Our inventory turnover days increased from 167 days in 2022 to 313 days in 2023.
Financial Information · p. 459
For the years ended December 31, 2022, 2023, and 2024 and six months ended June 30, 2025, we recorded provision of inventories of nil, RMB6.4 million, RMB25.7 million (US$3.6 million) and RMB1.4 million (US$0.2 million), respectively.
Financial Information · p. 459
As of December 31, 2023 and 2024, we recorded impairment loss related to these robosweepers according to expected selling prices, which was attributed to increased storage age and reduced market acceptance based on our assessment.
Having considered (i) the net realizable value of our inventories; (ii) the inventories aging over one year mainly consisting of raw materials and the relatively long useful lives of our raw materials which generally have no definite expiry dates; (iii) demand and ongoing sales noted for our inventories; (iv) the aging of our inventories during the Track Record Period which are basically within two years; (v) our continuously improved inventory turnover days during the Track Record Period; (vi) our relatively high and stable gross profit margin of robots and functional kits; and (vii) our continuous efforts in supply chain management, we believe we have made sufficient impairment provision for inventories during the Track Record Period and there is no material risk that our existing inventories cannot be recovered or will become obsolete.
Financial Information · p. 451
Our inventory turnover days decreased from 267 days in 2022 to 216 days in 2023, and to 139 days in 2024, and further to 133 days in the first five months of 2025, primarily attributable to (i) accelerated delivery of finished products; and (ii) improved turnover efficiency and enhanced logistics and inventory management capabilities.
Financial Information · p. 453
Our inventories aging over two years increased from nil as of December 31, 2022 to RMB1.1 million as of December 31, 2023 and further to RMB1.3 million as of December 31, 2024, primarily due to our stock of robot maintenance materials.
Our inventory aged more than one year increased from RMB4.0 million as of December 31, 2022 to RMB68.7 million as of December 31, 2023, and further to RMB107.2 million as of December 31, 2024 and RMB83.0 million as of May 31, 2025, primarily due to the chips in our inventories that we purchased in 2022 in the chip supply shortage period.
Financial Information · p. 403
We have made impairment allowance for the inventories aged over one year based on their net realizable value, taking into account the recoverability risks associated with these inventories.
Financial Information · p. 403
Our supply management team reviews our inventory aging reports routinely with other responsible teams, such as business operation team and risk management team, and takes necessary actions to minimize risks of obsolescence when required.
As of December 31, 2023, we made a relatively large allowance for our quadrivalent subunit influenza vaccine inventory due to the following factors: (i) the lack of historical data to accurately predict the marketability of our quadrivalent subunit influenza vaccines, given that our commercial sales only began in 2023; (ii) the timing of our vaccine distribution, with sales commencing in late September 2023, which was already late for the flu season; and (iii) the standard industry practice of producing surplus influenza vaccines to better prepare vaccine makers in case of need.
Financial Information · p. 398
Our inventory turnover days increased from 155.2 days in 2023 to 168.1 days in 2024, primarily due to an increase in our inventory balances to meet increasing product demand.
Financial Information · p. 400
As of May 31, 2025, RMB51.2 million, or 58.6% of our inventories as of March 31, 2025, had been subsequently sold or utilized.
Our inventories decreased from RMB79.3 million as of December 31, 2022 to RMB73.0 million as of December 31, 2023 and then increased to RMB84.8 million as of December 31, 2024.
Financial Information · p. 358
During the Track Record Period, we recorded balance of write-down of inventories, net of reversal, of RMB6.3 million, RMB10.2 million and RMB11.5 million as of December 31, 2022, 2023 and 2024, respectively.
Financial Information · p. 360
Our Directors concluded that we do not have any material recoverability issue for our inventories and the write-down of inventories was adequate and reasonable.
Our inventories decreased from RMB90.0 million as at 31 December 2022 to RMB87.2 million as at 31 December 2023, and further decreased to RMB64.4 million as at 31 December 2024.
Financial Information · p. 366
Our provision for impairment of slow moving and obsolete inventories amounted to RMB12.6 million, RMB13.4 million and RMB8.9 million, respectively as at 31 December 2022, 2023 and 2024, which were mainly related to obsolete stocks and slow-moving stocks.
Financial Information · p. 366
As at 31 March 2025, 54.0% of our gross inventories amounting to RMB39.6 million as at 31 December 2024 has been subsequently utilised and/or sold.
Our inventories increased from RMB45.4 billion as of December 31, 2023 to RMB59.8 billion as of December 31, 2024, primarily resulting from our higher production and sales volumes.
