Our inventories amounted to HK$176.0 million, HK$225.4 million, HK$336.0 million and HK$402.4 million as at 31 March 2023, 2024 and 2025 and 30 November 2025, primarily attributable to the increase in purchase of a greater variety of products in preparation for the opening of additional retail stores and for replenishment of stock in our existing retail stores.
Financial Information · p. 245
The increase in inventory turnover days from 51 days in FY2024 to 61 days in FY2025 primarily reflects our increased purchases in FY2025, due to (1) increased sales upon the opening of borders after covid, causing a dip in the average turnover days of inventories in FY2024 as the increase in sales outpaced the replenishment of stock upon opening of borders during the year, there was a need to increase the purchase to accommodate the expected increase in sales; and (2) 9 new stores were opened in FY2025 leading to increased purchases of goods.
Financial Information · p. 246
We monitor our inventory levels, turnover days and sales performance of individual SKU in order to identify slow-moving items.
Our inventories increased from RMB1,545.5 million as of December 31, 2023 to RMB2,084.5 million as of December 31, 2024, primarily attributable to the extended production and delivery cycles, as (i) we had more offshore orders in overseas market which generally had higher technical requirements, and (ii) we started to adopt the DAP model in the second half of 2024 under which we are responsible for transportation logistics.
Financial Information · p. 238
Our inventory turnover days, calculated as the average of the beginning and ending balance of inventories for the year divided by the cost of sales for that year and multiplied by 365 days, amounted to 180 days, 250 days and 183 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 239
However, our risk of obsolete inventory remains minimal since all of our products are customized to specific customer requirements.
Our inventories decreased from RMB891.2 million as of December 31, 2023 to RMB714.7 million as of December 31, 2024, primarily due to a decrease in finished goods of RMB106.1 million, which was mainly attributable to the reduction of finished goods in Europe as previously accumulated inventory was gradually sold.
Financial Information · p. 181
We seek to maintain strict control over inventory turnover days through demand-driven production planning, enhanced inventory lifecycle management and clearance of slow-moving stock, and a multi-layered monitoring and automated early-warning system for real-time control and corrective action.
Financial Information · p. 181
As of April 30, 2026, RMB656.6 million, or 77.1% of our inventories as of December 31, 2025, had been subsequently utilized or sold.
Our inventories increased by 47.7% from RMB238.1 million as of December 31, 2023 to RMB351.7 million as of December 31, 2024, primarily attributable to (i) an increase in raw materials of RMB25.2 million and work in progress of RMB13.5 million, driven by the expanded production capacity of Phase IV of our domestic production base and the trial production preparations for our Thailand production base; and (ii) an increase in finished goods of RMB74.9 million as we strategically stocked up to meet increased order demand.
Financial Information · p. 234
Our inventories further increased by 28.5% to RMB452.1 million as of December 31, 2025, primarily attributable to (i) an increase in raw materials of RMB29.1 million as a result of the commencement of commercial production at our Thailand production base, which led to higher PVC procurement in 2025; and (ii) an increase in finished goods of RMB70.5 million due to expanded production capacity from Phase IV of our domestic production base and our Thailand production base.
Financial Information · p. 234
Our inventory turnover days decreased from 98 days for the year ended December 31, 2023 to 77 days for the year ended December 31, 2024, primarily due to the significant increase in revenue for the year ended December 31, 2024 as a result of the sales increase from current customers and the expansion of customer base, and increased to 101 days for the year ended December 31, 2025, primarily due to PVC stockpiling for the year ended December 31, 2025.
Our inventories and other contract costs further increased to RMB562.3 million as of December 31, 2025, primarily due to (i) an increase in raw materials of RMB80.4 million driven by strategic stockpiling of precious metals in anticipation of price increases and expected growth in future market demand, and (ii) an increase in finished goods of RMB60.2 million in preparation for order deliveries, partially offset by a decrease in contract fulfilment costs of RMB44.3 million due to fluctuations in project progress.
