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 to RMB123.3 million as of December 31, 2025, primarily due to (i) an increase in finished goods, primarily comprising NBS, ESC and NBC products, driven by customer order demand and production planning; and (ii) an increase in raw materials, driven by higher inventory levels maintained to support production needs associated with business growth.
Financial Information · p. 239
Our inventories turnover days decreased from 128 days in 2023 to 85 days in 2024 and subsequently decreased to 69 days in 2025, primarily due to more efficient procurement planning, optimized inventory control processes and increased market demand for our products, which accelerated sales and shortened the inventory turnover cycle and generally in line with our business growth.
Financial Information · p. 239
As of May 31, 2026, RMB85.3 million, or 61.3% of our gross inventories as of March 31, 2026, had been used, consumed or sold.
Our inventories increased by 36.5% from RMB916.8 million as of December 31, 2024 to RMB1,251.3 million as of December 31, 2025, primarily due to (i) an increase in contract fulfillment costs, arising from higher number of outstanding contracts, in line with the expansion of our business and (ii) an increase in raw materials, as a result of our production expansion to meet growing customer demand.
Financial Information · p. 249
Our inventory turnover days decreased from 90 days in 2023 to 81 days in 2024, and further decreased to 75 days in 2025, primarily because (i) several data intelligence solution projects were finally accepted in 2024 and 2025 and (ii) we continued to improve our inventory management, resulting in higher inventory turnover efficiency.
Financial Information · p. 250
As of May 31, 2026, RMB564.5 million, or 43.5% of inventories as of March 31, 2026, had been used, consumed or sold subsequent to March 31, 2026.
It further surged by 107.9% to RMB2,158.5 million as of December 31, 2025, primarily attributable to (i) the continued expansion of our sales scale, which necessitated higher inventory levels to support the increased transaction volumes and fulfilment requirements, and (ii) longer customs inspection and clearance cycles for certain imported beef products following the implementation of new inspection and quarantine policies in 2025, which resulted in such products remaining in inventory for a longer period before release.
Financial Information · p. 233
Our average inventory turnover days increased from 58 days in 2023 to 82 days in 2024, and further to 101 days in 2025.
Financial Information · p. 234
Based on the foregoing, Frost & Sullivan is of the view that our inventory turnover days recorded during the Track Record Period are consistent with the operational characteristics of our business model.
Our inventories further increased to RMB282.4 million as of December 31, 2025 and to RMB303.4 million as of March 31, 2026.
Financial Information · p. 223
While we proactively raised our inventory level to meet the rising market demand during the Track Record Period, we provided for impairment when inventory reached predetermined age thresholds and when net realizable value, determined by reference to order prices or prevailing market prices, fell below cost, resulting in increased write-down of inventories.
Financial Information · p. 223
Our inventory turnover days decreased from 252 days in 2023 to 226 days in 2024, reflecting the increased market demand.
Our inventories increased by 80.4% from RMB754.0 million as of December 31, 2023 to RMB1,360.5 million as of December 31, 2024, then increased by 31.2% to RMB1,785.4 million as of December 31, 2025, and further increased by 72.5% to RMB3,079.4 million as of April 30, 2026, primarily attributable to the increase in raw materials and finished goods, which generally align with our business growth.
Financial Information · p. 210
We have not identified any impairment issue for inventories given that (i) our inventories are generally backed by existing or anticipated orders from our customers and the market demand for our products is generally growing, (ii) our inventories primarily comprised our strategic stock of raw materials and finished goods with clear commercial value, (iii) our inventories were generally aged within three months during the Track Record Period, and (iv) we have implemented stringent inventory management measures.
Financial Information · p. 210
Our inventories turnover days were 68 days, 59 days, 79 days and 80 days in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
As customer demand and expected future deliveries continued to grow during the Track Record Period, we increased our inventory of key raw materials, work in progress and semi-finished goods to support our future production and delivery requirements, resulting in the growth of our inventory exceeding the growth of our revenue during the same period.
Financial Information · p. 257
Our inventory turnover days decreased from 218 days in 2023 to 137 days in 2024, primarily due to the increased revenue and sales volume, leading to improved inventory turnover efficiency.
Financial Information · p. 258
As of May 31, 2026, RMB7,242.7 million, or 45.4% of inventories outstanding as of March 31, 2026 had been subsequently utilized or sold.
Our inventories further increased by 53.3% from RMB110.8 million as of December 31, 2024 to RMB169.9 million as of December 31, 2025, primarily driven by a significant increase in raw materials to support business expansion.
