuses on investing in companies engaging in new energy and intelligent connected vehicles, artificial +intelligence, creative culture, testing and inspection, healthcare, new materials, quantum technology, +high-end equipment, aerospace information, and integrated circuits. Baohe Linghang has invested in over +10 companies, with fund size of approximately RMB500 million. As of December 31, 2025, it had assets +under management of approximately RMB318 million. The general partner and the sole limited partner of +Baohe Linghang are Hefei Baohe Innovation Investment Private Equity Fund Management Co., Ltd. ( Υ +ʮ̡)( “ Baohe Investment ”) and Hefei Baohe District High-Quality +Development Fund Co., Ltd. (ʮ̡), respectively, both of which are +ultimately controlled by the State-owned Assets Supervision and Administration Commission of Baohe +District People’s Government, Hefei City (ึ). None of the +limited partners of Baohe Linghang holds 30% or more partnership interest. To the best knowledge of our +Directors, each of Hefei Baohe Innovation Investment Private Equity Fund Management Co., Ltd., Hefei +Baohe District High-Quality Development Fund Co., Ltd., State-owned Assets Supervision and +Administration Commission of Baohe District People’s Government, Hefei City and the limited partner of +Baohe Linghang is an Independent Third Party. +Baohe Investment is the fund manager of Baohe Linghang, which focuses on private equity +investment. Baohe Investment currently manages funds with a total size of over RMB6 billion and has +more than two years of investment experience in the biotech sector. +Chengdu Chunlei +Chengdu Chunlei is a limited partnership established in the PRC. The general partner of Chengdu +Chunlei is Hainan Boyuan Qiji Investment Partnership Enterprise (Limited Partnership) (௹๕〾᝘ҳ +༟ΥྫΆุ(Υྫ)), which is ultimately controlled by Liu Yao ( ᄎᓚ). Among the limited partners of +Chengdu Chunlei, Chengdu High-tech Zone Chuangke Tou Angel Equity Investment Fund Partnership +Enterprise (Limited Partnership) (ΥྫΆุ(Υྫ)) holds +40.00% limited partnership interest, which is ultimately controlled by State-owned Assets Supervision and +Finance Bureau of Chengdu High-tech Industrial Development Zone (਷༟ +҅). None of the remaining limited partners of Chengdu Chunlei holds 30% or more partnership interest. +Chengdu Chunlei is principally engaged in equity investment, specializing in early-stage venture capital +and growth-stage private equity investments. As of December 31, 2025, Chengdu Chunlei had assets under +management of approximately RMB200 million. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 148 – + + +--- page 158 --- +Chengdu Beyond Capital Management Co., Ltd. (ʮ̡)( “ Beyond Capital ”) +is the fund manager of Chengdu Chunlei. Founded in 2008, Beyond Capital is a venture capital +management institution with assets under management exceeding RMB2 billion as of December 31, 2025. +It focuses on investing in early-stage ventures of the country’s strategic emerging industries. To the best +knowledge of our Directors, each of Hainan Boyuan Qiji Investment Partnership Enterprise (Limited +Partnership), Liu Yao and the limited partners of Chengdu Chunlei is an Independent Third Party. +Ms. Zhang Naiye +Ms. Zhang Naiye is an Independent Third Party. Ms. Zhang has approximately 10 years of +investment experience, who focuses on investments in the consumer sectors. +PUBLIC FLOAT AND FREE FLOAT +Pursuant to Rule 19A.13A of the Listing Rules, assuming that the Over-Allotment Option is not +exercised, based on an Offer Price of HK$81.80 per Offer Share, our expected market value upon Listing +is HK$6,020,447,689, and the minimum prescribed public float percentage applicable to our Shares is +25%. +Upon the completion of the Global Offering (assuming the Over-Allotment Option is not exercised), +(i) the 34,493,443 H Shares to be converted from Unlisted Shares held by Dr. Ji, Chengdu Wenshao and +Suzhou Jishitang, representing 46.87% of our total issued Shares upon the Listing, will not be counted +towards the public float as such Shares are being held or controlled by the core connected persons of our +Company; and (ii) the 25,506,162 H Shares to be converted from Unlisted Shares held by our other existing +Shareholders, representing 34.66% of our total issued Shares upon the Listing, will be counted towards the +public float as these entities are not held or controlled by the core connected persons of our Company upon +the Listing, nor are they accustomed to take instructions from our Company’s core connected persons in +relation to the acquisition, disposal, voting or other disposition of their Shares, and their acquisition of +Shares were not financed directly or indirectly by our Company’s core connected persons. +Therefore, immediately upon completion of the Global Offering (assuming the Over-Allotment +Option is not exercised) and the conversion of Unlisted Shares into H Shares, taking into account +13,600,000 H Shares to be issued pursuant to the Global Offering (assuming the Over-allotment Option +is not exercised), an aggregate of 39,106,162 H Shares, representing 53.13% of our total issued Shares +upon the Listing, will be counted towards the public float. Hence, our Company will be able to comply +with Rule 19A.13A(1) of the Listing Rules. +Rule 19A.13C(1) of the Listing Rules provides that the portion of H Shares that are held by the +public and not subject to any disposal restrictions (whether under contract, the Listing Rules, applicable +laws or otherwise), at the time of listing, must: (a) represent at least 10% of the total number of issued +shares in the class to which H shares belong at the time of listing (excluding treasury shares), with an +expected market value at the time of listing of not less than HK$50,000,000; or (b) have an expected +market value at the time of listing of not less than HK$600,000,000. +Pursuant to the applicable PRC law, within the 12 months following the Listing Date, all existing +Shareholders (including the Pre-IPO Investors) cannot dispose of any of the Shares held by them. As such, +the H Shares held by the existing Shareholders as of the date of this prospectus shall not be counted +towards the free float of the H Shares of our Company at the time of Listing. Based on the Offer Price +of HK$81.80 per Offer Share, our Company will comply with the free float requirement under Rule +19A.13C(1) of the Listing Rules at time of the Listing. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 149 – + + +--- page 159 --- +Compliance with the Guide +On the bases that (i) the Listing Date, being the first day of trading of the Shares on the Stock +Exchange, will take place no earlier than 120 clear days after completion of the Pre-IPO Investments; and +(ii) the special rights granted to the Pre-IPO Investors have been terminated as disclosed in “—Special +Rights of the Pre-IPO Investors” above, the Sole Sponsor confirms that the Pre-IPO Investments are in +compliance with the guidance on pre-IPO investments in Chapter 4.2 of the Guide. +CORPORATE STRUCTURE IMMEDIATELY BEFORE THE COMPLETION OF THE GLOBAL +OFFERING +The following chart sets forth the corporate structure of our Group immediately before the +completion of the Global Offering: +Dr. Ji(2) Chengdu +Wenshao(2) +Suzhou +Jishitang(2)(3) +Jiangjin +Fund +(4) +Huaige +Ruixin(4) +Peikun +Jingrong(4) +13 other +Shareholders(5) +Our Controlling Shareholders +Huajin +Pharmaceutical Hefei Hualu +Our Company +(PRC) +100% +20.71% 33.29% 3.50% 7.08% 3.70% 2.70% 2.10% 12.76% +SDIC +Shanghai(4) +Junlian +Xinkang(4) +Chengyu +Tuanjiehu +Fund(4) +Junshi +Biosciences(4) +9.20% 2.96% 2.01% +Shanghai Zheye Chengdu +Yuanyuan +100% 100% 100% +Notes: +(1) Shareholding percentages may not add up to 100% due to rounding. +(2) Dr. Ji, Chengdu Wenshao and Suzhou Jishitang comprise a group of Controlling Shareholders. See “Relationship with +Our Controlling Shareholders” for further details. +(3) For the details of the background information of Suzhou Jishitang, see “—Employee Incentive Platforms” above. +(4) For the details of the background information of SDIC Shanghai, Junlian Xinkang, Jiangjin Fund, Chengyu Tuanjiehu +Fund, Huaige Ruixin, Junshi Biosciences and Peikun Jingrong, see “—Pre-IPO Investments—Information about the +Pre-IPO Investors” above. +(5) Such 13 other Shareholders include Ruiji Phase III, STAT Fund, Xiamen Jianfa, Ms. Zhang Naiye, Huike Fund, Ruiji +Phase X, Suzhou Fanmao, Chengdu Chunlei, Wuxi Runyuan, Huace Xinming, Baohe Linghang, Huaige Health and +Peikun Songfu, holding 1.72%, 1.58%, 1.46%, 1.46%, 1.11%, 1.11%, 1.01%, 0.83%, 0.74%, 0.74%, 0.74%, 0.17% and +0.08% of our total number of issued Shares as of the Latest Practicable Date, respectively. For details on the +background of these Shareholders, see “—Pre-IPO Investments—Information about the Pre-IPO Investors” above. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 150 – + + +--- page 160 --- +CORPORATE STRUCTURE IMMEDIATELY AFTER THE COMPLETION OF THE GLOBAL +OFFERING +The following chart sets forth the corporate structure of our Group immediately after the completion +of the Global Offering (assuming the Over-allotment Option is not exercised): +Dr. Ji(1) Chengdu +Wenshao(1) +Suzhou +Jishitang(1)(2) +Jiangjin +Fund(3) +Huaige +Ruixin(3) +Peikun +Jingrong(3) +13 other +Shareholders(4) +Our Controlling Shareholders +Huajin +Pharmaceutical Hefei Hualu +Our Company +(PRC) +100% +16.88% +SDIC +Shanghai(3) +Junlian +Xinkang(3) +Chengyu +Tuanjiehu +Fund(3) +Junshi +Biosciences(3) +Shanghai Zheye Chengdu +Yuanyuan +100% 100% 100% +Other +holders Of +H Shares(5) +27.14% 2.85% 7.50% 5.77% 3.02% 2.42% 2.20% 1.71% 1.64% 10.40% 18.48% +Notes: +(1) to (4) Please refer to “—Corporate Structure Immediately Before the Completion of the Global Offering” above. +(5) Other holders of H Shares are the Shareholders subscribing for the Offer Shares. +HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE +– 151 – + + +--- page 161 --- +OVERVIEW +We are founded by a team of industrial experts dedicated to researching and developing therapies for +autoimmune, metabolic and oncology diseases. By identifying clinical needs and working backward from +desired outcomes, we strive to deliver improved treatment solutions. +We have built a development platform for small molecule drugs. On this platform, we combine in +silico and experimental drug design and screening, targeted and rapid drug-likeness evaluation, and +efficient CMC development and clinical research. Using this integrated approach, we have advanced +multiple drug candidates with significant differentiation across various therapeutic areas. +We have developed a strategically designed and differentiated pipeline. This includes three Core +Products, namely HJ787, a selective TYK2 inhibitor intended for the treatment of various skin disorders, +including atopic dermatitis (AD) and acne vulgaris (A V), in the autoimmune sector, HJ178, an orally +available agent acting on GLP-1 and GIP, intended for type 2 diabetes and potentially overweight or +obesity in the metabolic sector, and HJ891, an oral KRAS +G12C inhibitor intended for the treatment of +non-small-cell lung cancer (NSCLC) with KRAS G12C mutation that has progressed following first-line +standard therapies as monotherapy and non-squamous NSCLC with KRAS G12C mutation as first-line +combination therapy, in the oncology sector. Our pipeline also includes other drug candidates, including +our key drug candidate HJ197, a potent and selective FGFR4 inhibitor intended for hepatocellular +carcinoma (HCC), also a self-developed, small-molecule, NMPA Category 1 innovative therapy, and five +preclinical drug candidates: HJ356, a self-developed, small-molecule, NMPA Category 1 innovative +therapy and an Lp(a) inhibitor designed to reduce the risk of cardiovascular disease and atherosclerosis +and HJ093, a self-developed, small-molecule, NMPA Category 1 innovative therapy and a novel SMDC +consisting of a small molecule conjugation arm and a payload that targets the RAS/MAPK signaling +pathway. HJ199 is a self-developed, oral, small-molecule NMPA Category 1 innovative therapy that +functions as an inhibitor that acts on RAS in its active (“ON”) state. RAS is one of the most frequently +mutated oncogenes in human cancers, commonly found in lung, pancreatic, and colorectal malignancies. +HJ198 is a self-developed, oral, small-molecule NMPA Category 1 innovative therapy and a potent, +molecular glue inhibitor targeting KRAS +G12V variants. KRAS G12V is among the most frequent RAS +hotspot mutation categories. HJ086 is a self-developed, oral, small-molecule NMPA Category 1 innovative +therapy and interleukin-2-inducible T-cell kinase (ITK) inhibitor, and ITK is a T-cell Tec family kinase that +mediates TCR signaling, driving T cell development and Th2/Th9/Th17 responses, thereby controlling +pro-inflammatory cytokine expression. +BUSINESS +– 152 – + + +--- page 162 --- +The following chart sets forth a summary of key information about our drug candidates as of the Latest Practicable Date: +Disease +Area +Disease +Area ProgramProgram +Modality +(Drug Category +under the Drug +Administration +Law) +Target/PathwayTarget/Pathway +Indication +(line of treatment + and patient group) +Route of +Administration PreclinicalPreclinical IND +Approval Phase IPhase I Phase II +Pivotal +Phase II/ +Phase III +Current +Key Regulatory +Authority +Current Status/Upcoming Milestone(7) Commercial +Rights Collaborators +Metabolism +HJ178 +Type 2 diabetes +(adult) +Initiated Phase II in July 2025, complete the +trial in 1H 2027, initiate Phase III in 1H 2027, +complete the trial in 2H 2028; +submit IND to FDA in December 2026 Global +// +// +// +// +Overweight or obesity +(adult) +Submit IND to NMPA and +FDA in October 2026 +HJ356 +HJ086 +Lp(a) +MonoMono +ComboCombo +Cardiovascular disease +and atherosclerosis +(adult) +Submit IND to NMPA and +FDA in 2H 2026 Global +Oncology +HJ891 KRASG12C +NSCLC with KRAS G12C +mutation that has progressed +following first-line +standard therapies (2L+) +(adult) +Initiated Phase IIb in June 2023, +complete the trial in August 2026, +submit NDA in 2H 2026 +Global +Non-squamous +NSCLC with KRAS G12C +mutation (1L) +(Combo: toripalimab) (4) +(adult) +Initiated Phase Ib clinical trial in January 2024, +and complete Phase Ib in June 2026, initiate +Phase III in 2H 2026, complete the trial in +2H 2029; submit IND to FDA in 2H 2026 +Global +Junze +ChuangyaoHJ197 FGFR4 FGFR4 +Received approval for Phase III in +August 2023, initiate Phase III in July 2026, +complete the trial in 2H 2029 +Global (Other than +Asian countries and +regions) (5) +HJ093 +HJ199 +HJ198 +RAS-MAPKRAS-MAPK +Pan-RASPan-RAS +KRASG12VKRASG12V +Submit IND to the NMPA +in 2H 2026 Global +Submit IND to the NMPA +in 2H 2026 Global +Submit IND to the NMPA +in 1H 2027 Global +TYK2 +ITK +mild-to-moderate +AV +(adult) +Initiated Phase IIa in February 2025, +complete the trial in May 2026, initiate +Phase IIb in 2H 2026, complete the trial in +1H 2027; submit IND to FDA in 2H 2026 +Global +Small molecule +(Cat. 1 of +Chemical Drugs) +Topical +administration +Topical +administration +Topical +administration +Topical +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration +Oral +administration ++ +intravenous +injection +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Small molecule +(Cat. 1 of +Chemical Drugs) +Initiated Phase II in September 2024, +complete the trial in September 2026, initiate +Phase III in 2H 2026, complete the trial in +1H 2028; submit IND to FDA in March 2027 +Global +ND +(adult) +Ps +(adult) +AD +(adult) +ND +(adult) +Ps +(adult) +Initiated Phase II in August 2024 and +complete Phase II in 2H 2026; +initiate Phase III in 1H 2027, +complete the trial in 2H 2029 +Obtained IND approval in April 2024 +Obtained IND approval in June 2024 +Obtained IND approval in June 2024 +Obtained IND approval in June 2024 +Global +Global +Global +Global +Global +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +NMPA +(3) +Core Product +Key Product +Abbreviations: 1H = first half; 2H = second half; AD = Atopic dermatitis; AV= Acne vulgaris; Combo = combination therapy; FGFR-4 = Fibroblast growth factor receptor 4; GIP = Gastric inhibitory polypeptide; GLP-1 = Glucagon-like peptide-1; HCC: hepatocellular carcinoma; IND = investigational new drug application; +KRASG12C = Kirsten rat sarcoma viral oncogene homolog G12C; Lp(a) = Lipoprotein(a); MAPK: mitogen-activated protein kinase; +Mono = monotherapy; NSCLC = non-small cell lung cancer; ND = Neurodermatitis; RAS = Rat sarcoma; SMDC = Small molecule-drug conjugates; TYK2 = Tyrosine kinase 2 +mild-to-moderate +AD +(adult) +GLP-1/GIP(2) +Solid tumors +(adult) +advanced +HCC (2L+) +(adult) +Solid tumors +(adult) +Solid tumors +(adult) +R&D +Autoimmune +HJ787(1) +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Self-developed +Lead Indication: the indication in the most advanced stage of clinical development +Small molecule +(Cat. 1 of +Chemical Drugs) +AD +(adult) +Oral +administration Self-developed NMPA Submit IND to NMPA in 2H 2027 Global +BUSINESS +– 153 – + + +--- page 163 --- +Notes: +(1) We received IND approvals for HJ787 as both oral and topical treatments for AD, ND and Ps, and as topical treatment for A V . We plan to prioritize the de velopment of topical treatments +for AD and A V . +(2) HJ178 acts through multiple mechanisms. The use of HJ178 simultaneously increases GLP-1 secretion and reduces GIP secretion, thereby producing glucose-lowering effects and providing +weight-loss benefits. +(3) We commenced a single-arm pivotal Phase IIb clinical trial in June 2023 and expect to submit an NDA to the CDE in the second half of 2026. The CDE may req uire us to initiate a +confirmatory Phase III trial before granting conditional approval. +(4) We are developing HJ891 as a combination therapy with toripalimab (a PD-1 inhibitor) for non-squamous NSCLC with KRAS G12C mutation. Toripalimab (TUOYI ®) is PD-1 inhibitor +developed by Junshi Biosciences, which was approved for marketing in China in 2018 and approved as LOQTORZI ® in the United States in 2023. The Ind approval for HJ891 as +combination therapy covers only toripalimab developed by Junshi Biosciences. Combining HJ891 with any other approved PD-1 inhibitor will require p rior CDE approval. Junshi +Biosciences does not have any rights in HJ891, whether as monotherapy or combination therapy including any ownership, co-development rights, comme rcialization rights, profit-sharing +rights, or other economic interests in HJ891, As of the Latest Practicable Date, we had not entered into any supply arrangement for toripalimab in the U nited States. We plan to conduct +clinical trials of HJ891 combination therapy with toripalimab in the United States. +(5) In November 2020, we, our wholly owned subsidiary Shanghai Zheye entered into the HJ197 Agreement with Junshi Biosciences with respect to the join t development and +commercialization of HJ197 in the Collaboration Area (all Asian countries and regions). In June 2025, we, Shanghai Zheye, Junshi Biosciences and Jun ze Chuangyao entered into the HJ197 +Novation Agreement (together with the HJ197 Agreement, the “ HJ197 Agreements ”). Pursuant to the HJ197 Agreements, Junze Chuangyao has the option to pay 50% of the actual expenses +incurred in Phase I, Phase II and Phase III clinical trials, thereby acquiring a 50% rights and interests in HJ197 in the Collaboration Area, subject to other provisions of the HJ197 +Agreements. Other than the Collaboration Area, we hold all rights to HJ197 globally. Our Company is the sponsor for the existing and planned trials and shall be the Marketing Authorization +Holder (MAH) of HJ197. See “—Collaborations” in this prospectus for details. +(6) Except for the lead indications, the remaining indications represent indication expansions. +(7) We currently have no detailed U.S. clinical development plan for HJ787, HJ178, or HJ891 beyond submitting IND applications to the FDA. For HJ787, w e will first generate comprehensive +safety and efficacy data for the topical formulation before allocating resources to an oral formulation. We have no immediate clinical development p lans for HJ787 for the oral treatment +of moderate-to-severe AD and ND or the oral or topical treatment of Ps, and this decision is not related to any safety or efficacy concerns. +BUSINESS +– 154 – + + +--- page 164 --- +We have established a comprehensive R&D system that covers drug design, in vivo and in vitro +activity evaluation, drug metabolism, synthesis, quality research, formulation development, and scale-up. +This complete capability allows us to effectively manage the entire drug development process, from +molecular selection to clinical trials, giving us distinct advantages and improved efficiency in drug R&D. +Our management and R&D team are led by our scientist-founder Dr. Ji Jianxin, who possesses +extensive industry experience and a strong track record in pharmaceutical research and development. Dr. +Ji founded our Company in 2017 and has over 20 years of experience in the pharmaceutical and +biotechnology sectors, having held senior roles since 2007. He served as executive vice president and +director of the Drug Research Institute at Chengdu Diao Pharmaceutical Group, and served as a doctoral +supervisor at Chengdu Institute of Biology of the Chinese Academy of Sciences. With a Ph.D. from the +Hong Kong Polytechnic University and a postdoctoral fellowship at Vanderbilt University, he has +published over 40 academic papers and is the inventor of nearly 30 patents, demonstrating his expertise +in the field. +We have gained recognition and support from renowned investors in the biotechnology industry, such +as SDIC Shanghai and Junlian Xinkang. Our collaboration with Junshi Biosciences has been highly +productive, with equity investment from them that has further strengthened our strategic partnership. +OUR STRENGTHS +We believe the following strengths have contributed to our success and differentiated us from our +competitors. +Discover and develop drug candidates through targeted innovation, leveraging a deep scientific +insight +We utilize a specialized end-to-end small molecule discovery and testing platform to identify drug +candidates by optimizing their distribution and selectivity in target tissues, enhancing efficacy while +minimizing toxicity. +HJ787—the only topical selective TYK2 inhibitor in clinical development in China as of the +Latest Practicable Date . Our Core Product, HJ787, is a tyrosine kinase 2 (TYK2) inhibitor. HJ787 offers +significant safety advantages, showing no common adverse reactions associated with PDE4 inhibitors and +pan-JAK inhibitors, which were observed in their respective clinical trials. + Meaningful efficacy : In several inflammatory skin disease models, topical application of +HJ787 ointment significantly reduced disease signs and markedly decreased levels of IL-17, +IL-22, TNF- /H9251, and IFN- /H9253in both blood and skin tissue. +In our ongoing Phase II clinical trial for mild-to-moderate AD, HJ787 ointment showed +meaningful efficacy by week 8. In three dosage groups—A1 (0.5%, QD), A2 (3%, QD) and A3 +(3%, BID), 25.0%, 30.0% and 62.5% of subjects achieved EASI-75, respectively. + Good safety : In our Phase I trial, the PK study showed that HJ787 was minimally absorbed into +the bloodstream after single or multiple topical applications, suggesting its safety as a topical +treatment. In our Phase II clinical trial for mild-to-moderate AD, all TRAEs observed were +mild. Common side effects with pan-JAK inhibitors and PDE4 inhibitors such as headache, +nasopharyngitis, upper respiratory tract infection, burning or tingling on the application site, +were not observed in our trial. +HJ787’s selective TYK2 inhibition avoids the safety concerns and black box warnings +commonly associated with traditional pan-JAK inhibitors. +BUSINESS +– 155 – + + +--- page 165 --- +HJ178—a small molecule with a mechanism that differs from those of existing multi-target +drugs . HJ178, one of our Core Products, is an orally available small-molecule intended for type 2 diabetes +and potentially overweight or obesity. Use of HJ178 simultaneously increases GLP-1 secretion and +reduces GIP secretion, producing glucose-lowering effects and providing weight-loss benefits. Compared +to existing injectable GLP-1 related therapies, which often lead to side effects such as nausea, vomiting, +and depression, our HJ178 can be used long-term to achieve safe blood sugar reduction, time in range +(TIR) improvement and weight loss without vomiting, or mental-related adverse reactions, making it a +potential treatment in the diabetes field. + Meaningful efficacy . HJ178 has demonstrated significant postprandial blood sugar-lowering +effects, along with meaningful weight reduction, with overall efficacy superior to several +currently available therapies. In our completed Phase Ib/IIa clinical trial, repeated dosing of +HJ178 in patients with type 2 diabetes led to decreases in blood sugar from baseline by 3.18 +mmol/L at 0.5 hours, 5.67 mmol/L at 1 hour, and 5.88 mmol/L at 2 hours after meals. In +contrast, patients in the placebo group exhibited increases in postprandial glucose by 1.25, +0.52, and 4.63 mmol/L at the same time points, respectively. In addition to blood sugar control, +HJ178 also contributed to weight loss. After a 28-day treatment, body weight reductions from +baseline in treatment groups (M1, M2 and M3) were 0.35 kg, 0.56 kg and 1.55 kg, respectively, +while the placebo group experienced a reduction of only 0.07 kg. + Good safety and tolerability : In our Phase Ib/IIa clinical trial, HJ178 demonstrated a favorable +safety profile compared to commonly used anti-diabetic medications, such as semaglutide. +There were no TRAEs that led to dose discontinuation and no AEs that led to dose reduction. +We initiated a Phase II clinical trial in July 2025 in subjects with inadequate dietary and exercise +control to further evaluate HJ178’s efficacy in treating type 2 diabetes. We plan to initiate the Phase III +trial in the first half of 2027 and submit an NDA to the NMPA for the treatment of type 2 diabetes in the +second half of 2028. In parallel, we intend to submit an IND application to the FDA in December 2026 +and October 2026 for the treatment of type 2 diabetes and overweight or obesity, respectively. +HJ891—one of the few KRAS +G12C inhibitors being developed for first-line treatment in +combination with immunotherapy . Our Core Product, HJ891, is a novel PK-profile improved KRAS G12C +inhibitor designed for the treatment of NSCLC with KRAS G12C mutation that has progressed following +first-line standard therapies. HJ891 showed significant changes in PK while demonstrating outstanding +efficacy and safety. + Favorable lung-targeted PK enabling improved safety and efficacy . HJ891 has a unique +molecular design that allows it to accumulate preferentially in the lungs, leading to improved +safety and efficacy. This lung-targeted PK reduces exposure to the liver and kidneys, which +minimizes liver toxicity and allows for lower dosing. + Meaningful efficacy . In our Phase I/IIa clinical trial, HJ891 achieved a confirmed ORR of +47.2% in patients who underwent at least one efficacy assessment in the 640 mg (recommended +dose for pivotal trial) QD group, demonstrating its efficacy in treating KRAS +G12C-mutant +NSCLC patients, while sotorasib showed an ORR of 36%. In our Phase Ib/III clinical trial, +where HJ891 was combined with toripalimab, it also showed meaningful efficacy. In the HJ891 +640 mg QD combined with toripalimab 240 mg every three weeks (Q3W) treatment cohort, the +ORR was 77.8%, rising to an impressive ORR of 92.3% in those with a PD-L1 tumor +proportion score (TPS) of 50% or higher. These results suggest that HJ891 may offer improved +efficacy for patients with high PD-L1 expression. + Good safety profile . HJ891 has demonstrated a good safety profile in clinical trials. In the +Phase I/IIa clinical trial of HJ891 as monotherapy, the incidence of grade 3 or higher TRAEs +was 13.5%, significantly lower than those reported for approved products: sotorasib (33%), +adagrasib (44.8%), fulzerasib (41.4%), garsorasib (50%), and glecirasib (38.7%), and +sosimerasib (40.0%). In the Phase Ib/III clinical trial, the combination of HJ891 and +toripalimab showed an acceptable safety profile, with grade 3 or higher TRAEs occurring in +43.2% of patients. +BUSINESS +– 156 – + + +--- page 166 --- +We have initiated a single-arm, open-label Phase IIb clinical study of HJ891 as a monotherapy +targeting KRAS G12C mutated NSCLC. We expect to submit an NDA in the second half of 2026. +For the treatment of non-squamous NSCLC with KRAS G12C mutation as combination therapy with +toripalimab as a first-line treatment, we plan to initiate Phase III clinical trial in the second half of 2026 +and submit an IND application to the FDA in the second half of 2026. +HJ197—one of the most advanced FGFR4 inhibitors in China in terms of clinical development +stage as of the Latest Practicable Date . Our key drug candidates, HJ197, is a potent and selective +inhibitor of fibroblast growth factor receptor 4 (FGFR4). We are developing HJ197 as a monotherapy for +the treatment of HCC. Currently, there are no FGFR4 inhibitors approved globally. + Superior enzymatic inhibitory potency and selectivity . HJ197 demonstrated superior +enzymatic inhibitory potency and selectivity against FGFR4 compared to fisogatinib. HJ197 +inhibits FGFR4 kinase activity with an IC +50 of less than 1 nM, which is more potent than +fisogatinib (IC 50: 5 nM). HJ197 shows substantially weaker inhibition against FGFR1, FGFR2 +and FGFR3, with IC 50 values approximately 1,500 fold higher than its FGFR4 IC 50, compared +to approximately 120 to 440 fold for fisogatinib, indicating greater FGFR4 selectivity for +HJ197. + Favorable tissue distribution profile . In a study assessing tissue concentrations following oral +administration in rats, HJ197 showed the highest exposure in the liver, approximately twice +that of plasma, followed by adrenal glands and stomach, where the exposure levels were +comparable to plasma. Exposure in other tissues, including the small intestine, lungs, and +kidneys, was lower than in plasma. These results demonstrate that HJ197 tends to concentrate +in the liver, a key target organ in HCC, which may contribute to its improved efficacy and +safety in clinical settings. + Improved efficacy . In our Phase I/IIa clinical trial, HJ197 demonstrated significantly improved +efficacy compared to fisogatinib. In the 300 mg/day dose cohort, HJ197 achieved an ORR of +30% in the target HCC population. fisogatinib reported an ORR of 17% in a target population. + Favorable safety profile . In a 7-day subacute toxicity study, HJ197 showed no apparent +toxicity at doses up to 500 mg. In contrast, fisogatinib induced AEs such as diarrhea and body +weight loss at 100 mg. HJ197 demonstrated a onset dose of 5 mg/kg, compared with 15 mg/kg +for fisogatinib. These data suggest HJ197 has a broader therapeutic index, supporting its +potential for safer and more effective dosing in clinical use. +HJ197 is leading in terms of clinical progress in China, according to CIC. We have received approval +from the CDE to initiate the Phase III clinical trial, and plan to start such trial in July 2026. +Focus on broad and rapidly growing fields in autoimmune, metabolic and oncology diseases. +We focus our resources on addressing significant clinical needs by developing a pipeline targeting +prevalent diseases in autoimmune, metabolic and oncology sectors. + Autoimmune sector . +o Disease and market: AD is a common skin condition both in China and globally. It causes +dry, itchy, and inflamed skin, often beginning in young children. AD presents as a +long-term issue with flare-ups that require more intensive treatment. AD lowers patients’ +quality of life and can also lead to psychological problems. About 98% of AD cases are +classified as mild to moderate, with more than 50% of patients being young children and +adolescents who are particularly sensitive. Since AD can be chronic and may require +long-term treatment, there is a critical need for safe and effective topical formulations in +the market. +BUSINESS +– 157 – + + +--- page 167 --- +o Current treatments: Existing treatments for AD include both topical and systemic +medications, each with its own set of disadvantages and limitations. Topical treatments, +such as corticosteroids and JAK inhibitors, can lead to various side effects, including skin +thinning, redness, and irritation, which may deter patients from continuing their use. +Systemic treatments, including corticosteroids, traditional immunosuppressants, and +biologics, come with their own set of significant risks. Common side effects include +increased susceptibility to infections, weight gain, and the potential for long-term health +complications such as diabetes or hypertension. +o HJ787: Compared to other topical medications, TYK2 inhibitors not only achieve better +efficacy but also significantly enhance safety. This potentially broadens the patient +population that can benefit from effective AD management without compromising safety. +Further, by offering near-zero systemic exposure and being free from hormone +dependency, TYK2 inhibitors provide a lifelong safe treatment option for patients, +improving their quality of life and adherence to therapy. + Metabolic sector . +o Disease and market: Diabetes is a condition characterized by elevated blood sugar levels. +Type 2 diabetes is a major chronic disease that requires ongoing medical attention and +long-term or even lifetime management. +o Current treatments: Previous glucose-lowering medications, such as insulin and +sulfonylureas, aimed to lower HbA1c and two-hour post-meal blood sugar, but they could +not effectively control blood sugar fluctuations. Injectable GLP-1 related therapies are +effective in lowering blood sugar levels and reducing the risk of cardiovascular and other +diabetes-related complications. However, patients often experience side effects such as +nausea, vomiting, and depressive symptoms, which can significantly impact their quality +of life and adherence to treatment. Furthermore, the convenience of administration and +the high cost of these medications can be barriers for many patients, leading to difficulties +in maintaining long-term use. +o HJ178: HJ178 has demonstrated a rapid blood sugar-lowering effect and improvement in +TIR. It can be used long-term to safely lower blood sugar and promote weight loss +without causing vomiting or mental-related side effects. In addition, being an oral +treatment, HJ178 addresses the administration challenges associated with injections, +making it more accessible and easier for patients to incorporate into their daily routines. +These advantages position HJ178 as a potential treatment in diabetes care. + Oncology sector . +o Disease and market: NSCLC encompasses any type of epithelial lung cancer other than +SCLC, accounting for 85% of lung cancers. KRAS mutations represent the prevalent +oncogenic driver in NSCLC, detected in approximately 21.2% of cases globally. +Specifically, KRAS +G12C mutation is the most frequent, found in approximately 10% to +13% of patients with advanced, non-squamous NSCLC globally. +o Current treatments. Treatment strategies for KRAS G12C mutated NSCLC vary depending +on factors such as the patient’s overall health, disease stage and specific treatment +preferences. For Chinese patients opting for first-line chemotherapy, the ORR ranges +from 25.5% to 26.5% and for those choosing immunotherapy, the ORR ranges from +11.1% to 40.9%, according to CIC. These figures highlight the limitations of current +treatment methods. +BUSINESS +– 158 – + + +--- page 168 --- +o HJ891. HJ891 is a novel compound based on modifications of similar molecules, +demonstrating significant changes in PK while demonstrating outstanding efficacy and +safety. Given its strong safety profile, we are also developing HJ891 for treating +non-squamous NSCLC with KRAS +G12C mutation as combination therapy (as a first-line +treatment). This positions it as one of the few KRAS G12C inhibitors being developed for +first-line treatment in combination with immunotherapy. By addressing both efficacy and +safety, HJ891 has the potential to improve patient outcomes significantly and address an +important medical need. +Integrated R&D capabilities driven by clinical demand +We believe the ability to swiftly adapt R&D efforts to meet clinical demand is crucial for success. +Our commitment to integrating innovative solutions into every stage of drug development enables us to +respond effectively to the evolving needs of healthcare providers and patients alike. + Integrated and efficient R&D process. We have established a comprehensive R&D system that +covers drug design, in vivo and in vitro activity evaluation, drug metabolism, synthesis, quality +research, formulation development, and scale-up. This complete capability allows us to +effectively manage the entire drug development process, from molecular selection to clinical +trials, giving us unique advantages and efficiency in drug R&D. + Clinical-need-driven R&D. There remain substantial clinical needs across autoimmune +diseases, metabolic disorders and oncology. In inflammatory skin diseases, non-irritating +therapies that can repair the skin barrier are limited. For diabetes and overweight/obesity, there +is a need for convenient oral treatments suitable for long-term use without severe +gastrointestinal or neuropsychiatric side effects. In oncology, many biomarker-driven tumors, +such as those associated with RAS mutations and FGFR4 alterations, still lack approved +targeted therapies. Identifying and addressing these clinical needs forms the foundation and +core driving force of our R&D strategy. + Leading quality control. Our quality control system is in the industry, characterized by +inspection speeds and control measures. This meticulous approach not only ensures the +integrity of our R&D efforts but also provides a solid foundation for regulatory approvals and +market success. + Rich experience in clinical advancement. Our team has extensive experience in clinical +advancement, managing every aspect from strategic discussions to project initiation and site +monitoring. We foster strong communication and collaboration with multiple clinical centers +and principal investigators nationwide, ensuring smooth patient enrollment and supporting the +efficient clinical progression of our drug candidates. This network enhances our ability to +navigate the complexities of clinical trials, ultimately accelerating the path to market. + IP protection. We prioritize the protection of intellectual property and R&D outcomes, +achieving comprehensive patent coverage for our Core Products and other drug candidates in +our pipeline. As of the Latest Practicable Date, we held 29 issued patents, including 12 patents +in China and 17 patents overseas. As of the same date, we had 30 patent applications including +4 patent applications in China, 20 patent applications overseas and 6 PCT applications. As of +the same date, we also own 1 registered trademark in Hong Kong and four trademark +applications in Chinese Mainland are currently under examination. This robust IP strategy not +only safeguards our innovations but also strengthens our competitive position in the industry, +allowing us to maximize the value of our research investments. +Advanced drug development technology platforms +We have built a development platform for small molecule drugs, covering the entire process from +drug design, efficient synthesis, screening and evaluation, pharmacological studies, and comprehensive +CMC research to clinical strategy and operations as well as translational medicine. Through an integrated +BUSINESS +– 159 – + + +--- page 169 --- +approach combining in silico and experimental drug design and screening, targeted and rapid drug- +likeness evaluation, and efficient CMC development and clinical research, we have advanced multiple +drug candidates with significant differentiation. +Our approach to differentiated small molecule development is guided by core principles such as +precise biological mechanisms and tissue-specific distribution. In particular, by adopting a tissue +distribution-oriented design strategy, we are able to enhance drug enrichment at disease sites while +potentially reducing exposure in non-target tissues, thereby improving efficacy and lowering potential +toxicity. Supported by our deep understanding of structure-activity relationships and mechanisms of +action, together with our proactive design capabilities, we are well-positioned to achieve differentiation +in a competitive landscape and to lay a solid foundation for the development of therapies with greater +clinical value and commercial potential. +We have advanced a pipeline of small molecule drug candidates across multiple therapeutic areas, +including HJ787, HJ891 and HJ197. These pipeline candidates not only outperform competing drugs in +terms of activity, but also demonstrate favorable tissue distribution characteristics. +To further strengthen our differentiation, we have developed the Tissue-Specific Distribution- +Intelligent Analytics System (TSD-IAS). TSD-IAS extracts hundreds of structural and physicochemical +features from each molecule, integrates them with tissue-distribution datasets, and applies AI models to +learn how new molecules will distribute across key organs. These models could predict how new +molecules will distribute across key organs, helping us discover tissue-targeted drugs more efficiently. In +addition, to advance the development of XDCs, we have established a novel payload platform based on +our proprietary molecular glue technology. These platforms strengthen our differentiated drug design +capabilities and improve therapeutic targeting, ultimately enabling us to deliver more effective and safer +treatment options for patients. By integrating advanced technology with scientific research, we are driving +the development of therapies to address significant medical needs. +Established deep collaborations to validate our innovative potential and commercial value +We aim to expand our market presence by forming strategic collaborations with reputable +pharmaceutical companies. In November 2020, our Company, along with its subsidiary Shanghai Zheye, +entered into a technology license and collaboration agreement with Junshi Biosciences with respect to the +joint development and commercialization of HJ197 in all Asian countries and regions. Additionally, during +the same month, we signed another agreement, granting Junshi Biosciences exclusive rights to HJ191 (a +small-molecule irreversible covalent KRAS +G12C inhibitor with a wholly new structure for the treatment of +patients with KRAS G12C-mutated NSCLC) in all Asian countries and regions. While HJ191 and HJ891 +address similar targets, early data indicates each has distinct strengths. Advancing the research and +development of both would demand significant financial and human resources. After a comprehensive +assessment, we chose to out-license HJ191 to maximize its value with a partner and to concentrate internal +resources on HJ891. This strategy is designed to maximize portfolio value while reducing our overall R&D +risk and cash flow pressure. See “—Collaborations” below for details. +Beyond HJ197 and HJ191, we are actively seeking partners for several preclinical products, aiming +to complete R&D at lower costs and with higher efficiency to accelerate the path to commercialization for +these promising therapies. +Further, we have signed a cooperation agreement with the People’s Government of Jiangjin District, +Chongqing (the “ Jiangjin Government ”) in 2023. Under this agreement, we are granted an option to use +part of the plant to be built by the Jiangjin Government in an industrial park located in Jiangjin District. +See “—Manufacturing and Control—Manufacturing Facility” for details. +These strategic collaborations and agreements not only validate our innovative potential but also +enhance our commercial viability in the competitive biotechnology landscape. By leveraging partnerships +with established industry players and local governments, we are poised to accelerate our development +efforts and bring therapies to market more rapidly. +BUSINESS +– 160 – + + +--- page 170 --- +Led by a scientist-founder, our team combines practical experience with innovation capabilities, with +support from renowned investors +Led by our scientist-founder Dr. Ji Jianxin, our management and R&D team has extensive industry +experience and a strong track record in pharmaceutical research and development. + Dr. Ji has over 20 years of experience in the pharmaceutical industry. Dr. Ji founded our +Company in 2017 and has served as a member of the CAS Venture Capital Investment +Decision-making Committee for the three years since then. He returned to China in 2007 as an +outstanding talent of the “Hundred Talents Program” of the Chinese Academy of Sciences and +served as a doctoral supervisor at the Chengdu Institute of Biology of the Chinese Academy of +Sciences. He has held various positions, including executive vice president and director of the +Drug Research Institute at Chengdu Diao Pharmaceutical Group. Dr. Ji holds a Ph.D. from the +Hong Kong Polytechnic University and completed a postdoctoral fellowship in molecular +pharmacology at Vanderbilt University in the United States. He has published over 40 academic +papers in journals such as PNAS and JACS, and is the inventor of nearly 30 domestic and +international patents. He was recognized as a leading talent expert in the national “Ten +Thousand Talents Program” in 2016. + Our R&D team consists of members with diverse and complementary backgrounds, covering +preclinical research, clinical research, and production operations. Through close collaboration +and teamwork, we have formed a dedicated and stable team that provides a solid foundation for +ongoing innovation. +o Dr. Guo Na, our head of research and development, has expertise in both preclinical and +clinical research and possesses extensive project management experience. She is one of +the few experts who can integrate biological research, pharmaceutical research, and +clinical studies. She is skilled in promoting clinical research through translational +medicine and coordinating internal development with external resources. Before joining +us in 2018, she served as the head of the chemical innovation drug research department +at a large pharmaceutical group. +o Dr. Du Fengtian, our deputy director of R&D, has rich experience in drug discovery, +CMC research, and preclinical studies. He excels in drug design and deeply understands +the relationship between drug structure and function, efficiently organizing various +aspects of preclinical research, including pharmacodynamics, PK, and safety evaluation. +He has led or participated in multiple Class I new drug development and registration +projects. +o Mr. Yang Xiangyu, our chief operating officer, has a deep understanding of drug +development and excels at coordinating communication and integration across multiple +departments, including medicinal chemistry, raw materials, and formulation. He is skilled +in drug manufacturing and has led teams to complete multiple project process +developments and production transfers. He holds a master’s degree in medicinal +chemistry from the University of Chinese Academy of Sciences. +o Experienced external advisors: medicinal chemist Dr. He Yun, biologist Dr. Liu Xifu, and +regulatory review expert Dr. Du Xin, all with long-standing experience and outstanding +contributions in the pharmaceutical industry and international regulatory review, have +served as our advisors and have provided valuable guidance across multiple stages of +drug development. + Our financial director, Ms. Zhang, holds a master’s degree in economics. She brings experience +from Deloitte Touche Tohmatsu Certified Public Accountants LLP, where she served as senior +auditor and conducted financial audits for several listed companies and oversaw initial public +offering processes. Her expertise spans the pharmaceutical, manufacturing, real estate and +service industries. +BUSINESS +– 161 – + + +--- page 171 --- +We have gained recognition and support from renowned investors in the biotechnology industry, such +as SDIC Shanghai and Junlian Xinkang. Our collaboration with Junshi Biosciences has been highly +productive, with equity investment from them that has further strengthened our strategic partnership. +OUR STRATEGIES +Accelerate clinical development for rapid product commercialization +We plan to rapidly advancing the clinical development of our drug candidates to expedite their +commercialization. Our strategy focuses on efficiently designing and implementing clinical trials for our +existing pipeline, aiming to minimize the time required to bring products to market. By leveraging a large +patient population and addressing significant medical needs, we will prioritize clinical development in +China to quickly commercialize our candidate drugs. With the clinical evidence gathered in China, we will +strategically proceed with future product development and clinical trials in the United States. +HJ787 + AD: We are currently conducting a Phase II clinical trial in patients with mild-to-moderate AD and +expect to complete this trial in September 2026. We plan to initiate a Phase III clinical trial in +patients with mild-to-moderate AD in China in the second half of 2026, and submit an NDA to the +NMPA in the first half of 2028. We also plan to submit an IND application for the AD indication to +the FDA in March 2027. + AV: We plan to initiate a Phase IIb clinical trial to evaluate the efficacy and safety of HJ787 in +patients with A V in the second half of 2026. We also plan to submit an IND application for the A V +indication to the FDA in the second half of 2026. +HJ178 + Type 2 diabetes : We initiated a Phase II clinical trial in July 2025 and expect to complete this trial +in the first half of 2027. We plan to initiate the Phase III trial in the first half of 2027, and submit +an NDA to the NMPA for the treatment of type 2 diabetes in the second half of 2028. We intend to +submit an IND application to the FDA in December 2026 for the treatment of type 2 diabetes. + Overweight or obesity : We also intend to submit an IND application to the NMPA and the FDA in +October 2026. +HJ891 + Monotherapy : We plan to complete the single-arm pivotal Phase IIb clinical trial in August 2026 and +submit an NDA in the second half of 2026. + Combination with PD-1 : We aim to complete the Phase Ib clinical trial in combination with +toripalimab in June 2026 and thereafter initiate a Phase III trial in the second half of 2026. +HJ197 + HCC: We received an approval from the NMPA for commencing a Phase III clinical trial to evaluate +the safety and tolerability of HJ197 in patients with advanced HCC and plan to initiate this trial in +July 2026. + Solid tumors : In addition, we also plan to submit an IND application for solid tumors to the NMPA +in the first half of 2027. +BUSINESS +– 162 – + + +--- page 172 --- +Other drug candidates + We plan to submit an IND application to the NMPA and the FDA for HJ356 in the second half of +2026. We plan to submit IND applications to the NMPA for HJ093 and HJ199 in the second half of +2026, for HJ198 in the first half of 2027 and for HJ086 in the second half of 2027. +Continuously strengthen R&D capabilities and accelerate preclinical product development +We remain committed to advancing our drug development efforts in the critical fields of +autoimmune, metabolic and oncology diseases. To effectively prioritize these areas, we will assess market +demand, potential therapeutic impact, and our existing expertise. This strategic approach will enable us to +allocate resources efficiently and align our goals with our preferences and market dynamics. +To support our R&D initiatives, we are focused on recruiting and retaining top talent to form a +multidisciplinary R&D team. This team will encompass various disciplines, including medicinal +chemistry, pharmacology, biostatistics and clinical research. We are committed to enhancing professional +skills training and providing practical opportunities, ensuring continuous improvement in the overall +quality and effectiveness of our R&D efforts. +Moreover, we will maintain collaborations with external technical consultants. Our collaboration +involves regular consultations, joint workshops, and integration of their expert opinions into our +preclinical R&D processes, fostering an environment of knowledge sharing and innovation. We also aim +to strengthen partnerships with principal investigators (PIs) and key opinion leaders (KOLs) within both +clinical and basic research. By gaining firsthand clinical insights through these collaborations, we can +better inform our research initiatives and effectively address clinical needs in overlooked disease areas. +Establish manufacturing and commercialization capabilities to prepare for product launches +Through our cooperation agreement with the Jiangjin Government, we have been granted an option +to use part of the plant to be built by the Jiangjin Government in an industrial park located in Jiangjin +District. We believe this arrangement offers us the flexibility to establish our own production facility, +tailored to the development and commercialization timelines of our drug candidates. See “Manufacturing +and Control—Manufacturing Facility” for details. +We are also actively seeking optimal opportunities in economically vibrant regions, such as the +Yangtze River Delta, Greater Bay Area, and Chengdu-Chongqing area. These regions present significant +potential for diversifying our operations and continually meeting the demands for future product launches +and commercialization. +Based on the progress and timeline of our product launches, we are gradually building our +commercialization team, and will expand this team as our drug candidates near commercialization, +ensuring effective outreach and support for our product launches. +Explore external collaboration opportunities to maximize the commercial value of our drug +candidates +We are committed to enhancing the commercial potential of our drug candidates through strategic +external collaborations. While our primary focus remains on the research and development of our Core +Products towards successful commercialization by ourselves, we also plan to establish partnerships with +leading industry players. By doing so, we seek to identify and pursue opportunities for other drug +candidates that align with our vision. In addition, we seek to collaborate with top-tier universities and +research institutions domestically. Such partnerships will enable us to leverage advanced research and +development capabilities, fostering the creation of innovative technologies and novel drug candidates. +BUSINESS +– 163 – + + +--- page 173 --- +We recognize the importance of staying attuned to the latest clinical needs and market trends. Our +team will continuously monitor global developments to identify opportunities for introducing new drug +candidates that can complement and enhance our existing pipeline. This initiative is closely related to our +collaboration efforts with industry leaders, as we aim to create synergies that drive mutual growth. To +effectively expand our global footprint, we will implement a globalization strategy that focuses on +identifying and seizing international market opportunities. We will prioritize the timely preparation and +submission of NDAs for our drug candidates in the United States. This approach will not only streamline +our entry into the U.S. market but also enhance our credibility and reputation within the global +pharmaceutical landscape. Finally, we are focused on maintaining our leadership in drug development +technology. To achieve this, we will pursue acquisitions or investments in innovative technologies that +align with our strategic goals. +OUR DRUG CANDIDATES +Our Core Products +HJ787 +HJ787 is a tyrosine kinase 2 (TYK2) inhibitor. It acts on the JAK-STAT signaling pathway by +specifically binding to the regulatory structural domain JH2 of the TYK2 protein, inhibiting the activity +of TYK2 and thereby suppressing the downstream signaling of multiple pro-inflammatory cytokines such +as IL-12, IL-23, IL-17, IL-22, IFN- /H9253, and TNF- /H9251. These inflammatory cytokines are involved in +inflammatory and immune responses and have been implicated as important contributors to chronic +inflammation, a hallmark of many autoimmune and inflammatory skin diseases, such as AD and A V . +Compared to non-selective pan-JAK inhibitors, HJ787, which selectively targets TYK2, offers a +safer profile with less systemic exposure and a low risk of hematologic or immunosuppressive +complications. To date, clinical trials of HJ787 have not reported adverse reactions commonly associated +with PDE4 inhibitors and pan-JAK inhibitors, such as headache, nasopharyngitis, upper respiratory tract +infection, burning or tingling on the application site. This selectivity makes HJ787 a promising strategy +for the long-term treatment of inflammatory skin disorders, and positions HJ787 as a potential topical +treatment capable of providing strong anti-inflammatory effects while minimizing systemic toxicity. +HJ787 demonstrated a favorable tissue distribution profile, particularly in skin, and robust +suppression of pro-inflammatory mediators in our preclinical studies, supporting its dual formulation +strategy for both oral and topical administration. We received IND approvals for HJ787 as both oral and +topical treatments for AD, ND and psoriasis (Ps), and as a topical treatment for A V . We plan to prioritize +the development of topical treatments for mild-to-moderate AD and A V because (a) AD and A V are highly +prevalent with clear needs for safer, more effective treatments. A topical ointment delivers drug directly +to skin lesions with higher local exposure and lower systemic exposure, matching the clinical profile +needed for these conditions; (b) our current R&D resources (personnel, clinical operations capacity, and +funding) limit the number of large, concurrent clinical programs we can run without risking quality or +timelines, so focusing on the indications with the strongest product fit and highest need improves the +chance of timely, successful development. In parallel, we will advance the oral tablet indications (ND, AD +and Ps) on a staged timeline aligned with available resources and data readouts. +BUSINESS +– 164 – + + +--- page 174 --- +The table below summarizes IND approvals received for HJ787, the corresponding indications and +clinical trials conducted and the basis for progressing to the next phase of clinical trials: +Indication +Month IND +Approval +Received Clinical Trials +Basis for Progressing to the Next Phase of +Clinical Trials +Topical treatment for +ND /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +September 2023  Initiated a Phase I clinical +trial (registration number: +CTR20233611) in +November 2023 and +completed the trial in July +2024 + Initiated a Phase II +clinical trial (registration +number: CTR20242526) in +August 2024, and expect +to complete the trial in the +second half of 2026 +The IND approval explicitly authorizes both Phase I +and Phase II clinical trials for HJ787 ointment. It +stipulates that, prior to initiating a Phase III trial, +communication with the CDE regarding the +clinical protocol is required. Apart from this, no +additional communications are necessary to +conduct clinical trials for the approved indication. +Prior to initiating the Phase II clinical trial, the +Company submitted the Phase II trial design +(including key Phase I results), the ethics +committee’s approval of the Phase II protocol and +informed consent form to the CDE in July 2024, +and these materials have been published on the +CDE Clinical Trial Platform since July 2024. +Topical treatment for +mild-to-moderate +AD +(2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +April 2024 Initiated a Phase II clinical +trial (registration number: +CTR20242529) in +September 2024 and expect +to complete the trial in +September 2026 +According to CIC, if a Phase I trial has already +been completed for a drug and demonstrates an +acceptable safety profile and tolerability in +humans, its findings can generally be applied to +additional indications for the same product. Phase +I studies primarily assess safety, dosage, and PK +rather than efficacy in a specific disease, so +repeating a full Phase I for every new indication +is usually unnecessary. Regulatory agencies +typically allow sponsors to proceed directly to +later-phase trials (e.g., Phase II) for additional +indications when the initial Phase I data +adequately characterize human safety and +systemic exposure for the intended route and +formulation. As the Company has completed a +Phase I trial for the ND indication, it is not +required to conduct another Phase I trial for the +AD and A V indications. +Further, prior to initiating a Phase II clinical trial +for HJ787 ointment for AD in September 2024, +the Company submitted the Phase II trial design +(including key Phase I results for ND), the ethics +committee’s approval of the Phase II protocol and +informed consent form to the CDE in July 2024, +and these materials have been published on the +CDE Clinical Trial Platform since July 2024. +Topical treatment for +Ps /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +April 2024 To be determined IND and trial protocol approvals have been +obtained. Trial start date to be determined. +BUSINESS +– 165 – + + +--- page 175 --- +Indication +Month IND +Approval +Received Clinical Trials +Basis for Progressing to the Next Phase of +Clinical Trials +Topical treatment for +mild-to-moderate +AV +(3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +December 2024 Initiated a Phase IIa clinical +trial (registration number: +CTR20250633) in February +2025 and completed the trial +in May 2026 +(1) +See above. Further, prior to initiating a Phase IIa +clinical trial for HJ787 ointment for A V in +February 2025, the Company submitted the Phase +IIa trial design (including key Phase I results), +the ethics committee’s approval of the Phase IIa +protocol and informed consent form to the CDE +in February 2025 and these materials have been +published on the CDE Clinical Trial Platform +since February 2025. +Oral treatment for AD /H1118June 2024 To be determined IND and trial protocol approvals have been +obtained. Trial start date to be determined +Oral treatment for ND /H1118June 2024 To be determined IND and trial protocol approvals have been +obtained. Trial start date to be determined +Oral treatment for Ps /H1118June 2024 To be determined IND and trial protocol approvals have been +obtained. Trial start date to be determined +Notes: 1. This is a separate and standalone clinical trial from the planned Phase IIb trial with differentiated endpoints, objectives +and patient cohorts. The Phase IIa trial is an open-label, single-arm study investigating the safety and efficacy profile +of HJ787 ointment for the treatment of A V . The Phase IIb trial of HJ787 ointment will be a multi-dose, +placebo-controlled trial evaluating the safety and efficacy of different doses of HJ787 and comparing them with +placebo. The Phase IIa trial served as a preliminary exploratory study conducted prior to a conventional Phase II trial, +while the planned Phase IIb study will be a conventional Phase II trial. The results from the Phase IIb trial will support +advancing HJ787 ointment for A V into a Phase III trial. No additional Phase II trials will be conducted. +Following the completion of the Phase I clinical trial for ND, which demonstrated that HJ787 is safe, we could have +either proceeded to a conventional Phase II clinical trial for A V or adopted a sequential approach comprising a Phase +IIa clinical trial followed by a Phase IIb clinical trial, both of which are permitted under the applicable regulatory +framework. Both approaches are scientifically acceptable. We chose to conduct the Phase IIa clinical trial first in order +to better understand the efficacy characteristics of HJ787 in A V patients, which would inform the design of the +subsequent Phase IIb clinical trial, and to reduce development risk by confirming efficacy signals in a smaller study +before committing to the larger, more resource-intensive Phase IIb clinical trial. +2. AD is classified as mild (SCORAD 0-24), moderate (SCORAD 25-50), or severe (SCORAD >50) according to the +Chinese Guidelines for Diagnosis and Treatment of Atopic Dermatitis (2020 Edition). +3. A V is classified as mild (comedones only), moderate (papules and pustules), or severe (cysts and nodules) according +to the Chinese Acne Treatment Guidelines (2019 Revised Edition) and the Primary Care Guidelines for Acne Vulgaris +(2023). +Mechanism of Action +The JAK family comprises four isoforms JAK1, JAK2, JAK3 and TYK2, and mediates cytokine- +driven signal transduction through the JAK-STAT pathway, which plays a critical role in immune +regulation, as well as cell proliferation, differentiation and apoptosis. JAK proteins contain JH1 (a highly +conserved catalytic kinase domain) and JH2 (a pseudokinase regulatory domain), both of which are +essential for their biological function. +Because the JH1 domain is highly conserved across all JAK isoforms, JAK inhibitors that target the +JH1 domain generally lack isoform selectivity. As JAK1, JAK2 and JAK3 are broadly involved in essential +physiological functions, including hematopoiesis, non-selective JAK inhibition is often associated with +AEs such as cardiovascular events and increased infection risk, which has resulted in boxed warnings for +this class of therapies. +In contrast, TYK2 primarily regulates immune-related signaling pathways. Selective binding of a +small-molecule inhibitor to the TYK2 JH2 regulatory domain induces a conformational change that +prevents ATP binding at the JH1 catalytic domain, thereby maintaining TYK2 in an inactive state and +blocking downstream inflammatory signal transmission. This regulatory mechanism enables selective +BUSINESS +– 166 – + + +--- page 176 --- +inhibition of TYK2 without affecting JAK1, JAK2 or JAK3. HJ787 is a selective TYK2 inhibitor that +targets the JH2 domain of TYK2 and does not inhibit other JAK family members. As a result, HJ787 is +designed to preserve therapeutic efficacy in immune-mediated diseases while avoiding the cardiovascular +and infection-related risks associated with non-selective JAK inhibition. +IL-12 is essential for the growth and differentiation of Th1 cells, which produce pro-inflammatory +cytokines such as TNF- /H9251and IFN- /H9253. IL-23 regulates the growth and survival of Th17 cells, which secrete +IL-17. Th1 and Th17 cells are implicated in the pathogenesis of multiple autoimmune and inflammatory +skin diseases, including AD, ND and A V . By selectively inhibiting TYK2, HJ787 suppresses Th1 and Th17 +cell differentiation and downstream inflammatory cytokine production, thereby providing a targeted +therapeutic approach for the treatment of inflammatory skin diseases, including ND, AD, A V and Ps. +The following diagram illustrates the mechanism of action of HJ787: +AD +AD is a widespread skin condition in China and globally. It causes dry, itchy, and inflamed skin and +often starts in young children. AD is a chronic, relapsing condition characterized by flare-ups that require +more intensive treatment. These symptoms can lower patients’ quality of life and lead to psychological +problems. +Market Opportunity and Competition +According to CIC, the AD drug market in China increased from RMB5.1 billion in 2020 to RMB15.3 +billion in 2025, at a CAGR of 24.6%, and is estimated to grow rapidly to reach RMB27.2 billion in 2030, +at a CAGR of 12.2% from 2025 to 2030. According to CIC, AD is highly prevalent, affecting +approximately 15-20% of children and 6-10% of adults worldwide. According to CIC, in 2025, mild, +moderate and severe AD accounted for approximately 18%, 56% and 26% of the AD drug market in China, +respectively. +BUSINESS +– 167 – + + +--- page 177 --- +Current treatments for AD include both topical medications, such as topical corticosteroids and +topical calcineurin inhibitors, and systemic medications, such as oral antihistamines, systemic +immunosuppressants, and systemic corticosteroids, each with its own set of disadvantages and limitations. + Topical Medications. Topical treatments, such as corticosteroids and JAK inhibitors, are +commonly used to manage AD. However, they can lead to various side effects, including skin +thinning, redness, and irritation, which may deter patients from continuing their use. +Additionally, these medications can be insufficient for more severe cases, necessitating more +aggressive systemic treatments. + Systemic Medications: Systemic treatments, including corticosteroids, traditional +immunosuppressants, and biologics, come with their own set of significant risks. Common side +effects include increased susceptibility to infections, weight gain, and the potential for +long-term health complications such as diabetes or hypertension. Patients on these medications +often require regular monitoring to manage these risks, which can be burdensome and lead to +frequent medical visits. Moreover, some systemic treatments may take time to exhibit effects, +prolonging periods of discomfort and impacting the patients’ quality of life. +Overall, while a variety of treatment options exist for AD, both conventional topical and systemic +medications have limitations that can affect patient adherence and treatment efficacy. Ongoing research +aims to develop safer and more effective therapies to better address these challenges. +In China, about 73% of AD cases are mild (SCORAD 0-24), roughly 25% are moderate (SCORAD +25-50) and around 2% are severe (SCORAD > 50). Over half of the patients were infants, children, +adolescents, or elderly, indicating a wide age distribution and significant disease burden. Given that AD +is a condition may require long-term treatment, there is a critical need for topical formulations that offer +excellent safety and efficacy. Such formulations are essential in the AD drug market, as they can provide +effective relief while minimizing the risk of adverse effects, thereby encouraging patient adherence to +treatment. For current treatments of mild-to-moderate AD, clinical studies have shown that ISGA +success—defined as achieving an ISGA score of clear (0) or almost clear (1) with at least a two-grade +improvement from baseline—was achieved in 32.8% versus 25.4% of patients and 31.4% versus 18.0% of +patients in the crisaborole group compared with the placebo group, respectively, across different studies. +Compared to other topical medications, TYK2 inhibitors not only achieve better efficacy but also +significantly enhance safety as demonstrated in clinical trials. This potentially broadens the patient +population that can benefit from effective AD management without compromising safety. Further, by +offering near-zero systemic exposure and being free from hormone dependency, TYK2 inhibitors can +provide a lifelong safe treatment option for patients, improving their quality of life and adherence to +therapy. As a selective TYK2 inhibitor, HJ787 is designed to modulate key inflammatory pathways +implicated in AD while avoiding broader JAK pathway inhibition, thereby offering a potentially improved +safety profile. In a Phase II study in adults with mild-to-moderate AD, topical HJ787 ointment (3%, BID) +achieved an EASI-75 response rate of 62.5% and an IGA treatment success rate of 50.0% at week 8, +demonstrating rapid and clinically meaningful efficacy comparable to systemic agents, while reflecting its +localized MoA. All treatment-related AEs were Grade 1, with no serious TRAEs reported, supporting a +favorable tolerability profile. While larger-scale clinical trials are required to further validate efficacy and +safety, HJ787’s selective TYK2 inhibition, topical administration and balanced efficacy-safety profile +position it as a differentiated therapeutic option within the evolving AD treatment landscape. HJ787 +ointment is primarily suitable for the treatment of mild-to-moderate AD. In patients with severe AD, the +presence of extensive skin lesions may reduce the practicality and convenience of topical administration, +which may limit its applicability in this patient population. +As of the Latest Practicable Date, no topical TYK2 inhibitor had been approved for marketing. See +“Industry Overview—The TYK2 Drug Market” in this prospectus for details. +BUSINESS +– 168 – + + +--- page 178 --- +Our Advantages + Topical TYK2 inhibitor. HJ787 ointment is a topical TYK2 inhibitor and was the only topical +selective TYK2 inhibitor in clinical development in China as of the Latest Practicable Date, +according to CIC. In biochemical tests, HJ787 showed very low inhibitory activity against the JH1 +kinase domains of the JAK family, with IC +50 values exceeding 10,000 nM for JAK1 and JAK2, and +3,758 nM for JAK3. These results indicate that HJ787 has minimal impact on the catalytic domains +of JAK1, JAK2 and JAK3, highlighting its high selectivity and reducing the risk of off-target effects +often seen with broader JAK inhibition. + Favorable tissue distribution profile with topical administration. Comparative transdermal +penetration studies in nude mice further demonstrated that the intradermal retention of HJ787 +ointment was 2.3 times higher than that of BMS-986165 (deucravacitinib, the first FDA-approved +oral TYK2 inhibitor), highlighting the compound’s superior skin permeability and retention +characteristics. In a study involving a single dose of HJ787 ointment (at 8.1 mg/kg) applied to Bama +miniature pigs, drug concentrations were consistent in both male and female skin tissues, with the +highest levels found in the skin itself. HJ787 concentrations in all sampled skin tissues were +significantly higher than those in whole blood. Additionally, HJ787 levels in the skin, subcutaneous +tissue, and muscle remained stable for up to 72 hours after application, indicating lasting absorption +through the skin. + Meaningful efficacy. HJ787 ointment has demonstrated promising therapeutic efficacy in patients +with AD, particularly in high-dose groups, where clinical outcomes were comparable to or better +than those reported for commonly used PDE4 inhibitors and pan-JAK inhibitors. Preliminary results +from our Phase II clinical trial indicated robust efficacy based on multiple standardized endpoints at +week 8 and were not derived from head-to-head or non-inferiority comparisons: +Drug +Patients achieving +EASI-75 score, % +Patients achieving +IGA-TS, %* +Patients achieving +NRS4, % & +Roflumilast Cream (PDE4) /H1118/H1118/H1118Integument-1: 43.2% +Integument-2: 42.0% +Integument-1: 32.0% +Integument-2: 28.9% +/ +Crisaborole Ointment (PDE4) /H1118/ AD-301: 32.8% +AD-302: 31.4% +/ +Ruxolitinib Cream +(JAK1/2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +INCB 18424-303: +➢ 0.75% Ruxolitinib +Cream: 56.0% +➢ 1.5% Ruxolitinib +Cream: 62.1% +INCB 18424-304: +➢ 0.75% Ruxolitinib +Cream: 51.5% +➢ 1.5% Ruxolitinib +Cream: 61.8% +INCB 18424-303: +➢ 0.75% Ruxolitinib +Cream: 50.0% +➢ 1.5% Ruxolitinib +Cream: 53.8% +INCB 18424-304: +➢ 0.75% Ruxolitinib +Cream: 39.0% +➢ 1.5% Ruxolitinib +Cream: 51.3% +INCB 18424-303: +➢ 0.75% Ruxolitinib +Cream: 40.4% +➢ 1.5% Ruxolitinib +Cream: 52.2% +INCB 18424-304: +➢ 0.75% Ruxolitinib +Cream: 42.7% +➢ 1.5% Ruxolitinib +Cream: 50.7% +HJ787 Ointment # /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183% (BID) HJ787 +Ointment: 62.5% +3% (BID) HJ787 +Ointment: 50.0% +3% (BID) HJ787 +Ointment: 62.5% +Notes: +* Achieving IGA treatment success (IGA-TS), defined as a score of 0 or 1 with /H113502-grade improvement from baseline. +& Achieving NRS4, defined as a /H113504-point reduction in itch numerical rating scale score from baseline. +# In the HJ787 trial, 3% (BID) cohort containing 25% of the subjects receiving placebo is still masked. +BUSINESS +– 169 – + + +--- page 179 --- +➢ Eczema Area and Severity Index (EASI) score: in the three dosage groups, A1 (0.5%, QD), A2 +(3%, QD) and A3 (3%, BID), the proportions of subjects achieving EASI-75 were 25.0%, +30.0% and 62.5%, respectively; +➢ Investigator’s Global Assessment (IGA) score: in the three dosage groups, A1 (0.5%, QD) , A2 +(3%, QD) and A3 (3%, BID), the proportion of subjects achieving a reduction of 2 points or +more in the IGA score, reaching scores of 0 or 1, were 8.3%, 30.0% and 50.0%, respectively; +and +➢ Numerical Rating Scale (NRS) score: in the three dosage groups, A1 (0.5%, QD) , A2 (3%, QD) +and A3 (3%, BID), the proportions of subjects achieving a reduction of 4 points or more in NRS +(itching) score were 25.0%, 40.0% and 62.5%, respectively. + Good safety profile. HJ787 demonstrated a good safety profile in our preclinical and clinical trials. +In our Phase I trial, the PK study showed that HJ787 was minimally absorbed into the bloodstream +after single or multiple topical administrations, suggesting its safety as a topical treatment. In our +Phase II trial, all TRAEs observed were mild and there were no SAEs or AEs that caused subject +withdrawal. Common side effects with pan-JAK inhibitors and PDE4 inhibitors such as headache, +nasopharyngitis, upper respiratory tract infection, burning or tingling on the application site, were +not observed in this trial. These results were not derived from head-to-head or non-inferiority +comparisons. +Drug Data source Patients Common AEs Safety summary +Ruxolitinib /H1118/H1118/H1118/H1118/H1118 +2 Phase III trials +(TRuE-AD1 and +TRuE-AD2)* +age /H1135012 years, +diagnosis of AD +for /H113502 years +Safety during the 8-week: 0.75% and 1.5% ruxolitinib cream: Most +common AEs (Occurring in /H113501% of patients): Upper respiratory tract +infection (1.4%, 2.4%), Nasopharyngitis (3.0%, 2.6%), Headache (0.8%, +2.2%); The most common treatment-related AE was application site +burning sensation (0.6%, 0.8%). Boxed Warning: +severe Infection, +death, Malignant +lesions, major +cardiovascular +AEs (MACE) and +Thrombus +Long-Term Safety of the 52-week period: 0.75% and 1.5% ruxolitinib +cream: Most common AEs (Occurring in /H113505% of patients): Upper +respiratory tract infection (16.3%, 15.8%), Nasopharyngitis (7.6%, 7.9%), +Influenza (5.4%, 6.1%), Pharyngitis (5.4%, 4.4%) +Phase III +(TRuE-AD3)* +children aged 2 to +11 years with an +AD diagnosis for +/H113503 months +0.75% and 1.5% ruxolitinib cream: Most common AEs (Occurring in /H113505% +of patients): Upper respiratory tract infection (5.2%, 8.5%) and +Nasopharyngitis (1.5%, 6.2%) +Crisaborole +Ointment, 2% /H1118/H1118/H1118 +2 Phase III trials (AD- +301, AD-302)* +aged 2 years or +older and have a +clinical diagnosis +of AD +The treatment-related AEs was application site pain (4.4%), defined by +updated MedDRA guidelines as stinging and/or burning. +The medication +may be +discontinued due +to pain at the +application site. It +is suitable for +infants but its +efficacy may be +insufficient. +Phase III +(CrisADeCONTROL)* +aged /H113503 months +with mild-to- +moderate AD +The TEAEs that occurred in /H113502% of the crisaborole-treated patients during +the 52-week double-blind maintenance period was upper respiratory tract +infection (3%), influenza (2.2%), skin abrasion (2.2%), coronavirus +disease 2019 (COVID-19) (3.7%), and headache (2.2%). None were +considered treatment related. +Frequent TEAEs (occurring in /H113502% of patients) were AD (2.4%) and +application site infection (2.4%) +Phase III +(CrisADeCLEAR, +CHINA)* +aged /H113502 with +mild-to-moderate +AD +Most common AEs (Occurring in /H113505% of patients): Application site +discoloration (5.1%), Application site pain (17.8%), Infections (18.5%), +Upper respiratory tract infection (5.7%) +BUSINESS +– 170 – + + +--- page 180 --- +Drug Data source Patients Common AEs Safety summary +Tapinarof +cream 1% /H1118/H1118/H1118/H1118 +2 pivotal Phase III +(ADORING1 and +ADORING2)* +aged /H113502 with +mild-to-moderate +AD +Most common AEs (Occurring in /H113505% of patients): Folliculitis (8.1%, +8.1%), Headache (7.0%, 1.5%) and Nasopharyngitis (4.8%, 1.5%); AEs of +special interest: Contact dermatitis (1.5%, 1.1%), Follicular event (10%, +8.9%) and Headache (7.0%, 1.5%) +There were +problems with +folliculitis in the +initial stage of +use48-week Phase III +open-label extension +trial (ADORING3)* +aged /H113502 with +mild-to-moderate +AD +Most common AEs: Folliculitis (12.1%), Nasopharyngitis (6.9%) and +Upper respiratory tract infection (6.9%) +AEs of special interest: Follicular event (14.0%), Contact dermatitis +(0.4%) and Headache (3.7%) +Tacrolimus +Ointment /H1118/H1118/H1118/H1118/H1118 +12-week phase III trial +Adults with mild- +to-moderate AD +0.03% and 0.1% Tacrolimus Ointment: Most common AEs (Occurring in +/H113505% of patients): Skin burning sensation (46%, 58%), pruritus (46%, +46%), Influenza-like symptoms (23%, 31%), Allergy (12%, 6%), Skin +erythema (25%, 28%), Headache (20%, 19%), Skin infection (12%, 5%), +bronchial asthma (6%, 4%), Urticaria (3%, 6%), acne (4%, 7%) +Caused local +symptoms, as +skin burning +sensation (heat +sensation, +stinging, pain) or +pruritus +Children with +mild-to-moderate +AD +0.03% Tacrolimus: Most common AEs (Occurring in /H113505% of patients): +Skin burning sensation (43%), pruritus (41%), Influenza-like symptoms +(28%), Skin erythema (12%), Headache (5%), Skin infection (10%), fever +(21%), Infection (7%), cough (18%), bronchial asthma (6%), tympanitis +(6%), sinusitis (8%) +3-year open label trial +Adults with mild- +to-moderate AD +Most common AEs (Occurring in /H113505% of patients): Skin burning sensation +(28%), pruritus (25%), Influenza-like symptoms (22%), Allergy (9%), Skin +erythema (12%), Headache (13%), Skin infection (9%), Infection (6%) +Children with +mild-to-moderate +AD +Most common AEs (Occurring in /H113505% of patients): Skin burning sensation +(20%), pruritus (19%), Influenza-like symptoms (34%), Allergy (13%), +Skin erythema (7%), Headache (9%), Skin infection (16%), fever (14%), +bronchial asthma (13%), pharyngitis (12%), tympanitis (11%), sinusitis +(7%) +HJ787 /H1118/H1118/H1118/H1118/H1118/H1118/H1118Phase II +Adults aged 18 to +65 with mild-to- +moderate AD +hyperlipidemia (2.3%), Blood triglycerides increased (2.3%), Blood +cholesterol increased (2.3%), Folliculitis (2.3%), Application site pruritus +(6.8%) +All treatment- +related AEs were +grade 1 +Source: Literature review +Note: +* Represent clinical trial code. +HJ787 offers a differentiated safety and efficacy profile among topical therapies, achieving superior +clinical outcomes with minimal systemic exposure. Its selective TYK2 inhibition minimizes the safety +concerns and avoids black box warnings commonly associated with traditional pan-JAK inhibitors, +enabling safe use in adults aged 18 to 65. With no steroid dependence and near-zero systemic absorption, +HJ787 provides a well-tolerated, long-term treatment option for chronic inflammatory skin conditions, +making it a promising candidate for lifelong use without age or safety limitations. +Summary of Clinical Trials +Ongoing Phase II Clinical Trial +We initiated a Phase II clinical trial evaluating the efficacy and safety of HJ787 in patients with +mild-to-moderate AD in adults in September 2024, and the trial is expected to be completed in September +2026. +BUSINESS +– 171 – + + +--- page 181 --- +Trial design. This trial is a multi-center, randomized, double-blind, placebo-controlled clinical study +with multiple dosing to evaluate the efficacy and safety of HJ787 ointment in patients with mild-to- +moderate AD. Subjects were randomized using stratified randomization based on baseline Investigator +Global Assessment (IGA) score (2 or 3). +The primary endpoint is the proportion of patients achieving a 75% reduction from baseline in the +Eczema Area and Severity Index (EASI-75) and an IGA score of 0 or 1 with at least a 2-point improvement +from baseline at week 8. The secondary endpoints include other efficacy measures (EASI-50, EASI-90, +changes in EASI score and Body Surface Area (BSA)), patient-reported outcomes (pruritus Numerical +Rating Scale, Dermatology Life Quality Index and Patient-Oriented Eczema Measure), PK, biomarker +assessments (IL-12, IL-17, TNF- /H9251and IFN- /H9253), and the incidence and severity of AE and SAE. We plan +to enroll a total of 108 eligible subjects (male or female between 18 and 65 years of age), who will be +randomly assigned to one of three groups: Group A1 (0.5% of HJ787 ointment (or corresponding placebo), +applied once daily) (0.5% HJ787 ointment/corresponding placebo, QD), Group A2 (3% HJ787 +ointment/corresponding placebo, QD), or Group A3 (3% HJ787 ointment/corresponding placebo, BID), +with 36 subjects in each group. Within each group, subjects were randomized in a 3:1 ratio to receive +either HJ787 ointment or placebo for a treatment duration of 12 weeks. +This trial enrolled adult patients with mild-to-moderate AD. We are evaluating efficacy and safety +in adults first, with pediatric and adolescent patients planned for inclusion in the Phase III trial. +A total of 108 subjects are planned to be enrolled, including 81 in the treatment group and 27 in the +placebo group. The treatment group was divided into three dose levels with 27 patients per dose. For an +exploratory study, this sample size was considered adequate to assess both efficacy and safety. The +treatment duration was 12 weeks, which is appropriate as AD patients typically show significant changes +compared with baseline after two to three months of effective topical treatment. +Trial status. The study is currently ongoing. As of the Latest Practicable Date, we had enrolled 106 +subjects for the treatment of mild to moderate AD. For details of the preliminary efficacy results of our +ongoing Phase II clinical trial, see “—Our advantages—Meaningful efficacy” in this prospectus for +details. +Phase I Clinical Trial +We initiated a Phase I clinical trial in November 2023 to assess the safety and tolerability of single +and multiple topical applications of HJ787 ointment in healthy subjects pursuant to the IND approval +obtained for ND in September 2023. +Trial design. This clinical trial was a randomized, double-blind, placebo-controlled, single-center +study designed to evaluate the safety, tolerability, and PK of single and multiple topical applications of +HJ787 ointment in healthy subjects. The study consisted of two parts: a single ascending dose (SAD) phase +and a multiple ascending dose (MAD) phase. The SAD phase included four dose cohorts ranging from +0.5% to 3% HJ787 ointment or placebo, with each cohort enrolling ten participants (eight receiving HJ787, +two receiving placebo), equally split between males and females. The MAD phase included three +ascending dose cohorts of 3% HJ787 ointment or placebo, following the same subject allocation. The +primary objective was to assess the safety and tolerability of single and multiple topical applications of +HJ787 ointment in healthy volunteers, while the secondary objective was to characterize the PK profile +of HJ787 ointment following administration. +Trial status. The trial was completed in July 2024. A total of 72 healthy subjects were enrolled with +70 participants completed dosing, including 56 in the HJ787 treatment group and 14 in the placebo group. +BUSINESS +– 172 – + + +--- page 182 --- +Safety profile. In both the SAD and MAD phases of the study, HJ787 demonstrated a favorable safety +and tolerability profile. In the SAD phase, no serious TEAEs or TRAEs, no Grade 3 or higher TEAEs or +TRAEs (as per CTCAE), and no AEs leading to dose interruption, permanent discontinuation, death, or +study withdrawal were reported. All reported AEs were mild. Similarly, in the MAD phase, there were no +reports of serious TEAEs or TRAEs, and no events resulting in permanent discontinuation of HJ787, death, +or study withdrawal. +Conclusion. Across all four SAD cohorts and three MAD cohorts, no serious TEAEs or TRAEs were +reported, and no AEs led to dose interruption, permanent discontinuation, death, or withdrawal from the +study. No Grade 3 or higher TEAEs or TRAEs occurred in the SAD cohorts, and only one Grade 3 or +higher TRAE (incidence: 4.2%) was observed in the HJ787 group during the MAD phase, which was lower +than that in the placebo group (14.3%). Overall, HJ787 demonstrated a favorable safety profile with both +single and multiple dosing regimens. +AV +A V is a chronic inflammatory disorder that affects the hair and oil glands, often lasting a long time. +It commonly starts during adolescence, triggered by Cutibacterium acnes, a type of bacteria, and +influenced by levels of dehydroepiandrosterone in the body. While acne is not life-threatening, it can cause +scarring, irritation, and significant psychological effects. The introduction of new medications aimed at +more effectively managing inflammation, excessive oil production, and microbial imbalance is anticipated +to transform the current treatment paradigm. In China, approximately 68%, 26% and 6% of patients were +classified as having mild, moderate and severe A V , respectively. +Market Opportunity and Competition +According to CIC, the prevalence of A V in China increased from 118.3 million in 2020 to 122.1 +million in 2025 and is anticipated to reach 127.2 million in 2030. The A V drug market in China increased +from RMB3.8 billion in 2020 to RMB5.3 billion in 2025, at a CAGR of 6.8% and is estimated to grow +to reach RMB6.7 billion in 2030, at a CAGR of 4.9% from 2025 to 2030. The market remains anchored +in traditional, non-specific therapies such as antibiotics and retinoids, options constrained by limited +efficacy, mounting antibiotic resistance and poor safety profile, which keeps the market relatively stable +yet underserved. Looking ahead, momentum is expected to shift as novel mechanisms (notably TYK2 +inhibitors), improved topical formulations with advanced delivery systems, and rising disease awareness +and diagnosis rates begin to reshape treatment patterns. +A V primarily affects adolescents, and the condition is often associated with compromised skin +barriers. Traditional treatments frequently have side effects such as skin irritation, dryness, peeling, +stinging, burning sensations, lesions, and itching. These adverse effects can lead to poor adherence and +reduced treatment efficacy. + Topical treatments. Frequently used topical medications consist of retinoids (such as adapalene +and tazarotene), antibiotics (such as fusidic acid and clindamycin), antioxidants (benzoyl +peroxide), and other agents including azelaic acid, dapsone, selenium sulfide, sulfur, and +salicylic acid. Additionally, physical and chemical treatments (such as photodynamic therapy, +blue-red light therapy, laser treatments, and chemical peels) serve as adjunctive or alternative +options for managing A V and its sequelae. + Systemic treatments. Common systemic treatments for A V include antibiotics (such as +doxycycline and minocycline), retinoids (isotretinoin), and hormonal therapies (including +anti-androgens and corticosteroids). These medications aim to reduce inflammation, control +bacteria, and normalize skin cell turnover. +BUSINESS +– 173 – + + +--- page 183 --- +Traditional A V therapies primarily focus on antibacterial effects, sebum control, or keratinization +regulation. In contrast, TYK2 represents a novel inflammatory target that modulates immune pathways to +control inflammation, offering a markedly different mechanism of action. Several approved pan-JAK +inhibitors have been associated with new-onset A V or worsening of existing A V (acneiform eruptions) as +AEs in both clinical trials and product labeling. Distinct from those agents, TYK2 is among the new targets +for A V treatment, demonstrating potential advantages in both efficacy and tolerability. +Given the sensitive nature of acne-prone skin, there is a significant clinical need in the treatment +landscape. Key inflammatory pathways involving Th17 cells and cytokines such as IL-17, IFN- /H9253, TNF- /H9251, +IL-22, and IL-12 play crucial roles in acne pathogenesis. TYK2 inhibitors can suppress IL-23/Th17 and +IL-12/Th1 signaling pathways, leading to downregulation of inflammatory cytokines like IL-17, TNF- /H9251, +IFN- /H9253, and IL-22. This mechanism presents promising therapeutic potential for TYK2 inhibitors in A V +treatment, offering a novel approach to managing the condition while addressing the underlying +inflammatory processes. +For A V treatment, existing topical and systemic therapies demonstrate established efficacy but are +associated with clear limitations. Retinoids such as adapalene achieve approximately 40–52% lesion +reduction at week 12, but are mainly effective in mild disease and are commonly associated with local +irritation and photosensitivity. Hormonal therapies (e.g. drospirenone plus ethinylestradiol) show lesion +reduction of approximately 67% after six treatment cycles, but their use is restricted to specific female +populations and may be associated with hormone-related AEs. Antibiotics and antimicrobials such as +benzoyl peroxide achieve median lesion reductions of approximately 62–67% at week 12; however, their +efficacy on non-inflammatory lesions is limited, and continuous use is often required, with local skin +irritation being common. +HJ787, as a selective TYK2 inhibitor formulated for topical use, is designed to modulate +inflammatory signaling while minimizing off-target effects associated with broader JAK inhibition. In a +Phase IIa study, HJ787 demonstrated reductions of 42.3% in non-inflammatory lesions and 43.5% in +inflammatory lesions at week 12, together with potential benefits in improving skin dullness and restoring +the skin barrier. Importantly, no treatment-related AEs, treatment interruptions or discontinuations were +reported, and no local irritation was observed. These data suggest that, compared with existing standard +of care, HJ787 may offer a differentiated balance of clinically meaningful efficacy across both +inflammatory and non-inflammatory lesions with a favorable safety and tolerability profile, supporting its +potential positioning as a novel anti-inflammatory topical therapy in A V . HJ787 ointment has been +evaluated in clinical trials involving a limited number of patients with A V . Additional studies in larger +patient populations may be needed to further substantiate its efficacy and safety in A V . +Our Advantages + Meaningful efficacy. HJ787, the first new mechanism for A V treatment in the recent five years, is +a selective TYK2 inhibitor. Several JAK inhibitors (e.g., ruxolitinib, abrocitinib, baricitinib, +upadacitinib) have been associated with new-onset A V or worsening of existing A V (acneiform +eruptions) as AEs. By contrast, HJ787 has demonstrated promising therapeutic effects in both +preclinical and clinical studies for the treatment of A V . In animal models induced by Cutibacterium +acnes and oleic acid, once-daily topical application of 3% HJ787 significantly alleviated +inflammation and improved acne-like symptoms. By day 7, reductions in scaling were superior to +those observed with benzoyl peroxide gel, and by day 14, notable improvements were seen in +keratinization, redness, and shedding. In our ongoing Phase IIa clinical trial in A V patients, HJ787 +showed meaningful efficacy. At week 12, subjects experienced a 42.3% reduction in non- +inflammatory lesions and a 43.5% reduction in inflammatory lesions from baseline. Additionally, +some participants showed improvement in skin dullness and restoration of the skin barrier. + Favorable safety and tolerability profile. In our Phase IIa study in A V patients, no TRAEs were +reported, and no AEs led to treatment interruption or study discontinuation. With minimal local +irritation and suitability for sensitive skin, HJ787 holds strong potential as a long-term, well- +tolerated treatment alternative for acne management. +BUSINESS +– 174 – + + +--- page 184 --- +As of the Latest Practicable Date, other than HJ787, there were no clinical-stage drug candidates that +target TYK2 for treating A V in China, according to CIC. +Summary of Clinical Trials +Phase I Clinical Trial +We received an IND approval of HJ787 from the NMPA in September 2023. We initiated a Phase I +clinical trial in November 2023 and completed this trial in July 2024. See “—Our Core +Products—HJ787—Summary of Clinical Trials—Phase I Clinical Trial” in this prospectus for details. +Phase IIa Clinical Trial +We initiated a Phase IIa clinical trial to evaluate the efficacy and safety of HJ787 in patients with +mild-to-moderate A V in February 2025, which was completed in May 2026. +Trial design. This clinical study is a multi-center open-label Phase IIa clinical study conducted in +China to evaluate the efficacy and safety of HJ787 topical ointment in patients with mild-to-moderate A V . +We plan to enroll a total of 30 eligible subjects who will be randomized into two treatment cohorts (A1 +and A2), with 15 subjects in each group. Participants applied 3% HJ787 ointment twice daily (with a +minimum 8-hour interval between applications) over a 12-week treatment period. In the A1 cohort, the +study drug was applied to the entire facial area, while in the A2 cohort, application was limited to acne +lesions. The primary objective of the study is to assess the therapeutic efficacy of HJ787 in treating mild +to moderate A V , while the secondary objective is to evaluate its safety profile. Eligible participants were +between 18 and 35 years of age and had a clinical diagnosis of mild to moderate A V , with /H1135015 facial +lesions at both screening and baseline. The trial duration was 12 weeks, consistent with the typical +timeframe in which effective therapy leads to noticeable improvement compared with baseline in A V +patients. +Trial status. The study was completed in May 2026. +Safety results. HJ787 demonstrated a favorable safety and tolerability profile. No TRAEs were +reported in the trial. +Efficacy results. The trial was completed. In the A1 group (3%, bid, full-face application), all +subjects completed 12 weeks of treatment. Compared with baseline, non-inflammatory lesion counts +decreased by 42.3% and inflammatory lesion counts decreased by 43.5%. In addition, improvements were +observed in skin dullness and skin barrier repair in certain subjects. +Summary of Preclinical Studies +We conducted a series of preclinical studies in order to characterize the PD, PK and toxicology +profile of HJ787. HJ787 has demonstrated significant inhibitory activity against TYK2 JH2 pseudokinase +with an IC +50 value of less than 0.1 nM in our in vitro study. HJ787 also showed high selectivity by +targeting the JH2 domain and had limited inhibitory effect on the JH1 domain of TYK2 in our in vitro +study. +HJ787 demonstrated inhibitory activity against TYK2 JH2 pseudokinase with an IC 50 of less than 0.1 +nM, representing greater potency compared to the positive control BMS-986165 (deucravacitinib, the first +FDA-approved oral TYK2 inhibitor), which had an IC +50 of greater than 1.5 nM. +HJ787 exhibited minimal inhibitory activity against the JH1 kinase domains of the JAK family, with +IC50 values of >10,000 nM for JAK1, JAK2, and TYK2, and 3,758 nM for JAK3, indicating that HJ787 +does not significantly inhibit the catalytic domains of JAK1, JAK2, JAK3, or TYK2. +BUSINESS +– 175 – + + +--- page 185 --- +Assay ID Compound ID IC 50 (nM) +JAK1 (JH1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tofacitinib 28.0 +HJ787 >10000 +JAK2 (JH1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tofacitinib 131.4 +HJ787 >10000 +JAK3 (JH1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tofacitinib 2.011 +HJ787 3758 +TYK2 (JH1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tofacitinib 36.91 +HJ787 >10000 +TYK2 (JH2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118HJ787 0.09 +Neurodermatitis +Neurodermatitis (ND) is a common, chronic inflammatory skin disorder driven in part by abnormal +skin nerve interactions and a persistent itch-scratch cycle. Repeated scratching leads to thickened, +lichenified plaques with pronounced skin markings. Lesions most frequently appear on the neck, elbows, +ankles, vulva, eyelids and face. Although the condition is not life threatening, its chronic, relapsing nature +and visible skin changes can cause significant physical discomfort and psychosocial burden, including +sleep disturbance, anxiety and reduced quality of life. Lesion distribution and disease extent serve as the +primary criteria for classifying ND. In China, approximately 18%, 63% and 19% of ND patients had +single-lesion, multiple-lesion and generalized disease, respectively. +Market Opportunity and Current Treatment +In China, the affected population has grown from approximately 159.8 million in 2020 to 164.9 +million in 2025, and is projected to reach about 167.8 million by 2030. This large and growing patient +population represents a meaningful public health and commercial opportunity for more effective and better +tolerated therapies. +Topical steroid creams are the main treatment for ND, with strength chosen for the affected area; non +steroid ointments (like tacrolimus), moisturizers, and itch relief creams are added as needed, antihistamine +pills can ease itching, and stronger oral drugs are only used for severe or treatment resistant cases because +of side effects. ND represents a high burden, high prevalence condition with an established standard of +care but clear gaps in long term disease control and tolerability, creating an opportunity for improved +topical therapies. +As of the Latest Practicable Date, no TYK2 inhibitors had been approved for the treatment of ND +in China. The treatments of ND include corticosteroids, and anti-inflammatory therapies, with a targeting +patient group reaching 164.9 million in China in 2025. As of the Latest Practicable Date, there are two +approved drugs for ND in China and two approved drugs globally. +In the current ND treatment landscape, corticosteroids such as mometasone and methylprednisolone +acetate demonstrate rapid and high rates of symptom improvement (approximately 70% at four weeks for +topical mometasone and over 90% with intralesional methylprednisolone acetate in combination +regimens). However, their therapeutic effect is largely symptomatic, without addressing the underlying +inflammatory and itch-scratch cycle, which limits their suitability for long-term maintenance. Prolonged +or repeated use is further constrained by safety considerations, including AEs and cumulative steroid- +related risks. Non-steroidal anti-inflammatory therapies such as etofesalamide ointment offer a more +favorable local safety profile, but are characterized by a slower onset of action and are generally limited +to mild disease or maintenance therapy, with efficacy typically building over several weeks. In contrast, +HJ787, as a selective TYK2 inhibitor, offers a differentiated therapeutic approach in ND, an area where +treatment options are currently limited and largely rely on topical corticosteroids. HJ787 ointment has the +BUSINESS +– 176 – + + +--- page 186 --- +potential to provide a non-steroidal and well-tolerated treatment alternative for ND. However, the +pathophysiology of ND is complex, and the clinical efficacy of HJ787 ointment in this indication requires +further investigation. Additional clinical studies will be necessary to fully evaluate and validate its +therapeutic benefit in ND. +Summary of Clinical Trials +Phase I Clinical Trial +We received an IND approval of HJ787 from the NMPA in September 2023. We initiated a Phase I +clinical trial in November 2023 and completed this trial in July 2024. See “—Our Core +Products—HJ787—Summary of Clinical Trials—Phase I Clinical Trial” in this prospectus for details. +Ongoing Phase II Clinical Trial +We initiated the Phase II clinical trial in August 2024 to evaluate the efficacy and safety of HJ787 +in treating patients with ND. The trial is currently ongoing. +Trial design. This is a randomized, double-blind, placebo-controlled, multicenter clinical study +designed to evaluate the efficacy and safety of HJ787 ointment in patients with ND. The primary objective +of the study will be to assess the efficacy of HJ787 ointment applied topically in patients with ND. +Secondary objectives will include evaluating improvement of target lesions after applying HJ787 +ointment, characterizing PK and PD properties, and assessing overall safety and tolerability. +Eligible patients will be those with ND whose affected skin areas (excluding scalp lesions but +including facial lesions) will cover no more than 15% of body surface area (BSA) and whose lesions will +be suitable for topical treatment. A total of 108 eligible subjects will be randomized to one of three dose +groups: N1 (0.5% HJ787 ointment/matching 0.5% placebo, applied once each morning), N2 (3% HJ787 +ointment/matching 3% placebo, applied once each morning), or N3 (3% HJ787 ointment/matching 3% +placebo, applied twice daily—morning and evening—approximately 12±4 hours apart). Each dose group +will include 36 subjects. Within each dose group, subjects will be randomized 3:1 to receive HJ787 +ointment or the matching placebo, and treatment will continue for 12 weeks. +Trial status. The trial is currently ongoing. As of the Latest Practicable Date, we had enrolled 49 +subjects. +Material Communications With Competent Authorities +In July 2023, we submitted an IND application to the NMPA for conducting a clinical trial of HJ787 +for the treatment of patients with ND in China, which was approved by the NMPA in September 2023. +The application materials submitted to the NMPA and the corresponding IND approval encompassed +both Phase I and Phase II clinical trials for HJ787 ointment, and with each of the Phase I and Phase II +clinical trials being a separate trial with different endpoints. The IND approval authorizes the conduct of +both trials without stipulating any additional approval requirements from the NMPA. As of the Latest +Practicable Date, the primary endpoint, including the assessment of the safety and tolerability of single +and multiple topical applications of HJ787 ointment of the Phase I trial had been reached, marking the +completion of this trial. +According to CIC, it is common industry practice that the sponsor and the principal investigator +review the trial results, including safety data, PK profile against the primary and secondary endpoints set +forth in the Phase I trial protocol, and then exercise their judgment determining in whether the Phase I +clinical trial has met its primary objectives and whether to initiate the Phase II clinical trial. The principal +investigator and we have reviewed the data from the Phase I clinical trial and determined that the primary +objectives for the Phase I trial had been met. Therefore, we consider the Phase I trial to have been +completed. +BUSINESS +– 177 – + + +--- page 187 --- +In February 2024, we submitted an IND application to the NMPA for HJ787 for the treatment of AD +and obtained the approval in April 2024. In October 2024, we submitted an IND application to the NMPA +for HJ787 for the treatment of A V and obtained the approval in December 2024. These IND approvals +explicitly specify that prior to conducting a Phase III registrational trial, communication with the CDE for +the clinical protocol is recommended. Apart from that, no additional communication is necessary for +conducting clinical trials for the approved indication. Therefore, once the primary objectives of the Phase +I trial were met, no additional approval or confirmation from the NMPA is required for the initiation of +a Phase II trial. According to CIC, if a Phase I trial has already been completed for a drug and demonstrates +an acceptable safety profile and tolerability in humans, its findings can generally be applied to additional +indications for the same product. Phase I studies primarily assess safety, dosage, and PK rather than +efficacy in a specific disease, so repeating a full Phase I for every new indication is usually unnecessary. +Regulatory agencies typically allow sponsors to proceed directly to later-phase trials (e.g., Phase II) for +additional indications when the initial Phase I data adequately characterize human safety and systemic +exposure for the intended route and formulation. As we have completed a Phase I trial for the ND +indication, we are not required to conduct another Phase I trial for the AD and A V indications. In line with +the safety reporting requirements, we have regularly submitted annual development safety update reports +(DSURs) to the CDE. Pursuant to the Working Procedures for Safety Information Assessment and Risk +Management During Drug Clinical Trials (Trial) issued by the CDE, if no objections or requests for +additional information are received from the CDE within the prescribed review period, we may proceed +with the clinical trial in accordance with the conditions and plans specified in the trial approval. We had +not received any relevant regulatory agency’s objections to our clinical development plans as of the Latest +Practicable Date. +In August 2025, we confirmed with the CDE that it had no objection that (i) our Phase I trial has been +completed, and (ii) we may proceed with the Phase II of HJ787 for the treatment of AD, Phase IIa of HJ787 +for the treatment of A V and Phase II of HJ787 for the treatment of ND without obtaining additional +approvals. No material adverse changes had occurred since we obtained the IND approvals and up to the +Latest Practicable Date. +Next Steps +AD: We plan to initiate a Phase III clinical trial in patients with mild-to-moderate AD in China in +the second half of 2026, with expected completion in the first half of 2028, and submit an NDA to the +NMPA in the first half of 2028. We also plan to submit an IND application for the AD indication to the +FDA in March 2027. +A V: We plan to initiate a Phase IIb clinical trial in patients with A V in China in the second half of +2026, with expected completion in the first half of 2027, and submit an NDA to the NMPA in the second +half of 2028. We also plan to submit an IND application for the A V indication to the FDA in the second +half of 2026. +ND: We plan to initiate a Phase III clinical trial in patients with ND in China in the first half of 2027, +with expected completion in the second half of 2029. +Since HJ787 ointment has entered the clinical stage, we will first generate comprehensive safety and +efficacy data for the topical formulation before allocating additional resources to an oral formulation, +allowing a full evaluation of the therapeutic potential of HJ787. As the topical program advances, we will +also explore HJ787 ointment for Ps, enabling us to allocate clinical and operational resources efficiently +at each stage. This phased approach prioritizes depth of investigation before broadening indications. +We have no immediate clinical development plans for HJ787 for the oral treatment of mild-to- +moderate AD and ND or the oral or topical treatment of Ps, and this decision is not related to any safety +or efficacy concerns. