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 from RMB718.9 million as of December 31, 2023 to RMB787.9 million as of December 31, 2024 and further to RMB778.7 million, primarily due to the increase in raw materials, primarily driven by proactive strategic procurement to ensure production continuity and maintain a competitive advantage amid market volatility.
Financial Information · p. 252
As of February 28, 2026, RMB100.1 million or 12.9% of our inventories as of December 31, 2025 were subsequently utilized.
Financial Information · p. 252
We assess inventories for impairment at each reporting date and recognize write-downs when the carrying amount exceeds the net realizable value.
Our inventories then increased by 23.5% to RMB60.7 million as of December 31, 2025, primarily attributable to an increase in finished goods, partially offset by a decrease in work-in-progress, mainly because certain equipment had completed production by year-end and were pending customer acceptance.
Financial Information · p. 213
Our inventories turnover days decreased from 333 days in 2023 to 264 days in 2024 and further to 259 days in 2025, reflecting our enhanced inventory management during the corresponding years.
Financial Information · p. 213
As of February 28, 2026, RMB18.0 million or 29.6% of our gross inventories as of December 31, 2025, was subsequently utilized or sold.
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 inventory turnover days decreased from 559 days in 2023 to 436 days in 2024, and further to 412 days in 2025, primarily due to our improved inventory utilization efficiency as a result of growth in our revenue.
Financial Information · p. 248
Given that (i) our products generally have no expiration date and are mainly used in high-tech fields, such as industrial imaging, scientific imaging and professional photography and video, which have long life cycle; and (ii) our raw materials procurement and production cycles are relatively long, we maintained a relatively high inventory level of raw materials and finished goods to meet the dynamic customer demands.
Financial Information · p. 248
As of February 28, 2026, RMB99.3 million, or 38.5% of our inventories (excluding costs to fulfil a contract) as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.
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.
Our inventories increased from RMB361.6 million as of December 31, 2024 to RMB570.5 million as of December 31, 2025, primarily due to our strategic storage of inventories in anticipation of further orders and delivery schedule, in line with our business expansion.
Financial Information · p. 229
Less: provision for impairment | (77,970) | (152,897) | (258,342)
Financial Information · p. 229
Our turnover days decreased from 339 days in 2023 to 314 days in 2024, and further to 205 days in 2025, primarily due to optimization of our operational efficiency with increased demand of our downstream customers.
Our inventories increased significantly from RMB343.9 million as of December 31, 2023 to RMB1,480.1 million as of December 31, 2024, primarily due to the commencement of large-scale projects, with certain goods in transit to customers and certain finished goods completed but not yet delivered.
Financial Information · p. 197
Our inventory turnover days increased from 79.4 days in 2023 to 132.3 days in 2024, primarily due to an increase in goods in transit.
Financial Information · p. 198
As of February 28, 2026, approximately RMB1,021.4 million or 64.1% of our inventories as of December 31, 2025 had been consumed.
Our inventories increased by 16.0% or RMB359.3 million from RMB2,243.7 million as at 31 December 2023 to RMB2,603.0 million as at 31 December 2024, which was mainly due to our preparation for the upcoming sales in Lunar New Year in 2025, which came earlier than in the preceding years and increase in gold price, and further increased by 65.3% or RMB1,698.6 million to RMB4,301.5 million as at 31 December 2025, as we stock up on our materials and products in anticipation of sales during 2026 Lunar New Year and Valentine’s day.
Financial Information · p. 237
Our average inventories turnover days were 186 days, 177 days and 173 days for FY2023, FY2024 and FY2025, respectively.
Financial Information · p. 237
We believe that there is no impairment issue for our inventory, considered that the period from 31 December 2025 to 28 February 2026 has 59 days, which represented 34.1% of our inventories turnover days for the year ended 31 December 2025.
Our inventories increased from RMB1,375.1 million as of December 31, 2023 to RMB2,324.2 million as of December 31, 2024, primarily due to our increased production capacity of our lithium compound products.
