During the Track Record Period, our inventories increased by 23.3% from RMB513.1 million as at 31 December 2022 to RMB632.6 million as at 31 December 2023, and further increased by 3.7% to RMB656.1 million as at 31 December 2024.
Financial Information · p. 529
Our average inventory turnover days then increased to 708 days in FY2024, primarily due to the increase in inventory balance as a result of the increase in international gold price.
Financial Information · p. 547
Nevertheless, due to the change in market sentiment and increase in gold price, the demand of our gold watch straps did not meet our expectation and the majority of them remained in our inventories as at 31 December 2024.
Our inventory turnover days increased from 43.5 days in 2022 to 58.4 days in 2023, primarily due to increased inventories to serve our overseas market demands as these inventories generally had longer turnover days caused by long shipping time. Our inventory turnover days then decreased to 52.6 days in 2024, as we enhanced inventory management measures.
Financial Information · p. 401
As of July 31, 2025, RMB33,626 million (or 87.3%) of our inventories as of March 31, 2025, had been sold or utilized.
Our inventories increased by 61.4% from RMB61.1 million as of December 31, 2023 to RMB98.6 million as of December 31, 2024, primarily due to an increase in the stock of finished goods in the anticipation of the increasing demand for our products, which was in line with the growth of sales volume and the expansion of our product offerings.
Financial Information · p. 358
Our inventory turnover days were 58, 49, 47 and 39 in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively.
Financial Information · p. 358
As of August 31, 2025, approximately RMB46.9 million, or 75.4% of our inventories outstanding as of June 30, 2025 had been subsequently settled.
Our inventories aged over one year primarily consisted of raw materials, mainly electronic components.
Financial Information · p. 377
We believe this approach enables a more prudent and comprehensive assessment of inventory recoverability and ensures that appropriate provisions for write-downs are made in accordance with our accounting policies.
Financial Information · p. 378
Inventory write-down is recorded as cost of revenues, and we recorded inventory write-offs of RMB39.4 million, RMB9.3 million, RMB2.2 million, RMB14.0 million and RMB2.0 million (US$0.3 million) in 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively.
Our inventories increased by 37.6% from RMB57.7 million as of December 31, 2022 to RMB79.4 million as of December 31, 2023, increased by 41.9% to RMB112.6 million as of December 31, 2024, and further increased by 27.4% to RMB143.5 million as of April 30, 2025, primarily due to our increased procurement of raw materials and production of products to meet our growing sales.
Financial Information · p. 266
Our Directors are of the view that there is no recoverability issue for our inventories given that (i) most of our inventories are aged within one year; and (ii) our inventories are mainly finished bicycles and bicycle parts, which are in nature less likely to deteriorate in the short run.
Financial Information · p. 267
As of July 31, 2025, RMB106.5 million, or 74.2% of our inventories as of April 30, 2025 had been used, consumed or sold subsequently.
Our inventories increased from RMB2,707.9 million as of December 31, 2023 to RMB5,878.8 million as of December 31, 2024, mainly because we stock up inventory primarily for overseas sales at the end of 2024 in response to the accelerating demand for our products abroad.
Financial Information · p. 338
For instance, as of December 31, 2024, we secured contracts with overseas customers totaling an order value of RMB13,072.6 million, representing a key indicator of our sales projections and inventory stocking up plan for the upcoming year.
Financial Information · p. 338
As of July 31, 2025, we have utilized approximately RMB5,160.8 million, or 98.1% of our inventories as of March 31, 2025.
Inventories increased to RMB773.8 million as of May 31, 2025, primarily due to an increase in stocking of work-in-progress and finished goods.
Financial Information · p. 373
The provision for impairment loss recognized of inventories amounted to RMB14.8 million, RMB53.8 million, RMB31.5 million and RMB31.0 million as of December 31, 2022, 2023 and 2024, and the five months ended May 31, 2025, respectively.
