Our inventories decreased from RMB90.0 million as at 31 December 2022 to RMB87.2 million as at 31 December 2023, and further decreased to RMB64.4 million as at 31 December 2024.
Financial Information · p. 366
Our provision for impairment of slow moving and obsolete inventories amounted to RMB12.6 million, RMB13.4 million and RMB8.9 million, respectively as at 31 December 2022, 2023 and 2024, which were mainly related to obsolete stocks and slow-moving stocks.
Financial Information · p. 366
As at 31 March 2025, 54.0% of our gross inventories amounting to RMB39.6 million as at 31 December 2024 has been subsequently utilised and/or sold.
For each year of the Track Record Period, the impairment of inventories recognized in cost of sales amounted to RMB8.5 million, RMB19.5 million and RMB9.5 million, respectively.
Financial Information · p. 373
As of December 31, 2024, 81.6% of the net value of the inventories aged over 12 months were liquor inventories, which had a net value of RMB69.5 million.
Financial Information · p. 375
Since the liquor inventories are characterized by a long shelf life and suitability for long-term storage, their extended aging will not lead to a decrease in the selling prices.
The inventory turnover days decreased from 364 days in 2022 to 262 days in 2023, which was primarily due to the gradual consumption of existing COVID-19 diagnostic kits and writing-off existing inventories.
Financial Information · p. 536
The inventories with aging balance over 90 days, including aging balance over 120 days, were mainly related to Fortitude™ and precision multi-omics.
Financial Information · p. 537
Therefore, our Directors are of the view that there is no material recoverability issue as to our inventories with aging balance over 90 days, including aging balance over 120 days.
Our inventories increased from RMB45.4 billion as of December 31, 2023 to RMB59.8 billion as of December 31, 2024, primarily resulting from our higher production and sales volumes.
Financial Information · p. 274
Our inventory turnover days were 78.8 days, 68.8 days and 70.2 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 275
Our impairment losses increased from RMB6.1 billion in 2023 to RMB9.3 billion in 2024, primarily due to an increase in impairment related to our inventories.
Our inventories increased from RMB338.9 million as of December 31, 2022 to RMB727.3 million as of December 31, 2023, mainly due to the increases in raw materials, finished goods and work-in-progress, as we increased our inventory level to meet the increasing market demands for our products and support our business growth.
Financial Information · p. 411
The increase in our aged inventories over 60 days as of December 31, 2023 was primarily because we strategically increased our procurement of quartz pieces in 2023.
Financial Information · p. 411
We perform impairment testing on a quarterly basis. Despite that our inventory turnover days were 23.0 days for 2024, our impairment loss may still be material primarily because (i) both silicon wafer and PV cell price experienced significant decrease since the fourth quarter of 2023, during which time significant price decrease may occur in a timespan of only one or two weeks; (ii) we need to keep substantial inventory for, among others, safety stock purpose;
In 2022, 2023 and 2024, our impairment loss on inventory amounted to RMB25.7 million, RMB20.9 million and RMB17.4 million, respectively, accounting for 7.1%, 4.5% and 2.7% of our total revenue for the corresponding years. Our inventories turnover days achieved continuous decrease during the Track Record Period, which were 266 days, 226 days and 161 days in 2022, 2023 and 2024.
Financial Information · p. 321
The relatively prolonged inventory turnover days were primarily due to (i) we pre-stocked key raw materials, particularly batteries, in response to the fluctuations of prices, and (ii) we had pre-stocked finished products in preparation for the rising demand for new energy engineering machinery.
Financial Information · p. 332
As of December 31, 2024, the carrying value of these long-aging inventories amounted to RMB29.3 million. We had made impairment loss on these long-aging inventories of RMB18.9 million as of December 31, 2024, resulting in the net realizable value of such inventory of RMB10.4 million as of the same date.
Impairment losses on inventories were RMB75.1 million, RMB579.3 million, RMB282.4 million, and RMB55.4 million in 2021, 2022, 2023 and 2024, respectively.
Financial Information · p. 417
The significant impairment losses of RMB157.0 million in 2022 (inventory impairment losses in 2022 beyond those of RMB422.3 million caused by the WM Customer Incident) and in 2023 were primarily due to a significant decrease in overall prices of raw materials in the industry, mainly including lithium carbonate, whose average price increased from RMB131,100 per ton in 2021 to RMB496,100 per ton in 2022, and subsequently decreased to RMB258,700 per ton in 2023.
Financial Information · p. 417
As of February 28, 2025, approximately RMB476.7 million, or 70.2%, of our inventories as of December 31, 2024, had been consumed.
