Our net trade receivables increased significantly from approximately HK$19.7 million as at 31 March 2024 to approximately HK$30.3 million as at 31 March 2025.
Financial Information · p. 294
Despite the credit period we granted to our customers, which generally ranges from 0 to 60 days, certain customers had not settled our trade receivables within the specified timeframe due to their prolonged internal settlement processes, resulting in delays in payments made to our Group.
Financial Information · p. 296
As at 31 July 2025 (being the latest practicable date for this information), approximately HK$26.3 million, or 85.3%, of our gross trade receivables as at 31 March 2025 were subsequently settled.
Our trade receivables aged over 90 days increased from RMB4.8 million as of December 31, 2022 to RMB16.4 million as of December 31, 2023, primarily due to the reclassification of amounts due from DNA from amounts due from related parties to trade receivables as it ceased to be a related party of our Company after Dr. Hon completed the disposal of his interest in DNA in February 2023.
Financial Information · p. 269
The trade receivables due from DNA has been past due 90 days or more and is not considered as in default since our Directors are of the opinion that the balances are still considered recoverable due to the management’s historical experience on the settlement pattern from DNA.
Financial Information · p. 269
Considering the combining effect of amounts due from and due to the overseas OEM supplier (RMB4.9 million and RMB5.5 million respectively) on our consolidated financial statements as of April 30, 2025, we believe that the aforesaid timing difference in settlement has no impact on our working capital position.
The trade and bills receivables turnover days further increased to 189.0 days in the five months ended May 31, 2025, primarily due to (i) relatively low revenue during the first five months of the year, which inflated the turnover ratio, and (ii) delayed payments from certain customers.
Financial Information · p. 376
As of July 31, 2025, RMB613.5 million, or 25.7%, of trade and bills receivables as of May 31, 2025 had been subsequently settled.
Financial Information · p. 378
To mitigate delays in collecting trade and bills receivables, we have implemented a range of targeted measures to address the root causes of payment delays and improve receivables management efficiency.
As of December 31, 2024, we had outstanding balance of trade receivables of RMB800.5 million, with approximately RMB237.3 million aged over one year.
Financial Information · p. 318
Our allowance for impairment of trade receivables amounted to RMB137.6 million RMB212.1 million and RMB241.3 million as of December 31, 2022, 2023, and 2024 respectively.
Financial Information · p. 320
Approximately RMB 190.2 million, or 23.8%, of our total trade receivables as of December 31, 2024, had been settled as of April 30, 2025.
The average trade receivables turnover days were 499 days, 344 days and 276 days in 2022, 2023 and 2024, respectively.
Financial Information · p. 540
The trade debtors with aging balance over 90 days mainly consisted of outstanding balance due from one of our major customers in the Philippines in connection with the sales of Fortitude™ as of December 31, 2022, 2023 and 2024, amounting to US$19.0 million, US$9.3 million and nil, respectively, by which the outstanding balance of trade receivables were withheld due to ongoing review and discussion.
As of March 31, 2025, US$2.5 million, representing 24.7% of the US$10.1 million trade receivables outstanding as of December 31, 2024 were subsequently settled.
Our trade and bills receivables increased by RMB257.9 million or 86.0% from RMB301.0 million as at 31 December 2021 to RMB558.9 million as at 31 December 2022, mainly due to the increase in revenue following the launch of our new product, namely polyether monomers in June 2022.
Financial Information · p. 447
As at 30 June 2024, total trade and bills receivables of RMB149.4 million was due from Customer B and its subsidiaries, of which RMB34.6 million or 23.2% was settled as at the Latest Practicable Date.
Financial Information · p. 448
Our Directors considered that trade and bills receivables from Customer B and its subsidiaries has no recoverability issue because (i) the customer is a state-owned enterprise and a leading player in its industry with a registered capital of RMB12.1 billion as at the Latest Practicable Date; (ii) the customer had historical payment record with us; (iii) we did not have any material disagreement or disputes with this customer on trade and bills receivables; and (iv) there had not been any significant change in creditability of the customer and the balances were still considered to be fully recoverable.
