Hong Kong IPO disclosure precedents · 295 companies, 295 items
Disclosures of inventories growing substantially across the track record period, driven by demand growth, sales expansion, strategic stockpiling or raw material purchases.
Our inventories increased from RMB79.9 million as of December 31, 2022 to RMB135.3 million as of December 31, 2023, to RMB211.9 million as of December 31, 2024, and further increased to RMB362.4 million as of September 30, 2025, primarily in line with our expanded operations and growing demand for our products and to stock up to satisfy the higher demand in the last quarter of the year.
Financial Information · p. 297
As of January 9, 2026, RMB221.2 million, or approximately 61.0% of our inventories as of September 30, 2025 had been subsequently consumed or used.
Financial Information · p. 298
We believe that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issues for our inventories because (i) the accumulation of our inventories are generally backed by pre-existing orders made from our customers and their demand that have driven our sales growth; (ii) our inventories mainly comprise non-perishable and non-fragile semiconductor products and related components that generally have an extended product life cycle and can maintain their saleable value for an extended period; and (iii) our inventories aged within one year accounted for 95.0% of the total inventories as of September 30, 2025, indicating effective inventory management and relatively low risk of obsolescence.
Our inventories increased by 9.6% from RMB38,251.7 million as of December 31, 2022, to RMB41,930.8 million as of December 31, 2023, primarily due to an increase in the quantity of hogs.
Financial Information · p. 386
Our inventory turnover days increased from 128.9 days in 2022 to 136.2 days in 2023, primarily due to increase in the number of hogs under the finishing phase and piglets under nursing period as of December 31, 2023.
Financial Information · p. 387
Our impairment losses of RMB202.5 million in 2023 were mainly attributable to provision for meat products and live hogs in 2023 as the cost of consumable biological assets exceeded their net realizable value driven by the low market selling price of live hogs in the same year.
This growth rate in inventories, which was slower compared to the increases in revenue and costs, reflects our efforts in managing procurement and inventory levels effectively.
Financial Information · p. 367
During the Track Record Period, our inventory turnover days remained relatively stable.
Financial Information · p. 367
As of November 30, 2025, RMB25.7 million, or 74.2%, of our inventories as of August 31, 2025 had been subsequently utilized/sold.
Our inventories increased by 91.1% from RMB898.2 million as of December 31, 2024 to RMB1,716.9 million as of October 31, 2025, primarily because of the increase in market demand and order.
Financial Information · p. 375
Our inventory turnover days increased from 210 days in 2022 to 296 days in 2023, primarily due to the relatively low cost of sales in 2023, mainly attributable to a decrease in demand from downstream industries.
Financial Information · p. 376
As of November 30, 2025, RMB646.7 million, or 37.7% of inventories as of October 31, 2025, had been used, consumed or sold.
As of 31 December 2022, 2023 and 2024 and 31 October 2025, our inventories were RMB2,432.5 million, RMB3,085.2 million, RMB3,377.7 million and RMB3,790.4 million respectively.
Financial Information · p. 310
The growth of inventories was generally in line with the growth of our revenues during the Track Record Period.
Our inventories increased from RMB394.2 million as of December 31, 2022 to RMB568.6 million as of December 31, 2023 and further to RMB1,068.1 million as of December 31, 2024, primarily due to the rising sales volume of our beverage products, which was consistent with our business expansion during the same periods, as well as the stockpiling to support our sales around the upcoming Chinese New Year.
Financial Information · p. 287
During the Track Record Period, no material impairment of inventories was identified, and no provision for impairment of inventories was made, as our inventories were subject to rapid turnover and were not exposed to the risk of material obsolescence or accumulation.
Financial Information · p. 287
As of November 30, 2025, RMB441.3 million, or 80.0% of our inventories outstanding as of September 30, 2025 had been sold or utilized.
Our inventories increased by 215.8% from RMB200.2 million as of December 31, 2022 to RMB632.2 million as of December 31, 2023, mainly due to (i) the consolidation of the inventories of Super Ming Group after the completion of the Super Ming Acquisition, and (ii) increased stock levels to support our expanded store network.
Financial Information · p. 296
Our inventories increased from RMB1,674.1 million as of December 31, 2024 to RMB2,490.6 million as of September 30, 2025, mainly due to increased stocking of goods in anticipation of higher sales during the Mid-Autumn Festival and National Day, as well as to support our increased sales demand attributable to our expanded business.
Financial Information · p. 297
As of November 30, 2025, RMB2,488.9 million, or 99.9%, of our inventories as of September 30, 2025, had been sold or utilized.