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ787 +SUCCESSFULLY. +BUSINESS +– 178 – + + +--- page 188 --- +HJ178 +HJ178 is an orally available small molecule developed for type 2 diabetes and potentially overweight +or obesity. Use of HJ178 raises GLP-1 levels and suppresses GIP secretion. This mechanism enhances +insulin release and sensitivity while lowering resistance, increases satiety and decreases fat accumulation, +together producing both glucose-lowering and weight-loss effects. +Injectable GLP-1 related therapies are effective in lowering blood sugar levels and reducing the risk +of cardiovascular and other diabetes-related complications while helping to control blood sugar +fluctuations. However, the use of injectable formulations, particularly large-molecule GLP-1 related +therapies, poses several challenges. Patients often experience side effects such as nausea, vomiting, and +depressive symptoms, which can significantly impact their quality of life and adherence to treatment. +Furthermore, the convenience of administration and the high cost of these medications can be barriers for +many patients, leading to difficulties in maintaining long-term use. As a result, despite their therapeutic +benefits, these factors contribute to lower adherence rates, highlighting the need for more patient-friendly +alternatives in diabetes management. We are developing HJ178 as a long-term, orally administered +treatment for type 2 diabetes, offering a promising alternative to injectable GLP-1 related therapies. In our +preclinical studies and completed clinical trials, HJ178 demonstrated promising glucose-lowering effects +without commonly observed side effects. In addition, being an oral treatment, HJ178 addresses the +administration challenges associated with injections, making it more accessible and easier for patients to +incorporate into their daily routines. +The table below summarizes IND approval received for HJ178, the corresponding clinical trials +conducted and the basis for progressing to the next phase of clinical trials: +Indication (1) +Month IND +Approval Received Clinical Trials +Basis for Progressing to the Next Phase +of Clinical Trials +Oral treatment for +Type 2 diabetes /H1118May 2023  Initiated a Phase I clinical trial +(registration number: +CTR20233196) in October 2023 +and completed the trial in +November 2023 + Initiated a Phase Ib/IIa clinical +trial (registration number: +CTR20240016) in January 2024. +Specifically, the Phase Ib portion +commenced in January 2024 and +was completed in March 2024. +The Phase IIa portion commenced +in March 2024, and the Phase IIa +clinical trial was completed in +May 2024 +(1) + Initiated a Phase II clinical trial +(registration number: +CTR20251614) in July 2025 and +expect to complete this trial in the +first half of 2027 +The IND approval explicitly +authorizes both Phase I and Phase +II clinical trials for HJ178. It states +that, prior to initiating a Phase III +trial, communication with the CDE +regarding clinical protocol is +required. Apart from this, no +additional communications are +necessary to conduct clinical trials +for the approved indication. +Prior to initiating the Phase Ib/IIa +clinical trial, the Company +submitted the Phase Ib/IIa trial +design (including key Phase I +results), the ethics committee’s +approval of the Phase Ib/IIa +protocol and informed consent form +to the CDE in January 2024, and +these materials have been published +on the CDE Clinical Trial Platform +since January 2024. +Prior to initiating the Phase II clinical +trial, the Company submitted the +Phase Ib/IIa trial design (including +key Phase I and Ib/IIa results), the +ethics committee’s approval of the +Phase II protocol and informed +consent form to the CDE in April +2025, and these materials have been +published on the CDE Clinical Trial +Platform since April 2025. +Oral treatment for +overweight or +obesity /H1118/H1118/H1118/H1118/H1118/H1118/H1118 +To submit IND +applications +in October +2026 +–– +BUSINESS +– 179 – + + +--- page 189 --- +Note: +1. Phase Ib and Phase IIa are combined clinical stages. In this clinical study, Phase Ib denotes the dose escalation portion +conducted in healthy volunteers with several dose cohorts, equivalent to the dose escalation component of a +conventional Phase I trial. Phase IIa denotes an exploratory safety and preliminary efficacy study conducted in patients +with diabetes to collect data such as dose-selection information to support the design of the Phase II clinical trial. The +completed Phase I study and the Phase Ib portion of the Phase Ib/IIa study meet the objectives and endpoints of a +conventional Phase I trial. The Phase IIa is not equivalent to a full Phase II trial but provides early patient-based data +to inform the design of a Phase II trial (for example, dose selection. +Mechanism of Action +HJ178 is designed to modulate key incretin pathways involved in glucose and energy homeostasis +by increasing GLP-1 secretion and reducing GIP secretion. +Activation of the GLP-1R pathway promotes glucose-dependent insulin secretion and suppresses +glucagon release under hyperglycaemic conditions, thereby improving glycaemic control. GLP-1 signaling +also delays gastric emptying, reduces intestinal glucose absorption, and attenuates postprandial glucose +fluctuations. In addition, GLP-1 acts on hypothalamic appetite-regulating centers to suppress appetite and +increase satiety, leading to reduced caloric intake and weight loss. GLP-1 signaling further contributes to +metabolic benefits through natriuretic effects in the kidney, vasodilation of endothelial cells, and +suppression of sympathetic nervous system activity, which collectively support blood pressure reduction. +It also reduces hepatic fat accumulation — by improving insulin sensitivity, inhibiting hepatic de novo +lipogenesis and promoting fatty acid oxidation. +Conversely, activation of the GIPR pathway has been associated with lipid accumulation, insulin +resistance and leptin resistance in obese states. GIP signaling promotes adipose lipid storage through +activation of downstream pathways such as cAMP-response element binding protein (CREB), Target of +Rapamycin Complex 2 (TORC2) and protein kinase B (PKB) phosphorylation, upregulation of lipoprotein +lipase, and induction of pro-inflammatory mediators. By suppressing GIP signaling, HJ178 mitigates these +effects, thereby reducing fat accumulation and improving metabolic outcomes. +Through the stimulation of GLP-1 secretion and inhibition of GIP secretion, HJ178 demonstrates a +differentiated mechanism of action that supports glycaemic control, weight reduction and overall +metabolic improvement. +The following diagram illustrates the mechanism of action of GLP-1 and GIP: +BUSINESS +– 180 – + + +--- page 190 --- +Market Opportunity and Competition +Diabetes is a condition characterized by elevated blood sugar levels. Sugar is derived from food and +insulin, a hormone produced by pancreas that helps the sugar get into cells, providing them with the energy +necessary for normal physiological function. In type 1 diabetes, the body fails to produce insulin, and in +type 2 diabetes, the body does not effectively produce or utilize insulin. The prevalence of type 2 diabetes +in China increased from 118.9 million in 2020 to 129.8 million in 2025, and is expected to reach 140 +million in 2030, according to CIC. +Type 2 diabetes is a major chronic disease that requires ongoing medical attention and long-term or +even lifetime disease management. The current treatment paradigm faces challenges such as loss of +efficacy over time that leads to lower disease control rates and suboptimal long-term patient adherence due +to adverse effects. The management landscape for type 2 diabetes awaits a new modality that could address +these clinical needs and help achieve better clinical outcomes. As innovative drugs are being developed, +drugs that could simultaneously provide a superior safety profile and long-lasting blood sugar control +would improve patient compliance and efficacy resilience and drive substantial growth of the type 2 +diabetes drug market. The market size of type 2 diabetes drugs in China increased from RMB59.0 billion +in 2020 to RMB67.0 billion in 2025, and is expected to reach RMB113.8 billion in 2030. Among which, +the market size of GLP-1 related therapies increased from RMB1.6 billion in 2020 to RMB11.4 billion in +2025 at a CAGR of 48.6%, and is expected to reach RMB49.4 billion in 2030 at a CAGR of 34.1% from +2025 to 2030. +Among type 2 diabetes treatments, GLP-1 related therapies stand out for their superior glycemic +efficacy and additional clinical benefits, including weight reduction and cardiovascular and renal +protective effects. However, they are commonly associated with gastrointestinal AEs and treatment +discontinuation. For example, oral semaglutide achieved reductions in 2-hour postprandial glucose of +approximately 1.7-2.4 mmol/L at week 12, with GI-related discontinuation rates of up to 8%, while +injectable semaglutide and liraglutide showed similar efficacy (approximately 1.4-2.7 mmol/L reduction) +but reported SAE rates of 5-9.4% and notable tolerability and adherence challenges due to injection +requirements. DPP-4 inhibitors such as sitagliptin and linagliptin offer more favorable safety profiles but +deliver comparatively modest glycaemic control, with postprandial glucose reductions generally around +1.4-2.0 mmol/L. SGLT-2 inhibitors, including henagliflozin and dapagliflozin, provide moderate efficacy +(approximately 2-4 mmol/L reduction) but are associated with specific safety considerations, including an +increased risk of diabetic ketoacidosis and dependence on renal function. Multi-target GLP-1 related +therapies such as tirzepatide demonstrate enhanced glucose-lowering effects (approximately 3-4 mmol/L +reduction) but remain subject to gastrointestinal tolerability issues and limited long-term safety data. +HJ178 has demonstrated a differentiated efficacy and safety profile in early clinical studies. HJ178 +achieved a reduction of 5.88 mmol/L in 2-hour postprandial glucose from baseline, which is numerically +greater than that reported for currently marketed GLP-1 related therapies, DPP-4 inhibitors and SGLT-2 +inhibitors in comparable settings. Importantly, HJ178 was not associated with any SAEs or treatment +discontinuations, and reported AEs were mild, including diarrhea and abdominal pain. Based on these data, +HJ178 has the potential to offer enhanced glycaemic control with a favorable tolerability profile, +supporting its differentiated positioning within the evolving diabetes treatment landscape. In addition, +HJ178 has shown preliminary weight-reduction effects. However, its weight-loss potential in overweight +or obese populations remains to be further evaluated through additional clinical studies. +HJ178 will compete in the oral anti-diabetic market with established therapies marketed by large +pharmaceutical companies, including DPP-4 inhibitors, SGLT-2 inhibitors, and oral GLP-1 related +therapies. While oral GLP-1 related therapies including orforglipron and oral semaglutide are being +developed or have achieved regulatory approval ahead of HJ178, these products present tolerability and +convenience limitations. Orforglipron demonstrated gastrointestinal AEs in 58-59% of patients with DRs +of 9-10%, and presents potential resting heart rate elevation risks. Oral semaglutide exhibits similar +tolerability issues and requires 30-minute fasting after administration. HJ178 has not demonstrated +vomiting as an AE and does not appear to present resting heart rate elevation risk based on current data. +Given that type 2 diabetes and obesity require long-term chronic treatment, safety and dosing convenience +BUSINESS +– 181 – + + +--- page 191 --- +are critical treatment selection factors. HJ178’s differentiated tolerability profile, combined with effective +glucose-lowering efficacy, may provide competitive advantages despite later market entry. DPP-4 +inhibitors have limited glucose-lowering efficacy, and SGLT-2 inhibitors present genitourinary infection +risks. Our HJ178 development plan remains focused on demonstrating differentiated clinical benefits to +support competitive market positioning upon approval. +As of the Latest Practicable Date, 14 GLP-1 related therapies had been approved for the treatment +of type 2 diabetes in China. The targeting patient population of GLP-1 related therapies for type 2 diabetes +reached 129.8 million in China in 2025. As of the Latest Practicable Date, there were a total of 104 GLP-1 +related therapies under clinical development for type 2 diabetes in China. Among these, nineteen were +clinical-stage oral GLP-1 related therapies in China. See “Industry Overview—GLP-1 related therapies +Market—Type 2 Diabetes Drug Market” for details. +Our Advantages + Meaningful efficacy. HJ178 has demonstrated promising postprandial glucose-lowering effects, +along with meaningful weight reduction, with overall efficacy superior to several currently available +therapies. In our completed Phase Ib/IIa clinical trials, repeated dosing of HJ178 in patients with +type 2 diabetes led to decreases in blood glucose from baseline of 3.18 mmol/L at 0.5 hours, 5.67 +mmol/L at 1 hour, and 5.88 mmol/L at 2 hours after meals. In contrast, patients in the placebo group +exhibited increases in postprandial glucose by of 1.25, 0.52, and 4.63 mmol/L at the same time +points, respectively. These results indicate that HJ178 has a greater glucose-lowering effect +compared to approved antidiabetic medications as illustrated in the table below. In addition to +glycemic control, HJ178 also contributed to weight loss. After a 28-day treatment, body weight +reductions from baseline in treatment groups (M1, M2 and M3) were 0.35 kg, 0.56 kg and 1.55 kg, +respectively, while the placebo group experienced a reduction of only 0.07 kg. +Drug 2h postprandial glucose (mmol/L) +Semaglutide (injection) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Semaglutide 0.5 mg: -2.35 +Semaglutide 1 mg: -2.65 +Semaglutide (oral) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Semaglutide 3 mg: -1.7 +Semaglutide 7 mg: -2.4 +Semaglutide 14 mg: -2.4 +Tirzepatide /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tirzepatide 5, 10 and 15mg: -3~ -4 +Orforglipron /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Orforglipron 3mg: -2.33 +Orforglipron 12mg: -3.75 +Orforglipron 24mg: -3.74 +Orforglipron 36mg: -3.86 +Orforglipron 45mg: -3.99 +Empagliflozin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Empagliflozin 10mg: -1.98 +Empagliflozin 25mg: -2.03 +Linagliptin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Linagliptin 5mg: -2.02 +Metformin /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Metformin 500mg BID: -2.7 +Metformin 1000mg BID: -2.99 +Rosiglitazone /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Rosiglitazone 2mg: -2.0 +Rosiglitazone 4mg: -2.4 +Rosiglitazone 6mg: -2.5 +Glimepiride /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Glimepiride 8mg: -1.36 +Acarbose /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Acarbose 100mg: -1.4 +Source: Literature review + Good safety profile. In our completed Phase Ib/IIa clinical trials, HJ178 demonstrated a favorable +safety profile compared to commonly used anti-diabetic medications, such as semaglutide. There +were no AEs that led to dose discontinuation and no AEs that led to dose reduction. In contrast, +semaglutide has demonstrated SAE rates ranging from 5% to 9.4% in its clinical trial, with 4.5% to +BUSINESS +– 182 – + + +--- page 192 --- +10% of patients experiencing AEs that necessitated early treatment discontinuation, along with a +fatal AE occurrence of 0% to 1%. AEs frequently associated with tirzepatide and semaglutide, such +as vomiting and nausea. No vomiting was reported with HJ178, and nausea incidence was lower than +placebo. While diarrhea was reported, nearly all cases were mild and transient. Importantly, a range +of other AEs commonly linked to these agents, including decreased appetite, constipation, dyspepsia, +injection site reactions, fatigue, and hypersensitivity, were not observed with HJ178. +Summary of Clinical Trial +Ongoing Phase II Clinical Trial +We initiated a Phase II clinical trial in July 2025 to evaluate the efficacy and safety of HJ178 in +people with type 2 diabetes mellitus inadequately controlled with diet and exercise alone. According to the +Technical Guidelines for Clinical Development of Drugs for Type 2 Diabetes in Adults, clinical trials of +type 2 diabetes therapies should include one study in patients inadequately controlled by diet and exercise +and one study in patients inadequately controlled on metformin. The ongoing Phase II trial was designed +in line with these guidelines. The trial is currently ongoing. +Trial design. This trial is a randomized, double-blind, placebo-controlled, multi-center study +designed to evaluate the efficacy and safety of HJ178 in patients with type 2 diabetes inadequately +controlled with diet and exercise. The trial consists of two parts and is expected to enroll approximately +130 patients with baseline HbA1c levels between 7.0% and 10.0%, all of whom will continue to receive +dietary and exercise counseling throughout the study. +The trial is designed to enroll patients with type 2 diabetes whose blood glucose was not adequately +controlled by diet and exercise alone. In line with the Technical Guidelines for Clinical Development of +Drugs for Type 2 Diabetes in Adults, early exploratory studies typically include patients who have +undergone lifestyle intervention for more than three months but still have poor glycemic control, to +minimize confounding factors and better assess drug efficacy and safety. +The study aims to enroll 130 patients, based on statistical calculations from historical data and +similar trials. The treatment duration was 13 weeks, as the primary efficacy endpoint, HbA1c, reflects +average blood glucose over the past two to three months, making this duration appropriate for evaluating +changes in glycemic control. +Trial status. As of the Latest Practicable Date, 35 subjects had been enrolled in the trial. We expect +to complete this trial in the first half of 2027. +Phase Ib/IIa Clinical Trial +Trial design. This clinical trial was a randomized, double-blind, placebo-controlled, single-center, +dose-titration clinical study in China to evaluate the safety, tolerability, PK, and efficacy of multiple doses +of HJ178 capsule in both healthy subjects and patients with type 2 diabetes. This study consisted of two +parts: Phase Ib enrolled healthy subjects and evaluated multiple ascending doses, while Phase IIa enrolled +patients with type 2 diabetes to evaluate preliminary efficacy. +The study comprised two phases. In Phase Ib, we enrolled healthy subjects into four dose groups +(low, medium, medium-high, and high), each including ten subjects—eight receiving HJ178 and two +receiving placebo. The M1 group (low dose) received fixed dosing, while M2 to M4 groups received +dose-titrated regimens. In Phase IIa, we enrolled type 2 diabetes patients with poor glycemic control +despite diet and exercise, into a single medium-high dose group (N1), also with ten subjects (eight HJ178, +two placebo) using a titrated dosing schedule. The primary objective was to assess the safety and +tolerability of repeated HJ178 dosing and the secondary objectives included evaluating its PK profile and +therapeutic efficacy in both populations. This trial aims to provide a reference for Phase II trial design. +BUSINESS +– 183 – + + +--- page 193 --- +Trial status. The Phase Ib portion commenced in January 2024 and was completed in March 2024. +The Phase IIa clinical trial commenced in March 2024, and was completed in May 2024. A total of 50 +subjects were enrolled, all of whom completed dosing. Among them, 40 subjects received HJ178, and 10 +subjects received placebo. +Safety results. No SAEs, AEs leading to study withdrawal, dose interruption, dose reduction, dose +discontinuation, death or hypoglycemia were reported in the study. All drug-related AEs were transient. +No clinically significant abnormalities in physical examinations or vital signs were observed in any +enrolled subject. TRAEs that occurred in more than one subject and at a higher incidence than placebo +mainly included diarrhea, abdominal pain, positive urine red blood cells, elevated blood uric acid, and +increased serum amylase, all of which were mild in severity. +Efficacy results. Following multiple dosing, HJ178 reduced postprandial blood glucose levels in +patients with type 2 diabetes. In the HJ178 treatment group, reductions from baseline at 0.5, 1, and 2 hours +post-meal were 3.18 mmol/L, 5.67 mmol/L, and 5.88 mmol/L, respectively. In contrast, the placebo group +showed increases of 1.25 mmol/L, 0.52 mmol/L, and 4.63 mmol/L at the corresponding time points. +As illustrated, multiple dosing of HJ178 capsules in diabetic patients resulted in a significant +reduction in postprandial blood glucose relative to baseline. The glucose levels in diabetic subjects before +and after multiple dosing with HJ178 are shown, with the dashed line representing pre-dose (Day -1) +glucose and the solid line representing post-dose (Day 28) glucose: +As illustrated, multiple dosing with placebo in diabetic subjects did not result in a reduction of +postprandial blood glucose relative to baseline. Glucose levels before and after multiple dosing in the +placebo group of diabetic subjects are presented: +Fasting 0.5-h.p.bf 1-h.p.bf 2-h.p.bf 4-h.p.bf + Fasting 0.5-h.p.bf 2-h.p.bf 4-h.p.bf1-h.p.bf +p.bf = post breakfast +Data are presented as mean ±SEM. * p< 0.05, **p< 0.01 vs. placebo +M1 M2 M3 Placebo +-2.0 +-1.5 +-1.0 +-0.5 +0.0 +Body weight change + from baseline ( kg ) +** +As illustrated, HJ178 not only demonstrates +significant glucose-lowering effects but also contributes +to weight reduction. Following multiple doses, subjects +treated with HJ178—including healthy volunteers in +groups M1, M2 and M3—experienced mean weight +decreases from baseline of 0.35, 0.56 and 1.55 kg, +respectively. In comparison, subjects receiving the +HJ178 placebo exhibited a mean weight reduction of +0.07 kg: +Notes: +(1) The M4 and N1 groups required longer titration time and had shorter durations at the stable-dose treatment. +(2) Changes in body weight from baseline were: M1: -0.35 kg; M2: -0.56 kg; M3: -1.55 kg; placebo: -0.07 kg. +BUSINESS +– 184 – + + +--- page 194 --- +Conclusion. Single and multiple dosing of HJ178 demonstrated a favorable safety profile and a +significant postprandial glucose-lowering effect. In subjects with type 2 diabetes, multiple doses of HJ178 +reduced postprandial blood glucose levels by 3.18, 5.67, and 5.88 mmol/L at 0.5, 1, and 2 hours after a +meal, respectively, indicating its potential to significantly improve postprandial glycemic control and +increase time-in-range (TIR) in patients with type 2 diabetes. +Phase I Clinical Trial +We initiated a Phase I clinical trial in October 2023 to evaluate the safety, tolerability, PK, and PD +of a single oral dose of HJ178 capsule in healthy subjects. +Trial design. This was a single-dose randomized, double-blind, placebo-controlled, single-center, +dose-escalation study to evaluate the safety, tolerability, PK, and pharmacodynamics (PD) of a single oral +dose of HJ178 capsules in healthy subjects. A total of seven cohorts were enrolled, with 10 subjects in each +cohort, for a total of 70 subjects. Of these, each dose group included eight subjects received HJ178 +capsules and two received placebo. Subjects in groups S1 to S7 were administered a single dose (D1) of +either HJ178 or placebo. According to the Technical Guidelines for Pharmacokinetic Studies of Chemical +Drugs, enrolling 8–12 subjects per dose group meets the requirements for exploratory PK studies while +following the principle of minimal exposure risk. +The primary objective of the study was to assess the safety and tolerability of single oral doses of +HJ178 in healthy subjects. The secondary objective was to evaluate the pharmacokinetic profile of HJ178 +and its effect on glucose levels relative to baseline following administration. +Healthy male and female subjects aged 18 to 45 years were enrolled, with those having major +diseases excluded to avoid interference with safety evaluation. This was a single ascending dose study, +designed to provide a reference and data support for dose selection in subsequent multiple-dose studies. +Trial status. The trial has been completed, with a total of 71 healthy subjects enrolled. Of these, 70 +participants completed dosing, including 56 subjects in the HJ178 treatment group and 14 in the placebo +group. +Safety profile. No SAEs, AEs leading to study withdrawal, dose adjustments, or death, nor any +hypoglycemic events were reported in the study. The only TRAEs observed in more than one subject and +at a higher incidence than the placebo group were mild diarrhea and abdominal distension. All drug-related +AEs were of mild to moderate intensity and transient in nature. No clinically significant abnormalities +were reported in physical examinations or vital signs among any enrolled subjects. +Efficacy profile. HJ178 demonstrated a rapid glucose-lowering effect and improvement in +time-in-range (TIR), contributing to effective day-long glycemic control. A single oral dose of HJ178 +significantly reduced postprandial blood glucose levels. In healthy subjects, postprandial blood glucose at +0.5 hours after dosing decreased from baseline by 1.14, 2.11, 1.80, 2.75, 1.78, 2.87, and 2.40 mmol/L in +the S1-S7 dose groups, respectively, compared to a decrease of only 0.09 mmol/L in the placebo group. +At 1 hour post-dose, the respective reductions were 1.28, 1.46, 1.18, 2.35, 1.40, 2.29, and 1.06 mmol/L, +while the placebo group showed a reduction of 0.63 mmol/L. +Conclusion. In this trial, 71 subjects were enrolled, of which 70 completed treatment and were +included in the safety analysis. No AEs, treatment discontinuations due to AEs, or Grade 3 or higher AEs +were reported. All observed AEs were mild to moderate (Grade 1-2) and transient in nature. The most +common AEs ( /H113505% incidence) included diarrhea, abdominal distension, and elevated triglycerides. No +clinically meaningful abnormalities were observed in physical examinations, ECG, or vital signs, and the +overall tolerability of HJ178 was favorable. +BUSINESS +– 185 – + + +--- page 195 --- +Summary of Preclinical Studies +HJ178 has demonstrated significant glucose- and HbA1c-lowering effects, with efficacy markedly +superior to that of currently available oral antidiabetic agents such as DPP-4 inhibitors and SGLT2 +inhibitors. Repeated dosing of HJ178 significantly reduced OGTT blood glucose and HbA1c levels in the +db/db mouse model of type 2 diabetes. HJ178 demonstrated a dose-dependent reduction in postprandial +glucose, with HbA1c levels also decreasing in a dose-dependent manner; the high-dose group showed +significantly greater efficacy than linagliptin. HJ178 has also demonstrated significant weight reduction +effects in animal models, indicating its potential as an anti-obesity agent. +Material Communications with Competent Authorities +We submitted an IND application to the NMPA for conducting clinical trial of HJ178 for the +treatment of patients with type 2 diabetes indication and received the approval from the NMPA in May +2023. Subsequently, we initiated a Phase I clinical trial in October 2023 to evaluate the safety, tolerability, +and PK of a single dose of HJ178 capsule in healthy subjects and completed this trial in November 2023. +Following the Phase I clinical trial, we initiated a Phase Ib/IIa clinical trial in January 2024 to assess the +safety, tolerability, PK, and preliminary efficacy of multiple doses in both healthy subjects and patients +with type 2 diabetes. The Phase Ib portion commenced in January 2024 and was completed in March 2024. +The Phase IIa portion commenced in March 2024, and was completed in May 2024. Additionally, we +initiated a Phase II clinical trial in July 2025 to further evaluate the efficacy and safety of HJ178 in people +with type 2 diabetes mellitus inadequately controlled with diet and exercise alone. The trial is currently +ongoing. +The application materials submitted to the NMPA and the corresponding IND approval encompassed +both Phase I and Phase Ib/IIa clinical trials for HJ178, with each of the Phase I and Phase Ib/IIa clinical +trials being a separate trial with different endpoints. The IND approval authorizes the conduct of both trials +without stipulating any additional approval requirements from the NMPA. As of the Latest Practicable +Date, the primary objectives, including the assessment of the safety and tolerability of single oral doses +of HJ178 in healthy subjects of the Phase I trial, and the evaluation of the safety, tolerability, PK, and +efficacy of multiple doses of HJ178 capsule in both healthy subjects and patients of Phase Ib/IIa had been +reached, marking the completion of these trials. +According to CIC, it is common industry practice that the sponsor and the principal investigator +review the trial results, including safety data, PK profile against the primary and secondary endpoints set +in the Phase I trial protocol, and then exercise their judgment in determining whether the Phase I clinical +trial has met its primary objectives and whether to initiate the Phase II clinical trial. The principal +investigator and we have reviewed the data from the Phase I clinical trial and determined that the primary +objectives for the Phase I trial had been met. Therefore, we consider the Phase I trial to have been +completed. +The IND approval explicitly specifies that prior to conducting a Phase III registrational trial, +communication with the CDE for clinical protocol is recommended. Apart from that, no additional +communication is necessary for conducting clinical trials for the approved indication. Therefore, once the +primary objective of the Phase I trial were reached, no additional approval or confirmation from the NMPA +is required for the initiation of a Phase II trial. In line with the safety reporting requirements, we have +regularly submitted annual development safety update reports (DSUR) to the CDE. Pursuant to the +Working Procedures for Safety Information Assessment and Risk Management During Drug Clinical Trials +(Trial) issued by the CDE, if no objections or requests for additional information are received from the +CDE within the prescribed review period, we may proceed with the clinical trial in accordance with the +conditions and plans specified in the trial approval. We had not received any relevant regulatory agency’s +objections to our clinical development plans as of the Latest Practicable Date. +BUSINESS +– 186 – + + +--- page 196 --- +In August 2025, we confirmed with the CDE that it had no objection that (i) our Phase I and Ib/IIa +trials have been completed, and (ii) we may proceed with the Phase II trial without obtaining additional +approval. +As of the Latest Practicable Date, we had not received any relevant regulatory agency’s concerns or +objections to the commencement of any of our clinical trials or our clinical development plans. No +material adverse changes had occurred since we obtained the IND approvals and up to the Latest +Practicable Date. +Next Steps +We expect to complete the ongoing Phase II clinical trial in the first half of 2027, and communicate +with the CDE before we commence the Phase III clinical trial. We plan to initiate the Phase III trial in the +first half of 2027, with expected completion in the second half of 2028, and submit an NDA to the NMPA +for the treatment of type 2 diabetes in the second half of 2028. +Initiation of clinical trials for the overweight or obesity indication in China requires separate NMPA +approval or implied approval. We have completed Phase I and Phase Ib/IIa clinical trials for HJ178. +According to CIC, the completed Phase I and Phase Ib/IIa trials have evaluated the PK, safety, tolerability +and preliminary dose-escalation profile of HJ178 in healthy subjects, it is generally not required to +conduct another Phase I trial specifically for the overweight or obesity indication, subject to regulatory +review. We plan to submit an IND application to the NMPA in October 2026 for the treatment of +overweight or obesity. We also plan to discuss the specific clinical trial design for the overweight or +obesity indication with the NMPA during the IND application process. In parallel, we intend to submit an +IND application to the FDA in December 2026 and October 2026 for the treatment of type 2 diabetes and +overweight or obesity, respectively. In connection with the IND application, we plan to communicate with +the FDA regarding the feasibility of commencing a Phase II clinical trial of HJ178 for the treatment of +overweight or obesity. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ178 +SUCCESSFULLY. +HJ891 +HJ891, one of our Core Products, is a KRAS +G12C inhibitor intended for the treatment of NSCLC with +KRASG12C mutation. KRAS G12C is a common KRAS mutation subtype in NSCLC. KRAS mutations are +genetic drivers of multiple cancer types and the cysteine 12 (C12) mutation causes the KRAS protein to +stay in its active state that drives pro-tumorigenic signals and establishes the main signal axis of tumor +cell proliferation and survival. HJ891 has the potential of treating NSCLC with KRAS +G12C mutation by +binding to KRAS G12C and locking the KRAS protein in its inactive state to disrupt its signals, thereby +preventing cancer cell proliferation. +We are developing HJ891 as a treatment for NSCLC with KRAS G12C mutation that has progressed +following first-line standard therapies as monotherapy. Building on that single agent evidence, we are +pursuing a combination strategy with toripalimab, a PD-1 inhibitor approved for NSCLC with a favorable +efficacy and safety profile, for first line non-squamous NSCLC with KRAS +G12C mutation. Combining a +KRASG12C inhibitor with an anti PD-1 immunotherapy has a strong scientific rationale, targeted inhibition +addresses the tumor’s oncogenic driver while immunotherapy can boost and prolong the anti-tumor +immune response. HJ891 was one of the few KRAS +G12C inhibitors being developed for first-line treatment +in combination with immunotherapy as of the Latest Practicable Date. We also plan to evaluate the +efficacy and safety of HJ891 as a combination therapy for treating colorectal cancer. +BUSINESS +– 187 – + + +--- page 197 --- +The table below summarizes IND approvals received for HJ891, the corresponding indications, lines +of treatments and clinical trials conducted and the basis for progressing to the next phase of clinical trials: +Indication/Line of +Treatment +Month IND +Approval Received Clinical Trials +Basis for Progressing to the Next Phase of +Clinical Trials +Monotherapy for +NSCLC with +KRAS +G12C +mutation that has +progressed +following first-line +standard therapies +as monotherapy +(2L+ treatment) +(1) /H1118 +April 2021  Initiated a Phase I/IIa clinical +trial (registration number +CTR20212195) in October +2021. Specifically, the Phase +I portion commenced in +October 2021, and was +completed in July 2022, +followed by the Phase IIa +portion in May 2022, and the +Phase IIa portion was +completed in January 2023 +(2) + Initiated a pivotal single-arm +Phase IIb clinical trial +(registration number: +CTR20231351) in June 2023 +and expect to complete the +trial in August 2026 +The IND approval explicitly authorizes +both Phase I and Phase II clinical +trials for HJ891. It states that, prior to +initiating a Phase III trial, +communication with the CDE +regarding the clinical protocol is +required. Apart from this, no +additional communications are +necessary to conduct clinical trials for +the approved indication. +Prior to initiating the pivotal Phase IIb +clinical trial, the Company submitted +a communication request to the CDE +in January 2023, providing the Phase +I/IIa results and the Phase IIb +protocol, and obtained the CDE’s +approval to proceed in April 2023. +The Company then secured the ethics +committee’s approval following +reviews by the principal investigator, +participating trial centers and ethics +committee. The Company then +submitted the ethics committee’s +approval of the Phase IIb protocol, +together with other materials to the +CDE in April 2023, and these +materials have been published on the +CDE Clinical Trial Platform since +April 2023. +Combination therapy +for non-squamous +NSCLC with +KRAS +G12C +mutation (1L +treatment) +(4) /H1118/H1118/H1118/H1118 +July 2023 Initiated a Phase Ib clinical trial +(registration number: +CTR20240054) in January 2024 +and expect to complete the trial +in June 2026 +(3) +Notes: +1. As of the Latest Practicable Date, the Company had not received the conditional market approval for HJ891 as a monotherapy. +The Company expects to apply for conditional marketing approval upon completion of the pivotal Phase IIb clinical trial. +2. The Phase I/IIa clinical trial is designed in two parts, with a dose-escalation Phase I portion that establishes safety and +tolerability, characterizes PK, and determines the RP2D, followed by a dose-expansion Phase IIa portion that further +characterizes safety and preliminary efficacy, and determines the recommended dose for the pivotal trial. The Phase I portion +is equivalent to a conventional Phase I trial while the Phase IIa portion is equivalent to a conventional Phase II trial. In +addition, the Phase III clinical trial we plan to initiate is equivalent to a conventional Phase III clinical trial. +3. This Phase Ib trial is a separate and standalone clinical trial from the planned Phase III trial. The Phase Ib trial consists of +a dose-escalation stage and a dose-expansion stage. The dose-escalation stage is designed to assess the safety and preliminary +efficacy of HJ891 combined with toripalimab in patients with NSCLC, equivalent to a conventional Phase I trial. The +dose-expansion stage evaluates efficacy and safety to determine the RP3D, equivalent to a conventional Phase II study. +BUSINESS +– 188 – + + +--- page 198 --- +4. Junshi Biosciences is aware that we are conducting a clinical trial of HJ891 in combination with toripalimab (TUOYI ®), for +the treatment of NSCLC. In China, we procure toripalimab for HJ891 combination therapy clinical trials through independent +third-party pharmaceutical suppliers rather than directly from Junshi Biosciences. Junshi Biosciences, as the MAH and +manufacturer of toripalimab, holds the relevant pharmaceutical manufacturing qualifications and conducts the commercial +supply of toripalimab through pharmaceutical supply and circulation arrangements compliant with applicable Good Supply +Practice (GSP) requirements. However, drug manufacturers supply differs significantly from the supply and management of +investigational products in multi-center clinical trials. As the sponsor of combination therapy clinical trials, the Company is +required to ensure that the receipt, storage, cold chain transportation, dispensing, return, inventory management, temperature +monitoring, batch traceability and related documentation and record management of the relevant trial drugs at each clinical +trial site comply with applicable GCP and investigational product management requirements. Such specialized clinical trial +drug supply and management services are typically not provided by drug manufacturers through their commercial supply +systems. According to CIC, for clinical-stage biotechnology companies, it is common industry practice to procure +commercialized drugs for use in clinical trials through independent third-party clinical trial drug supply service providers and +to engage such providers to carry out the related supply management. Such arrangement helps enhance the efficiency and +traceability of clinical trial drug supply management and supports compliance with applicable GCP and investigational +product management requirements. Engaging third-party suppliers with appropriate pharmaceutical operations, cold chain +management, and documentation capabilities is a common clinical trial supply arrangement consistent with regulatory +requirements. This supply arrangement is limited to supplying toripalimab for the HJ891 combination therapy clinical trial +in China. +Mechanism of Action +Monotherapy +The RAS family of proteins, particularly KRAS, plays a central role in regulating fundamental +cellular processes, including cell proliferation, differentiation, migration and survival. RAS transduces +signals primarily through two key downstream pathways, namely the RAF–MEK–ERK (MAPK) pathway +and the PI3K–AKT–mTOR pathway. Persistent activation of these pathways promotes uncontrolled cell +growth and survival. RAS functions as a binary molecular switch regulated by the GDP/GTP cycle: it +remains “off” when bound to GDP and switches “on” upon binding GTP. The majority of KRAS mutations +occur at codon 12. Substitution of glycine at this position with any amino acid other than proline results +in steric hindrance that interferes with the binding of GTPase-activating proteins (GAPs) to KRAS. This +impairment reduces GAP-mediated GTP hydrolysis, leading to a marked accumulation of GTP-bound, +active KRAS. As a result, KRAS remains constitutively activated, driving persistent activation of +downstream RAS signaling pathways that promote oncogenic cell proliferation and survival. In the case +of the KRAS +G12C mutation, substitution at this residue impairs GTP hydrolysis by preventing the binding +of GTPase-activating proteins, resulting in sustained accumulation of active, GTP-bound KRAS and +constitutive downstream signaling. +The KRAS +G12C inhibitor primarily works by covalently binding to the mutant cysteine 12 residue in +the switch II pocket (S-IIP) of the KRAS G12C protein, effectively locking it in inactive, GDP-bound, state. +This prevents the protein from transitioning to its active GTP-bound state, thus inhibiting downstream +signaling pathways. +HJ891 is a selective KRAS +G12C inhibitor designed to covalently bind to the mutant cysteine residue +at position 12 within the switch II pocket (S-IIP) of KRAS G12C. By locking KRAS G12C in its inactive, +GDP-bound conformation, HJ891 prevents the transition to the active GTP-bound state and inhibits +downstream signaling through the RAF–MEK–ERK and PI3K–AKT–mTOR pathways. Through this +mechanism, HJ891 suppresses tumor cell proliferation driven by KRAS +G12C–mediated oncogenic +signaling. +BUSINESS +– 189 – + + +--- page 199 --- +The diagram below illustrates the mechanism of action of HJ891: +P P +GRB2 +KRASG12C +inhibitors +SHP2 +RAS GDP +RAS GTP +RAF-MEK-ERK pathway PI3K-AKT pathway +Blocking the signals of cancer cells growth and survival +Cell membraneReceptor tyrosine kinase +Source: Journal of Experimental & Clinical Cancer Research, CIC +Combination therapy +Tumors with KRAS mutations promote the upregulation of PD-L1 expression. Elevated PD-L1 +expression on tumor cells can bind to PD-1 receptors on T cells, thereby attenuating T-cell activity and +facilitating immune evasion. Tumors with KRAS mutations also lead to downregulation of major +histocompatibility complex class I (MHC-I) expression. MHC-I presents tumor-associated antigents to +CD8+ T-cells, thereby activating the adaptive immune response. Reduced MHC-I expression diminishes +CD8 T-cell recognition and cytotoxic activity, resulting in immune evasion. KRAS mutations also enhance +the secretion of various cytokines and chemokines, such as interleukin-10 (IL-10), granulocyte- +macrophage colony-stimulating factor (GM-CSF) and CCL-9, thereby recruiting immunosuppressive +immune cells to mediate immune escape in the tumor microenvironment. Therefore, targeting the KRAS +signaling pathway can mitigate these immune-evasion mechanisms and restore immune function in the +tumor microenvironment. KRAS inhibitors can enhance the ability of antigen-presenting cells to take up +tumor antigens, improve the ability of T cells to kill tumors, and increase responsiveness to interferons, +thereby reshaping the tumor microenvironment. Consequently, combining KRAS +G12C inhibitors with +anti-PD-1 therapy is a more effective treatment for tumors. +The diagram below illustrates the mechanism of action of HJ891 in combination with toripalimab: +BUSINESS +– 190 – + + +--- page 200 --- +Market Opportunity and Competition +NSCLC is any type of epithelial lung cancer other than SCLC, accounting for 85% of lung cancer. +The global incidence of NSCLC increased from 1,922.2 thousand cases in 2020 to 2,258.6 thousand cases +in 2025 and is estimated to reach 2,582.4 thousand cases by 2030, according to CIC. In China, NSCLC +incidence increased from 830.1 thousand cases in 2020 to 1,008.3 thousand cases in 2025, and is estimated +to reach 1,174.8 thousand cases by 2030, according to CIC. KRAS-mutant NSCLC (KRAS+) accounted +for 103.9 thousand (about 10.3%) cases in China, and 478.8 thousand KRAS+ cases (about 21.2%) +globally. Among them, KRAS +G12C is the most common, accounting for approximately 40% of +KRAS-mutated NSCLC cases. In 2025, the global incidence of NSCLC cases with KRAS G12C mutation +was 203.3 thousand while in China, it was 45.5 thousand. +Treatment strategies for KRAS G12C mutation NSCLC vary depending on factors such as the patient’s +overall health, disease stage and specific treatment preferences. For Chinese patients opting for first-line +chemotherapy, the ORR ranges from 25.5% to 26.5% and for those choosing immunotherapy, the ORR +ranges from 11.1% to 40.9%, according to CIC. These figures highlight the limitations of current treatment +methods. As no targeted KRAS +G12C inhibitor has yet been established as the standard of care in the +first-line treatment setting—particularly for patients without high PD-L1 expression or actionable +co-mutations. Moreover, the clinical benefit of existing KRAS +G12C inhibitors is often limited by the +emergence of resistance mechanisms, including secondary KRAS mutations that hinder drug binding, +activation of alternative oncogenic pathways such as EGFR, MET, or PI3K that bypass KRAS inhibition, +and histologic transformation. Direct inhibition of KRAS oncoprotein has been a long-standing objective +in precision medicine. Efforts to target RAS began in the 1980s, following the discovery of activating +mutations in human cancer cells and the identification of RAS oncogenes in transforming viruses. The +discovery of inhibitors that selectively target KRAS +G12C marked a significant advance in this quest. The +global NSCLC KRAS G12C targeted drugs market is expected to increase from US$0.6 billion in 2025 to +US$1.9 billion by 2030, while in China, the market is expected to increase from RMB$0.2 billion in 2025 +to RMB$1.9 billion in 2030. +As of the Latest Practicable Date, there were two oral KRAS +G12C inhibitors approved by the FDA, +namely sotorasib and adagrasib. The NMPA in China has approved the KRAS G12C inhibitors fulzerasib, +garsorasib, glecirasib, and sosimerasib for the treatment of patients with NSCLC harboring a KRAS G12C +mutation who had received at least one prior line of PD-1 therapy combined with chemotherapy, with or +without bevacizumab, or targeted therapy. As of the Latest Practicable Date, there were 14 KRAS +G12C +candidates that are in Phase II clinical trials and beyond in China. While the development of KRAS G12C +inhibitors represents a significant breakthrough in targeted cancer therapy, their use as a first-line +treatment remains under active investigation. Several KRAS +G12C inhibitors have been approved for +second-line and later-line use; however, safety concerns have posed considerable challenges to advancing +these agents into the first-line treatment setting. As of the Latest Practicable Date, 4 KRAS +G12C inhibitors +had been approved in China. Apart from KRAS G12C inhibitors, including HJ891, alternative treatments of +NSCLC includes immunotherapy and chemotherapy, with the targeting patient population for second-line +NSCLC reaching 28.8 thousand in China in 2025. See “Industry Overview—Overview of RAS and KRAS +as Therapeutic Targets” in this prospectus for details. +In the treatment of advanced NSCLC, existing therapeutic options each present inherent limitations. +Conventional chemotherapy regimens, such as docetaxel monotherapy or in combination, are associated +with relatively low ORR (approximately 12%–18%), a short median PFS of around three months, and +non-specific cytotoxicity, leading to hematologic toxicities including neutropenia, anemia and leukopenia. +Immunotherapy with PD-1 inhibitors has demonstrated clinical benefit primarily in patients with higher +PD-L1 expression; however, ORRs remain modest in broader patient populations and treatment is +accompanied by immune-related AEs, with limited efficacy observed in patients with low PD-L1 +expression. Targeted KRAS inhibitors approved or under development for second-line treatment have +reported an ORR of approximately 47%–52% and a median PFS of approximately 8–9 months. +Nevertheless, these therapies are generally associated with relatively high incidences of Grade 3 or higher +treatment-related AEs (approximately 38%–50%) and the emergence of acquired resistance, which may +limit long-term tolerability and durability of response. +BUSINESS +– 191 – + + +--- page 201 --- +Against this competitive backdrop, HJ891 has demonstrated a differentiated clinical profile. As +monotherapy in the second-line setting, HJ891 achieved an ORR of 47.2% and a DCR of 100%, along with +a comparatively favorable safety profile, with Grade 3 or higher treatment-related AEs reported in 13.5% +of patients. In the first-line setting, HJ891 in combination with toripalimab achieved an ORR of up to +92.3% in patients with PD-L1 TPS of 50% or higher. While the incidence of Grade 3 or higher +treatment-related AEs was higher in the combination setting, the observed efficacy suggests potential +synergistic benefits. These results support the potential of HJ891 to offer a favorable balance of efficacy +and tolerability in NSCLC, while further studies are ongoing to validate its clinical benefit across broader +patient populations and additional tumor types. +HJ891 will compete with approved KRAC +G12C inhibitors and clinical-stage programs developed by +major global pharmaceutical and biotechnology companies. HJ891 has demonstrated a differentiated +safety profile compared to approved KRAC +G12C inhibitors in clinical trials to date, with a lower incidence +of high-grade treatment-related AEs while maintaining comparable efficacy. For patients with advanced +cancer, quality of life is a critical consideration alongside survival outcomes, and HJ891’s favorable +tolerability profile may enable patients to achieve both extended survival and improved quality of life +during treatment. Additionally, HJ891 has a lower dosing requirement compared to approved KRAC +G12C +inhibitors, which may provide potential advantages in manufacturing efficiency and treatment economics. +Our development strategy focuses on demonstrating this differentiated safety and tolerability profile to +support competitive positioning in the KRAS inhibitor market. +Competitive Advantages + One of the few KRAS +G12C inhibitors being developed for first-line treatment in combination with +immunotherapy as of the Latest Practicable Date . The combination of precision therapy and +immunotherapy is considered an optimal treatment approach—targeted therapies provide rapid and +specific tumor inhibition, while immunotherapies offer durable clinical responses despite a slower +onset of action. However, the development of KRAS +G12C inhibitors in first-line settings, particularly +in combination with PD-1 inhibitors, has been constrained by safety concerns, most notably liver +toxicity associated with monotherapy. HJ891 has demonstrated potent kinase inhibition and cellular +activity, with a favorable tissue distribution profile predominantly in the lungs. In ongoing clinical +trials evaluating HJ891 in combination with PD-1 inhibitors, the regimen has shown a favorable +safety and tolerability profile, supporting its potential for use in first-line treatment of KRAS +G12C- +mutant NSCLC. HJ891 demonstrates a superior safety profile compared to currently approved +KRAS +G12C inhibitors, with grade 3 or above TRAE incidence of only 13.5%—significantly lower +than those of comparator drugs. Common AEs seen with approved therapies were absent or less +frequent with HJ891. + Favorable lung-targeted PK enabling improved safety and efficacy. Preclinical studies in tumor- +bearing mice demonstrated that lung exposure levels of HJ891 were higher than those in the liver and +kidney. This lung-targeted PK reduces exposure to the liver and kidneys, which minimizes liver +toxicity and allows for lower dosing. +Compared to sotorasib, HJ891 demonstrated greater enzymatic activity and stronger three- +dimensional cell proliferation inhibition. The Ames, chromosome aberration and micronucleus tests +showed that HJ891 carries no genotoxicity risk. In contrast, sotorasib tested positive for chromosome +aberration in vitro . +P-glycoprotein (P-gp), a member of the ATP-binding cassette transporter family, plays a significant +role in causing multi-drug resistance in tumor cells. Unlike sotorasib which is a substrate of P-gp, +HJ891 is not affected by this transporter. This suggests that HJ891 may have a potential advantage +in overcoming drug resistance. HJ891 also showed good safety when combined with immunotherapy, +making it a promising candidate for first-line treatment. +BUSINESS +– 192 – + + +--- page 202 --- + Meaningful efficacy . In our Phase I/IIa clinical trial, HJ891 achieved a confirmed ORR of 47.2% in +patients who underwent at least one efficacy assessment, demonstrating its efficacy in treating +KRAS +G12C-mutant NSCLC patients. In our Phase Ib/III clinical trial, where HJ891 was combined +with toripalimab, it showed good efficacy and acceptable safety in patients with KRAS G12C-mutated +non-squamous NSCLC. In the HJ891 640 mg QD combined with toripalimab 240 mg Q3W dose +group, the ORR was 77.8%, and among patients with a PD-L1 tumor proportion score (TPS) of 50% +or higher, the ORR reached 92.3%. In treatment-naïve patients with KRAS +G12C-mutated NSCLC, +adagrasib 400 mg BID combined with pembrolizumab 200 mg Q3W achieved an ORR of 44.3%, +with an ORR of 59.3% in patients with a PD-L1 TPS of 50% or higher. In the same patient +population, olomorasib 50 mg or 100 mg BID combined with pembrolizumab demonstrated an ORR +of 70%, reaching 82% among patients with PD-L1 TPS of 50% or higher. These results suggest that +HJ891 may offer improved efficacy for patients with high PD-L1 expression. + Good safety profile . HJ891 has demonstrated a good safety profile in clinical trials. In the Phase I/IIa +clinical trial of HJ891 as monotherapy, the incidence of grade 3 or higher TRAEs was 13.5%, +significantly lower than those reported for approved products: sotorasib (33%), adagrasib (44.8%), +fulzerasib (41.4%), garsorasib (50%), glecirasib (38.7%), and sosimerasib (40.0%). In the Phase +Ib/III clinical trial, the combination of HJ891 and toripalimab showed an acceptable safety profile, +with grade 3 or higher TRAEs occurring in 43.2% of patients. +Drug Sotorasib Adagrasib Fulzerasib Garsorasib Glecirasib Sosimerasib +TRAE /H11350Grade 3 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111833% 44.8% 41.4% 50% 38.7% 40.0% +TRAE leading to treatment +interruption /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836% 61.2% 37.9% 42% 37.8% 24.1% +TRAE leading to dose +reduction /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815% 51.7% 20.7% 30% 18.5% 10.3% +TRAE leading to treatment +discontinuation /H1118/H1118/H1118/H1118/H1118/H1118/H111810% 6.9% 7.8% 0% 5% 2.1% +TRAEs leading to death /H1118/H1118 1% 1.7% 2.6% 1.6% 0% 0% +Common AEs observed with these marketed drugs were either absent or infrequent in patients treated +with HJ891. Among those receiving HJ891, the incidence of TRAEs at 10% or higher included +hypercholesterolemia, diarrhea, anemia, elevated AST, ALT, /H9253-GT, and creatinine, as well as vomiting, +nausea, and upper abdominal pain. No TRAEs led to dose reduction or treatment discontinuation, and no +treatment-related deaths were observed. +Summary of Clinical Trials +Monotherapy +We commenced a single-arm pivotal Phase IIb clinical trial of HJ891 for the treatment of NSCLC +with KRAS +G12C mutation that has progressed following first-line standard therapies in June 2023. The trial +is currently ongoing. +Ongoing Pivotal Phase IIb Clinical Trial +Trial design. This is a multi-center, open-label single-arm clinical trial in patients with KRAS G12C +mutation NSCLC that has progressed following first-line standard therapies. The primary objective of the +trial is to evaluate the antitumor efficacy of HJ891 in patients with KRAS G12C mutated NSCLC who have +previously received first-line standard therapy. The secondary objectives are to assess the safety and +tolerability of HJ891 in these patients, as well as to characterize the long-term PK profile of HJ891 in +KRAS +G12C mutated NSCLC patients. The sample size was determined through consultation and agreement +with the CDE. +BUSINESS +– 193 – + + +--- page 203 --- +Trial status. The Phase IIb trial was initiated in June 2023 and is currently ongoing. +Phase I/IIa Clinical Trial +Trial design. This is an open-label, single-arm Phase I/IIa clinical trial to evaluate the safety, +tolerability, PK, and preliminary anti-tumor activity of HJ891 in patients with advanced solid tumors. The +study consists of two sequential components: a dose-escalation Phase I and a dose-expansion Phase IIa. +The study enrolled patients with advanced solid tumors. According to the Technical Guidelines for +Clinical Trials of Antitumor Drugs, “since cytotoxic antitumor drugs are associated with significant +toxicity, first-in-human studies should generally be conducted in cancer patients rather than healthy +volunteers,” and “in early exploratory clinical studies, multiple tumor types should be included based on +preclinical findings to obtain preliminary results on tumor-type sensitivity.” As HJ891 was approved for +the treatment of solid tumors, this study enrolled patients with advanced solid tumors in accordance with +the relevant regulatory guidelines. +The dose-escalation phase is designed to identify the maximum tolerated dose (MTD) and to evaluate +the safety, tolerability, PK profile, and preliminary efficacy of HJ891, administered orally once daily +(QD). A traditional 3+3 dose-escalation design will be utilized, with 3 to 6 subjects per dose levels ranging +from 320 mg to 1,280 mg. The dose expansion phase was designed as follows: once a dose level was +deemed safe and showed preliminary efficacy, additional patients enrolled at this dose to further evaluate +safety, PK, and efficacy. Patients received HJ891 in continuous 21-day cycles, with efficacy assessed +every 2 cycles. Based on emerging PK and safety data from the QD cohorts, the sponsor and investigators +may jointly consider evaluating a twice-daily (BID) dosing regimen in subsequent cohorts. +Following identification of the MTD, recommended Phase 2 dose (RP2D), or another +pharmacologically and clinically appropriate dose level, the trial will transition into the dose-expansion +phase. This dose-expansion Phase IIa phase is intended to further characterize the safety, PK profile, and +preliminary efficacy of HJ891 at the selected dose in specific tumor types or patient populations, each +tumor-type cohort enrolled subjects based on the subsequent development plan for each indication. The +trial period continued until disease progression, intolerable toxicity, or other withdrawal criteria were met. +The primary objective of the study is to evaluate the safety and tolerability profile of HJ891. +Secondary objectives include characterization of the drug’s PK and preliminary anti-tumor efficacy. +Trial status. The Phase I portion commenced in October 2021, and was completed in July 2022, +followed by the Phase IIa portion in May 2022, and the Phase IIa portion was completed in January 2023. +Safety results. In the dose-escalation phase, no dose-limiting toxicities (DLTs) were observed at any +tested dose level, including 320 mg QD, 640 mg QD, 960 mg QD, 1280 mg QD, 480 mg BID, and 640 +mg BID. Only one TRAE leading to dose reduction was reported in the 960 mg QD cohort. A single TRAE +resulting in treatment discontinuation and study withdrawal occurred in the 480 mg BID cohort. No +treatment-related deaths were reported across any dose level. Overall, HJ891 was well tolerated. In the +dose-expansion phase, three dosage regimens were studies, 640 mg QD, 960 mg QD and 480 mg BID. The +table below summarizes TEAEs observed across different dose cohorts: +640mg QD 960mg QD 480mg BID +(N=37) (N=9) (N=23) +Grade /H113503 AEs related to the investigational +product /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813.5% 22.2% 26.1% +AEs related to the investigational product and +resulting in dose interruption /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185.13% 11.11% 8.70% +AEs related to the investigational product and +resulting in dose reduction /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 11.1% 0 +BUSINESS +– 194 – + + +--- page 204 --- +640mg QD 960mg QD 480mg BID +(N=37) (N=9) (N=23) +AEs related to the investigational product and +resulting in discontinuation of the drug /H1118/H1118/H1118/H1118/H1118/H11180 0 4.3% +AEs related to the investigational product and +resulting in death /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118000 +Among all dose cohorts, the 640 mg QD cohort exhibited the most favorable overall safety and +tolerability profile and was identified as the RP2D. +Efficacy results. The 640 mg QD cohort demonstrated the most meaningful efficacy, achieving a +confirmed ORR of 47.2% and a DCR of 100%. The 960 mg QD cohort yielded a confirmed ORR of 33.3% +with a DCR of 88.9%, while the 480 mg twice-daily (BID) cohort showed a confirmed ORR of 43.5% and +a DCR of 91.3%. These results suggest that 640 mg QD offers the optimal therapeutic window among the +dose levels studied. +Tumor burden change from baseline (KRAS +G12C -mutated +NSCLC patients receiving HJ891 640 mg QD) +-100 +-80 +-60 +-40 +-20 +0 +20 +40 +60 +Best percentage change in tumour +burden from baseline (%) +640 mg QD +HJ891 also demonstrated rapid clinical activity. Improvements in patient-reported symptoms, +including reduced cough, pain, and sputum production were observed, suggesting an enhanced quality of +life. It showed activity in patients previously treated with EGFR inhibitors who had developed resistance, +as well as in those with metastatic disease involving the brain, bone, lymph nodes, or adrenal glands. In +the broader NSCLC study population, the 640 mg QD dose yielded a confirmed ORR of 47.2%. +Conclusion. HJ891 has shown promising safety and efficacy in patients with KRAS +G12C-mutated +NSCLC. No dose-limiting toxicities were observed across all dose levels tested. The 640 mg QD dose +demonstrated the best overall profile, with a confirmed ORR of 47.2% and a DCR of 100% in the targeted +NSCLC population. HJ891 showed rapid onset of action and clinical benefits such as symptom relief and +activity in patients with multiple metastatic lesions. The favorable safety profile of HJ891 supports its +potential for combination with standard therapies across a range of solid tumors harboring KRAS +G12C +mutations. +Combination Therapy +We commenced a Phase Ib/III clinical trial in combination with toripalimab for the treatment of +non-squamous NSCLC with KRAS G12C mutation as combination therapy in January 2024, which is +expected to be completed in the first quarter of 2028. +BUSINESS +– 195 – + + +--- page 205 --- +Ongoing Phase Ib/III Clinical Trial +Trial design. As HJ891 monotherapy had completed a Phase I/IIa clinical trial that established its +safety, PK profile, and preliminary efficacy, the Phase Ib/III clinical trial was subsequently designed with +reference to international cases of targeted therapy in combination with immunotherapy. The Phase Ib trial +includes both dose-escalation and dose-expansion parts to determine the recommended Phase III dose. +Following communication with the CDE, the Phase III trial will commence based on the confirmed dosing +regimen. +The sample size for the Phase Ib trial was designed based on the same rationale as the HJ891 +monotherapy trial. The sample size for the Phase III will be statistically determined based on the Phase +Ib results and finalized in consultation with the CDE. The Phase Ib clinical trial consists of a +dose-escalation stage and a dose-expansion stage. In the dose-escalation stage, patients with advanced +non-squamous NSCLC with KRAS +G12C mutation who had failed one or more prior standard therapies were +enrolled. In the dose-expansion stage, treatment-naïve patients with advanced non-squamous NSCLC with +KRAS +G12C mutation were enrolled. The objectives of the trial are to evaluate the safety, tolerability, +recommended Phase III dose, preliminary efficacy, and PK profile of HJ891 in combination with +toripalimab. +The Phase III clinical trial enrolls treatment-naïve patients with advanced non-squamous NSCLC +with KRAS +G12C mutation. Eligible patients are randomized on a 1:1 basis to receive either HJ891 in +combination with toripalimab (Arm A) or toripalimab in combination with pemetrexed and platinum +(cisplatin or carboplatin) (Arm B), to compare the efficacy and safety of the two regimens, as the +combination of toripalimab with pemetrexed and platinum-based chemotherapy represents one of the +established standard-of-care regimens demonstrating favorable safety and efficacy. +The Phase Ib clinical trial consists of a dose-escalation stage followed by a dose-expansion stage. +The dose-escalation stage enrolls patients with advanced non-squamous NSCLC with KRAS +G12C +mutations who have progressed following at least one first-line or above standard treatment. The +dose-expansion stage includes treatment-naïve patients with advanced non-squamous KRAS +G12C +mutations NSCLC. The objectives of this phase are to evaluate the safety, tolerability, PK profile, +preliminary anti-tumor activity, as well as to determine the recommended Phase III dose (RP3D) for the +HJ891-toripalimab combination. +The Phase III trial is designed to further assess the efficacy and safety of the combination in the +first-line setting. Eligible patients with advanced non-squamous KRAS +G12C mutations NSCLC will be +randomized 1:1 to receive either (i) HJ891 in combination with toripalimab (Arm A), or (ii) toripalimab +in combination with pemetrexed and platinum-based chemotherapy (cisplatin or carboplatin; Arm B). The +study aims to compare the efficacy and safety between the two treatment regimens. +Trial status. As of the Latest Practicable Date, a total of 55 patients with advanced non-squamous +NSCLC had been enrolled in the study. +Safety results. As of the Latest Practicable Date, HJ891 in combination with toripalimab had +demonstrated a favorable safety and tolerability profile. The table below summarizes the safety profile of +HJ891 320 mg QD dose and 640 mg QD dose in combination with toripalimab 240 mg Q3W: +HJ891 (320mg, QD, po) + +Tor (240mg, Q3W, iv) +HJ891 (640mg, QD, po) + +Tor (240mg, Q3W, iv) +Grade /H113503 AEs related to the investigational +product /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111843.8% 42.9% +TEAEs related to study treatment that result in +dose reduction of HJ891 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818.8% 25.0% +TEAEs related to study treatment that result in +permanent discontinuation of HJ891 /H1118/H1118/H1118/H1118/H1118/H1118/H11186.3% 3.6% +BUSINESS +– 196 – + + +--- page 206 --- +The table below summarizes the most common TRAEs (incidence /H1135010%) observed: +TRAE +HJ891 (320mg, QD, po) + +Tor (240mg, Q3W, iv) +(N=16) +HJ891 (640mg, QD, po) + +Tor (240mg, Q3W, iv) +(N=28) +Total +(N=44) +Grade >=3 Total Grade >=3 Total Grade >=3 Total +Aspartate +aminotransferase +elevation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (6.3%) 6 (37.5%) 2 (7.1%) 10 (35.7%) 3 (6.8%) 16 (36.4%) +Alanine aminotransferase +elevation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182 (12.5%) 5 (31.3%) 1 (3.6%) 10 (35.7%) 3 (6.8%) 15 (34.1%) +Diarrhea /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182 (12.5%) 7 (43.8%) 0 7 (25.0%) 2 (4.5%) 14 (31.8%) +/H9253-glutamyl transferase +elevation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182 (12.5%) 5 (31.3%) 2 (7.1%) 6 (21.4%) 4 (9.1%) 11 (25.0%) +Anemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 5 (31.3%) 0 5 (17.9%) 0 10 (22.7%) +Hypercholesterolemia /H1118/H1118/H11181 (6.3%) 5 (31.3%) 1 (3.6%) 4 (14.3%) 2 (4.5%) 9 (20.5%) +Hypertriglyceridemia /H1118/H1118/H1118 0 4 (25.0%) 1 (3.6%) 3 (10.7%) 1 (2.3%) 7 (15.9%) +Serum alkaline +phosphatase elevation /H1118 0 4 (25.0%) 1 (3.6%) 3 (10.7%) 1 (2.3%) 7 (15.9%) +Hyperthyroidism /H1118/H1118/H1118/H1118/H1118/H11180 1 (6.3%) 0 8 (28.6%) 0 9 (20.5%) +Hypothyroidism /H1118/H1118/H1118/H1118/H1118/H1118/H11181 (6.3%) 4 (25.0%) 0 4 (14.3%) 1 (2.3%) 8 (18.2%) +Serum bilirubin +elevation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 1 (6.3%) 2 (7.1%) 5 (17.9%) 2 (4.5%) 6 (13.6%) +Hypoalbuminemia /H1118/H1118/H1118/H1118/H11180 1 (6.3%) 0 5 (17.9%) 0 6 (13.6%) +Hypokalemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181 (6.3%) 1 (6.3%) 1 (3.6%) 5 (17.9%) 2 (4.5%) 6 (13.6%) +Hypocalcemia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 1 (6.3%) 0 3 (10.7%) 0 4 (9.1%) +Hyperlipidemia /H1118/H1118/H1118/H1118/H1118/H1118/H11180 1 (6.3%) 0 4 (14.3%) 0 5 (11.4%) +Weight loss /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180 4 (25.0%) 0 1 (3.6%) 0 5 (11.4%) +Efficacy results. In the cohort receiving HJ891 (320 mg, QD, po) in combination with toripalimab +(240 mg, Q3W, iv), the ORR was 56.3%, and DCR was 100%. In the HJ891 (640 mg, QD, po) plus +toripalimab (240 mg, Q3W, iv) cohort, the ORR improved to 77.8%, with a DCR of 96.3%. Among +patients with a PD-L1 tumor proportion score (TPS) of 50% or higher, the ORR of HJ891 (640mg, QD, +po) plus toripalimab (240 mg, Q3W, iv) cohort further increased to 92.3%. These data demonstrate that +HJ891, when combined with toripalimab, exhibits strong antitumor activity in advanced non-squamous +NSCLC, with the 640 mg QD dose of HJ891 yielding the most favorable efficacy outcomes. +Tumor burden change from baseline (KRAS +G12C -mutated Non-squamous NSCLC patients +receiving HJ891 640mg QD + Toripalimab 240mg Q3W) +PD-L1 TPS≥50% +640mg HJ891+ +240mg Toripalimab +-100 +-80 +-60 +-40 +-20 +0 +20 +Best percentage change in tumour +burden from baseline (%) +The waterfall plot illustrates the best percentage +change in target lesion size from baseline in patients +with PD-L1 TPS of 50% or higher who were treated +with HJ891 (640 mg, QD, po) in combination with +toripalimab (240 mg, Q3W, iv). +BUSINESS +– 197 – + + +--- page 207 --- +Conclusion. In combination with toripalimab, HJ891 has demonstrated encouraging antitumor +activity and an acceptable safety profile in patients with advanced non-squamous NSCLC with KRAS G12C +mutations. In patients with PD-L1 TPS of 50% or higher, the combination therapy yielded an ORR of +92.3%, indicating enhanced efficacy in this biomarker-defined subgroup. +These findings suggest that the combination of HJ891 and toripalimab may offer superior clinical +benefit, particularly for patients with high PD-L1 expression. +Summary of Preclinical Studies +We conducted a series of preclinical studies in order to characterize the pharmacodynamics (PD), PK +and toxicology profile of HJ891. In NCI H358, MIA PaCa-2, NCI H358 3D and MIA PaCa-2 3D cell lines, +HJ891 demonstrated greater antiproliferative activity than sotorasib. +Additionally, HJ891 exhibits a unique pharmacokinetic distribution profile, with preferential +accumulation in pulmonary tissue. In a tissue distribution study conducted in tumor-bearing Balb/c-nu +mice following oral administration, HJ891 exposure in the lung was significantly higher than in the liver +and kidneys. Notably, lung tissue concentrations also exceeded plasma levels, indicating targeted +pulmonary distribution. +Material Communications With Competent Authorities +Monotherapy +We received an IND approval from the NMPA to initiate clinical trials for the treatment of solid +tumors in April 2021. We initiated a Phase I/IIa clinical trial in October 2021. Specifically, the Phase I +portion commenced in October 2021, and was completed in July 2022, followed by the Phase IIa portion +in May 2022, and the Phase IIa portion was completed in January 2023. Based on confirmation from the +NMPA, the Phase I/IIa clinical trial of HJ891 as monotherapy has been completed in full. We consulted +with CDE in January 2023 for on (a) the feasibility of pursuing conditional approval for HJ891 as a +monotherapy for NSCLC with KRAS +G12C mutation that has progressed following first-line standard +therapies based on a single-arm Phase IIb study following Phase I/IIa results, and the CDE indicated this +is feasible, (b) using ORR as the primary endpoint for the pivotal Phase IIb trial, and the CDE agreed, and +(c) the sample size for the Phase IIb trial, and the Company and the CDE reached consensus. We received +their approval in April 2023 confirming the feasibility of adopting a single-arm study design in patients +with advanced NSCLC with KRAS +G12C mutations who have previously received at least one systemic +therapy, for the purpose of supporting the conditional approval and marketing of HJ891 as monotherapy. +We expect to complete the trial in August 2026 and submit an NDA of HJ891 as monotherapy thereafter. +Combination Therapy +We received an IND approval from the NMPA to initiate clinical trial of HJ891 in combination with +toripalimab for the treatment of non-squamous NSCLC with KRAS +G12C mutation as combination therapy +as a first-line treatment in July 2023. We initiated a Phase Ib clinical trial in January 2024 and expect to +complete the trial in June 2026 and plan to initiate the Phase III clinical trial after completing the Phase +Ib clinical trial and consulting with the CDE. +As of the Latest Practicable Date, we had not received any relevant regulatory agency’s concerns or +objections to the commencement of any of our clinical trials or our clinical development plans. No +material adverse changes had occurred since we obtained the IND approvals. +Next Steps +For HJ891 as monotherapy, we plan to submit an NDA to the NMPA in the second half of 2026. We +expect the NMPA would require us to conduct a confirmatory Phase III trial within four years after +granting the conditional approval. Under the draft revised Procedures for Review and Approval of +BUSINESS +– 198 – + + +--- page 208 --- +Applications for Conditional Marketing Approval of Drugs (published July 8, 2025 by the NMPA), a +sponsor must submit an application for conditional marketing approval along with all required supporting +materials. When conditional approval is based on early phase clinical data, the sponsor must also provide +evidence that the confirmatory study has been initiated (when the first subject signed informed consent +form). Any required post-approval confirmatory studies will generally be completed within four years of +conditional approval. +For HJ891 as combination therapy with toripalimab, we plan to complete the Phase Ib in June 2026. +The objectives of Phase Ib are to evaluate the safety, tolerability, PK profile, preliminary anti-tumor +activity, as well as to determine the RP3D for the HJ891-toripalimab combination. The Phase Ib dose +escalation and expansion stages are designed to generate the key safety, exposure, and activity data in both +pretreated and treatment naive patients needed to support Phase III planning (dose selection, population, +endpoints). The dose-escalation stage is designed to assess the safety, PK and efficacy of HJ891 combined +with toripalimab in patients with NSCLC, equivalent to a conventional Phase I trial. The dose-expansion +stage evaluates multiple-dose levels in a larger NSCLC cohort to further assess efficacy and safety and to +determine the RP3D, equivalent to a conventional Phase II study. Toripalimab is an approved drug, and +the efficacy and safety of HJ891 as monotherapy have been adequately investigated in clinical trials. +According to the protocol, the Phase Ib trial includes comprehensive efficacy monitoring for cancer +patients, with each treatment cycle lasting 21 days and treatment continuing until disease progression or +other termination criteria are met. We plan to initiate the Phase III clinical trial in the second half of 2026, +with expected completion in the second half of 2029. We also plan to submit an IND application to the +FDA in the second half of 2026. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ891 +SUCCESSFULLY. +Our Key Drug Candidate +HJ197 +HJ197 is an inhibitor of fibroblast growth factor receptor 4 (FGFR4). We are developing HJ197 as +a monotherapy for the treatment of hepatocellular carcinoma (HCC). The FGFR4 inhibitor exerts +anti-tumor effects by blocking FGFR4 kinase activity and its downstream signaling pathways. Compared +to fisogatinib, the first FGFR4 inhibitor to enter clinical trials, HJ197 demonstrated a more favorable +safety profile and improved efficacy. It also showed superior enzymatic inhibitory activity against FGFR4, +enhanced efficacy in various in vitro cellular and in vivo animal models, and more favorable PK properties. +HJ197 also exhibits a distinct tissue distribution advantage, with significantly high accumulation in the +liver. +We received the IND approval from the NMPA in November 2018 for the treatment of HCC. We +initiated a Phase I/IIa clinical study to evaluate the safety, tolerability, PK and antitumor activity of HJ197 +capsule in patients with advanced HCC in June 2019. Specifically, the Phase I portion of the study +commenced in June 2019 and was completed in October 2021. The Phase IIa portion commenced in July +2020 and was completed in October 2023. We received an approval from the NMPA for commencing a +Phase III clinical trial to evaluate the safety and tolerability of HJ197 in patients with advanced HCC in +August 2023 and plan to initiate this trial in July 2026. +In November 2020, our Company and our wholly owned subsidiary Shanghai Zheye entered into the +HJ197 Agreement with Junshi Biosciences with respect to the joint development and commercialization +of HJ197 in the Collaboration Area. In June 2025, our Company, Shanghai Zheye, Junshi Biosciences and +Junze Chuangyao entered into the HJ197 Novation Agreement (together with the HJ197 Agreement, the +“HJ197 Agreements ”). Pursuant to the HJ197 Agreements, Junze Chuangyao has the option to pay 50% +of the actual expenses incurred in Phase I, Phase II and Phase III clinical trials, thereby acquiring a 50% +rights and interests in HJ197 in the Collaboration Area. See “—Collaborations” in this prospectus for +details. +BUSINESS +– 199 – + + +--- page 209 --- +Mechanism of Action +The FGFR inhibitors target the FGF19 pathway in HCC by blocking the interaction between FGF19 +and its receptor, FGFR. This inhibition prevents the activation of downstream signaling pathways, such as +MAPK and PI3K/AKT, which are responsible for promoting tumor cell proliferation and survival. By +disrupting these signals, FGFR inhibitors reduce tumor growth and may also alter the tumor +microenvironment, leading to decreased angiogenesis and enhanced immune response. This therapeutic +approach is particularly promising for HCC patients with elevated FGF19 levels, offering a potential +strategy to improve clinical outcomes: +Market Opportunity and Competition +Liver cancer is the fourth leading cause of cancer-related deaths globally, with HCC making up 90% +of all liver cancer cases, according to CIC. Key risk factors for HCC include hepatitis B and C infections, +alcohol consumption and obesity. In China, the prevalence of HCC accounts for 50% of all global HCC +cases. Despite the slight decreases in incidence of HCC in China mainly as a result of widespread hepatitis +B virus (HBV) vaccination programs, the market size of targeted therapies increased from RMB5.1 billion +in 2020 to RMB15.2 billion in 2025 and is expected to further increase to RMB22.9 billion in 2030. +Common treatments for liver cancer include surgery, transplantation, ablation, endovascular therapy, +radiation, systemic therapy, and traditional Chinese medicine. Because liver cancer is highly malignant +and progresses quickly, less than 30% of patients are eligible for curative treatments at diagnosis. Systemic +therapy is crucial for intermediate to advanced liver cancer. New targeted drugs and immunotherapies have +improved outcomes for advanced HCC. However, only a few patients benefit significantly, and many do +not respond well. Combination therapies can extend survival but are mainly used initially, leaving further +treatment options needed for later stages. Current therapies also have side effects like hypertension and +immune reactions. Thus, precise treatment plans are essential to enhance survival and quality of life for +advanced liver cancer patients. As the most promising target in the treatment for HCC, no FGFR4- +selective inhibitor has been approved yet globally with several such drugs under clinical trials. +Specifically, the market for FGFR4-targeted therapies is projected to grow at a CAGR of 54.5% from 2028 +to 2032. +In advanced HCC, resistance to current treatments often limits long-term survival; FGFR4 selective +inhibitors may help overcome resistance and provide a more precise option to improve outcomes. Given +the scarcity of effective targeted drugs, market penetration for FGFR4 inhibitors is expected to begin at +about 4% and rise to roughly 20% by 2032. +BUSINESS +– 200 – + + +--- page 210 --- +As of the Latest Practicable Date, no FGFR4 inhibitors had been approved in China. The current +treatment of FGFR4 overexpressed HCC includes chemotherapy, VEGFR inhibitors, and immunotherapy, +with a target patient population of second-line HCC reaching 6.6 thousand in China in 2025. As of the +Latest Practicable Date, there were three FGFR4-selective inhibitors for the treatment of HCC, registered +with the CDE in phase II or later development. See “Industry Overview—HCC—Competitive Landscape +of FGFR4-selective Inhibitors in China” in this prospectus for details. +Our Advantages + Superior enzymatic inhibitory potency and selectivity . HJ197 demonstrated superior enzymatic +inhibitory potency and selectivity against FGFR4 compared to fisogatinib. HJ197 inhibits FGFR4 +kinase activity with an IC +50 of less than 1 nM, which is more potent than fisogatinib (IC 50: 5 nM). +HJ197 shows substantially weaker inhibition against FGFR1, FGFR2 and FGFR3, with IC 50 values +approximately 1,500 fold higher than its FGFR4 IC 50, compared to approximately 120 to 440 fold +for fisogatinib, indicating greater FGFR4 selectivity for HJ197. Broad kinase profiling across over +400 kinases showed that HJ197 had IC +50 values greater than 1,000 nM for all non-target kinases, +indicating high selectivity and significantly reducing the risk of off-target safety concerns. The table +below presents the IC +50 values of HJ197 and fisogatinib in inhibiting FGFR kinases, highlighting the +superior potency and selectivity of HJ197 against FGFR4 compared to fisogatinib. +Kinase inhibitory activity assay, IC 50 FGFR 4 Isoform Selectivity +HJ197 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118<1 nM > 1500-fold +Fisogatinib /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 nM 120~440-fold + Favorable tissue distribution profile . In a study assessing tissue concentrations following oral +administration in rats, HJ197 showed the highest exposure in the liver, approximately twice that of +plasma, followed by adrenal glands and stomach, where the exposure levels were comparable to +plasma. Exposure in other tissues, including the small intestine, lungs, and kidneys, was lower than +in plasma. These results demonstrate that HJ197 is preferentially distributed to the liver, a key target +organ in HCC, which may contribute to its improved efficacy and safety in clinical settings. + Improved efficacy . In our Phase I/IIa clinical trial, HJ197 demonstrated significantly improved +efficacy compared to fisogatinib. In the 300 mg/day dose cohort, HJ197 achieved an ORR of 30% +in the target HCC population. + Favorable safety profile . In a 7-day subacute toxicity study, HJ197 showed no apparent toxicity at +doses up to 500 mg. In contrast, fisogatinib induced AEs such as diarrhea and body weight loss at +100 mg. HJ197 demonstrated an onset dose of 5 mg/kg, compared with 15 mg/kg for fisogatinib. +These data suggest HJ197 has a broader therapeutic index, supporting its potential for safer and more +effective dosing in clinical use. +In our Phase I/IIa clinical trial, HJ197 demonstrated a favorable safety profile compared to +fisogatinib. At the RP2D of 300 mg/day—half the RP2D of fisogatinib (600 mg/day)—the incidence of +TRAEs of grade 3 or higher was 27.6% for HJ197, lower than the 41% reported for fisogatinib. Overall, +HJ197 offers improved safety at a lower therapeutic dose, supporting its potential as a best-in-class FGFR4 +inhibitor. +Summary of Clinical Trials +Phase I/IIa Clinical Trial +We received the IND approval from the NMPA in November 2018 and initiated the Phase I/IIa +clinical trial in June 2019 to evaluate the safety and tolerability of HJ197 in patients with advanced HCC. +BUSINESS +– 201 – + + +--- page 211 --- +Trial design. This is an open-label, single-arm Phase I/IIa clinical study, consisting of two parts: a +dose-escalation phase (Phase I) and a dose-expansion phase (Phase II). In the dose-escalation phase, +HJ197 capsules will be administered orally twice daily (BID) at doses ranging from 80 to 400 mg/day +following a standard 3+3 design. Based on PK and other study data, once-daily (QD) dosing may also be +explored if deemed appropriate. All subjects in the dose-escalation phase will be evaluated for +dose-limiting toxicities (DLTs). In the dose-expansion phase, a dose and dosing frequency (QD or BID) +will be selected based on the safety, tolerability, and PK results from the dose-escalation phase. DLT +assessments will not be performed during this phase. +The primary objective of the study is to evaluate the safety and tolerability of repeated oral +administration of HJ197 capsules in patients with advanced HCC, and to determine the maximum tolerated +dose (MTD) and the RP2D. The secondary objectives are to assess the PK profile of HJ197 in patients with +advanced HCC and to evaluate its preliminary anti-tumor efficacy. +The Phase I portion evaluates the safety and PK profile of HJ197 in patients with HCC through a +dose-escalation design, consistent with a conventional Phase I trial. The Phase IIa portion evaluates the +efficacy and safety of HJ197 at the selected dose levels with the objective of determining the +recommended dose for a subsequent Phase III clinical trial, and is conducted as an independent study +consistent with a conventional Phase II trial design. +Trial status. The Phase I portion of the study commenced in June 2019 and was completed in October +2021. The Phase IIa portion commenced in July 2020 and was completed in October 2023. +Safety results. HJ197 demonstrated a favorable safety and tolerability profile in the Phase I/IIa +clinical study. The trial included six dose-escalation cohorts (80, 120, 160, 200, 300, and 400 mg/day +BID), followed by dose expansion at 120 mg/day and 300 mg/day. No DLTs were observed at doses up +to 300 mg/day, while one DLT (elevated blood bilirubin) occurred in the 400 mg/day group. The incidence +of grade 3 or higher TRAEs remained relatively low across dose groups, with 27.6% observed in the 300 +mg/day group, which was selected as the RP2D. +At the RP2D, the most common TRAEs (occurring in 10% or more of patients) included diarrhea, +elevated AST/ALT, hyperbilirubinemia, increased bile acids, proteinuria, thrombocytopenia, +hypoalbuminemia, leukopenia, hyperuricemia, neutropenia, vomiting, abdominal distension, abnormal +liver function, rash, and anemia. These events were generally manageable, and no TRAEs led to treatment +discontinuation. Dose reductions due to TRAEs were infrequent, further supporting the drug’s favorable +tolerability. +Efficacy results. In the 300 mg/day dose cohort of the target population, HJ197 demonstrated an +ORR of 30% in the target HCC population. +HJ197 showed clinical efficacy across various subtypes of HCC, including patients with underlying +hepatitis B, hepatitis C, fatty liver disease, and cirrhosis. Given that hepatitis B is the predominant cause +of liver cancer in China, while hepatitis C and non-viral factors (e.g., alcohol use and obesity) are more +common in Western countries, the drug’s broad activity is notable. In the clinical trial, one HCC patient +with hepatitis C infection achieved a PFS of 21.8 months. Among participants with comorbid fatty liver +and cirrhosis, one patient achieved a PFS of 31.5 months and a duration of response (DOR) of 21.0 +months. +PK. In this trial, HJ197 was quickly absorbed with AUC and C +max showing a generally increasing +trend with increasing doses. +PD. In this trial, after administration of HJ197, a significant increase in serum FGF19 levels was +observed in subjects, indicating that HJ197 effectively inhibits the FGF19/FGFR4 signaling pathway. +BUSINESS +– 202 – + + +--- page 212 --- +Conclusion. HJ197 demonstrated a manageable safety profile and antitumor activity. At the RP2D of +300 mg/day (BID), treatment led to increases in plasma FGF19 and bile acids and decreases in cholesterol, +indicating effective inhibition of the FGF19/FGFR4 pathway. In the target patient population, HJ197 +achieved an ORR of 30%, suggesting potential clinical benefit for patients with FGFR4-driven HCC. +Material Communications with Competent Authorities +We received the IND approval from the NMPA in November 2018 for the treatment of HCC. +We consulted with CDE in May 2023 and received their approval in August 2023 for commencing +a pivotal registration study in patients with advanced HCC exhibiting high FGFR19 expression who have +previously undergone at least two lines of standard therapy. The study is designed as a randomized, +controlled clinical trial to evaluate the efficacy and safety of HJ197 in combination with best supportive +care (BSC) compared to placebo in combination with BSC. +We received an approval from the NMPA in August 2023 for commencing Phase III clinical trial. +As of the Latest Practicable Date, we had not received any relevant regulatory agency’s concerns or +objections to the commencement of any of our clinical trials or our clinical development plans. No +material adverse changes had occurred since we obtained the IND approvals and up to the Latest +Practicable Date. +Next Steps +We plan to initiate a Phase III clinical trial in patients with HCC in July 2026 and expect to complete +such trial in the second half of 2029. We also plan to submit an IND application for solid tumors to the +NMPA in the first half of 2027. +Although regulatory approval was obtained in August 2023, the Phase III trial is scheduled to +commence in July 2026. The extended preparatory period reflects the complexity of conducting trials in +advanced HCC patients who have received two or more prior therapies. Such patients typically have poor +physical condition and reduced quality of life, requiring comprehensive evaluation and selection of trial +sites and principal investigators to ensure optimal supportive care and medical management. During this +period, we have also evaluated HJ197’s safety and preliminary efficacy in other solid tumors to assess +potential indication expansion and inform our clinical development strategy. We consider this preparatory +work necessary to ensure our Phase III trial quality. