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.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, our inventory amounted to RMB9,620.2 million, RMB7,929.1 million, RMB9,826.4 million and RMB10,226.8 million, and our inventory turnover days in 2022, 2023 and 2024 and the six months ended June 30, 2025 are 98 days, 109 days, 92 days and 96 days, respectively.
Business · p. 211
The inventories aging within three months accounted for a substantial majority of our total inventories, being 97.0%, 87.6%, 88.0% and 81.5% as of December 31, 2022, 2023 and 2024 and June 30, 2025.
Financial Information · p. 319
As of September 30, 2025, 84.9% of our total inventories as of June 30, 2025 or RMB8,677.5 million, were utilized or sold.
Our inventory turnover days increased from 56.0 days in 2022 to 57.7 days in 2023 and 65.1 days in 2024 and further increased to 69.4 days in the four months ended April 30, 2025, primarily because (i) we optimized our supply network which involved switching suppliers across regions, resulting in a temporary increase in raw materials in transit, (ii) we stocked up raw materials for our new factories to meet customer order demand and (iii) we consolidated the ending balance of Senssun’s inventory as of December 31, 2024, while only incorporating its cost of sales from December 18, 2024 to the year end due to the consolidation of Senssun.
Financial Information · p. 418
As of August 31, 2025, approximately RMB7,586.6 million, or 78.6% of our inventories as of April 30, 2025 had been utilized or sold.
Our inventories increased from RMB2,552.4 million as of December 31, 2024 to RMB3,270.8 million as of June 30, 2025, primarily due to the increase in raw materials and consumables of RMB26.6 million and the increase in finished goods of RMB743.6 million.
Financial Information · p. 345
Our inventory turnover days decreased from 41 days in 2023 to 10 days in 2024, primarily because we produce by orders, aimed at reducing stock levels, enhancing production efficiency, and lowering inventory turnover days.
Financial Information · p. 346
As of August 31, 2025, RMB2,267.0 million, or 69.3% of inventories outstanding as of June 30, 2025 had been subsequently utilized or sold.
Our inventory increased by 17.2% from RMB1,096.6 million as of December 31, 2022 to RMB1,285.6 million as of December 31, 2023, primarily attributable to (i) an increase in goods in transit and (ii) an increase in finished goods, which were in line with our revenue growth.
Financial Information · p. 307
Our inventory increased by 33.3% from RMB979.7 million as of December 31, 2024 to RMB1,306.2 million as of April 30, 2025, primarily due to (i) an increase in our procurement of raw materials attributable to an increase in customer orders; and (ii) an increase in raw materials as we rented production lines from one of our EMS providers and recorded the value of our raw materials stored with them.
Financial Information · p. 307
Our inventory turnover days decreased from 77.0 days in 2022 to 72.8 days in 2023, primarily due to (i) the enhancement of our inventory utilization efficiency; and (ii) the relatively higher increase in cost of goods sold as compared to the increase in inventory, given that the Acquisition of Rolling was in November 2022, which resulted in consolidation of the cost of goods sold of Shenzhen Rolling for only two months in 2022, as compared to a full year in 2023.
Our inventory increased by 21.5% from RMB35.3 million as of December 31, 2024 to RMB42.9 million as of May 31, 2025, primarily due to an increase in raw materials and consumables of RMB9.5 million.
Financial Information · p. 406
Our inventories turnover days decreased from 227 days in 2022 to 181 days in 2023, decreased to 136 days in 2024 and increased to 147 days in the five months ended May 31, 2025, this is primarily due to our continuous sales growth and improved market forecasts.
Financial Information · p. 408
Additionally, our inventory level was relatively high due to inventory buildup for drug products primarily, including Anbili (安必力^®^), Ruiantuo (瑞安妥^®^) and Saixifu (賽西福^®^), to ensure sufficient supply.
In 2022, 2023, 2024, and the three months ended March 31, 2025, our average inventory turnover days were 80, 104, 121 and 90 days, respectively.