Our inventories increased from RMB1,144.4 million as of December 31, 2022 to RMB1,714.8 million as of December 31, 2023, and further to RMB1,881.6 million as of December 31, 2024 and RMB2,235.0 million as of September 30, 2025, primarily due to an increase in inventory level of raw materials in anticipation of our manufacturing needs.
Financial Information · p. 350
During the Track Record Period, we made significant provision for impairment loss on inventories, primarily because we prudently made full provision for inventories aged over 180 days, given the relatively short product life cycle of consumer electronics products.
Financial Information · p. 350
As of November 30, 2025, we have utilized 90.1% of our inventories, or RMB2,091.8 million, as of September 30, 2025.
Our inventories increased significantly from RMB182.4 million as of December 31, 2023 to RMB432.1 million as of December 31, 2024, primarily due to the increase in monthly production of copper cathodes at the DR Congo copper smelter I from December 2023 to December 2024, which pushed up the inventory level as of December 31, 2024.
Financial Information · p. 320
Our inventory turnover days increased from 54 days in 2022 to 80 days in 2023, primarily due to the commencement of production at DR Congo copper smelter I in August 2023, which pushed up the inventory level as of December 31, 2023.
Financial Information · p. 321
As of October 31, 2025, RMB375.6 million, or approximately 89.0% of our inventories as of June 30, 2025 had been utilized or sold.
Our inventories and contract costs increased by 109.0% from RMB32.5 million as of December 31, 2024 to RMB67.9 million as of June 30, 2025, primarily due to an increase in contract fulfillment cost of RMB37.1 million primarily due to the completion and acceptance of certain ongoing on-premise services.
Financial Information · p. 273
Our average inventory and contract costs turnover days increased from 124 days in 2022 to 162 days in 2023, primarily due to the complexity and diversification of our services, and decreased to 82 days in 2024, primarily due to the enhanced delivery efficiency of our services and the increased volume of cloud-based deployment with relatively quick service delivery.
Financial Information · p. 273
Our Directors are of the view that impairment for inventories and contract costs was assessed appropriately and that sufficient provision was made based on the impairment assessment mentioned above.
Our inventories slightly decreased from RMB77.2 million as of December 31, 2023 to RMB73.7 million as of December 31, 2024, and further increased to RMB79.5 million as of June 30, 2025.
Financial Information · p. 472
As of the Latest Practicable Date, RMB53.5 million, or 67.3%, of our inventories as of June 30, 2025, had been utilized or sold.
Financial Information · p. 472
We do not foresee any significant recoverability issue with our inventories, and do not believe further provision for impairment is necessary, considering that: (i) most of our inventories can be purchased in advance for more cost effective procurement, (ii) raw materials may also be re-purposed for R&D pipeline and prototype generation.
Our inventories increased from RMB152.9 million as of December 31, 2024 to RMB599.8 million as of June 30, 2025, primarily due to we increased our inventories in preparation in anticipation of increased sales in the second half of 2025, which was generally aligned with our business growth.
Financial Information · p. 388
Our inventory turnover days decreased from 2,992 days in the six months ended June 30, 2024 to 1,725 days in the six months ended June 30, 2025, primarily because we recognized significantly increased cost of sales in the six months ended June 30, 2025 due to our increased sales volume, which was in line with our business expansion.
Financial Information · p. 389
As of October 31, 2025, RMB412.8 million, or 68.4% of our inventories outstanding as of June 30, 2025 had been sold or utilized.
Our inventories increased by 74.0% from RMB141.2 million as of December 31, 2024 to RMB245.7 million as of June 30, 2025, primarily due to stockpiling raw materials and finished goods to meet the anticipated growing purchasing demand as a result of our projected sales growth.
Financial Information · p. 334
As of October 31, 2025, RMB143.1 million, or 58.2% of inventories as of June 30, 2025, had been used, consumed or sold.
Financial Information · p. 334
Our inventory turnover days increased from 173 days in 2024 to 189 days in the six months ended June 30, 2025, primarily due to stockpiling raw materials and finished goods to meet the anticipated growing purchasing demand due to our projected sales growth.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, our inventory amounted to RMB83.6 million, RMB82.4 million, RMB163.6 million, and RMB202.7 million respectively, representing 28.4%, 27.5%, 44.5% and 35.8% of our total current assets as of the respective dates.
Financial Information · p. 426
Our inventory turnover days increased from 82.0 days for the year ended December 31, 2024 to 90.5 days for the six months ended June 30, 2025, primarily due to our strategic decision to increase our inventory level in preparation for major sales events including Amazon Prime Day in July 2025.