Financial Information · p. 180
We recorded write-downs of inventories of RMB4.2 million, RMB4.6 million and RMB12.2 million as of December 31, 2023, 2024 and 2025, respectively, which were mainly derived from provisions for inventories identified as obsolete or slow-moving as a result of technological updates, order cancellations and evolving market conditions.
Financial Information · p. 181
As of March 31, 2026, RMB235.2 million, or 49.5%, of our inventories as of December 31, 2025 had been subsequently sold, consumed or utilized.
Our inventory turnover days increased from 326 days in 2023 to 379 days in 2024, primarily due to lower sales volume in 2024 as compared to the previous year and the acquisition of Spoz, which resulted in higher inventory levels.
Financial Information · p. 201
We recorded inventory aging of up to one year and relatively long inventory turnover days during the Track Record Period, primarily due to (i) products of our core proprietary brand, HLA, are mainly designed and merchandised based on a selling cycle that typically spans the same selling periods over two consecutive years, which requires advance preparation and stocking of products ahead of each selling season, resulting in inventories being held across multiple seasons;
Financial Information · p. 201
We recognized inventory impairment of RMB333.1 million, RMB492.8 million and RMB495.0 million in 2023, 2024 and 2025, respectively.
During the Track Record Period, we recognized provision for inventories primarily due to (i) global shortage of semiconductor chips which resulted in heightened procurement costs of such components, (ii) relatively low utilization of our inventories due to the lower sales volume of products than anticipated, and (iii) relatively higher production costs for certain products that had yet reached the mass production stage.
Financial Information · p. 252
As of March 31, 2026, RMB510.3 million, or 58.3% of our inventories outstanding as of December 31, 2025 had been subsequently sold or utilized.
Financial Information · p. 253
To minimize the risk of holding obsolete inventory, we adopt a rolling approach to placing orders.
In accordance with the relevant accounting standards, we recorded provision for impairment losses on inventories of RMB8.0 million and RMB16.1 million as of December 31, 2023 and 2024, respectively, primarily because of a decrease in the average selling price of ethanol.
Financial Information · p. 255
As of March 31, 2026, approximately RMB57.9 million, or 100.0%, of our inventories as of December 31, 2025 had been utilized or sold.
Our inventory increased by approximately 7.9% from approximately RMB140.1 million as at 31 December 2023 to approximately RMB151.1 million as at 31 December 2024, primarily due to the increase in our work-in-progress progress in respect of orders received around the end of FY2024.
Financial Information · p. 189
Our inventory further increased by approximately 20.3% from approximately RMB151.1 million as at 31 December 2024 to approximately RMB181.8 million as at 31 December 2025, mainly attributable to (i) the increase in our work-in-progress; and (ii) the increase in raw materials held for orders received around the end of FY2025.
Financial Information · p. 189
Our inventory turnover days decreased from 98 days in FY2023 to 86 days in FY2024, primarily due to the relatively higher opening balance of our inventory of RMB172.8 million as at 1 January 2023.
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 increased from RMB292.5 million as of December 31, 2024 to RMB605.0 million as of December 31, 2025, primarily due to our inventory buildup to support sales growth and the additional stock maintained by our newly established subsidiaries.
Financial Information · p. 236
Our inventory turnover days increased from 35 days in 2023 to 40 days in 2024 and further to 52 days in 2025.
Financial Information · p. 237
As of April 30, 2026, RMB310.4 million, or 51.2%, of our inventories as of December 31, 2025 had been subsequently 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 subsequently increased to RMB39.2 million as of December 31, 2025, primarily driven by a large purchase order of medical equipment.
Financial Information · p. 236
Our inventories turnover days increased to 30 days in 2025, primarily due to higher inventory levels attributable to a large purchase order of medical equipment.
Financial Information · p. 236
As of April 30, 2026, RMB14.2 million, or 36.4% of our inventories outstanding as of December 31, 2025 had been subsequently utilized or sold.
