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 by 14.5% from RMB8,773.3 million as of December 31, 2024 to RMB10,042.9 million as of December 31, 2025, primarily due to increases in raw materials and work in progress to support production expansion of our Morowali Production Base.
Financial Information · p. 216
As of February 28, 2026, RMB7,971.9 million, or 79.4% of our inventories as of December 31, 2025, had been used, consumed or sold.
Our inventories increased to RMB461.8 million as of December 31, 2025, primarily due to the strategic stockpiling of finished goods and consigned materials for processing, in anticipation of increased sale of our proprietary brands LYCOCELLE and FineNutri.
Financial Information · p. 202
Our inventory turnover days amounted to 117, 104 and 92 days in 2023, 2024 and 2025.
Financial Information · p. 203
However, we did not experience any material slow-moving or unsaleable inventories as of the Latest Practicable Date.
Our inventories increased by 40.1% from RMB45.3 million as of December 31, 2023 to RMB63.5 million as of December 31, 2024, mainly attributable to an increase in finished goods of RMB13.7 million, resulting from the strong demand for our containers.
Financial Information · p. 219
Our inventory turnover days amounted to 95 days, 84 days and 74 days in 2023, 2024 and 2025, respectively, reflecting stronger sales execution and continued refinement of our inventory planning and deployment.
Financial Information · p. 219
As of February 28, 2026, RMB58 million, or 72.7% of our inventories as of December 31, 2025, had been sold.
Our inventories increased by 45.5% from RMB39.3 million as of December 31, 2023 to RMB57.2 million as of December 31, 2024 and further increased by 12.8% to RMB64.5 million as of December 31, 2025.
Financial Information · p. 203
Our inventory turnover days increased from 184 days in 2024 to 226 days in 2025, primarily due to the increased inventories to meet our production needs in response to the surging market demand.
Financial Information · p. 204
We believe there is no impairment issue for our inventories as of December 31, 2025.
Our inventories increased by 9.9% from RMB101.2 million as at December 31, 2023 to RMB111.2 million as at December 31, 2024, and further increased by 4.6% to RMB116.3 million as at December 31, 2025.
Financial Information · p. 128
As at December 31, 2023, 2024 and 2025, we recorded provision for inventories of RMB9.6 million, RMB11.8 million and RMB10.3 million, respectively, reflecting year-end assessments of obsolete inventory.
Financial Information · p. 128
As of February 28, 2026, RMB9.5 million, or 69.9%, of our finished goods as of December 31, 2025 had been sold.
We recorded inventories of RMB120.0 million, RMB202.2 million and RMB281.7 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 239
Our inventory turnover days increased from 258 days in 2024 to 293 days in 2025 due to the stockpiling of our products in preparation for increasing demand for our products.
Financial Information · p. 240
As of February 28, 2026, approximately RMB24.7 million, or 8.8%, of our inventories as of December 31, 2025 had been delivered or consumed.
Our inventories then increased by 91.6% to RMB42.9 million as of December 31, 2025, mainly attributable to (i) the increase in raw materials of in-motion charging system procured from eKontrol, and (ii) the increase in work in progress due to increased orders for VAS products in 2025.
Financial Information · p. 210
Our inventory turnover days then increased to 116.9 days in 2025, primarily due to the significant increase in inventories resulted from increases in both raw materials and work in progress.
Financial Information · p. 210
To reduce the risk of inventory backlogs, we regularly review our inventory level.
Our inventories increased from RMB407.8 million as of December 31, 2023 to RMB501.7 million as of December 31, 2024, and further to RMB773.3 million as of December 31, 2025, which was generally aligned with our business growth.
Financial Information · p. 207
Our inventories turnover days increased to 89 days in 2025, primarily due to an increase in inventory in anticipation of the growing sales in the second half of 2025.
Financial Information · p. 208
As of February 28, 2026, RMB341.8 million, or 44.2% of our inventories outstanding as of December 31, 2025 had been subsequently sold or utilized.
Our inventories and other contract costs increased by 57.1% from RMB1,059.4 million as of December 31, 2023 to RMB1,664.3 million as of December 31, 2024.
Financial Information · p. 222
Our inventories and other contract costs turnover days amounted to 63 days, 71 days and 56 days for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 222
Our Directors confirm that there is no impairment issue for our inventories, and that sufficient provision has been made in view of the low subsequent utilization.
It further increased to RMB315.6 million as of December 31, 2025, primarily due to (i) higher inventory levels to support our business expansion and revenue growth during the year; and (ii) the finished goods balance acquired from the five downstream distributors we acquired during the year.
Financial Information · p. 191
Our inventory turnover days increased from 94 days in 2024 to 134 days in 2025, mainly due to our acquisitions of overseas distributors during the year, pursuant to which their inventories were consolidated into our financial statements as of December 31, 2025, while our cost of sales remained unchanged.
Financial Information · p. 192
As of February 28, 2026, approximately RMB206.3 million, or 65.4%, of our inventories as of December 31, 2025, had been subsequently sold or utilized.
Our inventories increased significantly to RMB290.8 million as at 31 December 2025.
Financial Information · p. 196
Such increase was primarily attributable to the increase in goods in transit of RMB76.9 million as a result of the growth of our business scale.