Financial Information · p. 427
The Directors believe that there is no material recoverability issue for inventories for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025.
As of June 30, 2025, our inventories amounted to RMB134.4 million, reflecting an increase of 39.2% from RMB96.6 million as of December 31, 2024, reflecting the increased procurement of materials in line with the increased construction activities.
Financial Information · p. 419
Inventories are measured at cost, and provisions are made for impairment based on expected net realizable value.
Financial Information · p. 419
Overall, our inventory aged over one year primarily comprise special-specification raw materials that we retain for utilization in future projects.
Our inventories increased from RMB96.5 million as of December 31, 2024 to RMB170.5 million as of June 30, 2025, primarily due to an increase in contract costs in progress resulting from an increase in the number of ongoing orders and larger order sizes for autonomous mining products and solutions.
Financial Information · p. 425
As of June 30, 2025, our inventories aged over three years primarily consist of raw materials for autonomous logistics truck solution, with a balance of approximately RMB9.3 million, including vehicle computers and chips.
Financial Information · p. 427
However, in accordance with the principle of prudence, we conducted a comprehensive impairment assessment and recognized sufficient impairment provision for the inventories aged over three years with total impairment charge of RMB6.6 million to ensure the financial statements reflect our economic value accurately.
Our inventories increased by 39.3% from RMB896.9 million as of December 31, 2024 to RMB1.2 billion as of June 30, 2025, primarily due to the increase in product inventories, as a result of our strategic initiative to increase the amount of orders shipped from our own warehouses for certain product categories in order to enhance the experience for certain customers.
Financial Information · p. 334
Our turnover days of inventories attributable to continuing operations were 17.9 days in 2022, 13.8 days in 2023, 14.8 days in 2024, and 23.1 days in the six months ended June 30, 2025.
Financial Information · p. 334
As of October 31, 2025, RMB1.1 billion, or 90.8%, of our inventory balance as of June 30, 2025 had been sold or utilized.
Our inventories increased from RMB27.9 million as of December 31, 2024 to RMB44.3 million as of June 30, 2025, primarily due to (i) an increase in work in progress by 43.3% from RMB24.7 million as of December 31, 2024 to RMB35.4 million as of June 30, 2025, mainly arising from the growth in knowledge graph business and in line with the seasonal delivery cycle typical in our industry customers generally settle payments in the second half of a year; and (ii) an increase in purchased goods from RMB3.2 million as of December 31, 2024 to RMB9.0 million as of June 30, 2025, primarily due to raw materials purchased to support the production and delivery of our digital classrooms over the period.
Financial Information · p. 274
Our inventory turnover days increased from 24.3 days in 2024 to 45.1 days in the six months ended June 30, 2025 in line with the seasonal delivery cycle typical in our industry.
Financial Information · p. 276
As of September 30, 2025, RMB26.7 million, or 60.3% of inventories as of June 30, 2025, had been used, consumed or sold.
Our inventories increased by 47.7% from RMB27.9 million as of December 31, 2022, to RMB41.2 million as of December 31, 2023, primarily due to the maintenance of our production facilities in 2022, resulting in a lower production volume in that year.
Financial Information · p. 355
Our inventory turnover days increased from 96 days for the year ended December 31, 2024 to 130 days for the five months ended May 31, 2025, mainly due to the increase in our inventories in anticipation of the rise in sales in the second half of the year.
Financial Information · p. 356
As of September 30, 2025, RMB48.1 million, or 70.6% of inventories as of May 31, 2025, had been used, consumed or sold subsequent to May 31, 2025.
We had inventories of RMB1,761.0 million, RMB1,255.1 million, RMB1,577.7 million and RMB2,253.3 million as of December 31, 2022, 2023, 2024 and May 31, 2025, respectively.
Financial Information · p. 377
Our inventories increased by 42.8% from RMB1,577.7 million as of December 31, 2024 to RMB2,253.3 million as of May 31, 2025, primarily due to an increase in raw materials, mainly because (i) our demand for bauxite increased along with our production capacity expansion on aluminum hydroxide; and (ii) we commenced a new bauxite procurement model and purchased bauxite directly from suppliers.
Financial Information · p. 377
Our inventory turnover days increased from 46.8 days in 2024 to 49.7 days in the five months ended May 31, 2025, primarily due to an increase in inventories as of May 31, 2025, mainly because (i) our demand for bauxite increased along with our production capacity expansion on aluminum hydroxide; and (ii) we commenced a new bauxite procurement model and purchased bauxite directly from suppliers.