Financial Information · p. 274
Our inventory turnover days were 78.8 days, 68.8 days and 70.2 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 275
Our impairment losses increased from RMB6.1 billion in 2023 to RMB9.3 billion in 2024, primarily due to an increase in impairment related to our inventories.
Impairment losses on inventories were RMB75.1 million, RMB579.3 million, RMB282.4 million, and RMB55.4 million in 2021, 2022, 2023 and 2024, respectively.
Financial Information · p. 417
The significant impairment losses of RMB157.0 million in 2022 (inventory impairment losses in 2022 beyond those of RMB422.3 million caused by the WM Customer Incident) and in 2023 were primarily due to a significant decrease in overall prices of raw materials in the industry, mainly including lithium carbonate, whose average price increased from RMB131,100 per ton in 2021 to RMB496,100 per ton in 2022, and subsequently decreased to RMB258,700 per ton in 2023.
Financial Information · p. 417
As of February 28, 2025, approximately RMB476.7 million, or 70.2%, of our inventories as of December 31, 2024, had been consumed.
Our provision for impairment losses on inventories increased by 70.3% from RMB73.6 million as of December 31, 2021 to RMB125.4 million as of December 31, 2022, mainly due to the rapid product iterations towards high-output fuel cell systems and the decline in market prices.
Financial Information · p. 468
In 2021, 2022, 2023 and five months ended May 31, 2024, our average inventory turnover days were 210 days, 242 days, 193 days and 1,622 days, respectively.
Financial Information · p. 469
As of December 31, 2022, we further made a full provision based on the net realizable value of these models, considering that no orders were received for these inventories in 2022.
During the Track Record Period and especially in 2021 and 2022, our write-down of inventories was relatively large, primarily because (i) we conducted discounted sales of the relevant inventory to ensure working capital sufficiency, which resulted in the decrease of net realizable value of the inventory; and (ii) we scrapped some of the inventories to reduce additional costs, which resulted in the decrease of net realizable value of the inventory.
Business · p. 255
Our finished goods turnover days increased from 118.5 in 2021 to 170.5 in 2022 because of the affected inventories and the slowdown in sales of our products following the closure of our seller stores on Amazon after the Amazon Incident.
Financial Information · p. 366
We also made a post-period review of the provision of inventory impairment, and no impact of large-scale inventory impairment similar to the one as a result of the Amazon Incident has been identified.
Our inventories increased significantly by 173.2% from RMB1,100.6 million as of December 31, 2021 to RMB3,007.3 million as of December 31, 2022.
Financial Information · p. 428
The provision for impairment loss recognized of inventories amounted to RMB2.2 million, RMB72.6 million, RMB554.5 million, RMB222.3 million and RMB69.5 million in 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, respectively.
Financial Information · p. 428
Despite decreases in both revenue and cost of sales of LFP cathode materials in 2023, the inventory level of LFP cathode materials increased, primary due to (i) production volume outpacing actual orders received as our production plans factored in indicative orders that were higher than the binding actual orders received; (ii) major customers' increased use of transit warehouses before they formally conduct acceptance inspection and utilize our products; and (iii) necessary production of our new production plants, Heze Plant and Xiangyang Plant, to pass customers' verification procedures.
Our inventories remained stable at RMB45.9 billion as at 31 December 2021, RMB46.0 billion as at 31 December 2022 and RMB47.3 billion as at 31 December 2023.
Financial Information · p. 275
Our inventory turnover days were 53 days, 64 days, 62 days and 50 days in 2021, 2022 and 2023 and the four months ended 30 April 2024, respectively, which are meaningfully below industry averages.
Financial Information · p. 275
As at 31 July 2024, we had used or sold approximately RMB30.8 billion, or 73.4% of our balance of inventories as at 30 April 2024.
Our inventories increased from RMB3.2 million as of December 31, 2021 to RMB72.8 million as of December 31, 2022, then to RMB71.4 million as of December 31, 2023 and further to RMB81.8 million as of March 31, 2024, primarily affected by our expanded operations and scaled production of SoCs.
Financial Information · p. 378
Our inventory provision amounted to RMB18.2 million and RMB19.5 million as of December 31, 2023 and March 31, 2024, respectively, primarily in relation to our A1000 series SoCs.
Financial Information · p. 378
As a result, certain orders of the SoC-based solutions were priced below the cost in expectation of broader commercial opportunities of our SoC-based solutions on more vehicle models in the future, and we made inventory provision in line with the decreased net realizable value.
During the Track Record Period, we recorded impairment losses in relation to our inventory of RMB0.9 million, RMB0.7 million and RMB1.6 million, primarily due to implementation of digital invoice reform in 2023, which has rendered some of the inventories obsolete.
