Our inventories increased from RMB45.6 million as of December 31, 2023 to RMB76.3 million as of December 31, 2024, primarily due to the build-up of inventory in anticipation of anticipated shipments in 2025 in line with our expanded operations and growing demand for our solutions.
Financial Information · p. 198
Our inventory turnover days, calculated as the average of the beginning and ending balance of inventories for the year divided by the cost of sales for that year and multiplied by 365 days, amounted to 79 days, 95 days and 76 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 198
As of April 30, 2026, RMB38.3 million, or 85.2%, of our inventories as of December 31, 2025 had been subsequently consumed.
Our inventories increased from RMB2,411.3 million as of December 31, 2023 to RMB3,233.6 million as of December 31, 2024, and subsequently increased to RMB4,997.1 million as of December 31, 2025, primarily ascribed to an increase of finished goods from RMB2,529.5 million as of December 31, 2023 to RMB3,321.3 million as of December 31, 2024, and further increased to RMB5,306.3 million as of December 31, 2025, mainly due to our strategic stocking of finished goods in response to the business growth and in anticipation of future sales demand.
Financial Information · p. 226
Our inventory turnover days increased to 87.7 days in 2025, primarily due to our strategic inventory buildup in support of business growth and supply chain planning.
Financial Information · p. 227
We recorded write-down of inventories of RMB141.6 million, RMB124.1 million, and RMB365.0 million as of December 31, 2023, 2024 and 2025.
Our inventory increased by 128.2% from RMB63.4 million as of December 31, 2024 to RMB144.7 million as of December 31, 2025, primarily due to (i) an increase in finished goods, as we maintained a relatively higher inventory level of finished goods in response to the significant increase in sales of our CNT slurry products, and (ii) an increase in raw material, driven by an increase in our procurement of gases, catalysts and solvents, which was also in line with the increase in sales of our CNT slurry products.
Financial Information · p. 185
Our inventory turnover days decreased from 127 days in 2023 to 106 days in 2024, and further decreased to 61 days in 2025, primarily due to (i) our improved inventory management and operational efficiency with increased customer demand and large-scale product shipments; and (ii) the increase in the proportion of our sales of CNT slurry, which is subject to more stringent inventory management and typically has shorter production cycles.
Financial Information · p. 185
As of April 30, 2026, RMB145.1 million, or 90.6%, of our inventories as of December 31, 2025 had been sold or utilized.
Our inventories and other contract cost decreased from RMB160.7 million as of December 31, 2023 to RMB109.0 million as of December 31, 2024, and further decreased to RMB47.1 million as of December 31, 2025.
Financial Information · p. 231
Our inventories turnover days decreased from 465 days in 2023 to 257 days in 2024 and further decreased to 115 days in 2025, which are calculated as the average of beginning and ending balance of inventories for the period divided by cost of sales of goods and services for that period and multiplied by the number of days (i.e., 365 days for 2023, 2024 and 2025) during such period.
Financial Information · p. 232
Based on the foregoing, our Directors are of the view that sufficient provision has been made based on the net realizable value test.
Our inventories decreased by 19.1% from RMB105.0 million as of December 31, 2023 to RMB85.0 million as of December 31, 2024, primarily due to the decrease in raw materials and work in progress, which was consistent with our sales volume trend.
Financial Information · p. 222
RMB120.5 million as of December 31, 2025, primarily due to the expansion of sales scale.
Financial Information · p. 222
Our inventory turnover days decreased significantly from 172 days for the year ended December 31, 2023 to 140 days for the year ended December 31, 2025, primarily due to (i) the optimization of finished goods delivery cycles within our supply chain; and (ii) decreased sales of Third-Party Brand Products to domestic automobile manufacturers, which enhanced our inventory turnover.
Our inventories and other contract costs increased by 9.2% from RMB2,832.0 million as of December 31, 2024 to RMB3,093.9 million as of December 31, 2025, primarily due to an increase in finished goods, mainly because we stocked up our inventory at year-end in anticipation of the increase in market demand for our products.
Financial Information · p. 233
Our inventories and other contract costs turnover days decreased from 86.5 days as of December 31, 2023 to 79.9 days as of December 31, 2024, primarily due to (i) an increase in sales volume of our products; and (ii) our increasing efforts to improve our inventory management capabilities.