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ197 +SUCCESSFULLY. +Our Preclinical Drug Candidates +HJ356 +HJ356 is an Lp(a) inhibitor designed to treat patients with high Lp(a) to reduce the risk of +cardiovascular disease and atherosclerosis. Lp(a), a lipoprotein particle formed by the interaction of LDL +particles with apolipoprotein(a) (apo(a)), is an independent cardiovascular risk factor. HJ356 is designed +to disrupt the initial non-covalent interaction between apo(a) and apolipoprotein B100, thereby preventing +the formation of disulfide bonds and Lp(a) and reducing the level of Lp(a). The structure of HJ356 has +been optimized to strengthen target binding affinity. Elevated lipoprotein (a) (Lp (a)) represents the most +prevalent genetic lipid disorder, typically defined as plasma levels exceeding 50 mg/dL or 125 nmol/L, and +affects over 1.4 billion individuals globally. Affecting roughly 20% of the global population, elevated +Lp(a) is a key driver of residual cardiovascular risk. +BUSINESS +– 203 – + + +--- page 213 --- +SPR Analysis of HJ356 Binding to and Dissociation from Human Plasminogen +Compound KD for human +plasminogen binding +HJ356 75.1 nM +Muvalaplin 35.2 nM +Human plasminogen is the pro-enzyme precursor +of the primary fibrinolytic protease plasmin. If +plasminogen activation is inhibited, plasmin is +not generated, resulting in reduced fibrinolysis +and increased risk of thrombosis. Human +plasminogen shares high structural homology +with apo(a) in conserved Kringle domains. If an +Lp(a) inhibitor exhibits weak binding affinity +toward human plasminogen, this suggests a +lower risk of interfering with plasmin activation, +impairing fibrinolytic function, and +consequently causing adverse thrombotic side +effects. HJ356 showed reduced binding affinity +to plasminogen relative to Muvalaplin, +suggesting that HJ356 has a lower risk of +inhibiting plasminogen activity. +Efficacy of 14-day Dosing Followed by a 14-day Recovery Period +on Lp(a) Levels in Cynomolgus Monkeys +5 1 01 52 02 53 0 +0 +25 +50 +75 +100 +Lp(a) percentage change from baseline +(mean±SEM) +Vehicle +HJ356 1 mg/kg QD p.o. +Muvalaplin 1 mg/kg QD p.o. +Dosing period Withdrawal recovery period +Days In cynomolgus monkey studies, HJ356 (1 mg/kg, +QD, p.o.) demonstrated significantly greater +reduction in Lp(a) levels compared to +Muvalaplin (1 mg/kg, QD, p.o.) following 10 +consecutive days of oral administration. In a +14-day dosing and 14-day recovery study +conducted in cynomolgus monkeys, compared to +Muvalaplin (1 mg/kg, QD, po), HJ356 (1 mg/kg, +QD, po) showed a significantly greater +percentage reduction from baseline in Lp(a) both +after 14 consecutive days of dosing and +throughout the recovery period. HJ356 also +demonstrated good safety. In a long-term +toxicity study in rats and cynomolgus monkeys, +oral administration of HJ356 at 1000 mg/kg for +28 days resulted in continuous body weight gain +with no observed related adverse reactions. +HJ356 has demonstrated a favorable safety +profile in preclinical studies. We plan to submit +an IND application to the NMPA and the FDA in +the second half of 2026. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ356 +SUCCESSFULLY. +HJ093 +HJ093 is a novel SMDC consisting of a small molecule conjugation arm and a payload that targets +the RAS/MAPK signaling pathway. We plan to submit an IND application to the NMPA in the second half +of 2026. +BUSINESS +– 204 – + + +--- page 214 --- +Proliferation Inhibitory Activity of HJ093 payload in KRAS-mutant and +BRAF V600E-mutant Tumor Cells +Mutation Tissue Type Cell Line +HJ093 payload +(IC50, nM) +KRAS G12D /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118NSCLC A-427 19.65 +PDAC Panc 04.03 12.21 +CRC LS174T 3.58 +PDAC AsPC-1 4.28 +KRAS G12C /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118PDAC MIA PaCa-2 8.10 +NSCLC NCI-H358 2.20 +KRAS G12V /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118CRC SW620 0.32 +KRAS A146T /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118CRC LS1034 1.53 +KRAS G12S /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118NSCLC A549 19.45 +KRAS G13D /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118CRC HCT116 22.54 +KRAS G12R /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118PDAC PSN-1 1.03 +BRAF V600E /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118CRC HT-29 3.15 +CRC COLO 201 0.16 +melanoma A375 1.80 +HJ093 payload exhibited potent inhibitory activity against cell proliferation in KRAS-mutant and +BRAF V600E-mutant tumor cells. HJ093 exhibited superior tumor growth inhibition relative to +RMC-6236 in the NCI-H358 KRAS +G12C-mutant NSCLC xenograft model, also demonstrated greater +efficacy than the dabrafenib plus trametinib combination in the A375 BRAF V600E-mutant melanoma +xenograft model. HJ093 also demonstrated favorable antitumor activity in the CT26 KRAS +G12D-mutant +collector cancer model. +In Vivo Antitumor Efficacy of HJ093 in KRAS- and BRAF-Mutant Tumor Models +In Vivo Animal Model Group TGI (%) +KRAS G12C-Mutant NSCLC NCI-H358 +CDX Model (Day 30) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +RMC-6236 (3 mg/kg, QD, p.o.) 20.53 +HJ093 (1.95 mg/kg, Q4D, i.p.) 129.52 +BRAF V600E-Mutant Melanoma A375 +CDX Model (Day 22) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Dabrafenib + Trametinib (30mg/kg+1 +mg/kg, QD, p.o.) +94.58 +HJ093 (1.95 mg/kg, Q4D, i.p.) 116.41 +KRAS G12D-Mutant Colorectal Cancer +CT26 CDX Model (Day 18) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +HJ093 (1.95 mg/kg, Q4D, i.p.) 85.06 +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ093 +SUCCESSFULLY. +HJ199 +HJ199 is an oral inhibitor that acts on RAS in its active (“ON”) state. RAS is one of the most +frequently mutated oncogenes in human cancers, commonly found in lung, pancreatic, and colorectal +malignancies. In China alone, an estimated 1.5 million new cancer cases each year involve RAS mutations. +KRAS is the most commonly mutated RAS isoform, accounting for approximately 86% of RAS mutant +cancers. Among KRAS variants, G12D, G12V , and G12C are the most prevalent, at roughly 29%, 23%, +and 15%, respectively. +BUSINESS +– 205 – + + +--- page 215 --- +SPR Analysis of HJ199 Binding to and Dissociation from KRAS Proteins +Target +HJ-199 +KD (nM) +RMC-6236 +KD (nM) +HJ199 exhibits 13–20 fold +higher binding affinity for tri- +complex formation with +KRAS +G12C, KRAS G12V and +KRASG12D proteins compared +to RMC-6236. +Tri-Complex /H1118/H1118/H1118/H1118KRASG12C-GMPPNP 2.64 34.72 +KRASG12V-GMPPNP 3.57 72.64 +KRASG12D-GMPPNP 27.66 383.83 +IC50 Values of HJ199 Disrupting RAS-CRAF Binding +Mutant types +HJ-199 +IC50 (nM) +RMC-6236 +IC50 (nM) +Potency (fold) +HJ-199 vs +RMC-6236 HJ199 effectively inhibited the +binding of active KRAS to the +downstream effector CRAF, +with potency about 3–21-fold +higher than that of RMC-6236. +KRAS G12C /H1118/H1118/H1118/H1118/H1118/H11180.96 10.66 11.1 +KRAS G12V /H1118/H1118/H1118/H1118/H1118/H11180.92 3.15 3.4 +KRAS G12D /H1118/H1118/H1118/H1118/H1118/H11180.60 12.67 21.1 +HJ199 shows potent, nanomolar antiproliferative activity across multiple RAS mutant tumor cell +lines and demonstrates significant tumor growth inhibition in vivo in xenograft models. We are currently +conducting preclinical studies of HJ199. HJ199 demonstrates markedly improved anti-proliferative +potency over RMC-6236, with robust inhibitory activity against multiple RAS-mutant tumor cell lines. + Lung +(NCI-H441)- +KRAS G12V + Colorectal +(COLO678)- +KRAS G12D + Pancreas +(AsPC-1)- +KRAS G12D + Pancreas +(PSN-1)- +KRAS G12R + Lung +(NCI-H358)- +KRAS G12C +IC50 of RMC-6236 +IC50 of HJ199 +0.06 +2.61 +21.23 +43.5x 2.13 +38.43 +2.17 0.66 +15.29 +1.33 +5.95 +10.0x +17.7x +23.2x +(nM) +4.5x +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ199 +SUCCESSFULLY. +HJ198 +HJ198 is a potent, oral molecular glue inhibitor targeting KRAS G12V variants. KRAS G12V is among +the most frequent RAS hotspot mutation categories. We are currently conducting preclinical studies of +HJ198. +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ198 +SUCCESSFULLY. +BUSINESS +– 206 – + + +--- page 216 --- +HJ086 +HJ086 is an oral small molecule inhibitor of interleukin-2-inducible T-cell kinase (ITK) for the +treatment of autoimmune diseases such as AD. ITK belongs to the Tec family of tyrosine kinases and is +predominantly expressed in T cells, where it plays a critical role in T cell receptor (TCR) signaling. ITK +is involved in key processes including T cell development and Th2, Th9, and Th17 immune responses, +thereby regulating the expression of pro-inflammatory cytokines that contribute to autoimmune disease +pathology. +In preclinical studies, HJ086 demonstrated superior inhibitory activity against ITK compared to +soquelitinib, with improved selectivity over related kinases BTK (Bruton’s tyrosine kinase) and TXK (Txk +tyrosine kinase). +IC50(nM) +Selectivity Index +(IC50 of BTK or TXK / IC 50 of ITK) +ITK BTK TXK +HJ086 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180.4 2207 723 +Soquelitinib /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182.0 624 156 +WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET HJ086 +SUCCESSFULLY. +COLLABORATIONS +Collaboration With Respect to HJ197 +HJ197 Agreement +In November 2020, our Company and our wholly owned subsidiary Shanghai Zheye entered into a +technology license and collaboration agreement (the “ HJ197 Agreement ”) with Shanghai Junshi +Biosciences Co., Ltd. (“ Junshi Biosciences ”) with respect to the joint development and commercialization +of HJ197 in all Asian countries and regions (the “ Collaboration Area ”). +On June 18, 2025, our Company, Shanghai Zheye, Junshi Biosciences and Shanghai Junze +Chuangyao Biotechnology Company Limited, an associate of Junshi Biosciences (“ Junze Chuangyao ”) +entered into a four-party agreement (the “ HJ197 Novation Agreement ”) to novate the rights and +obligations under the HJ197 Agreement. Pursuant to the HJ197 Novation Agreement, the parties agree that +all rights and obligations of Junshi Biosciences are transferred to Junze Chuangyao on the date of the +HJ197 Novation Agreement. Junze Chuangyao is owned 45% by Mr. Ni Shuaijian, 35% by Shanghai +JunTop Biosciences Co., Ltd. (“ JunTop Biosciences ”), and 20% by Mr. Zhou Shuping. To the best +knowledge of our Directors, JunTop Biosciences is controlled by Junshi Biosciences. Mr. Ni Shuaijian and +Mr. Zhou Shuping are independent third parties. +For clarity and convenience, the key terms of the HJ197 Agreement (as novated) and the HJ197 +Novation Agreement (together, the “ HJ197 Agreements ”) are summarized together below and are not set +out separately. In this consolidated summary, references to Junshi Biosciences will be replaced directly +with Junze Chuangyao, reflecting the transfer of all rights and obligations as of June 18, 2025, under the +HJ197 Novation Agreement. +BUSINESS +– 207 – + + +--- page 217 --- + Scope of Collaboration. The parties agree to conduct joint development and commercialization +of HJ197 in the Collaboration Area. Both our Company and Junze Chuangyao shall each hold +50% of the rights and interests in HJ197 in the Collaboration Area. Shanghai Zheye shall hold +no rights and interests in HJ197 in the Collaboration Area. Junze Chuangyao shall also have +priority right to negotiate with respect to the development and commercialization of HJ197 +outside the Collaboration Area. + Covered Patents and the License Scope. Shanghai Zheye exclusively licenses its right under +one patent application to our Company and Junze Chuangyao, and our Company exclusively +licenses its right under two patent applications to Junze Chuangyao in the Collaboration Area. +All three patent applications relate exclusively to HJ197. Junze Chuangyao shall also have +sub-licensing rights of such patents. The parties further agree that our Company and Junze +Chuangyao shall co-own on a 50:50 basis any intellectual property rights associated with +HJ197 in the Collaboration Area (including those developed before or after the date of the +HJ197 Agreement by us), including any licensing rights. Expenses incurred in any subsequent +intellectual property application and maintenance associated with HJ197 in the Collaboration +Area will also be borne 50:50 by our Company and Junze Chuangyao. If a party decides to +assign its interests in any new intellectual property derived from the collaboration to a third +party, the other party shall have priority for transfer. If a party decides to out-license any new +intellectual property derived from the collaboration to a third party, the other party shall be +entitled to 50% of any fees received from such out-licensing. Our Company will retain sole +ownership of any intellectual property rights in HJ197 outside the Collaboration Area. + Joint Steering Committee. The parties agree to establish a joint steering committee (the “ JSC”) +to oversee the joint clinical development of HJ197. The JSC will consist of four +representatives, with two from each of our Company and Junze Chuangyao. The JSC will plan, +review, and oversee clinical-stage development for HJ197, provide regular progress updates, +and participate in key decisions and issue resolution to ensure smooth execution. The JSC will +meet quarterly to review project status and related matters. In case of emergencies or other +special circumstances, either Party may call an ad hoc meeting. Each party will designate one +highly experienced expert in its field to serve as a JSC project lead. By mutual written +agreement, the parties may adjust the number of JSC core technical members or change the +project lead(s) as needed for the collaboration. The parties agree that the JSC will address key +issues arising in clinical research through scientific, collaborative discussion. If consensus +cannot be reached, the parties will, in a spirit of amicable consultation, use reasonable best +efforts to explore solutions and strive to reach agreement. + Clinical Development. Our Company and Junze Chuangyao shall be jointly responsible for +clinical development of HJ197 in the Collaboration Area under the oversight of the JSC, while +our Company shall lead the clinical studies of HJ197 in the Chinese Mainland and conduct the +Phase III clinical trial. Our Company and Junze Chuangyao shall bear, on a 50:50 basis, the +clinical development costs associated with any clinical trials mutually approved by the parties. +If our Company decides to proceed with the clinical development and Junze Chuangyao +disagrees for a sufficient reason, Junze Chuangyao has the right to terminate the HJ197 +Agreement. Our Company may then proceed the clinical development at our own costs, while +Junze Chuangyao retains certain rights of HJ197 upon its marketing approval depending on the +stage of clinical development at the time of termination. Our Company and Junze Chuangyao +shall co-own on a 50:50 basis any intellectual property rights associated with HJ197 in the +Collaboration Area for any intellectual property derived from the collaboration prior to such +termination. +BUSINESS +– 208 – + + +--- page 218 --- +Before submitting the NDA, (i) Junze Chuangyao has the option to pay 50% of the actual +expenses incurred in Phase I, Phase II and Phase III clinical trials, thereby maintaining 50% +rights and interests in HJ197 in the Collaboration Area. The allocation of remaining clinical +expenses will be settled by our Company and Junze Chuangyao based on actual costs incurred +after the last patient exits the Phase III clinical trial, with a related settlement agreement to be +signed; and (ii) if Junze Chuangyao opts not to bear the clinical trial expenses, the HJ197 +Agreements will be deemed as terminated by Junze Chuangyao during the clinical stage as set +forth under the HJ197 Agreement, and Junze Chuangyao will retain 20% rights and interests +in HJ197 in the Collaboration Area. + Commercialization. After the commercial launch of HJ197, our Company and Junze +Chuangyao will jointly explore suitable sales methods for HJ197. Under equal conditions, +Junshi Biosciences will be given priority as the contract sales organization. Our Company +retains final decision-making authority regarding the commercialization of HJ197. However, if +Junze Chuangyao chooses to share 50% of the clinical trial expenses, thereby acquiring a 50% +rights and interests in HJ197, the specific sales method shall be jointly determined by our +Company and Junze Chuangyao, with our Company having final decision-making authority in +the event that an agreement is not reached through negotiation. + Registration and Manufacturing. The JSC shall oversee the IND application, registration +application, MAH application and manufacturing matters in the Collaboration Area. Our +Company shall be the MAH of HJ197 while Junze Chuangyao shall have joint decision-making +authority on matters relating to MAH’s rights. + Profit Sharing. Profits from sales of HJ197 in the Collaboration Area will be shared between +the Company and Junze Chuangyao in accordance with their respective rights and interests in +HJ197 under the HJ197 Agreements, and will be settled within 60 business days after the end +of each calendar year. + Collaboration Costs. Pursuant to the HJ197 Agreements, Junshi Biosciences has paid us an +upfront payment of RMB30.0 million in January 2021. Milestone payments in an aggregate +amount of RMB80.0 million shall be paid by Junshi Biosciences (prior the date of the HJ197 +Novation Agreement) and Junze Chuangyao (after the date of the HJ197 Novation Agreement) +to us upon achieving the specified milestones, including completion of Phase I, Phase II, and +Phase III clinical trials, fulfillment of certain other conditions, and the receipt of NDA approval +for the first indication of HJ197. In July 2025, Junze Chuangyao paid us an aggregate of +RMB20.0 million in milestone payments corresponding to the completion of Phase I and Phase +IIa clinical trials of HJ197 for advanced HCC in October 2023. These milestone payments were +originally payable by Junshi Biosciences under the HJ197 Agreement and were assumed by +Junze Chuangyao pursuant to the HJ197 Novation Agreement. The upfront and milestone +payments constitute the consideration for granting Junze Chuangyao the right to retain 20% +right and interest in HJ197 in the Collaboration Area, prior to NDA submission, if it elects not +to share 50% clinical development costs. If it does bear such costs, the 50:50 profit sharing +arrangement remains unchanged; otherwise it will be adjusted to 20%:80%. + Termination. The HJ197 Agreement may be terminated by mutual agreement of the parties or +upon the occurrence of certain triggering events, such as defects in or invalidation of any +covered patents which prevent further clinical development of HJ197. Junze Chuangyao may +also terminate the HJ197 Agreements if HJ197 is rejected for marketing approval or the sales +of HJ197 are terminated. +BUSINESS +– 209 – + + +--- page 219 --- + Dispute Resolution. In the event of any dispute arising out of the HJ197 Agreements, the +parties agree to submit such dispute to China International Economic and Trade Arbitration +Commission (the “ CIETAC”), Shanghai branch, for arbitration in accordance with the +applicable CIETAC arbitration rules at the time of such submission. The decision rendered +shall be final. In the event of any dispute arising out of or in connection with the HJ197 +Novation Agreement, the parties shall first attempt to resolve such dispute through +consultation. If the dispute cannot be resolved through consultation, it shall be submitted to the +competent people’s court at the plaintiff’s domicile for litigation. + Confidentiality. Both parties are under strict confidentiality with respect to any intellectual +property, technical know-how, data and other trade secrets received from the other party under +the HJ197 Agreements. The parties further agree to communicate timely and reach consent +when a party needs to issue a public announcement regarding the HJ197 Agreements. +HJ191 Agreement +In November 2020, our Company and our wholly owned subsidiary Shanghai Zheye (together with +our Company, “ we”o r“ us”) entered into a technology license and collaboration agreement (the “ HJ191 +Agreement ”) with Junshi Biosciences with respect to the collaboration regarding HJ191 (a small-molecule +irreversible covalent KRAS +G12C inhibitor with a whole new structure for the treatment of patients with +KRASG12C-mutated NSCLC) in the Collaboration Area. The key terms of this agreement are summarized +as follows: + Scope of Collaboration. We exclusively license the rights to and interests in HJ191 in the +Collaboration Area to Junshi Biosciences, including but not limited to the rights for research +and development, manufacturing, clinical studies and commercialization of HJ191 in the +Collaboration Area. Shanghai Zheye shall hold no rights and interests in HJ191 in the +Collaboration Area. Junshi Biosciences shall also have priority right to negotiate with respect +to the for research and development, manufacturing (including contract manufacturing), +clinical studies and commercialization of HJ191 outside the Collaboration Area. + Covered Patents and the License Scope. Shanghai Zheye exclusively licenses its right under +one patent application (the “ Patent ”) to Junshi Biosciences. Junshi Biosciences shall also have +sub-licensing rights of such Patent. The Patent relates exclusively to HJ191. During the +collaboration, any subsequent research outcomes (including but not limited to intellectual +property and innovation) developed independently by either party related to HJ191 shall be +solely owned by that party. If we or Junshi Biosciences applies for a patent on such research +outcomes, we or Junshi Biosciences must grant the other party sole licensing rights to the +patent application/patent in its respective territory. +During the collaboration, any subsequent research outcomes (including but not limited to +intellectual property and innovation) jointly developed by both parties related to HJ191 shall +be co-owned. Any licensing or transfer of these rights to a third party by either party must +obtain the written consent of the other party. Both parties also agree to the following: (i) if +either party intends to transfer its share of rights in the jointly developed research outcomes to +a third party, the other party shall have the right of first refusal; and (ii) if either party intends +to license the jointly developed research outcomes to a third party, both parties shall share the +licensing revenue on a 50:50 basis. + Subsequent Research and Development. Regarding the Collaboration Area, Junshi Biosciences +shall be responsible for carrying out any preclinical studies, making IND applications for and +conducting clinical development of HJ191 and bear the relevant costs. Our Company will +provide assistance as needed. + Manufacturing and Sales. Junshi Biosciences shall be responsible for the manufacturing and +sales of HJ191. +BUSINESS +– 210 – + + +--- page 220 --- + Royalties. Junshi Biosciences will pay 10% of the net share derived from the commercial sale +of HJ191 within the Collaboration Area with our Company during the valid period of the +Patent, and settle with us annually. + Collaboration Costs. Junshi Biosciences shall make an upfront payment of RMB15.0 million +to us within 30 business days upon the receipt of a value-added tax invoice which shall be +issued by us within 15 business days upon execution of this HJ191 Agreement. Pursuant to the +HJ191 Agreement, milestone payments in an aggregate amount of RMB55.0 million shall be +paid by Junshi Biosciences to us upon completion of Phase I, Phase II, and Phase III clinical +trials and fulfillment of certain other conditions, and receipt of NDA approval for the first +indication of HJ191. + Termination. The HJ191 Agreement may be terminated by mutual agreement of the parties or +upon the occurrence of certain triggering events, such as defects in or invalidation of any +covered patents which prevent further development of HJ191. Junshi Biosciences may also +terminate the HJ191 Agreement if HJ191 is rejected for marketing approval or the sales of +HJ191 are terminated. + Dispute Resolution. In the event of any dispute arising out of HJ191 Agreement, the parties +agree to submit such dispute to the CIETAC, Shanghai branch, for arbitration in accordance +with the applicable CIETAC arbitration rules at the time of such submission. The arbitration +award shall be final. + Confidentiality. Both parties are under strict confidentiality with respect to any intellectual +property, technical know-how, data and other trade secrets received from the other party under +HJ191 Agreement. The parties further agree to communicate timely and reach consent when a +party needs to issue a public announcement regarding HJ191 Agreement. +As of the Latest Practicable Date, we had received the upfront payment of RMB15.0 million. +While HJ191 and HJ891 address similar targets, early data indicate each has distinct strengths. +Advancing the research and development of both would demand significant financial and human +resources. After a comprehensive assessment, we chose to out license HJ191 to maximize its value with +a partner and to concentrate internal resources on HJ891. This strategy is designed to maximize portfolio +value while reducing our overall R&D risk and cash flow pressure. Although HJ191 and HJ891 are both +KRAS +G12C inhibitors, they are structurally distinct chemical entities.The structural difference is that +HJ191 features an aromatic ring bearing a carbonyl group, whereas HJ891 contains an aromatic ring +system without such carbonyl-containing substituents. Accordingly, each is protected by separate +compound patents, forming independent patent families. Therefore, out-licensing of HJ191 will not affect +our clinical development or ownership of the patents related to HJ891. +Although no third-party collaboration arrangements are in place at this stage, we established clear +selection criteria for assessing potential future collaborations. With respect to potential participants, +should any collaboration be pursued in the future, a dedicated working group comprising (a) the R&D +department (responsible for assessing technical compatibility), (b) the legal department (responsible for +compliance review), and (c) senior management (responsible for strategic and risk assessment) will jointly +participate in the third-party selection process. The potential selection criteria will include: (i) the third +party’s industry qualifications (such as GCP certification, and for academic institutions, demonstrated +scientific research capabilities); (ii) the degree of technical compatibility and complementarity between +the third party’s resources and the our R&D needs; (iii) the third party’s compliance record (including the +absence of any material violations or significant cooperation disputes); (iv) the controllability of +cooperation costs and associated risks, to ensure that any potential collaboration is aligned with the our +long-term strategic objectives; and (v) the third party’s integrity and anti-corruption record and conduct. +BUSINESS +–2 1 1– + + +--- page 221 --- +RESEARCH AND DEVELOPMENT +We consistently devote resources to research and development to pave way for long-term growth. +Our research and development expenses in 2024 and 2025 amounted to RMB75.0 million and RMB110.2 +million, respectively. We believe that our integrated capabilities give us the agility to formulate our +innovation, registration, commercialization and product optimization strategies that can navigate us +through rapidly changing clinical needs, enable us to improve pipeline viability and expedite the product +development cycle at a lower cost. +R&D Capabilities +We have established a comprehensive R&D system that supports every stage of the drug +development lifecycle, including: + In-depth analysis of clinical needs. We start by analyzing clinical needs to guide project +selection. We maintain a curated knowledge base, and we work with experienced clinicians to +prioritize targets that address real patient needs and have clear clinical endpoints. + Layered drug design. We combine computational methods and medicinal chemistry to design +better molecules. Our toolkit includes quantitative structure-activity relationship (QSAR), +molecular docking, molecular dynamics, and absorption, distribution, metabolism, excretion +and toxicity (ADMET) prediction, together with structure- and fragment-based design to +improve potency, selectivity, and drug-like properties. + Rapid and accurate drug screening and evaluation. We use 3D screening techniques, along with +in vitro and biophysical assays, to quickly assess activity, off-target effects, and developability, +allowing fast selection of the best leads for further study. + Robust CMC and process development capabilities. Our chemistry and process development +capabilities focus on scalable, high-quality synthesis of APIs and intermediates. We develop +efficient synthetic routes, optimize yields and purity, and create manufacturing-ready processes +that meet regulatory quality requirements. + Comprehensive preclinical and translational research. Our preclinical and translational +research include comprehensive pharmacology, toxicology, and biomarker studies. We perform +in vivo and in vitro studies to define mechanism of action, PK/PD relationships, safety margins, +and identify biomarkers and patient stratification strategies that support clinical development. + Efficient clinical development. Our clinical strategy and operations teams plan and run trials +efficiently while ensuring regulatory compliance. We handle trial design, site selection, data +management, and interactions with regulators. Together with CMC, quality, and translational +teams, we advance candidates from lead selection into clinic-ready development. +Together, our integrated R&D platform, from clinical need analysis and advanced drug design to +scalable manufacturing and efficient clinical execution, ensures we move the most promising candidates +rapidly and reliably toward the clinic. This end-to-end capability minimizes development risk, accelerates +timelines, and increases the likelihood of delivering safe, effective therapies to patients. +BUSINESS +– 212 – + + +--- page 222 --- +R&D Team +The expertise of our team members spans the entire spectrum of drug development, encompassing +drug discovery, medicinal chemistry design and virtual screening, preclinical pharmaceutical research, +drug testing and purification, formulation development, clinical research, regulatory submissions and +platform construction. As of the Latest Practicable Date, our R&D team consisted of 92 members, +including 4, or 4.3% holding PhD degrees and 23, or 25.0% holding master’s degrees. +Our R&D team is led by Dr. Ji Jianxin, the chairman of our Board, our executive Director and chief +executive officer. Dr. Ji has over 20 years of experience in the pharmaceutical industry. Dr. Ji has +conducted in-depth research in the fields of synthetic methodology, medicinal chemistry, molecular +pharmacology and other relevant fields. He has published more than 40 academic papers in academic +journals such as PNAS and JACS, and is the inventor of nearly 30 domestic and international patents. In +2007, he was recognized as an outstanding talent under the “Hundred Talents Program” of the Chinese +Academy of Sciences. In 2010, he received the “11th China Youth Science and Technology Award,” jointly +awarded by the Organization Department of the CPC Central Committee, the China Association for +Science and Technology and the Ministry of Human Resources and Social Security. In 2016, he was +selected as a leading talent expert under the national “Ten Thousand Talents Plan” organized by the +Organization Department of the CPC Central Committee. Dr. Ji obtained his Ph.D. from Hong Kong +Polytechnic University, and finished his postdoctoral fellowship in molecular pharmacology at Vanderbilt +University in the United States. +In addition to Dr. Ji, our R&D team consists of members with diverse and complementary +backgrounds, covering preclinical research, clinical research, and production operations. Through close +collaboration and teamwork, we have formed a dedicated and stable team that provides a solid foundation +for ongoing innovation. +Dr. Guo Na, head of research and development, has expertise in both preclinical and clinical research +and possesses extensive project management experience. She is one of the few experts who can integrate +biological research, pharmaceutical research, and clinical studies. She is skilled in promoting clinical +research through translational medicine and coordinating internal development with external resources. +Before joining us in 2018, she served as the head of the chemical innovation drug research department at +a large pharmaceutical group. +Dr. Du Fengtian, our deputy director of R&D, has rich experience in drug discovery, CMC research, +and preclinical studies. He excels in drug design and deeply understands the relationship between drug +structure and function, efficiently organizing various aspects of preclinical research, including +pharmacodynamics, PK, and safety evaluation. He has led or participated in multiple Class I new drug +development and registration projects, demonstrating outstanding capabilities in R&D management. +Mr. Yang Xiangyu, our chief operating officer, has a deep understanding of drug development and +excels at coordinating communication and integration across multiple departments, including medicinal +chemistry, raw materials, and formulation. He is skilled in drug manufacturing and has led teams to +complete multiple project process developments and production transfers. He holds a master’s degree in +medicinal chemistry from the University of Chinese Academy of Sciences. Before joining us in 2017, he +was a senior research expert at Chengdu Yuanyuan Biotechnology Co., Ltd. +BUSINESS +– 213 – + + +--- page 223 --- +The table below sets forth the identities, positions, expertise, and contributions of our core R&D +personnel, as well as their involvement in the research and development of HJ787, HJ178 and HJ891 since +their discovery and up to the Latest Practicable Date. During the Track Record Period and up to the Latest +Practicable Date, none of the core R&D personnel involved in these projects left the Group. Dr. Ji, Dr. Guo +Na, Dr. Du Fengtian and Mr. Yang Xiangyu lead the R&D of our Core Products, overseeing overall +development strategy, clinical development, preclinical development and CMC, respectively. The table +below sets forth a detailed summary of their responsibilities and experience: +Identities Positions Expertise +Involvement and +contributions to the R&D +activities since the +discovery of HJ787, +HJ178, and HJ891 +Date of +joining +Dr. Ji /H1118/H1118/H1118/H1118/H1118Chairman of our +Board, Executive +Director and chief +executive officer +His work covers early-stage drug discovery, mechanism of +action studies, and translational research, with a focus on +bridging fundamental science and clinical application. He +has conducted in-depth research in areas such as synthetic +methodology, medicinal chemistry, and molecular +pharmacology, and has published over 40 academic papers +and filed nearly 30 patents. His research achievements +demonstrate his deep scientific insight and innovative +capabilities in the field of drug discovery and development. +Provides comprehensive +strategic guidance and +oversight for all core +projects, including project +planning, execution, and +progress monitoring, +ensuring alignment with +overall research objectives +and timely achievement of +milestones. +February +2017 +Dr. Guo Na /H1118/H1118head of research and +development +Since 2018, Dr. Guo has overseen the full clinical +development and regulatory approval of HJ891 and +leveraged this experience to drive the advancement of +HJ787 and HJ178 in autoimmune and metabolic diseases. +She also established a high-caliber clinical development +team with an average of more than six years of industry +experience, supporting the successful progression of HJ787, +HJ178, and HJ891. +Leads the clinical +development team and +drives the strategic +planning, design, +execution, and oversight of +clinical trials across all +core programs, ensuring +alignment with regulatory +requirements. +May 2018 +Dr. Du +Fengtian /H1118/H1118/H1118 +deputy director of +R&D +Before joining us, Dr. Du had successfully led the research +and registration of multiple Class I innovative drugs across +oncology, metabolic diseases and autoimmune disorders. He +has deep expertise in drug structure-function relationships +and oversees all aspects of our preclinical research. Since +joining, he has established a preclinical research team with +an average of over six years of industry experience across +medicinal chemistry, pharmacology, toxicology and +translational medicine. Under his leadership, the team has +successfully advanced HJ891, HJ178 and HJ787 through +comprehensive preclinical studies. +Leads the preclinical +development team, +oversees the execution of +Core Products and Key +Product development +activities, and formulates +strategic plans to guide +research, optimize +development processes, +and ensure the timely +progression of Core +Products and Key Product. +February +2017 +BUSINESS +– 214 – + + +--- page 224 --- +Identities Positions Expertise +Involvement and +contributions to the R&D +activities since the +discovery of HJ787, +HJ178, and HJ891 +Date of +joining +Mr. Yang +Xiangyu /H1118/H1118/H1118 +chief operating officer Since joining, he has led the CMC research for HJ891, +HJ178, and HJ787, ensuring smooth translation of R&D +outcomes to production. He also built and manages a high- +caliber team with expertise in small-molecule process +development, formulation, quality control, and pilot-scale +manufacturing, coordinating cross-functional efforts across +medicinal chemistry, APIs, and formulation departments. +Oversees the chemistry, +manufacturing, and CMC +quality control activities, +coordinating process +development, formulation, +and quality assurance to +ensure smooth drug +development, optimize +production efficiency, +control costs, and maintain +consistent product quality +for the timely and reliable +advancement of pipeline +candidates. +February +2017 +We have allocated sufficient manpower for the development of each Core Product. The qualifications +and experience of our R&D personnel directly support the expansion of our Core Products across multiple +therapeutic areas and formulation specifications. Our team includes R&D personnel with end-to-end drug +development expertise, therapeutic specialists in autoimmune, metabolic, and oncology diseases, and +CMC experts in process, analytical, and formulation development. This depth enables us to advance each +drug across multiple indications and patient subpopulations, tailor clinical and translational strategies to +disease biology. As of the Latest Practicable Date, approximately 80.2% of the research and development +personnel who have been involved in the development of our Core Products. The table below set forth the +our core R&D team members for the development of each Core Product since their discovery and up to +the Latest Practicable Date: +Number of Core Team Members +HJ891 HJ787 HJ178 +Preclinical Development /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 17 18 +Clinical Development /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827 12 16 +CMC /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 24 22 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111878 53 56 +Collaborations with CROs +In line with industry practice, we engage reputable CROs to support our preclinical and clinical +studies from time to time. We proactively seek well-known CROs with good reputation in the industry, and +evaluate self-recommendations from CROs offering services to us. We also select CROs through tenders +for projects with high value and typically evaluate three to four CROs for a specific preclinical or clinical +study. When selecting CROs, we consider a number of factors, including their past experience in +biologics-related preclinical and clinical studies, their reputation and influence in the industry, their +qualifications, professional experience of their employees and pricing. When determining service fees for +CROs, we would discuss with the CRO and set the pricing based on various factors, including the +academic and professional qualifications of its team, its experience in the industry and market fee levels. +The involvement and roles of CROs in the development of novel biologic drug candidates are typically +standardized and similar among different projects. The work scope of these third parties in the +BUSINESS +– 215 – + + +--- page 225 --- +development of our drug candidates may vary, subject to our overall management and instructions. We had +engaged an aggregate of 41 and 51 CROs as of December 31, 2024 and 2025, respectively, all of which +were Independent Third Parties to the best of our knowledge. +With respect to preclinical studies, CROs typically provide us with services related to preclinical PK, +PD and toxicity evaluations, both in vitro and in vivo , of our drug candidates in accordance with our study +design and under our supervision. We engaged CROs to conduct preclinical PK, PD and toxicity studies +for all of our Core Products. With respect to clinical studies, CROs typically provide us with a +comprehensive suite of services required in complex clinical trials in accordance with our trial design and +under our supervision. We engaged CROs for all completed and ongoing clinical trials of our Core +Products. CROs generally assist us in the implementation and management of clinical trials, including +day-to-day site management, trial preparation, source data verification, clinical safety management, data +management and report preparation. +After we select a CRO to support our clinical trial, we will sign an agreement with the CRO, which +sets out, among other things, the purpose and content of the clinical trial, responsibilities of each party, +research procedures and the payment schedule. We have set in place various procedures regarding the +management and monitoring of the performance by CROs. Our clinical development department is +responsible for managing the overall clinical trial process and overseeing CROs’ work. We hold regular +progress meetings with CROs and provide specific directions to ensure the quality and efficiency of the +trial execution. We conduct regular and ad hoc on-site audits of CROs, including interviewing their +employees, reviewing documentations and records, such as relevant trial data and reports. We would keep +formal records of such audits and follow up regarding issues discovered in the process. For clinical CROs, +we would also refer to the NMPA compliance record of their previous clinical trials. Our CROs are also +required to fully cooperate with our monitoring and inspection activities and rectify any issue identified +during such inspections. If the CROs fail to conduct the studies in compliance with the relevant laws and +regulations, we may be subject to liability. See “Risk Factors—Risks Relating to Our Operations—Our +employees, CROs, CDMOs, collaboration partners and others with whom we deal may engage in +misconduct or other improper activities, including non-compliance with regulatory standards and +requirements, which could harm our reputation and subject us to penalties and significant expenses that +have a material adverse effect on our business, financial condition and results of operations” in this +prospectus for details. Under the agreements, we own all intellectual property and trial results and the +CROs must maintain strict confidentiality with respect to the information they acquire during clinical +trials. There was no material non-compliance incidence during our cooperation with CROs and we did not +have any material disputes or disagreements with the engaged CROs during the Track Record Period and +up to the Latest Practicable Date. +OUR TECHNOLOGY PLATFORMS +We adhere to the principles of precise biological mechanisms and tissue-specific distribution in our +drug development process, and have established integrated platforms for the development of differentiated +small molecule innovative drugs based on these principles and objectives. +Integrated Small Molecule Platform and Tissue Specific Distribution Oriented Development +(ISD-ODD) approach +We have established a development platform for small molecule drugs, covering the entire process +from drug design, efficient synthesis, screening and evaluation, pharmacological studies, and +comprehensive CMC research to clinical strategy and operations as well as translational medicine. +Each component of our integrated small-molecule platform ensures the efficiency and quality of the +development of our Core Products and pipeline candidates, enabling our molecules to demonstrate +superior activity compared with peer products or competitors, while achieving favorable tissue distribution +characteristics. +BUSINESS +– 216 – + + +--- page 226 --- + Drug design: We utilize structure-based drug design methodologies to study how proteins and +small molecules interacts how structure relates to activity. Combined with empirical design +approaches, this enables to us design molecules efficiently and verify results with a highly +integrated verification system that combines wet-lab experiments and computational (dry-lab) +analysis. + Efficient synthesis: Our equipped chemical research platform possesses expertise in synthetic +chemistry, supported by a team capable of rapid, quality compound synthesis. Our capabilities +cover synthetic routes ranging from a few steps up to 20 steps, allowing us to efficiently +produce complex molecules. + Screening and pharmacology: We have established a comprehensive in vitro and in vivo +evaluation system incorporating advanced technologies such as 3D cell screening, enabling +systematic PD, toxicological, and ADMET studies that are seamlessly linked to drug design and +synthesis. In addition, we have developed dozens of animal models in oncology, metabolism, +and immunology, which have been successfully applied to support drug discovery and +evaluation. + CMC research: We have developed a complete CMC research platform encompassing complex +process development, comprehensive quality assessment, and innovative formulation research. +Our team has deep expertise in large-scale crystallization, purification, and formulation +development for poorly soluble compounds. + Clinical strategy and operations: We maintain an efficient clinical research team covering +medical strategy and clinical operations. Compared with traditional CRO-dependent models, +our in-house structure provides higher efficiency, stronger execution capability, and greater +control over study quality. + Translational medicine: We apply multiple biotechnological approaches to support clinical +application and trial design, including studies on biological mechanisms and efficacy +biomarkers, offering scientific support to bridge preclinical research and clinical practice. +Tissue-Specific Distribution-Intelligent Analytics System (TSD-IAS) +We have developed the Tissue-Specific Distribution-Intelligent Analytics System (TSD-IAS) as a +supplementary tool to help predict the in vivo tissue distribution of drug candidates. TSD-IAS extracts +hundreds of structural and physicochemical features from each molecule, integrates them with animal +tissue distribution datasets derived from publicly available materials, and applies computational modeling +to identify correlations between molecular structures and tissue distribution. The resulting models provide +predictive insights into how new molecules distribute across key organs. Our Core Products were +discovered and their preclinical research activities were conducted before TSD-IAS and related AI systems +were developed. +Representation +• Physicochemical Descriptors +• Structure Descriptor +• Molecular Fingerprint +• Molecular Graph +• ….. +Model Training TSD-IAS +BUSINESS +– 217 – + + +--- page 227 --- +The establishment and continuous refinement of this system further enhance our efficiency in the +development of differentiated small molecule drugs. We believe that continuously enhanced platform +provides a unique competitive edge in rational drug design by enabling precise tissue targeting, enhancing +clinical efficacy, improving safety profiles, and opening new therapeutic combinations that were +previously unfeasible. +The datasets currently used by TSD-IAS are primarily derived from publicly available knowledge +and animal tissue distribution results documented in publicly accessible materials. We extract objective +results from such publicly available materials and combine them with structural and physicochemical +parameters of relevant molecules. Through internal screening, organization, and structuring processes, we +form training datasets used for model training and internal analysis. The original content of publicly +available source materials is not owned by us. However, the training datasets and analysis results formed +internally based on such publicly available materials are created and managed by us in our internal R&D +activities.We primarily collect, screen, organize, and compile objective results from publicly available +materials through our internal R&D personnel. The relevant data are used solely for our internal model +training and tissue distribution pattern analysis. Internal training datasets are stored in our own local +storage infrastructure with access control and other security measures. We do not share raw training data +externally, nor do we provide related processing results as standalone data products for external provision +or commercial use. +We have established internal data security management policies and data preservation, archiving, and +deletion mechanisms that specify retention periods and deletion procedures for relevant data. For data that +are no longer necessary for continued use, we define retention periods in accordance with our internal data +management policies and delete such data upon expiration of the retention period. Accordingly, under the +relevant laws and regulations of the PRC, including the Regulations on Administration of Human Genetic +Resources of the People’s Republic of China, the Personal Information Protection Law of the People’s +Republic of China, the Data Security Law of the People’s Republic of China, and the Biosecurity Law of +the People’s Republic of China, our TSD-IAS-related data activities do not require additional licenses, +consents, approvals, or authorizations. As TSD-IAS uses only publicly available data and does not involve +cross-border transfer of personal information or human genetic resources information, it does not trigger +the application of data protection regulations in overseas jurisdictions. As of the Latest Practicable Date, +our TSD-IAS-related data activities comply with all applicable laws and regulations in China, including +those governing personal information, data security, and biosecurity. +Payload Platform +XDCs, including ADCs, SMDCs, and PDCs, represent the targeted therapies due to their strong +specificity and precision in drug delivery. Among the various components of XDCs, the payload +fundamentally determines drug activity, toxicity, and resistance profile, serving as the core functional unit. +We have established a payload platform. Our payload is designed to simultaneously modulate RAF +and MEK, two key targets within the MAPK signaling pathway, demonstrating favorable safety while +mitigating drug resistance. By disrupting the MAPK pathway while minimizing feedback loop activation, +our payload demonstrates enhanced durability of therapeutic response. +Novel Small-Molecule Drug Conjugate (SMDC) Technology System +Building on the platform, we have developed a SMDC Technology System capable of releasing +payloads through two distinct mechanisms: + Click chemistry—mediated payload release: This process consists of (i) a targeting ligand +equipped with a “click handle” for specific recognition of overexpressed receptors on tumor +cells, which guides the conjugate precisely to the tumor site; and (ii) an inert prodrug payload +BUSINESS +– 218 – + + +--- page 228 --- +bearing a complementary “click handle.” Upon spatial proximity, the two handles undergo a +highly efficient and specific bioorthogonal click reaction, forming a covalent cyclic structure +that alters the molecular conformation or electronic properties, triggering bond cleavage and +release of the active payload. + Enzyme-cleavable linker—mediated payload release: The linker is selectively cleaved by +tumor-specific enzymes highly expressed in the tumor microenvironment, resulting in +controlled release of the payload. +Through screening of the two SMDC technology processes, we developed HJ093, a SMDC drug +based on a novel molecular-glue payload. For HJ093, the payload release rate is matched to the payload’s +biological activity, resulting in preclinical efficacy. +INTELLECTUAL PROPERTY +Our continued success depends on our ability to obtain and maintain proprietary or intellectual +property protection for our drug candidates, our core technologies and other know-how. We also have +internal protocols in place to ensure that we operate without infringing, misappropriating or otherwise +violating the proprietary rights of others, and to prevent others from infringing, misappropriating or +otherwise violating our proprietary or intellectual property rights. We protect our proprietary and +intellectual property by, among other methods, filing patent applications related to our proprietary +technology, inventions and improvements. +As of the Latest Practicable Date, we held 29 issued patents including 12 patents in China and 17 +patents overseas. As of the same date, we had 30 patent applications including 4 patent applications in +China, 20 patent applications overseas and 6 PCT applications. As of the same date, we also owned 1 +registered trademark in Hong Kong and four trademark applications in Chinese Mainland were under +examination. See “Statutory and General Information — B. Further Information about Our Business — 2. +Our Intellectual Property Rights” in Appendix IV for details. +In particular, with respect to our Core Products, we had 2 issued patents and 2 pending patent +applications for HJ891, 3 issued patents and 9 pending patent applications for HJ787 and 5 issued patents +and 1 pending patent application for HJ178. The following table summarizes the details of all our material +patents and patent applications in connection with our products as of the Latest Practicable Date: +Products +Patent +Protection Scope +Jurisdiction +(Country/ +Region) Status +Filing/ +Grant Date +Patent Expiration +Date +Patent Owner/ +Applicant +HJ787 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118New nitrogen- +containing +heteroaromatic +compounds +Russia Granted July 2025 May 2042 Our Company +Australia Granted July 2025 May 2042 Our Company +Japan Granted September 2025 May 2042 Our Company +China Applying May 2022 N/A Our Company +European Union Applying May 2022 N/A Our Company +United States Applying May 2022 N/A Our Company +Republic of +Korea +Applying May 2022 N/A Our Company +Singapore Applying May 2022 N/A Our Company +Malaysia Applying May 2022 N/A Our Company +HJ178 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118New hypoglycemic +compounds +China Granted May 2023 November 2040 Our Company +Japan Granted April 2025 November 2040 Our Company +European Union Granted August 2025 November 2040 Our Company +United States Granted January 2026 November 2040 Our Company +HJ891 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118New aromatic +compounds with +anti-tumor +activity +China Granted March 2024 February 2041 Our Company +Japan Granted March 2024 February 2041 Our Company +European Union Applying February 2021 N/A Our Company +United States Applying February 2021 N/A Our Company +BUSINESS +– 219 – + + +--- page 229 --- +Products +Patent +Protection Scope +Jurisdiction +(Country/ +Region) Status +Filing/ +Grant Date +Patent Expiration +Date +Patent Owner/ +Applicant +HJ197 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118A selective kinase- +inhibiting +compound +China Granted October 2020 December 2037 Our Company +Japan Granted March 2021 December 2037 Our Company +United States Granted June 2021 December 2037 Our Company +European Union Granted March 2022 December 2037 Our Company +HJ093 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Peptide conjugates +exhibiting +antitumor activity +China Applying February 2026 N/A Our Company +HJ356 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Compounds for +reducing the risk +of cardiovascular +disease and +atherosclerosis +PCT Applying December 2025 N/A Our Company +Based on the freedom to operate (FTO) analysis of HJ891, HJ787 and HJ178, we are not aware of +any issued patents that are likely to affect our rights to conduct research and development or +commercialize HJ891, HJ787 and HJ178 in China and the United States. FTO analysis is a patent +investigation, based on a search of patent databases, which is commonly used to determine whether any +existing patents cover a company’s product, and whether that product would infringe any existing patents. +However, we cannot provide any assurance that all relevant third-party patents were identified or that +conflicting patents will not be issued in the future. See “Risk Factors—Risks Relating to Our Intellectual +Property Rights” in this prospectus for details. As advised by our IP Legal Advisors, the Directors believe +that the material aspects of our Core Products, Key Product and their associated technologies are +adequately protected by our patents and patent applications in China and the United States. +The term of an individual patent may vary based on the countries/regions in which it is granted. The +actual protection afforded by a patent varies on a claim-by-claim and country-by-country basis and +depends upon many factors, including the type of patent, the scope of its coverage, the availability of any +patent term extension or adjustment, the availability of legal remedies in a particular country/region and +the validity and enforceability of the patent. +We rely, in some circumstances, on trade secrets and/or confidential information, including +information in connection to our inventions, manufacturing process and technologies, to protect aspects +of our drug candidates and related technologies. We seek to protect our proprietary technologies and +processes, in part, by entering into confidentiality arrangements with third-party contractors. We have +contractual arrangements with our key employees and employees involved in research and development, +pursuant to which intellectual property conceived and developed during their employment is our exclusive +property, and they waive all relevant rights or claims to such intellectual property. We maintain +non-compete arrangements with our key employees, including all senior management and employees +involved in research and development. We also have established an internal policy governing the +confidentiality of all company information. During the Track Record Period and up to the Latest +Practicable Date, none of the inventors named on our patents and patent applications has been involved +in any dispute, litigation or disagreement with any former employer in relation to such patents or patent +applications. +Our four registration applications for the figurative trademark “ +” and the word trademark “ ശ਄ +͊Ը” in Chinese Mainland were accepted by the China National Intellectual Property Administration on +February 4, 2026, and are currently progressing in the normal course. As of the Latest Practicable Date, +the word trademark “ ശ਄͊Ը” in Class 42 has received preliminary approval and is expected to obtain +registration approval in October 2026, following the conclusion of the three-month preliminary +publication period. The remaining trademark applications are expected to receive examination decisions +by June 2027, which is consistent with our estimated registration cycle of 12 to 18 months based on +practical experience. Our IP Legal Advisors have advised that, although the statutory examination period +under the Trademark Law is approximately nine months, the overall registration process may be extended +BUSINESS +– 220 – + + +--- page 230 --- +by publication requirements and potential refusal review, opposition or other proceedings, which form part +of the ordinary examination process. The earlier preliminary approval obtained for the word trademark “ ശ +਄͊Ը” in Class 42 reflects a relatively smooth examination process and therefore does not conflict with +the estimated registration timeline. Our remaining applications currently under “Refusal review progress” +status remain within the normal examination timeline and are not subject to any abnormal or prolonged +delay. See “Statutory and General Information — B. Further Information about Our Business — 2. Our +Intellectual Property Rights” in Appendix IV for details. +The prior trademarks cited in the preliminary examination refer to third-party registered trademarks +or pending trademark applications that are cited by the China National Intellectual Property +Administration during the trademark registration examination process on the basis that they may be +identical or similar to the trademark applied for by our Company. Our IP Legal Advisors have advised that +as of the Latest Practicable Date, the prior trademarks cited in the preliminary examination of the +figurative trademark “ +” do not constitute identical or similar marks, and that such citation reflects only +a preliminary examination opinion rather than a final determination that our applied-for trademark is +identical or similar to the relevant cited prior trademarks. The application is currently proceeding in the +normal course of examination, with the likelihood of ultimately obtaining trademark registration +considered to be high. To the best knowledge of our Directors, we have not identified any third party that +is applying to register, or has registered, a trademark identical or similar to our word mark “ ശ਄͊Ը”o r +our figurative mark “ +”. +The PRC trademark system follows the principle of voluntary registration, with mandatory +registration being the exception. The Trademark Law expressly confers upon market participants the right +to lawfully use unregistered trademarks, and the use of unregistered trademarks has a complete and clear +legal basis. Under Article 4 of the Trademark Law, a business is only required to apply for registration if +it wishes to obtain the “exclusive right to use a trademark”, which is an exclusive right. This means that +a business may lawfully use a trademark without registering it, and that registration is not required in order +to use a trademark. Under Article 6 of the Trademark Law, the only category requiring mandatory +registration is tobacco products. Accordingly, unregistered trademarks may be lawfully used for all other +goods and services. Under Article 48 of the Trademark Law, the “use of a trademark” covers all use of +signage to identify the source of goods, and is not limited to registered trademarks. This is the general +definition of trademark use that applies throughout the Trademark Law, and it covers any use of +commercial signage that identifies the source of goods, whether or not the signage has been registered. +Although this provision does not expressly mention “unregistered trademarks”, when read together with +the overall framework of the Trademark Law, it clearly covers the use of unregistered trademarks, +confirming that such use is lawful. Accordingly, our IP Legal Advisors have advised that we may continue +to use the relevant marks in unregistered form during the trademark registration application process, that +such use is a common practice in commercial operations, and complies with applicable PRC laws and +regulations. +In the event that we ultimately do not obtain trademark registration, this would not affect our ability +to continue using the relevant marks in unregistered form. However, the use of unregistered marks may +give rise to the following potential risks: (i) we would not obtain exclusive trademark rights or the +corresponding exclusivity protection; and (ii) if a third party were to obtain registered trademark rights +over the same mark ahead of us, our continued use could potentially constitute infringement, in which case +we would be liable for ceasing such use and compensating the rights holder for losses. Notwithstanding +the foregoing, our IP Legal Advisors have advised that, given that the approved goods and services +covered by the cited prior trademarks and the operating industries of the holders thereof differ from our +products and services, we would face infringement risk only if a third party in the same industry registered +an identical or similar trademark before us, our marks were used for identical or similar goods or services, +and such use were likely to confuse the public as to the source. Such risk does not arise simply because +a third party holds a registered trademark, but depends on factors such as the similarity of the marks and +goods or services, the actual manner of use, and the likelihood of confusion. Taking into account these +factors, our IP Legal Advisors are of the view that the risk of infringement in respect of our use of the +relevant unregistered marks is remote as of the Latest Practicable Date. See “Risk Factors — Risks Related +to Our Intellectual Property” for details. +BUSINESS +– 221 – + + +--- page 231 --- +Our IP Legal Advisors also have advised that even in the event that the relevant trademark +applications ultimately do not proceed to registration, this would not in substance affect our ability to use +the mark as a trademark on its pharmaceutical products in the future, as mandatory trademark registration +is required only for tobacco products under PRC law. The potential legal risks associated with the use of +unregistered trademarks are as follows: (i) our Group has not yet obtained exclusive rights to and +exclusivity protection over the relevant trademark; and (ii) if a third party were to obtain a registered +trademark right over the same mark ahead of us, our continued use of the unregistered mark could +potentially constitute infringement of such third party’s registered trademark rights. However, given that +our trademark applications and use of the mark are primarily based on our own trade name, and given that +the registration of another party’s trade name as a trademark is itself subject to restrictions under the PRC +Anti-Unfair Competition Law, the likelihood of such a scenario occurring in practice is relatively low. +During the Track Record Period and up to the Latest Practicable Date, we had not been involved in +any material proceedings in respect of, and we had not received written notice of any material claims of +infringement of any intellectual property rights, in which we may be a claimant or a respondent. However, +there are risks if we fail to protect our intellectual property rights in the future. For risks relating to our +intellectual property, see “Risk Factors—Risks Relating to Our Intellectual Property Rights” in this +prospectus. +MANUFACTURING AND CONTROL +Collaboration with Third Parties +During the Track Record Period and up to the Latest Practicable Date, we had worked with qualified +CDMOs to manufacture and test drug candidates for preclinical and clinical supply. We select CDMOs by +taking into account a number of factors, such as their manufacturing capacity and qualifications, relevant +expertise, reputation, geographic proximity and track record, product quality and production cost, +applicable regulations and guidelines, as well as our R&D objectives. We have adopted, and will continue +to implement, robust procedures to ensure that the production qualifications, facilities and processes of our +CDMOs comply with the applicable regulatory requirements and our internal guidelines and quality +standards. To monitor and evaluate the services of our CDMOs, we conduct quality assurance audit +programs to ensure, among other criteria, full compliance of our CDMOs with the relevant regulatory +requirements. Our contracts with these CDMOs will stipulate detailed manufacturing procedures and +requirements to ensure our drug samples used in the clinical trial can meet our stringent quality standards. +See “—Quality Control” in this prospectus for details. We may also engage additional qualified CDMOs +in the future to ensure that we will have sufficient supply of drug candidates for our clinical trials. +Manufacturing Facility +We currently do not operate any self-owned manufacturing facilities, and as of the Latest Practicable +Date, we had no plan to establish our own manufacturing facilities within the next 12 months. We may +consider establishing our own manufacturing facilities in the future, subject to commercialization +progress, internal resource availability and strategic needs. +Currently, our manufacturing activities are conducted through CDMOs to support our drug +development. We engage reputable CDMOs in China and expect to maintain this model in the near term +and during the initial stage of commercialization. We believe this approach is cost-effective and allows us +to focus our resources on the discovery and clinical development of our drug candidates. We have +maintained strong relationship with our CDMO partners, with our longest collaboration spanning seven +years. +We have signed a cooperation agreement with the Jiangjin Government in 2023. Such agreement +constitutes a long-term strategic arrangement. Under this agreement, we are granted leasing rights and an +option to purchase certain premises to be developed by the Jiangjin District Government in an industrial +BUSINESS +– 222 – + + +--- page 232 --- +park located in Jiangjin District, enabling us to secure relatively favorable land and leasing terms. We +believe this arrangement offers us the flexibility to establish our own production facility in the medium +to long term, subject to our Core Products advancing to commercialization and the availability of +sufficient internal resources. +Quality Control +As of the Latest Practicable Date, our quality assurance (“QA”) and quality control (“QC”) +department is led by a QA director and a QC manager with extensive industry experience. Our QA and QC +department is responsible for overseeing the quality of our drug candidates and clinical study management, +and ensuring that our suppliers deliver products in accordance with our product quality requirements and +cGMP regulations through protocols specifying quality guarantees, manufacturing site monitoring and +regular supplier evaluations. As of December 31, 2025, our QA and QC teams consisted of fifteen +members, all of whom hold a bachelor’s degree or above in pharmacy, pharmaceutical engineering or other +related disciplines. +DATA PRIV ACY AND PROTECTION +We receive, collect, generate, store, process and maintain clinical and related medical data from +subjects enrolled in our clinical trials through case report forms, electronic data capture systems or +cooperating hospitals’ electronic health record systems. In line with the “minimum necessary collection” +principle, we do not collect high-risk data such as personal information, biological samples and genomic +sequences, we strictly follow the “minimum necessary” principle and remove or omit all direct identifiers, +including names, initials and dates of birth. +For data storage, we use a compliant electronic data capture system that undergoes regular quality +checks. We maintain dedicated and segregated storage areas with access-control permissions and dynamic +monitoring to ensure full traceability of all data access. For data use and distribution, we strictly control +the scope of access to raw data, and our R&D personnel process data in anonymised form. We also provide +regular training on privacy protection, anonymisation and de-identification of original documents, as well +as email encryption. All materials undergo rigorous review before archiving, handling or distribution to +ensure that no personal information is disclosed. For data deletion, we conduct secure erasure once the +statutory retention period expires (five years after the investigational product is approved) or when a +participant exercises the right to deletion, ensuring full and irreversible removal of original data. +We require all clinical trial participants to sign an informed consent form both at registration and +before the start of the trial, which clearly sets out the trial’s purpose, design and procedures, the scope of +authorized data use, and the potential benefits and risks. Our clinical investigators obtain informed consent +onsite and explain that participation is entirely voluntary, and participants have the right to decline to +participate or withdraw from the trial at any stage without discrimination, retaliation or any impact on their +medical treatment or rights. We ensure that participants take part only after being fully informed, thereby +safeguarding their right to informed consent. At the trial site, we assign each participant a unique code and +record their personal information, and our clinical investigators collect and record all trial-site data. Any +data provided to us is de-identified and coded, with personal identifiers removed, to ensure that no +privacy-sensitive information is disclosed. +We review and update consent materials throughout the clinical trial process in strict compliance +with the Biosecurity Law of the PRC, the Personal Information Protection Law of the PRC and other +applicable regulations. When relevant rules are revised or updated, we reassess and update the informed +consent documents accordingly. Any updated informed consent form is promptly submitted to the clinical +trial centers for ethics approval, after which our investigators will re-obtain consent from participants and +fully communicate the changes to safeguard their rights and interests. In accordance with the Personal +Information Protection Law, we inform participants through the informed consent form that their personal +information will be retained only for the minimum period necessary to fulfill the processing purpose, +which is five years after the investigational product receives marketing approval. We also anonymise +BUSINESS +– 223 – + + +--- page 233 --- +participant identity information and medical records at the point of collection through authorized +personnel, and our research team may only access de-identified data directly relevant to the trial purpose, +thereby reducing the risk of information leakage at its source. +We have established and implemented internal policies and procedures to ensure the safety of our +laboratory and clinical trial activities and to comply with applicable regulations. We require our personnel +to receive training on the handling of personal information, and we also require our CROs to adopt +appropriate data protection measures. We have established procedures to safeguard the confidentiality of +participant data, and all parties involved in our clinical trials, whether internal or external, are required +to comply with strict confidentiality obligations. Our employees are responsible for collecting and +protecting the personal information of trial participants under their control, while our CROs and other +partners are contractually obligated to maintain the confidentiality of such information. Compliance with +GCP and relevant rules ensures that only authorized personnel can access clinical trial data, and all data +use is strictly limited to the scope consented to by trial participants in the informed consent form. For any +use of data beyond the scope of informed consent, we ensure that additional consent is obtained. Any +transfer of data related to our product development or regulatory communications is conducted in +accordance with applicable local data protection and privacy laws. +As of the Latest Practicable Date, we had not submitted medical or clinical data as required by FDA +review of our drug applications. We did not conduct any cross-border personal data transmission during +the Track Record Period and up to the Latest Practicable Date. As of the Latest Practicable Date, we had +designed strict data protection policies to ensure that the collection, use, storage, transmission, +dissemination and destruction of data are in compliance with applicable laws, regulations and prevalent +industry practice. During the Track Record Period and up to the Latest Practicable Date, we did not +experience any breaches or incidents involving confidential information that had a material adverse impact +on our business, financial condition, or results of operations. Our PRC Legal Advisors have confirmed that +we have not been subject to any material penalties or administrative actions related to data privacy or +transfer and have complied with the relevant PRC laws and regulations in all material respects. +We have implemented a comprehensive data privacy and protection policy. See “—Risk Management +and Internal Control—Internal Control”. +SUPPLIERS +During the Track Record Period, our major suppliers primarily consisted of suppliers of raw +materials and consumables for our drug development, third-party contractors including CROs, CDMOs +and Site Management Organization (SMOs) as well research centers where we conduct clinical trials. +A majority of our raw materials are widely available, and we are able to purchase them from +numerous suppliers according to our product development plans. Currently, we procure raw materials, +including chemicals and reagents, mainly from suppliers in China. We have established stable +collaboration relationships with qualified suppliers for raw materials, which we believe have sufficient +capacity to meet our demands. Nevertheless, we believe that adequate alternative sources for such supplies +exist. We select our suppliers by considering their qualifications, compliance with relevant regulations and +industry standards, manufacturing facilities, production quality, prices, business scale, market share, +reputation, and after-service quality. During the Track Record Period, we did not experience any material +disputes with suppliers, difficulties in procurement, or interruptions in our operations due to a delay in +delivery of raw materials. +Purchases from our largest supplier in 2024 and 2025 accounted for 10.3% and 17.2%, respectively, +of our total purchase of those years. Purchases from our five largest suppliers in each year during the Track +Record Period accounted for 38.8% and 37.0%, respectively, of our total purchases for each of the same +periods. All of our five largest suppliers in each year during the Track Record Period are Independent +Third Parties. The following table sets forth details of our five largest suppliers during the Track Record +Period. +BUSINESS +– 224 – + + +--- page 234 --- +Supplier Background Major Purchases Credit Terms +Commencement +of Business +Relationship +Purchase +Amount +% of Total +Purchases +for the +Period +(RMB in +thousand) +For the year ended December 31, 2025 +Supplier B /H1118/H1118CDMO API research and development, +formulation, and clinical sample +production +30 days 2018 16,120.6 17.2 +Supplier I /H1118/H1118A raw material +manufacturing +company +Customized intermediates 30 days 2024 6,778.7 7.2 +Supplier F /H1118/H1118/H1118A raw material +manufacturing +company +Customized intermediates and raw +materials +10 days 2021 5,359.6 5.7 +Supplier A /H1118/H1118A preclinical +testing +company +Pharmacokinetic and safety studies 10 days 2017 3,582.1 3.8 +Supplier H /H1118/H1118An elite BD +advisory firm +Business development services to +support our overseas expansion by +establishing strategic partnerships +with pharmaceutical or +biotechnology companies or +investors for joint product +development and commercialization +5 days 2025 2,871.7 3.1 +Total 34,712.7 37.0 +For the year ended December 31, 2024 +Supplier F /H1118/H1118/H1118A raw material +manufacturing +company +Customized intermediates and raw +materials +10 days 2021 5,862.5 10.3 +Supplier D /H1118/H1118SMO Clinical trial site management 30 days 2023 4,627.5 8.1 +Supplier G /H1118/H1118A raw material +manufacturing +company +Custom intermediates and +manufacturing services +15 days 2021 4,342.6 7.6 +Supplier B /H1118/H1118CDMO API research and development, +formulation, and clinical sample +production +30 days 2018 4,118.1 7.2 +Supplier C /H1118/H1118A clinical +research +institution +Clinical research 10 days 2023 3,199.2 5.6 +Total 22,149.9 38.8 +As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders +(who owned or to the knowledge of the Directors had owned more than 5% of our issued share capital) +had any interest in any of our five largest suppliers in each year during the Track Record Period. +BUSINESS +– 225 – + + +--- page 235 --- +CUSTOMERS +During the Track Record Period, all of our revenue was derived from our out-license and +collaboration agreements with Junshi Biosciences and/or Junze Chuangyao. For further details, please +refer to “Financial Information—Description of Selected Components of the Consolidated Statements of +Profit or Loss and Other Comprehensive Income—Revenue.” +COMMERCIALIZATION +Our Marketing Strategy +We do not currently have any approved or marketed products. However, since our drug candidates +entered clinical development, we have been actively building our commercial planning and portfolio +management capabilities. As these candidates advance into late-stage development and approach NDA +submission, we plan to establish an in-house marketing and sales team comprising experienced +professionals in our therapeutic areas of focus. +This team will be responsible for market strategy, product positioning, market access, promotional +activities, and patient support. It will focus on enhancing awareness among relevant experts of our +products’ mechanisms of action, clinical data, and differentiation. We will also carry out educational +initiatives, including engagement with KOLs, medical education programs, academic conferences, and +support for investigator-initiated studies to further strengthen our market presence. +In parallel, we may explore strategic collaborations to commercialize our drug candidates in China +and the United States, such as selective out-licensing, joint ventures, or partnerships with leading +biopharmaceutical companies to support late-stage clinical development and commercialization. +Pricing +We are currently at the clinical development stage and none of our Core Products, including HJ787, +has been commercialized. Upon commercialization of our Core Products and other product candidates, we +intend to determine pricing based on multiple factors, including production costs, competitive landscape, +product differentiation, health economics, market trends, and supply-demand dynamics. Recognizing that +some cancer patients, particularly those with late-stage disease, may be sensitive to treatment costs, we +will also take patient affordability and payment preferences into account when formulating our pricing +strategy. +Taking HJ787 as an example, we intend to position HJ787 for the treatment of mild-to-moderate AD. +In determining the pricing of HJ787, we expect to take into account the following factors: +(i) the mild-to-moderate AD patient population is large, and treatment is typically administered on +a long-term outpatient or home-based maintenance basis, which requires a pricing level that +supports sustained patient accessibility; +(ii) as a topical selective TYK2 inhibitor, HJ787 is expected to provide differentiated efficacy and +safety advantages compared with existing topical targeted therapies, which may support a +reasonable price premium within the prevailing price range of such therapies. For A V , existing +therapies present limitations including strong skin irritation and development of bacterial +resistance with long-term use. HJ787’s favorable safety profile may enable it to capture the +pediatric AD market segment and serve patients with lesions in sensitive areas such as the face. +These differentiated clinical attributes and the limitations of existing therapies may support +pricing HJ787 at a reasonable premium to current topical therapies, subject to adjustment based +on market conditions, and +BUSINESS +– 226 – + + +--- page 236 --- +(iii) if HJ787 is included in the NRDL, its pricing is expected to be determined with reference to +the negotiated reimbursement prices of existing NRDL-listed targeted therapies for AD, with +a view to balancing patient accessibility and reasonable commercial returns. +As a topical selective TYK2 inhibitor, HJ787 is expected to provide differentiated efficacy and safety +advantages compared with existing therapies, which have various limitations including safety concerns, +accessibility constraints, and limited treatment options across its target indications. HJ787’s favorable +safety profile may enable it to serve patient populations including those with lesions in sensitive areas, +which may support a pricing premium to current topical therapies, subject to market conditions. Our +pricing strategy will take into account competitive dynamics and market positioning. We are pursuing +clinical development across multiple indications, and our resource allocation decisions will balance +development timelines across our pipeline with our R&D budget. The pricing and commercialization +approach will be refined based on clinical trial results, competitive developments, and reimbursement +policy landscape at the time of market entry. The above our pricing considerations competitive challenges +are preliminary and based on currently available industry information and our internal commercial +planning, and may be subject to change in light of subsequent clinical results, competitive developments, +reimbursement policy developments and market conditions. +As of the Latest Practicable Date, there were no pricing guidance or centralized procurement +requirements applicable to our product candidates in China. To enhance market access and +competitiveness, we plan to seek inclusion of our Core Products in the NRDL and other government +reimbursement programs through negotiations with the relevant authorities. However, inclusion in the +NRDL is subject to government review and approval, and competition for listing is expected to be intense. +COMPETITION +The development and commercialization of innovative drugs are highly competitive and subject to +rapid and significant changes. We believe that our differentiated portfolio, deep knowledge of key +therapeutic pathways provide us with strong competitive advantages. We face potential competition from +many different sources working to develop therapies targeting the same indications for which we develop +our drug candidates. These include major pharmaceutical companies as well as specialty pharmaceutical +companies of various sizes. Our Core Products and key drug candidate face competition from approved +and clinical-stage drug candidates that focus on similar indications and target patient population with us, +and these competing products may have significant competitive strengths and advantages when compared +to our drug candidates. For competitive landscape of our drug candidates, see “—Our Drug Candidates” +and “Industry Overview” in this prospectus. +EMPLOYEES +As of December 31, 2025, we had 115 full-time employees, the majority of whom are based in +Chengdu, China. The following table sets forth the number of our employees by function: +Function +Number of +employees +% of Total +employees +Research and development /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111893 80.9 +Management and administration /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 19.1 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118115 100.0 +Our success depends on our ability to attract, retain and motivate qualified personnel, and we believe +that our high-quality talent pool is one of our core strengths. As of December 31, 2025, our R&D personnel +account for 80.9% of the total employees. We use various methods for our recruitment, including campus +recruitment, online recruitment, internal referrals and recruitment firms or agents, to satisfy our demand +BUSINESS +– 227 – + + +--- page 237 --- +for different types of talents. We conduct safety awareness, quality awareness and corporate culture +training for R&D and manufacturing staff, and implement a comprehensive training system for all +employees. We hold various training courses conducted online and offline on a weekly basis. +We enter into standard confidentiality and employment agreements with our key management and +research staff. The contracts with our key personnel typically include a standard non-compete clause that +prohibits the employee from competing with us, directly or indirectly, during his or her employment and +for two years after the termination of his or her employment. The contracts also typically include +undertakings regarding assignment of inventions and discoveries made during the course of his or her +employment. For further details regarding the terms of confidentiality and employment agreements with +our key management, see “Directors, Supervisors and Senior Management” in this prospectus. +As required under PRC laws and regulations, we participate in various employee social security +plans that are organized by applicable local municipal and provincial governments, including housing, +pension, medical, work-related injury, maternity, and unemployment benefit plans, under which we make +contributions at specific percentages of the salaries of our employees. We believe we maintain a good +working relationship with our employees, and we had not experienced any material labor dispute or any +difficulty in recruiting staff for our operations during the Track Record Period and up to the Latest +Practicable Date. +Social Insurance and Housing Provident Fund Contributions +During the Track Record Period, we made social insurance and housing provident fund contributions +for all of our employees. However, we did not make full contributions in strict compliance with the +relevant PRC laws and regulations prior to July 30, 2025. With effect from August 1, 2025, we have made +full social insurance and housing provident fund contributions for each of our employees in accordance +with the applicable requirements. As of December 31, 2024 and 2025, our shortfall in social insurance and +housing provident fund contribution during the Track Record Period amounted to RMB5.8 million and +RMB7.4 million, respectively, on a cumulative basis. +We have established various internal policies and procedures to ensure that we make full +contributions to social insurance and housing provident funds. These internal policies and procedures +include (i) maintaining regular communication with the relevant authorities to ensure ongoing compliance +with applicable laws and regulations; (ii) actively engaging with employees to enhance their awareness +and understanding of social insurance contributions and their corresponding obligations; (iii) +strengthening internal control procedures by assigning dedicated personnel to conduct regular monitoring +of compliance status; (iv) consulting PRC legal advisors on a regular basis regarding the latest regulatory +developments; and (v) providing employees with training programs on social insurance and housing +provident fund compliance. +According to PRC laws and regulations, under-contribution to social insurance may subject the +employer to make up the shortfall within a prescribed period and to pay a daily overdue charge of 0.05% +of the amount of the shortfall. Failure to comply within the prescribed timeline may lead to fines ranging +from one to three times the overdue amount. Additionally, pursuant to applicable PRC laws and +regulations, if the employer fails to register and establish an account for housing provident fund +contributions, the authority could order the employer to correct it within a prescribed time limit, where +failure to do so within the time limit shall result in a fine of RMB10,000 to RMB50,000. If there is any +failure to pay the full amount of housing provident fund as required, the competent housing provident fund +management center may require payment of the outstanding amount within a prescribed period. If the +payment is not made within such time limit, the relevant authorities may seek enforcement through the +PRC courts. The employer might also be subject to potential labor disputes arising from such arrangements +with the relevant employees. Pursuant to the Notice of the General Office of the State Council on Issuing +the Comprehensive Plan for the Reduction of Social Insurance Contribution Rates (Ι +ٝissued and implemented on 1 April 2019, administrative +authorities shall not conduct centralized clearance of enterprises’ historical arrears without authorization +during the reform of the social insurance levy and collection system. +BUSINESS +– 228 – + + +--- page 238 --- +Therefore, as advised by our PRC Legal Advisors, the likelihood of material administrative fines or +other penalties being imposed against us in respect of the previously unpaid contributions is considered +remote, our Directors believe that our failure to fully pay social insurance and housing provident fund +payments will not have any material adverse impact on our business operations and financial condition. +Considering (i) as of the Latest Practicable Date, we had not received any notification from relevant +government authorities requiring us to pay the shortfalls or penalties with respect to social insurance and +housing provident funds; (ii) during the Track Record Period and up to the Latest Practicable Date, we had +not been subject to any administrative penalties, material litigations and legal proceedings, nor were we +aware of any material employee complaints or material labor disputes with our employees with respect to +social insurance and housing provident funds; (iii) the competent local government authorities are aware +of our contribution shortfall, and we have obtained confirmations from competent local government +authorities confirmed that no penalties had been imposed on us with respect to social insurance and +housing provident funds during the Track Record Period; (iv) we will make full contributions or pay any +shortfall within the prescribed time period if demanded by the relevant government authorities; (v) we +have implemented various enhanced internal control measures to ensure future compliance; (vi) we have +made full social insurance and housing provident fund contributions for our employees since August 1, +2025; and (vii) Dr. Ji, our Controlling Shareholder, has undertaken to indemnify us against any shortfall +in the contributions we made, and any late fees, fines or compensation, with respect to the potential +liabilities arising from our underpayment of social insurance and housing provident fund. As a result, we +had not made any provision for the shortfall in our social insurance and housing provident fund +contributions during the Track Record Period and up to the Latest Practicable Date. +INSURANCE +We consider our insurance coverage to be adequate, as we maintain all the mandatory insurance +policies, including the clinical trials liability insurance, required by PRC laws and regulations and in +accordance with the commercial practices in our industry. We also maintain an insurance policy for our +fixed assets and vehicles owned by us. +In line with industry practice in the PRC, we have elected not to maintain certain types of insurance, +such as business interruption insurance or key man insurance. We believe our existing insurance coverage +is adequate for our present operations and in line with industry practice in the PRC. During the Track +Record Period, we did not make any material insurance claims in relation to our business. See “Risk +Factors—Risks Relating to Our Operations—Our insurance coverage may not sufficiently cover the