Financial Information · p. 186
Our inventory turnover days increased from 84 days in 2023 to 129 days in 2024, primarily due to higher finished goods balances for new energy lithium-ion battery materials at the end of 2024, as well as lower revenue in 2024 resulting from the decline in market prices for lithium compound products.
Financial Information · p. 187
As of February 28, 2026, RMB2,285.4 million, or approximately 99.6%, of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased from RMB70.2 million as of December 31, 2023 to RMB98.8 million as of December 31, 2024, primarily attributable to (i) an increase of RMB16.5 million in raw materials; and (ii) an increase of RMB11.9 million in work in progress, mainly because we adjusted our production plans and procured additional raw materials in anticipation of growth in product demand driven by the recovery of the semiconductor market.
Financial Information · p. 240
As of December 31, 2023, 2024 and 2025, our provision for inventories amounted to RMB14.1 million, RMB16.8 million and RMB21.1 million, respectively.
Financial Information · p. 240
As of February 28, 2026, approximately RMB48.3 million, or 46.0% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories remained relatively stable at RMB35.9 million, RMB36.4 million and RMB35.5 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · p. 228
Our inventory turnover days increased from 116 days in 2023 to 123 days in 2024, primarily reflecting the decline in revenue during the year as we strategically pivoted from volume-based promotions to focus on long-term brand value.
Financial Information · p. 229
As at 28 February 2026, RMB19.7 million, or 55.5% of our inventories as at 31 December 2025 had been used, consumed or sold subsequently.
We recorded year-end inventories of RMB452.2 million in 2024, primarily due to a large volume of shipments scheduled for early 2025.
Financial Information · p. 202
We recorded year-end inventories of RMB365.7 million in 2025, primarily since (i) we implemented strategic procurements of raw materials at year-end 2025 in anticipation of market demand in the near future; and (ii) we planned shipments for the first half of 2026.
Financial Information · p. 202
Our inventory turnover days remained stable at 31 days for the years ended December 31, 2023 and 2024, and increased to 51 days for the year ended December 31, 2025, because we recorded relatively high inventory balances at the end of 2025.
Our inventories increased by 100.1% from RMB8.6 million as of December 31, 2023 to RMB17.1 million as of December 31, 2024, and further increased by 94.1% to RMB33.2 million as of December 31, 2025. This increase was mainly due to our build-up of self-owned inventories for certain key products and maintain regular inventory reserves to support our operation.
Financial Information · p. 217
No impairment loss was recognized for inventories as of the end of each period.
Financial Information · p. 217
As of February 28, 2026, RMB9.5 million, or 28.7% of our inventories as of December 31, 2025 had been subsequently sold or utilized, primarily due to the business off-season around the Chinese New Year, resulting in a slower inventory turnover.
Our inventories and other contract costs increased by 44.6% from RMB349.4 million as of December 31, 2024 to RMB505.2 million as of December 31, 2025, primarily due to an increase in raw materials as we stored a secure supply of raw materials to meet the growing market demands of our products and rising prices of certain raw materials.
Financial Information · p. 236
Our inventory turnover days increased from 88 days in 2024 to 113 days in 2025, primarily due to (i) our strategic increase in inventory in response to the potential increase in customer demands and raw material price in 2025 and (ii) the impact from the Disposal of Ruiming Sciences, which has a lower inventory turnover days due to its electronic manufacturing business.
Financial Information · p. 237
As of February 28, 2026, RMB211.6 million, or 40.4%, of our inventories and other contract costs as of December 31, 2025 had been sold or utilized.
Our inventories further decreased from RMB128.1 million as of December 31, 2024 to RMB110.3 million as of December 31, 2025, primarily due to increased write-down of inventories prudently recorded against certain raw materials for Dinuo’an, given that this product was not selected under the VBP scheme held in late 2025.
Financial Information · p. 228
Our inventory turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of inventories by the sum of cost of sales and the cost of raw materials consumed in R&D activities for the relevant year and then multiplying by the number of days for that year (365 days for 2023, 2024 and 2025), were 315 days, 370 days and 360 days for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 228
As of February 28, 2026, 12.0%, or RMB13.2 million of our inventories as of December 31, 2025 was subsequently utilized.