Hong Kong IPO disclosure precedents · 58 companies, 58 items
Receivables driven by granting longer or temporary credit to key, overseas or liquidity-tight customers, including shifting from prepayment to credit sales.
Our trade and bills receivables increased from RMB884.6 million as of December 31, 2023 to RMB1.31 billion as of December 31, 2024, primarily due to the increase in trade receivables of RMB468.5 million as a result of extended credit terms granted to certain major domestic customers.
Financial Information · p. 182
Our trade and bills receivable turnover days increased during the Track Record Period, primarily due to the extended credit terms that we provided to our major customers in China.
Financial Information · p. 183
As of April 30, 2026, RMB872.3 million, or 62.7% of our trade and bills receivables as of December 31, 2025, had been subsequently settled.
Given the relatively high unit price of this product and its multiple specifications, we adopted a payment arrangement for this product under which certain distributors may make partial prepayments with the remaining balance settled within a credit period of 90 days, resulting in an increase in trade receivables.
Financial Information · p. 211
During the Track Record Period, our trade receivables turnover remained efficient, with relatively short turnover days of 16 days, 7 days and 11 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 211
As of March 31, 2026, RMB22.5 million, or 89.6% of our trade receivables as of December 31, 2025, had been settled.
Our trade and bills receivables then increased by 35.4% from RMB304.3 million as of December 31, 2024 to RMB412.0 million as of December 31, 2025, primarily due to an increase in trade receivables as a result of the extension of credit terms granted to certain customers, partially offset by a decrease in bills receivables.
Financial Information · p. 225
As of 30 April, 2026, RMB231.5 million, or 53.0%, of our gross trade and bills receivables (i.e., before expected credit loss allowance) as of December 31, 2025 had been subsequently settled.
Financial Information · p. 226
Our Directors considered the provision of expected credit loss of our trade and bill receivables was sufficient and appropriate as at the end of each year comprising the Track Record Period.
Our trade and notes receivables increased by 7.3% from RMB2,928.4 million as of December 31, 2023 to RMB3,143.4 million as of December 31, 2024, and further increased by 44.7% to RMB4,549.9 million as of December 31, 2025, in line with our business growth.
Financial Information · p. 215
Our trade receivables turnover days increased from 68.8 days in 2024 to 77.1 days in 2025, primarily due to a higher proportion of revenue generated from customers in our key mechanical components and connectivity components for new energy business, which we typically grant longer credit terms.
Financial Information · p. 216
As of March 31, 2026, RMB3,216.8 million, or 69.1% of our trade and notes receivables as of December 31, 2025, had been settled.
We had trade and bills receivables of RMB52.3 million, RMB138.4 million and RMB179.3 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 236
The significant increase in trade receivables was primarily due to the increase in trade receivables from our offering of more attractive and flexible payment terms as part of customer acquisitions strategies.
Financial Information · p. 236
As of March 31, 2026, approximately RMB62.4 million, or 32.4%, of our trade and bills receivables as of December 31, 2025 had been settled.
This increase was principally due to (i) slower collection from a new major customer, attributable to the use of a supply chain financial instrument under the payment terms, where cash settlement occurred only upon maturity, and our accounting policy of continuing to recognize the receivables until actual cash receipt.
Financial Information · p. 193
The outstanding balance as at 31 December 2024 was subsequently fully settled by April 2025; and (ii) an increase in bank acceptance bills held by our Group, both of which contributed to the higher year-end balance.
Financial Information · p. 193
As of February 28, 2026, RMB386.9 million, or 80.5%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.
Our trade receivables (excluding industry allowances) turnover days increased from 53 days in 2023 to 62 days in 2024, primarily due to (a) a higher contribution of revenue from mainland China, which in turn resulted in a greater concentration of trade receivables from customers in mainland China, who generally have longer credit terms than our overseas customers, and (b) slight delays in payment cycles for some customers at the end of 2024 amid intensified market competition; however, the majority of such delayed payments were settled in the first quarter of 2025.