Financial Information · p. 196
Warehousing of finished products: Based on results of outgoing quality control, we will arrange for the qualified products to be warehoused in our inventory.
Our inventories increased significantly from RMB4,343.7 million as of December 31, 2023 to RMB11,476.1 million as of December 31, 2024, primarily in line with our business expansion.
Financial Information · p. 246
Our provision for inventory impairment was RMB199.4 million, RMB121.6 million and RMB195.3 million as of December 31, 2023, 2024 and 2025, respectively, primarily related to slow-moving inventories exceeding one year and adjustments for impaired or defective inventories.
Financial Information · p. 246
As of February 28, 2026, RMB11,035.9 million, or approximately 74.5%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.
Our inventories increased from RMB1,909.1 million as of December 31, 2023 to RMB2,621.3 million as of December 31, 2024, to meet customer demands, and further to RMB3,581.2 million as of December 31, 2025, primarily due to surging customer demands.
Financial Information · p. 236
The inventory turnover days decreased from 98.4 days in 2023 to 90.0 days in 2024. The inventory turnover days subsequently increased to 100.1 days in 2025 mainly due to the increase in inventories to meeting surging customer demands.
Financial Information · p. 237
As of February 28, 2026, RMB1,700.4 million, or 47.5% of our inventories as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.
Our inventories increased from RMB2,045.4 million as of December 31, 2024 to RMB3,162.4 million as of December 31, 2025, primarily due to (i) an increase in raw materials from RMB520.4 million as of December 31, 2024 to RMB935.2 million as of December 31, 2025, (ii) an increase in work in progress from RMB879.2 million as of December 31, 2024 to RMB1,275.5 million as of December 31, 2025 and (iii) an increase in finished goods from RMB739.2 million as of December 31, 2024 to RMB1,051.3 million as of December 31, 2025 generally in line with the substantial growth in our orders.
Financial Information · p. 213
In 2023, 2024 and 2025, our inventory turnover days were 72.6 days, 75.3 days and 76.1 days, respectively.
Financial Information · p. 213
As of February 28, 2026, 64.6% of our total inventories as of December 31, 2025, or RMB2,042.0 million, were utilized or sold.
Such increase was primarily due to our strategic increase in inventory level by the end of 2025 in anticipation of the increase in market demands and prices of key raw materials.
Financial Information · p. 164
As of February 28, 2026, 69.6% of our inventories as of December 31, 2025, or RMB3,622.2 million, were utilized or sold.
Our inventories further increased from RMB1,409.6 million as of December 31, 2024 to RMB2,527.7 million as of December 31, 2025, primarily due to the increased inventory level driven by the increased sales volume and based on our market judgment at the time.
Financial Information · p. 230
We recorded write-off on inventories of RMB171.5 million in 2023.
Financial Information · p. 205
In addition, majority of our inventory has an aging of less than six months. As such, we believe we have made sufficient provision for inventory impairment during the Track Record Period.
Our inventories increased by 30.6% from RMB350.1 million as of December 31, 2024 to RMB457.2 million as of December 31, 2025, primarily due to an RMB65.2 million increase in work in progress and an RMB53.2 million increase in raw materials generally in line with our revenue growth.
Financial Information · p. 147
Our inventory turnover days were 89.4 days, 78.5 days and 61.1 days in 2023, 2024 and 2025, respectively. Our inventory turnover days decreased during the Track Record Period, mainly due to our continued improvement in inventory management.
Financial Information · p. 148
As of February 28, 2026, RMB246.3 million, or 53.9%, of our inventories as of December 31, 2025 had subsequently been consumed or sold.
Our inventories increased by 61.3% from RMB28.0 million as of December 31, 2023 to RMB45.2 million as of December 31, 2024.
Financial Information · p. 207
We believe there is no material recoverability issue for inventories because (i) during the Track Record Period, a substantial portion of our inventories were aged less than one year; and (ii) our inventories aged over two years are mainly individual ID verification terminal hardware products, for which we have assessed, renovated and made write-down accordingly.
Financial Information · p. 208
As of February 28, 2026, RMB26.3 million, or 81.2%, of our inventory as of December 31, 2025 had been consumed or sold.
Our inventories increased by 29.9% from RMB464.2 million as of December 31, 2023 to RMB603.1 million as of December 31, 2024, primarily attributable to an increase in pharmaceutical products.
Financial Information · p. 234
Our inventory turnover days increased from 61.3 days in 2023 to 81.1 days in 2024, primarily because we increased the types and SKUs of our products sold under pharmaceutical direct supply and distribution services and integrated diagnosis and treatment solutions.
Financial Information · p. 235
Specific measures included setting precise procurement triggers and implementing tiered and more refined approval processes for procurement, allowing us to be well-positioned to dynamically adjust inventory levels based on sales forecasts.
Our inventories increased from RMB189.5 million as of December 31, 2023 to RMB480.8 million as of December 31, 2024, and further to RMB2,143.3 million as of December 31, 2025, which was generally in line with our business expansion over time.
Financial Information · p. 236
In 2023, 2024 and 2025, our inventory turnover days were 858 days, 171 days and 105 days, respectively.
Financial Information · p. 236
As we only began commercial sales in May 2023, sales for that year did not span a full 12-month period.