Financial Information · p. 219
Our inventory turnover days remained generally stable at 46.8 days in 2023, 36.5 days in 2025 and 41.5 days in the three months ended March 31, 2026.
Financial Information · p. 220
As of May 31, 2026, RMB103.3 million, or 69.6%, of our inventories as of March 31, 2026 had been subsequently sold or utilized.
Our inventories increased by 146.3% from RMB191.0 million as of December 31, 2023 to RMB470.5 million as of December 31, 2024, and then increased by 19.5% to RMB562.2 million as of December 31, 2025, as we built up inventory to meet anticipated sales order demand, especially raw materials, which is in line with our business expansion.
Financial Information · p. 221
Our inventory turnover days were 317 days in 2023, which is higher than that in 2024, primarily because we built up inventory in advance during 2023 to support ramped-up production in 2024, which extended the turnover days.
Financial Information · p. 222
For goods dispatched as of May 31, 2026, as of June 30, 2026, subsequently accepted goods amounted to RMB90.0 million, representing an acceptance rate of 72.8% of the total goods dispatched of RMB123.6 million.
Our inventories increased by 40.0% from RMB134.4 million as of December 31, 2024 to RMB188.2 million as of December 31, 2025, primarily due to the increase in outsourced processing materials as a result of increased outsourced orders in anticipation of sales growth, and the increase in work in progress as a result of expanding production volume in our Zhuhai factory.
Financial Information · p. 212
Our inventory turnover days decreased from 151 days in 2023 to 108 days in 2024, further to 93 days in 2025, primarily due to our increased sales and enhanced inventory management. Our inventory turnover days increased to 102 days in the five months ended May 31, 2026, primarily due to an increase in inventories.
Financial Information · p. 213
We believe our inventory turnover remained at a reasonable level, with approximately 78.4% of inventories as of 31 December 2025 utilized or sold within the first five months of 2026.
Our inventories increased from RMB103.5 million as of December 31, 2024 to RMB166.4 million as of December 31, 2025, primarily due to (i) an increase in finished goods from RMB8.3 million as of December 31, 2024 to RMB53.6 million as of December 31, 2025, and (ii) an increase in raw materials from RMB74.3 million as of December 31, 2024 to RMB99.8 million as of December 31, 2025, reflecting our expansion in raw material procurement and production in line with increase in sales volume and our business growth, partially offset by a decrease in work-in-progress from RMB20.9 million as of December 31, 2024 to RMB12.9 million as of December 31, 2025.
Financial Information · p. 188
In the three months ended March 31, 2026, inventory turnover days increased to 84.1 days, primarily due to our advance stockpiling during the period to hedge against the risk of raw material price fluctuations.
Financial Information · p. 189
As of May 31, 2026, 56.3% of our total inventories as of March 31, 2026, or RMB91.3 million, were utilized or sold.
Our inventories increased significantly from RMB294.0 million as of December 31, 2025 to RMB424.3 million as of March 31, 2026, primarily attributable to (i) a RMB123.0 million increase in raw materials and work in progress, mainly driven by the increased procurement of SLC NAND wafers from our upstream supplier to secure supply ahead of anticipated further capacity reductions; and (ii) a RMB6.2 million increase in finished goods, primarily relating to the replenishment of NAND and NAND MCP finished products to meet market demand.
Financial Information · p. 236
Our inventory turnover days increased from 279 days in 2025 to 330 days in the three months ended March 31, 2026, primarily because we strategically accelerated our procurement of raw materials and wafers during the period to secure production capacity, resulting in a higher average inventory balance relative to the cost of sales for the period.
Our inventories increased from RMB105.1 million as of December 31, 2024 to RMB129.6 million as of December 31, 2025, primarily because we proactively undertook strategic stockpiling, increasing our inventory level of raw materials and finished goods in anticipation of increased market demand during the sales ramp-up phase to support the commercialization and promotion of new products, thereby ensuring stable supply and operational continuity.
Financial Information · p. 194
As of March 31, 2026, the inventory turnover days for the three months increased to 105 days, primarily due to proactive stockpiling ahead of the peak summer sales season and the build-up of strategic inventory reserves.
Financial Information · p. 195
As of May 31, 2026, approximately RMB98.4 million, or 70.0% of our inventories as of March 31, 2026, had been utilized or sold. Therefore, we do not expect any material recoverability issue with respect to our inventories.
Our inventories increased from RMB190.9 million as of December 31, 2024 to RMB280.7 million as of December 31, 2025, primarily due to our increased production volume in response to our customers’ demand.
Financial Information · p. 158
Our inventory turnover days increased from 75 days in 2024 to 81 days in 2025 and further to 86 days in the three months ended March 31, 2026, primarily due to more inventories we stocked in anticipation of the scaling up of our sales in AI chip inductors and alloy soft magnetic powder cores.