Financial Information · p. 234
As of April 30, 2026, approximately RMB1,858.2 million, or 58.4% of our inventories and other contract costs as of December 31, 2025 had been utilized or sold. During the Track Record Period and up to the Latest Practicable Date, we do not have major recoverability issue for inventories and other contract costs and we have made sufficient write-down of inventories and other contract costs.
The significant increase in inventory turnover days from 72 days in 2024 to 136 days in 2025 was primarily due to the substantial build-up of inventories, in particular finished goods and raw materials.
Financial Information · p. 245
As of April 30, 2026, RMB4.3 million, or approximately 10.5%, of our inventories as of December 31, 2025 had been utilized or sold.
Financial Information · p. 246
As of December 31, 2025, we recorded write-down of inventories amounting to RMB22,000 in relation to our raw materials, where the net realizable value is assessed to be lower than cost.
Our inventories increased by 17.0% from RMB74.3 million as of December 31, 2023 to RMB86.9 million as of December 31, 2024, and further increased by 28.3% to RMB111.5 million as of December 31, 2025
Financial Information · p. 233
Our inventory turnover days decreased from 376 days in 2023 to 355 days in 2024, and further decreased to 184 days in 2025
Financial Information · p. 233
Notwithstanding the above, our inventory turnover days remained relatively long during the Track Record Period, primarily due to (1) our vertically integrated production model, which necessitates holding inventory across multiple stages of the production process; and (2) our wide range of product specifications and certain customized product offerings, which require us to maintain safety stock and work-in-process inventory to meet diverse customer requirements in a timely manner.
Our inventory turnover days were 349.2 days, 317.0 days and 405.1 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 250
A significant amount of pregnant horse plasma (a key raw material for PSMG production) was kept in inventory and was not utilized during the Track Record Period due to suspension of production of our own veterinary pharmaceutical production facility, and the inventory allowance was made based on the difference between its carrying amount and the prevailing market price.
Summary · p. 11
Our Directors consider that there is no recoverability issue with respect to our inventories as of December 31, 2025, based on the following reasons:
Our inventories increased significantly from RMB256.5 million as of December 31, 2023 to RMB693.2 million as of December 31, 2024, primarily because we stocked up based on our strong sales projection.
Financial Information · p. 225
In 2023, 2024 and 2025, our inventory turnover days were 242.0 days, 295.1 days, and 308.6 days, respectively.
Financial Information · p. 225
In view of the foregoing, we recorded provision of impairment for inventories of RMB30.3 million, RMB46.7 million and RMB72.0 million as of December 31, 2023, 2024 and 2025, respectively.
Our inventory increased from RMB126.3 million as of December 31, 2023 to RMB324.6 million as of December 31, 2024, and further increased from RMB324.6 million as of December 31, 2024 to RMB617.0 million as of December 31, 2025, primary attributable to our continued increase of finished goods which was generally in line with our business expansion and the increase in our sales volume and in anticipation of the growing customer demand for our products.
Financial Information · p. 231
Our inventory turnover days increased from 141.3 days in 2024 to 180.8 days in 2025, primarily due to an increase in finished goods as we built up inventory to meet anticipated demand from key customers.
Financial Information · p. 232
As of May 31, 2026, RMB534.6 million, or 81.4%, of our inventories as of December 31, 2025 had been sold or utilized.
Our inventories increased by 77.3% from RMB224.8 million as of December 31, 2023 to RMB398.7 million as of December 31, 2024.
Financial Information · p. 224
Our inventory turnover days further increased from 98.8 days in 2024 to 122.7 days in 2025, primarily due to our strategic inventory preparation to support the commercial rollout of approved drugs.
Financial Information · p. 225
We recorded higher impairment of inventories in 2023, primarily related to the unfavorable inventory write-offs of our excess and obsolete mRNA COVID-19 vaccine stock.
Our inventories increased significantly from RMB116.9 million as of December 31, 2023 to RMB196.9 million as of December 31, 2024.
Financial Information · p. 185
The significant increase in inventories aged over one year as of December 31, 2025 was primarily due to our strategic stock-up of certain raw materials during 2024 when the market price was favorable.
Financial Information · p. 186
Our inventory turnover days increased from 46 days in 2023 to 76 days in in 2024, primarily due to the build-up of inventories, including strategic stock-up of raw materials and higher finished goods prepared for the peak sales season during the Chinese New Year.
