Hong Kong IPO disclosure precedents · 85 companies, 85 items
Disclosures highlighting inventory turnover days that are unusually long, rising, or spiking sharply during the track record period, with explanations for the trend.
The inventory turnover days of NeuroGen Zhuhai decreased from 206.3 days in 2023 to 180.9 days in 2024, and further to 139.9 days in 2025.
Financial Information · p. 236
The inventory turnover days remained relatively high in 2023 as we maintained a higher level of inventory before starting the local manufacturing of Keppra tablets at our own facilities to ensure a smooth manufacturing transition.
Financial Information · p. 236
The inventories of our Group decreased from RMB289.9 million as of December 31, 2024 to RMB135.7 million as of December 31, 2025, primarily due to a significant decrease of RMB161.6 million in finished goods associated with post-Acquisition integration and transition at the end of 2024 to meet the expected sales demand in 2025 and our subsequent inventory management.
Our inventory turnover days were 349.2 days, 317.0 days and 405.1 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 250
A significant amount of pregnant horse plasma (a key raw material for PSMG production) was kept in inventory and was not utilized during the Track Record Period due to suspension of production of our own veterinary pharmaceutical production facility, and the inventory allowance was made based on the difference between its carrying amount and the prevailing market price.
Summary · p. 11
Our Directors consider that there is no recoverability issue with respect to our inventories as of December 31, 2025, based on the following reasons:
The inventory turnover days increased slightly from 203 days in 2023 to 214 days in 2024, and further increased to 228 days in 2025, primarily due to an increase in inventory in anticipation of an increase in customers' demand.
Financial Information · p. 199
As of December 31, 2023, 2024 and 2025, our provision for inventories was RMB219.0 million, RMB266.6 million and RMB310.4 million, respectively.
Financial Information · p. 199
As of April 30, 2026, RMB796.2 million, or 55.0% of our inventories outstanding as of December 31, 2025, had been sold or utilized.
Our inventory turnover days were 141.2 days, 183.0 days and 3,602.1 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 255
The increase in inventory turnover days from 183.0 days in 2024 to 3,602.1 days in 2025 was primarily attributable to the substantial increase in spareparts and supplies inventory maintained to support the Group’s initial mining, construction, commissioning and ramp-up activities in preparation for commercial gold production commencing in early 2026.
Financial Information · p. 255
Accordingly, our inventory turnover days were higher than those of companies that have already ramped up, stabilized and normalized their commercial operations.
Our inventories decreased from RMB49.4 million as of December 31, 2023 to RMB46.7 million as of December 31, 2024, and increased to RMB49.1 million as of December 31, 2025, which were in line with our business growth, particularly the expansion of our cognitive intelligence algorithm platforms which required higher upfront costs for deployment prior to customer acceptance.
Financial Information · p. 166
Average turnover days of our inventories decreased from 300 days for 2023 to 195 days for 2024, and further decreased to 60 days for 2025 primarily due to shorten completion cycle of our contractual obligations in response to increased market demand for our products.
Financial Information · p. 167
As of April 30, 2026, RMB36.8 million, or 73.3%, of our inventories as of December 31, 2025 had been subsequently utilized.
Our inventories increased by 57.0% from RMB82.1 million as of December 31, 2023 to RMB128.8 million as of December 31, 2024, primarily because (i) the Chinese New Year holiday in 2025 fell relatively early, and to mitigate adverse impact on production and product delivery, we established safety stock for raw materials and finished goods at the end of 2024; and (ii) upon the addition of new production lines in 2024, the variety of our products expanded, resulting in increased raw material inventories and safety stock levels for the newly added product categories, contributing to the overall increase in our raw materials and finished goods in 2024.
Financial Information · p. 218
Our inventory turnover days increased from 50.7 days in 2023 to 59.2 days in 2024, and further increased to 63.6 days in 2025, primarily because we launched new products under our OBM business model and the sales of such new products were at an early stage.
Financial Information · p. 219
As of April 30, 2026, approximately RMB115.2 million or 92.6% of our inventories as of December 31, 2025 had been consumed.
Our inventories increased from RMB82.5 million as of December 31, 2024, to RMB108.7 million as of December 31, 2025, primarily attributable to an increase of RMB20.8 million in raw materials and components. This strategic inventory increase was made in anticipation of both production growth and rising orders from sectors like automotive and electronics, which demand timely delivery and make proactive stocking essential.
Financial Information · p. 238
Our inventory turnover days decreased from 240 days in 2023 to 211 days in 2024 and further decreased to 172 days in 2025, primarily because of the progressive enhancement of our inventory management capabilities.
Financial Information · p. 238
As of April 30, 2026, approximately RMB80.5 million, or 70.3% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased by RMB165.6 million from RMB512.9 million as of December 31, 2024 to RMB678.5 million as of December 31, 2025, due to (i) an increase of RMB165.1 million in work in process primarily related to increased production cost inputs ahead of new project mass production launches, leading to a significant rise in work in process balances; and (ii) an increase of RMB95.5 million in goods in transit primarily related to a proactive increase in finished goods inventory to respond to downstream order growth and extended delivery cycles, partially offset by a decrease of RMB102.4 million in raw materials primarily as we improved our efficiency in turning raw materials to work in process and goods in transit.
Financial Information · p. 212
Our average inventory turnover days decreased from 788 days for the year ended December 31, 2023 to 690 days for the year ended December 31, 2024, and further decreased to 534 days for the year ended December 31, 2025.
Financial Information · p. 212
While the absolute numbers of inventory turnover days remain relatively high, reflecting the characteristically long acceptance cycles in the equipment industry, the improving trend demonstrates our continuously strengthening operational capabilities.