Financial Information · p. 218
As of February 28, 2026, RMB2,958.9 million, or 59.4% of our trade receivables (including industry allowances) as of December 31, 2025, had been settled.
Our trade receivables increased from RMB63.7 million as of December 31, 2023 to RMB105.8 million as of December 31, 2024, primarily due to the increase in the sales volume and our decision to lengthen the credit terms granted to our customers given challenging macroeconomic conditions in the European and North American markets.
Financial Information · p. 241
Our trade receivables turnover days increased from 41 days in 2023 to 57 days in 2024, primarily due to the increase in sales through offline third-party merchants, in both absolute amount and as percentage of our total revenue.
Financial Information · p. 242
As of February 28, 2026, approximately RMB35.6 million, or 25.3%, of our trade receivables as of December 31, 2025 had been settled.
Our trade receivables turnover days increased from 62 days in 2023 to 89 days in 2024, and further to 105 days in 2025, primarily because we granted longer credit periods to our long-term customers as our cooperation with such customer deepened, such as the 210-day credit period in order to support inventory stocking needs arising from the impact of U.S. tariffs.
Financial Information · p. 209
As of December 31, 2023, 2024 and 2025, we recorded allowance for expected credit losses for trade and other receivables of RMB7.0 million, RMB10.9 million and RMB16.2 million, respectively.
Financial Information · p. 209
As of February 28, 2026, RMB477.7 million, or 41.9% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.
Our trade receivables increased from RMB0.9 million as of December 31, 2024 to RMB6.7 million as of December 31, 2025, primarily due to the increase in sales and we granted longer credit term to our new major customers in 2025.
Financial Information · p. 239
Our trade receivable turnover days increased from 42 days in 2024 to 101 days in 2025, primarily because we granted longer credit term to our new major customers in 2025 and we had more sales to major customers that have longer credit term, for example KingMed Medical.
Financial Information · p. 239
As of February 28, 2026, RMB1.1 million, or 14.6% of our trade receivables as of December 31, 2025, had been subsequently settled.
Our trade receivables turnover days increased from 27 days for the year ended December 31, 2023 to 84 days for the year ended December 31, 2024, and further increased to 115 days for the year ended December 31, 2025, primarily due to relatively large sales of smart terminal products and AIoT products in the forth quarter of 2024 and 2025.
Financial Information · p. 204
Although the credit period we granted to our customers remained relatively stable during the Track Record Period, our trade receivables turnover days increased to 115 days in 2025, primarily due to a decrease in our revenue.
Financial Information · p. 204
As of February 28, 2026, RMB298.7 million, or 93.4%, of our trade receivables as of December 31, 2025 had been subsequently settled.
For the years ended December 31, 2023, 2024 and 2025, our trade receivable turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of trade receivables by revenue for the relevant year and then multiplying by number of days for that year (365 days for 2023, 2024 and 2025), amounted to 63 days, 148 days and 143 days.
Financial Information · p. 229
Our trade and other receivables increased from RMB260.3 million as of December 31, 2023 to RMB358.2 million as of December 31, 2024, primarily due to an increase in trade receivables driven by higher sales of Xiweina in the second half of 2024 compared to the same period in 2023.
Financial Information · p. 229
As of February 28, 2026, 63.5%, or RMB134.9 million of our trade receivables as of December 31, 2025 had been subsequently settled.
As of December 31, 2023, 2024 and 2025, the balance of our trade and bills receivables were RMB51.0 million, RMB146.9 million and RMB247.4 million, respectively.
Financial Information · p. 248
Our trade and bills receivables turnover days increased from 139.7 days in 2024 to 208.9 days in 2025.
Financial Information · p. 248
During the Track Record Period, our trade and bills receivables turnover days were longer than the contractual credit terms ranging from 30 to 120 days that we generally granted to our customers during the same period.
Our trade receivables turnover days increased from 89 days in 2023 to 123 days in 2024, mainly because of the prolonged payment periods of our customers due to market slowdown in downstream sectors.
