Our inventories increased significantly from RMB51.1 million as of December 31, 2024 to RMB123.0 million as of December 31, 2025, primarily driven by (1) an increase in finished goods of RMB27.9 million, (2) an increase in work in progress of RMB20.7 million, and (3) an increase in raw materials of RMB23.4 million, all of which were attributable to our continued strategic stocking due to the continuing growth of our existing products in 2024 and the successful commercialization of the SCCUs in 2025.
Financial Information · p. 208
Our inventory turnover days then increased to 130 days in 2025 primarily due to our continued strategic stocking due to the continuing growth of our existing products and the successful commercialization of the SCCUs in 2025.
Financial Information · p. 209
Accordingly, as of December 31, 2023, 2024 and 2025, our allowance for inventory write-down were RMB3.3 million, RMB6.4 million and RMB16.7 million, representing 7.4%, 11.1% and 11.9% of the respective gross amounts of inventories, respectively.
Our inventories increased from RMB425.9 million as of December 31, 2023 to RMB523.7 million as of December 31, 2024, primarily due to (i) our proactive increase in inventory reserves based on overall market demand forecasts, and (ii) an increase in goods in transit as our customers stocked up in anticipation of surging sales before the Chinese New Year, which occurred earlier in 2025 compared to the previous year.
Financial Information · p. 188
Our inventory turnover days were 186.5 days, 181.7 days, 167.7 days and 198.2 days for the years ended December 31, 2023, 2024 and 2025.
Financial Information · p. 189
Our Directors are of the view that there is no material impairment issue for our inventories, considering that (i) most of our inventories consist of work-in-progress held as part of our normal production process, and that (ii) we have established robust policies to manage such inventories.
Our inventories increased from RMB114.6 million as of December 31, 2024 to RMB186.0 million as of December 31, 2025, primarily due to an increase in raw material and finished goods in anticipation of upcoming market demand.
Financial Information · p. 220
Our inventory turnover days increased from 203 days in 2023 to 224 days in 2024 in light of the continued expansion of our business as well as our anticipation of upcoming market demand.
Financial Information · p. 221
Our Directors believe that sufficient allowance has been made for the inventories of our Company, taking into account factors such as inventory aging, market price fluctuations, technological advancements, and changes in product demand that may affect inventory value.
Our inventories increased by 57.0% from RMB82.1 million as of December 31, 2023 to RMB128.8 million as of December 31, 2024, primarily because (i) the Chinese New Year holiday in 2025 fell relatively early, and to mitigate adverse impact on production and product delivery, we established safety stock for raw materials and finished goods at the end of 2024; and (ii) upon the addition of new production lines in 2024, the variety of our products expanded, resulting in increased raw material inventories and safety stock levels for the newly added product categories, contributing to the overall increase in our raw materials and finished goods in 2024.
Financial Information · p. 218
Our inventory turnover days increased from 50.7 days in 2023 to 59.2 days in 2024, and further increased to 63.6 days in 2025, primarily because we launched new products under our OBM business model and the sales of such new products were at an early stage.
Financial Information · p. 219
As of April 30, 2026, approximately RMB115.2 million or 92.6% of our inventories as of December 31, 2025 had been consumed.
Our inventories increased from RMB97.5 million as of December 31, 2023 to RMB122.1 million as of December 31, 2024, primarily due to increases in work in progress and finished goods, reflecting the advancement of certain ongoing CDMO projects.
Financial Information · p. 193
We recorded write-down of inventories of RMB7.5 million, RMB9.4 million and RMB12.6 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 193
Our inventory turnover days increased from 80.4 in 2024 to 92.5 in 2025, primarily attributable to advance procurement of raw materials for large-scale commercial campaigns scheduled for early 2026.
Our inventories increased from RMB82.5 million as of December 31, 2024, to RMB108.7 million as of December 31, 2025, primarily attributable to an increase of RMB20.8 million in raw materials and components. This strategic inventory increase was made in anticipation of both production growth and rising orders from sectors like automotive and electronics, which demand timely delivery and make proactive stocking essential.