Financial Information · p. 418
The increase from December 31, 2022 to December 31, 2023 and the increase from December 31, 2023 to December 2024 were primarily due to our preparation in anticipation of larger amount of sales due to our business growth.
Financial Information · p. 417
As of December 31, 2022, 2023, 2024, and March 31, 2025, we recorded allowance for impairment of inventories of RMB4.6 million, RMB7.4 million, RMB9.1 million and RMB6.7 million, respectively.
Our inventories increased from RMB28.3 million as of December 31, 2022 to RMB36.1 million and RMB47.2 million as of December 31, 2023 and 2024, primarily because we prepared more inventories in line with the increasing demand of our approved products.
Financial Information · p. 415
As of August 31, 2025, 60.1%, or RMB24.8 million of our inventories as of March 31, 2025 was subsequently utilized.
Financial Information · p. 415
We have conducted an assessment of our inventories and made sufficient provisions where necessary.
Our inventory turnover days increased from 43.5 days in 2022 to 58.4 days in 2023, primarily due to increased inventories to serve our overseas market demands as these inventories generally had longer turnover days caused by long shipping time. Our inventory turnover days then decreased to 52.6 days in 2024, as we enhanced inventory management measures.
Financial Information · p. 401
As of July 31, 2025, RMB33,626 million (or 87.3%) of our inventories as of March 31, 2025, had been sold or utilized.
Our inventories increased by 61.4% from RMB61.1 million as of December 31, 2023 to RMB98.6 million as of December 31, 2024, primarily due to an increase in the stock of finished goods in the anticipation of the increasing demand for our products, which was in line with the growth of sales volume and the expansion of our product offerings.
Financial Information · p. 358
Our inventory turnover days were 58, 49, 47 and 39 in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively.
Financial Information · p. 358
As of August 31, 2025, approximately RMB46.9 million, or 75.4% of our inventories outstanding as of June 30, 2025 had been subsequently settled.
Our inventories increased by 37.6% from RMB57.7 million as of December 31, 2022 to RMB79.4 million as of December 31, 2023, increased by 41.9% to RMB112.6 million as of December 31, 2024, and further increased by 27.4% to RMB143.5 million as of April 30, 2025, primarily due to our increased procurement of raw materials and production of products to meet our growing sales.
Financial Information · p. 266
Our Directors are of the view that there is no recoverability issue for our inventories given that (i) most of our inventories are aged within one year; and (ii) our inventories are mainly finished bicycles and bicycle parts, which are in nature less likely to deteriorate in the short run.
Financial Information · p. 267
As of July 31, 2025, RMB106.5 million, or 74.2% of our inventories as of April 30, 2025 had been used, consumed or sold subsequently.
Our inventories increased from RMB2,707.9 million as of December 31, 2023 to RMB5,878.8 million as of December 31, 2024, mainly because we stock up inventory primarily for overseas sales at the end of 2024 in response to the accelerating demand for our products abroad.
Financial Information · p. 338
For instance, as of December 31, 2024, we secured contracts with overseas customers totaling an order value of RMB13,072.6 million, representing a key indicator of our sales projections and inventory stocking up plan for the upcoming year.
Financial Information · p. 338
As of July 31, 2025, we have utilized approximately RMB5,160.8 million, or 98.1% of our inventories as of March 31, 2025.
Inventories increased to RMB773.8 million as of May 31, 2025, primarily due to an increase in stocking of work-in-progress and finished goods.
Financial Information · p. 373
The provision for impairment loss recognized of inventories amounted to RMB14.8 million, RMB53.8 million, RMB31.5 million and RMB31.0 million as of December 31, 2022, 2023 and 2024, and the five months ended May 31, 2025, respectively.
Financial Information · p. 373
Inventory turnover days slightly increased to 60.8 days in the five months ended May 31, 2025, mainly due to higher inventory levels maintained to support rising customer demands.
Our inventories increased from RMB533.3 million as of December 31, 2022 to RMB843.3 million as of December 31, 2023, and further increased to RMB1,021.9 million as of December 31, 2024, primarily due to the increase in finished goods and raw material, mainly resulting from our stocking up efforts for (i) production capacity expansion, particularly to ensure the smooth commencement of operations at our Shanghai production plant in May 2023, and (ii) preparing to meet the delivery demands of several industry-leading customers we began collaborating with in 2023.
