As of December 31, 2023, 2024 and 2025, our inventories were RMB274.5 million, RMB355.7 million and RMB469.5 million, respectively.
Financial Information · p. 163
During the Track Record Period, our goods in transit accounted for a relatively large portion of our inventories, primarily because our products are subject to a comparatively long acceptance testing period by our customers upon receiving the products.
Financial Information · p. 175
Our inventory turnover days decreased from 482.2 days in 2023 to 449.0 days in 2024, and further decreased to 348.9 days in 2025, primarily due to (i) the increased sales contribution from electrical testing solutions, the customer acceptance periods of which were generally shorter than optical inspection solutions due to the relatively straightforward acceptance testing process; and (ii) our proactive inventory management policies.
As a result, our inventory levels are primarily driven by project progress and customer delivery schedules and we generally maintain relatively limited finished goods inventories.
Financial Information · p. 178
Our inventories further increased to RMB498.0 million as of December 31, 2025, primarily due to a significant increase in work-in-progress from RMB360.7 million to RMB462.5 million, which was directly attributable to the substantial growth in our turnkey service business as the strong order backlog from 2024 was put into production, reflecting our efficient coordination with customers for the timely delivery of completed chip products.
Financial Information · p. 179
As of February 28, 2026, 34.0% of our total inventories as of December 31, 2025, or RMB168.1 million, were utilized or sold.
Our inventories increased from RMB425.3 million as of December 31, 2023 to RMB603.4 million as of December 31, 2024, and further increased to RMB682.2 million as of December 31, 2025, primarily attributable to increases in raw material procurement and stocking to achieve higher production output of lithium-ion battery-related materials.
Financial Information · p. 162
Our inventories turnover days increased from 28.5 days in 2023 to 35.7 days in 2024, and further increased to 37.1 days in 2025, primarily because lithium-ion battery-related materials, which are the principal contributors to our revenue, generally have relatively longer turnover cycles.
Financial Information · p. 163
We recorded write-down of inventories of RMB32.6 million, RMB18.3 million and RMB8.3 million as of December 31, 2023, 2024 and 2025, respectively.
Our inventories subsequently increased by 8.6% from RMB166.4 million as of December 31, 2024, to RMB180.6 million as of December 31, 2025, primarily attributable to (i) an increase of RMB15.5 million in finished goods; and (ii) an increase of RMB10.0 million in raw materials.
Financial Information · p. 195
Our inventories turnover days increased from 157 days in 2023 to 209 days in 2024, primarily because the average of the opening and closing balance of inventories in 2024 was higher than that in 2023. Our inventories turnover days decreased from 209 days in 2024 to 187 days in 2025, reflecting our improved inventory management efficiency.
Financial Information · p. 195
As of February 28, 2026, RMB54.8 million, or 30.3%, of our inventories as of December 31, 2025 had been sold or utilized.
As of December 31, 2023, 2024 and 2025, our balance of inventories was RMB872.9 million, RMB1,161.8 million and RMB4,846.7 million, respectively.
Financial Information · p. 246
Our inventory turnover days increased from 111 days in 2024 to 248 days in 2025, primarily because that driven by the advancement of AI applications, we increased the procurement and inventory of raw materials and semi-finished products to meet our customers’ demand and respond to the market in a timely manner.
Financial Information · p. 247
As of February 28, 2026, RMB1,690.1 million or 34.9% of our inventories outstanding as of December 31, 2025, was subsequently utilized.
Our inventories consisted of (i) contract fulfillment costs, (ii) purchased hardware and components, and (iii) goods, mainly comprising semiconductor equipment for sale during the Track Record Period.
Financial Information · p. 230
Our inventory turnover days decreased from 288 days in 2023 to 166 days in 2024 and further to 71 days in 2025, primarily due to the significant increase in our costs of sales and decrease in our inventories level driven by the completion of several major projects as mentioned above.
