Our inventories increased from RMB89.9 million as of December 31, 2022 to RMB394.5 million as of December 31, 2023, primarily due to increased purchases of raw materials in anticipation of customers’ orders.
Financial Information · p. 399
In 2022, 2023 and 2024, we recorded provision for write-down of inventories of RMB14.7 million, RMB21.3 million and RMB315.1 million, respectively.
Financial Information · p. 401
As of December 31, 2022, 2023 and 2024, we had inventories aged over 1 year of RMB50.8 million, RMB68.6 million and RMB219.4 million.
Our inventories increased by 47.7% from RMB27.9 million as of December 31, 2022, to RMB41.2 million as of December 31, 2023, primarily due to the maintenance of our production facilities in 2022, resulting in a lower production volume in that year.
Financial Information · p. 355
Our inventory turnover days increased from 96 days for the year ended December 31, 2024 to 130 days for the five months ended May 31, 2025, mainly due to the increase in our inventories in anticipation of the rise in sales in the second half of the year.
Financial Information · p. 356
As of September 30, 2025, RMB48.1 million, or 70.6% of inventories as of May 31, 2025, had been used, consumed or sold subsequent to May 31, 2025.
Our inventory turnover days increased from 87.9 days in 2024 to 124.9 days for the five months ended May 31, 2025, primarily due to an increase inventories of raw materials and finished goods as we procured more raw materials in anticipation of potential price fluctuations and manufactured more finished goods in anticipation of increased demand from downstream customers in the first half of 2025.
Financial Information · p. 276
We recognized inventories write-down of RMB1.0 million, RMB1.3 million and RMB1.8 million in 2022, 2023 and 2024, respectively.
Financial Information · p. 275
As of September 30, 2025, RMB96.6 million, or 95.5% of our inventories outstanding as of May 31, 2025 had been utilized or sold.
We had inventories of RMB1,761.0 million, RMB1,255.1 million, RMB1,577.7 million and RMB2,253.3 million as of December 31, 2022, 2023, 2024 and May 31, 2025, respectively.
Financial Information · p. 377
Our inventories increased by 42.8% from RMB1,577.7 million as of December 31, 2024 to RMB2,253.3 million as of May 31, 2025, primarily due to an increase in raw materials, mainly because (i) our demand for bauxite increased along with our production capacity expansion on aluminum hydroxide; and (ii) we commenced a new bauxite procurement model and purchased bauxite directly from suppliers.
Financial Information · p. 377
Our inventory turnover days increased from 46.8 days in 2024 to 49.7 days in the five months ended May 31, 2025, primarily due to an increase in inventories as of May 31, 2025, mainly because (i) our demand for bauxite increased along with our production capacity expansion on aluminum hydroxide; and (ii) we commenced a new bauxite procurement model and purchased bauxite directly from suppliers.
In 2022, 2023 and 2024 and the six months ended June 30, 2025, our inventory turnover days were 136 days, 175 days, 183 days and 269 days, respectively.
Financial Information · p. 580
As of September 30, 2025, approximately RMB94.9 million or approximately 48.2% of our inventories as of June 30, 2025, were subsequently consumed.
Financial Information · p. 581
As of December 31, 2022, 2023 and 2024 and June 30, 2025, the balances of provision of inventory impairment were RMB1.6 million, RMB5.1 million, RMB3.9 million and RMB12.7 million, respectively, which we believe to be adequate by taking into account the factors including the expiry dates of the inventories and the expected future demand of relevant products.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, our inventory amounted to RMB9,620.2 million, RMB7,929.1 million, RMB9,826.4 million and RMB10,226.8 million, and our inventory turnover days in 2022, 2023 and 2024 and the six months ended June 30, 2025 are 98 days, 109 days, 92 days and 96 days, respectively.
Business · p. 211
The inventories aging within three months accounted for a substantial majority of our total inventories, being 97.0%, 87.6%, 88.0% and 81.5% as of December 31, 2022, 2023 and 2024 and June 30, 2025.
Financial Information · p. 319
As of September 30, 2025, 84.9% of our total inventories as of June 30, 2025 or RMB8,677.5 million, were utilized or sold.
Our inventory turnover days increased from 140 days in 2022 to 152 days in 2023, mainly due to a lower inventory balance at the beginning of 2022.
Financial Information · p. 374
Our inventories aged over one year primarily represented spare parts and consumables that we keep for repair and maintenance of our production facilities.