Financial Information · p. 334
Our inventories turnover days increased from 255.4 days in 2024 to 293.0 days in the three months ended March 31, 2025, primarily due to (i) a relatively lower cost of sales and (ii) a temporary slowdown in sales attributable to the Spring Festival holiday during the same period.
Financial Information · p. 337
Our Directors are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issue in respect of our inventories aged over one year, for the following reasons: (i) over 80% of our inventory aged over one year consists of raw materials, including carbon powder, silicon powder, and graphite insulation, which are highly stable, resistant to oxidation and deterioration, and have no shelf-life limitations
Our inventories increased from RMB3.4 million as of December 31, 2023 to RMB29.0 million as of December 31, 2024, primarily because we procured more raw materials for our R&D and manufacturing activities.
Financial Information · p. 409
Our inventories increased to RMB32.8 million as of May 31, 2025, primarily as we stock increasing amount of raw materials after the commercial launch of Efsubaglutide Alfa.
Our inventory balance increased from RMB33.6 million as of December 31, 2022, to RMB67.9 million as of December 31, 2023 and further increased to RMB140.3 million as of December 31, 2024.
Financial Information · p. 316
During the Track Record Period, we experienced increased inventory turnover days, which are 46 days, 49 days and 71 days in 2022, 2023 and 2024, respectively, and experienced fluctuations in the balance of inventories aged six months to one year, which amounted to RMB5.7 million, RMB3.7 million and RMB24.0 million as of December 31, 2022, 2023 and 2024.
Financial Information · p. 316
As of April 30, 2025, RMB50.2 million, or approximately 34.0%, of our inventories as of December 31, 2024 had been delivered or consumed, demonstrating substantial improvement as compared to 17.4% as of February 28, 2025.
Our inventory turnover days were 275 days, 169 days and 182 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 398
The increase in goods in transit under the franchise model from RMB97.3 million as of December 31, 2022 to RMB157.6 million and RMB236.3 million as of December 31, 2023 and 2024, respectively, was in line with our revenue growth from sales of gold jewelry under the franchise model and increase in the price of gold during the Track Record Period.
Financial Information · p. 397
Our Directors confirm that there are no recoverability issues for our inventories, and that sufficient provision has been made in view of the low subsequent utilization.
Our inventories increased by 6.1% from RMB4,334.9 million as of December 31, 2022, to RMB4,600.7 million as of December 31, 2023, and further increased by 14.8% to RMB5,280.4 million as of December 31, 2024, primarily due to an increase in finished goods resulting from business growth.
Financial Information · p. 330
Our Directors are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issue in respect of our inventories aged over one year
Financial Information · p. 330
As of April 30, 2025, RMB5,050.9 million, or 93.4% of inventories as of December 31, 2024, had been used, consumed or sold.
Our inventories further increased by 84.6% from US$70.4 million as at 31 December 2022 to US$129.9 million as at 31 December 2023, mainly due to our stocking up on bauxite in FY2023 to cater for contingency.
Financial Information · p. 343
Our inventory turnover days increased from 61 days in FY2022 to 76 days in FY2023, primarily because we increased our production along with the completion of our Phase II Alumina Production Project in the last quarter of 2022.
Financial Information · p. 344
As at 31 January 2025, US$87.6 million, or 94.0% of our inventory balance as at 30 September 2024, had been utilised or sold.
Our inventory turnover days were 158 days, 146 days, 171 days, and 185 days in 2021, 2022, 2023 and for the nine months ended September 30, 2024, respectively.
Financial Information · p. 535
The obsolescence of raw materials is primarily due to the obsolescence of some spare parts and components for production machinery and maintenance equipment of LXML, which were purchased for the open-pit mining for LXML.
Financial Information · p. 534
As of January 31, 2025, RMB1,258.9 million or 51.4% of the inventories as of September 30, 2024 had been subsequently utilized.