Our inventories and contract costs increased from RMB169.0 million as of December 31, 2023 to RMB237.5 million as of December 31, 2024, and further increased to RMB289.7 million as of December 31, 2025, primarily reflecting the increase in our sales orders driven by our business growth.
Financial Information · p. 220
As we completed verification of our demo wafer transfer equipment with more newly engaged customers and gained greater acceptance for our subsequently delivered products, our inventories and contract costs turnover days decreased to 341 days in 2024 and further to 263 days in 2025.
Financial Information · p. 220
As of December 31, 2023, 2024 and 2025, the provision for impairment of inventories was RMB1.4 million, RMB2.0 million, and RMB5.5 million, respectively.
The high level of average inventory turnover days for our pump and pumping system business in 2023 was primarily due to the increased overall inventory level in response to increased order for 2024.
Financial Information · p. 248
As of March 31, 2026, RMB294.1 million, or 41.6% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased by 29.6% from RMB259.5 million as of December 31, 2024 to RMB336.4 million as of December 31, 2025, primarily due to increases in work in progress, finished goods and raw materials.
Financial Information · p. 222
Our adjusted inventories turnover days increased from 260 days in 2023 to 344 days in 2024 and further increased to 454 days in 2025, primarily due to (i) an increase in average inventory balances, mainly attributable to higher work in progress as a result of production cycle, and (ii) slower consumption of inventories as reflected by (a) decrease in costs materials expensed through research and development expenses in 2024 and 2025 and (b) decrease in our donated product amounts in 2024.
Financial Information · p. 223
As of March 31, 2026, RMB77.6 million, or 21.9% of our inventory as of December 31, 2025 had been utilized or sold.
Our inventories decreased from RMB193.9 million as of December 31, 2023 to RMB121.4 million as of December 31, 2024 and further to RMB56.0 million as of December 31, 2025, primarily due to a decrease in used vehicles held for sale at year end.
Financial Information · p. 236
Our inventory turnover days decreased from 256 days in 2023 to 187 days in 2024, and further decreased to 120 days in 2025, primarily due to our effective inventory management efforts, including efficient planning of vehicle retirement and disposal, which reduced the holding period of used vehicles and accelerated inventory turnover.
Financial Information · p. 236
As of March 31, 2026, RMB21.9 million, or approximately 39.1%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.
Our inventories increased from RMB344.6 million as of December 31, 2023 to RMB364.6 million as of December 31, 2024, primarily due to an increase in work in progress from RMB128.7 million to RMB160.6 million as we increased production volumes for certain marketed products, such as dalbavancin, in anticipation of market demand, in particular following the gradual ramp-up of production capacity at our manufacturing facilities.
Financial Information · p. 253
Our inventory turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of inventories by cost of sales for the relevant year and then multiplying by the number of days for that year, were 236 days, 270 days and 256 days for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 253
As of March 31, 2026, 46.0%, or RMB192.2 million of our inventories as of December 31, 2025 was subsequently utilized.
During the Track Record Period, goods-in-transit amounted to approximately RMB1,398.9 million, RMB1,016.6 million and RMB722.5 million, which accounted for approximately 82.9%, 85.6% and 76.1% of our inventories as at 31 December 2023, 2024 and 2025.
Financial Information · p. 223
Our inventory turnover days decreased from 573 days in FY2023 to 552 in FY2024, and further decreased to 385 days in FY2025, generally reflecting our improved timeliness of invoicing resulting from enhanced inventory management efforts which in turn increased the inventory turnover frequency, and efforts in negotiating and advancing completion and equipment acceptance procedures with our customers despite the temporary dip of the lithium-ion battery manufacturing industry in FY2024.
Financial Information · p. 225
We implemented inventory management measures to maximise production-to-sales balance and effective warehouse management to minimise inventory backlog, which include procedures such as recycling and disposal management of obsolete materials, centralised procurement and warehouse management, regular reconciliation of inventories and warehouse finances.
We had inventories of RMB588.5 million, RMB486.1 million and RMB255.4 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · p. 251
The provision for impairment losses on inventories was primarily a result of the one-off impact of an order adjustment incident by Customer D (one of our top five customers in FY2023).
Financial Information · p. 252
As advised by CIC, the inventory turnover days of our Group are generally in line with the industry norm, with an industry range of approximately 500 days to 900 days.
Our inventories increased by 11.2% from RMB218.5 million as of December 31, 2023 to RMB243.0 million as of December 31, 2024, primarily because we strategically raised our inventory level in anticipation of sales growth.
Financial Information · p. 224
Our inventory turnover days were 74, 81 and 82 days in 2023, 2024 and 2025.
Financial Information · p. 224
As of the February 28, 2026, RMB171.0 million, or 70.0%, of our inventories as of December 31, 2025, had been consumed.
Our inventories increased from RMB21,441.5 million as of December 31, 2023 to RMB29,027.6 million as of December 31, 2024, primarily due to (i) an increase in contract fulfillment costs, mainly attributable to the increasing new energy investment and development projects under construction; and (ii) an increase in finished goods, mainly due to the increased finished goods to be delivered corresponding to the scaling up of our sales.
Financial Information · p. 275
Our inventory turnover days increased from 135.5 days in 2023 to 164.6 days in 2024, primarily because we stocked more finished goods in anticipation of the scaling up of our sales.
Financial Information · p. 276
We believe that there are no impairment issues for our inventories and we have made sufficient provisions for our inventories, considering that (i) the majority of our inventories was aged within one year, and inventories aged over one year primarily consisted of raw materials generally with no validity period; (ii) our inventories are in good condition and suitable for production; (iii) we did not experience any impairment issues for inventories during the Track Record Period; (iv) we have made the best estimate on the net realizable value and the corresponding impairment of inventory.