Financial Information · p. 380
As of April 30, 2024, approximately RMB0.2 million, or 5.1%, of our inventories as of December 31, 2023 had been delivered.
Financial Information · p. 380
We consider our provision of impairment sufficient and we do not believe we have any material recoverability issue for our inventories, as our inventories are typically delivered together with the delivery of our on-premises financial & tax digitalization solutions and during the Track Record Period, we had not encountered any material impairment loss in relation to inventories.
We had provision for inventories of RMB21.8 million, RMB28.5 million, RMB102.9 million and RMB83.1 million as of December 31, 2020, 2021 and 2022 and June 30, 2023, respectively.
Financial Information · p. 300
Our inventory turnover days increased from 167 days in 2020 to 184 days in 2021, primarily because we procured and maintained an escalated level of semiconductor chips inventory in late 2021 in light of the global chip shortage.
Financial Information · p. 301
As of October 31, 2023, RMB226.0 million, or approximately 63.6% of our inventories as of June 30, 2023 had been sold or utilized.
Our balance of allowance for write-down of inventories amounted to RMB81.5 million, RMB40.1 million, RMB72.8 million and RMB28.7 million as of December 31, 2020, 2021 and 2022 and June 30, 2023, respectively.
Financial Information · p. 503
In particular, we have approximately 7,660 units of humanoid Alpha Mini (non-education), which amounted to RMB16.1 million, remained in our inventories as of June 30, 2023.
Financial Information · p. 434
Having considered the (i) net realisable value of our inventories, which is the expected selling price with reference to the prevailing market price readily available to our Group; (ii) demand and ongoing sales noted for our inventories; and (iii) RMB38.7 million or 36.1% of the inventories aged over one year were sold or utilized between June 1, 2023 and September 30, 2023, we concluded that the allowance for write-down of inventories by our management was sufficient during the Track Record Period.
Our inventories increased significantly from 2020 to 2022 as we continued to expand our production scale.
Financial Information · p. 382
We recorded the net provision for impairment losses of inventories of RMB264.7 million as of June 30, 2023, primarily due to the decrease in average selling prices of our EV and ESS battery products as a result of decrease in raw material prices in the first half of 2023, which resulted in the net realizable value of our inventories lower than their costs.
Financial Information · p. 383
As of October 31, 2023, 77.1% of our total inventories as of June 30, 2023, or RMB2,590.4 million, were utilized or sold.
Our inventories increased by 78.3% from RMB217.9 million as of 31 December 2020 to RMB388.5 million as of 31 December 2021, primarily due to increase in finished goods because (i) of our launch of new products in 2020, (ii) we increased our inventories in response to COVID-19's impact on supply chain stability, and (iii) we expected a stronger market demand for the new products we launched.
Financial Information · p. 448
Our provision for impairment of inventories further increased to RMB87.0 million as of 31 December 2022 and RMB101.8 million as of 31 May 2023 primarily due to the impairment of 9SSL fuel cell stacks.
Financial Information · p. 449
Our inventory turnover days increased from 278 days for the year ended 31 December 2022 to 574 days for the five months ended 31 May 2023 as a result of the seasonality nature of our business where our revenue and cost of sales are generally lower in the first half of the year.
To minimize the risk of inventory build-up, we review our inventory levels on a regular basis.
Financial Information · p. 450
Our inventories decreased by 35.0% from RMB231.2 million as of December 31, 2019 to RMB150.2 million as of December 31, 2020, primarily due to (i) the significant increase in provision of impairment from RMB2.5 million as of December 31, 2019 to RMB56.4 million as of December 31, 2020, primarily attributable to provision of impairment recognized for inventories in relation to orange juice machines, coconut juice machines and karaoke booths as these machines became less desired as a result of the COVID-19 outbreak and (ii) the decrease in merchandise resulting from the decrease in demand and drop in foot traffic as a result of the COVID-19 outbreak.
Financial Information · p. 451
As of June 30, 2023, all the inventories aged over one year as of December 31, 2019, 2020 and 2021 had been subsequently sold or utilized.
Our inventory turnover days was 180 days, 76 days, 128 days and 149 days for the year ended December 31, 2019, 2020, 2021 and 2022, respectively.
Financial Information · p. 441
For the year ended December 31, 2020, 2021 and 2022, we recorded provision for impairment of inventories of RMB3.0 million, RMB6.2 million and RMB6.7 million, respectively, which was mainly related to our inventories of certain non-core products, including children educational gadgets namely Maji Doggie (小麻吉) (“Maji Doggie”) and beauty treatment equipment.
Financial Information · p. 404
Despite the increase in our inventory balance which aged over 180 days during the Track Record Period, we are of the view that sufficient provisions have been made in respect of our inventory balance.