Financial Information · p. 237
As of February 28, 2026, RMB101.1 million, or 78.1% of our trade receivables as of December 31, 2025 had been settled.
Financial Information · p. 237
For the year ended December 31, 2025, our bills receivables turnover days increased to 41 days, mainly due to the relaxation of credit terms.
Our trade receivables decreased from RMB138.5 million as of December 31, 2023 to RMB115.0 million as of December 31, 2024, and then increased to RMB242.2 million as of December 31, 2025, primarily due to (i) a change in settlement arrangements with certain major customers from prepayment to credit terms of up to 30 days, and (ii) the increase in revenue during the same period.
Financial Information · p. 200
During the Track Record Period, our credit policy for major customers remained stable, with timely payments and no occurrence of bad debts.
Financial Information · p. 200
As of January 31, 2026, RMB234.4 million, or 96.8% of our trade receivables as of December 31, 2025 had been settled.
Our trade and bills receivables increased significantly from RMB1.8 million as of December 31, 2024 to RMB43.6 million as of December 31, 2025, primarily due to the implementation of new credit policies for certain overseas customers starting from 2025 to expand our overseas business.
Financial Information · p. 243
Our trade and bills receivables turnover days increased from 3.4 days to 9.3 days in 2025, primarily due to the implementation of new credit policies for certain overseas customers starting from 2025.
Financial Information · p. 244
As of January 31, 2026, approximately RMB15.5 million, or 35.5% of our trade and bills receivables as of December 31, 2025, had been settled.
Our trade receivables turnover days increased from 103.5 days in 2023 to 140.5 days in 2024, primarily due to (i) the relatively longer payment cycle of certain customers upon the negotiations given the market volatility and their strong market presence, and (ii) the delay of payment from certain customers.
Financial Information · p. 399
To mitigate the extended trade receivable cycle from our OEM customers, we have adopted or plan to adopt certain strategies, including (i) standardizing credit terms to a shortened period across all existing or new customers through active negotiations, (ii) implementing weekly reviews of settlements, invoicing and collections to strengthen financial controls, and (iii) deploying an automated tiered credit management system with real-time monitoring of credit limits and payment deadlines.
Financial Information · p. 399
As of January 31, 2026, RMB197.8 million, or 95.9% of our trade receivables as of September 30, 2025, had been settled subsequent to September 30, 2025.
Our trade receivables turnover days were 117.3 days, 180.1 days and 206.0 days for FY2023, FY2024 and FY2025, respectively.
Financial Information · p. 241
Such significant increase in trade receivables turnover days during FY2024 and FY2025 was mainly due to the pursuit of new strategic customers in the second half of 2024, namely Customer Group H, Customer I, and Customer J, who were granted longer credit periods ranging from 158 to 180 days for advertising marketing services.
Financial Information · p. 241
As the Latest Practicable Date, approximately RMB68.3 million, RMB179.8 million, RMB46.4 million, or 99.7%, 99.9% and 29.1%, respectively of trade receivables as at 31 December 2023, 2024 and 2025 was settled.
Our trade receivables turnover days during the Track Record Period were notably longer than the general credit period granted to our customers, which typically ranged from 30 to 90 days.
Financial Information · p. 348
Additionally, some of our larger customers had prolonged payment approval process, which further extended the overall time required to collect payments, resulting in an increase in our trade receivables turnover days.
Financial Information · p. 348
As of January 31, 2026, RMB275.4 million, or 88.5%, of our trade receivables as of August 31, 2025 had been settled.
Our trade receivables increased from RMB22.5 million as of December 31, 2023 to RMB27.3 million as of December 31, 2024, primarily because we offered longer credit terms to certain creditworthy customers to foster long-term partnerships.
Financial Information · p. 236
Our trade receivables turnover days remained relatively stable at 22 days, 23 days and 25 days in 2023, 2024 and 2025, respectively.
Financial Information · p. 237
As of January 31, 2026, 60.8%, or RMB18.4 million of our trade receivables as of December 31, 2025 had been subsequently settled.