risks +related to our business operations.” +ENVIRONMENTAL, SAFETY AND SOCIAL MEASURES +We are subject to various social, health, safety and environmental laws and regulations and our +operations are regularly inspected by local government authorities. We believe we have adequate policies +ensuring compliance with all social, health, safety and environmental protection regulations. Particularly, +we believe our continued growth rests on integrating social values into our business. We intend to create +a lasting positive environmental, social and governance (“ESG”) impact on our customers, suppliers and +the broader community whom our operation may impact. We acknowledge our responsibilities on +environmental protection, social responsibilities and are aware of the climate-related issues that may have +an impact on our business. We are committed to complying with ESG reporting requirements upon Listing. +Our Board has overall responsibility for (i) overseeing and determining our Group’s environmental, +social, and climate-related risks and opportunities that impact our Group, (ii) establishing ESG related +targets of our Group, (iii) adopting the ESG-related policies, and (iv) reviewing our Group’s performance +on ESG matters. +BUSINESS +– 229 – + + +--- page 239 --- +Environmental Protection +As of the Latest Practicable Date, we had not yet commercialized any of our drug candidates nor +commenced large-scale commercial production. Currently, we manufacture certain existing drug +candidates solely for research and development purposes. Consequently, our operations result in minimal +air pollution, wastewater, biological solid waste, or other hazardous wastes. To ensure compliance with +national, industrial, and local environmental standards, laws, regulations, and policies, we have +implemented internal policies for environmental risk prevention. These policies include: (i) strict +adherence to Good Manufacturing Practice (GMP) regulations and relevant pollutant emissions standards; +(ii) conducting periodic environmental assessments on exhaust gas emissions, hazardous waste disposal, +noise emissions, and wastewater emissions. +During the Track Record Period and up to the Latest Practicable Date, we had not received any fines +or penalties associated with the breach of any environmental laws or regulations. To the best knowledge +and belief of our Directors, we are not subject to material environmental liability risk and will not incur +material compliance costs in the future. Our PRC Legal Advisor has confirmed that, during the Track +Record Period and up to the Latest Practicable Date, we were in compliance with applicable laws and +regulations related to environmental protection in all material respects. +Resource Consumption, Emissions and Targets +We rely on various metrics to measure the impact of our business on the environment, which are +broadly aligned with industry standards. Such metrics include the amount of resource consumption, +amount of waste (including wastewater and solid waste) generated and greenhouse gas emissions. We have +also set various goals to reduce our environmental impact, and we continue to take significant steps toward +these targets. The following table sets forth our resource use and emission-related indicators during the +Track Record Period: +Y ear ended December 31, +2024 2025 +Resource consumption +Electricity +– Total amount (MWh) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118353.0 369.5 +– Intensity* (MWh/RMB million) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.7 3.4 +Water +– Total amount (tons) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,694 3,040 +– Intensity* (t/RMB million) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835.9 27.6 +Emissions +Hazardous Solid Waste +– Total amount (tons) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829.5 63.1 +– Intensity* (t/RMB million) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180.4 0.6 +Greenhouse Gas Emissions +(tons of CO +2 equivalent) +– Scope 1 (Direct) (tons) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812.0 11.0 +– Scope 2 (Indirect) (tons) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111849.6 51.9 +– Intensity* (t/RMB million) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11180.8 0.6 +Note: +* Calculated as the total amount of resource consumption or emission divided by research and development expenses of +the respective period. +BUSINESS +– 230 – + + +--- page 240 --- +We exercise strict controls over three categories of R&D-related waste: laboratory animals, +wastewater and solid waste. Laboratory animal carcasses and tissues are double-bagged in accordance with +relevant protocols and temporarily stored in freezers; wastewater is collected and treated separately based +on its classification; and solid waste is placed in dedicated, sealed and clearly labeled containers. All +hazardous waste, including medical waste during pre-clinical and clinical trials is transferred to licensed +third-party service providers for compliant, harmless and environmentally responsible treatment, with +full-process tracking to prevent secondary contamination. Other than solid waste, which increased due to +the expansion of our clinical trial activities, there are no material fluctuations in electricity and water +consumption. Our operations do not involve the use or handling of any human samples. We adopt a +strategy of purchasing in smaller quantities more frequently to avoid the accumulation of expired or +unusable hazardous chemicals due to excessive inventory, thus reducing hazardous waste generation. We +also prioritize using reagents with higher safety profiles to reduce the risk of generating hazardous waste. +All our water sources come from municipal supplies, and our business operations do not face any +difficulties in obtaining water, and water resource risks have no significant impact on our operation and +financial performance. Our greenhouse gas (GHG) emissions all come from Scope 2 emissions associated +with purchased electricity. Scope 2 (indirect emissions) mainly includes emissions from the consumption +of purchased electricity and heat, calculated in accordance with the Guidelines for Accounting and +Reporting of Greenhouse Gas Emissions in Chinese Industries issued by the National Development and +Reform Commission. In alignment with China’s national carbon neutrality target, we are actively working +to reduce GHG emissions generated from our operations. +We continuously monitor and strive to reduce hazardous waste production. For hazardous wastes +generated from R&D activities, we engage qualified third parties for disposal. We select such service +providers by considering their quality, industry reputation and compliance with relevant regulatory +agencies. In 2024 and 2025, we incurred costs of RMB116.2 thousand and RMB197.6 thousand, +respectively, for waste disposal. These third-party service providers operate in accordance with relevant +governmental laws and regulations. We are committed to ongoing efforts to protect the ecological +environment during our business operations, aiming to minimize adverse environmental impacts. +Our Board will establish targets for key ESG performance indicators (KPIs) at the beginning of each +financial year in accordance with Appendix C2 to the Listing Rules and other applicable regulations, +including relevant national and industry environmental standards. These targets will be reviewed annually +under the direct supervision of our Directors and senior management to ensure their continued relevance +to our Group’s operations and strategic goals. In setting ESG-related KPIs, we will take into account our +historical consumption and discharge levels during the Track Record Period, as well as our future business +expansion plans, with a view to balancing growth and environmental responsibility. We are committed to +reducing our electricity, water, and hazardous waste consumption by 5% over the next three years. +Preclinical and Clinical Study +We have implemented a series of measures to bolster laboratory and clinical trial safety while +ensuring compliance with relevant regulations. These measures include the establishment and enforcement +of internal policies and procedures aimed at clinical trial safety, starting with: (a) formulating a +comprehensive R&D project management policy to oversee the entire lifecycle process of drug +development, encompassing preclinical studies and clinical trials; (b) implementing guidelines pertaining +to employee health and safety, environmental protection, and operational safety within laboratory settings; +(c) monitoring AEs associated with drugs and drug candidates during clinical trials and maintaining +accurate records of these events for each trial; (d) conducting analysis of collected AEs and assessing +associated safety risks; (e) reporting SAEs and potential safety risks; and (f) facilitating communication +with relevant employees and CROs to ensure enforcement of clinical trial protocols. +BUSINESS +– 231 – + + +--- page 241 --- +Social Responsibilities +In respect of social responsibilities, we are committed to offering a fair and caring working +environment to our employees. We have transparent policies on recruitment, compensation, dismissal, +equal opportunities, diversity and anti-discrimination. We hire employees based on their merits and it is +our corporate vision to offer equal opportunities to our employees. We encourage our employees who +encounter any discrimination to seek immediate assistance, which also allows us to conduct timely +investigation and follow up as needed. In addition, we provide training programs on industry and +regulatory developments to our employees. +PROPERTIES +Our corporate headquarters is located in Chengdu, China. We occupy certain properties in connection +with our business operation. As of December 31, 2025, we did not have any single property with a book +value accounting for 15% or more of our total assets. Our Directors are of the view that we are not required +to set out all of our interests in land and buildings in the valuation report described in paragraph 34(2) of +the Third Schedule to the Companies (Winding Up and Miscellaneous Provisions) Ordinance according to +Chapter 5 of the Listing Rules and section 342(1)(b) of the Companies (Winding Up and Miscellaneous +Provisions) Ordinance. +Owned Properties +As of the Latest Practicable Date, we have obtained 17 property ownership certificates, through +which we have acquired land use rights with a total site area of approximately 57,699.4 square meters and +own properties with a total gross floor area of approximately 3,047.4 square meters, which are primarily +used for our laboratories and administrative offices. +Leased Properties +As of the Latest Practicable Date, we leased one property in Chengdu for R&D, with an aggregate +gross floor area of approximately 903.0 square meters; one property in Hefei with a total gross floor area +of approximately 123.75 square meters, used for office purposes; and one property in Fuzhou with a total +gross floor area of approximately 1,189.22 square meters, used for office purposes. We believe our current +facilities are sufficient to meet our near-term needs, and additional space can be obtained on commercially +reasonable terms to meet our future needs. We do not anticipate undue difficulty in renewing our leases +upon their expiration. +BUSINESS +– 232 – + + +--- page 242 --- +LICENSES, APPROV ALS AND PERMITS +During the Track Record Period and up to the Latest Practicable Date, as advised by our PRC Legal +Advisors, we had obtained all material licenses and permits required for our business operations in the +PRC, and such business licenses required for our current business operations in the PRC had remained in +full effect. We had not experienced any material difficulty in renewing such certificates, permits and +licenses during the Track Record Period and up to the Latest Practicable Date, and we currently do not +expect to have any material difficulty in renewing them when they expire, if applicable. During the Track +Record Period and up to the Latest Practicable Date, we have not been penalized by the relevant +government authorities for any non-compliance relating to maintenance and renewal of our material +certificates, permits and licenses. The table below sets forth the relevant details of the material licenses +we hold for our operation: +License/Permit Issuing Authority Date of issuance +Date of +expiration +Registration certificate for enterprises +engaged in the production of explosive +and dangerous chemicals (ႡᖑΚᎈ +׼)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Wenjiang District Branch of +Chengdu Public Security +Bureau ( ϓே̹ʮτ҅๝Ϫ +ਜʱ҅) +September 9, +2019 +N/A* +Purchase registration certificate for +Category II and Category III precursor +chemicals (ʷኪ +׼)H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Narcotics Control Brigade of +Wenjiang District Public +Security Bureau of +Chengdu Public Security +Bureau ( ϓே̹ʮτ҅๝Ϫ +ɽඟ) +N/A** N/A** +Laboratory Animal Use Permit (ي +Դ͜஢̙ᗇ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Sichuan Provincial +Department of Science and +Technology (ኪҦ +ஔᝂ) +March 22, +2024 +March 21, +2029 +LEGAL PROCEEDINGS AND COMPLIANCE +Legal Proceedings +We may from time to time be subject to various legal or administrative claims and proceedings +arising from the ordinary course of business. Litigation or any other legal or administrative proceeding, +regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including +our management’s time and attention. During the Track Record Period and up to the Latest Practicable +Date, there were no legal proceedings pending or threatened against us or our Directors that could, +individually or in the aggregate, have a material adverse effect on our business, financial condition and +results of operations. +Compliance +During the Track Record Period and up to the Latest Practicable Date, as advised by our PRC Legal +Advisors, we had complied with the applicable laws and regulations in relation to our business operations +in all material respects, and we were not involved in any non-compliance incidents which the Directors +believe would, individually, or in aggregate, have a material adverse effect on our business as a whole. Our +PRC Legal Advisors are of the view that we have obtained all required licenses and approvals for our +business operations in all material respects during the Track Record Period. +* The filing certificate for entities engaged in the handling of explosive precursor chemicals is issued under a first-time filing +regime and is not subject to any statutory validity period. Such filing certificate remains valid unless and until the relevant +entity changes its operations, ceases production, suspends operations or is dissolved, upon which an updated filing is required. +** The Filing Certificate for the Purchase of Category II and Category III Precursor Chemicals (ʷኪ +‘) is transaction-specific and is valid only for the purchase transaction to which it relates. In connection with +its research and development activities, our Company purchases certain precursor chemicals, including toluene, acetone, +hydrochloric acid, sulfuric acid, chloroform, phenylacetic acid, acetic anhydride, diethyl ether, piperidine and methyl ethyl +ketone, all of which are classified as Category II or Category III precursor chemicals. +BUSINESS +– 233 – + + +--- page 243 --- +RISK MANAGEMENT AND INTERNAL CONTROL +Risk Management +We recognize that effective risk management is critical to the success of our business operations. The +key operational risks we face include, among others, changes in the general market conditions and +regulatory environment of the PRC and global biopharmaceutical markets, our ability to develop, +manufacture, and commercialize our drug candidates, as well as our ability to compete with other +biopharmaceutical companies. See “Risk Factors” for detailed discussion of the various risks and +uncertainties we confront. We also encounter diverse market risks, including credit, liquidity, interest rate, +and currency risks. See “Financial Information—Quantitative and Qualitative Disclosure about Market +Risk” in this prospectus for details. +To address these challenges, we have implemented a comprehensive set of risk management policies +that establish a framework to identify, assess, evaluate, and continuously monitor the key risks associated +with our strategic objectives. Risks identified by our management are analyzed based on likelihood and +impact, and are then properly followed up, mitigated, and rectified by our Group, meanwhile reporting to +our Board of Directors. Our Directors oversee the implementation of these risk management policies. +To monitor the ongoing implementation of risk management policies and corporate governance +measures after the Listing, we have adopted or will continue to adopt, among other things, the following +risk management measures: + establish an Audit Committee to review and supervise our financial reporting process and +internal control system; + adopt various policies to ensure compliance with the Listing Rules, including but not limited +to aspects related to risk management, connected transactions and information disclosure; + provide anti-corruption and anti-bribery compliance training periodically to our senior +management and employees to enhance their knowledge and compliance with applicable laws +and regulations; and + attend training sessions by our Directors and senior management in respect of the relevant +requirements of the Listing Rules and duties of directors of companies listed in Hong Kong. +Internal Control +We have employed an independent internal control consultant to assess our internal control system +in connection with the Listing. The internal control consultant has conducted a review procedure on our +internal control system in certain aspects, including financial reporting and disclosure controls, corporate +level controls, information system control management and other procedures for our operations. We had +improved our internal control system by adopting and implementing the corresponding enhanced internal +control measures. Going forward, we will continue to regularly review and improve these internal control +policies, measures and procedures. +During the Track Record Period, we regularly reviewed and enhanced our internal control system. +Below is a summary of the internal control policies, measures and procedures we have implemented or +plan to implement: + Our Directors, who are responsible for overseeing the corporate governance of our Group, will, +with assistance from our legal advisers, will periodically review our compliance status with all +relevant laws and regulations following the Listing. +BUSINESS +– 234 – + + +--- page 244 --- + We have implemented a range of measures and procedures covering various aspects of our +business operations, including related party transactions, risk management, intellectual +property protection, environmental protection, and occupational health and safety. See +“—Intellectual Property” and “—Environmental, Safety And Social Measures” in this +prospectus for details. As part of our employee training program, we regularly provide training +on these measures and procedures to our staff. + We plan to provide our Directors, senior management, and relevant employees with continuous +training programs and updates regarding the relevant laws and regulations regularly to +proactively identify any concerns and issues relating to any potential non-compliance. + We have established a comprehensive data protection framework to safeguard patient +confidentiality and ensure compliance with applicable national and international data +protection and privacy regulations. Our internal policies strictly govern the collection, +processing, storage, and access of personal data and medical records. Access to clinical trial +data is strictly restricted to authorized personnel in accordance with GCP and relevant +regulatory requirements. Both internal employees and external collaborators involved in +clinical trials are subject to confidentiality obligations, and data may only be used for purposes +consented to by patients. +Employees with access to confidential information are required to sign confidentiality +agreements, which prohibit the misuse of such information during and after employment and +require the return of all confidential materials upon resignation. We also conduct regular staff +training to strengthen awareness of data security and compliance requirements. +To further enhance data protection, data transfer, and cybersecurity, we have implemented the +following measures: (i) established a clinical trial data security management system to +standardize internal data protection practices; (ii) conducted regular training to enhance staff +awareness and compliance; (iii) upgraded information security technologies and maintained +firewalls to strengthen data protection; and (iv) included data protection clauses in contracts +with CROs and other partners, specifying their data protection responsibilities. +BUSINESS +– 235 – + + +--- page 245 --- +BOARD OF DIRECTORS +The table below sets out the key information of our Directors: +Name Age +Date of joining +our Group +Date of +appointment as +Director +Existing position(s) +in our Group Roles and responsibilities +Relationship +with other +Directors, +Supervisors +and senior +management +Executive Directors +Dr. Ji Jianxin +(อ) /H1118/H1118/H1118/H1118 +50 February 20, +2017 +September 18, +2018 +Executive Director, +chairman of our +Board, chief +executive officer +and general +manager +Responsible for providing guidance +and the formulation of business +strategies for the overall +management and business +operation and development of our +Group +None +Mr. Yang +Xiangyu +(เജρ) /H1118/H1118/H1118/H1118 +39 February 20, +2017 +January 18, +2024 +Executive Director +and chief operating +officer +Responsible for the strategic +advancement of drug research and +development and the integration of +R&D resources +None +Mr. Wu Zhen +(ࣈ)H1118/H1118/H1118/H1118/H1118 +38 May 1, 2018 September 18, +2018 +Executive Director +and deputy chief +operating officer +Responsible for coordinating and +implementing the Company’s +operational support initiatives +None +Ms. Zhang Yao +(ੵာ) /H1118/H1118/H1118/H1118/H1118 +31 August 1, +2023 +March 18, +2025 +Executive Director +and deputy head of +human resources +Responsible for human resources +management +None +Non-executive Directors +Ms. Geng Xueli +(অኪ஁) /H1118/H1118/H1118/H1118 +44 October 12, +2020 +October 12, +2020 +Non-executive +Director +Responsible for providing guidance +for the strategy and business +development of our Group +None +Mr. Du Jiangbo +(ت)H1118/H1118/H1118/H1118 +38 February 3, +2021 +February 3, +2021 +Non-executive +Director +Responsible for providing guidance +for the strategy and business +development of our Group +None +Mr. Wang Junfeng +(ࢤڲ)H1118/H1118/H1118/H1118 +51 October 12, +2020 +October 12, +2020 +Non-executive +Director +Responsible for providing guidance +for the strategy and business +development of our Group +None +Mr. Zhang +Zhiyong +(ۇ +)H1118/H1118/H1118/H1118 +36 January 18, +2024 +January 18, +2024 +Non-executive +Director +Responsible for providing guidance +for the strategy and business +development of our Group +None +Independent Non-executive Directors +Mr. Wong Jovi +Chi Wing +(ˮқ࿲) /H1118/H1118/H1118/H1118 +46 July 11, 2025 July 11, 2025 Independent +non-executive +Director +Responsible for providing +independent advice to our Board +None +Mr. Jiang He +(ձ) /H1118/H1118/H1118/H1118/H1118 +68 July 11, 2025 July 11, 2025 Independent +non-executive +Director +Responsible for providing +independent advice to our Board +None +Ms. Lin Fangzhu +(϶) /H1118/H1118/H1118/H1118 +32 July 11, 2025 July 11, 2025 Independent +non-executive +Director +Responsible for providing +independent advice to our Board +None +Mr. Liu Zhe +(ࡪ)H1118/H1118/H1118/H1118/H1118 +63 July 11, 2025 July 11, 2025 Independent +non-executive +Director +Responsible for providing +independent advice to our Board +None +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 236 – + + +--- page 246 --- +Executive Directors +Dr. Ji Jianxin (อ), aged 50, has been serving as chairman of our Board and general manager +of our Company since March 18, 2025 and our chief executive officer since September 18, 2018. +Dr. Ji has over 20 years of experience in the pharmaceutical industry. Prior to founding our Group, +Dr. Ji joined the Chengdu Diao Pharmaceutical Group Co., Ltd. (ʮ̡)( “ Diao +Group ”), a company principally engaged in pharmaceutical research and manufacturing in June 2007, and +held various positions from June 2007 to November 2016, with his last position being executive vice +president. Since January 2017, Dr. Ji has been concurrently serving as a member of the CAS Venture +Capital Investment Decision-making Committee (ࡰwhere he is primarily +responsible for reviewing and voting on major investment matters. +Dr. Ji has conducted in-depth research in the fields of synthetic methodology, medicinal chemistry, +and molecular pharmacology. He has published over 40 papers in academic journals such as the +Proceedings of the National Academy of Sciences (PNAS) and the Journal of the American Chemical +Society (JACS), which have been cited more than 1,400 times. He has also applied for nearly 30 domestic +and international patents. In 2007, he was recognized as an outstanding talent under the “Hundred Talents +Program” (ྌ) of the Chinese Academy of Sciences. In 2010, he was awarded the 11th “China Youth +Science and Technology Award” (Ҧᆤ) by the Central Organization Department of the +Communist Party of China ( ʕ΍ʕ̯ଡ଼ᔌ௅), the China Association for Science and Technology (߅ +ኪҦஔ՘ึ), and the Ministry of Human Resources and Social Security (ღ௅). Dr. Ji +served as a member of the 11th and 12th National Committee of the Chinese Youth Federation (ᑌ +ࡰand the 4th Central Committee of the Chinese Youth Federation of State Organs (ڡ +ࡰIn 2016, he was selected as a leading talent expert under the National “Ten Thousand Talents +Program” (ྌ) by the Central Organization Department of the Communist Party of China ( ʕ΍ʕ +̯ଡ଼ᔌ௅). +Dr. Ji obtained his doctor’s degree in philosophy from the Hong Kong Polytechnic University in +April 2004 and became a research assistant in chemistry at Vanderbilt University in the United States in +July 2004. +Mr. Y ang Xiangyu ( เജρ), aged 39, joined our Group in February 2017 as our chief operating +officer. From August 2013 to July 2016, he worked as a drug development researcher at Diao Group, a +company principally engaged in research and development and sales of drug products, where he was +primarily responsible for drug research and development. Mr. Yang obtained his bachelor’s degree in +bioengineering from the Hunan Agricultural University (ุ༵ɽኪ) in the PRC in June 2008 and a +master’s degree in pharmaceutical chemistry from the University of Chinese Academy of Sciences ( ʕ਷ +ኪ৫ɽኪ) in the PRC in July 2013. +Mr. Wu Zhen (ࣈ)aged 38, joined our Group in May 2018 as our deputy chief operating officer. +From August 2011 to April 2018, he served as a sales manager at Guilin Lijia Metal Co., Ltd. (࣭ +ப΂ʮ̡), a company principally engaged in the production of copper and copper alloy +tubes, rods, bars and profiles, where he was primarily responsible for market promotion. Mr. Wu obtained +his bachelor’s degree in industrial design from the Guilin University of Electronic Science and Technology +(Ҧɽኪ) in the PRC in July 2011. +Ms. Zhang Y ao ( ੵ䊦), aged 31, joined our Group in August 2023 as the deputy head of human +resources. From July 2021 to July 2023, she worked at Sichuan Hisun Pharmaceutical Co., Ltd. ( ̬ʇऎ +ʮ̡). Ms. Zhang obtained her bachelor’s degree in management from Yunnan Normal +University (ᇍɽኪ) in the PRC in July 2017. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 237 – + + +--- page 247 --- +Non-executive Directors +Ms. Geng Xueli ( অኪ஁), aged 44, has been appointed to our Board by SDIC Shanghai, one of our +Pre-IPO investors. Ms. Geng has over 10 years of experience in the biopharmaceutical investment +industry. From May 2014 to June 2014, Ms. Geng worked at Tsinghua University ( ૶ശɽኪ). From July +2014 to November 2015, Ms. Geng worked at Beijing Zhongguan Kecheng Technology Co., Ltd. ( ̏ԯʕ +ʮ̡), a company principally engaged in biomedicine. From March 2017 to May +2018, Ms. Geng worked at Beijing Shengshi Hongming Investment Fund Management Co., Ltd. ( ̏ԯସ +ʮ̡), a company principally engaged in investment, where she was primarily +responsible for medical investment. From June 2018 to September 2019, Ms. Geng worked at Trinity +Innovation (Beijing) Investment Management Co., Ltd ( ɧɓ௴อ(̏ԯ)ʮ̡), a company +principally engaged in investment. Since December 2019, she has been working at SDIC Venture Capital +Management Co., Ltd. (ʮ̡), a company principally engaged in project +investment and investment consulting. +Ms. Geng has also been serving as a director in several companies primarily in the biotech and +pharmaceutical industries including: (i) Beijing Lingfu Biotechnology Co., Ltd. (ࠢ +ʮ̡) since July 2023; (ii) Guotong (Chengdu) New Drug Technology Co., Ltd. ( ਷ஷ(ϓே)อᖹҦஔϞ +ʮ̡) since July 2023; (iii) Shenzhen Immunofoco Biotechnology Co., Ltd. (΅ +ʮ̡) (formerly known as Suzhou Yimufeng Biotechnology Co., Ltd. (ʮ +̡)) since March 2023; (iv) Beijing Beilai Biotechnology Limited (ʮ̡) since +November 2023; (v) Nanjing Xierui Clinical Research Co., Ltd. (ʮ̡) +since December 2023; (vi) Pyrotech (Beijing) Biotechnology Co., Ltd. (ʮ̡) since +July 2023; (vii) Ractigen Therapeutics Co., Ltd. (აҦஔ(ஷ)ʮ̡) since +February 2022; (viii) Sichuan Zhishan Weixin Biotechnology Co., Ltd. (ʮ̡) +since January 2023; (ix) SAFE Pharmaceutical Technology Co., Ltd. (ʮ̡) +since January 2023; and (x) IMUNOPHARM Technology Co., Ltd. (ʮ̡) +since February 2022. +Ms. Geng obtained her bachelor’s degree in chemistry from China West Normal University (ࢪ +ᇍɽኪ) in the PRC in July 2003. Ms. Geng obtained her doctor’s degree in chemistry from Nankai +University (කɽኪ) in the PRC in December 2008. Ms. Geng obtained her postdoctoral degree in +chemistry from Uppsala University in Sweden in December 2011. +Mr. Du Jiangbo (ت)aged 38, has been appointed to our Board by Huaige Ruixin, one of our +Pre-IPO investors. Mr. Du has 10 years of experience in asset and investment management. From July +2015 to December 2017, he served as a general manager of Shanghai Honglei Investment Management +Company ( ɪऎ̾ཤҳ༟၍ଣʮ̡), a company principally engaged in investment management, where he +was primarily responsible for strategic planning, investment management, project execution, team +management and external relations. Since January 2018, he has been serving as a partner and project +investment director of Huaige Health. +Mr. Du obtained his bachelor’s degree in pharmaceutical preparations from China Pharmaceutical +University (ɽኪ) in the PRC in June 2010. Mr. Du obtained his doctor’s degree in +pharmaceutical analysis from the Shanghai Institute of Materia Medica, Chinese Academy of Sciences ( ʕ +הin the PRC in July 2015. He was qualified as a Certified Public Accountant ( ൗ +ࢪࠇby Office of the Certified Public Accountant Examination Committee of the Ministry of Finance +(܃in March 2019 and received the Legal Professional Qualification +Certificate ( +ࣸissued by the Ministry of Justice of the PRC in April 2021. +Mr. Wang Junfeng (ࢤڲ)aged 51, has been appointed to our Board by Junlian Xinkang, one of +our Pre-IPO investors. Mr. Wang has nearly 21 years of investment management experience, especially in +the field of growth investment. From April 1997 to May 2001, he worked as an assistant general manager +of the key account department at Lenovo Group ( ᑌซණྠ), where he was primarily responsible for +system integration and IT professional services. From December 2001 to June 2002, Mr. Wang worked as +a marketing manager at Great Wall Broadband Network Services Co., Ltd. (ʮ̡), +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 238 – + + +--- page 248 --- +a company principally engaged in internet information services and related technical services, where he +was primarily responsible for marketing, operations and product management. Since May 2004, he has +been serving at Junlian Capital Management Co., Ltd. (ʮ̡) with his last position +as co-chief executive, a company principally engaged in capital investment, where he is primarily +responsible for investment and fund management. +Mr. Wang was previously a director of Shanghai Haihe Testing Technology Co., Ltd. ( ɪऎऎ⊑Ꮸ಻ +ʮ̡), a limited liability company established in the PRC, which was dissolved on July 7, 2025 +due to business reorganization which resulted in cessation of business. There are no past or present +relationships between the company and our Group. Mr. Wang confirmed that (i) the company was solvent +immediately prior to its dissolution; (ii) no material litigations in any jurisdiction had been involved in the +dissolution of the company; (iii) there was no wrongful act on his part leading to or during the dissolution +of the company; and (iv) he was not aware of any claim which had been made against him as a result of +such dissolution. +Since September 2016, Mr. Wang has been serving as the director of Shenzhen Colibri Technologies +Co., Ltd. (ʮ̡), a company principally engaged in research and development, +design and production of industrial automation equipment, and is listed in the Shenzhen Stock Exchange +(stock code: 002957). Since November 2020, Mr. Wang has been serving as a director of Beijing Visual +MedTech Co., Ltd. (ʮ̡), a company principally engaged in research and +development, design, production and sales of digital surgical medical equipment and instruments, whose +shares are quoted on the National Equities Exchange and Quotations (stock code: 874156). Since July +2025, Mr. Wang has been serving as a director of Tianjin Mnchip Technologies Co. Ltd (Ҧ +ʮ̡), a company principally engaged in research and development and innovative application of +microfluidic technology, whose shares are quoted on the National Equities Exchange and Quotations +(stock code: 874674). +Mr. Wang has also been serving as a director in several companies primarily in the biotech and +pharmaceutical industries including: (i) Yeasen Biotechnology (Shanghai) Co., Ltd. (Ҧ(ɪऎ) +ʮ̡) since June 2021; (ii) Tianjin Haihe Biomedical Technology Group Co., Ltd. (͛ +ʮ̡) since November 2022; (iii) Shanghai Ligetai Biotechnology Co., Ltd. ( ɪऎл +ʮ̡) since April 2023; (iv) Guangzhou Jiajian Biotechnology Co., Ltd. ( ᄿψԳᛡ +ʮ̡) since May 2023; (v) Spectrumedics Medical Technology (Shanghai) Co., Ltd. ( ᗅ௴ +Ҧ(ɪऎ)ʮ̡) since May 2024; (vi) Shanghai Tengrui Pharmaceutical Co., Ltd. ( ɪऎᙜ๿Ⴁ +ʮ̡) since June 2024; and (vii) Tianjin Haihe Ruicheng Medical Instrument Technology Co., +Ltd. (ʮ̡) since May 2025. Mr. Wang currently serves as the director of +several companies primarily in the biotech and pharmaceutical industries, including Shanghai Tengrui +Pharmaceutical Co., Ltd. (ʮ̡) and Shanghai Ligetai Biotechnology Co., Ltd. ( ɪ +ʮ̡). Mr. Wang obtained his bachelor’s degree of polymer chemistry from +Lanzhou University ( ᚆψɽኪ) in the PRC in June 1995. Mr. Wang obtained his master’s degree of +business administration in international finance from McMaster University in Canada in June 2004. Mr. +Wang obtained his master’s degree of business administration at Tsinghua University ( ૶ശɽኪ)i nt h e +PRC in July 2019. +Mr. Zhang Zhiyong (ۇ)aged 36, has been appointed to our Board by Jiangjin Fund, one of +our Pre-IPO investors. +From August 2012 to November 2015, he worked at the Shenzhen Branch of Agricultural Bank of +China Co., Ltd. (ʮ̡). From June 2016 to June 2020, he worked as a manager at +the fund investment department of Yibai Nian (China) Investment Co., Ltd. ( අϵϋ(ʕ਷)ʮ̡), +a company principally engaged in private equity investment, where he was primarily responsible for fund +and project investment. From August 2020 to April 2022, he served as a director of the investment +development department of Chongqing Performing Arts Co., Ltd. (ʮ̡), a company +principally engaged in cultural performances, where he was primarily responsible for the company’s IPO +listing. Since May 2022, he has been serving as a director of the investment department of Huada +(Chongqing) Private Equity Investment Fund Management Co., Ltd. ( ശ༺(ᅅ)၍ଣϞ +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 239 – + + +--- page 249 --- +ʮ̡), a company principally engaged in private equity investment, where he is primarily responsible +for the investment management. Mr. Zhang obtained his bachelor’s degree in finance from the Guangdong +University of Finance (ፄኪ৫) in the PRC in July 2012. +Independent non-executive Directors +Mr. Wong Jovi Chi Wing ( ˮқ࿲), aged 46, was appointed as our independent non-executive +Director on July 11, 2025, effective from the Listing Date. +Mr. Wong has over 21 years of experience of corporate finance, investment and asset management +experience. From December 2002 to February 2010, Mr. Wong worked in Auto22.com Ltd, an online +automobile trading platform, and his last position was general manager. From June 2010 to June 2013, Mr. +Wong served various positions at the corporate finance division of Haitong International Capital Limited. +From June 2013 to July 2014, Mr. Wong served as the associate at the corporate finance department of +China Merchants Securities (HK) Co., Ltd. From July 2014 to March 2018, Mr. Wong served as the +director of distribution department of Janus Henderson Investors (Hong Kong) Limited, an asset +management company. From April 2018 to March 2022, Mr. Wong served as an executive director of +Wonder Capital Group Limited, an investment management company. From April 2022 to October 2023, +Mr. Wong served as the managing director of Seazen Resources Capital Investment Management Limited, +a company principally engaged in proprietary investment and asset management. Since June 2019, Mr. +Wong has been serving as an independent non-executive director in Dalipal Holdings Limited, a company +listed on the Stock Exchange (stock code: 1921), principally engaged in the production of special pipes. +Since January 2024, Mr. Wong has been serving as an independent non-executive director in Golden Faith +Group Holdings Limited, a company listed on the Stock Exchange (stock code: 2863), principally engaged +in investment holding. Mr. Wong obtained his bachelor’s degree in science from The University of +Auckland in New Zealand in 2003, and his master’s degree in business administration from the Hong Kong +University of Science & Technology in 2010. He is also a member of CPA Australia. +Mr. Jiang He (ձ), aged 68, was appointed as our independent non-executive Director on July 11, +2025, effective from the Listing Date. From March 1985 to September 1987, Mr. Jiang was a lecturer at +the Third Military Medical University (ᔼɽኪ), where he was primarily responsible for teaching +and participating in research projects on Plateau medicine. From July 1994 to December 1998, Mr. Jiang +worked as a post-doctoral researcher at National Institutes of Health (Ӻ৫), where he was +primarily responsible for scientific research and research paper writing. From July 2002 to March 2012, +he was the co-founder, director and chief executive officer of Chongqing Frontier Biotechnology Co., Ltd. +(ʮ̡), a company primarily engaged in innovative drug development, where he +was primarily responsible for financing, establishing the team and managing the development of antiviral +drugs. From February 2006 to June 2014, he was the co-founder, director and general manager of Chengdu +Frontier BioSciences Co., Ltd. (ʮ̡), a preclinical contract research organization, +where he was primarily responsible for business development, team management and daily operations. +Since July 2015, he has been serving as the founder, chairman and chief executive officer of Chengdu +Future Health Technology Co., Ltd. (ʮ̡), a company principally engaged in +health promotion and disease prevention, where he was primarily responsible for investment, financing, +project management, new drug programs and international collaborations. Mr. Jiang obtained his +bachelor’s degree in medicine from Southwest Medical University (ɽኪ) in the PRC in July +1982. He obtained his master’s degree in medicine from the Third Military Medical University (ࠏ +ᔼɽኪ) in the PRC in January 1985. He obtained his doctor’s degree in philosophy from the University +of Manitoba in Canada in July 1994. He was awarded the Golden Award issued by the Chinese Patent and +Trademark Office (ᆤ) in 2023. +Ms. Lin Fangzhu (϶), aged 32, was appointed as our independent non-executive Director on +July 11, 2025, effective from the Listing Date. From October 2018 to December 2023, she worked as a +senior auditor at Deloitte, where she was primarily responsible for audit projects of listed companies in +the pharmaceutical and consumer industries. Since December 2023, she has been working at China +Resources Snow Breweries Co., Ltd. (ਭৢ(ʕ਷)ʮ̡), where she is primarily responsible +for financial reporting and disclosure. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 240 – + + +--- page 250 --- +Ms. Lin obtained her bachelor’s degree in biopharmaceutical engineering from Shandong University +in the PRC in June 2016, and obtained her master’s degree in drug design from University College London +in the United Kingdom in November 2017. She was qualified as a Certified Public Accountant (ࠇ +ࢪby the Certified Public Accountant Examination Committee of the Ministry of Finance of the PRC ( ʕ +ึ) in November 2022 and obtained the qualification of +Intermediate Accountant (ࢪࠇfrom the Ministry of Finance of the PRC (௅) +and the Ministry of Human Resources and Social Security of the PRC (ึ +ღ௅) in December 2022. +Mr. Liu Zhe (ࡪformerly named as Liu Jifang (ٹaged 63, was appointed as our +independent non-executive Director on July 11, 2025, effective from the Listing Date. From July 1988 to +September 1997, he taught at the Commercial Law Teaching and Research Department of Northwest +University of Political Science, where he was engaged in the teaching and research of company law and +contract law. From July 2000 to March 2004, he worked as a legal executive in the legal department of +CITIC Group, where he was primarily responsible for internal control and legal compliance management. +Since July 2006, he has been a practicing lawyer in the PRC and a partner of King & Capital Law Firm. +Mr. Liu obtained his bachelor’s degree in law from Northwest University of Politics and Law ( Г̏ +ɽኪ) in the PRC in June 1985 and obtained both his master’s degree in law and doctor’s degree in +law from China University of Political Science and Law (ɽኪ) in the PRC in June 1988 and June +2000. He obtained the national legal professional qualification certificate (ࣣand the +lawyer qualification certificate (ࣣissued by the Ministry of Justice of the PRC in +February 2008 and May 2009, respectively. +Save as disclosed above and in this prospectus, each of our Directors has confirmed that he/she has +no other relationship with any other Directors, Supervisors, senior management, substantial Shareholders +or Controlling Shareholders of our Company and none of our Directors has held any other directorships +in listed companies during the three years immediately preceding the date of this prospectus. Save as +disclosed above, each of our Directors has confirmed that there are no other matters relating to his/her +appointment as a Director that need to be brought to the attention of our Shareholders and there is no other +information in relation to his/her appointment which is required to be disclosed pursuant to Rule 13.51(2) +of the Listing Rules. Each of our Directors has confirmed that he/she has obtained the legal advice on July +31, 2025 with regard to the requirements under the Listing Rules that are applicable to him/her as a +director of a listed issuer and the possible consequences of making a false declaration or giving false +information to the Stock Exchange as set out in Rule 3.09D of the Listing Rules and he/she understood +his/her obligations as a director of a listed issuer. Each of our independent non-executive Directors has +confirmed his/her independence with regards to each of the factors as set out in Rule 3.13(1) to (8) of the +Listing Rules and that there are no other factors that may affect his/her independence at the time of his +appointment. +SUPERVISORS +Pursuant to the PRC Company Law, our Shareholders passed a resolution at our general meeting held +on July 11, 2025 to abolish the supervisory committee of the Company effective upon Listing. Following +the abolishment of the supervisory committee, the principal functions of the supervisory committee has +been replaced by the Audit Committee. As advised by our PRC Legal Advisors, the abolishment of the +supervisory committee will be exercised in compliance with the PRC Company Law, the Guidelines on +Articles of Association for Listed Companies, and other relevant PRC laws and regulations. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 241 – + + +--- page 251 --- +The following table sets forth certain information regarding our Supervisors as of the date of this +prospectus: +Name Age +Date of +joining +our Group +Date of +appointment +as Supervisor +Existing position(s) +in our Group +Roles and +responsibilities +Relationship +with other +Directors, +Supervisors +and senior +management +Mr. Tang Gaojia (৷ +ྗ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +42 April 18, +2018 +March 18, +2025 +President of the +Supervisory +Committee, +Supervisor and +head of quality +department +Responsible for +presiding the work of +the Supervisory +Committee and +supervising and +providing +independent advice +to our Board +None +Ms. Wang Liqun ( ӓᘆ +໊) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +31 March 10, +2021 +March 18, +2025 +Supervisor and head +of administration +department +Responsible for +supervising and +providing +independent advice +to our Board +None +Ms. Guo Qi +(ெೡ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +32 October 24, +2024 +November 5, +2025 +Supervisor and +Registration +supervisor +Responsible for +supervising and +providing +independent advice +to our Board and the +registration and +submission of +innovative drugs +None +Mr. Tang Gaojia (৷ྗ), aged 42, was appointed as our Supervisor and the president of the +Supervisory Committee on March 18, 2025. +Mr. Tang has over 14 years of experience in quality inspection. From October 2009 to March 2010, +Mr. Tang worked at Sinopharm Holdings Sichuan Professional Pharmacy Chain Co., Ltd. (̬ʇ +ʮ̡), a company principally engaged in sales of drugs and medical services. From June +2010 to November 2010, Mr. Tang worked at Sichuan Pharmaceutical Preparation Co., Ltd. ( ̬ʇႡᖹႡ +ʮ̡), a company principally engaged in sales and production of injections and healthcare products +. From December 2010 to October 2011, Mr. Tang worked at Jianjin Pharmaceutical Co., Ltd. ( ਄ආႡᖹ +ʮ̡), a company principally engaged in the research and development and commercialization of +small molecule chemical drugs. From November 2011 to October 2012, Mr. Tang worked at Chengdu +Shengdi Pharmaceutical Co., Ltd. (ʮ̡). From November 2012 to April 2018, Mr. Tang +worked as a quality analyst and subsequently as a quality manager at Chengdu Ruizhi Chemical Research +Co., Ltd. (ʮ̡), where he was primarily responsible for carrying out quality +analysis in new drug declaration, and establishment and operation of analytical laboratory quality systems. +Since April 2018, Mr. Tang has been working as the head of quality department at our Company, where +he is primarily responsible for the quality analysis of new drug applications, the operation of analytical +laboratories and related work in the quality system. Mr. Tang obtained his bachelor’s degree in pharmacy +from Chengdu University of Traditional Chinese Medicine ( ϓேʕᔼᖹɽኪ) in the PRC in June 2007. +Ms. Wang Liqun ( ӓᘆ໊), aged 31, was appointed as our Supervisor on March 18, 2025. From +November 2018 to February 2021, Ms. Wang worked as an audit assistant at Sichuan Jiahui Accounting +Firm Co., Ltd. (ப΂ʮ̡), where she was primarily responsible for auditing +and supervisory work, and preparing audit reports. Since March 2021, Ms. Wang has been working as the +head of administration department at our Company, where she was primarily responsible for the banking +and administration of our Company. Ms. Wang obtained her bachelor’s degree in accounting from +Panzhihua University (ኪ৫) in the PRC in June 2018. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 242 – + + +--- page 252 --- +Ms. Guo Qi ( ெೡ), aged 32, was appointed as our Supervisor on November 5, 2025. From August +2019 to July 2021, Ms. Guo worked at Ningbo Krka Menovo Pharmaceutical Co., Ltd. (ፕ +ʮ̡), a company principally engaged in the pharmaceutical research and development. From +July 2021 to September 2024, Ms. Guo worked at Shandong Bestcomm Pharmaceutical Company Limited +(ʮ̡), a company listed on the National Equities Exchange and Quotations (stock +code: 874718) and principally engaged in the pharmaceutical research and development. Ms. Guo joined +our Company as a registration supervisor in October 2024, where she is primarily responsible for the full +lifecycle of registration and application for innovative drugs. Ms. Guo obtained her bachelor’s degree in +chemistry from Yunnan University (ɽኪ) in the PRC in June 2016. Ms. Guo obtained her master’s +degree in pharmaceutical chemistry from the Shanghai Institute of Materia Medica, Chinese Academy of +Sciences (הin the PRC in June 2019. +Save as disclosed above and in this prospectus, each of our Supervisors has confirmed that he/she +has no other relationship with any Directors, Supervisors, senior management, substantial Shareholders or +Controlling Shareholders of our Company and none of our Supervisors has held any other directorships +in listed companies during the three years immediately preceding the date of this prospectus. Save as +disclosed above, each of our Supervisors has confirmed that there are no other matters relating to his/her +appointment as a Supervisor that need to be brought to the attention of our Shareholders and there is no +other information in relation to his/her appointment which is required to be disclosed pursuant to Rule +13.51(2) of the Listing Rules. +SENIOR MANAGEMENT +Our senior management includes Dr. Ji, Mr. Yang Xiangyu, Mr. Wu Zhen, Ms. Zhang Yao, all of +whom are our executive Directors, and the following members: +Name Age +Date of +joining +our Group +Date of +appointment +as senior +management +Existing +position(s) in our +Group Roles and responsibilities +Relationship +with other +Directors, +Supervisors +and senior +management +Ms. Guo Na +(ࢆ)H1118/H1118/H1118/H1118 +44 May 1, +2018 +May 1, +2018 +Head of research +and +development +Responsible for research and +development of innovative +drugs +None +Mr. Du +Fengtian ( Ӂ +ቜ͞) /H1118/H1118/H1118/H1118/H1118 +43 February +25, 2017 +February +25, 2017 +Deputy head of +research and +development +Responsible for preclinical +research and development +None +Mr. Luo Shuai +(܏)H1118/H1118/H1118/H1118 +34 January 4, +2021 +January 4, +2023 +Head of project +department +Responsible for management of +project department +None +Ms. Zhang +Jingjie ( ੵവ +ᆎ) /H1118/H1118/H1118/H1118/H1118/H1118 +32 September +14, 2023 +September +14, 2023 +Chief financial +officer, Board +secretary and +joint company +secretary +Responsible for the overall +supervision and management +of financial and accounting +affairs and company +secretarial matters of our +Group +None +Ms. Guo Na (ࢆ)aged 44, joined our Group in May 2018 and has been serving as our head of +research and development. Ms. Guo is proficient in preclinical and clinical research and has rich project +management experience. From July 2012 to February 2018, Ms. Guo served as the head of the chemical +innovative drug research laboratory and director of the research laboratory of Diao Group, where she was +primarily responsible for the research and development of innovative drugs. +Ms. Guo obtained her bachelor’s degree in chemistry from Yunnan University (ɽኪ) in the PRC +in July 2004. Ms. Guo obtained her master’s degree in medicinal chemistry from Kunming Institute of +Botany, Chinese Academy of Sciences (הيin the PRC in July 2008. Ms. Guo +obtained her doctor’s degree in medicinal chemistry from the Chengdu Institute of Biology, Chinese +Academy of Sciences (הin the PRC in July 2012. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 243 – + + +--- page 253 --- +Mr. Du Fengtian ( Ӂቜ͞), aged 43, joined our Group in February 2017 and has been serving as our +deputy head of research and development. From April 2013 to January 2017, Mr. Du worked as an assistant +researcher at Chengdu Institute of Biology, Chinese Academy of Science (ה,) +where he was primarily responsible for research in medical chemistry. Mr. Du obtained his bachelor’s +degree in engineering from Southwest University of Science and Technology (Ҧɽኪ) in the PRC +in June 2007. Mr. Du obtained doctor’s degree in science from Graduate School of the Chinese Academy +of Sciences (Ӻ͛৫) in the PRC in July 2012. +Mr. Luo Shuai (܏,)aged 34, joined our Group in January 2021 and served as a synthesis +researcher from January 2021 to January 2023. He has been the head of project department since January +2023. Mr. Luo obtained his bachelor’s degree in science and doctor’s degree in science from the Sichuan +University ( ̬ʇɽኪ) in the PRC in June 2013 and June 2022, respectively. +Ms. Zhang Jingjie ( ੵവᆎ), aged 32, joined our Group as our chief financial officer and Board +secretary in September 2023. From October 2019 to September 2023, Ms. Zhang worked as a senior +auditor of Deloitte Touche Tohmatsu Certified Public Accountants LLP (ה(౷ஷ +Υྫ)), where she was primarily responsible for providing IPO listing services and annual audit report +services for listed companies. Ms. Zhang obtained her bachelor’s degree in business from Chengdu +University of Technology ( ϓேଣʈɽኪ) in the PRC in June 2015. Ms. Zhang obtained her master’s +degree in political economics from Sichuan University ( ̬ʇɽኪ) in the PRC in June 2019. Ms. Zhang +obtained the award of Career Mentor at School of Business, Chengdu University of Technology ( ϓேଣ +ࢪissued by School of Business, Chengdu University of Technology ( ϓேଣʈɽኪ +ਠኪ৫) in June 2025. +JOINT COMPANY SECRETARIES +Ms. Zhang Jingjie ( ੵവᆎ), was appointed as one of our joint company secretaries on June 25, +2025. She is our chief financial officer and Board secretary. For her biography, see “—Senior +Management” in this section. +Ms. Ma Wing Y ee ( ৵൘ᄃ) was appointed as our joint company secretary on August 20, 2025. +Ms. Ma is an assistant manager of SWCS Corporate Services Group (Hong Kong) Limited and has over +10 years of experience in corporate governance and company secretarial practice in listed companies on +the Stock Exchange. Ms. Ma obtained her bachelor of arts from the University of Hong Kong. She is an +associate member of The Hong Kong Chartered Governance Institute and The Chartered Governance +Institute in the United Kingdom. +BOARD COMMITTEES +Our Board has established the Audit Committee, the Remuneration and Appraisal Committee and the +Nomination Committee and delegated various responsibilities to these committees, which assist our Board +in discharging its duties and overseeing particular aspects of our Group’s activities. +Audit Committee +We have established the Audit Committee on June 25, 2025 pursuant to Rule 3.21 of the Listing +Rules with written terms of reference in compliance with paragraph D.3 of Part 2 of the Corporate +Governance Code as set out in Appendix C1 to the Listing Rules (the “ CG Code ”). The Audit Committee +consists of Ms. Lin Fangzhu, Mr. Jiang He and Mr. Liu Zhe. Ms. Lin Fangzhu is the chairlady of the Audit +Committee and has the appropriate professional qualifications or accounting or related financial +management expertise as required under Rule 3.10(2) of the Listing Rules. The primary duties of the Audit +Committee include, but not limited to (i) handling of the relationship with external auditors, including +advising our Board on their appointment and removal, monitoring their audit process and developing the +relevant policies;(ii) reviewing and providing advice on our financial information; (iii) overseeing our +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 244 – + + +--- page 254 --- +financial reporting system, risk management and internal control systems; (iv) performing our corporate +governance functions; and (v) performing other duties and responsibilities as assigned by our Board and/or +required by the relevant laws and regulations. +Remuneration and Appraisal Committee +We have established the Remuneration and Appraisal Committee on June 25, 2025 pursuant to Rule +3.25 of the Listing Rules with written terms of reference in compliance with paragraph E. 1 of Part 2 of +the CG Code. The Remuneration and Appraisal Committee consists of Ms. Lin Fangzhu, Dr. Ji Jianxin and +Mr. Jiang He. Ms. Lin Fangzhu is the chairlady of the Remuneration and Appraisal Committee. The +primary duties of the Remuneration and Appraisal Committee include, but not limited to (i) making +recommendations to our Board on our policy and structure for remuneration of our Directors and senior +management; (ii) determining, reviewing and approving the remuneration packages of each executive +Director and senior management; (iii) making recommendations to our Board on the remuneration of +non-executive Directors; (iv) considering salaries paid by comparable companies, time commitment and +responsibilities and employment conditions for other employees of our Group; (v) reviewing and/or +approving matters relating to share schemes under Chapter 17 of the Listing Rules. +Nomination Committee +We have established the Nomination Committee on June 25, 2025 pursuant to Rule 3.27A of the +Listing Rules with written terms of reference in compliance with paragraph B.3 of Part 2 of the CG Code. +The Nomination Committee consists of Dr. Ji Jianxin, Mr. Jiang He and Ms. Lin Fangzhu. Dr. Ji Jianxin +is the chairman of the Nomination Committee. The primary duties of the Nomination Committee are (i) +reviewing the structure, size and composition of our Board at least annually; (ii) identifying individuals +suitably qualified to become Directors and selecting or making recommendations to our Board on the +selection of individuals nominated for directorships; (iii) assessing the independence of independent +non-executive Directors; and (iv) making recommendations to our Board on the appointment or +re-appointment of Directors and succession planning for Directors. +BOARD DIVERSITY POLICY +Our Company recognizes and embraces the benefits of having a diverse Board and sees increasing +diversity at the Board level as an essential element in supporting the attainment of our Company’s strategic +objectives and sustainable development. Our Company seeks to achieve Board diversity through the +consideration of a number of factors, including but not limited to talent, skills, gender, age, cultural and +educational background, ethnicity, professional experience, independence, knowledge and length of +service. We will select potential Board candidates based on merit against objective criteria, having due +regard to the benefits of diversity and his/her potential contribution to our Board while taking into +consideration our own business model and specific needs from time to time. +Our Board has a balanced mix of knowledge, skills and experience, including but not limited to +biotechnology, pharmaceutical research and development, corporate operation management, corporate +financial management, auditing, investment management, asset management, and sales and marketing. +Members of our Board have obtained degrees in various majors including philosophy, bioengineering, +engineering, management, chemistry, pharmaceutical preparations, pharmaceutical analysis, polymer +chemistry, business administration, finance, science, medicine and law. We have four independent +non-executive Directors from different backgrounds, including accounting, engineering, investment and +law. Furthermore, our Directors are of a wide range of age, from 31 years old to 68 years old. +With regard to gender diversity on the Board, we recognize the particular importance of gender +diversity. Our Board currently comprises of three female Directors and nine male Directors and expects +to maintain the same gender mix in the Board upon Listing. We have taken and will continue to take steps +to promote and enhance gender diversity at all levels of our Company, including but without limitation at +our Board and senior management levels. Our board diversity policy provides that our Board should aim +to increase the proportion of female members over time after Listing where possible when selecting and +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 245 – + + +--- page 255 --- +making recommendations on suitable candidates for Board appointments. We will also ensure that there +is gender diversity when recruiting staff at mid to senior level so that we will have a pipeline of female +senior management and potential successors to our Board going forward. It is our objective to maintain +an appropriate balance of gender diversity with reference to the expectations of stakeholders and +international and local recommended best practices. +Our Nomination Committee is responsible for ensuring the diversity of our Board members. After +Listing, our Nomination Committee will review our board diversity policy and its implementation from +time to time to monitor its continued effectiveness and we will disclose the implementation of our board +diversity policy, including any measurable objectives and the progress on achieving these objectives, in +our corporate governance report on an annual basis. +COMPETITION +Each of our Directors (other than our independent non-executive Directors) confirms that as of the +Latest Practicable Date, he/she did not have any interest in a business, apart from the business of our +Group, which competes or is likely to compete, either directly or indirectly, with our business, which +would require disclosure under Rule 8.10 of the Listing Rules. From time to time our non-executive +Directors may serve on the boards of both private and public companies within the broader pharmaceutical +and healthcare industries. However, as these non-executive Directors are neither our Controlling +Shareholders nor members of our executive management team, we believe that their interests in such +companies as directors would not render us incapable of carrying on our business independently from the +other companies in which they may hold directorships from time to time. +KEY TERMS OF EMPLOYMENT CONTRACTS +We normally enter into employment contracts, confidentiality agreements and non-competition +agreements with our senior management members and other key personnel. Below sets forth the key terms +of these contracts we have entered into with our senior management and other key personnel. +Confidentiality +The employee shall keep in confidence and shall not disclose our trade secrets, until the trade secret +is actually in the public domain other than as a result of the employee’s breach of the duty of +confidentiality. The employees shall use all confidential information only for work purposes and shall not +disclose, copy or otherwise use any confidential information for any other purpose. +Non-competition +Within five years from the date of the employee’s departure (the “ Non-compete Period ”), the +employee shall not, directly or indirectly, (i) set up, operate or participate in the business of our +competitors; (ii) work for, provide financial support, guarantees or advice to our competitors; (iii) engage +in any activity similar to our business; (iv) cause, assist or encourage any of our other employees to +terminate their employment with us; or (v) employ any of our other employees. +Invention for Hire +The rights and interests in any invention, utility model, design, copyright and other forms of +intellectual property rights, including but not limited to those produced by the employee: (i) in the +performance of his/her work duties or assigned tasks during his/her employment or within one year from +the date of the employee’s departure; or (ii) mainly using our physical and technological conditions, +including but not limited to capital, equipment, component, raw materials, know-how or confidential +information, shall belong to us. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 246 – + + +--- page 256 --- +COMPLIANCE ADVISOR +We have appointed Somerley Capital Limited as our compliance advisor pursuant to Rule 3A.19 of +the Listing Rules. Pursuant to Rule 3A.23 of the Listing Rules, our compliance advisor will advise our +Company (a) before the publication of any regulatory announcement, circular or financial report; (b) +where a transaction, which might be a notifiable or connected transaction under the Listing Rules, is +contemplated including shares issues, sales or transfers of treasury shares and share repurchases; (c) where +our Company proposes to use the proceeds from the Global Offering in a manner different from that +detailed in this prospectus or where our business activities, developments or results deviate from any +forecast, estimate or other information in this prospectus; and (d) where the Stock Exchange makes an +inquiry of our Company regarding unusual movements in the price or trading volume of our Shares under +Rule 13.10 of the Listing Rules. The term of the appointment shall commence on the Listing Date and end +on the date on which our Company distribute our annual report in respect of our financial results for the +first full financial year commencing after the Listing Date. +CORPORATE GOVERNANCE +Our Directors recognize the importance of incorporating elements of good corporate governance in +the management structures and internal control procedures of our Group so as to achieve effective +accountability. Our Company has adopted the code provisions stated in the Corporate Governance Code. +Our Company is committed to the view that our Board should include a balanced composition of +executive Directors, non-executive Directors and independent non-executive Directors so that there is a +strong independent element on our Board, which can effectively exercise independent judgment. It is +expected that our Group will be able to continue to comply with the code provisions in the Corporate +Governance Code upon the Listing. +Except for the deviation from paragraph C.2.1 of Part 2 of the Corporate Governance Code, our +Company’s corporate governance practices have complied with the Corporate Governance Code as at the +Latest Practicable Date. Paragraph C.2.1 of Part 2 of the Corporate Governance Code stipulates that the +roles of chairman of the board and chief executive should be separate and should not be performed by the +same individual. Dr. Ji currently is serving as the chairman of the Board as well as the general manager +(which is equivalent to chief executive) of our Company. In view that Dr. Ji has been assuming day-to-day +responsibilities in operating and managing our Group since 2017 and the development of our Group, our +Board believes that with the support of Dr. Ji’s extensive experience and knowledge in the business of our +Group, vesting the roles of both chairman and general manager of our Company in Dr. Ji strengthens the +consistent and solid leadership of our Group, and thereby allows for efficient business planning and +decision which is in the best interest to our Group as a whole. Our Board will continue to review and +consider splitting the roles of executive chairman of our Board and the general manager of our Company +at a time when it is appropriate by taking into account the circumstances of our Group as a whole. +Our Directors consider that the deviation from paragraph C.2.1 of Part 2 of the Corporate +Governance Code is appropriate in such circumstances. Notwithstanding the above, our Board is also of +the view that the current management structure is effective for our Group’s operations, and sufficient +checks and balances are in place. Our Board will continue to review the effectiveness of the corporate +governance structure of our Company in order to assess whether separation of the roles of chairman of our +Board and general manager is necessary. +DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT +– 247 – + + +--- page 257 --- +OVERVIEW +As of the Latest Practicable Date, Dr. Ji was entitled to exercise approximately 57.50% voting rights +in our Company through (i) 12,424,624 Shares directly held by him, representing approximately 20.71% +voting rights in our Company; (ii) 19,971,379 Shares through Chengdu Wenshao, of which Dr. Ji is the +general partner, representing approximately 33.29% voting rights in our Company; and (iii) 2,097,440 +Shares through Suzhou Jishitang, of which Dr. Ji is the general partner, representing approximately 3.50% +voting rights in our Company. Suzhou Jishitang is our employee incentive platform and is managed by Dr. +Ji. +Immediately upon completion of the Global Offering (assuming the Over-allotment Option is not +exercised), Dr. Ji will be directly and indirectly entitled to exercise approximately 46.87% voting rights +in our Company. Therefore, pursuant to the Listing Rules and the Guide for New Listing Applicants, Dr. +Ji, Chengdu Wenshao and Suzhou Jishitang will be regarded as a group of Controlling Shareholders upon +Listing. +INTERESTS OF OUR CONTROLLING SHAREHOLDERS IN OTHER BUSINESSES +Each of our Controlling Shareholders has confirmed that, as of the Latest Practicable Date, none of +them or any of their respective close associates had interests in any business, apart from the business of +our Company, which competes, or is likely to compete, either directly or indirectly, with our business +which would require disclosure under Rule 8.10 of the Listing Rules. +INDEPENDENCE FROM OUR CONTROLLING SHAREHOLDERS AND THEIR RESPECTIVE +CLOSE ASSOCIATES +Management Independence +Our Board comprises of four executive Directors, four non-executive Directors and four independent +non-executive Directors. None of our Directors or members of our senior management team (other than +members of our Controlling Shareholders themselves) hold any position in the businesses of our +Controlling Shareholders or their respective close associates. +Our daily management and operations are carried out by a senior management team, all of whom +have substantial experience in the industry in which our Company is engaged, and will therefore be able +to make business decisions that are in the best interests of our Group. +Each of our Directors is aware of his/her fiduciary duties as a Director, which require, among other +things, that he/she acts for the benefit and in the best interests of our Company and does not allow any +conflict between his/her duties as a Director and his/her personal interests. In the event that there is any +potential conflict of interest arising out of any transaction to be entered into between our Group and any +of the Directors or their respective close associates, the interested Director(s) shall abstain from voting at +the relevant board meetings of our Company in respect of such transactions and shall not be counted in +the quorum. +We have appointed four independent non-executive Directors with extensive experience in their +respective areas of expertise to ensure that the decisions of our Board are made after due consideration +of independent and impartial opinions and in the best interests of our Company and our Shareholders as +a whole. Matters including connected transactions are required to be referred to our independent +non-executive Directors for review and approval. In addition, we have adopted a series of corporate +governance measures to manage conflicts of interests, if any, between our Group and our Controlling +Shareholders which would support our independent management. See “—Corporate Governance +Measures” in this section. +Based on the reasons above, our Directors are of the view that our Group is capable of managing our +business independently from our Controlling Shareholders and their respective close associates after the +Listing. +RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS +– 248 – + + +--- page 258 --- +Operational Independence +We have full rights to make all decisions on and to carry out our own business operations +independently. Our Group holds the relevant licenses, approvals and permits from the relevant regulatory +authorities that are material to our operations. We have sufficient capital, facilities and employees to +operate our business independently from our Controlling Shareholders and their respective close +associates. We also have independent access to our customers and suppliers and an independent +management team to operate our business. +Based on the above, our Directors are of the view that our Group is capable of operating +independently from our Controlling Shareholders and their respective close associates following the +completion of the Global Offering. +Licenses required for operation +We hold all relevant licenses necessary to carry on our current business independently from our +Controlling Shareholders and/or their respective close associates. +Research and development +We have our own R&D platform and personnel which are independent from our Controlling +Shareholders and their respective close associates. As of December 31, 2025, our R&D team consisted of +93 members, who were all full-time employees of our Group and did not hold any position in our +Controlling Shareholders or their respective close associates. In addition, our Group owns 29 registered +patents in China and overseas which are necessary for our R&D and operations. With such independent +R&D platforms, an experienced and independent R&D team, independent supporting manufacturing +capabilities and self-owned patents, our Directors believe that we have all the requisite resources to carry +on our R&D process independently. +Access to customers and suppliers +We have independent access to our customers and suppliers. Our customers and suppliers bases are +diversified and unrelated to our Controlling Shareholders and their respective close associates. +Operational facilities and administration +As of the Latest Practicable Date, our Company operated and maintained properties, facilities and +equipment necessary to our business operations that are independent from our Controlling Shareholders +and their respective close associates. +Employees +As of the Latest Practicable Date, all of our employees were recruited independently from our +Controlling Shareholders and their respective close associates and primarily through both internal referrals +and external sources such as recruiting websites and third-party recruiters. +Based on the reasons above, our Directors are of the view that we have full rights to make all +decisions on, and to carry out, our own business operations independently from our Controlling +Shareholders and their respective close associates and will continue to do so after the Listing. +Financial Independence +We have an independent financial system and make financial decisions according to our own +business needs. We also have our own internal control and accounting systems, accounting and finance +department for discharging the treasury function, which are all independent from our Controlling +Shareholders and their respective close associates. +RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS +– 249 – + + +--- page 259 --- +In addition, we have been and are capable of obtaining financing from third parties without relying +on any guarantee or security provided by our Controlling Shareholders or their respective close associates. +As of the Latest Practicable Date, there was no loan, advance or guarantee provided by our Controlling +Shareholders or their respective close associates. +Based on the above, our Directors believe that we are able to conduct our business independently +from our Controlling Shareholders and their respective close associates from a financial perspective and +are able to maintain financial independence and would not place undue reliance on our Controlling +Shareholders or their respective close associates. +CORPORATE GOVERNANCE MEASURES +Each of our Controlling Shareholders has confirmed that he/it has fully comprehended his/its +obligations to act for the benefit and in the best interests of our Shareholders as a whole. Our Directors +recognize the importance of good corporate governance in protecting our Shareholders’ interests. We +would adopt the following measures to safeguard good corporate governance standards and to avoid +potential conflict of interests between our Group and our Controlling Shareholders: +(a) as part of our preparation for the Global Offering, we have amended our Articles of Association +to comply with the Listing Rules. In particular, our Articles of Association provided that, unless +otherwise provided, a Director shall not vote on any resolution approving any contract or +arrangement or any other proposal in which such Director or any of his/her associates have a +material interest nor shall such Director be counted in the quorum present at the meeting; +(b) we are committed that our Board should include a balanced composition with not less than +one-third of independent non-executive Directors to ensure that our Board is able to effectively +exercise independent judgment in its decision-making process and provide independent advice +to our Shareholders. We have appointed four independent non-executive Directors and we +believe our independent non-executive Directors possess sufficient experience and they are +free of any business or other relationship which could interfere in any material manner with the +exercise of their independent judgment and will be able to provide an impartial, external +opinion to protect the interests of our public Shareholders. For details of our independent +non-executive Directors, see “Directors, Supervisors and Senior Management—Board of +Directors—Independent Non-executive Directors” in this prospectus; +(c) we have established internal control mechanisms to identify conflict of interest and connected +transactions. Upon and after the Listing, if our Company enters into connected transactions +with our Controlling Shareholders or any of their associates, our Company will comply with +the applicable Listing Rules; +(d) we have appointed Somerley Capital Limited as our compliance advisor, which will provide +advice and guidance to us in respect of compliance with the applicable laws and the Listing +Rules including various requirements relating to Directors’ duties and corporate governance; +and +(e) upon Listing, if our Company enters into connected transactions with our Controlling +Shareholders or their respective associates, our Company will comply with the Listing Rules. +In addition, as required by the Listing Rules, our independent non-executive Directors shall +review any continuing connected transaction annually and confirm in our annual report that +such transactions have been entered into in our ordinary and usual course of business, are either +on normal commercial terms or on terms no less favorable to us than those available to or from +independent third parties and on terms that are fair and reasonable and in the interests of our +Shareholders as a whole. +RELATIONSHIP WITH OUR CONTROLLING SHAREHOLDERS +– 250 – + + +--- page 260 --- +So far as our Directors are aware, immediately prior to and following the completion of the Global +Offering and conversion of Unlisted Shares into H Shares (without taking into account any H shares which +may be issued pursuant to the exercise of the Over-allotment Option), the following persons will have +interests or short positions in our Shares or underlying Shares which would be required to be disclosed to +us under the provisions of Divisions 2 and 3 of Part XV of the SFO, or who is, directly or indirectly, +interested in 10% or more of the nominal value of any types of our issued voting shares of any member +of our Group: +LONG POSITIONS IN SHARES OF OUR COMPANY +Name of Shareholder Nature of interest +Shares held as of +the Latest Practicable Date (1) +Shares held immediately following the completion of +the Global Offering and conversion of +Unlisted Shares into H Shares (1) +Type of +Shares Number +Percentage of +shareholding +in the +relevant type +of Shares +Type of +Shares (2) Number +Percentage of +shareholding +in the +relevant type +of Shares +Percentage of +shareholding +in the total +issued share +capital (3) +(approx.) (approx.) (approx.) +Dr. Ji /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Beneficial owner Unlisted +Shares +12,424,624 (L) 20.71% H Shares 12,424,624 (L) 16.88% 16.88% +Interest in controlled +Corporations (4) +Unlisted +Shares +22,068,819 (L) 36.78% H Shares 22,068,819 (L) 29.98% 29.98% +Chengdu Wenshao /H1118/H1118/H1118/H1118Beneficial owner (4) Unlisted +Shares +19,971,379 (L) 33.29% H Shares 19,971,379 (L) 27.14% 27.14% +SDIC Shanghai /H1118/H1118/H1118/H1118/H1118Beneficial owner Unlisted +Shares +5,520,100 (L) 9.20% H Shares 5,520,100 (L) 7.50% 7.50% +Junlian Xinkang /H1118/H1118/H1118/H1118/H1118Beneficial owner Unlisted +Shares +4,246,253 (L) 7.08% H Shares 4,246,253 (L) 5.77% 5.77% +Huada PE /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Interest in controlled +Corporations (5) +Unlisted +Shares +3,999,969 (L) 6.67% H Shares 3,999,969 (L) 5.43% 5.43% +Notes: +(1) The letter “L” denotes the person’s long position in our Shares. +(2) For the avoidance of doubt, both Unlisted Shares and H Shares are ordinary Shares in the share capital of our Company, and +are considered as one class of Shares. +(3) The calculation is based on the total number of 73,599,605 H Shares in issue immediately after completion of the Global +Offering (assuming no exercise of the Over-allotment Option) and the Conversion of Unlisted Shares into H Shares. +(4) Dr. Ji is the general partner of Chengdu Wenshao, holding approximately 71.79% partnership interest therein. Dr. Ji is also +the general partner of Suzhou Jishitang. Therefore, under the SFO, Dr. Ji is deemed to be interested in the 19,971,379 Shares +held by Chengdu Wenshao and the 2,097,440 Shares held by Suzhou Jishitang. +(5) Huada PE is the general partner of each of Jiangjin Fund and Chengyu Tuanjiehu Fund. Therefore, under the SFO, Huada PE +is deemed to be interested in the 2,222,218 Shares held by Jiangjin Fund and the 1,777,751 Shares held by Chengyu Tuanjiehu +Fund in aggregate. +Except as disclosed above, our Directors are not aware of any person will, immediately prior to and +following the completion of the Global Offering and conversion of Unlisted Shares into H Shares (without +taking into account any H shares which may be issued pursuant to the exercise of the Over-allotment +Option), have interests or short positions in any Shares or underlying Shares, which would be required to +be disclosed to us under the provisions of Divisions 2 and 3 of Part XV of the SFO, or who is, directly +or indirectly interested in 10% or more of the nominal value of any types of our issued voting shares of +any member of our Group. Our Directors are not aware of any arrangement which may at a subsequent date +result in a change of control of our Company. +SUBSTANTIAL SHAREHOLDERS +– 251 – + + +--- page 261 --- +THE CORNERSTONE PLACING +We have entered into cornerstone investment agreements (the “ Cornerstone Investment +Agreements ”) with the cornerstone investors (the “ Cornerstone Investors ”), namely (i) Foresight Global +Superior Choice SPC—Global Superior Choice Fund 1 SP (“ GSC Fund 1 ”), Foresight Global Superior +Choice SPC—Vision Fund 1 SP (“ Vision Fund 1 ”), Foresight Global Superior Choice SPC—Horizon +Fund 1 SP (“ Horizon Fund 1 ”), Foresight Global Superior Choice SPC—Horizon Next Fund SP +(“Horizon Next Fund ”), and Foresight International Series– Foresight China Equity Fund (“ FCE Fund ” +together with GSC Fund 1, Vision Fund 1, Horizon Fund 1 and Horizon Next Fund, the “ Foresight +Funds ”), (ii) Key Broad Future Limited (ʮ̡)( “ Key Broad ”), (iii) LBC HK Opportunity +Fund Limited (“ LBC HK ”), (iv) Sage Partners Master Fund (“ Sage Partners ”), (v) Panjing Harbourview +Investment Fund (ږ“() Panjing Fund ”), and (vi) Taikang Life Insurance Co., Ltd. ( इੰ +ப΂ʮ̡)( “ Taikang Life ”) as set out below, pursuant to which the Cornerstone Investors +have agreed to, subject to certain conditions, subscribe at the Offer Price for such number of Offer Shares +(rounded down to the nearest whole board lot of 100 H Shares) that may be subscribed for with an +aggregate amount of US$65 million (equivalent to approximately HK$509.4 million) (exclusive of +brokerage fee, the SFC transaction levy, the AFRC transaction levy and the Stock Exchange trading fee) +(the “ Cornerstone Placing ”). +Based on the Offer Price of HK$81.80 per H Share, the total number of Offer Shares to be subscribed +by the Cornerstone Investors would be 6,227,800 Offer Shares, representing approximately 45.7% of the +Offer Shares pursuant to the Global Offering (assuming the Over-allotment Option is not exercised) and +approximately 39.8% of the Offer Shares pursuant to the Global Offering (assuming the Over-allotment +Option is fully exercised). +Our Company is of the view that, (i) the Cornerstone Placing will ensure a reasonable size of solid +commitment at the beginning of the marketing period of the Global Offering and will provide confidence +to the market; and (ii) by leveraging on the Cornerstone Investors’ industry reputation and investment +experience, the Cornerstone Placing will help raise the profile of our Company and to signify that such +investors have confidence in our business and prospect. Our Company became acquainted with each of the +Cornerstone Investors through the business network of our Group or through introduction by business +partners of our Company or the Underwriters. +The Cornerstone Placing will form part of the International Offering, the Cornerstone Investors will +not subscribe for any Offer Shares under the Global Offering (other than pursuant to the Cornerstone +Investment Agreements). The Offer Shares to be subscribed by the Cornerstone Investors will rank pari +passu in all respects with the fully paid Shares in issue following the Global Offering and will be counted +towards the public float of our Company under Rule 19A.13A of the Listing Rules. Immediately following +the completion of the Global Offering, the Cornerstone Investors will not, by virtue of their cornerstone +investments, have any Board representation in our Company; and none of the Cornerstone Investors will +become a substantial Shareholder of our Company. The subscription of the Offer Shares by the +Cornerstone Investors will not result in more than 50% of the H Shares in public hands at the time of +Listing being beneficially owned by the three largest public Shareholders for the purpose of Rule 8.08(3) +of the Listing Rules. Other than a guaranteed allocation of the relevant Offer Shares at the Offer Price, +the Cornerstone Investors do not have any preferential rights under each of their respective Cornerstone +Investment Agreements, as compared with other public Shareholders. There are no side arrangements or +agreements between our Company and the Cornerstone Investors or any benefit, direct or indirect, +conferred on the Cornerstone Investors by virtue of or in relation to the Listing, other than a guaranteed +allocation of the relevant Offer Shares at the Offer Price, following the principles as set out in Chapter +4.15 of the Guide. +To the best knowledge of our Company after making reasonable enquiries, (i) each of the +Cornerstone Investors and their respective ultimate beneficial owners are independent of the other +Cornerstone Investors, our Group, our connected persons and their respective associates, and is not an +existing Shareholder or a close associate of our Group; (ii) none of the Cornerstone Investors is +accustomed to take instructions from our Company, our Directors, Supervisors, chief executive of our +CORNERSTONE INVESTORS +– 252 – + + +--- page 262 --- +Company, Controlling Shareholders, substantial Shareholders or existing Shareholders or any of its +subsidiaries or their respective close associates in relation to the acquisition, disposal, voting, or other +disposition of Shares registered in its name or otherwise held by it; and (iii) none of the subscription of +the relevant Offer Shares by any of the Cornerstone Investors is financed by our Company, our Directors, +Supervisors, chief executive of our Company, Controlling Shareholders, substantial Shareholders or +existing Shareholders or any of its subsidiaries or their respective close associates. +As confirmed by each of the Cornerstone Investors, their subscription under the Cornerstone Placing +would be financed by their own internal resources. Each of the Cornerstone Investors has confirmed that +all necessary approvals have been obtained with respect to the Cornerstone Placing and that no specific +approval from any stock exchange (if relevant) or its shareholders is required for the relevant cornerstone +investment. All of the Cornerstone Investors have confirmed that they have sufficient funds to settle the +investment amounts and they will pay and settle in full for the relevant Offer Shares that they have +subscribed before dealings in the Offer Shares commence on the Stock Exchange. +Certain Cornerstone Investors have agreed that the Sole Overall Coordinator in their sole discretion +may defer the delivery of all or part of the Offer Shares they will subscribe to on a date later than the +Listing Date. There will be no deferred settlement of the Offer Shares to be subscribed by the Cornerstone +Investors. Where delayed delivery takes place, such Cornerstone Investors that may be affected by such +delayed delivery arrangement has agreed that it shall nevertheless pay for the relevant Offer Shares in full +before the Listing. Such delayed delivery arrangement is in place to facilitate the over-allocation in the +International Offering. There will be no delayed delivery if there is no over-allocation in the International +Offering. +Pursuant to Chapter 4.14 of the Guide, in the event of over-subscription under the Hong Kong Public +Offering, the number of Offer Shares to be allocated to the Cornerstone Investors may be affected by the +reallocation of Shares between the International Offering and the Hong Kong Public Offering. If the total +demand for Shares in the Hong Kong Public Offering falls within the circumstance as set out in “Structure +of the Global Offering—The Hong Kong Public Offering—Reallocation,” the number of Offer Shares to +be allocated to the Cornerstone Investors may be deducted on a pro rata basis to satisfy the public +demands under the Hong Kong Public Offering. In addition, our Company and the Sole Overall +Coordinator have the right to adjust the number of Offer Shares to be allocated to the Cornerstone +Investors in their sole and absolute discretion to ensure compliance with (i) the minimum public float +requirement under Rule 19A.13A(1) of the Listing Rules or as otherwise approved by the Stock Exchange, +(ii) Rule 8.08(3) of the Listing Rules, which stipulates that no more than 50% of the Shares in public hands +can be beneficially owned by the three largest public shareholders of the Company on the Listing Date; +and (iii) the free float requirement under Rule 19A.13C(1) of the Listing Rules. Further, the Sole Overall +Coordinator and our Company can adjust the number of Investor Shares to be allocated to the Cornerstone +Investors in their sole and absolute discretion for the purpose of the compliance with Appendix F1 (Placing +Guidelines for Equity Securities) to the Listing Rules. +Details of the actual number of Offer Shares to be allocated to the Cornerstone Investors will be +disclosed in the allotment results announcement of our Company to be published on or around June 22, +2026. +THE CORNERSTONE INVESTORS +The information about our Cornerstone Investors set forth below has been provided by our +Cornerstone Investors in connection with the Cornerstone Placing. +Foresight Funds +GSC Fund 1, Vision Fund 1, Horizon Fund 1 and Horizon Next Fund are sub-funds of Foresight +Global Superior Choice SPC, which was incorporated in the Cayman Islands on October 17, 2016. +CORNERSTONE INVESTORS +– 253 – + + +--- page 263 --- +FCE Fund is a sub-fund of Foresight International Series (the “ Trust”), which is an open-ended +umbrella unit trust established under the laws of Hong Kong pursuant to its trust deed. The Trust has been +established as an umbrella fund, and separate and distinct sub-funds may be established by the manager +and the trustee within the trust from time to time. Each sub-fund has its own investment objective and +policies. +All of the Foresight Funds are currently managed in full discretion by Foresight Fund (Hong Kong) +Limited (“ Foresight HK ”), a wholly owned subsidiary of Foresight Fund Management Company Limited +(ʮ̡)( “ Foresight Fund Management ”). Foresight HK was incorporated in Hong +Kong on April 26, 2022, and has been a licensed corporation as defined under the SFO for Type 4 +(Advising on Securities) and Type 9 (Asset management) since March 24, 2023. Foresight Fund +Management is a Shanghai-based asset management company and was founded by Mr. Chen Guangming +(׼Foresight Fund Management is the investment advisor of the GSC Fund 1 and Vision Fund 1. +Mr. Chen Guangming holds approximately 47.57% interests in Foresight Fund Management, while no +other shareholder holds 30% or more interests in Foresight Fund Management. No ultimate beneficial +owner of any limited partner or general partner holds 30% or more interests in each of Foresight Funds. +Key Broad +Key Broad is a wholly owned subsidiary of Xuancheng Kaibo Industry Fund Partnership (Limited +Partnership) (ΥྫΆุ(Υྫ)) (“ Xuancheng Kaibo ”). Xuancheng Kaibo is +managed and owned as to 0.03% by its general partner, Kaibo (Hubei) Private Equity Fund Management +Co., Ltd. ( ௱௹(ಳ̏)ʮ̡)( “ Kaibo PE ”). +Kaibo PE focuses on investments in innovative technologies across sectors such as +biopharmaceuticals, new energy, and artificial intelligence, with a particular emphasis on identifying +breakthrough technologies and high-quality companies that possess strong technological barriers, high +growth potential, and significant market opportunities. Kaibo PE’s ultimate beneficial owner is Zheng +Xuyi ( ቍၫɓ). +The limited partners of Xuancheng Kaibo are: (i) Xuancheng Dongzheng Kaisheng Industry Fund +Partnership (Limited Partnership) (ΥྫΆุ(Υྫ)), a key fund product +managed by Shanghai Orient Securities Capital Investment Co., Ltd. (ʮ̡), +the private equity fund platform of Orient Securities Company Limited (ʮ̡), a +company publicly listed on both the Hong Kong Stock Exchange (stock code: 3958) and the Shanghai +Stock Exchange (stock code: 600958); and (ii) Xuancheng Economic Development Zone Key Industry +Investment Partnership (Limited Partnership) (ᓃପุҳ༟ΥྫΆุ(Υྫ)), a major +Xuancheng City fund established to support the development of emerging industries. +Xuancheng Dongzheng Kaisheng Industry Fund Partnership (Limited Partnership) (ᗇකସପ +ΥྫΆุ(Υྫ)) and Xuancheng Economic Development Zone Key Industry Investment +Partnership (Limited Partnership) (ᓃପุҳ༟ΥྫΆุ(Υྫ)) holds 16.63% and +83.34% partnership interests in Xuancheng Kaibo, respectively. +Xuancheng Economic Development Zone Key Industry Investment Partnership (Limited +Partnership) (ᓃପุҳ༟ΥྫΆุ(Υྫ)) is ultimately controlled by the State-owned +Assets Supervision and Administration Commission of the Xuancheng People’s Government (̹ɛ͏ +ึ). +LBC HK +LBC HK is a long-bias fund that primarily invests in publicly traded equities across various sectors, +including healthcare, as well as other industries in Hong Kong market. +CORNERSTONE INVESTORS +– 254 – + + +--- page 264 --- +LBC HK is managed by Lake Bleu Capital (Hong Kong) Limited (“ Lake Bleu Capital ”) on a +discretionary basis. There is no ultimate beneficial owner holding 30% or more interest in LBC HK. Bin +Li, an Independent Third Party, is the ultimate beneficial owner of Lake Bleu Capital. Lake Bleu Capital +is also licensed by the SFC to carry out type 9 regulated activities. +Sage Partners +Sage Partners is an exempted company with limited liability incorporated in the Cayman Islands. It +is managed by Sage Partners Limited, a Hong Kong incorporated SFC Type 9 licensed investment +management company established in 2019. The ultimate beneficial owner of Sage Partners Limited is Mr. +Wang Fei. Sage Partners is a discretionary fund which primarily focuses on investment opportunities in +the healthcare and emerging technologies sector by deploying a long-term fundamental-based approach. +None of the investors in Sage Partners holds 30% or more of its interest. +Panjing Fund +Panjing Fund is an exempted company incorporated with limited liability in the Cayman Islands +under the Companies Act of the Cayman Islands. Panjing Fund is managed on a discretionary basis solely +by its Investment Manager, Harbourview Investment Pte. Ltd. (“ Harbourview Investment ”), who holds +a Capital Markets Services Licence issued by the Monetary Authority of Singapore. +Harbourview Investment pursues a long-short investment strategy in managing the assets of Panjing +Fund and focuses on equities which are temporarily under-appreciated by the market but whose companies +display great upside potential. Panjing Fund invests in a diverse portfolio comprising global listed equity +securities and equity-related securities. Panjing Fund’s investments are not subject to any geographic +limitation. +Xiao Jian, an Independent Third Party, is the ultimate beneficial owner of Panjing Fund, holding +100% of its interest. Xiao Jian and Huang Jinwei, each an Independent Third Party, are the ultimate +beneficial owners of Harbourview Investment, holding 60% and 40% of its interests, respectively. +As confirmed by Panjing Fund, no sub-fund is involved in this subscription of Offer Shares under +its Cornerstone Investment Agreement. +Taikang Life +Taikang Life is a company established in the PRC and a wholly-owned subsidiary of Taikang +Insurance Group Inc. (ʮ̡). There is no shareholder holding 30% or more in +Taikang Insurance Group Inc. (ʮ̡). Taikang Life provides a full range of +personal security and investment and wealth management products and services for individuals and +families. The products on offer correspond to the different requirements of customers in terms of market +segments such as the children and teenagers, females and high-income population groups. They also meet +multidimensional demands regarding health care and accident cover, pensions and wealth management, +among others. +Taikang Insurance Group Inc. (ʮ̡) is an insurance and financial service +conglomerate focused on insurance, asset management and health and elderly care as main businesses. The +Beijing-headquartered company consists of several subsidiaries including Taikang Life, Taikang AMC, +Taikang Pension, Taikang Healthcare, Taikang Health, and TK.CN. Its product offering covers life +insurance, internet-based financial insurance, enterprise annuity, asset management, health and elderly +care, health management and commercial real estate, among others. +Save as disclosed in this section, no Cornerstone Investors or their shareholders are listed on any +stock exchanges. +CORNERSTONE INVESTORS +– 255 – + + +--- page 265 --- +The table below sets forth details of the Cornerstone