Our inventories amounted to approximately RMB286.4 million, RMB324.0 million, RMB266.3 million and RMB317.6 million as at 31 December 2021, 31 December 2022, 31 December 2023 and 30 September 2024, respectively.
Financial Information · p. 447
Our average inventory turnover days were approximately 77.5 days, 108.5 days and 97.9 days for FY2021, FY2022 and FY2023, respectively.
Financial Information · p. 450
Our inventory balance mainly included alcoholic beverages, which constituted approximately 41.1%, 52.6%, 56.3% and 54.4% of our total inventories balance as at 31 December 2021, 31 December 2022, 31 December 2023 and 30 September 2024.
Our inventory turnover days were approximately 194 days, 168 days, 91 days and 46 days during the Track Record Period, respectively. The decrease in our inventory turnover days from FY2022 to FY2023 is because we accumulated a higher level of raw materials during FY2021 and FY2022 due to the various policy measures related to COVID-19 pandemic implemented by governments worldwide, which were fully utilised in FY2023.
Financial Information · p. 304
As at 31 December 2021, 2022 and 2023 and 30 September 2024, our Group had no write-down provision as a result of damaged or unsold finished goods.
Financial Information · p. 303
As at the Latest Practicable Date, approximately RMB44.7 million or 95.1% of our inventories as at 30 September 2024 had been sold or utilised.
Our inventories further increased by 84.6% from US$70.4 million as at 31 December 2022 to US$129.9 million as at 31 December 2023, mainly due to our stocking up on bauxite in FY2023 to cater for contingency.
Financial Information · p. 343
Our inventory turnover days increased from 61 days in FY2022 to 76 days in FY2023, primarily because we increased our production along with the completion of our Phase II Alumina Production Project in the last quarter of 2022.
Financial Information · p. 344
As at 31 January 2025, US$87.6 million, or 94.0% of our inventory balance as at 30 September 2024, had been utilised or sold.
Our inventory turnover days were 158 days, 146 days, 171 days, and 185 days in 2021, 2022, 2023 and for the nine months ended September 30, 2024, respectively.
Financial Information · p. 535
The obsolescence of raw materials is primarily due to the obsolescence of some spare parts and components for production machinery and maintenance equipment of LXML, which were purchased for the open-pit mining for LXML.
Financial Information · p. 534
As of January 31, 2025, RMB1,258.9 million or 51.4% of the inventories as of September 30, 2024 had been subsequently utilized.
Our inventories increased from RMB1,251.9 million as of December 31, 2021 to
RMB1,541.2 million as of December 31, 2022, RMB2,231.7 million as of December 31, 2023, which was generally in line with | our business | expansion | over time.
Financial Information · p. 339
Our provision for impairment of inventories increased from RMB2.8 million as of December 31, 2022 to RMB35.3 million as of December 31, 2023, and further to RMB63.8 million as of September 30, 2024. This was primarily because we recorded additional provisions based on the lower of cost or net realizable value for certain slow-moving inventories that are not our core products.
Financial Information · p. 339
In response to the increase in aging of inventories mentioned above, our management has made adequate impairment provisions, which increased from RMB35.3 million as of December 31, 2023 to RMB63.8 million as of September 30, 2024.
Our inventories increased from RMB112.4 million as of December 31, 2021 to RMB155.6 million as of December 31, 2022, RMB242.8 million as of December 31, 2023, and further to RMB272.4 million as of June 30, 2024.
Financial Information · p. 336
Our inventory turnover days were 174 days, 122 days, 138 days, and 166 days for the three years ended December 31, 2023 and for the six months ended June 30, 2024, respectively.
Financial Information · p. 338
We believe sufficient provision has been made and there is no material recoverability issue for inventories.
Our inventories increased by RMB65.7 million or 124.2% from RMB52.9 million as at 31 December 2021 to RMB118.6 million as at 31 December 2022, primarily because (i) we started operating our Ningbo Production Plant, Xianyang Production Plant and Qinghai Production Pant in 2022; and (ii) we have produced our new product, namely polyether monomers since June 2022.
Financial Information · p. 445
During the Track Record Period, write-down of inventories of RMB1.8 million, RMB2.8 million, RMB1.4 million and RMB1.8 million was recorded as at 31 December 2021, 2022 and 2023 and 30 June 2024, respectively.
Financial Information · p. 445
Our average turnover days of inventories increased from 14.0 days for FY2021 to 21.2 days for FY2022, mainly due to the commencement of operation of Ningbo Production Plant in the second quarter of 2022.