Financial Information · p. 230
We regularly assessed the net realizable value of our inventories and on-hand orders at each reporting date, based on estimated selling prices and expected costs for completion and disposal.
Our inventory and contract costs turnover days were 64 days, 80 days and 93 days in 2023, 2024 and 2025, respectively. The increase in inventory and contract costs turnover days in 2024 was primarily due to the addition of inventories attributable to certain newly obtained projects, which accounted for a significant portion of the inventory balance at year end, with limited revenue contribution for the year due to its late-year commencement. The further increase in turnover days in 2025 was mainly attributable to the expansion of our overseas e-commerce brand operations, which resulted in higher year-end inventory levels.
Financial Information · p. 193
We recorded write-downs of inventories and contract costs of RMB4.8 million, RMB3.7 million and RMB6.7 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 193
As of January 31, 2026, RMB115.2 million, or 32.2%, of our inventories and contract costs as of December 31, 2025 had been subsequently sold, consumed or utilized.
Our inventories and contract costs decreased from RMB130.9 million as of December 31, 2023 to RMB99.9 million as of December 31, 2024, driven by both (i) the decrease in the combined amount of raw materials, work in process and finished goods, and (ii) the decrease in the contract costs of RMB26.0 million, primarily due to our improved delivery capabilities.
Financial Information · p. 246
Our Directors are of the view that there is no material recoverability issue for our inventories given that (i) most of our inventories were aged within one year, (ii) the majority is reserved for specific and confirmed orders and is currently being fulfilled within our regular production and project execution cycles and (iii) we have performed an impairment assessment and have not identified any material write-down requirement.
Financial Information · p. 247
Our inventory turnover days decreased from 532.0 days in 2023 to 251.4 days in 2024, primarily due to our enhanced inventory management efficiency (i) the adoption of a sales-driven procurement strategy, which significantly reduced our raw material stock levels, (ii) the standardization of our products resulting from CBB architecture, which lowered the inventory levels of raw materials and work-in-progress and (iii) the improvement of our delivery efficiency through standardized delivery planning and execution processes.
Our inventories increased from RMB128.1 million as of December 31, 2023 to RMB227.4 million as of December 31, 2024, and RMB461.4 million as of December 31, 2025, mainly as a result of our business growth.
Financial Information · p. 247
Our inventory turnover days increased from 38.1 days for the year ended December 31, 2023 to 50.5 days for the year ended December 31, 2024, primarily due to stocking of inventories for overseas markets as we launched our globalization strategy in 2024.
Financial Information · p. 247
As of February 28, 2026, RMB262.6 million, or 56.9%, of our inventories as of December 31, 2025, had been sold.
Our inventories further increased to RMB4,716.8 million as of December 31, 2025, primarily attributable to (i) an increase of RMB400.8 million in finished goods and (ii) an increase of RMB222.8 million in work in progress which was in line with the increase in our revenue.
Financial Information · p. 203
Our inventory turnover days decreased from 77 days in 2023 to 62 days in 2024, primarily attributable to an increase in proportion of sales to NEV OEM customers, for which we manufacture per purchase orders, whereas we maintain safety stock for products sold to ICEV customers.
Financial Information · p. 204
As of January 31, 2026, RMB2,254.5 million, or approximately 47.8%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.
As of December 31, 2025, our inventory further increased to RMB110.1 million, primarily attributable to the consolidation of Agilebot's inventory following its acquisition, reflecting a higher level of raw materials and finished goods as we integrated Agilebot's in-house manufacturing base.
Financial Information · p. 221
Our inventories turnover days increased from 43 days in 2023 to 72 days in 2024.
Financial Information · p. 222
As of the Latest Practicable Date, approximately RMB42.6 million, or 38.7% of our inventories outstanding as of December 31, 2025, had been subsequently used.
Our inventories increased by 26.8% from RMB49.5 million as of December 31, 2023, to RMB62.7 million as of December 31, 2024, and further increased by 8.1% to RMB67.8 million as of December 31, 2025, generally in line with our revenue growth.