Placing: +Assuming the Over- +allotment Option is not +exercised +Assuming the Over- +allotment Option is +exercised in full +Cornerstone +Investor +Total investment +amount (1) +Number of +Offer Shares to +be subscribed (2) +%o f +Offer +Shares +% of Shares in +issue upon +completion of +the Global +Offering +%o f +Offer +Shares +% of Shares in +issue upon +completion of +the Global +Offering +Foresight Funds /H1118US$25.0 million 2,395,400 17.6% 3.3% 15.3% 3.2% +Key Broad /H1118/H1118/H1118/H1118/H1118US$25.0 million 2,395,400 17.6% 3.3% 15.3% 3.2% +LBC HK /H1118/H1118/H1118/H1118/H1118/H1118US$5.0 million 479,000 3.5% 0.7% 3.1% 0.6% +Sage Partners /H1118/H1118/H1118US$4.0 million 383,200 2.8% 0.5% 2.5% 0.5% +Panjing Fund /H1118/H1118/H1118US$3.0 million 287,400 2.1% 0.4% 1.8% 0.4% +Taikang Life /H1118/H1118/H1118US$3.0 million 287,400 2.1% 0.4% 1.8% 0.4% +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118US$65.0 million 6,227,800 45.7% 8.6% 39.8% 8.3% +Notes: +(1) The investment amount excludes brokerage, SFC transaction levy, AFRC transaction levy and Stock Exchange trading +fee, and is calculated based on the exchange rate set out in “Information about this Prospectus and the Global +Offering—Exchange Rate Conversion” for illustrative purpose. +(2) Subject to rounding down to the nearest whole board lot of 100 Shares. +CLOSING CONDITIONS +The obligation of the Cornerstone Investors to acquire the Offer Shares under the Cornerstone +Investment Agreements is subject to, among other things, the following closing conditions: +(a) the Underwriting Agreements being entered into and having become effective and +unconditional (in accordance with their respective original terms or as subsequently waived or +varied by agreement of the parties thereto) by no later than the time and date as specified in +the Underwriting Agreements, and neither the Underwriting Agreements having been +terminated; +(b) the Listing Committee of the Stock Exchange having granted the approval for the listing of, and +permission to deal in, the Shares (including the Shares under the Cornerstone Placing as well +as other applicable waivers and approvals and those in connection with the subscription of the +Shares under the Cornerstone Placing) and such approval, permission or waiver having not +been revoked prior to the commencement of dealings in the H Shares on the Stock Exchange; +(c) the CSRC having accepted the filings made under the Overseas Listing Trial Measures for the +Global Offering and published the filing results in respect of the filings on its website, and such +notice of acceptance and/or filing results published not having otherwise been rejected, +withdrawn, revoked or invalidated prior to the commencement of dealings in the H Shares on +the Stock Exchange; +(d) no laws shall have been enacted or promulgated by any governmental authority which prohibits +the consummation of the transactions contemplated in the Global Offering or the Cornerstone +Investment Agreements, and there shall be no orders or injunctions from a court of competent +jurisdiction in effect precluding or prohibiting consummation of such transactions; and +CORNERSTONE INVESTORS +– 256 – + + +--- page 266 --- +(e) the respective representations, warranties, undertakings, confirmations and acknowledgements +of the Cornerstone Investors under their respective Cornerstone Investment Agreements are and +will be accurate and true in all material respects and not misleading and that there is no material +breach of the Cornerstone Investment Agreements on the part of the Cornerstone Investors. +RESTRICTIONS ON THE CORNERSTONE INVESTORS +Each of the Cornerstone Investors has agreed that without the prior written consent of each of the +Company, the Sole Sponsor and the Sole Overall Coordinator, it will not, whether directly or indirectly, +at any time during the period commencing from (and inclusive of) the Listing Date and ending on (and +inclusive of) the date falling six (6) months after the Listing Date (the “ Lock-up Period ”), (i) dispose of, +in any way, any of the Offer Shares it has subscribed for or any interest in any company or entity holding +any of such Offer Shares pursuant to the relevant Cornerstone Investment Agreements; (ii) agree, enter +into an agreement or publicly announce an intention to enter into such transaction described above; (iii) +allow itself to undergo a change of control (as defined in the Takeovers Code) at the level of its ultimate +beneficial owner; or (iv) enter into any transactions directly or indirectly with the same economic effect +as any aforesaid transaction, save for certain limited circumstances, such as transfers to any of its +wholly-owned subsidiaries which will be bound by the same obligations of such Cornerstone Investor, +including the Lock-up Period restriction. +CORNERSTONE INVESTORS +– 257 – + + +--- page 267 --- +As of the Latest Practicable Date, the registered share capital of our Company was RMB59,999,605, +divided into 59,999,605 Unlisted Shares, with a nominal value of RMB1.00 each. +The share capital of our Company immediately after the completion of the Global Offering and +conversion of Unlisted Shares into H Shares will be as follows: +Assuming the Over-allotment Option is not exercised: +Number of +Shares Description of Shares +Percentage to +total share +capital +59,999,605 H Shares converted from Unlisted Shares 81.52% +13,600,000 H Shares to be issued under the Global Offering 18.48% +73,599,605 Total 100.00% +Assuming the Over-allotment Option is exercised in full: +Number of +Shares Description of Shares +Percentage to +total share +capital +59,999,605 H Shares converted from Unlisted Shares 79.32% +15,640,000 H Shares to be issued under the Global Offering 20.68% +75,639,605 Total 100.00% +ASSUMPTIONS +The above table assumes that the Global Offering has become unconditional and the H Shares are +issued pursuant to the Global Offering. +RANKING +Upon the completion of the Global Offering and conversion of Unlisted Shares into H Shares, our +Shares will consist of H Shares only. +Apart from certain qualified domestic institutional investors in the PRC, the qualified PRC investors +under the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect and other +persons who are entitled to hold our H Shares pursuant to relevant PRC laws and regulations or upon +approvals of any competent authorities, H Shares generally cannot be subscribed by or traded between +legal or natural PRC persons. +Both Unlisted Shares and H Shares are ordinary Shares in the share capital of our Company and are +regarded as the same class of Shares under the Articles of Association. Unlisted Shares and H Shares shall +carry the same rights in all other respects and, in particular, will rank equally for dividends or distributions +declared, paid or made. All dividend for H Shares will be denominated and declared in Renminbi, and paid +in Hong Kong dollars or Renminbi, whereas all dividends for Unlisted Shares will be paid in Renminbi. +Other than cash, dividends could also be paid in the form of shares or a combination of cash and shares. +SHARE CAPITAL +– 258 – + + +--- page 268 --- +CIRCUMSTANCES UNDER WHICH GENERAL MEETING AND CLASS MEETING ARE +REQUIRED +For details of circumstances under which our Shareholders’ general meetings are required, see +“Appendix III—Summary of Articles of Association” to this prospectus. +CONVERSION OF OUR UNLISTED SHARES INTO H SHARES +Pursuant to the regulations prescribed by the securities regulatory authorities of the State Council +and the Articles of Association, the holders of Unlisted Shares may, at their own discretion, authorize the +Company to file with the CSRC for conversion of their Unlisted Shares into overseas-listed Shares. Such +converted Shares could be listed or traded as H Shares on the Stock Exchange, provided that prior to the +conversion and trading of such H Shares, any requisite internal approval process has been duly completed +and all the filing procedures with the relevant regulatory authorities, including CSRC which requires +administrative filing procedures for the conversion and trading of such converted Shares, have been +consummated. In addition, such conversion and trading shall comply with the regulations, requirements +and procedures prescribed by the Stock Exchange. +Filing with the CSRC and Full Circulation Application +In accordance with the Overseas Listing Trial Measures and related guidelines announced by the +CSRC, H-share listed companies which apply for the conversion of unlisted shares into H shares for listing +and circulation on the Stock Exchange shall file the application with the CSRC according to the +administrative filing procedures necessary for the Overseas Listing Trial Measures. An H-share listed +company may apply for a “Full Circulation” separately or when applying for refinancing overseas. An +unlisted domestic joint stock company may apply for “Full Circulation” when applying for an overseas +initial public offering. +We have filed with the CSRC for the conversion of Unlisted Shares into H Shares in respect of the +registration of the overseas listing and “Full Circulation”, pursuant to which (i) our Company is supposed +to issue no more than 15,640,000 H Shares (including any H Shares which may be issued pursuant to the +exercise of the Over-allotment Option) with a nominal value of RMB1.00 each, which are all ordinary +Shares, and upon such issuance our Company may be listed on the Main Board of the Stock Exchange; +(ii) a total of 59,999,605 Unlisted Shares (with a nominal value of RMB1.00 each) held by our existing +Shareholders (the “ Participating Shareholders ”) are supposed to be converted into H Shares on a +one-for-one basis after the Global Offering, and the relevant Shares may be listed on the Stock Exchange +upon completion of the conversion. +Listing Approval by the Stock Exchange +We have applied to the Stock Exchange for the approval for the granting of listing of, and permission +to deal in, our H Shares to be issued pursuant to the Global Offering (including any H Shares which may +be issued pursuant to the exercise of the Over-allotment Option) and the H Shares to be converted from +59,999,605 Unlisted Shares on the Stock Exchange, which is subject to the approval by the Stock +Exchange. +We will perform the following procedures for the conversion of Unlisted Shares into H Shares after +receiving the approval of the Stock Exchange: (a) giving instructions to our H Share Registrar regarding +relevant share certificates of the converted H Shares; and (b) enabling the converted H Shares to be +accepted as eligible securities by HKSCC for deposit, clearance and settlement in the CCASS. The +Participating Shareholders may only deal in the Shares upon completion of following domestic procedures. +SHARE CAPITAL +– 259 – + + +--- page 269 --- +TRANSFER OF SHARES ISSUED PRIOR TO LISTING DATE +The PRC Company Law provides that in relation to the public offering of a company, the shares +issued prior to the public offering shall not be transferred within a period of one year from the date on +which the publicly offered shares are listed on any stock exchange. Accordingly, Shares issued by our +Company prior to the Global Offering shall be subject to such statutory restriction and not be transferred +within a period of one year from the Listing Date. +Shares transferred by our Directors and members of the senior management each year during their +term of office shall not exceed 25% of their total respective shareholdings in our Company. The Shares +that the aforementioned persons hold in our Company cannot be transferred within one year from the +Listing Date, nor within half a year after they leave their positions as Directors or members of the senior +management in our Company. +For details of the lock-up undertaking given by our Controlling Shareholders to the Stock Exchange, +see “Underwriting—Undertakings to the Stock Exchange Pursuant to the Listing Rules—Undertakings by +our Controlling Shareholders” in this prospectus. +INCREASE IN SHARE CAPITAL +Pursuant to the Articles of Association and subject to the requirements of relevant PRC laws and +regulations, our Company, upon the Listing of our H Shares, is eligible to enlarge its share capital by +issuing either new H Shares or new Unlisted Shares on the condition that such proposed issuance shall be +approved by a special resolution of Shareholders in general meeting conducted in accordance with the +provisions of the Articles of Association and that such issuance complies with the Listing Rules and other +relevant laws and regulations of Hong Kong. To adopt a special resolution of Shareholders in general +meeting, more than the two thirds votes represented by the Shareholders (including proxies) present at the +general meeting must be exercised in favor of the resolution. See “—Ranking” in this section. +REGISTRATION OF SHARES NOT LISTED ON THE OVERSEAS STOCK EXCHANGE +According to the Guidelines for the “Full Circulation” Program for Domestic Unlisted Shares of +H-Share Listed Companies ( H΅͡ሗ“ஷ”ˏ‘) announced by the +CSRC, the domestic shareholders of Unlisted Shares shall handle share transfer registration business in +accordance with the relevant business rules of the China Securities Depository and Clearing Corporation +Limited. Further, H-share companies should submit the relevant status reports to the CSRC within 15 days +after the transfer registration with the China Securities Depository and Clearing Corporation Limited of +the Unlisted Shares involved in the application is completed. +SHAREHOLDERS’ APPROV AL FOR THE GLOBAL OFFERING +Approval from holders of the Shares is required for our Company to issue H Shares and seek the +listing of H Shares on the Stock Exchange. Our Company has obtained such approval at the Shareholders’ +general meeting held on July 11, 2025. +SHARE CAPITAL +– 260 – + + +--- page 270 --- +Y ou should read the following discussion and analysis in conjunction with our consolidated +financial information included in “Appendix I—Accountants’ Report” to this prospectus, together +with the accompanying notes. Our consolidated financial information has been prepared in +accordance with IFRSs. Y ou should read the entire Accountants’ Report and not merely rely on +the information contained in this section. +The following discussion and analysis contain forward-looking statements that reflect the +current views with respect to future events and financial performance. These statements are based +on assumptions and analyses made by us in light of our experience and perception of historical +trends, current conditions and expected future developments, as well as other factors that we +believe are appropriate under the circumstances. However, whether the actual outcome and +developments will meet our expectations and predictions depends on a number of risks and +uncertainties over which we do not have control. For details, see “Forward-looking Statements” +and “Risk Factors.” +OVERVIEW +We are a clinical-stage biotech company founded by a team of industrial experts in 2017, dedicated +to researching and developing therapies for autoimmune, metabolic and oncology diseases. We have three +Core Products—HJ787, HJ178 and HJ891—all of which are self-developed, small-molecule NMPA +Category 1 innovative drugs. HJ787, is a selective TYK2 inhibitor intended for the topical treatment of +mild-to-moderate atopic dermatitis (AD), mild-to-moderate acne vulgaris (A V), neurodermatitis (ND) and +psoriasis (Ps) and the oral treatment of AD, ND and Ps in the autoimmune sector, HJ178, is an orally +available agent acting on GLP-1 and GIP, intended for type 2 diabetes and potentially overweight or +obesity in the metabolic sector. HJ891 is an oral a KRAS +G12C inhibitor intended for the treatment of +non-small-cell lung cancer (NSCLC) with KRAS G12C mutation that has progressed following first-line +standard therapies as monotherapy and non-squamous NSCLC with KRAS G12C mutation as first-line +combination therapy, in the oncology sector. As of the Latest Practicable Date, we also had one +clinical-stage drug candidate HJ197 and five preclinical drug candidates HJ356, HJ093, HJ199, HJ198 and +HJ086, all of which are also self-developed, small-molecule NMPA Category 1 innovative therapies. +We currently have no products approved for commercial sales and was loss-making during the Track +Record Period. We incurred losses of RMB202.3 million and RMB135.1 million in 2024 and 2025, +respectively. We incurred losses during the Track Record Period primarily due to significant amount of +research and development expenses as well as loss from changes in fair value of financial instruments with +preferred rights. In 2024 and 2025, our revenue was RMB1.8 million and RMB13.0 million, respectively, +all of which were derived from our out-license and collaboration agreements. +BASIS OF PREPARATION AND PRESENTATION +Our Company was incorporated in the PRC on February 20, 2017 as a limited liability company. On +March 18, 2025, our Company was converted into a joint stock company with limited liability under the +Company Law of the PRC. See “History, Development and Corporate Structure—Our Corporate +Developments.” +Our historical financial information has been prepared based on the accounting policies which +conform with IFRS Accounting Standards. Our historical financial information has been prepared under +the historical cost convention, except for financial assets at fair value through profit or loss (“ FVTPL ”) +and financial instruments with preferred rights, which have been measured at fair value. For the purpose +of preparing and presenting our historical financial information for the Track Record Period, we have +consistently applied the accounting policies which conform with IFRS Accounting Standards, which are +effective for the accounting period beginning on January 1, 2025 throughout the Track Record Period. +Further details of the material accounting policies adopted are set out in Note 4 to the Accountants’ Report +in Appendix I to this prospectus. +FINANCIAL INFORMATION +– 261 – + + +--- page 271 --- +KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS +We believe that the most significant factors affecting our results of operations, financial condition +and cash flows include the following: +Our Ability to Successfully Develop and Commercialize Our Drug Candidates +The success of our business and results of operations rely on our ability to advance our drug +development programs, demonstrate satisfactory safety and efficacy in clinical trials, obtain the necessary +regulatory approvals, and launch our products in our target markets as planned. As of the Latest +Practicable Date, we had four drug candidates in the clinical stage and five drug candidates in the +preclinical stage. See “Business—Our Drug Candidates” for more details. The continued advancement of +our drug candidates through clinical trials and the regulatory approval process toward commercialization +is crucial to our sustained business growth. After our drug candidates are commercialized, our business +and results of operations will depend on the market acceptance and sales of our commercialized drugs. See +also “Risk Factors—Risks Relating to the Research and Development of Our Drug Candidates—Our +business and financial prospects depend substantially on the success of our drug candidates. If we are +unable to successfully complete their clinical development, obtain their regulatory approvals and achieve +their commercialization, or if we experience significant delays in doing any of the foregoing, our business +will be materially harmed” for details. +Our Operating Expenses +Our operating expenses during the Track Record Period primarily consisted of research and +development expenses and administrative expenses, details of which are set out below. + Research and development expenses. Our research and development expenses, which primarily +consisted of staff costs, material expenses, depreciation and amortization of our office +buildings and equipment used in our research and development activities, and testing and +technical service costs, were the largest component of our operating expenses during the Track +Record Period. In 2024 and 2025, our research and development expenses amounted to +RMB75.0 million and RMB110.2 million, respectively. Research and development is critical to +the sustainable growth of our business, and we have focused on the research and development +of our drug candidates by devoting significant resources on research and development +activities. Research and development expenses have been and are expected to continue to be +a major component of our operating expenses. + Administrative expenses. Our administrative expenses primarily consisted of staff costs and +professional service fees during the Track Record Period. In 2024 and 2025, our administrative +expenses amounted to RMB12.6 million and RMB28.3 million, respectively. Our +administrative expenses have been and are expected to continue to increase in line with our +business growth. +We expect the quantum and composition of our operating expenses to evolve as we develop and +expand our business. As we gradually obtain regulatory approvals and commence clinical trials of our +product portfolio, and as we continue to develop new drug candidates and technologies, we expect to incur +substantial research and development expenses. We may also incur higher administrative expenses as a +result of our business expansion. Moreover, as our drug candidates approach commercialization, we expect +to build our commercialization team and develop a sales network, and incur sales and marketing expenses +as a result. +Funding for Our Operations +During the Track Record Period, we funded our operations through private equity financing, and to +a limited extent, income from out-license and collaboration agreements. Going forward, in the event of the +successful commercialization of one or more of our drug candidates, we expect to fund our operations in +FINANCIAL INFORMATION +– 262 – + + +--- page 272 --- +part with revenue generated from sales of our commercialized drug products. However, with the +continuing expansion of our business we may require further funding through public or private equity +offerings, debt financing or other sources. Any factors that impact our ability to fund our operations will +affect our cash flow and results of operations. See “—Liquidity and Capital Resources” for more details. +MATERIAL ACCOUNTING POLICIES AND SIGNIFICANT ACCOUNTING JUDGMENTS AND +ESTIMATES +We have identified certain accounting policies that are significant to the preparation of our +consolidated financial statements. Some of our accounting policies involve subjective assumptions and +estimates, as well as complex judgments relating to accounting items. The estimates and underlying +assumptions are based on historical experience and other factors that are considered to be relevant. Actual +results may differ from these estimates. The estimates and underlying assumptions are reviewed on an +on-going basis. Revisions to accounting estimates are recognized in the period in which the estimate is +revised if the revision affects only that period, or in the period of the revision and future periods if the +revision affects both current and future periods. When reviewing our consolidated financial statements, +you should consider (i) our material accounting policy information; (ii) the judgments and other +uncertainties affecting the application of such policies; and (iii) the sensitivity of reported results to +changes in conditions and assumptions. We set forth below those accounting policies that we believe are +material to us or involve the most significant estimates and judgments used in the preparation of our +consolidated financial statements. Our material accounting policy information and estimates, which are +important for an understanding of our financial condition and results of operations, are set forth in detail +in notes 4 and 5 to the Accountants’ Report in Appendix I to this prospectus. +Research and Development Expenses +We recognize expenditure on research activities as an expense in the period in which it is incurred. +Financial Instruments +We recognize financial assets and financial liabilities when a group entity becomes a party to the +contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at +fair value except for trade receivables arising from contracts with customers which are initially measured +in accordance with IFRS 15 “Revenue from Contracts with Customers.” Transaction costs that are directly +attributable to the acquisition or issue of financial assets and financial liabilities (other than financial +assets or financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets +or financial liabilities, as appropriate, on initial recognition. We recognize transaction costs directly +attributed to the acquisition of financial assets or financial liabilities at FVTPL immediately in profit or +loss. +Financial Assets +Classification and Subsequent Measurement of Financial Assets +Financial assets that meet the following conditions are subsequently measured at amortized cost: + the financial asset is held within a business model whose objective is to collect contractual cash +flows; and + the contractual terms give rise on specified dates to cash flows that are solely payments of +principal and interest on the principal amount outstanding. +All other financial assets are subsequently measured at FVTPL. Financial assets at FVTPL are +measured at fair value at the end of each period, with any fair value gains or losses recognized in profit +or loss. +FINANCIAL INFORMATION +– 263 – + + +--- page 273 --- +Impairment of Financial Assets Subject to Impairment Assessment under IFRS 9 +We perform impairment assessment under expected credit loss (“ ECL”) model on financial assets +(including other receivables, cash and cash equivalents and financial assets at FVTPL) which are subject +to impairment assessment under IFRS 9. The amount of ECL is updated at each reporting date to reflect +changes in credit risk since initial recognition. +Derecognition of Financial Assets +We derecognize a financial asset only when the contractual rights to the cash flows from the asset +expire. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s +carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. +Financial Liabilities +All financial liabilities are subsequently measured at amortized cost using the effective interest +method or at FVTPL. +Financial Liabilities at FVTPL +Financial liabilities are classified as at FVTPL when the financial liability is designated as at +FVTPL. A financial liability other than a financial liability held for trading or contingent consideration of +an acquirer in a business combination may be designated as at FVTPL upon initial recognition if: + such designation eliminates or significantly reduces a measurement or recognition +inconsistency that would otherwise arise; or + the financial liability forms part of a group of financial assets or financial liabilities or both, +which is managed and its performance is evaluated on a fair value basis, in accordance with +our Group’s documented risk management or investment strategy, and information about the +grouping is provided internally on that basis; or + it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits +the entire combined contract to be designated as at FVTPL. +At the date of issue, the redeemable shares with other preferential rights are designated as financial +liabilities at FVTPL. In subsequent periods, changes in fair value (including dividends and interest +incurred) are recognized in profit or loss as fair value gain or loss except for changes in the fair value that +is attributable to changes in the credit risk (excluding changes in fair value of the derivatives component) +is recognized in other comprehensive income, unless the recognition of the effects of changes in the credit +risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. +Changes in fair value attributable to the credit risk that are recognized in other comprehensive income are +not subsequently reclassified to profit or loss, they are transferred to retained profits upon derecognition. +Transaction costs relating to the issue of the redeemable shares with other preferential rights are charged +to profit or loss immediately. +Financial Liabilities at Amortized Cost +Financial liabilities including trade and other payables, amounts due to a related party and bank +borrowings are subsequently measured at amortized cost, using the effective interest method. +Derecognition of Financial Liabilities +We derecognize financial liabilities when, and only when, our obligations are discharged, canceled +or have expired. The difference between the carrying amount of the financial liability derecognized and +the consideration paid and payable is recognized in profit or loss. +FINANCIAL INFORMATION +– 264 – + + +--- page 274 --- +Fair Value Measurements of Financial Instruments +Some of our financial instruments are measured at fair value for financial reporting purposes. In +estimating the fair value, we use market-observable data to the extent it is available. Where Level 1 inputs +are not available, we determine the appropriate valuation techniques and inputs for fair value +measurements and work closely with the qualified valuer to establish the appropriate valuation techniques +and inputs to the model. The following tables illustrate how the fair values of these financial assets and +financial liabilities are determined (in particular, the valuation technique(s) and inputs used). +Financial assets +Fair value as of December 31, Fair value +hierarchy +Valuation +techniques and +key inputs2024 2025 +RMB’000 RMB’000 +Financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 Level 2 Redemption +value quoted +by banks +For details of reconciliation, see note 32 to the Accountants’ Report set out in Appendix I to this +prospectus. +Financial instruments with preferred rights +As of January 1, 2024, our financial instruments with preferred rights amounted to RMB972.6 +million, which are measured at fair value with fair value being determined based on significant +unobservable inputs using valuation techniques. Judgment and estimation are required in establishing the +relevant valuation techniques and the relevant inputs thereof. Changes in assumptions relating to these +factors could result in material adjustments to the fair value of the financial instruments with preferred +rights. For details, see note 27 to the Accountants’ Report set out in Appendix I to this prospectus. +DESCRIPTION OF SELECTED COMPONENTS OF THE CONSOLIDATED STATEMENTS OF +PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME +The following table sets forth a summary of our consolidated statements of profit or loss and other +comprehensive income for the periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,800 12,982 +Other income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,856 175 +Other gains and losses, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(119,074) 6,545 +Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(12,635) (28,291) +Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(74,973) (110,178) +Listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (16,026) +Share of result of an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(239) (158) +Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(52) (129) +Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,080) +Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (4) +Loss and total comprehensive expense for the year /H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +Loss and total comprehensive expense for the year +attributable to: +Owners of the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +FINANCIAL INFORMATION +– 265 – + + +--- page 275 --- +Revenue +During the Track Record Period, our revenue was derived from our license and collaboration +agreement with Junshi Biosciences and/or Junze Chuangyao. See “Business—Collaborations” for details. +We received an upfront payment of RMB30.0 million from Junshi Biosciences in January 2021 and a +milestone payment of RMB20.0 million from Junze Chuangyao in July 2025. These payments were +recognized as revenue over time based on the actual costs incurred as a percentage of total estimated costs +for us to fully perform our obligations, with the unrecognized portion presented as contracted liabilities. +See “Description of Selected Items from the Consolidated Statements of Financial Position—Contract +Liabilities” below and note 26 to the Accountants’ Report set forth in Appendix I to this prospectus for +more information. As a result, we recognized revenue of RMB1.8 million and RMB13.0 million, +respectively, in 2024 and 2025. +Other Income +Other income consists of (i) government grants, primarily representing funds from various PRC +government authorities as incentives for our research and development activities. There are no unfulfilled +conditions related to these government grants. The establishment of the incentive programs and grant of +such subsidies are subject to the government’s discretion and the receipt of such subsidies is thus +unpredictable, (ii) interest income on bank deposits, and (iii) interest income on term deposits with +original maturity of over three months. +The following table sets forth a breakdown of our other income for the periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Government grants /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118774 88 +Interest income: +– Bank deposits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,038 87 +– Term deposits with original maturity of over three +months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,044 – +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,856 175 +Other Gains and Losses, Net +Other gains and losses primarily consist of (i) losses from changes in fair value of financial +instruments with preferred rights, representing fair value losses of the preferred shares issued to the +investors. See notes 8 and 27 to the Accountants’ Report in Appendix I to this prospectus, (ii) gains from +changes in fair value of financial assets at FVTPL, representing gains from financial products such as +wealth management products and structured bank deposits, and (iii) gains on disposal of property, plant +and equipment. The following table sets forth a breakdown of our other net gains and losses for the periods +indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Loss from changes in fair value of financial instruments +with preferred rights /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(124,725) – +Gain from changes in fair value of financial assets at +FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,651 6,544 +Gain on disposal of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(119,074) 6,545 +FINANCIAL INFORMATION +– 266 – + + +--- page 276 --- +Administrative Expenses +Our administrative expenses consist of (i) staff costs, representing salaries and other welfare and +share-based payment expenses, for our administrative staff, (ii) depreciation and amortization, primarily +representing the depreciation and amortization of our office buildings and our office equipment, (iii) +professional service fees, primarily representing fees paid for legal, auditing and consulting services, (iv) +travel expenses, (v) office and property utilities, and (vi) other management expenses, primarily +representing vehicle and maintenance costs and entertainment fees. The following table sets forth a +breakdown of our administrative expenses for the periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,848 21,549 +Depreciation and amortization /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118594 485 +Professional service fees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,959 3,915 +Travel expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118405 836 +Office and property utilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118767 614 +Other management expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,062 892 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111812,635 28,291 +Research and Development Expenses +Our research and development expenses consist of (i) staff costs, representing salaries and other +welfare and share-based payment expenses, for our research and development personnel, (ii) material +expenses, representing expenses incurred for purchasing materials for our research and development +activities, (iii) depreciation and amortization, primarily representing the depreciation and amortization of +our office buildings and equipment used in our research and development activities, (iv) testing and +technical service costs, primarily representing costs incurred for preclinical and clinical testing and +reagent processing services, and (v) other R&D expenses, primarily representing travel and transportation +costs. The following table sets forth a breakdown of our research and development expenses for the +periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Staff costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,472 38,454 +Material expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,603 18,961 +Depreciation and amortization /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,368 2,257 +Testing and technical service costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111832,447 47,590 +Other R&D expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,083 2,916 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874,973 110,178 +The following table sets forth a breakdown of our research and development expenses by drug +candidate for the periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Core Products +HJ787 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,393 27,978 +HJ178 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111814,357 22,638 +HJ891 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,806 36,985 +FINANCIAL INFORMATION +– 267 – + + +--- page 277 --- +Y ear ended December 31, +2024 2025 +(RMB’000) +Key Product +HJ197 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,295 4,899 +Other drug candidates /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,451 14,792 +Technology platforms /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,671 2,886 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874,973 110,178 +Share of Result of an Associate +We hold a 72% equity interest in Zhangjiakou Huajian Zhiyuan Biotechnology Co., Limited (࢕ +ʮ̡)( “Zhangjiakou Zhiyuan ”), a company mainly engaged in the research and +development of biological and pharmaceutical products and provision of technological consulting +services. The purpose of establishing Zhangjiakou Zhiyuan is to explore neuropsychiatric drugs during the +Company’s early development stage, which aligned with the development direction of the local health +industry. Zhangjiakou Zhiyuan is not involved in the R&D of any product candidates. Each of Zhangjiakou +Jianlong Healthcare Industry Investment Fund (Limited Partnership) (ږ(Ϟ +Υྫ)) (“ Zhangjiakou Jianlong ”) and Tibet Deshang Enterprise Management Co., Ltd. ( ГᔛᅃਠΆุ +ʮ̡)( “Tibet Deshang ”) holds an approximate 14% equity interest in Zhangjiakou Zhiyuan. +The ultimate beneficial owners of Zhangjiakou Jianlong are Zhangjiakou Municipal People’s Government +State-owned Assets Supervision and Administration Commission (਷Ϟ༟ପ္ຖ၍ଣ։ +ึ) and Hebei Zhangjiakou High-tech Industrial Development Zone Management Committee (࢕ +ึ), which hold approximately 48.5046% and 48.3384%, respectively, +and eight other individuals, none of which holds 5% or more interest therein. The ultimate beneficial +owners of Tibet Dasheng are Zou Kang ( ཅੰ), who holds approximately 86.25% interest therein, and eight +other individuals, none of which holds 5% or more interest therein. +To the best knowledge of our Directors, each of the ultimate beneficial owners of Zhangjiakou +Jianlong and Tibet Deshang is an Independent Third Party. +We classify Zhangjiakou Zhiyuan as an associate because its articles of association stipulates that +voting rights are exercised in proportion to the respective percentage of registered share capital, and the +decision-making authority regarding its operating activities shall exceed 75%. The rationale behind is to +enhance quality and prudence of decision making by preventing any single shareholder from unilaterally +passing resolutions on major matters that may harm the interests of minority shareholders. As such, we +don’t have control over Zhangjiakou Zhiyuan. See note 19 to the Accountants’ Report set forth in +Appendix I to this prospectus for more information. +Finance Costs +Our finance costs represent interest on lease liabilities and interest on bank borrowings, which +amounted to RMB52.0 thousand and RMB129.0 thousand in 2024 and 2025, respectively. +Income Tax Expense +Pursuant to the law of the PRC on Enterprise Income Tax (the “ EIT Law ”) and Implementation +Regulations of the EIT Law, the applicable tax rate of our Company and its subsidiaries is 25% during the +Track Record Period. In 2024, we recorded no income tax expense due to our loss before taxation. In 2025, +we incurred income tax expense of RMB4.0 thousand primarily attributable to the taxable profit generated +by a subsidiary, whereas we did not recognize any other income tax expense. +FINANCIAL INFORMATION +– 268 – + + +--- page 278 --- +As of December 31, 2024 and 2025, our Group has unused tax losses of RMB403.1 million and +RMB566.9 million, respectively. These tax losses will be expired in 5 to 10 years. As of December 31, +2024 and 2025, the Group has deductible temporary differences of RMB50.0 thousand and RMB417.0 +thousand, respectively. No deferred tax asset has been recognized in respect of the tax losses or temporary +differences due to the unpredictability of future profit streams. +On November 2, 2022, our Company has been accredited as a High and New Technology Enterprise +recognized by Science and Technology Commission of Chengdu Municipality and as a result enjoys a +preferential tax rate of 15% for a term of three years starting from November 2022. In December 2025, +we successfully renewed our High and New Technology Enterprise accreditation. Upon the expiration of +this preferential tax rate, we will continue to enjoy the preferential tax rate upon the approval of the review +materials submitted by us before the expiration date, or be subject to income tax at a rate of 25% on the +taxable income. +According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2023 +onwards, enterprises engage in research and development activities are entitled to claim 200% of the +research and development expenses so incurred in a year as tax deductible expenses in determining its tax +assessable profits for that year. As such, the Company enjoyed a super deduction of 200% on qualifying +research and development expenditures throughout the Track Record Period. +PERIOD-TO-PERIOD COMPARISON OF RESULTS OF OPERATIONS +2025 Compared to 2024 +Revenue +We recognized revenue of RMB1.8 million and RMB13.0 million in 2024 and 2025, respectively, as +a result of our collaboration with Junshi Biosciences and/or Junze Chuangyao. +Other Income +Our other income decreased significantly from RMB2.9 million in 2024 to RMB0.2 million in 2025. +This decrease was primarily attributable to a reduction in interest income on bank deposits and term +deposits with original maturity of over three months because we utilized more cash in daily operations and +transferred a portion of our time deposits upon maturity to financial products with better liquidity, such +as structured bank deposits and wealth management products. +Other Gains and Losses, Net +We recorded other net losses of RMB119.1 million in 2024, reflecting losses from changes in fair +value of financial instruments with preferred rights of RMB124.7 million, representing fair value losses +of the preferred shares issued to the investors, as offset by net gains of RMB5.7 million attributed to +favorable changes in fair value of financial assets at FVTPL. We recorded other net gains of RMB6.5 +million in 2025 primarily attributable to favorable changes in fair value of financial assets at FVTPL +because we transferred a portion of our time deposits upon maturity to financial products with better +liquidity, such as structured bank deposits and wealth management products. We did not record any loss +related to changes in fair value of financial instruments with preferred rights in 2025, as the special rights +agreement was terminated on August 29, 2024 and the corresponding adjustments to the value of financial +instruments with preferred rights were completed. +Administrative Expenses +Our administrative expenses increased significantly from RMB12.6 million in 2024 to RMB28.3 +million in 2025. This increase was primarily attributable to (i) an increase of RMB13.7 million in staff +costs due to an increase of average salary and a new Pre-IPO Share Incentive Scheme to motivate our +FINANCIAL INFORMATION +– 269 – + + +--- page 279 --- +administrative staff, and (ii) an increase of RMB2.0 million in professional service fees as we engaged +third-party service providers to provide auditing, consulting and legal services with respect to our +conversion into a joint stock company as well as other business development related consulting services +in 2025. +Research and Development Expenses +Our research and development expenses increased from RMB75.0 million in 2024 to RMB110.2 +million in 2025. This increase was primarily attributable to (i) an increase in staff costs from RMB21.5 +million in 2024 to RMB38.5 million in 2025 due to an increase in equity-settled share-based payment +expenses under a new Pre-IPO Share Incentive Scheme to motivate our R&D staff, (ii) an increase of +RMB2.4 million in material expenses as we consumed more materials for the preclinical studies and +clinical trials of our drug candidates and (iii) an increase of RMB15.1 million in testing and technical +service costs as we continued to advance clinical development of drug candidates. +Share of result of an associate +We recorded a share loss of RMB239.0 thousand and RMB158.0 thousand in 2024 and 2025, +respectively. The slight decrease was primarily attributable to a lower loss recognized by our associate +company, Zhangjiakou Zhiyuan, in 2025. +Finance Costs +Our finance costs increased slightly from RMB52.0 thousand in 2024 to RMB129.0 thousand in +2025. This increase was due to interest on bank borrowings of RMB103.0 thousand generated from new +bank borrowings incurred in 2025, partially offset by a reduction in interest recognized on lease liabilities. +Loss and Total Comprehensive Expense for the Period +As a result of the above, we recorded a loss of RMB202.3 million and RMB135.1 million in 2024 +and 2025, respectively. +DESCRIPTION OF SELECTED ITEMS FROM THE CONSOLIDATED STATEMENTS OF +FINANCIAL POSITION +The following table sets forth a summary of our consolidated statement of financial position as of +the dates indicated: +As of December 31, +2024 2025 +(RMB’000) +Non-current assets +Property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,388 20,112 +Intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118153 – +Right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118695 635 +Investment in an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,478 8,320 +Total non-current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829,714 29,067 +Current assets +Prepayments and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817,078 27,150 +Financial assets at fair value through profit or +loss (“FVTPL”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 +Restricted bank deposit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118500 500 +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,810 3,720 +Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118400,459 403,542 +FINANCIAL INFORMATION +– 270 – + + +--- page 280 --- +As of December 31, +2024 2025 +(RMB’000) +Current liabilities +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,329 62,874 +Borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118328 – +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281 2,276 +Tax liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–4 +Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,000 20,885 +53,938 96,047 +Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118346,521 307,495 +Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,562 +Non-current liabilities +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 362 +Net assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +Capital and reserves +Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,928 60,000 +Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118359,307 276,200 +Equity attributable to owners of the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +Total equity /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +Property, Plant and Equipment +During the Track Record Period, our property, plant and equipment primarily consisted of buildings, +machinery and equipment, as well as leasehold improvements. Our property, plant and equipment +remained stable at RMB20.4 million and RMB20.1 million as of December 31, 2024 and 2025, +respectively. +Right-of-use Assets +During the Track Record Period, our right-of-use assets represented leases of offices. Our +right-of-use assets decreased from RMB0.7 million as of December 31, 2024 to RMB0.6 million as of +December 31, 2025 as a result of depreciation during the ordinary course of business, partially offset by +new lease contracts we entered into. +Investment in an Associate +We hold a 72% equity interest in Zhangjiakou Zhiyuan. We classify Zhangjiakou Zhiyuan as an +associate because its articles of association stipulates that voting rights are exercised in proportion to the +respective percentage of registered share capital, and the decision-making authority regarding its operating +activities shall exceed 75%. See note 19 to the Accountants’ Report set forth in Appendix I to this +prospectus for more information. Investment in an associate amounted to RMB8.5 million and RMB8.3 +million as of December 31, 2024 and 2025. These decreases were due to the increases in accumulated loss +of Zhangjiakou Zhiyuan, in line with our share of result of an associate. +Prepayments and other receivables +Our prepayments and other receivables consisted of (i) prepayments to third parties, which mainly +included material expenses, equipment expenses, technical service fees, clinical trial and testing fees, +patent fees, consulting fees, decoration fees and other related expenses prepaid to third parties, (ii) +FINANCIAL INFORMATION +– 271 – + + +--- page 281 --- +value-added tax recoverable, which represented value-added taxes incurred in procurement of services, +equipment and materials mainly in relation to our research and development activities, (iii) deferred issued +cost, which represented the capitalized listing fees prepaid to professionals, and (iv) other receivables, +which mainly included advances made to employees for business purposes such as traveling and rental +deposits. +As of December 31, +2024 2025 +(RMB’000) +Prepayments to third parties /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,543 11,333 +Value-added tax recoverable /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,115 10,511 +Deferred issue cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 4,949 +Other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420 357 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817,078 27,150 +Our prepayments and other receivables increased from RMB17.1 million as of December 31, 2024 +to RMB27.2 million as of December 31, 2025, primarily due to (i) an increase in prepayments to third +parties from RMB9.5 million as of December 31, 2024 to RMB11.3 million as of December 31, 2025 as +we purchased more materials and services as a result of the continuous advancement of clinical +development of our drug candidates, (ii) an increase of RMB3.4 million in value-added tax recoverable +arising from intensified R&D activities, and (iii) an increase in deferred issue cost from nil as of December +31, 2024 to RMB4.9 million as of December 31, 2025 reflecting deferred listing expense in relation to the +Global Offering. +As of May 1, 2026, RMB5.5 million, or 20.2% of our prepayments and other receivables as of +December 31, 2025 had been subsequently settled. +Financial Assets at FVTPL +Our financial assets at FVTPL mainly represented RMB-denominated variable income wealth +management products and structured bank deposits issued by reputable commercial banks. The +fluctuations in our financial assets at FVTPL from RMB329.1 million as of December 31, 2024 to +RMB372.2 million as of December 31, 2025 were primarily attributed to our adjustments in funding for +structured bank deposits and wealth management products taking into consideration our operational +funding needs. +We purchased structured bank deposits and wealth management products to improve the utilization +of our cash on hand. During the Track Record Period, we generally limited our purchase to +principal-protected low-risk financial products from reputable commercial banks. We believe that +investment in low-risk financial products, such as structured bank deposits, helps us make better use of +our cash while ensuring sufficient cash flow for operations or capital expenditures. Considering that these +structured bank deposit products are principal-protected, we believe our credit risk exposure is limited. +All purchases of structured bank deposits and wealth management products are reviewed by the +finance department and require management approval. We have implemented internal controls and +measures to limit credit risk from purchases of structured bank deposits and wealth management products, +including written policies that govern the investment process (such as a Surplus Cash Management +System), clear authorization and approval procedures under which the Board authorizes and oversees the +finance department, which approves investments through a rigorous review and decision-making process +and all material investments in structured bank deposits and wealth management products require the +approval of the Chairman of the Board, research and management of these investments by the finance +department, a conservative approach of purchasing only low risk structured bank deposits and wealth +management products from qualified financial institutions while diversifying across multiple issuers to +FINANCIAL INFORMATION +– 272 – + + +--- page 282 --- +reduce concentration risk, and regular monitoring of investment performance and fair value. In the future, +we will continue to purchase structured bank deposits and wealth management products with short +maturity period based on our operational needs. Our financial director, Ms. Zhang, holds a master’s degree +in economics. She brings experience from Deloitte Touche Tohmatsu Certified Public Accountants LLP, +where she served as a senior auditor and conducted financial audits for several listed companies. She leads +our finance department and is responsible for implementing relevant risk management and internal control +measures with respect to purchases of structured bank deposits and wealth management products. We +understand that upon Listing, the investments in such financial assets may constitute notifiable +transactions under Chapter 14 of the Listing Rules and our Directors confirm that any such investment +would only be made after compliance with the Listing Rules as well as other relevant laws and regulations, +if applicable. +Cash and Cash Equivalents +Our cash and cash equivalents included RMB-denominated highly liquid demand deposits for the +purpose of meeting our short-term cash needs, which carried interest at market rates of 0.10% to 0.34% +per annum and 0.05% to 0.45% per annum as of December 31, 2024 and 2025, respectively. Our cash and +cash equivalents decreased from RMB53.8 million as of December 31, 2024 to RMB3.7 million as of +December 31, 2025, primarily due to our adjustments in funding taking into consideration our operational +funding needs. +Trade and Other Payables +Our trade and other payables primarily consisted of (i) trade payables, which primarily included +payables in relation to our research and development activities, (ii) salary and bonus payables, (iii) other +payables, which primarily included subsidies provided to employees under various talent recruitment +programs, (iv) accrued listing expense and issue cost, which primarily included payables to professionals +in relation to listing purpose, and (v) other tax payables. The following table sets forth a breakdown of +our other payables and accruals as of the dates indicated: +As of December 31, +2024 2025 +(RMB’000) +Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823,310 38,084 +Salary and bonus payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,911 8,582 +Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,919 3,561 +Accrued listing expense and issue cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 12,621 +Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118189 26 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,329 62,874 +Our trade and other payables increased from RMB36.3 million as of December 31, 2024 to RMB62.9 +million as of December 31, 2025, primarily due to an increase in trade payables from RMB23.3 million +as of December 31, 2024 to RMB38.1 million as of December 31, 2025 as a result of the advancement of +clinical development of our drug candidates, and (ii) an increase of accrued listing expense and issue cost +of RMB12.6 million in line with the listing expenses in relation to the Global Offering. +FINANCIAL INFORMATION +– 273 – + + +--- page 283 --- +The following table sets forth an aging analysis of our trade payables based on the date of delivery +of goods or rendering of services as of the dates indicated: +As of December 31, +2024 2025 +(RMB’000) +Within 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,966 36,124 +1 to 2 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874 1,935 +2 to 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,245 – +Over 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 25 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823,310 38,084 +As of May 1, 2026, RMB6.3 million, or 16.5% of our trade payables as of December 31, 2025, had +been subsequently settled. As of May 1, 2026, RMB0.4 million, or 11.1% of our other payables as of +December 31, 2025, had been subsequently settled. Our Directors confirm that we had no material defaults +in payment of trade payables during the Track Record Period and up to the Latest Practicable Date. +Amounts due to a Related Party +Our amounts due to a related party represented payable to Dr. Ji Jianxin, totaling RMB328.0 +thousand as of December 31, 2024. This payable was related to our purchase of two vehicles from Dr. Ji +to support corporate hospitality, business visits and small-scale material procurement. We settled such +payment in full in August 2025. +Lease Liabilities +Our lease liabilities consisted of lease of offices. Our lease liabilities remained stable at RMB2.3 +million and RMB2.6 million as of December 31, 2024 and 2025, respectively. +Contract Liabilities +Our contract liabilities represented amounts paid by our collaboration partner in relation to our +license and collaboration agreements before we fulfilled corresponding performance obligations. The +excess of payment made by our collaboration partner over the revenue recognized in profit or loss is +presented as contract liabilities. Our contract liabilities amounted to RMB15.0 million and RMB20.9 +million as of December 31, 2024 and 2025, respectively. See “Description of Selected Components of the +Consolidated Statements of Profit or Loss and Other Comprehensive Income—Contract Liabilities” below +and note 26 to the Accountants’ Report set forth in Appendix I to this prospectus for more information. +As of May 1, 2026, RMB1.5 million or 7.2% of our contract liabilities as of December 31, 2025 been +subsequently settled. +LIQUIDITY AND CAPITAL RESOURCES +Overview +Our primary uses of cash during the Track Record Period were to fund the R&D of our Core Products +and other pipeline programs. During the Track Record Period, we conducted equity financing and also +generated cash inflow from our out-license and collaboration agreement. We recorded net cash used in +operating activities of RMB78.0 million and RMB89.4 million for the years ended December 31, 2024 and +2025, respectively. As of April 30, 2026, being the latest practicable date for determining our +indebtedness, we had cash and cash equivalents and financial assets at FVTPL of RMB327.0 million. +FINANCIAL INFORMATION +– 274 – + + +--- page 284 --- +Net Current Assets +The following table sets forth our current assets and current liabilities as of the dates indicated: +As of December 31, +As of +April 30, +2024 2025 2026 +(RMB’000) +(unaudited) +Current assets +Prepayments and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817,078 27,150 27,005 +Financial assets at fair value through profit or loss +(“FVTPL”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 322,078 +Restricted bank deposit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118500 500 501 +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,810 3,720 4,883 +Total current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118400,459 403,542 354,467 +Current liabilities +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836,329 62,874 65,490 +Borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 20,015 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183 2 8–– +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281 2,276 714 +Tax liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–44 +Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,000 20,885 19,428 +Total current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,938 96,047 105,651 +Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118346,521 307,495 248,816 +We had net current assets of RMB346.5 million, RMB307.5 million and RMB248.8 million, +respectively, as of December 31, 2024 and 2025 and April 30, 2026. +Cash Flows +The following table sets forth the components of our consolidated statements of cash flows for the +periods indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Net cash used in operating activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(78,042) (89,434) +Net cash generated used in investing activities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(46,984) (38,067) +Net cash generated (used in)/from financing activities /H1118/H1118/H1118/H1118 (105) 77,411 +Net decrease in cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(125,131) (50,090) +Cash and cash equivalents at beginning of the period /H1118/H1118/H1118/H1118/H1118178,941 53,810 +Cash and cash equivalents at the end of the period /H1118/H1118/H1118/H1118/H1118/H1118/H111853,810 3,720 +Operating Activities +In 2025, we had net cash used in operating activities of RMB89.4 million, which was primarily +attributable to (i) our loss before tax of RMB135.1 million, (ii) a positive adjustment of RMB21.6 million +for non-cash items, primarily reflecting share-based payment expense of RMB25.0 million, as partially +offset by gain on financial assets at FVTPL of RMB6.5 million, and (iii) a positive adjustment of RMB24.1 +million for working capital items, primarily reflecting an increase in trade and other payables of RMB28.6 +FINANCIAL INFORMATION +– 275 – + + +--- page 285 --- +million and an increase in contract liabilities of RMB5.9 million, as partially offset by an increase in +prepayments and other receivables of RMB10.1 million. In 2024, we had net cash used in operating +activities of RMB78.0 million, which was primarily attributable to (i) our loss before tax of RMB202.3 +million, (ii) a positive adjustment of RMB121.3 million for non-cash items, primarily reflecting loss on +financial instruments with preferred rights of RMB124.7 million, as partially offset by gain on financial +assets at FVTPL of RMB5.7 million, and (iii) a positive adjustment of RMB3.0 million for working capital +items, primarily reflecting an increase in trade and other payables of RMB11.7 million, as partially offset +by an increase in prepayment and other receivables of RMB6.9 million and a decrease in contract +liabilities of RMB1.8 million. +Substantially all of our operating cash outflows resulted from research and development expenses +and administrative expenses. Going forward, we believe our liquidity requirements will be satisfied by +low-interest using funds from a combination of bank balances, net proceeds from the Global Offering and +cash generated from our operations, including commercialization of our drug candidates and payments +from collaborations. +Given our status as a pre-commercialization stage company, we anticipate that our R&D expenses +will continue to increase as we advance our pipeline products, which may result in net operating cash +outflows in the near future. We intend to further improve our net operating cash flow position through the +following measures: + entering into out-licensing, co-development and other strategic collaboration arrangements +with established multinational pharmaceutical companies or well-known industry partners in +respect of our pipeline products, which may generate operating cash inflows from upfront +payments, milestone payments and royalties; + adopting comprehensive measures to further enhance our R&D efficiency. While we expect our +R&D expenses to increase as we advance our pipeline products, we strive to enhance our R&D +efficiency by optimizing internal resource allocation, implementing stringent project +prioritization, and leveraging strategic collaborations to control our R&D expenses; and + continuing to advance our pipeline products towards commercialization to generate revenue +from product sales. We expect to further improve our cash flow position from the +commercialization of our pipeline products in the future. +Investing Activities +In 2025, we had net cash used in investing activities of RMB38.1 million, primarily attributable to +purchases of financial assets at FVTPL of RMB1,522.0 million and purchases of property, plant and +equipment of RMB1.5 million, and partially offset by the receipt of proceeds from disposal of financial +assets at FVTPL of RMB1,485.4 million. In 2024, we had net cash used in investing activities of RMB47.0 +million, primarily attributable to funds used to purchase of financial assets at FVTPL of RMB1,970.0 +million and funds used to purchase of time deposits with original maturity over three months of RMB130.0 +million, as partially offset by the receipt of proceeds from disposal of financial assets at FVTPL of +RMB1,923.6 million and the receipt of proceeds from redemption of time deposits with original maturity +over three months of RMB130.0 million. +Financing Activities +In 2025, we had net cash generated from financing activities of RMB77.4 million, primarily +attributable to (i) capital injection of RMB70.0 million from our shareholders, and (ii) new bank +borrowing of RMB10.0 million raised from banks, partially offset by payments for share issue cost of +RMB2.1 million. In 2024, we had net cash used in financing activities of RMB0.1 million, primarily +attributable to repayments of lease liabilities of RMB661.0 thousand, as partially offset by the receipt of +proceeds from capital injection to our Company of RMB608.0 thousand. +FINANCIAL INFORMATION +– 276 – + + +--- page 286 --- +WORKING CAPITAL CONFIRMATION +Our Directors are of the opinion that, taking into account the financial resources available to our +Group, including cash and cash equivalents financial assets at FVTPL and the estimated net proceeds from +the Listing, we have sufficient working capital to cover at least 125% of our costs, including R&D costs +and administrative expenses, for at least the next 12 months from the expected date of this prospectus. +Our cash burn rate refers to the average monthly (i) net cash used in operating activities, including +clinical development and business development activities, (ii) capital expenditures, and (iii) lease +payments. We had cash and cash equivalents of RMB4.9 million and financial assets at FVTPL of +RMB322.1 million as of April 30, 2026. We estimate that we will receive net proceeds of approximately +HK$1,018.7 million from the Global Offering, after deducting the underwriting commissions and other +estimated expenses payable by us in connection with the Global Offering, assuming that the Over- +allotment Option is not exercised and assuming an Offer Price of HK$81.8 per Share. Assuming an average +cash burn rate going forward of 2.3 times the level in 2025, we estimate that our cash and cash equivalents +and financial assets at FVTPL as of April 30, 2026 will be able to maintain our financial viability for 18 +months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion +allocated for our working capital and other general corporate purposes), 23 months or, if we also take into +account the estimated net proceeds from the Listing, 69 months. We will continue to monitor our cash +flows from operations closely and expect to raise our next round of financing, if needed, with a minimum +buffer of 12 months. +Cash Operating Costs +The following table provides information regarding our cash operating costs for the periods +indicated: +Y ear ended December 31, +2024 2025 +(RMB’000) +Research and development costs for our Core Products +Staff cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,374.2 21,339.6 +Clinical costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819,000.5 23,225.9 +Raw materials and consumables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,133.4 6,831.9 +CMC and preclinical studies /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,012.9 6,300.8 +Others (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118827.3 1,511.4 +Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111860,348.3 59,209.6 +Research and development costs for other drug candidates +Staff cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,199.3 4,302.8 +Clinical expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118362.4 757.6 +Raw materials and consumables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,024.7 12,195.7 +CMC and preclinical studies /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118418.9 5,574.2 +Others /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118179.5 224.7 +Subtotal /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,184.8 23,055.0 +Total research and development costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111866,533.0 82,264.6 +Workforce employment (2) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,854.5 8,717.0 +Direct production cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–– +Others (3) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,751.8 8,793.9 +Total cash operating cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111879,139.3 99,755.5 +Notes: (1) Others mainly consisted of patent agency fees, consumables for equipment, and maintenance fees. +FINANCIAL INFORMATION +– 277 – + + +--- page 287 --- +(2) Workforce employment costs represented non-R&D staff costs, mainly including salaries and social insurance +contributions. +(3) Mainly consisted of professional service fees, traveling expenses, and other miscellaneous costs. +INDEBTEDNESS +The following table sets forth the breakdown of our indebtedness as of the dates indicated: +As of December 31, +As of +April 30, +2024 2025 2026 +(RMB’000) +(unaudited) +Current +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281 2,276 714 +Borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 20,015 +Non-current +Lease Liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 362 1,412 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281 12,646 22,141 +As of the Latest Practicable Date, we had outstanding bank borrowings of (i) RMB10.0 million +drawn down on August 5, 2025 under a term loan agreement with Bank of Chengdu dated August 4, 2025, +which is unsecured and unguaranteed with a term of one year starting from August 5, 2025 and bears +interest at 2.5% per annum, and (ii) RMB10.0 million drawn down on March 9, 2026 under a bank +facilities agreement with China Merchants Bank Co., Ltd. dated December 31, 2025, which is unsecured +and unguaranteed with a term of one year starting from March 9, 2026 and bears interest at 2.8% per +annum. As of April 30, 2026, our lease liabilities were secured by our rental deposits and were +unguaranteed. As of April 30, 2026 and the Latest Practicable Date, we had unutilized committed bank +facilities of RMB10.0 million and RMB30.0 million, respectively. Except as presented above, we did not +have any material mortgages, charges, debentures, loan capital, debt securities, loans, bank overdrafts or +other similar indebtedness, finance lease or hire purchase commitments, liabilities under acceptances +(other than normal trade bills), acceptance credits, which are either guaranteed, unguaranteed, secured or +unsecured, or guarantees or other contingent liabilities as of April 30, 2026. +Our Directors confirm that there has not been any material change in our indebtedness since April +30, 2026 up to the date of this prospectus. Our Directors confirm that as of the Latest Practicable Date, +there was no material covenant on any of our outstanding debt and there was no breach of any covenant +during the Track Record Period and up to the Latest Practicable Date. Our Directors further confirm that +our Group did not experience any difficulty in obtaining bank loans and other borrowings, default in +payment of bank loans and other borrowings or breach of covenants during the Track Record Period and +up to the Latest Practicable Date. +CAPITAL EXPENDITURES +Our capital expenditures amounted to RMB1.6 million and RMB1.5 million in 2024 and 2025, +respectively, primarily representing expenditures associated with the purchase of property, plant and +equipment, which mainly consisted of furniture and equipment and leasehold improvements. We funded +our capital expenditure requirements during the Track Record Period mainly from equity financing. +FINANCIAL INFORMATION +– 278 – + + +--- page 288 --- +CONTRACTUAL COMMITMENTS +Capital Commitments +As of December 31, 2024 and 2025, we had no capital commitments contracted for but not yet +provided. +CONTINGENT LIABILITIES +As of December 31, 2024 and December 31, 2025, we did not have any contingent liabilities. Our +Directors confirm that there had been no material change in our contingent liabilities since December 31, +2025 and up to the Latest Practicable Date. +OFF-BALANCE SHEET COMMITMENTS AND ARRANGEMENTS +We did not have, during the years presented, and we do not currently have, any off-balance sheet +arrangements such as relationships with unconsolidated entities or financial partnerships, which are often +referred to as structured finance or special purpose entities, established for the purpose of facilitating +financing transactions that are not required to be reflected on our balance sheets. +KEY FINANCIAL RATIO +As of December 31, +2024 2025 +Current ratio (1) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187.4 4.2 +Note: (1) Current ratio is calculated using current assets divided by current liabilities as of the same date. +Our current ratio decreased from 7.4 as of December 31, 2024 to 4.2 as of December 31, 2025, +mainly due to (i) a decrease in our cash and cash equivalents from RMB53.8 million as of December 31, +2024 to RMB3.7 million as of December 31, 2025 driven by our adjustments in funding taking into +consideration our operational funding needs, (ii) an increase in trade and other payables from RMB36.3 +million as of December 31, 2024 to RMB62.9 million as of December 31, 2025 attributable to our ongoing +operations and R&D activities, and (iii) an increase of RMB10.0 million in borrowings because we +leverage low-interest debt to optimize our capital structure and enhance capital efficiency. +MATERIAL TRANSACTIONS WITH RELATED PARTIES +We had amounts due to a related party totaling RMB328.0 thousand as of December 31, 2024, +representing payable to Dr. Ji Jianxin. This payable was related to our purchase of two vehicles from Dr. +Ji to support corporate hospitality, business visits and small-scale material procurement and the purchase +price had been settled as of the Latest Practicable Date. See note 36 to the Accountants’ Report set forth +in Appendix I of this prospectus for details. +QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK +We are exposed to a variety of financial risks, including foreign interest rate risk, credit risk and +liquidity risk, as set out below. We regularly monitor our exposure to these risks and as of the Latest +Practicable Date, did not hedge or consider it necessary to hedge any of these risks. +FINANCIAL INFORMATION +– 279 – + + +--- page 289 --- +Interest Rate Risk +Our fair value interest rate risk relates primarily to fixed-rate lease liabilities and fixed-rate bank +borrowings. We are also exposed to cash flow interest risk in relation to variable-rate bank balances which +carry prevailing market interests and financial products. See notes 24, 25 and 27 to the Accountants’ +Report set forth in Appendix I of this prospectus for details. Our Group currently does not have a specified +policy to manage its interest rate risk but will closely monitor their interest rate risk exposure in the future. +No sensitivity analysis on cash flow interest rate risk is presented as the management considers the +sensitivity on interest rate risk on bank balances and financial products is insignificant. +Credit Risk +Credit risk refers to the risk that the our counterparties default on their contractual obligations +resulting in financial losses to us. Our credit risk exposures are primarily attributable to cash and cash +equivalents. Our exposure to credit risk arising from cash and cash equivalents is limited and remote +because the counterparties are state-owned banks or reputable commercial banks for which we consider +to have immaterial credit risk and no impairment was provided at the end of each year. Rates for majority +of the financial assets measured at amortized cost are assessed to be less than 1%. +Liquidity Risk +In management of the liquidity risk, we monitor and maintain levels of cash and cash equivalents +deemed adequate by the management to finance our operations and mitigate the effects of fluctuations in +cash flows. We rely on shareholders’ investment as a significant source of liquidity. See note 32 to the +Accountants’ Report set forth in Appendix I of this prospectus for details. +DIVIDENDS +No dividend was paid or declared by our Company since its date of incorporation and up to the end +of the Track Record Period. As of the Latest Practicable Date, we did not have a formal dividend policy +or fixed dividend payout ratio. The determination of whether to pay a dividend and in which amount is +based on factors the Board may deem relevant. Any dividend distribution will also be subject to the +approval of the Shareholders in a Shareholders’ meeting. Under PRC law and the Articles of Association, +the general reserve requires annual appropriations of 10% of after-tax profits at each year-end until the +balance reaches 50% of the relevant PRC entity’s registered capital. In view of our accumulated losses, +as advised by our PRC Legal Advisors, according to the relevant PRC laws and regulations and the Articles +of Association, we shall not declare or pay dividend until the accumulated losses are covered by our +after-tax profits and sufficient statutory common and other reserves are drawn in accordance with the +relevant laws, regulations and our Articles and Association. +DISTRIBUTABLE RESERVES +As of December 31, 2025, we did not have any distributable reserves. +LISTING EXPENSES +Listing expenses to be borne by us are estimated to be approximately HK$93.7 million (including +underwriting commission, assuming an Offer Price of HK$81.80 per H Share, which is the Offer Price +stated in this prospectus and assuming that the Over-allotment Option is not exercised). The listing +expenses consist of (i) underwriting-related expenses, including underwriting commission, of +approximately HK$55.7 million, and (ii) non-underwriting-related expenses of approximately HK$38.0 +million, comprising (a) fees and expenses of our legal advisors, reporting accountants and other +professional parties of approximately HK$31.0 million, and (b) other fees and expenses of approximately +HK$7.0 million. During the Track Record Period, we incurred listing expenses of HK$23.0 million, of +which HK$17.5 million was recognized as listing expenses in the consolidated statements of profit or loss +and HK$5.5 million was directly attributable to the issuance of Offer Shares which is expected to be +FINANCIAL INFORMATION +– 280 – + + +--- page 290 --- +charged against equity upon the Listing. We expect to incur additional listing expenses of approximately +HK$70.7 million, of which approximately HK$15.1 million is expected to be recognized as listing +expenses in the consolidated statements of profit or loss and other comprehensive income and +approximately HK$55.6 million is expected to be recognized as a deduction in equity directly upon the +Listing. +UNAUDITED PRO FORMA ADJUSTED CONSOLIDATED NET TANGIBLE ASSETS +See “Appendix II—Unaudited Pro Forma Financial Information” to this prospectus for further details +of our unaudited pro forma statement of adjusted consolidated net tangible assets. +NO MATERIAL ADVERSE CHANGE +Our Directors confirm that, up to the date of this document, there has been no material adverse +change in our financial or trading position since December 31, 2025 (being the date on which the latest +consolidated financial information of our Group was prepared) and there has been no event since +December 31, 2025 which would materially affect the information shown in our consolidated financial +statements included in the Accountants’ Report in Appendix I to this document. +DISCLOSURE UNDER RULES 13.13 TO 13.19 OF THE LISTING RULES +Our Directors have confirmed that, as of the Latest Practicable Date, they were not aware of any +circumstances that would give rise to a disclosure requirement under Rules 13.13 to 13.19 of the Listing +Rules. +FINANCIAL INFORMATION +– 281 – + + +--- page 291 --- +FUTURE PLANS AND PROSPECTS +See “Business—Our Strategies” for a detailed description of our future plans. +USE OF PROCEEDS +We estimate that we will receive net proceeds of approximately HK$1,018.7 million from the Global +Offering, after deducting the underwriting commissions and other estimated expenses payable by us in +connection with the Global Offering, assuming that the Over-allotment Option is not exercised and +assuming an Offer Price of HK$81.8 per Share. We intend to use such net proceeds from the Global +Offering for the purposes and in the amounts set forth below: +(i) approximately 80.6%, or HK$821.3 million, will be used to provide funding for ongoing and +planned clinical research and development activities for pipeline products, of which: +a. approximately 55.8%, or HK$568.4 million, will be used for the continuous research and +development and registration of our Core Products: + approximately 33.5%, or HK$341.0 million, will be used for HJ787, among which: +➢ 12.4%, or HK$126.3 million for the AD indication, including 1.4%, or +HK$13.9 million for the ongoing Phase II clinical trial which is expected to +be completed in September 2026, and 11.0%, or HK$112.4 million for the +planned Phase III clinical trial which is expected to be initiated in the second +half of 2026, and for the preparation and submission of IND application to the +FDA in March 2027; +➢ 12.4% or HK$126.3 million for the A V indication, including 9.9%, or +HK$101.1 million for the planned Phase IIb clinical trial which is expected to +be initiated in the second half of 2026 and 2.5% or HK$25.2 million for the +preparation and submission of IND application to the FDA in the second half +of 2026; and +➢ 8.7%, or HK$88.4 million for the ND indication, including 1.2%, or HK$12.6 +million for the ongoing Phase II clinical trial which is expected to be +completed in the second half of 2026, and 7.5%, or HK$75.8 million for +planned Phase III clinical trial which is expected to be initiated in the first half +of 2027; + approximately 9.9%, or HK$101.1 million, will be used for HJ178 for the treatment +of type 2 diabetes and overweight or obesity: +➢ 2.9%, or HK$29.1 million for the ongoing Phase II clinical trial which is +expected to be completed in the first half of 2027 for type 2 diabetes; +➢ 7.0% or HK$72.0 million for the planned Phase III clinical trial which is +expected to be initiated in the first half of 2027 for type 2 diabetes, for the +preparation and submission of IND applications to the FDA in December 2026 +for both type 2 diabetes and for the preparation and submission of IND +application to the NMPA and the FDA for overweight or obesity in October +2026; +FUTURE PLANS AND USE OF PROCEEDS +– 282 – + + +--- page 292 --- + approximately 12.4%, or HK$126.3 million, will be used for HJ891: +➢ 2.6%, or HK$26.5 million for the preparation and submission of NDA to the +NMPA in the second half of 2026; and +➢ 9.8% or HK$99.8 million for developing HJ891 as a combination therapy, for +the planned Phase III clinical trial which is expected to be initiated in the +second half of 2026, and for the preparation and submission of IND +application to the FDA in the second half of 2026; and +b. approximately 24.8%, or HK$252.9 million, will be used to advance the research and +development of our other drug candidates including HJ197, HJ356, HJ093, HJ199, HJ198 +and HJ086: + approximately 5.0%, or HK$50.7 million, will be used for the clinical trial and +development of HJ197 for the planned Phase III trial which is expected to be +initiated in July 2026 and for the preparation and submission of IND application to +the NMPA for solid tumor in the first half of 2027; + approximately 9.9%, or HK$101.1 million, will be used for the clinical trial and +development of HJ356 and for the preparation and submission of IND applications +to the NMPA and the FDA in the second half of 2026, and for the clinical trial and +development of HJ086 and for the preparation and submission of IND applications +to the NMPA in the second half of 2027; + approximately 9.9%, or HK$101.1 million, will be used for the clinical trial and +development of HJ093, HJ199 and HJ198 and for the preparation and submission of +IND applications for HJ093 and HJ199 to the NMPA in the second half of 2026 and +for HJ198 in the first half of 2027; +(ii) approximately 9.4%, or HK$95.6 million, will be used to enhance our research and +development platform to strengthen our innovation pipeline in immunology, metabolism and +oncology, and to explore and develop new preclinical drugs to enhance our current treatment +options, of which: +a. approximately 5.0%, or HK$50.9 million, will be used to (a) further optimize our research +and development technology platforms, including the ongoing updates of equipment and +infrastructure across multiple platforms, such as the integration of computational +modeling with experimental validation in workflows, the upgrading of high-throughput +automated synthesis and screening systems, the acquisition of high-sensitivity mass +spectrometers, and the expansion of high-performance cloud computing capabilities; and +b. approximately 4.4%, or HK$44.7 million, will be used to explore and develop new +preclinical drug candidates and to expand our existing pipeline; +(iii) approximately 5.0%, or HK$50.9 million, will be used to gradually build our +commercialization team and expand this team as our drug candidates near commercialization, +ensuring effective outreach and support for our product launches. To support the planned +launch of future products, we plan to hire six members by the end of 2026 and 30 members by +the end of 2027. We plan to concentrate future hiring on two core functions: business +development and marketing, targeting senior professionals with deep industry expertise and +proven execution. For business development, we seek leaders to drive major transactions, +perform disease-area assessments, and support deal negotiations, prioritizing candidates with +extensive biopharma experience and a record of closing end-to-end projects. For marketing, we +FUTURE PLANS AND USE OF PROCEEDS +– 283 – + + +--- page 293 --- +plan to hire specialists in market access, medical affairs engagement, product sales and +promotion, and commercial channel management, focusing on candidates with hands-on +experience and established networks in relevant disease areas; and +(iv) approximately 5.0%, or HK$50.9 million, will be used for general business operations and +working capital. +If the Over-allotment Option is exercised in full, the net proceeds that we will receive will be +approximately HK$1,177.2 million, assuming an Offer Price of HK$81.80 per Share. In the event that the +Over-allotment Option is exercised in full, we intend to apply the additional net proceeds to the above +purposes in the proportions stated above. +If the net proceeds are not immediately applied to the above purposes, we will only deposit those net +proceeds into short-term interest-bearing accounts at licensed commercial banks and/or other authorized +financial institutions (as defined under the Securities and Futures Ordinance, and applicable laws and +regulations in other jurisdictions). We will make an appropriate announcement if there is any change to +the above proposed use of proceeds. +FUTURE PLANS AND USE OF PROCEEDS +– 284 – + + +--- page 294 --- +HONG KONG UNDERWRITER +CLSA Limited +UNDERWRITING ARRANGEMENTS AND EXPENSES +Hong Kong Public Offering +Hong Kong Underwriting Agreement +Pursuant to the Hong Kong Underwriting Agreement, we are offering 1,360,000 Hong Kong Offer +Shares (subject to reallocation) for subscription by the public in Hong Kong at the Offer Price on the terms +and subject to the conditions of this prospectus. +Subject to the Listing Committee granting the listing of, and permission to deal in, our H Shares in +issue and to be issued as mentioned herein (including any additional H Shares which may be made +available pursuant to the exercise of the Over-allotment Option), and to certain other conditions set out +in the Hong Kong Underwriting Agreement, the Hong Kong Underwriter has agreed to subscribe for or +procure subscribers for its applicable proportion of the Hong Kong Offer Shares which are being offered +but are not taken up under the Hong Kong Public Offering on the terms and subject to the conditions of +this prospectus and the Hong Kong Underwriting Agreement. +The Hong Kong Underwriting Agreement is conditional upon and subject to the International +Underwriting Agreement having been signed and becoming unconditional and not having been terminated +in accordance with its terms. +Grounds for Termination +The Sole Sponsor and the Sole Overall Coordinator (acting in such capacity and as the Hong Kong +Underwriter) shall be entitled by written notice to the Company to terminate the Hong Kong Underwriting +Agreement with immediate effect if prior to 8:00 a.m. on the Listing Date: +(1) there shall develop, occur, exist or come into effect: +(a) any new law or regulation or any change or development involving a prospective change +or any event or series of events or circumstances likely to result in a change or a +development involving a prospective change in existing laws or regulations, or the +interpretation or application thereof by any court or any competent authority in or +affecting Hong Kong, the PRC, the United States, the United Kingdom, the European +Union, Japan, Singapore or other jurisdictions relevant to our Group or the Global +Offering (each a “ Relevant Jurisdiction ” and collectively, the “ Relevant +Jurisdictions ”); or +(b) any change or development involving a prospective change, or any event or +circumstances likely to result in a change, in any local, national, regional or international +financial, political, military, industrial, economic, fiscal, legal, regulatory, currency, +credit or market conditions or sentiments, taxation, equity securities or currency +exchange rate or controls or any monetary or trading settlement system, or foreign +investment regulations (including, without limitation, a devaluation of the Hong Kong +dollar, U.S. dollar or Renminbi against any foreign currencies, a change in the system +under which the value of the Hong Kong dollar is linked to that of the U.S. dollar or the +Renminbi is linked to any foreign currency or currencies) or other financial markets +(including, without limitation, conditions in stock and bond markets, money and foreign +exchange markets, the inter-bank markets and credit markets) in or affecting any Relevant +Jurisdictions; or +UNDERWRITING +– 285 – + + +--- page 295 --- +(c) any local, national, regional or international events, or circumstances in the nature of +force majeure (including, without limitation, any acts of government or order of any +courts, declaration of a regional, national or international emergency or war, calamity, +crisis, economic sanctions, strikes, labor disputes, other industrial actions, lock-outs, fire, +explosion, flooding, tsunami, earthquake, volcanic eruption, civil commotion, riots, +rebellion, public disorder, paralysis in government operations, acts of war, epidemic, +pandemic, outbreak or escalation, mutation or aggravation of diseases, accident or +interruption or delay in transportation, local, national, regional or international outbreak +or escalation of hostilities (whether or not war is or has been declared), act of God or act +of terrorism (whether or not responsibility has been claimed) in or affecting any of the +Relevant Jurisdictions; or +(d) the imposition or declaration of any moratorium, suspension or limitation (including +without limitation, any imposition of or requirement for any minimum or maximum price +limit or price range) on the trading in shares or securities generally on the Stock +Exchange, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Tokyo Stock +Exchange, the Singapore Stock Exchange, the New York Stock Exchange, the NASDAQ +Global Market or the London Stock Exchange; or +(e) the imposition or declaration of any general moratorium on banking activities in or +affecting any of the Relevant Jurisdictions or any disruption in commercial banking or +foreign exchange trading or securities settlement or clearing services, procedures or +matters in or affecting any of the Relevant Jurisdictions; or +(f) any new law, or any change or any development involving a prospective change or any +event or circumstance likely to result in a change in (whether or not permanent) in the +interpretation or application thereof by any court or other competent authority, in each +case, in or affecting any of the Relevant Jurisdictions; or +(g) other than with the prior written consent of the Sole Overall Coordinator, the issue or +requirement to issue by the Company of a supplement or amendment to the prospectus or +other documents in connection with the offer and sale of the Offer Shares pursuant to the +Companies (Winding up and Miscellaneous Provisions) Ordinance or the Listing Rules or +upon any requirement or request of the Stock Exchange and/or the SFC; or +(h) the commencement by any authority of any public action or investigation against a +member of our Group or a Director or a senior management member of the Company or +announcing an intention to take any such action; or +(i) the imposition of sanctions or export controls in whatever form, directly or indirectly, on +any member of our Group or any of the Controlling Shareholders or by or on any Relevant +Jurisdiction, or the withdrawal of trading privileges which existed on the date of the Hong +Kong Underwriting Agreement, in whatever form, directly or indirectly, by, or for, any +Relevant Jurisdiction; or +(j) any valid demand by creditors for payment or repayment of indebtedness of any member +of the Group or in respect of which any member of the Group is liable prior to its stated +maturity; or +(k) any non-compliance of the prospectus (or any other documents used in connection with +the contemplated offering, allotment, issue, subscription or sale of any of the Offer +Shares), the Offering Documents (as defined in the Hong Kong Underwriting Agreement), +the CSRC Filings (as defined in the Hong Kong Underwriting Agreement) or any aspect +of the Global Offering with the Listing Rules, the CSRC Rules (as defined in the Hong +Kong Underwriting Agreement) or any other applicable laws; or +UNDERWRITING +– 286 – + + +--- page 296 --- +(l) any litigation, dispute, legal action or claim or regulatory or administrative investigation +or action being threatened, instigated or announced against any member of the Group or +any Controlling Shareholder or any Director or senior management members as named in +the prospectus; or +(m) the chairman of the Board or any Director or any member of the senior management of +the Group vacating his or her office; or +(n) any demand by any creditor for repayment or payment of any indebtedness of any +member of the Group or in respect of which any member of the Group is liable prior to +its stated maturity or any loss or damage sustained by that member of the Group +(howsoever caused and whether or not the subject of any insurance or claim against any +person); or +(o) any contravention by any member of the Group or any Director or any member of the +senior management of the Company of the Listing Rules or applicable laws; or +(p) any change or development or event involving a prospective change in, or a +materialization of, any of the risks set out in the section headed “Risk Factors” in the +prospectus; or +(q) an order or petition is presented for the winding-up or liquidation of any member of the +Group (other than the Company), or any member of the Group (other than the Company) +makes any composition or arrangement with its creditors or enters into a scheme of +arrangement or any resolution is passed for the winding-up of any member of the Group +(other than the Company) or a provisional liquidator, receiver or manager is appointed +over all or part of the assets or undertaking of the Group as a whole or anything analogous +thereto occurs in respect of the Group (other than the Company), +which, in any such case individually or in the aggregate, in the sole and absolute opinion of the +Sole Sponsor and the Sole Overall Coordinator (acting in such capacity and as the Hong Kong +Underwriter): (1) has or will or is likely to have a material adverse effect, whether directly or +indirectly, on the assets, liabilities, business, general affairs, management, prospects, +shareholders’ equity, profits, losses, results of operations, position or condition, financial or +otherwise, or performance of the Company or the Group as a whole; (2) has or will or is likely +to have a material adverse effect on the success of the Global Offering or the level of +applications under the Hong Kong Public Offering or the level of indications of interest under +the International Offering; or (3) makes or will make or is likely to make it impracticable, +inadvisable, inexpedient or incapable for any part of the Hong Kong Underwriting Agreement, +the Hong Kong Public Offering or the Global Offering to be performed or implemented as +envisaged, or for the Hong Kong Public Offering and/or the Global Offering to proceed, or to +market the Global Offering, or the delivery or