Financial Information · p. 373
Inventory turnover days slightly increased to 60.8 days in the five months ended May 31, 2025, mainly due to higher inventory levels maintained to support rising customer demands.
Our inventories increased from RMB533.3 million as of December 31, 2022 to RMB843.3 million as of December 31, 2023, and further increased to RMB1,021.9 million as of December 31, 2024, primarily due to the increase in finished goods and raw material, mainly resulting from our stocking up efforts for (i) production capacity expansion, particularly to ensure the smooth commencement of operations at our Shanghai production plant in May 2023, and (ii) preparing to meet the delivery demands of several industry-leading customers we began collaborating with in 2023.
Financial Information · p. 334
Our inventories turnover days increased from 255.4 days in 2024 to 293.0 days in the three months ended March 31, 2025, primarily due to (i) a relatively lower cost of sales and (ii) a temporary slowdown in sales attributable to the Spring Festival holiday during the same period.
Financial Information · p. 337
Our Directors are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issue in respect of our inventories aged over one year, for the following reasons: (i) over 80% of our inventory aged over one year consists of raw materials, including carbon powder, silicon powder, and graphite insulation, which are highly stable, resistant to oxidation and deterioration, and have no shelf-life limitations
Our inventories increased from RMB3.4 million as of December 31, 2023 to RMB29.0 million as of December 31, 2024, primarily because we procured more raw materials for our R&D and manufacturing activities.
Financial Information · p. 409
Our inventories increased to RMB32.8 million as of May 31, 2025, primarily as we stock increasing amount of raw materials after the commercial launch of Efsubaglutide Alfa.
As of December 31, 2023, we made a relatively large allowance for our quadrivalent subunit influenza vaccine inventory due to the following factors: (i) the lack of historical data to accurately predict the marketability of our quadrivalent subunit influenza vaccines, given that our commercial sales only began in 2023; (ii) the timing of our vaccine distribution, with sales commencing in late September 2023, which was already late for the flu season; and (iii) the standard industry practice of producing surplus influenza vaccines to better prepare vaccine makers in case of need.
Financial Information · p. 398
Our inventory turnover days increased from 155.2 days in 2023 to 168.1 days in 2024, primarily due to an increase in our inventory balances to meet increasing product demand.
Financial Information · p. 400
As of May 31, 2025, RMB51.2 million, or 58.6% of our inventories as of March 31, 2025, had been subsequently sold or utilized.
Our inventories increased by 10.7% from RMB156.2 million as of December 31, 2022 to RMB173.0 million as of December 31, 2023, primarily due to increases in outsourced processing materials in anticipation of an increase in customers’ demand.
Financial Information · p. 224
Our long inventory turnover days are primarily because that we outsource wafer manufacturing and chip packaging and testing to our suppliers, where the production cycles typically span more than six months.
Financial Information · p. 226
From 2021 to 2022, we strategically stockpiled inventory of wafers due to the global wafer supply shortage.
As of December 31, 2022, 2023, and 2024, the balance of our inventories was RMB1,185.3 million, RMB1,190.6 million and RMB1,029.5 million, respectively.
Our relatively long inventory turnover days are primarily a reflection of the nature of our project-based business model and the delivery cycle of our AMR solutions.
Financial Information · p. 420
As of December 31, 2022, 2023 and 2024, we recorded write-down of inventories of RMB113.5 million, RMB205.7 million and RMB161.1 million, respectively.
Our inventories subsequently decreased by 7.9% from RMB3,566.7 million as of December 31, 2023 to RMB3,284.6 million as of December 31, 2024, primarily due to a decrease in finished goods in response to the market conditions in 2024, in particular, the overall decrease in the market prices of crayfish products.
Financial Information · p. 316
Our inventory turnover days increased from 106.1 days in 2022 to 113.2 days in 2023, primarily due to the consolidation of inventory of Hubei New Liuwu and its procurement of raw materials is affected by seasonality and thus of relatively slower turnover.