Our inventories increased from RMB288.8 million as of December 31, 2024 to RMB306.2 million as of December 31, 2025, primarily due to the increase in finished goods, mainly attributable to the steady growth in demand for high-performance MLCCs driven by applications such as AI servers, in response to which we maintained our inventory at a more appropriate level to support production scheduling and order fulfillment.
Financial Information · p. 189
Our inventory turnover days decreased from 276 days in 2023 to 173 days in 2024, and further decreased to 139 days in 2025, primarily due to (i) our ongoing destocking efforts, and (ii) sales growth outpacing the increase in inventory.
Financial Information · p. 190
As of April 30, 2026, RMB257.0 million, or 83.9% of our inventories as of December 31, 2025, had been used, consumed or sold.
Our inventories increased by 87.3% from RMB308.5 million as of December 31, 2023 to RMB577.8 million as of December 31, 2024, primarily due to a significant rise in work in progress and finished goods driven by a surge in orders in the fourth quarter of 2024, partially offset by a provision for impairment losses of RMB13.1 million, which was mainly attributable to certain inventories being written down to their net realizable value following product performance upgrades in 2024.
Financial Information · p. 237
Inventory turnover days increased from 227.5 days in 2023 to 262.9 days in 2024, primarily due to higher work in progress and finished goods driven by increased customer orders, which required us to maintain more products under production and more completed products to support production scheduling, timely delivery and customer acceptance arrangements.
Financial Information · p. 237
As of April 30, 2026, RMB448.8 million, or 58.2% of our inventories as of December 31, 2025, had been used, consumed or sold.
In particular, a relatively large portion of our inventories consisted of goods in transit, representing smart parking hardware products that had been delivered in stages but not yet recognized as revenue.
Financial Information · p. 246
Specifically, we generally maintain finished goods inventory equivalent to approximately one to one and a half months of sales, and raw materials inventory sufficient for three to six months of production.
Financial Information · p. 247
As of April 30, 2026, RMB9.3 million, or 17.6% of our inventories as of December 31, 2025, had been subsequently utilized or sold.
The inventory turnover days increased slightly from 203 days in 2023 to 214 days in 2024, and further increased to 228 days in 2025, primarily due to an increase in inventory in anticipation of an increase in customers' demand.
Financial Information · p. 199
As of December 31, 2023, 2024 and 2025, our provision for inventories was RMB219.0 million, RMB266.6 million and RMB310.4 million, respectively.
Financial Information · p. 199
As of April 30, 2026, RMB796.2 million, or 55.0% of our inventories outstanding as of December 31, 2025, had been sold or utilized.
Our inventories increased from RMB5,859.2 million as of December 31, 2024 to RMB7,189.9 million as of December 31, 2025. This was mainly attributable to (i) the consolidation of newly acquired subsidiaries in 2025 and (ii) the growth in finished goods, which was primarily driven by our proactive stock build-up to meet expected sales growth.
Financial Information · p. 250
As of April 30, 2026, approximately RMB6,810.2 million, or 94.7% of our inventories as of December 31, 2025, had been subsequently sold or utilized.
Our inventory turnover days were 141.2 days, 183.0 days and 3,602.1 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 255
The increase in inventory turnover days from 183.0 days in 2024 to 3,602.1 days in 2025 was primarily attributable to the substantial increase in spareparts and supplies inventory maintained to support the Group’s initial mining, construction, commissioning and ramp-up activities in preparation for commercial gold production commencing in early 2026.
Financial Information · p. 255
Accordingly, our inventory turnover days were higher than those of companies that have already ramped up, stabilized and normalized their commercial operations.
During the Track Record Period, our inventories increased by 24.6% from RMB27.2 million as at December 31, 2023 to RMB33.9 million as at December 31, 2024, and further by 8.0% to RMB36.7 million as at December 31, 2025, primarily due to an increase in our contract fulfilment costs, as a result of the increase in the procurement costs for implementation of our ongoing projects following our business expansion in FY2024 and FY2025.
Financial Information · p. 223
Our inventories with more than 1 year increased from nil as at December 31, 2023 to RMB7.2 million as at December 31, 2024, primarily due to the longer implementation time for certain projects from Henan Chuangke yet to be completed as at December 31, 2024.
Financial Information · p. 223
Our inventories turnover days increased from 39.4 days in FY2023 to 63.6 days in FY2024, primarily due to the increase in our inventory level for certain projects from Henan Chuangke with relatively longer implementation cycle in FY2024 as compared to FY2023.