Financial Information · p. 158
As of May 31, 2026, RMB262.2 million, or 79.6% of our inventories as of March 31, 2026 had been utilized or sold.
Our inventories increased from RMB2,314.8 million as of December 31, 2024 to RMB4,587.3 million as of December 31, 2025 and further increased to RMB6,496.8 million as of March 31, 2026, reflecting our strategic stocking of key raw materials mainly including memory chips, which experienced price increases.
Financial Information · p. 197
Our inventory turnover days increased from 50 days in 2024 to 67 days in 2025 and further increased to 104 days in the three months ended March 31, 2026, primarily due to our strategic stocking for the increase in raw materials prices.
Financial Information · p. 197
As of May 31, 2026, 67.9% of our total inventories as of March 31, 2026, or RMB4,551.3 million, were utilized or sold.
Our inventories increased from RMB499.1 million as of December 31, 2023 to RMB562.8 million as of December 31, 2024, and further increased to RMB653.7 million as of December 31, 2025, primarily due to the expansion of our production and growth in our sales volume, which required higher levels of raw materials and finished goods.
Financial Information · p. 230
Our inventory increased to 184 days in 2025, primarily due to an increase in inventory balance as we stocked up on raw materials to support our business expansion and the commencement of production of new product lines.
Financial Information · p. 231
As of May 31, 2026, RMB410.7 million, or 69.0%, of our inventories as of April 30, 2026 had been subsequently sold or utilized.
Our inventories further significantly increased to RMB339.4 million as of April 30, 2026, primarily due to business expansion and an increase in inventory levels as we ramped up production and built up inventories ahead of expected higher shipment demand in the following months, resulting in a relatively higher inventory balance as of April 30, 2026.
Financial Information · p. 252
Our inventory turnover days were 47.0 days, 44.8 days, 50.9 days and 61.3 days in 2023, 2024, 2025 and the four months ended April 30, 2026.
Financial Information · p. 253
As of May 31, 2026, RMB172.4 million, or 50.8%, of our inventories as of April 30, 2026 had been subsequently settled or sold.
Our inventories increased by 81.6% from RMB3,949.8 million as of December 31, 2024 to RMB7,172.3 million as of December 31, 2025, primarily due to (i) an increase in raw materials as we maintained a higher level of raw materials to meet the market demand for DRAM and (ii) an increase in finished goods.
Financial Information · p. 247
Our inventory turnover days increased from 231 days in 2025 to 356 days in the four months ended April 30, 2026, primarily because we proactively accumulated inventories to meet the anticipated demand from our major customers.
Financial Information · p. 248
We have assessed the condition and realizable value of our inventories and have not identified material impairment issues.
Our inventories increased by 59.2% from RMB323.7 million as of December 31, 2024 to RMB515.3 million as of December 31, 2025, primarily due to (i) an increase in raw materials and work in progress in line with our increased production scale and sales volume, and (ii) an increase in strategic stockpiling of raw materials in response to tight market supply conditions.
Financial Information · p. 228
Inventory turnover days increased from 51 days in 2024 to 61 days in 2025, and further increased to 73 days in the three months ended March 31, 2026, primarily due to increased raw material and work-in-progress strategic stockpiling in anticipation of future sales growth.
Financial Information · p. 229
As of May 31, 2026, RMB456.9 million, or 65.2% of our inventories as of March 31, 2026 had been utilized or sold.
Our inventories subsequently increased by 13.7% to RMB510.9 million as of December 31, 2025, primarily because we recorded more inventory of raw materials and finished goods at the year end amid the rapid growth of our sales of internal-rotor PM motors.
Financial Information · p. 221
The moderate rise in our inventory turnover days during the Track Record Period was primarily due to our deliberate build-up of buffer inventory to ensure high order fulfillment rates as we scaled.
Financial Information · p. 221
As of April 30, 2026, RMB216.0 million, or 42.3%, of our inventory as of December 31, 2025, had been subsequently sold or utilized.
Our inventories increased by 24.4% from RMB1,753.6 million as of December 31, 2023 to RMB2,180.7 million as of December 31, 2024, and further increased to RMB2,391.7 million as of December 31, 2025, primarily due to the continued growth of our revenue.
Financial Information · p. 218
As of December 31, 2025, we recognized a provision for inventory impairment of RMB69.8 million, representing 2.8% of our inventory.
Financial Information · p. 219
Such storage conditions do not affect product quality, and performance testing is re-conducted prior to shipment to ensure product quality upon delivery.