Financial Information · p. 317
As of April 30, 2025, RMB2,584.0 million, or 78.7% of inventories as of December 31, 2024, had been used, consumed or sold.
Our inventories decreased from RMB79.3 million as of December 31, 2022 to RMB73.0 million as of December 31, 2023 and then increased to RMB84.8 million as of December 31, 2024.
Financial Information · p. 358
During the Track Record Period, we recorded balance of write-down of inventories, net of reversal, of RMB6.3 million, RMB10.2 million and RMB11.5 million as of December 31, 2022, 2023 and 2024, respectively.
Financial Information · p. 360
Our Directors concluded that we do not have any material recoverability issue for our inventories and the write-down of inventories was adequate and reasonable.
Our inventory balance increased from RMB33.6 million as of December 31, 2022, to RMB67.9 million as of December 31, 2023 and further increased to RMB140.3 million as of December 31, 2024.
Financial Information · p. 316
During the Track Record Period, we experienced increased inventory turnover days, which are 46 days, 49 days and 71 days in 2022, 2023 and 2024, respectively, and experienced fluctuations in the balance of inventories aged six months to one year, which amounted to RMB5.7 million, RMB3.7 million and RMB24.0 million as of December 31, 2022, 2023 and 2024.
Financial Information · p. 316
As of April 30, 2025, RMB50.2 million, or approximately 34.0%, of our inventories as of December 31, 2024 had been delivered or consumed, demonstrating substantial improvement as compared to 17.4% as of February 28, 2025.
Our inventory turnover days were 275 days, 169 days and 182 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 398
The increase in goods in transit under the franchise model from RMB97.3 million as of December 31, 2022 to RMB157.6 million and RMB236.3 million as of December 31, 2023 and 2024, respectively, was in line with our revenue growth from sales of gold jewelry under the franchise model and increase in the price of gold during the Track Record Period.
Financial Information · p. 397
Our Directors confirm that there are no recoverability issues for our inventories, and that sufficient provision has been made in view of the low subsequent utilization.
As at 31 December 2022, 2023 and 2024, our inventories aged over one year amounted to RMB50.4 million, RMB44.4 million and RMB42.0 million, representing 25.0%, 21.1% and 17.3% of our inventories during the respective years.
Our Directors consider that there is no recoverability issue for the inventories aged over one year and the provision for inventories are sufficient, considering (i) our historical sales performance, in particular, during the Track Record Period, we had not encountered any material impairment loss that have materially and adversely affected our business operations caused by slow-moving inventories; (ii) for inventories in stock as at 31 December 2022, 2023 and 2024, we have made provision account for over 55%, 70% and 70% of our inventories aged over 1 year, stated at the lower of cost and net realisable value and (iii) we may sell slow moving inventories at a discount.
Our inventories increased by 6.1% from RMB4,334.9 million as of December 31, 2022, to RMB4,600.7 million as of December 31, 2023, and further increased by 14.8% to RMB5,280.4 million as of December 31, 2024, primarily due to an increase in finished goods resulting from business growth.
Financial Information · p. 330
Our Directors are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issue in respect of our inventories aged over one year
Financial Information · p. 330
As of April 30, 2025, RMB5,050.9 million, or 93.4% of inventories as of December 31, 2024, had been used, consumed or sold.
Our inventories increased by 9.5% from RMB2,391.6 million as of December 31, 2022 to RMB2,618.8 million as of December 31, 2023, primarily due to an increase in the stock up of finished goods in preparation for the peak sales season during the Chinese New Year, partially offset by a decrease in raw materials and work in progress.
Financial Information · p. 302
Our inventory turnover days increased from 49.8 days in 2022 to 55.6 days in 2023, primarily due to (i) a decrease in sales volume of our products in 2023 and (ii) an increased year-end stock up of products in anticipation of Chinese New Year.
Financial Information · p. 303
As of April 30, 2025, RMB2,257.3 million, or 89.3% of inventories as of December 31, 2024, had been used, consumed or sold.