Financial Information · p. 238
Our inventory turnover days decreased from 240 days in 2023 to 211 days in 2024 and further decreased to 172 days in 2025, primarily because of the progressive enhancement of our inventory management capabilities.
Financial Information · p. 238
As of April 30, 2026, approximately RMB80.5 million, or 70.3% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased by RMB165.6 million from RMB512.9 million as of December 31, 2024 to RMB678.5 million as of December 31, 2025, due to (i) an increase of RMB165.1 million in work in process primarily related to increased production cost inputs ahead of new project mass production launches, leading to a significant rise in work in process balances; and (ii) an increase of RMB95.5 million in goods in transit primarily related to a proactive increase in finished goods inventory to respond to downstream order growth and extended delivery cycles, partially offset by a decrease of RMB102.4 million in raw materials primarily as we improved our efficiency in turning raw materials to work in process and goods in transit.
Financial Information · p. 212
Our average inventory turnover days decreased from 788 days for the year ended December 31, 2023 to 690 days for the year ended December 31, 2024, and further decreased to 534 days for the year ended December 31, 2025.
Financial Information · p. 212
While the absolute numbers of inventory turnover days remain relatively high, reflecting the characteristically long acceptance cycles in the equipment industry, the improving trend demonstrates our continuously strengthening operational capabilities.
Our impairment losses, net of reversal, increased by 6.6% from a loss of RMB16.6 million in 2023 to a loss of RMB17.7 million in 2024, primarily due to higher provisions for inventories attributable to our capacity expansion.
Financial Information · p. 139
Our inventories turnover days decreased from 89 days in 2023 to 82 days in 2024, and further decreased to 77 days in 2025, primarily due to faster inventory turnover driven by more active shipments to customers.
Financial Information · p. 141
As of March 31, 2026, 59.0% of our total inventories as of December 31, 2025, or RMB187.5 million, were utilized or sold.
Our inventories and contract costs increased from RMB169.0 million as of December 31, 2023 to RMB237.5 million as of December 31, 2024, and further increased to RMB289.7 million as of December 31, 2025, primarily reflecting the increase in our sales orders driven by our business growth.
Financial Information · p. 220
As we completed verification of our demo wafer transfer equipment with more newly engaged customers and gained greater acceptance for our subsequently delivered products, our inventories and contract costs turnover days decreased to 341 days in 2024 and further to 263 days in 2025.
Financial Information · p. 220
As of December 31, 2023, 2024 and 2025, the provision for impairment of inventories was RMB1.4 million, RMB2.0 million, and RMB5.5 million, respectively.
Our inventories increased from RMB83.6 million as of December 31, 2024 to RMB167.7 million as of December 31, 2025 primarily as we purchased more vehicles and held more vehicles for sale in 2025 in anticipation of the higher vehicle acquisition tax in 2026.
Financial Information · p. 210
Our inventory turnover days remained relatively stable at 79 days in 2023 and 84 days in 2024, which then increased to 147 days in 2025 as we purchased more vehicles and held more vehicles for sale in 2025 in anticipation of the higher vehicle acquisition tax in 2026.
Financial Information · p. 211
As of March 31, 2026, RMB55.4 million, or 32.8% of our inventory as of December 31, 2025 had been utilized or sold.
Our inventories increased by 75.7% from RMB1,357.8 million as of December 31, 2024 to RMB2,385.3 million as of December 31, 2025, primarily due to (i) an increase in commodities in inventory and (ii) an increase in completed properties held for sale in relation to the completion of the Global Digital Trade Center.
Financial Information · p. 232
In particular, the increase in our commodities in inventory turnover days in 2025 was mainly attributable to an increase in stock up of products in anticipation of market demand.
Financial Information · p. 233
As of March 31, 2026, RMB847.8 million, or 79.9% of commodities in inventory as of December 31, 2025, had been used, consumed or sold.
Our inventories increased from RMB110.8 million as of December 31, 2024 to RMB254.0 million as of December 31, 2025, which was primarily driven by an increase in raw materials and work-in-progress.
Financial Information · p. 243
Our inventory turnover days increased from 35 days in 2024 to 38 days in 2025 primarily due to the increase in our inventory balance as of the end of 2025, reflecting our decision to maintain a higher level of safety stock in light of raw material price volatility and supply chain uncertainties.