Financial Information · p. 373
As of August 31, 2025, US$93.4 million, or 78.0%, of our inventories as of April 30, 2025, had been subsequently used, consumed or sold.
Our inventory turnover days increased from 56.0 days in 2022 to 57.7 days in 2023 and 65.1 days in 2024 and further increased to 69.4 days in the four months ended April 30, 2025, primarily because (i) we optimized our supply network which involved switching suppliers across regions, resulting in a temporary increase in raw materials in transit, (ii) we stocked up raw materials for our new factories to meet customer order demand and (iii) we consolidated the ending balance of Senssun’s inventory as of December 31, 2024, while only incorporating its cost of sales from December 18, 2024 to the year end due to the consolidation of Senssun.
Financial Information · p. 418
As of August 31, 2025, approximately RMB7,586.6 million, or 78.6% of our inventories as of April 30, 2025 had been utilized or sold.
Our inventory turnover days increased from 167 days in 2022 to 313 days in 2023.
Financial Information · p. 459
For the years ended December 31, 2022, 2023, and 2024 and six months ended June 30, 2025, we recorded provision of inventories of nil, RMB6.4 million, RMB25.7 million (US$3.6 million) and RMB1.4 million (US$0.2 million), respectively.
Financial Information · p. 459
As of December 31, 2023 and 2024, we recorded impairment loss related to these robosweepers according to expected selling prices, which was attributed to increased storage age and reduced market acceptance based on our assessment.
Our inventories increased from RMB2,552.4 million as of December 31, 2024 to RMB3,270.8 million as of June 30, 2025, primarily due to the increase in raw materials and consumables of RMB26.6 million and the increase in finished goods of RMB743.6 million.
Financial Information · p. 345
Our inventory turnover days decreased from 41 days in 2023 to 10 days in 2024, primarily because we produce by orders, aimed at reducing stock levels, enhancing production efficiency, and lowering inventory turnover days.
Financial Information · p. 346
As of August 31, 2025, RMB2,267.0 million, or 69.3% of inventories outstanding as of June 30, 2025 had been subsequently utilized or sold.
Our inventories decreased from RMB320.7 million as of December 31, 2022 to RMB254.1 million as of December 31, 2023, primarily due to the transfer of inventories to cost of sales in connection with our revenue growth.
Financial Information · p. 405
In most cases, these inventories have a relatively long delivery circle (sometimes more than one year), and we receive milestone payment in progress with these projects.
Financial Information · p. 405
As of August 31, 2025, RMB20.1 million, or approximately 18.9% of our inventories as of June 30, 2025 had been subsequently consumed or sold.
The balances of our inventories remained relatively stable during the Track Record Period.
Financial Information · p. 441
Our average inventory turnover days increased from 158 days for the year ended December 31, 2023 to 166 days for the year ended December 31, 2024, and further to 168 days for the six months ended June 30, 2025, mainly because the balance of inventories slightly increased, while the cost of sales decreased as we took effective measures to enhance our supply chain management and lower our cost of inventories, such as securing additional volume discounts through centralized procurement arrangement and using cost-effective materials in product packaging.
Financial Information · p. 442
The balances of inventories aged over 36 months increased during the Track Record Period mainly because we procured large amount of Pu’er tea leaves in 2020 and 2021, and we preserved a portion of them for aging to improve their value and/or facilitate future sales.
Our inventories remained relatively stable at RMB19,738.4 million, RMB19,767.8 million, RMB19,948.0 million and RMB20,507.5 million as of December 31, 2022, 2023 and 2024 and April 30, 2025, respectively.
Financial Information · p. 433
Our inventory turnover days increased from 111 days in 2022 to 132 days in 2023, primarily due to (i) a decline in domestic market demand, leading to slower sales and extended inventory turnover days and (ii) the expansion of our overseas business, which involves longer turnover time due to factors such as international shipping.
Financial Information · p. 434
As of August 31, 2025, RMB13,577.1 million, or 66.2% of inventories as of April 30, 2025, had been used, consumed or sold subsequent to April 30, 2025.
Our inventory increased by 17.2% from RMB1,096.6 million as of December 31, 2022 to RMB1,285.6 million as of December 31, 2023, primarily attributable to (i) an increase in goods in transit and (ii) an increase in finished goods, which were in line with our revenue growth.