Our inventories increased from RMB61.2 million as of December 31, 2022 to RMB76.3 million as of December 31, 2023 and further to RMB151.3 million as of June 30, 2024 as our business grew.
Financial Information · p. 295
As of December 31, 2021, 2022 and 2023 and June 30, 2024, we had finished goods of RMB61.3 million, RMB46.3 million, RMB55.5 million and RMB124.9 million, accounting for 87.8%, 75.7%, 72.7% and 82.6% of our total inventories, respectively.
Financial Information · p. 295
As of October 31, 2024, 74.9% of our total inventories as of June 30, 2024, or RMB120.6 million, were utilized or sold.
As a result, our net inventories increased significantly from approximately RMB24.5 million as at 31 December 2021 to approximately RMB69.4 million as at 31 December 2022.
Financial Information · p. 376
Our inventory turnover days increased significantly from approximately 98.1 days for FY2021 to approximately 269.0 days for FY2022, which was mainly driven by the significant increase in our inventories balance as at 31 December 2022 as disclosed above.
Financial Information · p. 376
As at 30 November 2024, approximately RMB42.1 million or 66.8% of our inventories as at 30 June 2024 had been subsequently sold or utilised.
Our inventories further increased to RMB440.7 million as of June 30, 2024, primarily due to an increase in semi-finished products and WIP, as we stockpiled in advance for the anticipated demand.
Financial Information · p. 412
Our turnover days increased from 119.8 days in 2021 to 263.0 days in 2022, decreased to 159.3 days in 2023 and then increased slightly to 169.1 days in June 30, 2024.
Financial Information · p. 413
In the six months ended June 30, 2024, we had write down of inventories of RMB45.5 million, primarily because we made provisions for potential losses on certain finished goods whose net realizable value is lower than their carry amount.
We had inventories of RMB32.4 million, RMB46.9 million, RMB73.5 million and RMB85.9 million as of December 31, 2021, 2022, 2023 and June 30, 2024, respectively.
Financial Information · p. 431
Our inventory turnover days increased from 91.0 days in 2023 to 132.9 days in the six months ended June 30, 2024, primarily due to (i) an increase in finished products in line with the growth in our sales of Medical Device; and (ii) we generally recorded lower amount of cost of sales in the first quarter of the year as customers in the public sector typically conclude contracts in the fourth quarter of the year in accordance with internal financial budget approval procedures and their business plans.
Financial Information · p. 433
As of October 31, 2024, RMB19.0 million, or 22.1% of inventories as of June 30, 2024, had been used, consumed or sold subsequent to June 30, 2024.
Our inventories further increased from RMB5.8 million as of December 31, 2022 to RMB13.8 million as of December 31, 2023, and further to RMB30.2 million as of June 30, 2024, primarily due to increased medicine stock in relation to our pharmaceutical sales business.
Financial Information · p. 465
Our average inventory turnover days further increased from 4.2 days in 2023 and 9.3 days in the six months ended June 30, 2024, primarily because we strategically increased the inventories of the drug commonly used to treat Influenza A and B viruses for our pharmaceutical wholesale business.
Financial Information · p. 466
Our Directors are of the view that there is no recoverability issue for our inventories and no write-down needs to be made.
Our inventory turnover days increased from 194 days in 2021 to 216 days in 2022, primarily due to an increase in the contract fulfillment costs in relation to the delivery of projects for our vehicle infrastructure cooperative systems business that were still in progress as of December 31, 2022.
Financial Information · p. 407
We provided provisions of inventories of RMB12.2 million, RMB14.4 million, RMB18.2 million and RMB19.1 million as of December 31, 2021, 2022 and 2023 and June 30, 2024, respectively.
Financial Information · p. 407
Taking into account that (i) our comprehensive solution portfolio requires various hardware of varying sophistication; (ii) we strategically maintain sufficient supply to meet the demand and support our business growth; (iii) a substantial majority of our inventories as of December 31, 2021, 2022 and 2023 and June 30, 2024 aged within one year and were subsequently settled or expected to be settled in one year; (iv) we have made full provision for inventories of raw materials that age over one year with no explicit usage plan and the remaining inventories of raw materials remain in working order and suitable for production; (v) we have made provision to the net realizable value for finished goods and made full provision for a small portion of finished goods which we do not have explicit sales plan; and (vi) we have implemented an effective inventory management system to monitor our inventory levels and recoverability, we are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and there is no material recoverability issue for our inventories.