Our trade and notes receivables turnover days further increased to 517.1 days for 6M2024 mainly because of (i) significant long outstanding trade and notes receivables of approximately RMB150.0 million as at 30 June 2024 which were mainly due from the Relevant Customer and Customer E; and (ii) the significant opening balance of our trade and notes receivables as at 31 December 2023 coupled with a relatively low level of our revenue during 6M2024.
Financial Information · p. 460
As at 30 June 2024, our trade and notes receivables aged between one year and two years primarily included: (i) trade and notes receivables of approximately RMB18.7 million due from the Relevant Customer; and (ii) trade and notes receivables of approximately RMB11.5 million due from Customer E.
Financial Information · p. 461
there was subsequent settlement of approximately RMB26.8 million (or approximately 75.4%) of our gross trade and notes receivables aged over one year as at 30 June 2024 up to the Latest Practicable Date.
Our trade receivables increased by 71.0% from RMB163.2 million as of December 31, 2021 to RMB279.0 million as of December 31, 2022, by 82.8% to RMB510.0 million as of December 31, 2023 and further by 13.6% to RMB579.1 million as of June 30, 2024, mainly as a result of an increase in the sales of our products and services and the longer payment cycles of certain regional healthcare administrator customers.
Financial Information · p. 434
We had relatively long trade receivables turnover days during the Track Record Period, primarily because a significant portion of our revenue was derived from sales to regional healthcare administrators, which typically feature a long payment cycle.
Business · p. 256
Approximately RMB78.9 million or 13.6%, of our trade receivables as of June 30, 2024 had been settled as of October 31, 2024.
Our long-term trade receivables primarily consist of our receivables due in more than one year in relation to the sales of comprehensive services, including our PHC Services, Patient Services and Regional Healthcare Solutions, primarily to two municipal regional healthcare administrator customers.
Financial Information · p. 455
Our long-term trade receivables subsequently decreased to RMB79.2 million as of December 31, 2023, because, as certain sales considerations had become overdue as of December 31, 2023 and certain considerations would become due within one year from December 31, 2023, the corresponding amount of long-term trade receivables had been reclassified as trade receivables.
Financial Information · p. 455
We believe that there is no recoverability issue for our long-term trade receivables on the basis that (i) as confirmed by Frost & Sullivan, purchases of healthcare administrator customers are approved and supported by relevant government budgeting plans; (ii) we have actively communicated with the respective customers on the expected collection of relevant long-term trade receivables.
Our trade receivables aged between 3 to 6 months increased from RMB2.2 million as of December 31, 2022 to RMB4.5 million as of December 31, 2023 and further to RMB74.7 million as of June 30, 2024, primarily due to expansion of software development and implementation business under customer contracts for our retail core service cloud solutions, which generally have a credit period of under one year.
Financial Information · p. 395
As of September 30, 2024, RMB166.6 million or 65.0% of our trade receivables as of June 30, 2024 had been subsequently settled.
Financial Information · p. 395
We do not foresee any material recoverability issue with our trade receivables based on our evaluation of the historical credit standing and the credit records of our customers, which are generally leading local retail enterprises with strong economic performance and credit history, and with whom we have maintained long-term commercial cooperation.
Our average trade receivables turnover days increased from 252 days in 2021 to 321 days in 2022, mainly because we delivered a large number of vehicle-mounted high-pressure hydrogen supply systems and related products to a customer in the fourth quarter of 2022 and we had not received such amount from the customer as of December 31, 2022.
Financial Information · p. 467
Although the credit term we grant to our customers is generally within one year, we still had some trade receivables over one year as of December 31, 2021, 2022 and 2023 and May 31, 2024, primarily due to the delays experienced by certain of our customers in receiving their subsidies, which they were entitled to enjoy under the relevant favorable government policies.