Financial Information · p. 307
Our inventory increased by 33.3% from RMB979.7 million as of December 31, 2024 to RMB1,306.2 million as of April 30, 2025, primarily due to (i) an increase in our procurement of raw materials attributable to an increase in customer orders; and (ii) an increase in raw materials as we rented production lines from one of our EMS providers and recorded the value of our raw materials stored with them.
Financial Information · p. 307
Our inventory turnover days decreased from 77.0 days in 2022 to 72.8 days in 2023, primarily due to (i) the enhancement of our inventory utilization efficiency; and (ii) the relatively higher increase in cost of goods sold as compared to the increase in inventory, given that the Acquisition of Rolling was in November 2022, which resulted in consolidation of the cost of goods sold of Shenzhen Rolling for only two months in 2022, as compared to a full year in 2023.
Our inventory increased by 21.5% from RMB35.3 million as of December 31, 2024 to RMB42.9 million as of May 31, 2025, primarily due to an increase in raw materials and consumables of RMB9.5 million.
Financial Information · p. 406
Our inventories turnover days decreased from 227 days in 2022 to 181 days in 2023, decreased to 136 days in 2024 and increased to 147 days in the five months ended May 31, 2025, this is primarily due to our continuous sales growth and improved market forecasts.
Financial Information · p. 408
Additionally, our inventory level was relatively high due to inventory buildup for drug products primarily, including Anbili (安必力^®^), Ruiantuo (瑞安妥^®^) and Saixifu (賽西福^®^), to ensure sufficient supply.
Having considered (i) the net realizable value of our inventories; (ii) the inventories aging over one year mainly consisting of raw materials and the relatively long useful lives of our raw materials which generally have no definite expiry dates; (iii) demand and ongoing sales noted for our inventories; (iv) the aging of our inventories during the Track Record Period which are basically within two years; (v) our continuously improved inventory turnover days during the Track Record Period; (vi) our relatively high and stable gross profit margin of robots and functional kits; and (vii) our continuous efforts in supply chain management, we believe we have made sufficient impairment provision for inventories during the Track Record Period and there is no material risk that our existing inventories cannot be recovered or will become obsolete.
Financial Information · p. 451
Our inventory turnover days decreased from 267 days in 2022 to 216 days in 2023, and to 139 days in 2024, and further to 133 days in the first five months of 2025, primarily attributable to (i) accelerated delivery of finished products; and (ii) improved turnover efficiency and enhanced logistics and inventory management capabilities.
Financial Information · p. 453
Our inventories aging over two years increased from nil as of December 31, 2022 to RMB1.1 million as of December 31, 2023 and further to RMB1.3 million as of December 31, 2024, primarily due to our stock of robot maintenance materials.
In 2022, 2023, 2024, and the three months ended March 31, 2025, our average inventory turnover days were 80, 104, 121 and 90 days, respectively.
Financial Information · p. 418
The increase from December 31, 2022 to December 31, 2023 and the increase from December 31, 2023 to December 2024 were primarily due to our preparation in anticipation of larger amount of sales due to our business growth.
Financial Information · p. 417
As of December 31, 2022, 2023, 2024, and March 31, 2025, we recorded allowance for impairment of inventories of RMB4.6 million, RMB7.4 million, RMB9.1 million and RMB6.7 million, respectively.
Our inventories increased from RMB28.3 million as of December 31, 2022 to RMB36.1 million and RMB47.2 million as of December 31, 2023 and 2024, primarily because we prepared more inventories in line with the increasing demand of our approved products.
Financial Information · p. 415
As of August 31, 2025, 60.1%, or RMB24.8 million of our inventories as of March 31, 2025 was subsequently utilized.
Financial Information · p. 415
We have conducted an assessment of our inventories and made sufficient provisions where necessary.
Our inventory aged more than one year increased from RMB4.0 million as of December 31, 2022 to RMB68.7 million as of December 31, 2023, and further to RMB107.2 million as of December 31, 2024 and RMB83.0 million as of May 31, 2025, primarily due to the chips in our inventories that we purchased in 2022 in the chip supply shortage period.
Financial Information · p. 403
We have made impairment allowance for the inventories aged over one year based on their net realizable value, taking into account the recoverability risks associated with these inventories.
Financial Information · p. 403
Our supply management team reviews our inventory aging reports routinely with other responsible teams, such as business operation team and risk management team, and takes necessary actions to minimize risks of obsolescence when required.