Our inventories increased by 36.9% from RMB1,037.1 million as of December 31, 2023 to RMB1,420.0 million as of December 31, 2024, and further by 27.3% to RMB1,807.4 million as of December 31, 2025, primarily due to increases in our raw materials, finished goods and work in progress as a result of our business expansion.
Financial Information · p. 193
Our inventory turnover days decreased from 63.5 days in 2023 to 59.7 days in 2024, and then increased to 63.4 days in 2025.
Financial Information · p. 194
As of March 31, 2026, RMB1,257.5 million or 67.5% of our inventories as of December 31, 2025 had been subsequently sold or utilized.
Our inventories continued to increase during the Track Record Period due to the gradual rise in our contract fulfillment cost, which was generally in line with the business expansion of GJ AI workforce solutions.
Financial Information · p. 218
As all of our inventories are expected to be recovered within one year, we did not record any provision for write-down of inventories during the Track Record Period.
Financial Information · p. 219
Our inventory turnover days increased during the Track Record Period, primarily attributable to our increased inventories balances, which was generally in line with our business expansion.
As of December 31, 2023, 2024 and 2025, our inventories amounted to RMB356.3 million, RMB438.2 million and RMB634.3 million, respectively.
Financial Information · p. 233
Our Directors are of the view that the provisions made are adequate and that there are no material impairment issues in respect of our inventories.
Financial Information · p. 233
Our inventory turnover days increased from 81.4 days in 2023 to 98.2 days in 2024 and further to 98.3 days in 2025, primarily due to the increased inventories in transit and stored in our overseas warehouses resulting from the expansion of our overseas sales.
Our inventories increased by 74.5% from RMB53.1 million as of December 31, 2023 to RMB92.6 million as of December 31, 2024, primarily due to (i) the increase in procurement of raw materials, including building up inventory in advance to ensure timely project delivery and supply; and (ii) an increase in projects under execution but not yet reaching revenue recognition milestones, resulting in the accumulation of related project implementation costs within inventories.
Financial Information · p. 222
Our inventory turnover days increased from 94.4 days in 2023 to 148.6 days in 2024, primarily due to (i) advance procurement of certain raw materials to support the delivery of large-scale autonomous driving projects for open-pit mines amid business expansion, and (ii) longer on-site implementation and acceptance cycles for certain projects which involved a high degree of experimentation and customization, resulting in a higher inventory balance at year end.
Financial Information · p. 222
We have made proper inventory provision in the Track Record Period and fully considered the subsequent sales.
Our inventories increased by 27.2% from RMB77.0 million as of December 31, 2023 to RMB98.0 million as of December 31, 2024, and further increased by 40.0% to RMB137.2 million as of December 31, 2025.
Financial Information · p. 217
Our inventory turnover days (calculated as the average balance of the opening and closing net value of inventories in a period divided by cost of sales for the same period multiplied by 365 days) were 101, 110 and 135 days, respectively, for 2023, 2024 and 2025.
Financial Information · p. 217
As of March 31, 2026, RMB28.4 million or 20.7% of the outstanding balance of our inventories as of December 31, 2025 had been recognized as costs of sales.
Our inventories significantly increased from RMB2,816.6 million as of December 31, 2023 to RMB3,415.4 million as of December 31, 2024 and to RMB3,890.8 million as of December 31, 2025.
Financial Information · p. 238
Our inventory turnover days increased from 103 days in 2023 to 118 days in 2024 and to 172 days in 2025, primarily due to (i) our establishment of overseas manufacturing facility which resulted in a temporary build-up of finished goods during the ramp-up period; and (ii) our strategic decision to increase the availability of local inventories as we expand our overseas sales and establish self-operated sales channels to improve the promptness of our product delivery, improve our customer service capabilities and gain competitive advantages in overseas markets.
Financial Information · p. 238
As of March 31, 2026, RMB1,370.5 million, or 34.5% of our inventories as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.