distribution of the Offer Shares on the terms and +in the manner contemplated by the Offering Documents (as defined in the Hong Kong +Underwriting Agreement); or (4) has or will or is likely to have the effect of preventing or +delaying the processing of applications and/or payments pursuant to the Global Offering or +pursuant to the underwriting thereof (collectively, “ Material Adverse Effect ”); or +(2) there has come to the notice of the Sole Sponsor and the Sole Overall Coordinator (acting in +such capacity and as the Hong Kong Underwriter) that: +(a) any statement contained in any of the Offering Documents (as defined in the Hong Kong +Underwriting Agreement), the CSRC Filings (as defined in the Hong Kong Underwriting +Agreement), the Operative Documents (as defined in the Hong Kong Underwriting +Agreement) and/or any notices, announcements, advertisements, communications or +other documents issued or used by or for or on behalf of the Company in connection with +the Hong Kong Public Offering (including any supplement or amendment thereto) (the +UNDERWRITING +– 287 – + + +--- page 297 --- +“Global Offering Documents ”) was, when it was issued, or has become untrue, +incomplete, incorrect, inaccurate in any material respect or deceptive or misleading; or +that any estimate, forecast, expression of opinion, intention or expectation contained in +any such documents, was, when it was issued, or has become unfair or misleading in any +respect or based on untrue, dishonest or unreasonable assumptions or given in bad faith; +or +(b) any matter has arisen or has been discovered which would, had it arisen or been +discovered immediately before the date of the prospectus, constitute a material omission +or material misstatement in any Global Offering Document (including any supplement or +amendment thereto); or +(c) any breach of, or any event or circumstance rendering untrue, inaccurate, incomplete or +incorrect or misleading in any respect, any of the representations, warranties and +undertakings given, or when repeated, by the Company or the Controlling Shareholders +in the Hong Kong Underwriting Agreement or the International Underwriting Agreement; +or +(d) any event, act or omission which gives rise or is likely to give rise to any liability of any +of our Company or any member of the Controlling Shareholders pursuant to the +indemnities pursuant to the provisions of the Hong Kong Underwriting Agreement; or +(e) any material breach of any of the obligations or undertakings imposed upon the Company +or any member of the Controlling Shareholders or any Cornerstone Investor (as +applicable) to the Hong Kong Underwriting Agreement, the International Underwriting +Agreement or the Cornerstone Investment Agreements; or +(f) there is any change or development involving a prospective change, constituting or +having a Material Adverse Effect; or +(g) any Director or any member of the Company’s senior management is charged with an +indictable offence or prohibited by operation of law or otherwise disqualified from taking +part in the management or taking directorship of a company or the commencement by any +applicable government, political, regulatory body of any action against any Director in +his or her capacity as such or an announcement by any applicable governmental, political +regulatory body that it intends to take any such action; or +(h) the Company withdraws the prospectus (and/or any other documents used in connection +with the subscription or sale of any of the Offer Shares pursuant to the Global Offering) +or the Global Offering; or +(i) the approval by the Listing Committee of the listing of, and permission to deal in, the H +Shares in issue and to be issued pursuant to the Global Offering (including pursuant to +any exercise of the Over-allotment Option) is refused or not granted, other than subject +to customary conditions, on or before the Listing Date, or if granted, the approval is +subsequently withdrawn, cancelled, qualified (other than by customary conditions), +revoked or withheld; or +(j) any person (other than the Sole Sponsor) has withdrawn its consent to the issue of the +prospectus with the inclusion of its reports, letters and/or legal opinions (as the case may +be) and references to its name included in the form and context in which it respectively +appears; or +(k) any prohibition on the Company for whatever reason from offering, allotting, issuing or +selling any of the Offer Shares pursuant to the terms of the Global Offering; or +UNDERWRITING +– 288 – + + +--- page 298 --- +(l) an order or petition is presented for the winding-up or liquidation of the Company, or the +Company makes any composition or arrangement with its creditors or enters into a +scheme of arrangement or any resolution is passed for the winding-up of the Company or +a provisional liquidator, receiver or manager is appointed over all or part of the assets or +undertaking of the Company or anything analogous thereto occurs in respect of the +Company; or +(m) (i) the notice of acceptance of the CSRC Filings (as defined in the Hong Kong +Underwriting Agreement) issued by the CSRC and/or the results of the CSRC Filings (as +defined in the Hong Kong Underwriting Agreement) published on the website of the +CSRC is rejected, withdrawn, revoked or invalidated; or (ii) other than with the prior +written consent of the Sole Overall Coordinator, the issue or requirement to issue by the +Company of a supplement or amendment to the CSRC Filings (as defined in the Hong +Kong Underwriting Agreement) pursuant to the CSRC Rules or upon any requirement or +request of the CSRC; or (iii) any non-compliance of the CSRC Filings with the CSRC +Rules (as defined in the Hong Kong Underwriting Agreement) or any other applicable +laws; or +(n) Any material non-compliance of the prospectus, the Hong Kong Public Offering +Documents (as defined in the Hong Kong Underwriting Agreement), the CSRC Filings (as +defined in the Hong Kong Underwriting Agreement) or any other documents used in +connection with the contemplated subscription and sale of the Offer Shares or any aspect +of the Global Offering with any applicable laws (including, without limitation, the Listing +Rules, the Companies Ordinance, the Companies (Winding Up and Miscellaneous +Provisions) Ordinance, and the CSRC Rules (as defined in the Hong Kong Underwriting +Agreement)); or +(o) (i) a material portion of the orders placed or confirmed in the bookbuilding process; or +(ii) a material portion of the investment commitment made by any Cornerstone Investors +under the Cornerstone Investment Agreements signed with such Cornerstone Investors, +have been withdrawn, terminated or cancelled and such orders or commitments have not +been covered or replaced by any other orders, which would render it, impracticable or +incapable to proceed with the Global Offering, or with respect to which the payment of +the relevant orders and/or investment commitment has not been received or settled in the +stipulated time and manner or otherwise. +UNDERTAKINGS TO THE STOCK EXCHANGE PURSUANT TO THE LISTING RULES +Undertakings by our Controlling Shareholders +In accordance with Rule 10.07(1) of the Listing Rules, each of our Controlling Shareholders has +undertaken to the Stock Exchange and us that, except pursuant to the Global Offering (including the +Over-allotment Option), he/it will not, and will procure that the relevant registered holder(s) (if any) of +the Shares in which any of them has a beneficial interest will not, without the prior written consent of the +Stock Exchange or unless otherwise in compliance with the requirements of the Listing Rules: +(a) in the period commencing on the date by reference to which disclosure of his/its shareholdings +in our Company are made in this prospectus and ending on the date which is six months from +the Listing Date (the “ LR First Six-month Period ”), dispose of, or enter into any agreement +to dispose of or otherwise create any options, rights, interests or encumbrances in respect of, +any of Shares in respect of which he/it is shown to be the beneficial owner in this prospectus +(the “ Relevant Shares ”); and +(b) in the period of six months commencing from the expiry of the LR First Six-month Period (the +“LR Second Six-month Period ”), dispose of, or enter into any agreement to dispose of or +otherwise create any options, rights, interests or encumbrances in respect of, any of the +UNDERWRITING +– 289 – + + +--- page 299 --- +Relevant Shares to such extent that, immediately following such disposal or upon the exercise +or enforcement of such options, rights, interests or encumbrances, he/it would then cease to be +the Controlling Shareholders of the Company for the purpose of the Listing Rules. +In addition, in accordance to Note 3 to Rule 10.07(2) of the Listing Rules, each of our Controlling +Shareholders has also undertaken to the Stock Exchange and us that during the LR First Six-month Period +and the Second Six-month Period (as applicable), he/it shall: +(a) when he/it pledges or charges any Shares legally and/or beneficially owned by him/it in favor +of an authorized institution (as defined in the Banking Ordinance (Chapter 155 of the Laws of +Hong Kong)) pursuant to Note 2 to Rule 10.07(2) of the Listing Rules, immediately inform us +in writing of such pledge or charge together with the number of Shares so pledged or charged; +and +(b) when he/it receives indications, either verbal or written, from the pledgee or chargee that any +of the pledged or charged Shares will be disposed of, immediately inform our Company in +writing of such indications. +We will inform the Stock Exchange in writing as soon as it has been informed of the matters referred +to in paragraphs (a) and (b) above by any of them and disclose such matters by way of an announcement +in accordance with Rule 2.07C of the Listing Rules as soon as possible. +UNDERTAKINGS PURSUANT TO THE HONG KONG UNDERWRITING AGREEMENT +(A) Undertakings by our Company +The Company undertakes to each of the Sole Sponsor, the Sole Overall Coordinator, the Sole Global +Coordinator, the Sole Bookrunner, the Sole Lead Manager, the Capital Market Intermediary and the Hong +Kong Underwriter that, except pursuant to the Global Offering (including pursuant to the Over-allotment +Option), at any time after the date of the Hong Kong Underwriting Agreement up to and including the date +falling six months after the Listing Date (the “ First Six Month Period ”), it will not, without the prior +written consent of the Sole Sponsor and the Sole Overall Coordinator (acting in such capacity and as the +Hong Kong Underwriter) and unless in compliance with the requirements of the Listing Rules: +(a) offer, allot, issue, sell, accept subscription for, offer to allot, issue or sell, contract or agree to +allot, issue or sell, assign, mortgage, charge, pledge, hypothecate, lend, grant or sell any option, +warrant, contract or right to subscribe for or purchase, grant or purchase any option, warrant, +contract or right to allot, issue or sell, or otherwise transfer or dispose of or create an +encumbrance over, or agree to transfer or dispose of or create an encumbrance over, either +directly or indirectly, conditionally or unconditionally, or repurchase, any legal or beneficial +interest in the share capital or any other equity securities of the Company, or any interest in any +of the foregoing (including, without limitation, any securities convertible into or exchangeable +or exercisable for or that represent the right to receive, or any warrants or other rights to +purchase any Shares or other equity securities of the Company), or deposit any Shares or other +securities of the Company, as applicable, with a depositary in connection with the issue of +depositary receipts; or +(b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of +the economic consequences of subscription or ownership (legal or beneficial) of any Shares or +any other equity securities of the Company, or any interest in any of the foregoing (including, +without limitation, any securities convertible into or exchangeable or exercisable for or that +represent the right to receive, or any warrants or other rights to purchase, any Shares or other +equity securities of the Company, or any interest in any of the foregoing); or +(c) enter into any transaction with the same economic effect as any transaction specified in (a) or +(b) above; or +UNDERWRITING +– 290 – + + +--- page 300 --- +(d) offer to or agree to do any of the foregoing specified in (a), (b) or (c) above or announce any +intention to do so, +in each case, whether any of the foregoing transactions is to be settled by delivery of any Shares or +other equity securities of the Company, or, in cash or otherwise (whether or not the issue of such +Shares or other equity securities will be completed within the First Six Month Period). +In the event the Company is allowed to enter into any of the transactions specified in (a), (b) or (c) +above or offers to or agrees to or announces any intention to effect any such transaction during the period +of six months commencing on the date on which the First Six Month Period expires (the “ Second Six +Month Period ”), it will take all reasonable steps to ensure that such an issue or disposal will not, and no +other act of the Company will, create a disorderly or false market for any Shares or other equity securities +of the Company. +The Controlling Shareholders undertake to each of the Sole Sponsor, the Sole Overall Coordinator, +the Sole Global Coordinator, the Sole Bookrunner, the Sole Lead Manager, the Capital Market +Intermediary and the Hong Kong Underwriter that it/he shall procure the Company to comply with the +undertakings. +(B) Undertakings by the Controlling Shareholders +Each of the Controlling Shareholders has jointly and severally undertaken to each of the Company, +the Sole Sponsor, the Sole Overall Coordinator, the Sole Global Coordinator, the Sole Bookrunner, the +Sole Lead Manager, the Capital Market Intermediary and the Hong Kong Underwriter not to and procure +the relevant holder(s), any nominee or trustee holding on trust for the Controlling Shareholders and the +companies controlled by the Controlling Shareholders not to, without the prior written consent of the Sole +Sponsor and the Sole Overall Coordinator (acting in such capacity and as the Hong Kong Underwriter) and +unless in compliance with the requirements of the Listing Rules, at any time during the period +commencing on the date of this Agreement and ending on, and including, the date that is 12 months after +the Listing Date (the “12-Month Period”): +(a) offer, sell, offer to sell, accept subscription for, contract or agree to allot, issue or sell, +mortgage, charge, pledge, hypothecate, lend, grant or sell any option, warrant, contract or right +to purchase, grant or purchase any option, warrant, contract or right to sell, or otherwise +transfer or dispose of or create an encumbrance over, or agree to transfer or dispose of or create +an encumbrance over, either directly or indirectly, conditionally or unconditionally, any Shares +or other equity securities of the Company or any interest therein (including, without limitation, +any securities convertible into or exchangeable or exercisable for or that represent the right to +receive, or any warrants or other rights to purchase, any Shares or any such other equity +securities, as applicable or any interest in any of the foregoing), or deposit any Shares or other +equity securities of the Company with a depositary in connection with the issue of depositary +receipts; or +(b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of +the economic consequences of ownership (legal or beneficial) of any Shares or other equity +securities of the Company or any interest therein (including, without limitation, any securities +convertible into or exchangeable or exercisable for or that represent the right to receive, or any +warrants or other rights to purchase, any Shares or any such other equity securities, as +applicable or any interest in any of the foregoing); or +(c) enter into any transaction with the same economic effect as any transaction specified in (a) or +(b) above; or +(d) offer to or agree to or announce any intention to effect any transaction specified in (a), (b) or +(c) above, +UNDERWRITING +– 291 – + + +--- page 301 --- +in each case, whether any of the transactions specified in (a), (b) or (c) above is to be settled by +delivery of Shares or other equity securities of the Company or in cash or otherwise, and whether +or not the transactions will be completed within the 12-Month Period. +Until the expiry of the 12-Month Period, in the event that the Controlling Shareholders or the +relevant registered holder(s) enters into any such transactions specified in (a), (b) or (c) above or offers +to or agrees to or contracts to, or publicly announces an intention to enter into any such transactions, they +will take all reasonable steps to ensure that they will not create a disorderly or false market in the securities +of the Company. +The Controlling Shareholders’ undertakings do not prevent the Controlling Shareholders from (i) +purchasing additional Shares or other securities of the Company and disposing of such additional Shares +or securities of the Company in accordance with the Listing Rules, provided that any such purchase or +disposal does not contravene the lock-up arrangements with the Controlling Shareholders or the +compliance by the Company with the minimum public float requirement, and (ii) using the Shares or other +equity securities of the Company or any interest therein beneficially owned by them as security (including +a charge or a pledge) in favor of an authorized institution (as defined in the Banking Ordinance (Chapter +155 of the Laws of Hong Kong)) for a bona fide commercial loan. +Hong Kong Underwriter’s interests in our Company +Save for its obligations under the Hong Kong Underwriting Agreement and as disclosed in this +prospectus, as of the Latest Practicable Date, the Hong Kong Underwriter is not interested directly or +indirectly in any Shares or securities in our Company or any other member of the Group or has any right +or option (whether legally enforceable or not) to subscribe for, or to nominate persons to subscribe for, +any Shares or securities in our Company or any other member of the Group. +Following completion of the Global Offering, the Hong Kong Underwriter and its affiliated +companies may hold a certain portion of the H Shares as a result of fulfilling its obligations under the +Hong Kong Underwriting Agreement and/or the International Underwriting Agreement. +INTERNATIONAL OFFERING +International Underwriting Agreement +In connection with the International Offering, we expect to enter into the International Underwriting +Agreement with, among others, the International Underwriter. Under the International Underwriting +Agreement, the International Underwriter would, subject to certain conditions, agree to purchase the +International Offer Shares or procure purchasers for the International Offer Shares initially being offered +pursuant to the International Offering. +Under the International Underwriting Agreement, we intend to grant to the International Underwriter +the Over-allotment Option, exercisable in whole or in part at one or more times, at the sole and absolute +discretion of the Sole Overall Coordinator (acting in such capacity and as the International Underwriter) +until 30 days after the last day for the lodging of applications under the Hong Kong Public Offering, to +require us to allot and issue up to an aggregate of 2,040,000 additional H Shares, representing 15.0% of +the number of Offer Shares initially available under the Global Offering, at the Offer Price to cover +over-allocations in the International Offering, if any. +The International Underwriting Agreement is conditional on and subject to the Hong Kong +Underwriting Agreement having been executed, becoming unconditional and not having been terminated. +It is expected that undertakings similar to those given to the Hong Kong Underwriter will be given by our +Company to the International Underwriter under the International Underwriting Agreement. +UNDERWRITING +– 292 – + + +--- page 302 --- +UNDERWRITING COMMISSION AND EXPENSES +Our Company will pay an underwriting commission of 3.5% of the aggregate Offer Price of all the +Offer Shares, including Offer Shares to be issued pursuant to the Over-allotment Option (the “ Fixed +Fees”). Our Company may, at our sole and absolute discretion, pay an incentive fee of up to 1.5% of the +Offer Price in respect of all the Offer Shares (including Offer Shares to be issued pursuant to the +Over-allotment Option) (the “ Discretionary Fees ”). The ratio of Fixed Fees and Discretionary Fees +payable is therefore 70%:30% (on the basis that the Discretionary Fees will be fully paid). For +unsubscribed Hong Kong Offer Shares reallocated to the International Offering, we will pay an +underwriting commission at the rate applicable to the International Offering and such commission will be +paid to the relevant International Underwriter and not the Hong Kong Underwriter. +The aggregate commissions and fees, together with the listing fees, SFC transaction levy, the Stock +Exchange trading fee, AFRC transaction levy, legal and other professional fees, printing and other +expenses payable by us relating to the Global Offering are estimated to amount to approximately RMB81.6 +million (approximately HK$93.7 million) in total (based on the Offer Price of HK$81.80 per Offer Share +and assuming the Over-allotment Option is not exercised). +ACTIVITIES BY SYNDICATE MEMBERS +The Hong Kong Underwriter and the International Underwriter (together, the “ Syndicate +Members ”) and their affiliates may each individually undertake a variety of activities (as further described +below) which do not form part of the underwriting or stabilizing process. +The Syndicate Members and their affiliates are diversified financial institutions with relationships in +countries around the world. These entities engage in a wide range of commercial and investment banking, +brokerage, funds management, trading, hedging, investing and other activities for their own account and +for the account of others. In the ordinary course of their various business activities, the Syndicate +Members and their respective affiliates may purchase, sell or hold a broad array of investments and +actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other +financial instruments for their own account and for the accounts of their customers. Such investment and +trading activities may involve or relate to assets, securities and/or instruments our Company and/or +persons and entities with relationships with our Company and may also include swaps and other financial +instruments entered into for hedging purposes in connection with our Group’s loans and other debt. +In relation to the H Shares, the activities of the Syndicate Members and their affiliates could include +acting as agent for buyers and sellers of the H Shares, entering into transactions with those buyers and +sellers in a principal capacity, including as a lender to initial purchasers of the H Shares (which financing +may be secured by H Shares) in the Global Offering, proprietary trading in the H Shares, and entering into +over-the-counter or listed derivative transactions or listed or unlisted securities transactions (including +issuing securities such as derivative warrants listed on a stock exchange) which have as their underlying +assets, assets including H Shares. Such transactions may be carried out as bilateral agreements or trades +with selected counterparties. Those activities may require hedging activity by those entities involving, +directly or indirectly, the buying and selling of H Shares, which may have a negative impact on the trading +price of the H Shares. All such activities could occur in Hong Kong and elsewhere in the world and may +result in the Syndicate Members and their affiliates holding long and/or short positions in the H Shares, +in baskets of securities or indices including the H Shares, in units of funds that may purchase the H Shares, +or in derivatives related to any of the foregoing. +In relation to issues by Syndicate Members or their affiliates of any listed securities having the H +Shares as their or part of their underlying assets, whether on the Stock Exchange or on any other stock +exchange, the rules of the relevant exchange may require the issuer of those securities (or one of its +affiliates or agents) to act as a market maker or liquidity provider in the security, and this will also result +in hedging activity in the H Shares in most cases. +UNDERWRITING +– 293 – + + +--- page 303 --- +All such activities may occur both during and after the end of the stabilizing period described in the +section headed “Structure of the Global Offering” in this prospectus. Such activities may affect the market +price or value of H Shares, the liquidity or trading volume in the H Shares and the volatility of the price +of the H Shares, and the extent to which this occurs from day to day cannot be estimated. +It should be noted that when engaging in any of these activities, the Syndicate Members will be +subject to certain restrictions, including the following: +(a) the Syndicate Members (other than the Stabilizing Manager or any person acting for it) must +not, in connection with the distribution of the Offer Shares, effect any transactions (including +issuing or entering into any option or other derivative transactions relating to the Offer Shares), +whether in the open market or otherwise, with a view to stabilizing or maintaining the market +price of any of the Offer Shares at levels other than those which might otherwise prevail in the +open market; and +(b) all of them must comply with all applicable laws, including the market misconduct provisions +of the SFO, including the provisions prohibiting insider dealing, false trading, price rigging and +stock market manipulation. +The Syndicate Members or their respective affiliates have provided from time to time, and expect to +provide in the future, investment banking, derivative and other services to our Company and its affiliates +for which such Syndicate Members or their respective affiliates have received or will receive customary +fees and commissions. +SOLE SPONSOR’S INDEPENDENCE +The Sole Sponsor satisfies the independence criteria applicable to sponsors as set out in Rule 3A.07 +of the Listing Rules. +UNDERWRITING +– 294 – + + +--- page 304 --- +THE GLOBAL OFFERING +This prospectus is published in connection with the Hong Kong Public Offering as part of the Global +Offering. CLSA Limited is the Sole Overall Coordinator of the Global Offering. +The listing of the H Shares on the Stock Exchange is sponsored by the Sole Sponsor. The Sole +Sponsor has made an application on behalf of our Company to the Stock Exchange for the listing of, and +permission to deal in, the H Shares in issue and to be issued as mentioned in this prospectus. The Global +Offering comprises of: +(a) the Hong Kong Public Offering of initially 1,360,000 Offer Shares (subject to reallocation) in +Hong Kong as described in the paragraph headed “—The Hong Kong Public Offering” in this +section; and +(b) the International Offering of an aggregate of 12,240,000 Offer Shares (subject to reallocation +and the Over-allotment Option) outside the United States in offshore transactions in reliance +on Regulation S. +The Offer Shares will represent approximately 18.48% of the total issued share capital of our +Company immediately after completion of the Global Offering, assuming the Over-allotment Option is not +exercised. If the Over-allotment Option is exercised in full, the Offer Shares will represent approximately +20.68% of the total issued share capital immediately after completion of the Global Offering and the +exercise of the Over-allotment Option as set out in the paragraph headed “The International +Offering—Over-allotment Option” in this section. +Investors may apply for Hong Kong Offer Shares under the Hong Kong Public Offering or apply for +or indicate an interest, if qualified to do so, for the International Offer Shares under the International +Offering, but may not do both. +The number of Hong Kong Offer Shares and International Offer Shares to be offered under the Hong +Kong Public Offering and the International Offering respectively may be subject to reallocation as +described in the paragraph headed “—Pricing and Allocation” in this section. +References in this prospectus to applications, application monies or the procedure for application +relate solely to the Hong Kong Public Offering. +THE HONG KONG PUBLIC OFFERING +Number of Hong Kong Offer Shares initially offered +We are initially offering 1,360,000 Hong Kong Offer Shares at the Offer Price, representing 10.00% +of the total number of Offer Shares initially available under the Global Offering, at the Offer Price for +subscription by the public in Hong Kong. Subject to the reallocation of Shares between (i) the +International Offering, and (ii) the Hong Kong Public Offering, the Hong Kong Offer Shares will represent +approximately 1.85% of our Company’s enlarged issued share capital immediately after completion of the +Global Offering, assuming that the Over-allotment Option is not exercised. +The Hong Kong Public Offering is open to members of the public in Hong Kong as well as to +institutional and professional investors. Professional investors generally include brokers, dealers and +companies (including fund managers) whose ordinary business involves dealing in shares and other +securities, and corporate entities which regularly invest in shares and other securities. +Completion of the Hong Kong Public Offering is subject to the conditions as set out in the paragraph +headed “—Conditions of the Global Offering” in this section. +STRUCTURE OF THE GLOBAL OFFERING +– 295 – + + +--- page 305 --- +Allocation +The total number of Hong Kong Offer Shares available under the Hong Kong Public Offering (after +taking account of any reallocation referred to below) will be divided into two pools (with any odd board +lots being allocated to pool A) for allocation purposes. +(a) Pool A : The Hong Kong Offer Shares in Pool A will be allocated on an equitable basis to +applicants who have applied for Hong Kong Offer Shares with an aggregate subscription price +of HK$5 million (excluding the brokerage, SFC transaction levy, the Stock Exchange trading +fee and the AFRC transaction levy payable) or less. +(b) Pool B : The Hong Kong Offer Shares in Pool B will be allocated on an equitable basis to +applicants who have applied for Hong Kong Offer Shares with an aggregate subscription price +of more than HK$5 million (excluding the brokerage, SFC transaction levy, the Stock +Exchange trading fee and the AFRC transaction levy payable) and up to the total value of pool +B. +For the purpose of this sub-section only, the “subscription price” for Hong Kong Offer Shares means +the price payable on application (without regard to the Offer Price as finally determined). +Applicants should be aware that applications in Pool A and applications in Pool B may receive +different allocation ratios. If Hong Kong Offer Shares in one (but not both) of the two pools are +undersubscribed, the surplus Hong Kong Offer Shares will be transferred to the other pool to satisfy +demand in that other pool and be allocated accordingly. +Applicants can only receive an allocation of Hong Kong Offer Shares from either Pool A or Pool B, +but not from both pools and can only apply for Hong Kong Offer Shares in either Pool A or Pool B. +Multiple or suspected multiple applications and any application for more than 680,000 Hong Kong Offer +Shares (being approximately 50% of the Hong Kong Offer Shares initially available under the Hong Kong +Public Offering) will be rejected. When there is over-subscription, allocation of Hong Kong Offer Shares +to investors under the Hong Kong Public Offering, both in relation to Pool A and Pool B, will be based +on the level of valid applications received under the Hong Kong Public Offering. The basis of allocation +in each pool may vary, depending on the number of Hong Kong Offer Shares validly applied for by each +applicant. The allocation of Hong Kong Offer Shares could, where appropriate, consist of balloting, which +would mean that some applicants may receive a higher allocation than others who have applied for the +same number of Hong Kong Offer Shares and those applicants who are not successful in the ballot may +not receive any Hong Kong Offer Shares. +Reallocation +The Offer Shares to be offered in the Hong Kong Public Offering and the International Offering may, +in certain circumstances, be reallocated as between these offerings at the discretion of the Sole Overall +Coordinator. Subject to the allocation cap described in the subsequent paragraph, the Sole Overall +Coordinator may in its discretion reallocate Offer Shares from the International Offering to the Hong Kong +Public Offering to satisfy valid applications under the Hong Kong Public Offering. In addition, if the Hong +Kong Public Offering is not fully subscribed, the Sole Overall Coordinator will have the discretion (but +shall not be under any obligation) to reallocate to the International Offering all or any unsubscribed Hong +Kong Offer Shares in such amounts as they deem appropriate. +In each case, the additional Offer Shares reallocated to the Hong Kong Public Offering will be +allocated between Pool A and Pool B and the number of Offer Shares allocated to the International +Offering will be correspondingly reduced in such manner as the Sole Overall Coordinator deems +appropriate. In the event of reallocation of Offer Shares between the International Offering and the Hong +Kong Public Offering in the circumstances where (a) the International Offer Shares are fully subscribed +or oversubscribed and the Hong Kong Offer Shares are fully subscribed or oversubscribed irrespective of +the number of times; or (b) the International Offer Shares are undersubscribed and the Hong Kong Offer +Shares are fully subscribed or oversubscribed irrespective of the number of times, then up to 680,000 Offer +STRUCTURE OF THE GLOBAL OFFERING +– 296 – + + +--- page 306 --- +Shares may be reallocated from the International Offering to the Hong Kong Public Offering, so that the +total number of Offer Shares available for subscription under the Hong Kong Public Offering will increase +up to 2,040,000 Offer Shares, representing 15% of the number of Offer Shares initially available under the +Global Offering (before exercise of the Over-allotment Option) in accordance with Chapter 4.14 of the +Guide for New Listing Applicants. In the circumstance where the International Offer Shares are fully +subscribed or oversubscribed and the Hong Kong Offer Shares are undersubscribed, there will be no +reallocation from the International Offering to the Hong Kong Public Offering, and no over-allocation of +H Shares to the Hong Kong Public Offering. +Given the initial allocation of the Offer Shares to the Hong Kong Public Offering and the +International Offering follows Mechanism B set out under paragraph 2 of Chapter 4.14 of the Guide for +New Listing Applicants and the provision of Paragraph 4.2(b) of Practice Note 18 of the Listing Rules, +no mandatory clawback or reallocation mechanism is required to increase the number of Offer Shares +under the Hong Kong Public Offering to a certain percentage of the total number of Offer Shares offered +under the Global Offering. +Details of any reallocation of Offer Shares between the Hong Kong Public Offering and the +International Offering will be disclosed in the results announcement of the Global Offering, which is +expected to be published on Monday, June 22, 2026. +Where the International Offer Shares are undersubscribed, if the Hong Kong Offer Shares are also +undersubscribed, the Global Offering will not proceed unless the Underwriter would subscribe or procure +subscribers for their respective applicable proportions of the Offer Shares being offered which are not +taken up under the Global Offering on the terms and conditions of this prospectus and the Underwriting +Agreements. +Applications +Each applicant under the Hong Kong Public Offering will also be required to give an undertaking +and confirmation in the application submitted by him that he and any person(s) for whose benefit he is +making the application has not applied for or taken up, or indicated an interest in, and will not apply for +or take up, or indicate an interest in, any International Offer Shares under the International Offering, and +such applicant’s application is liable to be rejected if the said undertaking and/or confirmation is breached +and/or untrue (as the case may be) or it has been or will be placed or allocated International Offer Shares +under the International Offering. +Applicants under the Hong Kong Public Offering may be required to pay, on application (subject to +application channels), the price of HK$81.80 per Offer Share in addition to the brokerage, SFC transaction +levy, the Stock Exchange trading fee and the AFRC transaction levy payable on each Offer Share. +References in this prospectus to applications, application monies or the procedure for application +relate solely to the Hong Kong Public Offering. +THE INTERNATIONAL OFFERING +Number of Offer Shares initially offered +Subject to the reallocation as described above, the number of Offer Shares to be initially offered +under the International Offering will be 12,240,000 Offer Shares (subject to reallocation and the +Over-allotment Option), representing 90.00% of the total number of Offer Shares initially available under +the Global Offering. +STRUCTURE OF THE GLOBAL OFFERING +– 297 – + + +--- page 307 --- +Subject to the reallocation of the Offer Shares between the International Offering and the Hong Kong +Public Offering, the number of Offer Shares initially offered under the International Offering will +represent approximately 16.63% of our Company’s enlarged issued share capital immediately after +completion of the Global Offering, assuming that the Over-allotment Option is not exercised. +Allocation +Pursuant to the International Offering, the International Underwriter will conditionally place the +International Offer Shares with institutional and professional investors and other investors and expected +to have a sizeable demand for the H Shares in Hong Kong and other jurisdictions outside the United States +in offshore transactions in reliance on Regulation S. The International Offering is subject to the Hong +Kong Public Offering being unconditional. +Allocation of Offer Shares pursuant to the International Offering will be effected in accordance with +the “book-building” process described in the paragraph headed “—Pricing and Allocation” in this section +and based on a number of factors, including the level and timing of demand, total size of the relevant +investor’s invested assets or equity assets in the relevant sector and whether or not it is expected that the +relevant investor is likely to buy further, and/or hold or sell, the Offer Shares, after the Listing. Such +allocation is intended to result in a distribution of the Offer Shares on a basis which would lead to the +establishment of a solid Shareholder base to the benefit of our Company and our Shareholders as a whole. +The Sole Overall Coordinator (acting in such capacity and as the Underwriter) and the Sole Sponsor +may require any investor who has been offered Offer Shares under the International Offering and who has +made an application under the Hong Kong Public Offering, to provide sufficient information to the Sole +Overall Coordinator and the Sole Sponsor so as to allow them to identify the relevant applications under +the Hong Kong Public Offering and to ensure that they are excluded from any application of Offer Shares +under the International Offering. +Reallocation +The total number of Offer Shares to be issued or sold pursuant to the International Offering may +change as a result of the reallocation arrangement described in the paragraph headed “—The Hong Kong +Public Offering—Reallocation” in this section, the exercise of the Over-allotment Option in whole or in +part described in the paragraph headed “—Over-allotment Option” in this section, and any reallocation of +unsubscribed Offer Shares originally included in the Hong Kong Public Offering and/or any Offer Shares +from the International Offering to the Hong Kong Public Offering at the discretion of the Sole Overall +Coordinator. +Over-allotment Option +In connection with the Global Offering, it is expected that our Company will grant the +Over-allotment Option to the International Underwriter, which will be exercisable by the Sole Overall +Coordinator (acting in such capacity and as the International Underwriter). +Pursuant to the Over-allotment Option, the International Underwriter has the right, exercisable by the +Sole Overall Coordinator (acting in such capacity and as the International Underwriter) until the 30th day +after the last day for lodging applications under the Hong Kong Public Offering, to require our Company +to allot and issue up to 2,040,000 additional H Shares, representing 15.0% of the number of Offer Shares +initially available under the Global Offering, at the Offer Price under the International Offering to cover +over-allocations in the International Offering, if any. +If the Over-allotment Option is exercised in full, the additional International Offer Shares to be +issued pursuant thereto will represent approximately 2.70% of our Company’s enlarged issued share +capital immediately following the completion of the Global Offering and the exercise of the Over- +allotment Option. In the event that the Over-allotment Option is exercised, an announcement will be made. +STRUCTURE OF THE GLOBAL OFFERING +– 298 – + + +--- page 308 --- +STABILIZATION ACTION +Stabilization is a practice used by underwriters in some markets to facilitate the distribution of +securities. To stabilize, the underwriters may bid for, or purchase, the securities in the secondary market, +during a specified period of time, to curb and, if possible, prevent any decline in the market price of the +securities below the Offer Price. It may be effected in jurisdictions where it is permissible to do so and +subject to all applicable laws and regulatory requirements. In Hong Kong and certain other jurisdictions, +activity aimed at reducing the market price is prohibited. The price at which stabilization is effected is not +permitted to exceed the offer price. +In connection with the Global Offering, the Stabilizing Manager, its affiliates or any person acting +for it, may to the extent permitted by applicable laws of Hong Kong or elsewhere, over-allocate or effect +short sales or any other stabilizing transactions with a view to stabilizing or maintaining the market price +of the Offer Shares at a level higher than that which might otherwise prevail in the open market for a +limited period after the last day of the lodging of applications under the Hong Kong Public Offering. Short +sales involve the sale by the Stabilizing Manager of a greater number of H Shares than the Underwriter +are required to purchase in the Global Offering. “Covered” short sales are sales made in an amount not +greater than the Over-allotment Option. The Stabilizing Manager may close out the covered short position +by either exercising the Over-allotment Option to purchase additional Offer Shares or purchasing H Shares +in the open market. In determining the source of the Offer Shares to close out the covered short position, +the Stabilizing Manager will consider, among other things, the price of Offer Shares in the open market +as compared to the price at which they may purchase additional Offer Shares pursuant to the +Over-allotment Option. Stabilizing transactions consist of certain bids or purchases made for the purpose +of preventing or curbing a decline in the market price of the Offer Shares while the Global Offering is in +progress. Any market purchases of the Shares will be effected on any stock exchange, including the Stock +Exchange, any over-the-counter market or otherwise, provided that they are made in compliance with all +applicable laws, rules and regulatory requirements. However, there is no obligation on the Stabilizing +Manager or any person acting for it to conduct any such stabilizing action. Such stabilizing activity, if +commenced, will be done at the absolute discretion of the Stabilizing Manager and may be discontinued +at any time. +Any such stabilizing activity is required to be brought to an end within 30 days of the last day for +the lodging of applications under the Hong Kong Public Offering. The number of Offer Shares that may +be over-allocated will not exceed the number of Offer Shares that may be sold under the Over-allotment +Option, namely, 2,040,000 Offer Shares, which is 15.0% of the number of Offer Shares initially available +under the Global Offering, and cover such over-allocations by exercising the Over-allotment Option or by +making purchases in the secondary market at prices that do not exceed the Offer Price or a combination +of these means. +Following any over-allocation of H Shares in connection with the Global Offering, the Stabilizing +Manager (or any person acting for it) may cover the over-allocation through delayed delivery +arrangements with investors who have been allocated Offer Shares in the International Offering. The +delayed delivery arrangements (if specifically agreed to by an investor) relate only to the delay in the +delivery of our Offer Shares to such investor and the Offer Price for the Offer Shares allocated to such +investor will be fully paid prior to Listing, accordingly there will be no delayed settlement of payment of +our Offer Shares. Additional Offer Shares may be issued by the exercise of the Over-allotment Option in +full or in part, or the Stabilizing Manager (or any person acting for it) may purchase H Shares in the +secondary market at prices that do not exceed the Offer Price, or a combination of these means may be +used, to return to such investor the Offer Shares subject to delayed delivery arrangements. +In Hong Kong, stabilizing activities must be carried out in accordance with the Securities and +Futures (Price Stabilizing) Rules. Stabilizing actions permitted pursuant to the Securities and Futures +(Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong) under the SFO include: +(a) over-allocation for the purpose of preventing or minimizing any reduction in the market price +of our H Shares; +(b) selling or agreeing to sell the H Shares so as to establish a short position in them for the +purpose of preventing or minimizing any reduction in the market price of the H Shares; +STRUCTURE OF THE GLOBAL OFFERING +– 299 – + + +--- page 309 --- +(c) purchasing or subscribing for, or agreeing to purchase or subscribe for, our H Shares pursuant +to the Over-allotment Option in order to close out any position established under (a) or (b) +above; +(d) purchasing, or agreeing to purchase, any of the H Shares for the sole purpose of preventing or +minimizing any reduction in the market price of the H Shares; +(e) selling or agreeing to sell any of our H Shares in order to liquidate any position held as a result +of those purchases; and +(f) offering or attempting to do anything as described in (b), (c), (d) or (e) above. +Stabilizing actions by the Stabilizing Manager, or any person acting for it, will be entered into in +accordance with the laws, rules and regulations in place in Hong Kong on stabilization. +Prospective applicants for and investors in the Offer Shares should note that: +(a) the Stabilizing Manager or any person acting for it may, in connection with the stabilizing +action, maintain a long position in the Offer Shares; +(b) there is no certainty as to the extent to which and the time or period for which the Stabilizing +Manager or any person acting for it will maintain such a long position; +(c) liquidation of any such long position by the Stabilizing Manager or any person acting for it and +selling in the open market, may have an adverse impact on the market price of our H Shares; +(d) no stabilizing action can be taken to support the price of our H Shares for longer than the +stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th +day after the last date for lodging applications under the Hong Kong Public Offering. After this +date, when no further stabilizing action may be taken, demand for our Shares, and therefore the +price of our H Shares, could fall; +(e) the price of our H Shares cannot be assured to stay at or above the Offer Price by the taking +of any stabilizing action; and +(f) stabilizing bids or transactions effected in the course of the stabilizing action may be made at +any price at or below the Offer Price and can, therefore, be done at a price below the price paid +by applicants for, or investors in, the Offer Shares. +As a result of effecting transactions to stabilize or maintain the market price of the H Shares, the +Stabilizing Manager, or any person acting for it, may maintain a long position in the H Shares. The size +of the long position, and the period for which the Stabilizing Manager, or any person acting for it, will +maintain the long position is at the discretion of the Stabilizing Manager and is uncertain. In the event that +the Stabilizing Manager liquidates this long position by making sales in the open market, this may lead +to a decline in the market price of the H Shares. +Stabilizing action by the Stabilizing Manager, or any person acting for it, is not permitted to support +the price of the H Shares for longer than the stabilizing period, which begins on the day on which trading +of the H Shares commences on the Stock Exchange and ends on the 30th day after the last day for the +lodging of applications under the Hong Kong Public Offering. The stabilizing period is expected to end +on Friday, July 17, 2026. As a result, demand for the H Shares and their market price, may fall after the +end of the stabilizing period. These activities by the Stabilizing Manager may stabilize, maintain or +otherwise affect the market price of the H Shares. A public announcement in compliance with the +Securities and Futures (Price Stabilizing) Rules will be made within seven days of the expiration of the +stabilizing period. +STRUCTURE OF THE GLOBAL OFFERING +– 300 – + + +--- page 310 --- +PRICING AND ALLOCATION +Determining the Offer Price +The Offer Price will be HK$81.80 per Offer Share unless otherwise announced by our Company no +later than the morning of the last day for lodging applications under the Hong Kong Public Offering, as +further explained below. +The Sole Overall Coordinator (acting in such capacity and as the Underwriter) may, where it deems +appropriate, based on the level of interest expressed by prospective investors during the book-building +process in respect of the International Offering, and with the consent of the Company, reduce the number +of Offer Shares offered under the Global Offering and/or the Offer Price as stated in this prospectus at any +time on or prior to the morning of the last day for lodging applications under the Hong Kong Public +Offering. In such a case, we will, as soon as practicable following the decision to make such reduction, +and in any event not later than the morning of the last day for lodging applications under the Hong Kong +Public Offering, cause to be published on the websites of the Company and the Stock Exchange at +www.hj3h.com and www.hkexnews.hk , respectively, notices of the reduction in the number of Offer +Shares and/or the Offer Price, the cancelation and relaunch of the Global Offering at the revised number +of Offer Shares and/or the Offer Price. +Our Company will also, as soon as practicable following the decision to make such change, issue a +supplemental or new prospectus updating investors of the reduction in the number of Offer Shares and/or +the Offer Price, and giving investors at least three business days to consider the new information. The +supplemental or new prospectus shall include at least the following: updated (a) Offer Price and market +capitalization; (b) listing timetable and underwriting obligations; (c) price/earnings multiple (if +applicable), unaudited pro forma and adjusted net tangible assets; and (d) use of proceeds and working +capital adequacy confirmation based on revised estimated proceeds. In the event of a reduction in the +number of Offer Shares, the Sole Overall Coordinator may also at its discretion reallocate the number of +Offer Shares to be offered under the Hong Kong Public Offering and the International Offering, provided +that the number of Offer Shares offered under the Hong Kong Public Offering shall not be less than 5% +of the Offer Shares available under the Global Offering (without taking into account any additional H +Shares that may be issued pursuant to the Over-allotment Option). In the absence of any such supplemental +or new prospectus so published, the number of Offer Shares will not be reduced and the Offer Price, if +agreed upon by the Sole Overall Coordinator (acting in such capacity and as the Underwriter) and our +Company, will under no circumstances be set above the Offer Price as stated in this prospectus. +Before submitting applications for the Hong Kong Offer Shares, applicants should have regard to the +possibility that any announcement of a reduction in the number of Offer Shares may not be made until the +day which is the last day for lodging applications under the Hong Kong Public Offering. In the absence +of any such notice so announced and any such supplemental prospectus or new prospectus so published, +the number of Offer Shares will not be reduced. +If there is any change to the offer size due to change in the number of Offer Shares offered in the +Global Offering (other than pursuant to the exercise of the Over-allotment Option and/or the reallocation +mechanism as disclosed in this prospectus), or if there is any change to the Offer Price as stated in this +prospectus, or if the Company becomes aware that there has been a significant change affecting any matter +contained in this prospectus or a significant new matter has arisen, the inclusion of information in respect +of which would have been required to be in this prospectus if it had arisen before this prospectus was +issued, after the issue of this prospectus and before the commencement of dealings in our H Shares as +prescribed under Rule 11.13 of the Listing Rules, we are required to cancel the Global Offering and +relaunch the offering on FINI and issue a supplemental prospectus or a new prospectus, and giving +investors at least three business days to consider the new information. +STRUCTURE OF THE GLOBAL OFFERING +– 301 – + + +--- page 311 --- +The level of applications in the Hong Kong Public Offering, the level of indications of interest in +the International Offering, the basis of allocations of the Hong Kong Offer Shares and the results of +applications in the Hong Kong Public Offering are expected to be announced on Monday, June 22, 2026 +through a variety of channels described in the paragraph headed “How to Apply for Hong Kong Offer +Shares—B. Publication of Results” in this Prospectus. +UNDERWRITING +The Hong Kong Public Offering is fully underwritten by the Hong Kong Underwriter under the terms +of the Hong Kong Underwriting Agreement and is subject to our Company and the Sole Overall +Coordinator, acting in such capacity and as the Underwriter, agreeing on the Offer Price. +We expect to enter into the International Underwriting Agreement relating to the International +Offering on or around Thursday, June 18, 2026. +These underwriting arrangements, and the Hong Kong Underwriting Agreement and the International +Underwriting Agreement, are summarized in the section headed “Underwriting” in this prospectus. +CONDITIONS OF THE GLOBAL OFFERING +Acceptance of all applications for Offer Shares pursuant to the Global Offering will be conditional +on: +(a) the Listing Committee granting approval for the listing of, and permission to deal in, the H +Shares in issue and to be issued pursuant to the Global Offering (including the additional Offer +Shares which may be issued pursuant to the exercise of the Over-allotment Option), and such +listing and permission not subsequently having been revoked prior to the commencement of +dealings in the H Shares on the Stock Exchange; +(b) the execution and delivery of the International Underwriting Agreement on or about Thursday, +June 18, 2026; and +(c) the obligations of the Underwriter under the respective Underwriting Agreements becoming +and remaining unconditional (including, if relevant, as a result of the waiver of any conditions +by the Sole Overall Coordinator and the Global Coordinator, acting in such capacity and as the +Underwriter) and not having been terminated in accordance with the terms of the respective +agreements in each case on or before the dates and times as specified in the Underwriting +Agreements (unless and to the extent such conditions are validly waived on or before such +dates and times) and in any event no later than Sunday, July 12, 2026 (i.e., the 30th day after +the date of this prospectus). +The completion of each of the Hong Kong Public Offering and the International Offering is +conditional upon, among other things, the other offering becoming unconditional and not having been +terminated in accordance with their respective terms. +If the above conditions are not fulfilled or waived prior to the times and dates specified, the Global +Offering will lapse and the Stock Exchange will be notified immediately. Notice of the lapse of the Hong +Kong Public Offering will be published by our Company and on the websites of Stock Exchange at +www.hkexnews.hk and our Company at www.hj3h.com on the next Business Day following such lapse. +In such eventuality, all application monies will be returned, without interest, on the terms set out in the +section headed “How to Apply for Hong Kong Offer Shares—D. Despatch/Collection of H Share +Certificates and Refund of Application Monies”. In the meantime, all application monies will be held in +separate bank account(s) with the receiving bankers or other bank(s) in Hong Kong licensed under the +Banking Ordinance (Chapter 155 of the Laws of Hong Kong) (as amended). +STRUCTURE OF THE GLOBAL OFFERING +– 302 – + + +--- page 312 --- +The consummation of each of the Hong Kong Public Offering and the International Offering is +conditional upon, amongst other things, the other becoming unconditional and not having been terminated +in accordance with its terms. +H Share certificates for the Offer Shares will only become valid evidence of title at 8:00 a.m. on the +Listing Date provided that (i) the Global Offering has become unconditional in all respects, and (ii) the +right of termination as described in the section headed “Underwriting—Underwriting Arrangements and +Expenses—Hong Kong Public Offering—Grounds for Termination” has not been exercised. Investors who +trade the H Shares prior to the receipt of H Share certificates or prior to the H Share certificates bearing +valid evidence of title do so entirely at their own risk. +Application for Listing on the Stock Exchange +We have applied to the Listing Committee for the granting of the listing of, and permission to deal +in, the H Shares in issue and to be issued pursuant to the Global Offering (including any H Shares which +may be issued pursuant to the exercise of the Over-allotment Option) on the Main Board of the Stock +Exchange and the Conversion of Unlisted Shares into H Shares. +SHARES WILL BE ELIGIBLE FOR CCASS +All necessary arrangements have been made enabling the H Shares to be admitted into CCASS, +established and operated by HKSCC. +If the Stock Exchange grants the listing of, and permission to deal in, the H Shares and our Company +complies with the stock admission requirements of HKSCC, the H Shares will be accepted as eligible +securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the date of +commencement of dealings in the H Shares on the Stock Exchange or any other date HKSCC chooses. +Settlement of transactions between participants of the Stock Exchange is required to take place in CCASS +on the second settlement day after any trading day. +All activities under CCASS are subject to the General Rules of HKSCC and the HKSCC Operational +Procedures in effect from time to time. +DEALING ARRANGEMENTS +Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in Hong +Kong on Tuesday, June 23, 2026, it is expected that dealings in the H Shares on the Stock Exchange will +commence at 9:00 a.m. on Tuesday, June 23, 2026. +The H Shares will be traded in board lots of 100 H Shares each and the stock code of the H Shares +will be 6132. +STRUCTURE OF THE GLOBAL OFFERING +– 303 – + + +--- page 313 --- +IMPORTANT NOTICE TO INVESTORS OF HONG KONG OFFER SHARES +FULLY ELECTRONIC APPLICATION PROCESS +We have adopted a fully electronic application process for the Hong Kong Public Offering +and below are the procedures for application. +This prospectus is available at the website of the Stock Exchange at www.hkexnews.hk +under the “ HKEXnews > New Listings > New Listing Information ” section, and our website at +www.hj3h.com. +The contents of this prospectus are identical to the prospectus as registered with the Registrar +of Companies in Hong Kong pursuant to Section 342C of the Companies (Winding Up and +Miscellaneous Provisions) Ordinance. +A. APPLICATION FOR HONG KONG OFFER SHARES +1. Who Can Apply +You can apply for Hong Kong Offer Shares if you or the person(s) for whose benefit you are applying +for: + are 18 years of age or older; + are outside the United States or a person described in paragraph (h)(3) of Rule 902 of +Regulation S; and + have a Hong Kong address ( for the White Form eIPO service only ). +Unless permitted by the Listing Rules or a waiver and/or consent has been granted by the Stock +Exchange to us, you cannot apply for any Hong Kong Offer Shares if you or the person(s) for whose +benefit you are applying for: + are an existing Shareholder or his/her/its close associates; or + are a Director or any of his/her close associates. +2. Application Channels +The Hong Kong Public Offering period will begin at 9:00 a.m. on Friday, June 12, 2026 and end +at 12:00 noon on Wednesday, June 17, 2026 (Hong Kong time). +To apply for Hong Kong Offer Shares, you may use one of the following application channels: +Application Channel Platform Target Investors Application Time +White Form eIPO service /H1118www.eipo.com.hk Applicant who would +like to receive a +physical H Share +certificate. Hong +Kong Offer Shares +successfully +applied for will be +allotted and issued +in your own name. +From 9:00 a.m. on +Friday, June 12, +2026 to 11:30 a.m. +on Wednesday, +June 17, 2026. The +latest time for +completing full +payment of +application monies +will be 12:00 noon +on Wednesday, +June 17, 2026. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 304 – + + +--- page 314 --- +Application Channel Platform Target Investors Application Time +HKSCC EIPO channel /H1118/H1118/H1118Your broker or +custodian who is a +HKSCC Participant +will submit +electronic +application +instructions on +your behalf +through HKSCC’s +FINI system in +accordance with +your instruction. +Applicant who would +not like to receive +a physical H Share +certificate. Hong +Kong Offer Shares +successfully +applied for will be +allotted and issued +in the name of +HKSCC Nominees, +deposited directly +into CCASS and +credited to your +designated HKSCC +Participant’s stock +account. +Contact your broker +or custodian for the +earliest and latest +time for giving +such instructions, +as this may vary +by broker or +custodian. +The White Form eIPO service and the HKSCC EIPO channel are facilities subject to capacity +limitations and potential service interruptions and you are advised not to wait until the last day of the +application period to apply for Hong Kong Offer Shares. +For those applying through the White Form eIPO service, once you complete payment in respect +of any application instructions given by you or for your benefit through the White Form eIPO service to +make an application for Hong Kong Offer Shares, an actual application shall be deemed to have been +made. If you are a person for whose benefit the electronic application instructions are given, you shall +be deemed to have declared that only one set of electronic application instructions has been given for +your benefit. If you are an agent for another person, you shall be deemed to have declared that you have +only given one set of electronic application instructions for the benefit of the person for whom you are +an agent and that you are duly authorized to give those instructions as an agent. +For the avoidance of doubt, giving an application instruction under the White Form eIPO service +more than once and obtaining different application reference numbers without effecting full payment in +respect of a particular reference number will not constitute an actual application. +If you apply through the White Form eIPO service, you are deemed to have authorized the White +Form eIPO service provider to apply on the terms and conditions in this prospectus, as supplemented and +amended by the terms and conditions of the White Form eIPO service. +By instructing your broker or custodian to apply for the Hong Kong Offer Shares on your behalf +through the HKSCC EIPO Channel, you (and, if you are joint applicants, each of you jointly and +severally) are deemed to have instructed and authorized HKSCC to cause HKSCC Nominees (acting as +nominee for the relevant HKSCC Participants) to apply for Hong Kong Offer Shares on your behalf and +to do on your behalf all the things stated in this prospectus and any supplement to it. +For those applying through the HKSCC EIPO channel, an actual application will be deemed to have +been made for any application instructions given by you or for your benefit to HKSCC (in which case an +application will be made by HKSCC Nominees on your behalf) provided such application instruction has +not been withdrawn or otherwise invalidated before the closing time of the Hong Kong Public Offering. +HKSCC Nominees will only be acting as a nominee for you and neither HKSCC nor HKSCC +Nominees shall be liable to you or any other person in respect of any actions taken by HKSCC or HKSCC +Nominees on your behalf to apply for Hong Kong Offer Shares or for any breach of the terms and +conditions of this prospectus. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 305 – + + +--- page 315 --- +3. Information Required to Apply +You must provide the following information with your application: +For Individual/Joint Applicants For Corporate Applicants + Full name(s) 2 as shown on your identity +document + Identity document’s issuing country or +jurisdiction + Identity document type, with order of +priority: +i. HKID card; or +ii. National identification document; or +iii. Passport; and + Identity document number + Full name(s) +2 as shown on your identity +document + Identity document’s issuing country or +jurisdiction + Identity document type, with order of +priority: +i. LEI registration document; or +ii. Certificate of incorporation; or +iii. Business registration certificate; or +iv. Other equivalent document; and + Identity document number +Notes: +(1) If you are applying through the White Form eIPO service, you are required to provide a valid e-mail address, a contact +telephone number and a Hong Kong address. You are also required to declare that the identity information provided +by you follows the requirements as described in Note 2 below. In particular, where you cannot provide a HKID number, +you must confirm that you do not hold a HKID card. The number of joint applicants may not exceed four. If you are +a firm, the applicant must be in the individual members’ names. +(2) The applicant’s full name as shown on their identity document must be used and the surname, given name, middle and +other names (if any) must be input int the same order as shown on the identity document. If an applicant’s identity +document contains both an English and Chinese name, both English and Chinese names must be used. Otherwise, either +English or Chinese names will be accepted. The order of priority of the applicant’s identity document type must be +strictly followed and where an individual applicant has a valid HKID card (including both Hong Kong Residents and +Hong Kong Permanent Residents), the HKID number must be used when making an application to subscribe for Hong +Kong Offer Shares. Similarly for corporate applicants, a LEI number must be used if an entity has a LEI certificate. +(3) If the applicant is a trustee, the client identification data (“ CID”) of the trustee, as set out above, will be required. If +the applicant is an investment fund (i.e. a collective investment scheme, or CIS), the CID of the asset management +company or the individual fund, as appropriate, which has opened a trading account with the broker will be required, +as above. +(4) The maximum number of joint account holders on FINI is capped at 4 in accordance with market practice. Such is +subject to change, if the Company’s Articles of Association and applicable company law prescribe for a lower cap. +(5) If you are applying as a nominee, you must provide: (i) the full name (as shown on the identity document), the identity +document’s issuing country or jurisdiction, the identity document type; and (ii), the identity document number, for each +of the beneficial owners or, in the case(s) of joint beneficial owners, for each joint beneficial owner. If you do not +include this information, the application will be treated as being made for your benefit. +(6) If you are applying as an unlisted company and (i) the principal business of that company is dealing in securities; and +(ii) you exercise statutory control over that company, then the application will be treated as being for your benefit and +you should provide the required information in your application as stated above. +“Unlisted company” means a company with no equity securities listed on the Stock Exchange or any other stock +exchange. +“Statutory control” means you: + control the composition of the board of directors of the company; + control more than half of the voting power of the company; or + hold more than half of the issued share capital of the company (not counting any part of it which carries no right +to participate beyond a specified amount in a distribution of either profits or capital). +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 306 – + + +--- page 316 --- +For those applying through the HKSCC EIPO channel, and making an application under a power +of attorney, we and the Sole Overall Coordinator, as our agent, have discretion to consider whether to +accept it on any conditions we think fit, including evidence of the attorney’s authority. +Failing to provide any required information may result in your application being rejected. +4. Permitted Number of Hong Kong Offer Shares for Application +Board lot size /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118: 100 Offer Shares +Permitted number of Hong +Kong Offer Shares for +application and amount +payable on application/ +successful allotment /H1118/H1118/H1118/H1118/H1118 +: Hong Kong Offer Shares are available for application in +specified board lot sizes only. Please refer to the amount +payable associated with each specified board lot size in the +table below. +The Offer Price is HK$81.80 per Offer Share. +If you are applying through the HKSCC EIPO channel, +your broker or custodian may require you to pre-fund +your application based on the amount specified by your +broker or custodian , as determined based on the +applicable laws and regulations in Hong Kong. You are +responsible for complying with any such pre-funding +requirement imposed by your broker or custodian with +respect to the Hong Kong Public Offer Shares you applied +for. +By instructing your broker or custodian to apply for the +Hong Kong Offer Shares on your behalf through the +HKSCC EIPO channel, you (and, if you are joint +applicants, each of you jointly and severally) are deemed +to have instructed and authorized HKSCC to cause +HKSCC Nominees (acting as nominee for the relevant +HKSCC Participants) to arrange payment of the Offer +Price, brokerage, SFC transaction levy, the Stock +Exchange trading fee and the AFRC transaction levy by +debiting the relevant nominee bank account at the +Designated Bank for your broker or custodian . +If you are applying through the White Form eIPO service, +you may refer to the table below for the amount payable +for the number of H Shares you have selected. You must +pay the respective amount payable on application in full +upon application for Hong Kong Offer Shares. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 307 – + + +--- page 317 --- +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application/ +successful +allotment +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application/ +successful +allotment +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application/ +successful +allotment +No. of +Hong Kong +Offer Shares +applied for +Amount +payable (2) on +application/ +successful +allotment +HK$ HK$ HK$ HK$ +100 8,262.49 2,000 165,249.91 10,000 826,249.54 200,000 16,524,990.60 +200 16,524.98 2,500 206,562.38 20,000 1,652,499.05 250,000 20,656,238.26 +300 24,787.49 3,000 247,874.87 30,000 2,478,748.59 300,000 24,787,485.90 +400 33,049.98 3,500 289,187.34 40,000 3,304,998.12 350,000 28,918,733.56 +500 41,312.47 4,000 330,499.81 50,000 4,131,247.66 400,000 33,049,981.20 +600 49,574.97 4,500 371,812.29 60,000 4,957,497.18 450,000 37,181,228.86 +700 57,837.48 5,000 413,124.76 70,000 5,783,746.71 500,000 41,312,476.50 +800 66,099.97 6,000 495,749.72 80,000 6,609,996.25 600,000 49,574,971.80 +900 74,362.46 7,000 578,374.67 90,000 7,436,245.76 680,000 +(1) 56,184,968.05 +1,000 82,624.95 8,000 660,999.62 100,000 8,262,495.30 +1,500 123,937.42 9,000 743,624.58 150,000 12,393,742.96 +Notes: +(1) Maximum number of Hong Kong Offer Shares you may apply for. +(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Stock Exchange trading fee and AFRC transaction +levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the Listing Rules) +and the SFC transaction levy, the Stock Exchange trading fee and AFRC transaction levy are paid to the Stock Exchange (in +the case of the SFC transaction levy, collected by the Stock Exchange on behalf of the SFC; and in the case of the AFRC +transaction levy, collected by the Stock Exchange on behalf of the AFRC). +5. Multiple Applications Prohibited +You or your joint applicant(s) shall not make more than one application for your own benefit, except +where you are a nominee and provide the information of the underlying investor in your application as +required under the paragraph headed “—A. Applications for Hong Kong Offer Shares—3. Information +Required to Apply” in this section. If you are suspected of submitting or cause to submit more than one +application, all of your applications will be rejected. +Multiple applications made either through (i) the White Form eIPO service, (ii) HKSCC EIPO +channel, or (iii) both channels concurrently are prohibited and will be rejected. If you have made an +application through the White Form eIPO service or HKSCC EIPO channel, you or the person(s) for +whose benefit you have made the application shall not apply further for any Offer Shares in the Global +Offering. +6. Terms and Conditions of an Application +By applying for Hong Kong Offer Shares through the White Form eIPO service or HKSCC EIPO +channel, you (or as the case may be, HKSCC Nominees will do the following things on your behalf): +(a) undertake to execute all relevant documents and instruct and authorize us and/or the Sole +Overall Coordinator, as our agents, to execute any documents for you and to do on your behalf +all things necessary to register any Hong Kong Offer Shares allocated to you in your name or +in the name of HKSCC Nominees as required by the Articles of Association, and (if you are +applying through the HKSCC EIPO channel) to deposit the allotted Hong Kong Offer Shares +directly into CCASS for the credit of your designated HKSCC Participant’s stock account on +your behalf; +(b) confirm that you have read and understand the terms and conditions and application procedures +set out in this prospectus and the designated website of the White Form eIPO service (or as +the case may be, the agreement you entered into with your broker or custodian), and agree to +be bound by them; +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 308 – + + +--- page 318 --- +(c) (if you are applying through the HKSCC EIPO channel) agree to the arrangements, +undertakings and warranties under the participant agreement between your broker or custodian +and HKSCC and observe the General Rules of HKSCC and the HKSCC Operational Procedures +for giving application instructions to apply for Hong Kong Offer Shares; +(d) confirm that you are aware of the restrictions on offers and sales of shares set out in this +prospectus and they do not apply to you, or the person(s) for whose benefit you have made the +application; +(e) confirm that you have read this prospectus and any supplement to it and have relied only on +the information and representations contained therein in making your application (or as the +case may be, causing your application to be made) and will not rely on any other information +or representations; +(f) agree that the Sole Sponsor, the Sole Overall Coordinator, the Sole Global Coordinator, the +Sole Bookrunner, the Sole Lead Manager, the Underwriter, the Capital Market Intermediary, +any of their or our Company’s respective directors, officers, employees, partners, agents, +advisers and any other parties involved in the Global Offering (the “ Relevant Persons ”), the +H Share Registrar and HKSCC will not be liable for any information and representations not +in this prospectus and any supplement to it; +(g) agree to disclose the details of your application and your personal data and any other personal +data which may be required about you and the person(s) for whose benefit you have made the +application to us, the Relevant Persons, the H Share Registrar, HKSCC, HKSCC Nominees, the +Stock Exchange, the SFC and any other statutory regulatory or governmental bodies or +otherwise as required by laws, rules or regulations, for the purposes under the paragraph +headed “—G. Personal Data—3. Purposes and 4. Transfer of personal data” in this section; +(h) agree (without prejudice to any other rights which you may have once your application (or as +the case may be, HKSCC Nominees’ application) has been accepted) that you will not rescind +it because of an innocent misrepresentation; +(i) agree that subject to Section 44A(6) of the Companies (Winding Up and Miscellaneous +Provisions) Ordinance, any application made by you or HKSCC Nominees on your behalf +cannot be revoked once it is accepted, which will be evidenced by the notification of the result +of the ballot by the H Share Registrar by way of publication of the results at the time and in +the manner as specified in the paragraph headed “—B. Publication of Results” in this section; +(j) confirm that you are aware of the situations specified in the paragraph headed “—C. +Circumstances In Which You Will Not Be Allocated Hong Kong Offer Shares” in this section; +(k) agree that your application or HKSCC Nominees’ application, any acceptance of it and the +resulting contract will be governed by and construed in accordance with the laws of Hong +Kong; +(l) agree to comply with the Companies Ordinance, the Companies (Winding Up and +Miscellaneous Provisions) Ordinance, the Articles of Association and laws of any place outside +Hong Kong that apply to your application and that neither we nor the Relevant Persons will +breach any law inside and/or outside Hong Kong as a result of the acceptance of your offer to +purchase, or any action arising from your rights and obligations under the terms and conditions +contained in this prospectus; +(m) confirm that (a) your application or HKSCC Nominees’ application on your behalf is not +financed directly or indirectly by our Company, any of the directors, chief executives, +substantial Shareholder(s) or existing shareholder(s) of our Company or any of its subsidiaries +or any of their respective close associates; and (b) you are not accustomed or will not be +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 309 – + + +--- page 319 --- +accustomed to taking instructions from our Company, any of the directors, chief executives, +substantial shareholders) or existing shareholders) of our Company or any of its subsidiaries or +any of their respective close associates in relation to the acquisition, disposal, voting or other +disposition of the H Shares registered in your name or otherwise held by you; +(n) warrant that the information you have provided is true and accurate; +(o) confirm that you understand that we and the Sole Overall Coordinator will rely on your +declarations and representations in deciding whether or not to allocate any Hong Kong Offer +Shares to you and that you may be prosecuted for making a false declaration; +(p) agree to accept Hong Kong Offer Shares applied for or any lesser number allocated to you +under the application; +(q) declare and represent that this is the only application made and the only application intended +by you to be made to benefit you or the person for whose benefit you are applying; +(r) (if the application is made for your own benefit) warrant that no other application has been +or will be made for your benefit by giving electronic application instructions to HKSCC +directly or indirectly or through the application channel of the White Form eIPO service +provider or by any one as your agent or by any other person; and +(s) (if you are making the application as an agent for the benefit of another person) warrant that +(1) no other application has been or will be made by you as agent for or for the benefit of that +person or by that person or by any other person as agent for that person by giving electronic +application instructions to HKSCC and the White Form eIPO service provider and (2) you +have due authority to give electronic application instructions on behalf of that other person +as its agent. +B. PUBLICATION OF RESULTS +Results of Allocation +You can check whether you are successfully allocated any Hong Kong Offer Shares through: +Platform Date/Time +Applying through the White Form eIPO service or HKSCC EIPO channel: +Website /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118The designated results of allocation at +www.iporesults.com.hk (alternatively: +www.eipo.com.hk/eIPOAllotment ) with +a “search by ID” function +The full list of (i) wholly or partially +successful applicants using the White +Form eIPO service and HKSCC EIPO +channel, and (ii) the number of Hong +Kong Offer Shares conditionally allotted +to them, among other things, will be +displayed at “ Allotment Results ” page +of the White Form eIPO service at +www.iporesults.com.hk (alternatively: +www.eipo.com.hk/eIPOAllotment ) +24 hours, no later than 11:00 +p.m. on Monday, June 22, +2026 to 12:00 midnight on +Sunday, June 28, 2026 +(Hong Kong time) +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 310 – + + +--- page 320 --- +Platform Date/Time +Date/Time /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118The Stock Exchange’s website at +www.hkexnews.hk and our website at +www.hj3h.com which will provide links +to the above-mentioned websites of the +H Share Registrar +No later than 11:00 p.m. on +Monday, June 22, 2026 +(Hong Kong time) +Telephone /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118+852 2862 8555 – the allocation results +telephone enquiry line provided by the +H Share Registrar +Between 9:00 a.m. and 6:00 +p.m., on Tuesday, June 23, +2026, Wednesday, +June 24, 2026, Thursday, +June 25, 2026 and Friday, +June 26, 2026 (Hong Kong +time) +For those applying through the HKSCC EIPO channel, you may also check with your broker or +custodian from 6:00 p.m. on Thursday, June 18, 2026 (Hong Kong time). +HKSCC Participants can log into FINI and review the allotment result from 6:00 p.m. on Thursday, +June 18, 2026 (Hong Kong time) on a 24-hour basis and should report any discrepancies on allotments to +HKSCC as soon as practicable. +Allocation Announcement +We expect to announce the results of the level of indications of interest in the International Offering, +the level of applications in the Hong Kong Public Offering and the basis of allocations of Hong Kong Offer +Shares on the Stock Exchange’s website at www.hkexnews.hk and our website at www.hj3h.com by no +later than 11:00 p.m. on Monday, June 22, 2026 (Hong Kong time). +C. CIRCUMSTANCES IN WHICH YOU WILL NOT BE ALLOCATED HONG KONG OFFER +SHARES +You should note the following situations in which Hong Kong Offer Shares will not be allocated to +you or the person(s) for whose benefit you are applying for: +1. If your application is revoked: +Your application or the application made by HKSCC Nominees on your behalf may be revoked +pursuant to Section 44A(6) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance. +2. If we or our agents exercise our discretion to reject your application: +We, the Sole Overall Coordinator, the H Share Registrar and their respective agents and nominees +have full discretion to reject or accept any application, or to accept only part of any application, without +giving any reasons. +3. If the allocation of Hong Kong Offer Shares is void: +The allocation of Hong Kong Offer Shares will be void if the Stock Exchange does not grant +permission to list the H Shares either: + within three weeks from the closing date of the application lists; or + within a longer period of up to six weeks if the Stock Exchange notifies us of that longer period +within three weeks of the closing date of the application lists. +HOW TO APPLY FOR HONG KONG OFFER SHARES +–3 1 1– + + +--- page 321 --- +4. If: + you make multiple applications or suspected multiple applications. You may refer to the +paragraph headed “—A. Applications for Hong Kong Offer Shares—5. Multiple Applications +Prohibited” in this section on what constitutes multiple applications; + your application instruction is incomplete; + your payment (or confirmation of funds, as the case may be) is not made correctly; + the Underwriting Agreements do not become unconditional or are terminated; or + we or the Sole Overall Coordinator believe that by accepting your application, we or they +would violate applicable securities or other laws, rules or regulations. +5. If there is money settlement failure for allotted H Shares: +Based on the arrangements between HKSCC Participants and HKSCC, HKSCC Participants will be +required to hold sufficient application funds on deposit with their Designated Bank before balloting. After +balloting of Hong Kong Offer Shares, the Receiving Bank will collect the portion of these funds required +to settle each HKSCC Participant’s actual Hong Kong Offer Share allotment from their Designated Bank. +There is a risk of money settlement failure. In the extreme event of money settlement failure by +a HKSCC Participant (or its Designated Bank), who is acting on your behalf in settling payment for your +allotted shares, HKSCC will contact the defaulting HKSCC Participant and its Designated Bank to +determine the cause of failure and request such defaulting HKSCC Participant to rectify or procure to +rectify the failure. +However, if it is determined that such settlement obligation cannot be met, the affected Hong Kong +Offer Shares will be reallocated to the International Offering. Hong Kong Offer Shares applied for by you +through the broker or custodian may be affected to the extent of the settlement failure. In the extreme +case, you will not be allocated any Hong Kong Offer Shares due to the money settlement failure by such +HKSCC Participant. None of us, the Relevant Persons, the H Share Registrar and HKSCC is or will be +liable if Hong Kong Offer Shares are not allocated to you due to the money settlement failure. +D. DESPATCH/COLLECTION OF H SHARE CERTIFICATES AND REFUND OF +APPLICATION MONIES +You will receive one H Share certificate for all Hong Kong Offer Shares allotted to you under the +Hong Kong Public Offering (except pursuant to applications made through the HKSCC EIPO channel +where the H Share certificates will be deposited into CCASS as described below). +No temporary document of title will be issued in respect of the H Shares. No receipt will be issued +for sums paid on application. +H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, June 23, 2026 +(Hong Kong time), provided that the Global Offering has become unconditional and the right of +termination described in the section headed “Underwriting” has not been exercised. Investors who trade +H Shares prior to the receipt of H Share certificates or the H Share certificates becoming valid do so +entirely at their own risk. +The right is reserved to retain any H Share certificate(s) and (if applicable) any surplus application +monies pending clearance of application monies. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 312 – + + +--- page 322 --- +The following sets out the relevant procedures and time: +White Form eIPO service HKSCC EIPO channel +Despatch/collection of H Share certificate 1 +For application of +500,000 Hong Kong +Public Offer Shares or +more /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Collection in person at H Share +Registrar, Computershare +Hong Kong Investor Services +Limited at Shops 1712-1716, +17th Floor, Hopewell Centre, +183 Queen’s Road East, +Wan Chai, Hong Kong. +Time: from 9:00 a.m. to 1:00 +p.m. on Tuesday, June 23, +2026 (Hong Kong time). +If you are an individual, you +must not authorize any other +person to collect for you. If +you are a corporate applicant, +your authorized representative +must bear a letter of +authorization from your +corporation stamped with your +corporation’s chop. +Both individuals and authorized +representatives must produce, +at the time of collection, +evidence of identity +acceptable to the H Share +Registrar. +H Share certificate(s) will be +issued in the name of HKSCC +Nominees, deposited into +CCASS and credited to your +designated HKSCC +Participant’s stock account. +No action by you is required. +Note: If you do not collect your +H Share certificate(s) +personally within the time +above, it/they will be sent to +the address specified in your +application instructions by +ordinary post at your own +risk. +For application of less +than 500,000 Hong +Kong Public Offer +Shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Your H Share certificate(s) will +be sent to the address +specified in your application +instructions by ordinary post +at your own risk. +Time: Monday, June 22, 2026 +(Hong Kong time) +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 313 – + + +--- page 323 --- +White Form eIPO service HKSCC EIPO channel +Refund mechanism for surplus application monies paid by you +Date /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Tuesday, June 23, 2026 Subject to the arrangement +between you and your broker +or custodian . +Responsible party /H1118/H1118/H1118/H1118/H1118/H1118H Share Registrar. Your broker or custodian . +Application monies paid +through single bank +account /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +White Form e-Refund payment +instructions to your +designated bank account. +Your broker or custodian will +arrange refund to your +designated bank account +subject to the arrangement +between you and it. +Application monies paid +through multiple bank +accounts /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Refund cheque(s) will be +despatched to the address as +specified in your application +instructions by ordinary post +at your own risk. +1. Except in the event of any Severe Weather Signals (defined below) in force in Hong Kong in the morning on the +Monday, June 22, 2026 rendering it impossible for the relevant Share certificates to be despatched to HKSCC in a +timely manner, the Company shall procure the H Share Registrar to arrange for delivery of the supporting documents +and Share certificates in accordance with the contingency arrangements as agreed between them. You may see “—E. +Severe Weather Arrangements” in this section. +E. SEVERE WEATHER ARRANGEMENTS +The Opening and Closing of the Application Lists +The application lists will not open or close on Wednesday, June 17, 2026 if, there is/are: + a tropical cyclone warning signal number 8 or above; + a black rainstorm warning; and/or + an Extreme Condition, +(collectively, “ Severe Weather Signals ”) +in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Wednesday, June 17, 2026. +Instead they will open between 11:45 a.m. and 12:00 noon and/or close at 12:00 noon on the next +Business Day which does not have Severe Weather Signals in force at any time between 9:00 a.m. and +12:00 noon. +Prospective investors should be aware that a postponement of the opening/closing of the application +lists may result in a delay in the listing date. Should there be any changes to the dates mentioned in the +section headed “Expected Timetable” in this prospectus, an announcement will be made and published on +the Stock Exchange’s website at www.hkexnews.hk and our website at www.hj3h.com of the revised +timetable. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 314 – + + +--- page 324 --- +If a Severe Weather Signal is hoisted on Monday, June 22, 2026, the H Share Registrar will make +appropriate arrangements for the delivery of the H Share certificates to the CCASS Depository’s service +counter so that they would be available for trading on Tuesday, June 23, 2026. +If a Severe Weather Signal is hoisted on Monday, June 22, 2026, for application of less than 500,000 +Hong Kong Public Offer Shares, the despatch of physical H Share certificate(s) will be made by ordinary +post when the post office re-opens after the Severe Weather Signal is lowered or canceled (e.g. in the +afternoon of Monday, June 22, 2026 or on Tuesday, June 23, 2026). +If a Severe Weather Signal is hoisted on Tuesday, June 23, 2026, for application of more than +500,000 Hong Kong Public Offer Shares, physical H Share certificate(s) will be available for collection +in person at the H Share Registrar’s office after the Severe Weather Signal is lowered or canceled (e.g. +in the afternoon of Tuesday, June 23, 2026 or on Wednesday, June 24, 2026). +Prospective investors should be aware that if they choose to receive physical H Share +certificates issued in their own name, there may be a delay in receiving the H Share certificates. +F. ADMISSION OF THE H SHARES INTO CCASS +If the Stock Exchange grants the listing of, and permission to deal in, the H Shares on the Stock +Exchange and we comply with the stock admission requirements of HKSCC, the H Shares will be accepted +as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the date +of commencement of dealings in the H Shares or any other date HKSCC chooses. Settlement of +transactions between Exchange Participants is required to take place in CCASS on the second settlement +day after any trading day. +All activities under CCASS are subject to the General Rules of HKSCC and the HKSCC Operational +Procedures in effect from time to time. +All necessary arrangements have been made enabling the H Shares to be admitted into CCASS. +You should seek the advice of your broker or other professional advisor for details of the settlement +arrangement as such arrangements may affect your rights and interests. +G. PERSONAL DATA +The following Personal Information Collection Statement applies to any personal data collected and +held by our Company, the H Share Registrar, the receiving banks and the Relevant Persons about you in +the same way as it applies to personal data about applicants other than HKSCC Nominees. This personal +data may include client identifier(s) and your identification information. By giving application instructions +to HKSCC, you acknowledge that you have read, understood and agree to all of the terms of the Personal +Information Collection Statement below. +1. Personal Information Collection Statement +This Personal Information Collection Statement informs the applicant for, and holder of, Hong Kong +Offer Shares, of the policies and practices of our Company and the H Share Registrar in relation to +personal data and the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong). +2. Reasons for the collection of your personal data +It is necessary for applicants and registered holders of Hong Kong Offer Shares to ensure that +personal data supplied to our Company or its agents and the H Share Registrar is accurate and up-to-date +when applying for Hong Kong Offer Shares or transferring Hong Kong Offer Shares into or out of their +names or in procuring the services of the H Share Registrar. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 315 – + + +--- page 325 --- +Failure to supply the requested data or supplying inaccurate data may result in your application for +Hong Kong Offer Shares being rejected, or in the delay or the inability of our Company or the H Share +Registrar to effect transfers or otherwise render their services. It may also prevent or delay registration or +transfers of Hong Kong Offer Shares which you have successfully applied for and/or the despatch of H +Share certificate(s) to which you are entitled. +It is important that applicants for and holders of Hong Kong Offer Shares inform our Company and +the H Share Registrar immediately of any inaccuracies in the personal data supplied. +3. Purposes +Your personal data may be used, held, processed, and/or stored (by whatever means) for the +following purposes: + processing your application and refund cheque and White Form e-Refund payment +instruction(s), where applicable, verification of compliance with the terms and application +procedures set out in this prospectus and announcing results of allocation of Hong Kong Offer +Shares; + compliance with applicable laws and regulations in Hong Kong and elsewhere; + registering new issues or transfers into or out of the names of the holders of the H Shares +including, where applicable, HKSCC Nominees; + maintaining or updating the register of members of our Company; + verifying identities of applicants for and holders of the H Shares and identifying any duplicate +applications for the H Shares; + facilitating Hong Kong Offer Shares balloting; + establishing benefit entitlements of holders of the H Shares, such as dividends, rights issues, +bonus issues, etc.; + distributing communications from our Company and its subsidiaries; + compiling statistical information and profiles of the holder of the H Shares; + disclosing relevant information to facilitate claims on entitlements; and + any other incidental or associated purposes relating to the above and/or to enable our Company +and the H Share Registrar to discharge their obligations to applicants and holders of the H +Shares and/or regulators and/or any other purposes to which applicants and holders of the H +Shares may from time to time agree. +4. Transfer of personal data +Personal data held by our Company and the H Share Registrar relating to the applicants for and +holders of Hong Kong Offer Shares will be kept confidential but our Company and the H Share Registrar +may, to the extent: necessary for achieving any of the above purposes, disclose, obtain or transfer (whether +within or outside Hong Kong) the personal data to, from or with any of the following: + our Company’s appointed agents such as financial advisers, receiving bank and overseas +principal share registrar; +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 316 – + + +--- page 326 --- + HKSCC or HKSCC Nominees, who will use the personal data and may transfer the personal +data to the H Share Registrar, in each case for the purposes of providing its services or facilities +or performing its functions in accordance with its rules or procedures and operating FINI and +CCASS (including where applicants for the Hong Kong Offer Shares request a deposit into +CCASS); + any agents, contractors or third-party service providers who offer administrative, +telecommunications, computer, payment or other services to our Company or the H Share +Registrar in connection with their respective business operation; + the Stock Exchange, the SFC and any other statutory regulatory or governmental bodies or +otherwise as required by laws, rules or regulations, including for the purpose of the Stock +Exchange’s administration of the Listing Rules and the SFC’s performance of its statutory +functions; and + any persons or institutions with which the holders of Hong Kong Offer Shares have or propose +to have dealings, such as their bankers, solicitors, accountants or brokers, etc. +5. Retention of personal data +Our Company and the H Share Registrar will keep the personal data of the applicants and holders +of Hong Kong Offer Shares for as long as necessary to fulfill the purposes for which the personal data were +collected. Personal data which is no longer required will be destroyed or dealt with in accordance with the +Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong). +6. Access to and correction of personal data +Applicants for and holders of Hong Kong Offer Shares have the right to ascertain whether our +Company or the H Share Registrar hold their personal data, to obtain a copy of that data, and to correct +any data that is inaccurate. Our Company and the H Share Registrar have the right to charge a reasonable +fee for the processing of such requests. All requests for access to data or correction of data should be +addressed to our Company and the H Share Registrar, at their registered address disclosed in the section +headed “Corporate information” in this prospectus or as notified from time to time, for the attention of the +company secretary, or the H Share Registrar for the attention of the privacy compliance officer. +HOW TO APPLY FOR HONG KONG OFFER SHARES +– 317 – + + +--- page 327 --- +The following is the text of a report set out on pages I-1 to I-34, received from the Company’ s +reporting accountants, Deloitte Touche Tohmatsu, Certified Public Accountants, Hong Kong, for the +purpose of incorporation in this Prospectus. +ACCOUNTANTS’ REPORT ON HISTORICAL FINANCIAL INFORMATION TO THE +DIRECTORS OF HJ SCIENCE CO., LTD. AND CITIC SECURITIES (HONG KONG) LIMITED +Introduction +We report on the historical financial information of HJ Science Co., Ltd. ( ശ਄͊Ը(ϓே)΅ +ʮ̡) (the “Company”) and its subsidiaries (together, the “Group”) set out on pages I-3 to I-34, which +comprises the consolidated statements of financial position of the Group as at December 31, 2024 and +2025, the statements of financial position of the Company as at December 31, 2024 and 2025 and the +consolidated statements of profit or loss and other comprehensive income, the consolidated statements of +changes in equity and the consolidated statements of cash flows of the Group for each of the two years +ended December 31, 2025 (the “Track Record Period”) and material accounting policy information and +other explanatory information (together, the “Historical Financial Information”). The Historical Financial +Information set out on pages I-3 to I-34 forms an integral part of this report, which has been prepared for +inclusion in the prospectus of the Company dated June 12, 2026 (the “Prospectus”) in connection with the +initial listing of shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited +(the “Stock Exchange”). +Directors’ responsibility for the Historical Financial Information +The directors of the Company are responsible for the preparation of the Historical Financial +Information that gives a true and fair view in accordance with the basis of preparation set out in Note 2 +to the Historical Financial Information, and for such internal control as the directors of the Company +determine is necessary to enable the preparation of the Historical Financial Information that is free from +material misstatement, whether due to fraud or error. +Reporting accountants’ responsibility +Our responsibility is to express an opinion on the Historical Financial Information and to report our +opinion to you. We conducted our work in accordance with Hong Kong Standard on Investment Circular +Reporting Engagements 200 “Accountants’ Reports on Historical Financial Information in Investment +Circulars” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). This +standard requires that we comply with ethical standards and plan and perform our work to obtain +reasonable assurance about whether the Historical Financial Information is free from material +misstatement. +Our work involved performing procedures to obtain evidence about the amounts and disclosures in +the Historical Financial Information. The procedures selected depend on the reporting accountants’ +judgement, including the assessment of risks of material misstatement of the Historical Financial +Information, whether due to fraud or error. In making those risk assessments, the reporting accountants +consider internal control relevant to the entity’s preparation of Historical Financial Information that gives +a true and fair view in accordance with the basis of preparation set out in Note 2 to the Historical Financial +Information in order to design procedures that are appropriate in the circumstances, but not for the purpose +of expressing an opinion on the effectiveness of the entity’s internal control. Our work also included +evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates +made by the directors of the Company, as well as evaluating the overall presentation of the Historical +Financial Information. +We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for +our opinion. +APPENDIX I ACCOUNTANTS’ REPORT +– I-1 – + + +--- page 328 --- +Opinion +In our opinion, the Historical Financial Information gives, for the purposes of the accountants’ +report, a true and fair view of the Group’s financial position as at December 31, 2024 and 2025, of the +Company’s financial position as at December 31, 2024 and 2025, and of the Group’s financial performance +and cash flows for the Track Record Period in accordance with the basis of preparation set out in Note 2 +to the Historical Financial Information. +Report on matters under the Rules Governing the Listing of Securities on the Stock Exchange and +the Companies (Winding Up and Miscellaneous Provisions) Ordinance +Adjustments +In preparing the Historical Financial Information, no adjustments to the Underlying Financial +Statements as defined on page I-3 have been made. +Dividends +We refer to Note 14 to the Historical Financial Information which states that no dividend was +declared or paid by the Company in respect of the Track Record Period. +Deloitte Touche Tohmatsu +Certified Public Accountants +Hong Kong +June 12, 2026 +APPENDIX I ACCOUNTANTS’ REPORT +– I-2 – + + +--- page 329 --- +HISTORICAL FINANCIAL INFORMATION OF THE GROUP +Preparation of Historical Financial Information +Set out below is the Historical Financial Information which forms an integral part of this +accountants’ report. +The consolidated financial statements of the Group for the Track Record Period, on which the +Historical Financial Information in this report is based, have been prepared in accordance with the +accounting policies which conform with IFRS Accounting Standards as issued by International Accounting +Standards Board and were audited by us in accordance with International Standards on Auditing issued by +International Auditing and Assurance Standards Board (“Underlying Financial Statements”). +The Historical Financial Information is presented in Renminbi (“RMB”) and all values are rounded +to the nearest thousand (RMB’000) except when otherwise indicated. +APPENDIX I ACCOUNTANTS’ REPORT +– I-3 – + + +--- page 330 --- +CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE +INCOME +Y ear ended December 31, +NOTES 2024 2025 +RMB’000 RMB’000 +Revenue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186 1,800 12,982 +Other income /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 2,856 175 +Other gains and losses, net /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188 (119,074) 6,545 +Administrative expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(12,635) (28,291) +Research and development expenses /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(74,973) (110,178) +Listing expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (16,026) +Share of result of an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(239) (158) +Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189 (52) (129) +Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811 (202,317) (135,080) +Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810 – (4) +Loss and total comprehensive expense for the year /H1118/H1118/H1118/H1118/H1118 (202,317) (135,084) +Loss and total comprehensive expense for the year +attributable to: +Owners of the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +Loss per share (in RMB) +– Basic /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 (5.12) (2.28) +– Diluted /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815 (5.12) (2.28) +APPENDIX I ACCOUNTANTS’ REPORT +– I-4 – + + +--- page 331 --- +CONSOLIDATED STATEMENTS OF FINANCIAL POSITION +December 31, +NOTES 2024 2025 +RMB’000 RMB’000 +Non-current assets +Property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816 20,388 20,112 +Intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817 153 – +Right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818 695 635 +Investment in an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 8,478 8,320 +29,714 29,067 +Current assets +Prepayments and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820 17,078 27,150 +Financial assets at fair value through profit or loss +(“FVTPL”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 329,071 372,172 +Restricted bank deposit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118500 500 +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 53,810 3,720 +400,459 403,542 +Current liabilities +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 36,329 62,874 +Borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 – 10,008 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 328 – +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 2,281 2,276 +Tax liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–4 +Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111826 15,000 20,885 +53,938 96,047 +Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118346,521 307,495 +Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,562 +Non-current liability +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 – 362 +Net assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +Capital and reserves +Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 16,928 60,000 +Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118359,307 276,200 +Equity attributable to owners of the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +Total equity /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,235 336,200 +APPENDIX I ACCOUNTANTS’ REPORT +– I-5 – + + +--- page 332 --- +STATEMENTS OF FINANCIAL POSITION OF THE COMPANY +December 31, +NOTES 2024 2025 +RMB’000 RMB’000 +Non-current assets +Property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816 20,375 20,099 +Intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817 153 – +Right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818 695 635 +Investment in an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111819 8,478 8,320 +Investments in subsidiaries /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111837 – 2,000 +29,701 31,054 +Current assets +Prepayments and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820 16,816 26,887 +Financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 329,071 372,172 +Amounts due from a subsidiary /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 893 – +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111822 53,798 2,535 +400,578 401,594 +Current liabilities +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823 36,242 62,786 +Borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 – 10,008 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111836 328 – +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 2,281 2,276 +Contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111826 15,000 20,885 +53,851 95,955 +Net current assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118346,727 305,639 +Total assets less current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,428 336,693 +Non-current liability +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111824 – 362 +Net assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,428 336,331 +Capital and reserves +Paid-in capital/share capital /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828 16,928 60,000 +Reserves /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111829 359,500 276,331 +Total equity /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118376,428 336,331 +APPENDIX I ACCOUNTANTS’ REPORT +– I-6 – + + +--- page 333 --- +CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY +Attributable to owners of the Company +Paid-in +capital/ +share +capital +Share +premium +Statutory +reserve +Other +reserve +Accumulated +losses Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +(Note (i)) (Note (ii)) +As at January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,320 566,702 2,232 (626,229) (478,401) (519,376) +Loss and total comprehensive expense +for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (202,317) (202,317) +Capital injection to the Company /H1118/H1118/H1118/H11186 0 8––– – 6 0 8 +Termination of financial instruments +with preferred rights (Note 27) /H1118/H1118/H1118/H1118 – 471,091 – 626,229 – 1,097,320 +As at December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,928 1,037,793 2,232 – (680,718) 376,235 +Loss and total comprehensive expense +for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (135,084) (135,084) +Conversion into a joint stock company +(“Capitalization Issue”) (Note 28) /H1118/H1118 41,516 (685,252) (2,232) – 645,968 – +Recognition of equity-settled share- +based payment (Note 30) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – 25,049 – 25,049 +Capital injection to the Company +(Note 28) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,556 68,444 – – – 70,000 +As at December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111860,000 420,985 – 25,049 (169,834) 336,200 +Notes: +(i) In accordance with the Articles of Association of the Company, it is required to transfer 10% of the profit after taxation to +the statutory reserve until the reserve reaches 50% of the registered capital. Transfer to this reserve must be made before +distributing dividends to equity holders. The statutory reserve can be used to make up for previous years’ losses, expand the +existing operations or convert into additional capital of the Company. +(ii) The other reserves as at January 1, 2024 represent the impact of issue of financial instruments with preferred rights before +the Track Record Period. +APPENDIX I ACCOUNTANTS’ REPORT +– I-7 – + + +--- page 334 --- +CONSOLIDATED STATEMENTS OF CASH FLOWS +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +OPERATING ACTIVITIES +Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,080) +Adjustments for: +Finance costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111852 129 +Interest income on time deposits with original maturity of +over three months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,044) – +Share of result of an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118239 158 +Depreciation of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,031 1,787 +Depreciation of right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118696 803 +Amortization of intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230 153 +Gain on disposal of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (1) +Gain on financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(5,651) (6,544) +Loss on financial instruments with preferred rights /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118124,725 – +Share-based payment expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 25,049 +Operating cash flows before movements in working capital /H1118/H1118/H1118/H1118(81,039) (113,546) +Movements in working capital elements: +Increase in prepayments and other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(6,854) (10,072) +Increase in trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111811,651 28,627 +Decrease in amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (328) +(Decrease) increase in contract liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,800) 5,885 +NET CASH USED IN OPERATING ACTIVITIES /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(78,042) (89,434) +INVESTING ACTIVITIES +Purchases of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,630) (1,514) +Proceeds from disposal of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118–4 +Proceeds from redemption of time deposits with original +maturity over three months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118130,000 – +Purchases of time deposits with original maturity over three +months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(130,000) – +Proceeds from disposal of financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,923,602 1,485,443 +Purchases of financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,970,000) (1,522,000) +Interest received from time deposits with original maturity over +three months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,044 – +NET CASH USED IN INVESTING ACTIVITIES /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(46,984) (38,067) +FINANCING ACTIVITIES +Repayments of lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(661) (386) +Interest paid on lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(52) (26) +Proceeds from capital injection to the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118608 – +Proceeds from issuance of shares /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 70,000 +Payments for share issue costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (2,082) +New bank borrowings raised /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,000 +Interest paid on bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (95) +NET CASH (USED IN) FROM FINANCING ACTIVITIES /H1118/H1118/H1118/H1118 (105) 77,411 +Net decrease in cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(125,131) (50,090) +Cash and cash equivalents at beginning of the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118178,941 53,810 +CASH AND CASH EQUIV ALENTS AT THE END OF YEAR /H1118/H1118 53,810 3,720 +APPENDIX I ACCOUNTANTS’ REPORT +– I-8 – + + +--- page 335 --- +NOTES TO THE HISTORICAL FINANCIAL INFORMATION +1. GENERAL +The Company was incorporated in the People’s Republic of China (the “PRC”) on February 20, 2017 as a limited liability +company. On March 18, 2025, the Company was converted into a joint stock company with limited liability under the Company Law +of the PRC, with its name changed from HJ Science Co., Ltd. (ʮ̡) to HJ Science Co., Ltd. ( ശ਄͊Ը(ϓ +ே)ʮ̡). The respective address of the registered office and the principal place of business of the Company are set +out in the section headed “Corporate Information” to the Prospectus. The Company’s controlling shareholder and ultimate controlling +party is Dr. Ji Jianxin (อ), who is also the chief executive of the Company. +The principal activities of the Group are mainly research and development of new small molecule drugs. The Group’s principal +operations and geographic markets are in the PRC. Particulars of subsidiaries are disclosed in Note 37. +The Historical Financial Information are presented in RMB, which is also the functional currency of the Company. +2. BASIS OF PREPARATION OF THE HISTORICAL FINANCIAL INFORMATION +The Historical Financial Information has been prepared based on the accounting policies which conform with IFRS +Accounting Standards. +The Historical Financial Information has been prepared on the historical cost basis, except for financial assets at FVTPL and +financial instruments with preferred rights, which have been measured at fair value. +The statutory financial statements of the Company for the year ended December 31, 2024 were prepared in accordance with +relevant accounting principles and financial regulations applicable to the enterprises in the PRC and were audited by Zhongzheng +Tiantong Certified Public Accountants (LLP) Anhui Branch* (ה(౷ஷΥྫ)הcertified public +accountants registered in the PRC. No statutory financial statements of the Company have been prepared for the year ended +December 31, 2025 as the financial statements have not yet been due to issue. +3. ADOPTION OF NEW AND AMENDMENTS TO IFRS ACCOUNTING STANDARDS +For the purpose of preparing the Historical Financial Information for the Track Record Period, the Group has consistently +applied the accounting policies which conform with IFRS Accounting Standards, which are effective for the accounting period +beginning on January 1, 2025 throughout the Track Record Period. +New and revised IFRS Accounting Standards in issue but not yet effective +At the date of this report, the following new and amendments to IFRS Accounting Standards have been issued but are not yet +effective: +Amendments to IAS 21 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Translation to a Hyperinflationary Presentation Currency +3 +Amendments to IFRS 9 and IFRS 7 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Amendments to the Classification and Measurement of Financial +Instruments 2 +Amendments to IFRS 9 and IFRS 7 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Contracts Referencing Nature-dependent Electricity 2 +Amendments to IFRS 10 and IAS 28 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Sale or Contribution of Assets between an Investor and its Associate +or Joint Venture 1 +Amendments to IFRS Accounting Standards /H1118/H1118/H1118/H1118Annual Improvements to IFRS Accounting Standards-V olume 11 2 +IFRS 18 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Presentation and Disclosure in Financial Statements 3 +IFRS 20 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Regulatory Assets and Regulatory Liabilities 4 +1 Effective for annual periods beginning on or after a date to be determined +2 Effective for annual periods beginning on or after January 1, 2026 +3 Effective for annual periods beginning on or after January 1, 2027 +4 Effective for annual periods beginning on or after January 1, 2029 +IFRS 18 Presentation and Disclosure in Financial Statements +IFRS 18 “Presentation and Disclosure in Financial Statements”, which sets out requirements on presentation and disclosures +in financial statements, will replace IAS 1 “Presentation of Financial Statements”. This new IFRS Accounting Standard, while +carrying forward many of the requirements in IAS 1, introduces new requirements to present specified categories and defined +subtotals in the statement of profit or loss; provide disclosures on management-defined performance measures in the notes to the +financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In +addition, some IAS 1 paragraphs have been moved to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” and +IFRS 7 “Financial Instruments: Disclosures”. Minor amendments to IAS 7 “Statement of Cash Flows” and IAS 33 “Earnings per +Share” are also made. +* English name is for identification purpose only +APPENDIX I ACCOUNTANTS’ REPORT +– I-9 – + + +--- page 336 --- +IFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after January 1, 2027, with +early application permitted. The application of the new standard is not expected to have significant impact on the financial +performance and positions of the Group in terms of recognition and measurement. However, it is expected to affect the structure and +presentation of the consolidated statement of profit or loss and other comprehensive income. +Except for the new IFRS Accounting Standard mentioned above, the management of the Group considers that the application +of all the amendments to IFRS Accounting Standards is unlikely to have a material impact on the Group’s financial position and +performance in foreseeable future. +4. MATERIAL ACCOUNTING POLICY INFORMATION +Basis of consolidation +The Historical Financial Information incorporate the financial statements of the Company and entities controlled by the +Company and its subsidiaries. Control is achieved when the Company: + has power over the investee; + is exposed, or has rights, to variable returns from its involvement with the investee; and + has the ability to use its power to affect its returns. +The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one +or more of the three elements of control listed above. +Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company +loses control of the subsidiary. +Profit or loss and each item of other comprehensive income are attributed to the owners of the Company. Total comprehensive +income of subsidiaries is attributed to the owners of the Company. +When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with +the Group’s accounting policies. +All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the +Group are eliminated in full on consolidation. +Investment in an associate +An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in +the financial and operating policy decisions of the investee but is not control or joint control over those policies. +The results and assets and liabilities of an associate are incorporated in the Historical Financial Information using the equity +method of accounting. The financial statements of an associate used for equity accounting purposes are prepared using uniform +accounting policies as those of the Group for like transactions and events in similar circumstances. Under the equity method, an +investment in an associate is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter +to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. +An investment in an associate is accounted for using the equity method from the date on which the investee becomes an +associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the +net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying +amount of the investment. +The Group assesses whether there is an objective evidence that the interest in an associate may be impaired. When any +objective evidence exists, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance +with IAS 36 “Impairment of Assets” as a single asset by comparing its recoverable amount (higher of value in use and fair value +less costs of disposal) with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill, +that forms part of the carrying amount of the investment. +When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the +associate are recognized in the Historical Financial Information only to the extent of interests in the associate that are not related +to the Group. +Revenue from contracts with customers +Information about the Group’s accounting policies relating to contracts with customers is provided in Notes 6 and 26. +Employee benefits +Retirement benefit costs +The Group participates in government-managed retirement benefit schemes, which are defined contribution schemes, pursuant +to which the Group pays a fixed percentage of its staff’s wages as contributions to the plans. Payments to such retirement benefit +schemes are recognized as an expense when employees have rendered service entitling them to the contributions. +APPENDIX I ACCOUNTANTS’ REPORT +– I-10 – + + +--- page 337 --- +Short-term employee benefits +Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when +employees rendered the services. All short-term employee benefits are recognized as an expense unless another IFRS Accounting +Standard requires or permits the inclusion of the benefit in the cost of an asset. +A liability is recognized for benefits accruing to employees (such as wages and salaries) after deducting any amount already +paid. +Research and development expenses +Expenditure on research activities is recognized as an expense in the period in which it is incurred. +Taxation +Income tax expense represents the sum of the current and deferred income tax expense. +The tax currently payable is based on taxable profit for the year. Taxable profit differs from loss before tax because of income +or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for +current tax is calculated using tax rates that have been enacted or substantively enacted by the end of each reporting period. +Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Historical +Financial Information and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally +recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary +differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences +can be utilised. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial +recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor +the accounting profit and at the time of transaction does note give rise to equal taxable and deductible temporary differences. +Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and +associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary +difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated +with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits +against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. +The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it +is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. +Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability +is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of each +reporting period. +The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in +which the Group expects, at the end of each reporting period, to recover or settle the carrying amount of its assets and liabilities. +Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current +tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority. +Current and deferred tax are recognized in profit or loss. +Property, plant and equipment +Property, plant and equipment are tangible assets that are held for use in the research and development activities, or for +administrative purposes. Property, plant and equipment are stated in the consolidated statements of financial position at cost less +subsequent accumulated depreciation and subsequent accumulated impairment losses, if any. +Depreciation is recognized so as to write off the cost of assets other than construction in progress less their residual values +over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method +are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. +Impairment on property, plant and equipment, right-of-use assets and intangible assets +At the end of each reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right of-use +assets, intangible assets with finite useful lives to determine whether there is any indication that these assets have suffered an +impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the +extent of the impairment loss (if any). +The recoverable amount of property, plant and equipment, right-of-use assets, and intangible assets are estimated individually. +When it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the +cash-generating unit to which the asset belongs. +APPENDIX I ACCOUNTANTS’ REPORT +– I-11 – + + +--- page 338 --- +Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated +future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the +time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have +not been adjusted. +If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying +amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. The carrying amount of an asset is not reduced +below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of +the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit or the +group of cash-generating units. An impairment loss is recognized immediately in profit or loss. +Cash and cash equivalents +Cash and cash equivalents presented on the consolidated statements of financial position include: +(a) cash, which comprises of cash on hand and demand deposits, excluding bank balances that are subject to regulatory +restrictions that result in such balances no longer meeting the definition of cash; and +(b) cash equivalents, which comprises of short-term deposits (generally with original maturity of three months or less). +Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other +purposes. +For the purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash and cash equivalents +as defined above. +Financial instruments +Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of +the instrument. All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. Regular +way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by +regulation or convention in the market place. +Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts +with customers which are initially measured in accordance with IFRS 15 “Revenue from Contracts with Customers”. Transaction +costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets +or financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as +appropriate, on initial recognition. Transaction costs directly attributed to the acquisition of financial assets or financial liabilities +at FVTPL are recognized immediately in profit or loss. +The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of +allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts +estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective +interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, +or, where appropriate, a shorter period, to the net carrying amount on initial recognition. +Financial assets +Classification and subsequent measurement of financial assets +Financial assets that meet the following conditions are subsequently measured at amortized cost: + the financial asset is held within a business model whose objective is to collect contractual cash flows; and + the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on +the principal amount outstanding. +All other financial assets are subsequently measured at FVTPL. +(i) Amortized cost and interest income +Interest income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. +Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for +financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, +interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting +period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, +interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the +beginning of each reporting period following the determination that the asset is no longer credit-impaired. +(ii) Financial assets at FVTPL +Financial assets that do not meet the criteria for being measured at amortized cost or designated as fair value through other +comprehensive income are measured at FVTPL. +Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses +recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial +asset and is included in the “other gains and losses, net” line item. +APPENDIX I ACCOUNTANTS’ REPORT +– I-12 – + + +--- page 339 --- +Impairment of financial assets subject to impairment assessment under IFRS 9 +The Group performs impairment assessment under expected credit loss (“ECL”) model on financial assets (including other +receivables, restricted bank deposit and cash and cash equivalents) which are subject to impairment assessment under IFRS 9. The +amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. +Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant +instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default +events that are possible within 12 months after the reporting date. Assessments are done based on the Group’s historical credit loss +experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current +conditions at the reporting date as well as the forecast of future conditions. +The Group measures the loss allowance equal to 12m ECL, unless there has been a significant increase in credit risk since +initial recognition, in which case the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized +is based on significant increases in the likelihood or risk of a default occurring since initial recognition. +Significant financial difficulties of the counterparties, probability that the counterparties will enter bankruptcy or financial +reorganisation, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases +to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted +for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than +30 days past due. Any contractual payment which is more than 90 days past due is considered an event of default unless the Group +has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. +The Group recognizes an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying +amount, with the exception of trade receivables where the corresponding adjustment is recognized through a loss allowance account. +Derecognition of financial assets +The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire. +On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the +sum of the consideration received and receivable is recognized in profit or loss. +Financial liabilities and equity +Classification as debt or equity +Debt and equity instruments issued are classified as either financial liabilities or as equity in accordance with substance of +the contractual arrangements and the definitions of a financial liability and an equity instrument. +Equity instruments +An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its +liabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs. +Financial liabilities +All financial liabilities are subsequently measured at amortized cost using the effective interest method or at FVTPL. +Financial liabilities at FVTPL +Financial liabilities are classified as at FVTPL when the financial liability is designated as at FVTPL. +A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business +combination may be designated as at FVTPL upon initial recognition if: + such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise +arise; or + the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and +its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or +investment strategy, and information about the grouping is provided internally on that basis; or + it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined +contract to be designated as at FVTPL. +At the date of issue, the financial instruments with preferred rights are designated as financial liabilities at FVTPL. In +subsequent period, changes in fair value (including dividend and interest incurred) are recognized in profit or loss as fair value gain +or loss except for changes in the fair value that is attributable to changes in the credit risk (excluding changes in fair value of the +derivatives component) is recognized in other comprehensive income, unless the recognition of the effects of changes in the credit +risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value +attributable to the credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss, +they are transferred to accumulated losses upon derecognition. +Transaction costs relating to the issue of the financial instruments with preferred rights are charged to profit or loss +immediately. +APPENDIX I ACCOUNTANTS’ REPORT +– I-13 – + + +--- page 340 --- +Financial liabilities at amortized cost +Financial liabilities including trade and other payables, amounts due to a related party and bank borrowings are subsequently +measured at amortized cost, using the effective interest method. +Derecognition of financial liabilities +The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have +expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable +is recognized in profit or loss. +Borrowing costs +All borrowing costs are recognized in profit or loss in the period in which they are incurred. +Share-based payment +Equity-settled share-based payment transactions +Shares granted to employees +Equity-settled share-based payment to employees are measured at the fair value of the equity instruments at the grant date. +The fair value of the equity-settled share-based payment determined at the grant date without taking into consideration all +nonmarket vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity +instruments that will eventually vest, with a corresponding increase in equity (other reserve). At the end of each reporting period, +the Group revises its estimate of the number of equity instruments expected to vest based on assessment of all relevant non-market +vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative +expense reflects the revised estimate, with a corresponding adjustment to the other reserve. +At the same time, the Group recognized the cash received from the grantees as a capital contribution from the shareholder(s) +of the Company in capital reserve included in other reserves. When shares granted are vested, the amounts previously recognized +in other reserve will be transferred to share premium. If the grantee leaves the Group before end of the vesting period, the amount +previously recognized as capital contribution will remain in the same reserve. +5. KEY SOURCES OF ESTIMATION UNCERTAINTY +In the application of the Group’s material accounting policies, which are described in Note 4, the directors of the Company +are required to make judgment, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily +apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are +considered to be relevant. Actual results may differ from these estimates. +The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are +recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and +future periods if the revision affects both current and future periods. +The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of +each reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and +liabilities within the next twelve months. +Fair value measurement of financial instruments with preferred rights +As at January 1, 2024, the Group’s financial instruments with preferred rights amounting to RMB972,595,000, is measured +at fair value with fair value being determined based on significant unobservable inputs using valuation techniques. Judgement and +estimation are required in establishing the relevant valuation techniques and the relevant inputs thereof. Changes in assumptions +relating to these factors could result in material adjustments to the fair value of the financial instruments with preferred rights. Details +of the financial instruments with preferred rights are disclosed in Note 27. +6. REVENUE AND SEGMENT INFORMATION +(i) Disaggregation of revenue from contracts with customers +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Type of revenue +– Out-licensing arrangement /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,800 12,982 +Timing of revenue recognition /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +– Over time /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,800 12,982 +APPENDIX I ACCOUNTANTS’ REPORT +– I-14 – + + +--- page 341 --- +(ii) Performance obligations for contracts with customers and revenue recognition policies +License-out of HJ197 +In November 2020, the Group entered into a license and collaboration agreement (the “HJ197 Agreement”) with +Shanghai Junshi Biosciences Co., Ltd.* (ʮ̡) (“Junshi Biosciences”), an investor of the +Company, for the research, development, manufacturing and commercialization activities of HJ197, an oral drug for the +treatment of gastrointestinal cancer in Asia. Under the agreement, the Company received a non-refundable upfront payment +in January 2021 (the “Upfront Payment”) and is eligible to receive payments according to timing in achievements of various +clinical trial milestones and research and development expenses invested subsequently. +The revenue for out-licensing arrangement is recognized as a performance obligation satisfied over time. The progress +towards complete satisfaction of the performance obligation in respect of out-licensing arrangement is measured based on +cost-based input method, which is based on actual costs incurred as a percentage of total estimated costs as the Group +completes its performance obligation, that best depict the Group’s performance in transferring control of out-licensing +arrangement. +On June 18, 2025, the Group entered into a supplementary agreement (the “HJ197 Novation Agreement) with Junshi +Biosciences and its subsidiary, Shanghai Junze Chuangyao Biotechnology Co., Ltd.* (ʮ̡) +(“Junze Chuangyao”) to novate the rights and obligations under the HJ197 Agreement. Pursuant to the HJ197 Novation +Agreement, the parties agree that all rights and obligations of Junshi Biosciences are transferred to Junze Chuangyao on the +date of the HJ197 Novation Agreement. The Company received a clinical trial milestone payment (the “Milestone Payment”) +aggregating RMB20,000,000 from Junze Chuangyao on July 18, 2025. +As at December 31, 2025, HJ197 is still in the research and development process. For the years ended December 31, +2024 and 2025, the Group recognized contract revenue related to the license-out of HJ197 of RMB1,800,000 and +RMB12,982,000, respectively. As at December 31, 2024 and 2025, the Upfront Payment and the Milestone Payment that had +not been recognized as revenue were recorded as contract liabilities. +(iii) Transaction price allocated to the remaining performance obligation for contracts with the customer +The transaction price allocated to the remaining performance obligation for the license-out (unsatisfied or partially +unsatisfied) as at December 31, 2024 and 2025 and the expected timing of recognizing revenue are as follows: +December 31, +2024 2025 +RMB’000 RMB’000 +Within one year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,500 5,343 +More than one year but not more than two years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,900 12,143 +Over two years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,600 3,399 +15,000 20,885 +(iv) Segment information +Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed +by the chief executive officer of the Group, being the chief operating decision maker (“CODM”), in order to allocate resources and +to assess the performance. +During the Track Record Period, the CODM reviews the overall results and financial position of the Group as a whole. +Accordingly, the Group has only one single operating and reportable segment and no further analysis of the single segment is +presented. +(v) Geographical information +During the Track Record Period, all of the Group’s revenue was generated in the PRC and all of its non-current assets were +located in the PRC. +7. OTHER INCOME +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Government grants (Note) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118774 88 +Interest income on: /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +– bank deposits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,038 87 +– term deposits with original maturity of over three months /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,044 – +2,856 175 +Note: The amounts represent government grants received from various PRC government authorities as incentives for the +Group’s research and development activities. +* English name is for identification purpose only +APPENDIX I ACCOUNTANTS’ REPORT +– I-15 – + + +--- page 342 --- +8. OTHER GAINS AND LOSSES, NET +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Loss from changes in fair value of financial instruments with preferred +rights (Note 27) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(124,725) – +Gain from changes in fair value of financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185,651 6,544 +Gain on disposal of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 +(119,074) 6,545 +9. FINANCE COSTS +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Interest on lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(52) (26) +Interest on bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (103) +(52) (129) +10. INCOME TAX EXPENSE +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Current tax: +PRC Enterprise Income Tax (“EIT”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (4) +Pursuant to the law of the PRC on Enterprise Income Tax (the “EIT Law”) and Implementation Regulations of the EIT Law, +the applicable tax rate of the Company and its subsidiaries is 25% during the Track Record Period. +The Company was accredited as a High and New Technology Enterprise recognized by Science and Technology Commission +of Chengdu Municipality on November 2, 2022, and was reaccredited as such by the same authority on December 8, 2025 after the +last accreditation expired, and enjoys a preferential tax rate of 15% for the Track Record Period. +According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2023 onwards, enterprises engage +in research and development activities are entitled to claim 200% of the research and development expenses so incurred in a year +as tax deductible expenses in determining its tax assessable profits for that year. As such, the Company enjoyed super deduction of +200% on qualifying research and development expenditures throughout the Track Record Period. +The tax charge for each reporting period can be reconciled to the loss before tax per the consolidated statements of profit or +loss and other comprehensive income as follows: +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Loss before tax /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,080) +Tax calculated at the applicable income tax rate of 25% /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(50,579) (33,770) +Tax effect of expenses not deductible for tax purpose /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111831,209 6,270 +Income tax at concessionary rate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (15) +Tax effect of share of result of an associate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111859 40 +Tax effect of super deduction on research and development expenses /H1118/H1118/H1118/H1118 (16,009) (13,764) +Tax effect of tax losses not recognized /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111835,307 41,139 +Tax effect of deductible temporary differences not recognized /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813 104 +Income tax expense /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–4 +As at December 31, 2024 and 2025, the Group has unused tax losses of RMB403,094,000 and RMB566,925,000, respectively. +These tax losses will be expired in 5 to 10 years. As at December 31, 2024 and 2025, the Group has deductible temporary differences +of RMB50,000 and RMB417,000, respectively. No deferred tax asset has been recognized in respect of the tax losses or temporary +differences due to the unpredictability of future profit streams. +APPENDIX I ACCOUNTANTS’ REPORT +– I-16 – + + +--- page 343 --- +11. LOSS BEFORE TAX +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Loss before tax for the year has been arrived at after charging: +Depreciation of property, plant and equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,031 1,787 +Amortization of intangible assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230 153 +Depreciation of right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118696 803 +Total depreciation /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,957 2,743 +Staff cost (including directors’ emoluments): +– Salaries and other benefits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,066 31,491 +– Retirement benefit scheme contributions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118899 1,770 +– Equity-settled share-based payment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 25,049 +Total staff cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111827,965 58,310 +Auditor’s remuneration /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111842 47 +12. DIRECTORS’, SUPERVISORS’ AND CHIEF EXECUTIVE OFFICER’S EMOLUMENTS +Details of the emoluments paid or payable to the individuals who were appointed as directors, supervisors and the chief +executive officer of the Company during the Track Record Period are as follows: +Fees Salaries +Retirement +benefit scheme +contribution +Share-based +payment Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +For the year ended December 31, 2024 +Directors: +Dr. Ji Jianxin ( note a ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 2,950 1 – 2,951 +Mr. Wu Zhen (ࣈ()note b ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 203 9 – 212 +Mr. Yang Xiangyu ( เജρ) +(note f) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 1,716 11 – 1,727 +Ms. Geng Xueli ( অኪ஁) (note d) /H1118/H1118/H1118/H1118/H1118––––– +Mr. Wang Junfeng (ࢤڲ)note d) /H1118/H1118/H1118/H1118 ––––– +Mr. Du Jiangbo (ت)note e) /H1118/H1118/H1118/H1118/H1118/H1118––––– +Mr. Zhang Zhiyong (ۇ) +note g) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– +– 4,869 21 – 4,890 +Fees Salaries +Retirement +benefit scheme +contribution +Share-based +payment Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +For the year ended December 31, 2025 +Directors: +Dr. Ji Jianxin ( note a ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 2,790 25 12,483 15,298 +Mr. Wu Zhen (note b ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 221 14 238 473 +Ms. Zhang Yao ( ੵာ) (note c) /H1118/H1118/H1118/H1118/H1118/H1118/H1118– 136 15 26 177 +Mr. Yang Xiangyu (note f) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 1,583 25 2,396 4,004 +Ms. Geng Xueli (note d) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– +Mr. Wang Junfeng (note d) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– +Mr. Du Jiangbo (note e) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– +Mr. Zhang Zhiyong (note g) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118––––– +Supervisors: +Mr. Tang Gaojia (৷ྗ) +(note h) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 185 19 133 337 +Ms. Wang Liqun ( ӓᘆ໊) +(note h) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 114 13 26 153 +Ms. Gao Qian (࠺) +note h) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 115 12 – 127 +Ms. Guo Qi ( ெೡ)( note h) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 9 35– 9 8 +– 5,237 128 15,302 20,667 +APPENDIX I ACCOUNTANTS’ REPORT +– I-17 – + + +--- page 344 --- +Notes: +(a) Dr. Ji Jianxin was appointed as a director and the chief executive officer of the Company since September 2018 and +was re-designated as an executive director of the Company on July 11, 2025. +(b) Mr. Wu Zhen was appointed as a director of the Company since September 2018 and was re-designated as an executive +director of the Company on July 11, 2025. +(c) Ms. Zhang Yao was appointed as a director of the Company since March 18, 2025 and was re-designated as an +executive director of the Company on July 11, 2025. +(d) Ms. Geng Xueli and Mr. Wang Junfeng were appointed as directors of the Company on October 12, 2020 and was +re-designated as non-executive directors of the Company on July 11, 2025. +(e) Mr. Du Jiangbo was appointed as a director of the Company on February 3, 2021 and was re-designated as a +non-executive director of the Company on July 11, 2025. +(f) Mr. Yang Xiangyu was designated as a director of the Company on January 18, 2024 and was re-designated as an +executive director of the Company on July 11, 2025. +(g) Mr. Zhang Zhiyong was appointed as a director of the Company on January 18, 2024 and was re-designated as a +non-executive director of the Company on July 11, 2025. +(h) Mr. Tang Gaojia, Ms. Gao Qian and Ms. Wang Liqun were appointed as the supervisors of the Company on March 18, +2025. Ms. Guo Qi was appointed as the supervisor of the Company on November 5, 2025. Ms. Gao Qian ceased to serve +as a supervisor on November 5, 2025. +The directors’ emoluments shown above were for their services as directors of the Company. The supervisors’ emoluments +shown above were for their services as supervisors of the Company. +There was no arrangement under which a director or a supervisor waived or agreed to waive any remuneration during the +Track Record Period. +On July 11, 2025, Mr. Wong Jovi Chi Wing ( ˮқ࿲), Mr. Jiang He (ձ), Ms. Lin Fangzhu (϶) and Mr. Liu Zhe ( ᄎ +ࡪwere appointed as the independent non-executive directors of the Company, and the respective appointments will become +effective upon the successful completion of the IPO (as defined in Note 27). +13. FIVE HIGHEST PAID EMPLOYEES +The five highest paid individuals of the Group included 2 and 2 directors of the Company for the year ended December 31, +2024 and 2025, respectively, details of whose remuneration are set out above. Details of the remuneration for the remaining 3 and +3 highest paid individuals for the year ended December 31, 2024 and 2025, respectively, are as follows: +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Salaries and other benefits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,399 3,910 +Retirement benefit scheme contribution /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111832 74 +Equity-settled share-based payment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 6,917 +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,431 10,901 +The number of the highest paid employees who are not the directors or supervisors of the Group whose remuneration fell +within the following bands is as follows: +Number of individuals +Y ear ended December 31, +2024 2025 +Nil to Hong Kong Dollar (“HK$”) 1,000,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181– +HK$1,000,001 to HK$1,500,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 +HK$2,000,001 to HK$2,500,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182– +HK$4,000,001 to HK$4,500,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 +HK$6,500,001 to HK$7,000,000 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–1 +33 +During the Track Record Period, no remuneration was paid by the Group to the directors or supervisors of the Group or the +five highest paid individuals as an inducement to join or upon joining the Group or as compensation for loss of office. +APPENDIX I ACCOUNTANTS’ REPORT +– I-18 – + + +--- page 345 --- +14. DIVIDENDS +No dividend was declared or paid by the Company in respect of the Track Record Period, nor has any dividend been proposed +since the end of the Track Record Period. +15. LOSS PER SHARE +The calculation of the basic and diluted loss per share is based on the following data: +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Loss for the year: +Loss for the year attributable to owners of the Company for the purpose +of basic loss per share /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +Loss for the year attributable to owners of the Company for the purpose +of diluted loss per share /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(202,317) (135,084) +Number of Shares (’000): +Y ear ended December 31, +2024 2025 +Weighted average number of ordinary shares for the purpose of +calculating basic loss per share /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111839,518 59,280 +Weighted average number of ordinary shares for the purpose of +calculating diluted loss per share /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111839,518 59,280 +Certain investors’ shares, which are recorded as financial instruments with preferred rights in Note 27, are not treated as +outstanding shares and thus are excluded in the calculation of basic loss per share until the preferential right was terminated on +August 29, 2024. +The Company was converted to a joint stock company on March 18, 2025, 58,444,059 ordinary shares with par value of RMB1 +each were issued and allotted to the respective shareholders of the Company according to the paid-in capital registered under these +shareholders on that day. This capitalization of share capital is applied retrospectively for the purpose of calculating basic loss per +share, as adjusted for the capital contributions by the then shareholder. +For the year ended December 31, 2024, the financial instruments with preferred rights were not included in the calculation +of diluted loss per share as their inclusion would be anti-dilutive. For the year ended December 31, 2025, the Pre-IPO Share Incentive +Scheme as detailed in Note 30 was also not included in the calculation of diluted loss per share as its inclusion would be anti-dilutive. +Accordingly, the diluted loss per share is the same as the basic loss per share of the respective year. +16. PROPERTY, PLANT AND EQUIPMENT +The Group +Building Machinery +Electronic +equipment, +fixtures and +furnitures +Office +equipment +Transportation +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +COST +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,344 2,360 536 640 1,170 1,912 26,962 +Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118712 864 6 48 – – 1,630 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,056 3,224 542 688 1,170 1,912 28,592 +Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 61 – 168 – 1,285 1,514 +Disposals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (65) – (65) +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,056 3,285 542 856 1,105 3,197 30,041 +DEPRECIATION +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,875 1,571 437 473 882 935 6,173 +Provided for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,115 131 41 50 184 510 2,031 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,990 1,702 478 523 1,066 1,445 8,204 +Provided for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118932 186 22 77 46 524 1,787 +Eliminated on disposals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (62) – (62) +APPENDIX I ACCOUNTANTS’ REPORT +– I-19 – + + +--- page 346 --- +Building Machinery +Electronic +equipment, +fixtures and +furnitures +Office +equipment +Transportation +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,922 1,888 500 600 1,050 1,969 9,929 +CARRYING V ALUES +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,066 1,522 64 165 104 467 20,388 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817,134 1,397 42 256 55 1,228 20,112 +The Company +Building Machinery +Electronic +equipment, +fixtures and +furnitures +Office +equipment +Transportation +equipment +Leasehold +improvement Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +COST +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,344 1,052 536 640 933 1,912 25,417 +Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118712 864 6 48 – – 1,630 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,056 1,916 542 688 933 1,912 27,047 +Additions /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 61 – 168 – 1,285 1,514 +Disposals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (65) – (65) +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821,056 1,977 542 856 868 3,197 28,496 +DEPRECIATION +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,875 263 437 473 700 935 4,683 +Provided for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,115 131 41 50 142 510 1,989 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,990 394 478 523 842 1,445 6,672 +Provided for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118932 186 22 77 46 524 1,787 +Eliminated on disposals /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–––– (62) – (62) +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183,922 580 500 600 826 1,969 8,397 +CARRYING V ALUES +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111818,066 1,522 64 165 91 467 20,375 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817,134 1,397 42 256 42 1,228 20,099 +The above items of property, plant and equipment are depreciated on a straight-line basis after taking into account of the +residual value as follows: +Building /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111830-40 years +Machinery /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111810 years +Electronic equipment, fixtures and furnitures /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183 years +Office equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11185 years +Transportation equipment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184 years +Leasehold improvement /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11183-5 years +During the Track Record Period and at the end of each reporting period, no indication of the impairment for property, plant +and equipment was identified. +17. INTANGIBLE ASSETS +The Group and the Company +Database use right +RMB’000 +COST +At January 1, 2024, December 31, 2024 and 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,106 +AMORTIZATION +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,723 +Charge for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118230 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,953 +Charge for the year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118153 +APPENDIX I ACCOUNTANTS’ REPORT +– I-20 – + + +--- page 347 --- +Database use right +RMB’000 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,106 +CARRYING V ALUES +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118153 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– +All of the Group’s and the Company’s database use right was acquired from third parties and the amortization of these +intangible assets will begin when it is available for use. Database use right was amortized on a straight-line basis over two years. +18. RIGHT-OF-USE ASSETS +The Group and the Company +Leased buildings +RMB’000 +As at December 31, 2024 +Carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118695 +As at December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Carrying amount /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118635 +For the year ended December 31, 2024 +Amortization charge /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118696 +For the year ended December 31, 2025 +Amortization charge /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118803 +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Total cash outflow for +leases (Note 33) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118713 412 +Additions to right-of-use assets /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 743 +Right-of-use assets are depreciated on a straight-line basis over the lease terms. +During the Track Record Period, the Group and the Company leases offices for its operations. Lease contracts are entered into +for fixed term of 3 years to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms +and conditions. There were no extension options in the lease contracts. In determining the lease term and assessing the length of the +non-cancellable period, the Group and the Company applies the definition of a contract and determines the period for which the +contract is enforceable. +As at December 31, 2024 and 2025, the Group’s and the Company’s lease liabilities of RMB2,281,000 and RMB2,638,000 +are recognized with related right-of-use assets of RMB695,000 and RMB635,000, respectively. The lease agreements do not impose +any covenants other than the security interests in the leased assets that are held by the lessor. +During the Track Record Period and at the end of each reporting period, no indication of the impairment for right-of-use assets +was identified. +19. INVESTMENT IN AN ASSOCIATE +December 31, +2024 2025 +RMB’000 RMB’000 +Investment in an associate under equity method /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11188,478 8,320 +APPENDIX I ACCOUNTANTS’ REPORT +– I-21 – + + +--- page 348 --- +Detail of the associate held by the Group and the Company is set out below: +Name of associate +Place of +incorporation/ +establishment +and principal +place of business +Proportion ownership +interest +and voting power held by +the Group and the +Company as at +As at +the date of +this report Principal activity +December 31, +2024 2025 +%% % +Zhangjiakou Huajian Zhiyuan Biotechnology +Co., Ltd.* (ʮ +̡) (“Zhangjiakou Zhiyuan”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +the PRC 72 72 72 Biopharmaceutical +technical services +The Group has 72% ownership interest and voting right in Zhangjiakou Zhiyuan. According to the articles of association, the +voting power is exercised with reference to respective percentage of registered share capital and the decision-making authority with +respect to Zhangjiakou Zhiyuan’s operating activities shall account for more than 75%. By considering that the Group has no +sufficiently dominant voting rights to direct the relevant activities of Zhangjiakou Zhiyuan unilaterally, the directors of the Company +conclude that the Group only has significant influence over Zhangjiakou Zhiyuan and, as a result, it is classified as an associate of +the Group as at December 31, 2024 and 2025. +20. PREPAYMENTS AND OTHER RECEIV ABLES +The Group +December 31, +2024 2025 +RMB’000 RMB’000 +Prepayments to third parties /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,543 11,333 +Value-added tax recoverable /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,115 10,511 +Deferred issue costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 4,949 +Other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420 357 +17,078 27,150 +The Company +December 31, +2024 2025 +RMB’000 RMB’000 +Prepayments to third parties /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,543 11,333 +Value-added tax recoverable /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11186,853 10,248 +Deferred issue costs /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 4,949 +Other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420 357 +16,816 26,887 +21. FINANCIAL ASSETS AT FVTPL +The Group and the Company +December 31, +2024 2025 +RMB’000 RMB’000 +Current assets +Structured bank deposits (Note (i)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118321,319 221,328 +Wealth management products (Note (ii)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,752 150,844 +329,071 372,172 +* English name is for identification purpose only +APPENDIX I ACCOUNTANTS’ REPORT +– I-22 – + + +--- page 349 --- +Notes: +(i) As at December 31, 2024 and 2025, the structured bank deposits issued by banks are short-term investments +denominated in RMB with no predetermined or guaranteed return but are principal protected. The expected return were +1.14% to 2.81% per annum and 1.00% to 2.30% per annum as at December 31, 2024 and 2025, respectively, depending +on the market prices including the United States Dollar, Singapore Dollar, Euro and gold price. +(ii) The amounts represent wealth management products issued by financial institutions subscribed by the Group with no +guaranteed principal and return, while the total expected return is up to 1.77% and 2.13% per annum as at December +31, 2024 and 2025, respectively, depending on the performance of the underlying financial investments or the change +in interest rates as specified in the relevant placements. The original maturity periods of these wealth management +products range from 7 days to over one year. These financial assets are classified as current as the management expects +to realise these financial assets within twelve months after each reporting period. +22. CASH AND CASH EQUIV ALENTS +Cash and cash equivalents include demand deposits and short-term deposits for the purpose of meeting the Group’s and the +Company’s short-term cash commitments. These deposits carry interest at market rates of 0.10% to 0.34% per annum and 0.05% to +0.45% per annum per annum as at December 31, 2024 and 2025, respectively. +23. TRADE AND OTHER PAYABLES +The Group +December 31, +2024 2025 +RMB’000 RMB’000 +Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823,310 38,084 +Salary and bonus payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,911 8,582 +Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,919 3,561 +Accrued listing expense and issue cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 12,621 +Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118189 26 +36,329 62,874 +The credit period granted by trade creditors is normally within three months. The following is an aged analysis of trade +payables presented based on the dates of delivery of goods/dates of rendering of services: +December 31, +2024 2025 +RMB’000 RMB’000 +Within 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,966 36,124 +1 to 2 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874 1,935 +2 to 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,245 – +Over 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111825 25 +23,310 38,084 +The Company +December 31, +2024 2025 +RMB’000 RMB’000 +Trade payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111823,306 38,079 +Salary and bonus payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187,911 8,582 +Other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184,840 3,482 +Accrued listing expense and issue cost /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 12,621 +Other tax payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118185 22 +36,242 62,786 +APPENDIX I ACCOUNTANTS’ REPORT +– I-23 – + + +--- page 350 --- +The credit period granted by trade creditors is normally within three months. The following is an aged analysis of trade +payables presented based on the dates of delivery of goods/dates of rendering of services: +December 31, +2024 2025 +RMB’000 RMB’000 +Within 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820,966 36,123 +1 to 2 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111874 1,935 +2 to 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,245 – +Over 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111821 21 +23,306 38,079 +24. LEASE LIABILITIES +The Group and the Company +December 31, +2024 2025 +RMB’000 RMB’000 +Lease liabilities payable: +Within one year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281 2,276 +Within a period of more than one year but not exceeding two years /H1118/H1118/H1118/H1118 – 251 +Within a period of more than two years but not exceeding five years /H1118/H1118/H1118/H1118 – 111 +2,281 2,638 +Less: Amount due for settlement within +12 months shown under current liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(2,281) (2,276) +Amount due for settlement after 12 months shown under non-current +liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 362 +The weighted average incremental borrowing rates applied to lease liabilities are 4.65% and 4.45% per annum as at December +31, 2024 and 2025. +25. BORROWINGS +The Group and the Company +December 31, +2024 2025 +RMB’000 RMB’000 +At amortized cost +Bank borrowings: +– Fixed-rate, unsecured and repayable within one year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 +The bank borrowings are unsecured, unguaranteed, and carried a fixed-rate interest rate (also being the effective interest rate) +of 2.50% per annum as at December 31, 2025. +26. CONTRACT LIABILITIES +The Group and the Company +December 31, +2024 2025 +RMB’000 RMB’000 +Out-licensing arrangement /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111815,000 20,885 +As at January 1, 2024, the Group and the Company had contract liabilities of RMB16,800,000 related to out-licensing +arrangement. +APPENDIX I ACCOUNTANTS’ REPORT +– I-24 – + + +--- page 351 --- +The following table shows the amount of the revenue recognized relates to carried-forward contract liabilities: +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Revenue recognized that was included in the contract liabilities balance at +the beginning of the year: +Out-licensing arrangement /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,800 2,228 +27. FINANCIAL INSTRUMENTS WITH PREFERRED RIGHTS +The Group and the Company +Series A Financing +In December 2017, the Company entered into an investment agreement (the “Series A Financing”) with two independent +investors (collectively as the “Series A Investors”), pursuant to which the Series A Investors shall make total investments of +RMB104,329,000 to subscribe newly issued paid-in capital with preferential rights, totalling RMB3,529,000. One of the investors +(“Investor A-I”) paid RMB24,329,000 to subscribe for RMB823,000 paid-in capital with preferential rights. The other investor +(“Investor A-II”) subscribed for RMB2,706,000 paid-in capital with preferential rights at a consideration of RMB80,000,000, of +which RMB42,000,000 was paid in December 2017 for RMB1,476,000 paid-in capital with preferential rights. According to the +supplementary agreement entered into among Investor A-II, Dr. Ji Jianxin and the other investors of the Company in October 2019, +Investor A-II would waive the remaining investment and Dr. Ji Jianxin agreed to transfer 1.00% of the equity interest to Investor +A-II without consideration. +Series B Financing +In December 2019 and September 2020, the Company, the controlling shareholder, the Series A Investors and other investors +of the Company entered into an investment agreement (the “Series B Financing”) with two independent investors (collectively as the +“Series B Investors”). Pursuant to the agreement, the Series B Investors shall make total investments of RMB80,000,000 to subscribe +for RMB1,406,000 paid-in capital with preferential rights. The cash consideration was fully settled before October 2020. +Series B+ Financing +In December 2020 and May 2021, the Company, the controlling shareholder, the Series A Investors, the Series B Investors +and other investors of the Company entered into four investment agreements (the “Series B+ Financing”) with several independent +investors (collectively as the “Series B+ Investors”). Pursuant to those agreements, the Series B+ Investors shall make total +investments of RMB157,300,000 to subscribe for RMB1,437,000 paid-in capital with preferential rights. The cash consideration was +fully settled before June 2021. Pursuant to these agreements, Investor A-I shall transfer RMB362,000 paid-in capital with preferential +rights to several investors of the Series B+ Investors at a total consideration of RMB29,100,000. +Series B++ Financing +In August 2021, the Company, the controlling shareholder, the Series A Investors, the Series B Investors, Series B+ Investors +and other investors of the Company entered into an investment agreement (the “Series B++ Financing”) with two independent +investors (collectively as the “Series B++ Investors”), pursuant to which the Series B++ Investors shall make total investments of +RMB40,000,000 to subscribe for RMB306,000 paid-in capital with preferential rights. The cash consideration was fully settled in +October 2021. +In August 2021, the Company entered into an investment agreement with the Series B++ Investors and Investor A-I, pursuant +to which the Investor A-I shall transfer RMB202,000 paid-in capital with preferential rights to the Series B++ Investors at a total +consideration of RMB20,000,000. +Series C1 Financing +In December 2023, the Company, the controlling shareholder, the Series A Investors, the Series B Investors, Series B+ +Investors, Series B++ Investors and other investors of the Company entered into an investment agreement (the “Series C1 +Financing”) with several independent investors (collectively as the “Series C1 Investors”), pursuant to which the Series C1 Investors +shall make total investments of RMB230,000,000 to subscribe for RMB1,480,000 paid-in capital with preferential rights. The cash +consideration was fully settled in December 2023. +The Series A Investors, Series B Investors, Series B+ Investors, Series B++ Investors and Series C1 Investors are collectively +as the Investors. +(i) Liquidation preferences +If any liquidation, dissolution, termination or deemed liquidation event occurs in the Company: +The Series C1 Investors, Series B++ Investors, Series B+ Investors, Series B Investors and Series A Investors shall be entitled +to receive the following amounts in order: (i) the amount equal to the original investment amount and (ii) any dividends that have +been declared but not yet paid. +APPENDIX I ACCOUNTANTS’ REPORT +– I-25 – + + +--- page 352 --- +If Investors have transferred part of their held paid-in capital with preferential rights before liquidation, the base for claiming +the liquidation preference amounts shall deduct the original investment amount corresponding to the transferred part of the paid-in +capital with preferential rights. +If there are any assets or funds remaining after the payment of the preference amount, the remaining assets or funds available +for distribution to the members of the Company shall be distributed ratably among all members including the Investors according +to the relative number of shares held by such members. +(ii) Anti-dilution right +If the Company issues new shares at a price lower than the price paid by the Investors, the Investors shall have the right to +require the Company to issue new shares or Dr. Ji Jianxin to transfer shares to the Investors at nil consideration, a minimum purchase +price permitted under the PRC laws, or require Dr. Ji Jianxin to make cash compensation, so that the amount paid by the Investors +divided by the total number of shares obtained equal to the newly issued shares. +(iii) Redemption right +Upon occurrence of the following events, any investor shall have the right to require the redemption of their held shares: (i) +the Company failed to complete a qualified initial public offering (“IPO”) before October 20, 2025 and the investment consideration +of the relevant investor has been settled for five years or more; (ii) any other investor, other than the investor themselves, requires +redemption and (iii) any material breach of the investment agreement by the controlling shareholder or the Company, or any serious +illegal actions that may cause significant loss to the interests of the investors. The redemption amount is calculated as the higher of +(i) the amount equal to the original investment amount plus interest of 10% per annum calculated on a simple basis and any dividends +that have been declared but not yet paid and (ii) the audited net asset value per share of the Company multiplied by the number of +shares that the investor requests to be repurchased upon issuing a written redemption notice. +Presentation and classification +The Company elected to designate the paid-in capital with preferential rights held by the Investors as financial liabilities at +FVTPL. The fair value change of the financial liabilities is charged/credited to profit or loss (changes in fair value of financial +liabilities at FVTPL) except for the portion attributable to credit risk change which shall be charged/credited to other comprehensive +income, if any. The directors of the Company considered that the credit risk change on the financial liabilities that drives the fair +value change of the financial liabilities during the Track Record Period is minimal. +The financial liabilities at FVTPL were valued by the directors of the Company with reference to an independent valuation. +The movement of the financial instruments with preferred rights are set out as below: +Financial instruments +with preferred rights +RMB’000 +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118972,595 +Change in fair value /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118124,725 +Termination of financial instruments with preferred rights (Note) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(1,097,320) +At December 31, 2024 and December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– +Note: On August 29, 2024, the Company entered into an agreement with the Investors to terminate all preferential rights +under the issued paid-in capital with preferential rights for which the Company is the obligor. Accordingly, the +financial liabilities at FVTPL were reclassified from financial liabilities to equity at their fair value, resulting in an +increase of share premium of RMB471,091,000 and an increase of other reserves of RMB626,229,000. +Back-solve method was used to determine the underlying equity value of the Company as at January 1, 2024 by reference to +the issue price of the Series C1 Financing and discounted cash flow method was used to determine the underlying equity value of +the Company as at August 29, 2024. +Hybrid method was adopted to allocate the equity value amongst different classes of shares of the Company at the end of each +reporting period. The hybrid method is a hybrid between the probability-weighted expected return method and the option pricing +method (“OPM”), using the OPM to estimate the allocation of value across multiple scenarios and estimating the probability- +weighted value of those scenarios. +APPENDIX I ACCOUNTANTS’ REPORT +– I-26 – + + +--- page 353 --- +The discount rate used in the discounted cash flow method was 14% as at August 29, 2024. The key valuation assumptions +used to determine the fair value are as follows: +January 1, August 29, +2024 2024 +Risk-free interest rate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182.40% 1.79% +Discount for lack of marketability /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111820.00% 15.00% +V olatility rate /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111859.83% 60.96% +Possibilities under liquidation scenario /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817.50% 17.50% +Possibilities under IPO scenario /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111865.00% 65.00% +Possibilities under redemption scenario /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111817.50% 17.50% +28. PAID-IN CAPITAL/SHARE CAPITAL +The Group and the Company +Number of shares Amount +RMB’000 +Ordinary shares of RMB1 each +Authorised: +At January 1, 2024 and December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118–– +Capitalization Issue ( Note (i) ) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111858,444,059 58,444 +Capital injection to the Company (Note (ii)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,555,546 1,556 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111859,999,605 60,000 +Issued and fully paid (RMB’000): +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,320 +Capital injection to the Company /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118608 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111816,928 +Capitalization Issue (Note (i)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111841,516 +Capital injection to the Company (Note (ii)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,556 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111860,000 +Notes: +(i) Pursuant to the shareholders’ resolutions and the promoters’ agreement dated March 18, 2025, the shareholders of the +Company agreed to convert the Company into a joint stock limited liability company. The net assets of the Company +as of the conversion base date, which is August 31, 2024, including paid-in capital and reserves were converted into +58,444,059 ordinary shares at RMB1 each. The excess of the net assets converted over the nominal value of the +ordinary shares was debited to the Company’s share premium. Upon the completion of registration with the +Administration For Market Regulation of Chengdu on April 15, 2025, the Company was converted into a joint stock +limited liability company under PRC Company Law, and renamed to HJ Science Co., Ltd. ( ശ਄͊Ը(ϓே)΅ +ʮ̡). +(ii) In June 2025, the Company, the controlling shareholder, the Investors and other investors of the Company entered into +an investment agreement (the “Series C2 Financing”) with three new independent investors (collectively as the “Series +C2 Investors”), pursuant to which the Series C2 Investors shall make total investments of RMB70,000,000 to subscribe +for 1,555,546 shares. The consideration was fully settled on July 11, 2025. These Series C2 Investors were granted +certain special rights by Dr. Ji under the Series C2 Financing, including, among others, redemption rights, liquidation +preference rights and anti-dilution rights. No special rights were granted by the Company. +29. RESERVES OF THE COMPANY +Share premium Statutory reserve Other reserve +Accumulated +losses Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118566,702 2,232 (626,229) (480,259) (537,554) +Loss and total comprehensive expense for the +year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – (200,266) (200,266) +Termination of financial instruments with +preferred rights /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118471,091 – 626,229 – 1,097,320 +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,037,793 2,232 – (680,525) 359,500 +APPENDIX I ACCOUNTANTS’ REPORT +– I-27 – + + +--- page 354 --- +Share premium Statutory reserve Other reserve +Accumulated +losses Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +Loss and total comprehensive expense for the +year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – (135,146) (135,146) +Capitalization Issue /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(685,252) (2,232) – 645,968 (41,516) +Recognition of equity-settled share-based +payment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – 25,049 – 25,049 +Capital injection to the Company /H1118/H1118/H1118/H1118/H1118/H1118/H111868,44 4––– 68,444 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420,985 – 25,049 (169,703) 276,331 +30. SHARE-BASED PAYMENT TRANSACTIONS +Pre-IPO Share Incentive Scheme +As approved by the Company’s shareholders on July 11, 2025, the Company adopted the pre-IPO employee incentive scheme +(the “Pre-IPO Share Incentive Scheme”). The awards granted to eligible participants (the “Eligible Participants”) under the Pre-IPO +Share Incentive Scheme are sourced from the shares of the Company held by Suzhou Jishitang Enterprise Management Center +(Limited Partnership)* ( ᘽψጐͩੀΆุ၍ଣʕː(Υྫ)) (“Suzhou Jishitang”), one of the Group’s employee incentive +platforms. Under the Pre-IPO Share Incentive Scheme, a total of 2,093,400 shares have been granted to the Eligible Participants, who +are determined by the scheme’s administrator, Dr. Ji Jianxin. +Pursuant to the Pre-IPO Share Incentive Scheme, the granted restricted shares held by the Eligible Participants by virtue of +the partnership interests held by them in the employee incentive platforms are subject to performance targets and lock-up restrictions +for a period commencing from the date of signing grant agreement to the date of completion of three years of service of the Eligible +Participants with the Group and such restrictions shall be released in the following manner: + 30% of the total number of shares shall be released from transfer restrictions upon the Eligible Participants completing +one year of continuous service to the company, with the vesting period commencing from the date of signing grant +agreement; + 30% of the total number of shares shall be released from transfer restrictions upon the Eligible Participants completing +two years of continuous service to the company, with the vesting period commencing from the date of signing grant +agreement; and + 40% of the total number of shares shall be released from transfer restrictions upon the Eligible Participants completing +three years of continuous service to the company, with the vesting period commencing from the date of signing grant +agreement. +The table below discloses movement of the Pre-IPO Share Incentive Scheme as at December 31, 2025: +Unvested shares +Fair value per share at +the date of grant +’000 +At January 1, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– +Granted /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,903 RMB45.00 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,903 +Details of the unvested shares as at December 31, 2025 under the Pre-IPO Share Incentive Scheme are as follows: +Grant date Shares Grantee +’000 +July 15, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11181,264 Directors +July 15, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111813 Supervisors +July 15, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118600 Senior managements +July 15, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118216 Other employees +The directors determined the fair value of shares granted under the Pre-IPO Share Incentive Scheme at grant date, using the +market approach (recent transaction method, in particular) and based on the fair value of the Series C2 Financing. The fair value of +the aforesaid granted shares at grant date would be recognized as an expense on a straight-line basis over the vesting period, based +on the Group’s estimate of the shares that will eventually vest. The Group recognized total corresponding equity-settled share-based +payment expense of RMB25,049,000 for the year ended December 31, 2025. +* English name is for identification purpose only +APPENDIX I ACCOUNTANTS’ REPORT +– I-28 – + + +--- page 355 --- +31. CAPITAL RISK MANAGEMENT +The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while +maximizing the return to shareholders through the optimization of the debt and equity balance. The Group’s overall strategy remains +unchanged during the Track Record Period. +The capital structure of the Group consists of net debt, which includes the lease liabilities (Note 24) and bank borrowings +(Note 25), net of cash and cash equivalent and equity attributable to owners of the Company, comprising issued share capital and +reserves. +The management of the Group reviews the capital structure from time to time. As a part of this review, the management +considers the cost of capital and the risks associated with each class of capital. Based on recommendations of the management, the +Group will balance its overall capital structure through the issue of new shares, new debts or the redemption of existing debts. +32. FINANCIAL INSTRUMENTS +Categories of financial instruments +The Group +December 31, +2024 2025 +RMB’000 RMB’000 +Financial assets +Financial assets measured at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 +At amortized cost +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,810 3,720 +Restricted bank deposit /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118500 500 +Other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420 357 +54,730 4,577 +383,801 376,749 +Financial liabilities +At amortized cost +Trade and other payables* /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,229 54,266 +Bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118328 – +28,557 64,274 +* Salary and bonus payables and other tax payables are excluded. +The Company +December 31, +2024 2025 +RMB’000 RMB’000 +Financial assets +Financial assets measured at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 +At amortized cost +Cash and cash equivalents /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111853,798 2,535 +Other receivables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118420 357 +Amounts due from a subsidiary /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118893 – +55,111 2,892 +384,182 375,064 +Financial liabilities +At amortized cost +Trade and other payables* /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111828,146 54,182 +Bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 10,008 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118328 – +28,474 64,190 +* Salary and bonus payables and other tax payables are excluded. +APPENDIX I ACCOUNTANTS’ REPORT +– I-29 – + + +--- page 356 --- +Financial risk management objectives and policies +The Group’s and Company’s major financial instruments include other receivables, amounts due from a subsidiary, restricted +bank deposit, cash and cash equivalents, financial assets at FVTPL, trade and other payables, amounts due to a related party, bank +borrowings and lease liabilities. Details of these financial instruments are disclosed in respective notes. The risks associated with +these financial instruments include market risk (currency risk and interest rate risk), credit risk and liquidity risk. The policies on +how to mitigate these risks are set out below. The management of the Group and the Company manages and monitors these exposures +to ensure appropriate measures are implemented on a timely and effective manner. +Market risk +(i) Currency risk +As at the end of each reporting period, the Group’s and Company’s monetary assets and monetary liabilities are denominated +in RMB. +(ii) Interest rate risk +The Group’s and the Company’s fair value interest rate risk relates primarily to fixed-rate lease liabilities (Note 24), and +fixed-rate bank borrowings (Note 25). The Group and the Company are also exposed to cash flow interest risk in relation to +variable-rate bank balances (Note 22) which carry prevailing market interests and financial products (Note 21). The Group currently +does not have a specified policy to manage its interest rate risk but will closely monitor their interest rate risk exposure in the future. +No sensitivity analysis on cash flow interest rate risk is presented as the management considers the sensitivity on interest rate risk +on bank balances and financial products is insignificant. +Credit risk and impairment assessment +Credit risk refers to the risk that the Group’s and the Company’s counterparties default on their contractual obligations +resulting in financial losses to the Group and the Company. The Group’s and the Company’s credit risk exposures are primarily +attributable to cash and cash equivalents. +The Group’s and the Company’s exposure to credit risk arising from cash and cash equivalents is limited and remote because +the counterparties are state-owned banks or reputable commercial banks for which the Group and the Company considers to have +immaterial credit risk and no impairment was provided at the end of each year. +Liquidity risk +In management of the liquidity risk, the Group and the Company monitor and maintain levels of cash and cash equivalents +deemed adequate by the management to finance the Group’s and the Company’s operations and mitigate the effects of fluctuations +in cash flows. The Group and the Company relies on shareholders’ investment as a significant source of liquidity. +The following tables detail the Group’s and the Company’s remaining contractual maturity for its financial liabilities and lease +liabilities based on the agreed repayment terms. The tables have been drawn up based on the undiscounted cash flows of financial +liabilities and lease liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables +include both interest and principal cash flows. +The Group +Interest +rates +On demand or +within 1 year 1 to 2 years 2 to 5 years +Total +undiscounted +cash flow +Total carrying +amount +% RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At December 31, 2024 +Non-interest bearing +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 28,229 – – 28,229 28,229 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118– 328 – – 328 328 +28,557 – – 28,557 28,557 +Interest bearing +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.65 2,296 – – 2,296 2,281 +30,853 – – 30,853 30,838 +APPENDIX I ACCOUNTANTS’ REPORT +– I-30 – + + +--- page 357 --- +Interest +rates +On demand or +within 1 year 1 to 2 years 2 to 5 years +Total +undiscounted +cash flow +Total carrying +amount +% RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At December 31, 2025 +Non-interest bearing +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 54,266 – – 54,266 54,266 +Interest bearing +Bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182.50 10,157 – – 10,157 10,008 +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.45 2,294 260 112 2,666 2,638 +12,451 260 112 12,823 12,646 +66,717 260 112 67,089 66,912 +The Company +Interest +rates +On demand or +within 1 year 1 to 2 years 2 to 5 years +Total +undiscounted +cash flow +Total carrying +amount +% RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At December 31, 2024 +Non-interest bearing +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 28,146 – – 28,146 28,146 +Amounts due to a related party /H1118/H1118/H1118/H1118/H1118– 328 – – 328 328 +28,474 – – 28,474 28,474 +Interest bearing +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.65 2,296 – – 2,296 2,281 +30,770 – – 30,770 30,755 +Interest +rates +On demand or +within 1 year 1 to 2 years 2 to 5 years +Total +undiscounted +cash flow +Total carrying +amount +% RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At December 31, 2025 +Non-interest bearing +Trade and other payables /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 54,182 – – 54,182 54,182 +Interest bearing +Bank borrowings /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182.50 10,157 – – 10,157 10,008 +Lease liabilities /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11184.45 2,294 260 112 2,666 2,638 +12,451 260 112 12,823 12,646 +66,633 260 112 67,005 66,828 +Fair value measurements of financial instruments +The management of the Group have closely monitored and determined the appropriate valuation techniques and inputs for fair +value measurements. +In estimating the fair value of financial instruments, the Group uses market-observable data to the extent it is available. +The following table gives information about how the fair values of these financial assets are determined (in particular, the +valuation technique(s) and inputs used). +The directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at +amortized cost in the Historical Financial Information approximate their respective fair values at the end of each reporting period. +APPENDIX I ACCOUNTANTS’ REPORT +– I-31 – + + +--- page 358 --- +Financial assets +The Group and the Company +Fair value at December 31, +Fair value +hierarchy +Valuation techniques +and +key inputs2024 2025 +RMB’000 RMB’000 +Financial assets at FVTPL /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118329,071 372,172 Level 2 Redemption +value quoted +by banks +33. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES +The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash +changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in +the Group’s consolidated statements of cash flows from financing activities: +Lease liabilities +(Note 24) +Financial +instruments with +preferred rights +(Note 27) +Bank borrowings +(Note 25) +Accrued share +issue costs +(Note 23) Total +RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 +At January 1, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,942 972,595 – – 975,537 +Financing cash flows /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(713) – – – (713) +Interest expenses (Note 9) /H1118/H1118/H1118/H1118/H1118/H1118/H11185 2––– 5 2 +Change in fair value +(Note 8) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 124,725 – – 124,725 +Termination of financial instruments +with preferred rights /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– (1,097,320) – – (1,097,320) +At December 31, 2024 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,281––– 2,281 +Financing cash flows /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118(412) – 9,905 (2,082) 7,411 +Interest expenses (Note 9) /H1118/H1118/H1118/H1118/H1118/H1118/H111826 – 103 – 129 +Deferred issue cost recognized +(Note 20) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– – – 4,949 4,949 +New leases entered /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11187 4 3––– 7 4 3 +At December 31, 2025 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,638 – 10,008 2,867 15,513 +34. CAPITAL COMMITMENTS +The Group had no capital commitments under non-cancellable contracts as at December 31, 2024 and 2025. +35. RETIREMENT BENEFIT PLANS +The Group participates in defined contribution retirement schemes organized by the relevant local government authorities in +the PRC. All employees of the Group eligible for participating in the retirement schemes are entitled to retirement benefits from the +schemes. The Group is required to make contributions to the retirement schemes up to the time of retirement of the eligible +employees, excluding those employees who resign before their retirement, at a percentage that is specified by the local government +authorities. +The total expense recognized in profit or loss amounted to approximately RMB899,000 and RMB1,770,000 for the year ended +December 31, 2024 and 2025, respectively, representing contributions paid or payable to these plans by the Group at rates specified +in the rules of the plans. +36. RELATED PARTY TRANSACTIONS AND BALANCES +(a) Amounts due to a related party +The Group and the Company +December 31, +2024 2025 +RMB’000 RMB’000 +Trade in nature +Dr. Ji Jianxin (Note) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118328 – +Note: The amount is unsecured, non-interest bearing and repayable on demand and has been settled in August 2025. +APPENDIX I ACCOUNTANTS’ REPORT +– I-32 – + + +--- page 359 --- +The following is an aged analysis of amounts due to a related party which is trade in nature presented based on the date of +delivery of goods at the end of each reporting period. +December 31, +2024 2025 +RMB’000 RMB’000 +Over 3 years /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118328 – +(b) Amounts due from a subsidiary +The Company +December 31, +2024 2025 +RMB’000 RMB’000 +Trade in nature +Huajin (Chongqing) Pharmaceutical Co., Ltd.* (ݵ(ᅅ)ʮ̡) +(“Huajin Pharmaceutical”) /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118893 – +The amount is unsecured, interest-free and repayable on demand. +The following is an aged analysis of amounts due from a subsidiary which is trade in nature presented based on the date of +rendering of services at the end of each reporting period. +December 31, +2024 2025 +RMB’000 RMB’000 +Within 1 year /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118893 – +(c) Remuneration of key management personnel of the Group +The remuneration of the directors of the Company and other members of key management of the Group during the Track +Record Period were as follows: +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Salaries and other benefits /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11189,571 8,935 +Retirement benefit scheme contribution /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H111870 175 +Equity-settled share-based payment /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 22,324 +9,641 31,434 +The remuneration of key management is determined with reference to the performance of the individuals and market trends. +(d) Preferential rights granted by Dr. Ji +The Company had not provided any guarantee in relation to the special rights granted by Dr. Ji to the Pre-IPO Investors (as +detailed in Note 27) since August 29, 2024. As the Company had no outstanding obligations in respect of the special rights from that +date, no liability relating to such rights was recorded since August 29, 2024. +37. PARTICULARS OF SUBSIDIARIES OF THE COMPANY +The Company +Y ear ended December 31, +2024 2025 +RMB’000 RMB’000 +Unlisted investments, at cost +– Huajin Pharmaceutical /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 1,000 +– Hefei Hualu Zhiye Technology Co., Ltd. /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118– 1,000 +– 2,000 +APPENDIX I ACCOUNTANTS’ REPORT +– I-33 – + + +--- page 360 --- +Details of the subsidiaries directly held by the Company are set out below: +Name of subsidiaries Place/date of establishment +Issued and +fully paid capital/ +registered capital +Proportion of ownership interest +held by the Company as at +Principal activities +December 31, +As at the +date of +this +report2024 2025 +%%% +Chengdu Yuanyuan Biotechnology Co., Ltd.* ( ϓே +ʮ̡)/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +the PRC October 30, 2012 As at December 31, 2024: +RMB1,000,000/RMB5,000,000 +As at December 31, 2025: +RMB1,000,000/RMB1,000,000 +100 100 100 Research and +development +and promotion +Shanghai Zheye Biotechnology Co., Ltd.* ( ɪऎ䂮 +ʮ̡)/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +the PRC December 21, +2016 +Nil/ RMB1,000,000 100 100 100 Research and +development +and clinical +trial +Huajin Pharmaceutical /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118the PRC December 12, +2023 +As at December 31, 2024: +Nil/RMB1,000,000 +As at December 31, 2025: +RMB1,000,000/RMB1,000,000 +100 100 100 Research and +development +and production +Hefei Hualu Zhiye Technology Co., Ltd.* (ശ +ʮ̡) (Note (iii)) /H1118/H1118/H1118/H1118/H1118/H1118/H1118 +the PRC March 14, 2025 As at December 31, 2025: +RMB1,000,000/RMB1,000,000 +N/A 100 100 Research and +development +Notes: +(i) All subsidiaries of the Company are limited liability companies. None of the subsidiaries had issued any debt securities at the +end of each reporting period. +(ii) No audited financial statements have been prepared for the subsidiaries in the PRC during the Track Record Period since there +are no statutory audit requirements in the PRC. +(iii) Hefei Hualu Zhiye Technology Co., Ltd.* (ʮ̡) was newly established on March 14, 2025. +38. SUBSEQUENT EVENTS +There are no material subsequent events undertaken by the Company or by the Group after December 31, 2025 and up to the +date of this report. +39. SUBSEQUENT FINANCIAL STATEMENTS +No audited financial statements of the Group, the Company or any of its subsidiaries have been prepared in respect of any +period subsequent to December 31, 2025. +* English name is for identification purpose only +APPENDIX I ACCOUNTANTS’ REPORT +– I-34 – + + +--- page 361 --- +The information set out in this Appendix does not form part of the accountants’ report on the +historical financial information of the Group for the each of the two years ended December 31, 2025 (the +“Accountants’ Report”) prepared by Deloitte Touche Tohmatsu, Certified Public Accountants, Hong Kong, +the reporting accountant of the Company, as set forth in Appendix I to this prospectus, and is included +herein for information only. +The unaudited pro forma financial information should be read in conjunction with the section headed +“Financial Information” in the prospectus and the Accountants’ Report set forth in Appendix I to this +prospectus. +A. UNAUDITED PRO FORMA STATEMENT OF ADJUSTED CONSOLIDATED NET +TANGIBLE ASSETS OF THE GROUP ATTRIBUTABLE TO OWNERS OF THE COMPANY +The following unaudited pro forma statement of adjusted consolidated net tangible assets of the +Group attributable to owners of the Company prepared in accordance with Rule 4.29 of the Listing Rules +is set out in this appendix to illustrate the effect of the proposed Global Offering (as defined in this +prospectus) on the audited consolidated net tangible assets of the Group attributable to owners of the +Company as at December 31, 2025, as if the Global Offering had taken place on such date. +The unaudited pro forma statement of adjusted consolidated net tangible assets of the Group +attributable to owners of the Company has been prepared for illustrative purposes only and, because of its +hypothetical nature, it may not give a true picture of the consolidated net tangible assets of the Group +attributable to owners of the Company as at December 31, 2025 or as at any subsequent dates following +the Global Offering. +The following unaudited pro forma statement of adjusted consolidated net tangible assets of the +Group attributable to owners of the Company is prepared based on the audited consolidated net tangible +assets of the Group attributable to owners of the Company as at December 31, 2025 as derived from the +Accountants’ Report set out in Appendix I to this prospectus, and adjusted as described below. +Audited +consolidated net +tangible assets +of the Group +attributable to +owners of the +Company as at +December 31, +2025 +Estimated net +proceeds from +the Global +Offering +Unaudited pro +forma adjusted +consolidated net +tangible assets +of the Group +attributable to +owners of the +Company as at +December 31, +2025 +Unaudited pro forma adjusted +consolidated net tangible assets +of the Group attributable to +owners of the Company as at +December 31, 2025 per Share +RMB’000 RMB’000 RMB’000 RMB HK$ +Note 1 Note 2 Note 3 Note 4 +Based on Offer Price of +HK$81.80 per Share /H1118/H1118/H1118/H1118336,200 902,301 1,238,501 16.83 19.35 +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-1 – + + +--- page 362 --- +Notes: +(1) The amount is based on the audited consolidated net assets of the Group attributable to owners of the Company as at +December 31, 2025 of RMB336,200,000, extracted from the Accountants’ Report of the Group set out in Appendix I +to this Prospectus. +(2) The estimated net proceeds from the Global Offering are based on 13,600,000 Offer Shares at the Offer Price of +HK$81.80 per Offer Share, after deduction of underwriting fees and commissions and other listing related expenses +paid or payable by the Company, other than those expenses which had been recognized in profit or loss on or prior to +December 31, 2025. The calculation of such estimated net proceeds does not take into account any Shares (i) which +may be allotted and issued upon the exercise of the Over-Allotment Option or (ii) which may be issued or repurchased +pursuant to our Company’s general mandate. +For the purpose of the estimated net proceeds from the Global Offering, the amount denominated in HK$ has been +converted into RMB at the rate of HK$1 to RMB0.86998, which was the exchange rate prevailing on June 2, 2026 with +reference to the rate published by the People’s Bank of China. No representation is made that the HK$ amounts have +been, could have been or may be converted to RMB, or vice versa, at that rate or any other rates or at all. +(3) The unaudited pro forma adjusted consolidated net tangible assets of the Group attributable to owners of the Company +as at December 31, 2025 per Share is arrived at on the basis that of a total of 73,599,605 Shares, comprising 59,999,605 +Shares in issue as at December 31, 2025 and 13,600,000 Offer Shares to be issued, assuming the Global Offering had +been completed on December 31, 2025 and without taking into account any Share (i) which may be allotted and issued +upon the exercise of the Over-Allotment Option or (ii) which may be issued or repurchased pursuant to our Company’s +general mandate. +(4) For the purpose of the unaudited pro forma adjusted consolidated net tangible assets of the Group attributable to owners +of the Company as at December 31, 2025 per Share, the amount denominated in RMB has been converted into HK$ +at the rate of RMB1 to HK$1.14945, which was the exchange rate prevailing on June 2, 2026 with reference to the rate +published by the People’s Bank of China. No representation is made that the RMB amounts have been, could have been +or may be converted to HK$, or vice versa, at that rate or any other rates or at all. +(5) No adjustment has been made to unaudited pro forma adjusted consolidated net tangible assets of the Group attributable +to owners of the Company as at December 31, 2025 to reflect any trading result or other transactions of the Group +entered into subsequent to December 31, 2025. +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-2 – + + +--- page 363 --- +The following is the text of the independent reporting accountants’ assurance report received from +Deloitte Touche Tohmatsu, Certified Public Accountants, Hong Kong, the reporting accountants of the +Company, in respect of the Group’ s unaudited pro forma financial information prepared for the purpose +of incorporation in this prospectus. +INDEPENDENT REPORTING ACCOUNTANTS’ ASSURANCE REPORT ON THE +COMPILATION OF UNAUDITED PRO FORMA FINANCIAL INFORMATION +To the Directors of HJ Science Co., Ltd. +We have completed our assurance engagement to report on the compilation of unaudited pro forma +financial information of HJ Science Co., Ltd. (the “Company”) and its subsidiaries (hereinafter +collectively referred to as the “Group”) by the directors of the Company (the “Directors”) for illustrative +purposes only. The unaudited pro forma financial information consists of the unaudited pro forma +statement of adjusted consolidated net tangible assets as at December 31, 2025 and related notes as set out +on pages II-1 to II-2 of Appendix II to the prospectus issued by the Company dated June 12, 2026 (the +“Prospectus”). The applicable criteria on the basis of which the Directors have compiled the unaudited pro +forma financial information are described on pages II-1 to II-2 of Appendix II to the Prospectus. +The unaudited pro forma financial information has been compiled by the Directors to illustrate the +impact of the proposed Global Offering (as defined in the Prospectus) on the Group’s financial position +as at December 31, 2025 as if the Global Offering had taken place at December 31, 2025. As part of this +process, information about the Group’s financial position has been extracted by the Directors from the +Group’s historical financial information for each of the two years ended December 31, 2025, on which an +accountants’ report set out in Appendix I to the Prospectus has been published. +Directors’ Responsibilities for the Unaudited Pro Forma Financial Information +The Directors are responsible for compiling the unaudited pro forma financial information in +accordance with paragraph 4.29 of the Rules Governing the Listing of Securities on The Stock Exchange +of Hong Kong Limited (the “Listing Rules”) and with reference to Accounting Guideline 7 “Preparation +of Pro Forma Financial Information for Inclusion in Investment Circulars” (“AG 7”) issued by the Hong +Kong Institute of Certified Public Accountants (the “HKICPA”). +Our Independence and Quality Management +We have complied with the independence and other ethical requirements of the “Code of Ethics for +Professional Accountants” issued by the HKICPA, which is founded on fundamental principles of +integrity, objectivity, professional competence and due care, confidentiality and professional behavior. +Our firm applies Hong Kong Standard on Quality Management (HKSQM) 1 “Quality Management +for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services +Engagements” issued by the HKICPA, which requires the firm to design, implement and operate a system +of quality management including policies and procedures regarding compliance with ethical requirements, +professional standards and applicable legal and regulatory requirements. +Reporting Accountants’ Responsibilities +Our responsibility is to express an opinion, as required by paragraph 4.29(7) of the Listing Rules, +on the unaudited pro forma financial information and to report our opinion to you. We do not accept any +responsibility for any reports previously given by us on any financial information used in the compilation +of the unaudited pro forma financial information beyond that owed to those to whom those reports were +addressed by us at the dates of their issue. +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-3 – + + +--- page 364 --- +We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements +3420 “Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included +in a Prospectus” issued by the HKICPA. This standard requires that the reporting accountants plan and +perform procedures to obtain reasonable assurance about whether the Directors have compiled the +unaudited pro forma financial information in accordance with paragraph 4.29 of the Listing Rules and with +reference to AG 7 issued by the HKICPA. +For purposes of this engagement, we are not responsible for updating or reissuing any reports or +opinions on any historical financial information used in compiling the unaudited pro forma financial +information, nor have we, in the course of this engagement, performed an audit or review of the financial +information used in compiling the unaudited pro forma financial information. +The purpose of unaudited pro forma financial information included in an investment circular is solely +to illustrate the impact of a significant event or transaction on unadjusted financial information of the +Group as if the event had occurred or the transaction had been undertaken at an earlier date selected for +purposes of the illustration. Accordingly, we do not provide any assurance that the actual outcome of the +event or transaction at December 31, 2025 would have been as presented. +A reasonable assurance engagement to report on whether the unaudited pro forma financial +information has been properly compiled on the basis of the applicable criteria involves performing +procedures to assess whether the applicable criteria used by the Directors in the compilation of the +unaudited pro forma financial information provide a reasonable basis for presenting the significant effects +directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about +whether: + the related pro forma adjustments give appropriate effect to those criteria; and + the unaudited pro forma financial information reflects the proper application of those +adjustments to the unadjusted financial information. +The procedures selected depend on the reporting accountants’ judgment, having regard to the +reporting accountants’ understanding of the nature of the Group, the event or transaction in respect of +which the unaudited pro forma financial information has been compiled, and other relevant engagement +circumstances. +The engagement also involves evaluating the overall presentation of the unaudited pro forma +financial information. +We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for +our opinion. +Opinion +In our opinion: +(a) the unaudited pro forma financial information has been properly compiled on the basis stated; +(b) such basis is consistent with the accounting policies of the Group; and +(c) the adjustments are appropriate for the purposes of the unaudited pro forma financial +information as disclosed pursuant to paragraph 4.29(1) of the Listing Rules. +Deloitte Touche Tohmatsu +Certified Public Accountants +Hong Kong, June 12, 2026 +APPENDIX II UNAUDITED PRO FORMA FINANCIAL INFORMATION +– II-4 – + + +--- page 365 --- +The Articles of Association, which is adopted by the shareholders in the general meeting held on July +11, 2025, will become effective on the date that the H shares of the Company are listed on the Stock +Exchange. The primary purpose of this appendix is to provide potential investors with an overview of the +Articles of Association of the Company. Accordingly, it may not contain all the information that may be +considered material or relevant by potential investors. +1. DIRECTORS AND BOARD OF DIRECTORS +(1) Power to allocate and issue shares +The Articles of Association provide that the shareholders may authorize the board of directors +through a general mandate at a general meeting to allocate or issue shares of no more than 20% of all +outstanding H shares. The board of directors shall prepare suggestions for share allotment or issue, which +are subject to approval by the shareholders at the general meeting in the form of a special resolution. +Any such allotment or issue shall be in accordance with the procedures stipulated in appropriate +laws, administrative regulations and supervision rules of shares listed region. +(2) Power to dispose assets of the Company or any subsidiary +The sale of substantial assets that exceeds 30% of total assets of the latest audited financial statement +are subject to approval by the shareholders at the general meeting in the form of a special resolution. The +boards of directors may decide on the disposal of assets of the Company as authorized by the shareholders +in a general meeting. +(3) Emoluments or compensation for directors’ loss of office +There is no provision in the Articles of Association regarding the provision of emoluments or +compensation to the directors for their loss of office. +(4) Loans to directors +There is no provision in the Articles of Association regarding the provision of loans to the directors. +(5) Provide financial assistance for acquiring the shares of the Company +The Company or its subsidiaries (including affiliates of the Company) shall not provide any financial +assistance in the form of gifts, advances, or loans for the acquisition of the Company’s or its parent +company’s shares by third parties, except for employee shareholding schemes. +The Company may provide financial assistance for the acquisition of the Company’s or its parent +company’s shares by third parties provided that such financial assistance is for the benefit of the Company +and has been duly approved either by a resolution of shareholders in general meeting or by a resolution +of the board of directors acting pursuant to authority granted under the Articles of Association or by +shareholders. The aggregate amount of any such financial assistance shall in no event exceed 10% of the +Company’s total issued share capital. Any resolution of the board of directors approving such financial +assistance must be passed by a super majority of not less than two-thirds of all directors then in office. +(6) Disclosure of interests in contracts with the Company and/or its affiliates +No director shall, without prior disclosure to and approval by either the board of directors or the +general meeting in accordance with the Articles of Association, directly or indirectly enter into any +contract or transaction with the Company. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-1 – + + +--- page 366 --- +(7) Remuneration +The remuneration of directors shall be approved by the shareholders at the general meeting in the +form of an ordinary resolution. +(8) Appointment, Resignation and Dismissal +The board of directors consists of twelve directors, including four executive directors, four +non-executive directors, four independent non-executive directors. +Directors are elected or replaced by the general meeting. The general meeting may remove any +director whose term has not expired by an ordinary resolution without affecting any claim for damages that +may be made pursuant to any contract, provided that such removal is in compliance with relevant laws and +regulations. +The board of directors has one chairman. The chairman of the board shall be elected and dismissed +by a vote of more than one half of the directors. +The term of office of a director shall be calculated from the date of assumption of office until the +expiration of the current term of office of the board of directors, which is a three-year term. Upon +expiration of the term, the director may be re-elected in accordance with the relevant regulatory rules +where the Company’s shares are listed. +In the event a director is not re-elected in time for the expiration of his/her term of office, or if a +director resigns during his/her term of office, resulting in the number of the board of directors being less +than the minimum number required by law, before the re-elected director assumes his/her office, the +original director shall still perform the duties of a director in accordance with the provisions stipulated by +laws, administrative regulations, departmental rules, and the Articles of Association. +In the event a director resigns, the director shall notify the Company in writing, and the resignation +shall take effect on the date the Company receives the notification; however, if the circumstances set forth +in the preceding paragraph exist, the director shall continue to perform the duties. +None of the following persons shall serve as our director: +i. A person who has no civil capacity or has limited civil capacity; +ii. A person who has been imposed penalty for the offense of corruption, bribery, embezzlement, +larceny, disrupting the socialist economic order or has been deprived of political rights because +of this conviction and is within five years of the expiry date of the sentence; in the case of a +probation, less than two years have elapsed since the date of expiration of the probationary +period; +iii. A person who is a former director, factory manager or general manager of a company or +enterprise that is bankrupt and liquidated because of poor operation, was personally liable for +the bankruptcy of such company or enterprise, and is within three years of the date of +completion of bankruptcy and liquidation of such company or enterprise; +iv. A person who has served as the legal representative of a company or enterprise whose business +license was revoked or was ordered to close due to violation of laws, was personally liable, and +is within three years of the date on which the business license of such company or enterprise +was revoked; +v. a person listed by the people’s court as dishonest judgment debtors, who has a relatively large +sum of debt, which was not paid at maturity; +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-2 – + + +--- page 367 --- +vi. a person who is prohibited by relevant securities regulator from entering into the securities +market and is still in such prohibition period; or +vii. a person who has been publicly determined by the stock exchange to be not suitable to serve +as a director or senior management of a listed company, and the period has not elapsed; or +viii. Any other person who is otherwise not eligible under laws, administrative regulations, +regulations of the authorities, regulatory documents and other conditions set out by the Listing +Rules. +The election, appointment or engagement of a director shall be invalid if such election, appointment +or engagement violates the above-mentioned provisions. If a director falls into the situations provided in +the above-mentioned situations during their term of office, they would be dismissed by the Company. +(9) Borrowing powers +The Articles of Association do not contain any specific provisions regarding directors’ power of +borrowing money. +The board of directors shall be entitled to develop proposals for the Company to issue bonds and to +list its Shares, and that such bond issues must be approved by the shareholders by a special resolution at +the general meeting. +2. MODIFICATION OF THE ARTICLE OF ASSOCIATION +The Company may amend the Articles of Association based on the provisions of the laws, +administrative regulations and Articles of Association. +In the event that the amendments to the Articles of Association passed by a general meeting need the +examination and approval of the competent authorities, these amendments shall be submitted hereto for +approval. Where the amendment of the Articles of Association involves registration, it shall be necessary +to carry out the lawfully prescribed procedures for registration change. +3. MODIFICATION OF RIGHTS OF EXISTING SHARES OR CLASSES OF SHARES +There are no provisions for modification of rights in respect of existing shares or classes of shares +in the Articles of Association. +4. SPECIAL RESOLUTIONS NEEDED TO BE ADOPTED BY ABSOLUTE MAJORITY VOTE +The resolutions of the general meeting shall be divided into ordinary resolutions and special +resolutions. +An ordinary resolution may be adopted by a simple majority of the votes held by the shareholders +(including proxies of shareholders) attending the general meeting. +A special resolution can be adopted by a two-thirds majority of the votes held by the shareholders +(including proxies of shareholders) attending the general meeting. +5. VOTING RIGHTS +When shareholders (including proxies) vote at the general meeting, they exercise their voting rights +based on the number of voting shares they represent, and each share has one voting right. +The shares held by the Company itself shall have no voting right and shall not be counted in the total +number of voting shares at the general meeting. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-3 – + + +--- page 368 --- +Any shareholder who is required by the Listing Rules to abstain from voting on a matter or is limited +to an affirmative or negative vote shall abstain from voting or be required to so vote; any vote cast by or +on behalf of relevant shareholder which is cast in violation of such requirement or restriction shall not be +counted in the voting result. +6. RULES ON ANNUAL GENERAL MEETINGS +The general meetings are divided into an annual general meeting and an extraordinary general +meetings. The annual general meeting shall be convened once a year and be held within six months of the +end of the previous fiscal year. +7. ACCOUNTS AND AUDITS +(1) Financial and accounting policies +The Company shall develop its financial accounting policies pursuant to laws, administrative +regulations and rules developed by the competent department. +The Company shall publish the financial reports twice in each accounting year. Interim financial +reports shall be published within 2 months of the end of the first six months of a fiscal year, while the +annual financial report shall be published within 4 months of the end of each accounting year. +(2) Appointment and Dismissal of Accountants +The Company shall engage a reputable accounting firm that meets appropriate requirements of the +relevant laws, regulations and regulatory requirements to be responsible for auditing its annual financial +report, conduct accounting statement audit, net asset verification and other related consulting services, and +the term of service shall be one year, which is renewable upon expiry of the term. +The appointment and removal of an accounting firm providing regular audit services to the Company +shall be determined by ordinary resolution of the shareholders in general meeting. +Prior to the removal or the non-reappointment of an accounting firm, notice of such removal or +non-reappointment shall be given to the firm concerned 30 days in advance and such firm shall be entitled +to make representation at the general meeting when voting on the dismissal of such firm at the general +meeting. +In the event the accounting firm resigns from its post, it shall make clear to the general meeting +whether there has been any impropriety on the part of the Company. +If the position of an appointed accounting firm is vacant, the board of directors may appoint an +accounting firm before the start of general meeting. However, if during the vacant period, the Company +has other incumbent accounting firm, such accounting firm may take the vacant. +8. NOTICE AND AGENDA OF GENERAL MEETINGS +Under any of the following circumstances, the board of directors shall convene an extraordinary +general meeting within two months: +i. The number of directors is less than the number specified in the Company Law or less than two +thirds of the number required in the Articles of Association; +ii. The uncovered losses of the Company reach one-third of its total paid-in registered capital; +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-4 – + + +--- page 369 --- +iii. The shareholders with 10% or more shares of the Company (including preference shares with +restored voting rights) separately or jointly request to convene an extraordinary general +meeting in writing; +iv. The board of directors considers it necessary; +v. The audit committee makes such proposal; +vi. Any other circumstances stipulated in laws, regulations, the Listing Rules, the Articles of +Association. +In the event that the general meeting is convened, the board of directors, the audit committee and +shareholders who separately or jointly hold more than 1% of the shares of the Company (including +preference shares with restored voting rights) may submit a proposal. +When convening an annual general meeting, the Company shall notify shareholders by +announcement 21 days before it is convened. When convening an extraordinary general meeting, the +Company shall send a written notice 15 days before it is convened. +The notice of the general meeting shall be made in writing, including the following contents: +i. The place, the date and the time of the meeting; +ii. The matters and proposals to be discussed at the meeting; +iii. Conspicuous statement that all shareholders are entitled to attend the meeting and appoint +proxy to attend and vote and that proxy need not be a shareholder; +iv. The date of shareholding registration for the shareholders who are entitled to attend the +meeting; +v. The name and telephone number of the contact person for the meeting; +vi. the voting time and voting procedure for internet or other alternative voting methods; +vii. other requirements stipulated by laws, administrative regulations, department rules, Listing +Rules or these Articles of Association. +The notice of general meeting and any supplementary notice shall contain full and complete +disclosure of all substantive details of every proposed resolution. +The resolution of the general meeting includes ordinary resolution and special resolution. The +following matters shall be approved by the general meeting through ordinary resolutions: +i. Work report of the board of directors; +ii. Plans of earnings distribution and loss make-up schemes drafted by the board of directors; +iii. Appointment or dismissal of the members of the board of directors and their enumeration and +payment methods; +iv. Other matters other than those approved by special resolution stipulated in the laws, +administrative regulations, Listing Rules or the Articles of Association. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-5 – + + +--- page 370 --- +The following matters shall be approved by special resolution at the general meeting: +i. The increase or decrease of the registered capital; +ii. Division, split, merger, dissolution and liquidation of the Company; +iii. Amendment of the Articles of Association; +iv. The purchase or sale of material assets of the Company or provision of guarantees to others by +the Company within one year exceeding 30% of the latest audited total assets of the Company; +v. Share incentive scheme; +vi. Other matters recognized by ordinary resolution of the general meeting that could materially +affect the Company and need to be approved by special resolution or as required by the laws, +administrative regulations, Listing Rules or the Articles of Association. +In the event that any resolution of the general meeting or resolution of the board of directors violates +laws or administrative regulations, any shareholder is entitled to request the court to deem it as invalid. +In the event that the convening procedure or voting formula of the general meeting or meeting of the +board of directors violates any of laws, administrative regulations or the Articles of Association, or the +content of resolution violates the Articles of Association, any shareholder is entitled to request the court +to revoke the relevant resolution within 60 days after the resolution was adopted, unless there is only a +minor defect in the procedures for convening a general meeting or a meeting of the board of directors or +in the manner of voting, which does not materially affect the resolution. +9. SHARES TRANSFERS +The shares issued before the public issuance of shares by the Company shall not be transferred within +one year of the date on which the stocks of the Company are listed and traded on a stock exchange. +The directors and senior managements of the Company shall declare, to the Company, information +on their holdings of the shares of the Company and the changes thereto. The shares transferrable by them +during each year of their term of office shall not exceed 25% of the total shares of the Company held by +them. The shares of the Company held by them shall not be transferred within one year of the date on +which the stocks of the Company are listed and traded on a stock exchange. The aforesaid persons shall +not transfer their shares of the Company within six months from the date of their resignation. +In the event the securities regulatory authorities in the place where the Company’s shares are listed +and CSRC (if applicable) have any other provisions on the transfer restrictions of H shares, such +provisions shall prevail. +10. POWERS OF OUR COMPANY TO REPURCHASE ITS SHARES +The Company shall not repurchase its shares except under any of the following circumstances +provided that such repurchase does not violate laws, regulations, the Listing Rules, and the Articles of +Association: +i. Reduce the Company’s registered capital; +ii. Merger with other companies which hold our shares; +iii. Granting shares to the staff of the Company as incentives; +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-6 – + + +--- page 371 --- +iv. Requesting the Company to buy back its shares from shareholders who vote against any +resolution adopted at the general meeting concerning the merger and division of the Company; +v. To convert shares into bond issued by the Company which is convertible to stock of the +Company; +vi. Necessary for the Company to maintain the Company’s value and shareholders’ interests. +11. POWER FOR ANY SUBSIDIARY OF OUR COMPANY TO OWN SHARES IN ITS PARENT +COMPANY +There are no provisions in the Articles of Association relating to ownership by subsidiary of the +Company of shares in its parent. +12. DIVIDEND AND OTHER DISTRIBUTION METHODS +The Company may distribute dividends in the manner of cash or stock. +The board of directors of the Company shall complete the distribution of dividends (or shares) within +two months after the general meeting has passed a resolution on the profit distribution plan, or upon the +formulation of a specific plan by the board of directors in accordance with the conditions and ceiling for +interim dividends in the following year approved at the annual general meeting. +13. SHAREHOLDER PROXIES +Shareholders may attend the general meeting in person or authorize a representative, who is not a +shareholder, to attend and vote on their behalf. +Any proxy statement issued by a Shareholder who authorizes a proxy to attend the general meeting +on his/her behalf shall include the following details: +i. the name or title of the appointer, class and number of the company shares held; +ii. the name or title of the proxy; +iii. the shareholder’s specific instructions, including respective instructions on for, against or +abstention voting on each item for deliberation listed in the general meeting agenda; +iv. the issuance date and valid period of the proxy statement; +v. the signature (or seal) of the appointer. Where the appointer is a corporate shareholder, the +corporate seal of the legal entity shall be affixed. +14. CALLS ON SHARES AND FORFEITURE OF SHARES +There are no provisions in the Articles of Association regarding the calls on shares and forfeiture of +shares. +15. INSPECTION OF THE REGISTER OF SHAREHOLDERS +The Company establishes the register of Shareholders according to the certificate provided by the +securities registration authority. The register of Shareholders is sufficient evidence to prove that the +Shareholders hold the Company’s shares. Shareholders enjoy rights and assume obligations according to +the type and number of shares they hold. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-7 – + + +--- page 372 --- +Shareholders holding the same type of Shares shall enjoy the same rights and undertake the same +obligations. +The original register of the shareholders of the H Shares listed in Hong Kong shall be kept in Hong +Kong. +When the Company convenes the general meeting, pays dividends, goes into liquidation or is +involved in other actions that require the confirmation of identities, the board of directors shall fix a date +as the equity registration date, upon expiration of which the shareholders whose names registered on the +register of shareholders shall be the shareholders entitled to relevant equity. +16. QUORUM FOR GENERAL MEETINGS +There are no provisions in the Articles of Association regarding the quorum for general meetings. +17. RIGHTS OF MINORITIES IN RELATION TO FRAUD OR OPPRESSION +If any director or senior management (other than a member of the Audit Committee) violates laws, +administrative regulations or the Articles of Association in fulfilling his/her duties, thereby causing any +loss to the Company, the shareholder(s) severally or jointly holding 1% or more shares of the Company +for more than 180 consecutive days shall have the right to request the Audit Committee in writing to +institute legal proceedings at the People’s Court; if the member of the Audit Committee violates laws, +administrative regulations or the Articles of Association in fulfilling his/her duties, thereby causing any +loss to the Company, the aforementioned Shareholders shall have the right to request the board of directors +in writing to institute legal proceedings at the People’s Court. +If the Audit Committee or the board of directors refuses to institute legal proceedings after receipt +of the aforesaid written request or fails to institute legal proceedings within 30 days after receipt of the +aforesaid written request, or if under urgent circumstances that any delay of legal proceedings may cause +irrecoverable damages to the interests of the Company, the Shareholders specified above shall have the +right to directly institute legal proceedings at the People’s Court in their own names for the interest of the +Company. +If any other person infringes upon the legitimate rights and interests of the Company, thereby causing +any loss to the Company, the Shareholders specified in paragraph 1 may institute legal proceedings at the +People’s Court pursuant to the preceding provisions. +Where a director, supervisor or senior management of a wholly-owned subsidiary of the Company +violates laws and administrative regulations or the Articles of Association in fulfilling his/her duties, +thereby causing any loss to the Company, or where a third party infringes upon the lawful rights and +interests of such wholly-owned subsidiary thereby causing losses, any shareholders who individually or +jointly holding no less than 1% of the Company’s shares for no less than 180 consecutive days shall have +the right to submit a written request to the board of Supervisors or the board of directors of the +wholly-owned subsidiary to initiate legal proceedings with the People’s Court in accordance with the +relevant provisions of the Corporate Law or directly initiate legal proceedings with the People’s Court in +their own name. +If a wholly-owned subsidiary of the Company does not set up a board of supervisors or does not have +a supervisor, and sets up an Audit Committee instead, the relevant procedure specified in paragraph 1 and +2 above shall be followed. +If any director or senior management violates the laws, administrative regulations or the Articles of +Association, thereby causing any loss to the Shareholders’ interests, the Shareholders may institute legal +proceedings at the People’s Court. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-8 – + + +--- page 373 --- +18. LIQUIDATION PROCEDURES +The Company shall be dissolved under any of the following circumstances: +(i) the expiration of the business period as stipulated in the Articles of Association or the +occurrence of other grounds for dissolution as stipulated in the Articles of Association; +(ii) the general meeting resolves to dissolve the Company; +(iii) dissolution is necessary as a result of the merger or division of the Company; +(iv) the business license of the Company is revoked, or the Company is ordered to be closed down, +or it is deregistered according to law; and +(v) the Company is confronted with serious difficulties in operation and management, and its +continued existence may cause material loss to the interests of its shareholders, and the +difficulties cannot be resolved through other means, in which case the Shareholders holding +10% or more of the voting rights held by all the Shareholders of the Company may request a +People’s Court to dissolve the Company. +Where any ground for dissolution as specified in the preceding paragraph arises in respect of the +Company, the Company shall within 10 days publish such ground for dissolution via the National +Enterprise Credit Information Publicity System. +Where the Company is to be dissolved pursuant to items (1), (2), (4) or (5) above, it shall undergo +liquidation. Directors shall act as the liquidation obligor and establish a liquidation committee within 15 +days from the date when the event of dissolution occurs. The members of the liquidation committee shall +be composed of the directors or the personnel appointed by the general meeting. +Within 10 days of the establishment of the liquidation committee, the creditors shall be notified and +an announcement shall be published within 60 days. Creditors shall file their claims with the liquidation +committee within 30 days of receiving the notice, or within 45 days from the publication if any such +creditor has not received the notice. +After identifying the Company’s assets and preparing the balance sheet and schedule of assets, the +liquidation committee shall formulate a liquidation plan and submit it to the general meeting or the +People’s Court for confirmation. +Upon completion of the company’s liquidation, the liquidation committee shall prepare a liquidation +report, submit it to the general meeting or the People’s Court for confirmation, and file it with the company +registry to apply for deregistration of the company. +19. OTHER IMPORTANT PROVISIONS FOR OUR COMPANY OR SHAREHOLDERS +(1) General Provisions +The Company is a permanently existing joint stock limited company. +According to the Articles of Association, any shareholder may bring a lawsuit against another +shareholder, a director, or the senior management, any shareholder may bring a lawsuit against the +Company, and the Company may bring a lawsuit against any shareholder, director or the senior +management. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-9 – + + +--- page 374 --- +(2) Capital increase and capital reduction +The Company may increase stock capital by the following means in accordance with laws and +regulations, subject to the approval by the general meeting, for management and operation needs: +i. Issuing shares in a public offering; +ii. Issuing shares via a private placement; +iii. Giving bonus shares to existing shareholders; +iv. Converting reserve funds into shares; and +v. Other means approved by the laws, administrative regulations, departmental rules and relevant +regulatory authorities where the Company’s shares are listed and the CSRC (if necessary). +The Company may decrease our registered capital and shall comply with the procedures stipulated +in Company Law of the PRC, the Listing Rules, other relevant regulations and the Articles of Association. +(3) Shareholders +Shareholder is entitled to rights and assumes obligations pursuant to the classification of his or her +shares. Shareholder holding the same classified share has the same rights and assumes the same +obligations. +The rights of our ordinary shareholders are as follows: +i. To receive distribution of dividends and other forms of benefits according to the number of +shares held; +ii. To legally require, convene, preside over, participate in or authorize proxies of shareholders to +participate in and exercise corresponding voting rights at the general meeting; +iii. To supervise and manage business and operational activities of the Company, and to provide +suggestions or submit queries; +iv. To transfer, grant or pledge the Company’s shares he/she held according to the provisions of +the laws, administrative regulations, regulatory rules where the Company’s shares are listed +and the Articles of Association; +v. To obtain relevant information according to the provisions of the Articles of Association, +including reading and coping the Articles of Association, register of shareholders, minutes of +general meetings, resolutions of meetings of the board of directors; eligible Shareholders may +inspect the accounting books and accounting vouchers; +vi. To participate in the distribution of residual properties of the company in proportion to the +number of shares held in the event of the termination or liquidation of the Company; +vii. To request the Company to buy back their shares as dissenting shareholders voting against any +resolutions adopted at the general meeting concerning the merger and division the Company; +viii. Other rights conferred by laws, administrative regulations, departmental rules, the Listing +Rules, and the Articles of Association. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-10 – + + +--- page 375 --- +(5) The board of directors +The board of directors is responsible to the general meeting. +The board of directors exercises the following powers: +i. To convene the general meeting and report on its work to the general meeting; +ii. Implement the resolutions of the general meeting; +iii. Determine the business and investment plans of the Company; +iv. Formulate the earnings distribution and loss offset plans of the Company; +v. Formulate the proposals for increasing or decreasing the Company’s registered capital, +issuance of corporate bonds or other securities and the listing plan of the Company; +vi. Prepare plans for major acquisition, stocks buy-back, corporate merger, separation, dissolution +and change corporate form of the Company; +vii. Determine, in accordance with the Articles of Association or within the scope authorized by the +general meeting, such matters as the Company’s external investments, the purchase and sale of +assets, asset mortgages, external guarantees, entrusted management of finance, related-party +transactions and external donations; +viii. Decide on the setup of the Company’s internal management organization; +ix. Appoint or dismiss the general manager, secretary of the board, and other senior managers of +the Company; based on the nomination of the general manager, appoint or dismiss senior +managements of the Company such as deputy general manager, Chief financial officer (CFO) +and other senior managers and determine their remuneration, reward and disciplinary matters; +x. Formulate the basic internal management systems of the Company; +xi. Formulate the modification plan to the Articles of Association; +xii. Managing the information disclosure of the Company; +xiii. Make proposals to the general meeting on the appointment or replacement of the accounting +firm that provides audit services to the Company; +xiv. Listen to work report of general manager and inspect the general manager’s work; +xv. Formulate and implement share incentive plan of the Company; and +xvi. Other powers and duties authorized by the laws, administrative regulations, regulations of the +authorities, the Listing Rules and the Articles of Association. +Board meeting shall be held only if more than one half of the directors are present. Unless otherwise +provided in the Articles of Association, resolutions of the board of directors shall be passed by a simple +majority of all directors. +The board of directors of the Company shall give an explanation to the general meeting on the +non-standard audit report issued by the certified public accountants on the financial reports of the +Company. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-11 – + + +--- page 376 --- +(6) Independent Non-executive director +The board of directors of the Company has four independent non-executive directors. At least one +independent non-executive director shall have applicable professional qualification or are equipped with +applicable accounting or relevant financial management expertise. +(7) Secretary of the board of directors +The Secretary of the board of directors, as a senior management officer of the Company, shall be +responsible for organizing the shareholders’ general meetings and board meetings, maintaining corporate +records, managing shareholder information, and handling disclosure matters, while complying with all +applicable laws, administrative regulations, departmental rules, and the provisions of these Articles of +Association. The Company has one secretary of the board of directors. +(8) Audit committee +The Company shall set up an audit committee. +The audit committee consists of three directors. +The audit committee shall consist of directors who are not senior managements of the company, all +three of them are independent directors, and an accounting professional among these three independent +directors shall act as the convener. +The audit committee shall be responsible for review of the company’s financial information and +disclosure thereof, supervision and evaluation of internal and external audit work and internal control. The +following matters shall, upon consent by more than half of all the members of the audit committee, be +present to board meeting for deliberation: +i. Disclosure of financial information in financial accounting reports and periodic reports, +internal control evaluation report; +ii. Engagement or dismissal of accounting firm which undertakes audit business of a listed +company; +iii. Engagement or dismissal of the financial controller of a listed company; +iv. Change in accounting policies or accounting estimates or correction of material accounting +error for a reason other than change in accounting standards; and +v. Any other matters stipulated by laws, administrative regulations, the CSRC and the articles of +association. +(9) General manager +The Company has one general manager, appointed or dismissed by the board of directors. The +general manager of the Company is responsible to the board of directors and exercises the following +powers: +i. Be in charge of the producing and operational management of the Company, organize the +implement of resolutions of the board of directors and report to the board of directors on his/her +work; +ii. Organize the implementation of the Company’s annual operation plans and investment +schemes; +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-12 – + + +--- page 377 --- +iii. Formulate the plans for establishment of the Company’s internal management organization; +iv. Formulate the fundamental management policies of the Company; +v. Formulate the specific management regulations and rules of the Company; +vi. Propose the board of directors of engagement or dismissal of the Company’s deputy general +manager, Chief financial officer and other senior managements; +vii. Decide to engage or dismiss other managements except those who shall be appointed or +dismissed by the board of directors; +viii. Other responsibilities authorized by the Articles of Association and the board of directors. +(10) Reserve fund +When the annual after-tax profits of the Company are distributed, the Company shall allocate 10% +of the profits to the statutory reserve fund of the Company. Allocations to the Company’s statutory reserve +fund may be waived once the cumulative amount of funds therein exceeds 50% of the Company’s +registered capital. +If the Company’s statutory reserve fund is insufficient to offset our losses during the previous year, +the profits generated during the current year shall be used to cover such losses before allocating the +statutory reserve in accordance with the requirements set forth above. +After allocation to the statutory reserve fund from the after-tax profits of the Company, we may also +allocate to the discretionary reserves fund will from after-tax profits in line with the resolution(s) adopted +at the general meeting. +After the Company has covered for its losses and made allocations to its statutory reserve fund, the +remaining profits are distributed in proportion to the number of shares held by the shareholders, unless +otherwise specified by the Articles of Association. +If the general meeting violates the above provisions and profits are distributed to the shareholders, +the profits distributed in violation of the provisions shall be returned by such shareholders to the Company. +If the Company suffers losses, the shareholders and responsible directors, senior managements shall be +liable for compensation. +The shares held by the Company itself shall not be subject to profit distribution. +The Company’s reserve fund shall be used to offset losses of the Company, expanding the scale of +business and operations or for conversion into and increase our capital. +Where reserve fund is used to offset loss of the Company, the discretionary reserve fund and +statutory reserve fund shall be firstly used; in the event they are insufficient for offsetting loss, the capital +reserve fund may be applied to cover the company’s losses. +Where the statutory reserve fund converses into the registered capital, the remaining statutory +reserve shall not be less than 25% of the registered capital of the Company before such conversion. +APPENDIX III SUMMARY OF ARTICLES OF ASSOCIATION +– III-13 – + + +--- page 378 --- +A. FURTHER INFORMATION ABOUT OUR GROUP +1. Establishment of our Company +Our Company was established in the PRC as a limited liability company on February 20, 2017 and +pursuant to the shareholders’ resolutions on March 18, 2025, all promoters (being all the then +Shareholders) agreed to convert our Company into a joint stock limited company. Our Company has +established a principal place of business in Hong Kong at 40/F, Dah Sing Financial Centre, No. 248 +Queen’s Road East, Wanchai, Hong Kong and has registered with the Registrar of Companies in Hong +Kong as a non-Hong Kong company under Part 16 of the Companies Ordinance on September 12, 2025. +Ms. Ma Wing Yee, one of our joint company secretaries, has been appointed as the authorized +representative of our Company for the acceptance of service of process and notices on behalf of our +Company in Hong Kong. +As our Company was established in the PRC, our corporate structure and Articles of Association are +subject to the relevant laws and regulations of the PRC. A summary of the relevant provisions of our +Articles of Association is set out in “Appendix III—Summary of Articles of Association” to this +prospectus. +2. Changes in the share capital of our Company +Save as disclosed in “History, Development and Corporate Structure,” there has been no alteration +in the share capital of our Company and our subsidiaries within two years immediately preceding the date +of this prospectus. +3. Resolutions of our Shareholders passed on July 11, 2025 +At the extraordinary general meeting of our Company held on July 11, 2025, among other things, the +following resolutions were passed by our Shareholders: +(a) the issue of H Shares with a nominal value of RMB1.00 each, the number of which shall be +no more than 25% of the total issued share capital of our Company upon completion of the +Global Offering, and the listing of the H Shares on the Stock Exchange; +(b) the grant of the Over-allotment Option of not more than 15% of the number of H Shares issued +pursuant to the Global Offering; +(c) subject to the completion of the filing procedure with the CSRC, upon completion of the Global +Offering, the conversion of 59,999,605 Unlisted Shares in aggregate into H Shares on a +one-for-one basis; +(d) subject to the completion of the Global Offering, the Articles of Association were approved and +adopted, which shall become effective on the Listing Date, and our Board has been authorized +to amend the Articles of Association in accordance with any comments from the Stock +Exchange and the relevant PRC regulatory authorities; and +(e) our Board and/or its authorized person(s) have been authorized to handle all relevant matters +relating to, among other things, the Global Offering, the conversion of Unlisted Shares into H +Shares, and the issue of H Shares and the Listing. +4. Particulars of our subsidiaries +Particulars of our subsidiaries are set forth in note 37 of the Accountants’ Report set out in Appendix +I to this prospectus. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-1 – + + +--- page 379 --- +5. Change in the registered capital of subsidiaries +On September 15, 2025, the registered capital of Chengdu Y uanyuan was decreased from RMB5 +million to RMB1 million. +Save as aforesaid, as of the Latest Practicable Date, there had been no alterations in the registered +capital of any of our subsidiaries within the two years immediately preceding the date of this prospectus. +B. FURTHER INFORMATION ABOUT OUR BUSINESS +1. Summary of material contracts +We have entered into the following contracts (not being contracts entered into in the ordinary course +of business) within the two years preceding the date of this prospectus that are or may be material: +(a) the cornerstone investment agreement dated June 10, 2026 entered into among our Company, +Key Broad Future Limited (ʮ̡), Xuancheng Kaibo Industry Fund Partnership +(Limited Partnership) (ΥྫΆุ(Υྫ)), CITIC Securities (Hong Kong) +Limited (ᗇՎ(ಥ)ʮ̡) and CLSA Limited (ʮ̡), pursuant to +which Key Broad Future Limited has agreed to subscribe at the Offer Price for such number +of Offer Shares (rounded down to the nearest whole board lot of 100 H Shares) that may be +purchased with the Hong Kong dollar equivalent of US$25,000,000; +(b) the cornerstone investment agreement dated June 10, 2026 entered into among (i) our +Company, (ii) Foresight Global Superior Choice SPC — Global Superior Choice Fund 1 SP , +Foresight Global Superior Choice SPC — Vision Fund 1 SP , Foresight Global Superior Choice +SPC — Horizon Fund 1 SP , Foresight Global Superior Choice SPC — Horizon Next Fund SP +and Foresight International Series— Foresight China Equity Fund (collectively, “ Foresight +Funds ”), (iii) CITIC Securities (Hong Kong) Limited and (iv) CLSA Limited, pursuant to +which Foresight Funds have agreed to subscribe at the Offer Price for such number of Offer +Shares (rounded down to the nearest whole board lot of 100 H Shares) that may be purchased +with the Hong Kong dollar equivalent of US$25,000,000; +(c) the cornerstone investment agreement dated June 10, 2026 entered into among our Company, +LBC HK Opportunity Fund Limited, CITIC Securities (Hong Kong) Limited and CLSA +Limited, pursuant to which LBC HK Opportunity Fund Limited has agreed to subscribe at the +Offer Price for such number of Offer Shares (rounded down to the nearest whole board lot of +100 H Shares) that may be purchased with the Hong Kong dollar equivalent of US$5,000,000; +(d) the cornerstone investment agreement dated June 10, 2026 entered into among our Company, +Sage Partners Master Fund, CITIC Securities (Hong Kong) Limited and CLSA Limited, +pursuant to which Sage Partners Master Fund has agreed to subscribe at the Offer Price for such +number of Offer Shares (rounded down to the nearest whole board lot of 100 H Shares) that +may be purchased with the Hong Kong dollar equivalent of US$4,000,000; +(e) the cornerstone investment agreement dated June 10, 2026 entered into among our Company, +Panjing Harbourview Investment Fund (ږCITIC Securities (Hong Kong) +Limited and CLSA Limited, pursuant to which Panjing Harbourview Investment Fund has +agreed to subscribe at the Offer Price for such number of Offer Shares (rounded down to the +nearest whole board lot of 100 H Shares) that may be purchased with the Hong Kong dollar +equivalent of US$3,000,000; +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-2 – + + +--- page 380 --- +(f) a cornerstone investment agreement dated June 10, 2026 entered into among our Company, +Taikang Life Insurance Co., Ltd. (ப΂ʮ̡), CITIC Securities (Hong Kong) +Limited and CLSA Limited, pursuant to which Taikang Life Insurance Co., Ltd. has agreed to +subscribe at the Offer Price for such number of Offer Shares (rounded down to the nearest +whole board lot of 100 H Shares) that may be purchased with the Hong Kong dollar equivalent +of US$3,000,000; +(g) the Hong Kong Underwriting Agreement. +2. Our Intellectual Property Rights +(a) Trademark +As of the Latest Practicable Date, we had the following registered trademark and trademark +applications: +(i) Registered Trademark +No. Trademark Class +Registration +Number Owner +Date of +Registration Expiry date +Place of +Registration +1 /H1118/H1118/H1118 + 5, 42 307094683 Our Company November +17, 2025 +November +16, 2035 +Hong Kong +(ii) Trademark Applications +No. Trademark Class +Application +Number Applicant +Date of +Application +Place of +Application Status +1 /H1118/H1118 + 5 89556402 Our Company January 6, +2026 +PRC Refusal review in +progress +2 /H1118/H1118 + 42 89556401 Our Company January 6, +2026 +PRC Preliminarily +Approved on May +14, 2026; +Published for +Opposition +3 /H1118/H1118 +42 89556400 Our Company January 6, +2026 +PRC Refusal review in +progress +4 /H1118/H1118 + 5 89556398 Our Company January 6, +2026 +PRC Refusal review in +progress +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-3 – + + +--- page 381 --- +(b) Patents +As of the Latest Practicable Date, we had the following patents and patent applications: +NO. Patent Protection Scope +Jurisdiction +(Country/Region) Status Filing/Grant Date +Patent +Expiration Date +Patent Owner/ +Applicant +1 /H1118/H1118 +Pyrimidine derivatives and their +applications +China Granted July 2023 December 2039 Our Company +2 /H1118/H1118 Japan Granted January 2023 December 2039 Our Company +3 /H1118/H1118 United States Granted October 2025 December 2039 Our Company +4 /H1118/H1118 Europe Applying December 2019 N/A Our Company +5 /H1118/H1118Steroid compounds and their +applications +China Granted August 2023 December 2039 Our Company +6 /H1118/H1118Quinoline derivatives China Granted August 2023 December 2038 Our Company +7 /H1118/H1118Intermediate for anticancer drug +preparation +China Granted November 2021 December 2037 Our Company +8 /H1118/H1118Aromatic amide derivatives and +their application in anti-tumor +drugs +China Applying June 2023 N/A Our Company +9 /H1118/H1118Aromatic derivatives and their +applications +China Granted April 2023 November 2040 Our Company +10 /H1118/H1118 United States Granted April 2026 November 2040 Our Company +11 /H1118/H1118 Europe Applying November 2020 N/A Our Company +12 /H1118/H1118 +New aromatic compounds with +anti-tumor activity +China Granted March 2024 February 2041 Our Company +13 /H1118/H1118 Japan Granted March 2024 February 2041 Our Company +14 /H1118/H1118 Europe Applying February 2021 N/A Our Company +15 /H1118/H1118 United States Applying February 2021 N/A Our Company +16 /H1118/H1118Aromatic derivatives and +preparation methods +China Granted November 2024 November 2040 Our Company +17 /H1118/H1118 United States Granted April 2026 November 2040 Our Company +18 /H1118/H1118 Europe Applying November 2020 N/A Our Company +19 /H1118/H1118Aromatic compounds and their +application in anti-tumor +drugs +China Granted February 2024 August 2041 Our Company +20 /H1118/H1118 Japan Granted November 2024 August 2041 Our Company +21 /H1118/H1118 Europe Applying August 2021 N/A Our Company +22 /H1118/H1118 United States Applying August 2021 N/A Our Company +23 /H1118/H1118Pyrimidine derivatives China Granted August 2023 December 2039 Our Company +24 /H1118/H1118Aromatic heterocyclic +compounds and their +application in drugs +China Granted July 2024 March 2041 Our Company +25 /H1118/H1118Aromatic hydrazide derivatives +and their medicinal +applications +PCT Applying December 2024 N/A Our Company +26 /H1118/H1118Aromatic hydrazide derivatives +and their medicinal +applications +Taiwan Granted December 2025 December 2044 Our Company +27 +/H1118/H1118Peptide conjugates exhibiting +antitumor activity +China Applying February 2026 N/A Our Company +28 /H1118/H1118 +New hypoglycemic compounds +China Granted May 2023 November 2040 Our Company +29 /H1118/H1118 Europe Granted August 2025 November 2040 Our Company +30 /H1118/H1118 United States Granted January 2026 November 2040 Our Company +31 /H1118/H1118 Japan Granted April 2025 November 2040 Our Company +32 /H1118/H1118 Japan Granted January 2026 November 2040 Our Company +33 /H1118/H1118 Europe Applying November 2020 N/A Our Company +34 /H1118/H1118Compounds forreducing the risk +of cardiovascular disease and +atherosclerosis +PCT Applying December 2025 N/A Our Company +35 /H1118/H1118Pyrrolidine derivatives and their +applications in drugs +Taiwan Applying December 2025 N/A Our Company +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-4 – + + +--- page 382 --- +NO. Patent Protection Scope +Jurisdiction +(Country/Region) Status Filing/Grant Date +Patent +Expiration Date +Patent Owner/ +Applicant +36 /H1118/H1118 +Aromatic amide derivatives and +their applications +China Applying June 2024 N/A Our Company +37 /H1118/H1118 Europe Applying June 2024 N/A Our Company +38 /H1118/H1118 United States Applying June 2024 N/A Our Company +39 /H1118/H1118 Japan Applying June 2024 N/A Our Company +40 /H1118/H1118Aromatic acid compounds and +their applications +PCT Applying December 2025 N/A Our Company +41 /H1118/H1118 +New nitrogencontaining +heteroaromatic Compounds +Russia Granted July 2025 May 2042 Our Company +42 /H1118/H1118 Australia Granted July 2025 May 2042 Our Company +43 /H1118/H1118 Japan Granted September 2025 May 2042 Our Company +44 /H1118/H1118 China Applying May 2022 N/A Our Company +45 /H1118/H1118 European Applying May 2022 N/A Our Company +46 /H1118/H1118 United States Applying May 2022 N/A Our Company +47 /H1118/H1118 Republic of Korea Applying May 2022 N/A Our Company +48 /H1118/H1118 Singapore Applying May 2022 N/A Our Company +49 /H1118/H1118 Malaysia Applying May 2022 N/A Our Company +50 /H1118/H1118 Russia Applying May 2022 N/A Our Company +51 /H1118/H1118 Australia Applying May 2022 N/A Our Company +52 /H1118/H1118 Japan Applying May 2022 N/A Our Company +53 /H1118/H1118Use of nitrogen-containing +heterocyclic derivatives in +preparation of drugs for +treating skin diseases +PCT Applying October 2025 N/A Our Company +54 /H1118/H1118Cyclic lactone compounds PCT Applying July 2025 N/A Our Company +55 /H1118/H1118Phenylpropionic acid derivatives +and their applications +PCT Applying December 2025 N/A Our Company +56 /H1118/H1118 +Selective kinase inhibitory +compound +China Granted October 2020 December 2037 Our Company +57 /H1118/H1118 Europe Granted March 2022 December 2037 Our Company +58 /H1118/H1118 United States Granted June 2021 December 2037 Our Company +59 /H1118/H1118 Japan Granted March 2021 December 2037 Our Company +(c) Domain Name +As of the Latest Practicable Date, we owned the following domain name which, in the opinion of our +Directors, is material to our business: +No. Domain Name Registrant +Date of +Registration Expiry Date +1 /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118hj3h.com Our Company April 30, 2018 April 29, 2029 +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-5 – + + +--- page 383 --- +C. FURTHER INFORMATION ABOUT DIRECTORS, SUPERVISORS AND SUBSTANTIAL +SHAREHOLDERS +1. Disclosure of interests +(a) Interests and short positions of the Directors, Supervisors and chief executive of our Company in +the share capital of our Company and its associated corporations +Immediately following the completion of the Global Offering and conversion of Unlisted Shares into +H Share (without taking into account any H Shares which may be issued pursuant to the exercise of the +Over-allotment Option), the interests or short positions of Directors, Supervisors or chief executive of our +Company in the Shares, underlying Shares and debentures of our Company or its associated corporations +(within the meaning of Part XV of the SFO) which will be required to be notified to our Company and +the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short +positions which they were taken or deemed to have under such provisions of the SFO) or which will be +required, under Section 352 of the SFO, to be entered in the register referred to in that section, or which +will be required, under the Model Code for Securities Transactions by Directors of Listed Issuers as set +out in Appendix C3 to the Listing Rules (the “ Model Code ”), to be notified to our Company and the Stock +Exchange once the H Shares are listed will be as follows: +Interest in Shares of our Company +Name Nature of interest +Type of +Shares +Number of +Shares (1) +Approximate +percentage of +shareholding in +the relevant +type of Shares +Approximate +percentage of +shareholding in +the total issued +share capital (2) +Dr. Ji (3) /H1118/H1118/H1118/H1118Beneficial owner H Shares 12,424,624 (L) 16.88% 16.88% +Interest in controlled +corporations +H Shares 22,068,819 (L) 29.98% 29.98% +Mr. Yang +Xiangyu (4) /H1118 +Beneficial owner H Shares 200,000 (L) 0.27% 0.27% +Mr. Wu +Zhen(4) /H1118/H1118/H1118 +Beneficial owner H Shares 20,000 (L) <0.1% <0.1% +Ms. Zhang +Yao(4) /H1118/H1118/H1118 +Beneficial owner H Shares 2,220 (L) <0.1% <0.1% +Mr. Tang +Gaojia (4) /H1118/H1118 +Beneficial owner H Shares 11,200 (L) <0.1% <0.1% +Ms. Wang +Liqun (4) /H1118/H1118 +Beneficial owner H Shares 2,200 (L) <0.1% <0.1% +Notes: +(1) The letter “L” denotes the person’s long position in our Shares. +(2) The calculation is based on the total number of 73,599,605 Shares in issue immediately following the completion of +the Global Offering (assuming that the Over-allotment Option is not exercised). +(3) For details of interests of Dr. Ji, see “Substantial Shareholders”. +(4) Representing the underlying Shares granted to him/her under the Pre-IPO Share Incentive Scheme. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-6 – + + +--- page 384 --- +(b) Substantial Shareholders +Save as disclosed in the section headed “Substantial Shareholders” in this prospectus, our Directors +are not aware of any persons (other than our Directors, Supervisors and chief executive of our Company) +who will, immediately following the completion of the Global Offering and conversion of Unlisted Shares +into H Shares (without taking into account any H Shares which may be issued pursuant to the exercise of +the Over-allotment Option), will have or be deemed or taken to have interests and/or short position in our +Shares or underlying Shares which would be required to be disclosed to the Company and the Stock +Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or who is, directly or +indirectly, interested in 10% or more of the nominal value of any types of the issued voting shares of any +member of our Group. +2. Particulars of Directors’ service contracts +Each of our Directors has entered into a service contract with our Company. The principal particulars +of these service contracts comprise (a) the term of the service; (b) termination provisions; and (c) dispute +resolution provision. The service contracts may be renewed in accordance with our Articles of Association +and the applicable laws, rules and regulations from time to time. +Save as disclosed above, none of our Directors or Supervisors has or is proposed to have a service +contract with any member of our Group (other than contracts expiring or determinable by the relevant +employer within one year without the payment of compensation (other than statutory compensation)). +3. Directors’ and Supervisors’ remuneration +For the two years ended December 31, 2025, the aggregate remuneration (including salaries, +retirement benefit scheme contribution and share-based payment) paid or payable to our Directors and +Supervisors were approximately RMB4.89 million and RMB20.67 million respectively. +The aggregate amount of salaries, retirement benefit scheme contribution and share-based payment +paid or payable to our five highest paid individuals in respect of the two years ended December 31, 2025 +was RMB9.11 million and RMB30.20 million respectively. +Under the arrangement currently in force, the aggregate remuneration (including salaries, retirement +benefit scheme contribution and share-based payment) of our Directors and Supervisors for the year +ending December 31, 2026 is estimated to be no more than approximately RMB31.34 million. +4. Agency fees or commissions received +Save as disclosed in “Underwriting—Underwriting Commission and Expenses” to this prospectus, +no commissions, discounts, agency fee, brokerages or other special terms were granted in connection with +the issue or sale of any capital of any member of our Group within the two years immediately preceding +the date of this prospectus. +5. Disclaimers +(a) Within the two years immediately preceding the date of this prospectus, none of our Directors +nor any of the experts referred to under “—E. Other Information—5. Qualifications and +Consents of Experts” in this Appendix has any direct or indirect interest in the promotion of +our Company, or in any assets which have been acquired or disposed of by or leased to any +member of our Group, or are proposed to be acquired or disposed of by or leased to any +member of our Group. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-7 – + + +--- page 385 --- +(b) Save in connection with the Underwriting Agreements, none of our Directors or Supervisors +nor any of the experts referred to under “—E. Other Information—5. Qualifications and +Consents of Experts” in this Appendix, is materially interested in any contract or arrangement +subsisting at the date of this prospectus which is significant in relation to the business of our +Group taken as a whole. +(c) Save as disclosed in this section, none of our Directors or Supervisors have any existing or +proposed service contracts with any member of our Group (excluding contracts expiring or +determinable by the employer within one year without payment of compensation (other than +statutory compensation)). +D. PRE-IPO SHARE INCENTIVE SCHEME +The following is a summary of the principal terms of the Pre-IPO Share Incentive Scheme approved +and adopted by the resolutions of our Shareholders at the extraordinary general meeting of our Company +held on July 11, 2025 (the “ Scheme ”). The source of awards granted to eligible participants pursuant to +the Pre-IPO Share Incentive Scheme is the Shares held by Suzhou Jishitang, which is one of our employee +incentive platforms. Under the Scheme, the participants may indirectly acquire our Company’s interest by +holding partnership interest in our employee incentive platforms. For details, please see “History, +Development and Corporate Structure—Employee Incentive Platforms”. The terms of the Scheme are not +subject to the provisions of Chapter 17 of the Listing Rules as the Scheme does not involve the grant of +share awards by our Company after the Listing. +(a) Purpose +The purpose of the Scheme is to further improve the Company’s governance structure, establish a +benefit-sharing mechanism between the Company and its core employees, attract and retain outstanding +talents and excellent staff, and fully stimulate employees’ enthusiasm of our employees. +(b) Maximum number of the Restricted Shares +The maximum number of incentive Shares under the Scheme, which are restricted Shares +(“Restricted Shares ”), is 2,093,400 Shares, representing approximately 3.49% of the total issued share +capital of our Company as of the Latest Practicable Date, which shall be held by Suzhou Jishitang. +(c) Participants +Eligible participants of the Scheme are determined by the Scheme administrator after taking into +account certain key factors, such as position, years of service, individual performance and contributions +to our Company as approved by the Scheme administrator. The eligible participants under the Scheme +include: (i) Directors, Supervisors and senior management of our Company; (ii) mid-level management +members and core employees of our Group; and (iii) external consultants. +(d) Administration +The Shareholders’ meeting of our Company is responsible for considering and approving the +Scheme, and has authorized the Board to formulate and revise the Scheme. +Dr. Ji, our executive Director, chairman of our Board, chief executive officer and general manager +of Company and the general partner of Suzhou Jishitang, has been authorized by the resolutions of our +Shareholders to act as the administrator (“ Administrator ”) of the Scheme, and has the authority to, among +others, determine the eligible participants under the Scheme and their respective number of Restricted +Shares to be granted, the circumstances where the participants may exit the Scheme, and to approve the +grant, transfer and repurchase of the underlying Restricted Shares to or from the participants. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-8 – + + +--- page 386 --- +(e) Subscription price and adjustments +The subscription price of the Restricted Shares will be stipulated in the grant letter agreed between +a participant and our Company. In the event of any capital reserve conversion into shares, distribution of +dividends, share splits, share allotments or reduction of shares of the Company, the subscription price of +the Restricted Shares will be adjusted accordingly. +(f) Grant of Restricted Shares +The participants shall subscribe for the capital contribution of the limited partnership interest in the +employee incentive platforms according to the underlying Restricted Shares granted to them and make the +corresponding payment, thereby indirectly holding the Restricted Shares by virtue of their capacity as +limited partners or general partners (as the case may be) of the employee incentive platforms. +All participants do not have any direct voting right in our Company and will be entitled to receive +the economic interest attached to the underlying Restricted Shares held by Suzhou Jishitang. All +participants acknowledge and agree that Administrator, shall exercise the voting rights attached to the +Restricted Shares pursuant to the rules of the Scheme and the grant agreements entered into by, among +others, the participants and Suzhou Jishitang. +(g) Lock-up restrictions and repurchase of Restricted Shares +The Restricted Shares held by the participants by virtue of the partnership interests held by them in +the employee incentive platforms are subject to performance targets and lock-up restrictions for a period +commencing from the date of signing grant agreement to the date of completion of three years of service +of the participants with our Group. +The Scheme provides for certain circumstances in which the unvested Restricted Shares granted to +the participants may be (a) repurchased by the Administrator (including an entity controlled by the +Administrator and serving as the executive partner of the employee incentive platform) or its designated +persons (such designated persons shall be an employee of our Group) and/or (b) returned by reducing the +total partnership interest in the employee incentive platforms. Such circumstances include, without +limitation, (i) violation of relevant laws, regulations, rules or policies, causing economic losses to our +Group; (ii) termination of employment relationship with the Group; and (iii) death of the grantee, +disability rendering the grantee unable to undertake his/her work assigned by the Group. +Upon Listing, in addition to the restrictions under the Scheme, the transfer or sale of Restricted +Shares by the participants shall be subject to the lock-up requirements under the relevant laws and +regulations and the Listing Rules, if applicable. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-9 – + + +--- page 387 --- +(h) Details of the Restricted Shares Granted +As of the Latest Practicable Date, all the Restricted Shares under the Scheme were granted to 34 +Participants through the employee incentive platforms. Given the underlying Restricted Shares under the +Scheme have already been issued, there will not be any dilution effect to the issued Shares upon the +vesting of the Restricted Shares under the Scheme. The table below sets out the details of the Restricted +Shares granted under the Scheme as of the Latest Practicable Date: +Name +Position(s) held within +our Group +Number of +underlying Shares +Approximate +percentage of +indirect +shareholding in +our Company +immediately +following +completion of the +Global Offering +(assuming the +Over-allotment +Option is not +exercised) +Directors +Dr. Ji /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director, +chairman of our +Board, chief +executive officer and +general manager +1,042,200 1.42% +Mr. Yang Xiangyu /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director and +chief operating officer +200,000 0.27% +Mr. Wu Zhen /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director and +deputy chief operating +officer +20,000 <0.1% +Ms. Zhang Yao /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Executive Director and +deputy head of human +resources +2,200 <0.1% +Supervisors +Mr. Tang Gaojia /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118President of the +Supervisory +Committee, +Supervisor and head +of the quality +department +11,200 <0.1% +Ms. Wang Liqun /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Supervisor and head of +administration +2,200 <0.1% +Senior management (excluding those who are also Directors) +Ms. Guo Na /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Head of research and +development +340,000 0.46% +Mr. Du Fengtian /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Deputy head of research +and development +200,000 0.27% +Ms. Zhang Jingjie /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Chief financial officer +Board secretary and +joint company +secretary +37,700 <0.1% +Mr. Luo Shuai /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Head of project +department +22,200 <0.1% +Other participants +24 other employees /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Employee 215,700 0.29% +Total /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H11182,093,400 2.84% +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-10 – + + +--- page 388 --- +E. OTHER INFORMATION +1. Estate Duty +Our Directors have been advised that currently no material liability for estate duty is likely to fall +on our Company or any of our subsidiaries in the PRC. +2. Sole Sponsor +The Sole Sponsor satisfies the independence criteria applicable to sponsors as set out in Rule 3A.07 +of the Listing Rules. The Sole Sponsor will receive an aggregate fee of US$500,000 for acting as the +sponsor for the Listing. +3. Preliminary Expenses +As of the Latest Practicable Date, our Company has not incurred any material preliminary expenses. +4. Promoters +The promoters of our Company comprised of all of the 19 then Shareholders of our Company as of +March 18, 2025 before our conversion into a joint stock company with limited liability. Save as disclosed +in the section headed “History, Development and Corporate Structure” in this prospectus, within the two +years immediately preceding the date of this prospectus, no cash, securities or other benefit has been paid, +allotted or given nor are any proposed to be paid, allotted or given to any promoters named above in +connection with the Global Offering and the related transactions described in this prospectus. +5. Qualifications and Consents of Experts +The following are the qualifications of the experts who have given opinions or advice which are +contained in this prospectus: +Name Qualifications +CITIC Securities (Hong Kong) Limited /H1118/H1118/H1118Licensed corporation to conduct type 4 (advising on +securities) and type 6 (advising on corporate finance) +regulated activities defined under the SFO +Deloitte Touche Tohmatsu /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Certified Public Accountants under Professional +Accountant Ordinance (Chapter 50 of the Laws of +Hong Kong) +Registered Public Interest Entity Auditor under the +Accounting and Financial Reporting Council +Ordinance (Chapter 588 of the Laws of Hong Kong) +JunHe LLP /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118Legal advisors to our Company as to PRC laws +China Insights Industry Consultancy +Limited /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118 +Independent industry consultant +Hiways Law Firm /H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118/H1118IP Legal Advisors to our Company as to PRC +intellectual property laws +Each of the experts named above has given and has not withdrawn its written consent to the issue +of this prospectus with the inclusion of its reports, letters, opinions, summaries of opinions and/or +references to its name included herein in the form and context in which they respectively appear. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-11 – + + +--- page 389 --- +6. Interests of experts in our Company +Except as disclosed in this prospectus and save for its obligations under the Underwriting +Agreements, none of the persons named in “—5. Qualifications and Consents of Experts” above is +interested beneficially or otherwise in any Shares or shares of any member of our Group or has any right +or option (whether legally enforceable or not) to subscribe for or nominate persons to subscribe for any +shares or securities in any member of our Group. +7. Taxation of holders of H Shares +The sale, purchase and transfer of H Shares are subject to Hong Kong stamp duty. The current rate +chargeable on each of the seller and purchaser is 0.1% of the consideration or, if higher, the fair value of +the H Shares being sold or transferred. +8. Binding Effect +This prospectus shall have the effect, if an application is made in pursuance of this prospectus, of +rendering all persons concerned bound by all of the provisions (other than the penal provisions) of +Sections 44A and 44B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance insofar +as applicable. +9. Miscellaneous +(a) Within the two years immediately preceding the date of this prospectus: +(i) save as disclosed in “History, Development and Corporate Structure” in this prospectus, +no share or loan capital of our Company or any of our subsidiaries has been issued or +agreed to be issued or is proposed to be fully or partly paid either for cash or for a +consideration other than cash; +(ii) save as disclosed in “History, Development and Corporate Structure” in this prospectus, +no share or loan capital of our Company or any of our subsidiaries is under option or is +agreed conditionally or unconditionally to be put under option; +(iii) save as disclosed in “Underwriting—Underwriting Commission and Expenses” in this +prospectus, no commissions, discounts, brokerages or other special terms have been +granted or agreed to be granted in connection with the issue or sale of any share or loan +capital of our Company or any of our subsidiaries; and +(iv) save as disclosed in “Underwriting—Underwriting Commission and Expenses” in this +prospectus, no commission has been paid or is payable for subscription, agreeing to +subscribe, procuring subscription or agreeing to procure subscription of any share in our +Company or any of our subsidiaries. +(b) There are no founder, management or deferred shares nor any debentures in our Company or +any of our subsidiaries. +(c) There has not been any interruption in the business of our Group which may have or has had +a significant effect on the financial position of our Group in the 12 months preceding the date +of this prospectus. +(d) No company within our Group is presently listed on any stock exchange or traded on any +trading system. +(e) Our Company has no outstanding convertible debt securities or debentures. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-12 – + + +--- page 390 --- +(f) There is no arrangement under which future dividends are waived or agreed to be waived. +(g) None of the equity and debt securities of our Company, if any, is listed or dealt with in any +other stock exchange nor is any listing or permission to deal being or proposed to be sought. +10. Bilingual Prospectus +The English and Chinese language versions of this prospectus are being published separately, in +reliance upon the exemption provided by section 4 of the Companies (Exemption of Companies and +Prospectuses from Compliance with Provisions) Notice (Chapter 32L of the Laws of Hong Kong). In case +of any discrepancies between the English language version and Chinese language version of this +prospectus, the English version shall prevail. +APPENDIX IV STATUTORY AND GENERAL INFORMATION +– IV-13 – + + +--- page 391 --- +A. DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES +The documents attached to the copy of this prospectus delivered to the Registrar of Companies in +Hong Kong for registration were (a) the written consents referred to in “Appendix IV—Statutory and +General Information—E. Other Information—5. Qualifications and Consents of Experts” to this +prospectus; and (b) a copy of each of the material contracts referred to in “Appendix IV—Statutory and +General Information—B. Further Information about Our Business—1. Summary of material contracts” to +this prospectus. +B. DOCUMENTS ON DISPLAY +Copies of the following documents will be published on the websites of the Stock Exchange +(www.hkexnews.hk ) and our Company ( www.hj3h.com ) up to and including the date which is 14 days +from the date of this prospectus: +(a) the Articles of Association; +(b) the Accountants’ Report from the Reporting Accountants, the text of which is set out in +Appendix I to this prospectus; +(c) the report from the Reporting Accountants in respect of the unaudited pro forma financial +information, the text of which is set out in Appendix II to this prospectus; +(d) the audited consolidated financial statements of our Group for the two years ended December +31, 2025; +(e) the legal opinion issued by JunHe LLP , our PRC Legal Advisors, in respect of certain general +corporate matters of our Group; +(f) the written consents referred to in “Appendix IV—Statutory and General Information—E. +Other Information—5. Qualifications and Consents of Experts” to this prospectus; +(g) the material contracts referred to in “Appendix IV—Statutory and General Information—B. +Further Information about Our Business—1. Summary of material contracts” to this +prospectus; +(h) the service contracts entered into between our Company and each of our Directors referred to +in “Appendix IV—Statutory and General Information—C. Further Information about Directors, +Supervisors and Substantial Shareholders—2. Particulars of Directors’ service contracts” to +this prospectus; +(i) the industry report issued by China Insights Industry Consultancy Limited; +(j) the PRC Company Law, the PRC Securities Law, the Trial Administrative Measures of +Overseas Securities Offering and Listing by Domestic Companies, together with their +unofficial English translation; +(k) the rules of the Pre-IPO Share Incentive Scheme; +(l) the IP due diligence summary report issued by Hiways Law Firm, our IP Legal Advisors; and +(m) the FTO summary report issued by Hiways Law Firm, our IP Legal Advisors. +APPENDIX V DOCUMENTS DELIVERED TO THE REGISTRAR OF +COMPANIES AND DOCUMENTS ON DISPLAY +– V-1 – + + +--- page 392 --- +HJ SCIENCE CO., L TD. +HJ SCIENCE CO., L TD. +華健未來（成都）科技股份有限公司 diff --git a/data/hk_ipo.sqlite b/data/hk_ipo.sqlite index 83417f2b8e0fe51dee27415069244dc5f7ffd46e..5021213fce5721a0d3e93b798c5c0a8df7263e2f 100644 GIT binary patch delta 89972 zcma%E2Y6IP*UsIN?VH{74J`qZ5CS2aMgjr}O_3f@5fKO-r1yXb8;~M`Ado?ND2mcS zvY>!;DFPyj2#TO!FZ3eqpL=fnMDRWNeI7N*duHZ6WzN)l@3f;JxXBAfHuaDQCm}QEt zr_-O<)Hr&EqSK$FN4@I&p4WSh7_aB%z^6`c68bEVU)fdj9nd`htKm zGjlw%;-+=bJI)6P?+kn5ruEa>=IXc*Y2H$4eXXTw0lZ&N=EhMjOyO>w%&|c?jJ*xzyBNbOS%%K zme+gJQ)lh^xpFmcdacytTC%2x3xU7QYJD+f)1TjkIrQO<)LEuW@kU1*N2)aS0n@jt zsblQ3hTQYmG-lxy^bM3*-XFqj>8UEyF!gug7N#VDB$)C^r>dF7!^(D#w z{^nC7>W)vXIZ9Tnv&(vQ4q2_v`IJPymX(TIEfuGAul!BX2YnZ`*ROOA_6I5F#FEPn zk5Rfj;2YuF=kQE=&`I$>=%mx1Q*H=-w!WS&;GU?Tt?w@0&DJ+}N;#AKR}BFfbiy^o z78;t-$?NT;dLTK&>y_5>rW@Y&SIg0#IvUs_pg2I8CZe*#D~NcP;bpPHWmu;?A*4w% z&GGuyvXZP!u`AS2&YGbZEP^NvGWg`LEG`+8r2o*6EOq>K*k1g2J8E z9Q9R`ra2709^<3Mp)aEshiP7WI0`aqB@6c^N19`N1zUPVLQa{Oo(h9%7mfprZTkd{I5r z)E?ln>5(Ed%=A3Q^TnMop4$9yj#`?S5CPjKetjb$PW;+SVRkQ9QLhWnj}p zZBo(hnk8Z{Ke&WM1Z&dv{=5o!=yoaKGd1@XZVonlNnlfht+ zoy%l08PX}E|J}pJKHkIr7wX>ZvY)8`98s=iukN*IOY2`>HHM5b1o*DbHq4wju-?|U z)PLq>Z{FWbmC7EU(4orp-EU-%+uuX|Cnn=^Qt*UaH@?E-;6Mw0QHk)<16)$CD&EaE^#!=3o+Y}D;@Tf6(nj!AaHr7DNQIo(-44@mACm! 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