Financial Information · p. 224
Our inventory turnover days increased from 57 days to 63 days primarily due to the increase in raw materials from RMB10.4 million as of December 31, 2024 to RMB21.2 million as of December 31, 2025 for producing power inductors in order to capture market opportunities and meet anticipated customer demand.
We recorded provision of impairment for inventories of RMB55.3 million, RMB11.6 million and RMB15.8 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 186
First, we had strategically procured a large volume of wafer and other raw materials based on projected customer demand and market condition in 2022.
Financial Information · p. 186
Our relatively long inventory turnover days were primarily due to our fabless model, under which wafer fabrication and chip packaging and testing are handled by our suppliers, typically involving a production cycle of over six months.
Our inventories increased from RMB88.2 million as of December 31, 2023 to RMB183.0 million as of December 31, 2024, primarily due to an increase in finished goods from RMB2.5 million as of December 31, 2023 to RMB105.1 million as of December 31, 2024 as we continued to build up inventory in anticipation of deliveries to fulfill chip customization mandates.
Financial Information · p. 180
Our inventories decreased from RMB183.0 million as of December 31, 2024 to RMB95.5 million as of December 31, 2025, primarily due to a decrease in finished goods from RMB105.1 million as of December 31, 2024 to RMB46.1 million as of December 31, 2025, consistent with our delivery growth.
Financial Information · p. 180
We seek to maintain strict control over inventory turnover days through demand-driven production planning and enhanced inventory lifecycle management.
In 2023, 2024 and 2025, we made provision for inventory write-down of RMB36.0 million, RMB59.3 million and RMB42.5 million, respectively.
Financial Information · p. 231
Our inventory turnover days then increased to 106 days in 2025, primarily due to the increased proportion of overseas sales, and the relevant inventory turnover is typically slower.
Financial Information · p. 232
As of February 28, 2026, RMB118.9 million, or 45.3% of our inventory as of December 31, 2025 had been utilized or sold.
Our inventories increased by 18.7% to RMB1,619.1 million as of December 31, 2025, primarily due to (i) an increase in finished goods and work in progress as a result of an increase in production volume, and (ii) an increase in raw materials to support sales growth.
Financial Information · p. 243
We experienced significant increases in impairment losses on inventories in 2023 and 2024 primarily due to increases in the provision for inventory write-downs for FePO4, LiFePO4 and lithium carbonate resulting from decreases in their respective market value.
Financial Information · p. 236
Our inventory turnover days decreased from 55.9 days in 2023 to 44.9 days in 2024 and further decreased to 41.5 days in 2025, primarily due to our strengthened inventory management measures that sought to optimize our inventory turnover, including, for example, the establishment of an inventory early warning system that alerts us to potential problems in our inventory levels before they become critical as well as the formulation of more detailed procurement plans and closer monitoring of inventory levels.
In terms of turnover, our inventory turnover days were 94 days, 52 days and 38 days in the year ended December 31, 2023, 2024 and 2025, respectively, which was mostly in line with the fluctuations of our trading operations.
Financial Information · p. 240
Our inventories decreased by 16.5% from RMB1,484.6 million as of December 31, 2023 to RMB1,240.1 million as of December 31, 2024, primarily due to the decreased completion of work in progress.
Financial Information · p. 240
As of January 31, 2026, RMB417.7 million or 36.0% of the inventories as of December 31, 2025 had been subsequently utilized.
Our inventories increased from RMB44.6 million as of December 31, 2023 to RMB81.8 million as of December 31, 2024 and further to RMB117.6 million as of December 31, 2025, primarily due to the increased raw materials and finished goods balances, in anticipation of the rapidly rising demands for our products.
Financial Information · p. 167
Our inventory turnover days amounted to 54, 67, and 61 days in 2023, 2024 and 2025.
Financial Information · p. 168
As of February 28, 2026, approximately RMB72.2 million, or 61.4% of our inventories outstanding as of December 31, 2025, had been subsequently settled.