Financial Information · p. 244
As of April 30, 2026, RMB209.3 million, or 82.4%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.
Our inventories decreased by 86.1% from RMB105.6 million as of December 31, 2024 to RMB14.7 million as of December 31, 2025, primarily due to (i) the write-down of our raw materials considering our future consumption; and (ii) the return of certain aged raw materials to a supplier pursuant to an exchange arrangement of raw materials.
Financial Information · p. 257
As of the effective date of the arrangement, the carrying amount of the said inventories was RMB61.2 million and was destroyed, leading to the decrease of raw materials as of December 31, 2025.
Financial Information · p. 257
In June 2025, we have entered into an arrangement with a raw material supplier, pursuant to which the supplier agreed to supply new azvudine raw materials with equivalent weight and quantity to a batch of raw materials previously stored in the supplier’s warehouse over a period of five years from the effective date, to be delivered in batches based on our orders, with no additional consideration payable by us.
The significant increase in raw materials as of December 31, 2025, compared to December 31, 2024, was primarily attributable to higher advance purchases of chips to mitigate the risks of potential supply shortage.
Financial Information · p. 215
The increase in inventory turnover days from 53.8 days in 2024 to 73.9 days in 2025 was primarily due to the increase in raw materials as of December 31, 2025 as we made higher advance purchase of chips to mitigate the risks of potential supply shortage.
Financial Information · p. 215
Because our inventory is largely customer-driven, any potential excess can typically be managed through coordination with customers, product design modifications, or repurposing components in other products to minimize the risk of write-downs.
The high level of average inventory turnover days for our pump and pumping system business in 2023 was primarily due to the increased overall inventory level in response to increased order for 2024.
Financial Information · p. 248
As of March 31, 2026, RMB294.1 million, or 41.6% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
The value of our inventories accounted for 47.7%, 48.3% and 50.2% of our total current assets as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 244
As of March 31, 2026, RMB212.2 million, or 69.8% of our inventories before impairment as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.
Financial Information · p. 245
Our Directors believe that our inventory allowance policy is in compliance with the IFRSs and that the inventory allowance recognized during the Track Record Period were adequate.
Our inventories decreased by 29.9% from RMB242.8 million as of December 31, 2023 to RMB170.3 million as of December 31, 2024, which was mainly attributable to a decrease of RMB88.8 million in finished goods.
Financial Information · p. 222
Our average inventory turnover days increased from 57 days for the year ended December 31, 2023 to 64 days for the year ended December 31, 2024 because of a significant decline in raw material market prices in 2024.
Financial Information · p. 223
As of March 31, 2026, approximately RMB161.6 million, or 78.0% of our inventories as of December 31, 2025 had been utilized or sold.
Our inventories increased from RMB6.0 million as of December 31, 2023 to RMB33.6 million as of December 31, 2024, and further increased to RMB142.5 million as of December 31, 2025, as we increased procurement of raw materials and expanded production of our new energy intelligent heavy-duty trucks, in line with our growing business scale.
Financial Information · p. 209
Our inventory turnover days subsequently increased to 59 days in 2025, primarily as we increased procurement of raw materials, in particular batteries, to support accelerating delivery schedules and rising market demand.
Financial Information · p. 210
As of April 30, 2026, RMB112.7 million, or approximately 79.1%, of our inventories as of December 31, 2025 had been subsequently consumed.
Our inventories increased from RMB32.7 million as of December 31, 2023 to RMB101.6 million as of December 31, 2024, and further increased to RMB139.4 million as of December 31, 2025 primarily driven by the expansion of our business and the corresponding growth in sales volume.
Financial Information · p. 220
During the Track Record Period, our inventory turnover days decreased from 208 days in 2023 to 76 days in 2024 and further decreased to 70 days in 2025, primarily due to our production ramp-up and the growth in customer orders.
Financial Information · p. 220
As of April 30, 2026, RMB110.7 million, or approximately 79.4% of our inventory balance as of December 31, 2025, had been sold or utilized.