Financial Information · p. 468
As of September 30, 2024, RMB271.8 million, RMB301.8 million, RMB171.8 million and RMB70.1 million, or 78.1%, 70.1%, 31.7% and 14.1% of our trade receivable as of December 31, 2021, 2022 and 2023 and May 31, 2024, were subsequently settled, respectively.
As at 31 March 2023, the gross trade receivables balance aged over 180 days of approximately HK$24.8 million mainly included (i) approximately HK$14.6 million from Customer A in respect of Project No. #01; and (ii) approximately HK$8.5 million for Customer C in respect of Project No. #01.
Our average turnover days of trade receivables and unbilled revenue increased from approximately 94.2 days for FY2021/22 to approximately 173.5 days for FY2022/23, which was mainly driven by (i) the effect of the long outstanding trade receivables from Customer A and Customer C as disclosed above; and (ii) the increase in our unbilled revenue balance as at 31 March 2023, the analysis of which is disclosed in the paragraph headed “Contract assets and liabilities” below in this section.
Financial Information · p. 356
As of the Latest Practicable Date, our Group has received emails from Customer A signifying that Customer A agreed to settle the outstanding balance of approximately HK$5.0 million by two instalments upon Customer A receiving batch payments from the project owner.
Our trade and notes receivables increased from RMB49.5 million as of December 31, 2021 to RMB125.2 million as of December 31, 2022, and further to RMB164.9 million as of December 31, 2023.
Financial Information · p. 380
Our trade and notes receivables turnover days amounted to 519 days in the three months ended March 31, 2024, primarily due to (i) that the settlement of certain customers delayed, despite their continuous payment, as their downstream customers experienced temporary financial constraints due to the macroeconomic conditions; and (ii) the relatively low revenue in the first quarter of 2024, in line with the reduced business activities during the Chinese New Year holiday period.
Financial Information · p. 381
As of May 31, 2024, RMB26.9 million, or approximately 15.9% of our trade and notes receivables as of March 31, 2024 had been subsequently collected.
As a result of the above, we recorded an increasing trend of our overall average trade and notes receivables turnover days from approximately 198 days for the year ended 31 December 2021 to approximately 205 days for the year ended 31 December 2022; and further increased to approximately 214 days for the year ended 31 December 2023.
Financial Information · p. 308
As at 31 December 2023, we recorded gross trade receivables overdue over one year of approximately RMB25.8 million which accounted to approximately 9.0% of our total gross trade receivables
Financial Information · p. 311
our Directors are of the view that there will not be any material collection problem on the overdue balances and the provision for impairment is considered to be adequate.
During the Track Record Period, our trade receivables turnover days decreased from 106.7 days to 70.7 days and 60.7 days during FY2021, FY2022 and FY2023, respectively.
Financial Information · p. 445
As of 31 December 2021 and 2022 and 2023, included in the Group’s trade receivables balance were debtors with aggregate carrying amount of RMB31.7 million, RMB20.2 million and RMB12.2 million, respectively, which were past due but not impaired as of the reporting date.
Financial Information · p. 447
As at 30 April 2024, RMB38.7 million or 39.5% of our trade and other receivables outstanding as at 31 December 2023 have been subsequently settled.
During the Track Record Period, trade receivables that were aged over 180 days were RMB10.7 million, RMB14.4 million and RMB17.7 million as of December 31, 2021, 2022 and 2023, respectively, accounting for 34.1%, 41.1% and 32.7% of our total trade receivables as of the same dates, respectively, exceeding the typical credit period we granted to customers of 90 to 180 days.
Financial Information · p. 383
The provision rate for trade receivables assessed on individual basis increased significantly from 0.66% as of December 31, 2022 to 6.77% as of December 31, 2023, because we upwardly adjusted the provision rate for certain customer as the respective receivable is considered not recoverable as a result of the anticipated discontinuation of business relationship with that customer.
Financial Information · p. 382
As of April 30, 2024, approximately RMB20.7 million, or 38.2%, of our trade receivables as of December 31, 2023 had been settled.
Our trade receivables net of impairment loss allowance increased by 35.9% from RMB91.2 million as of December 31, 2021 to RMB124.0 million as of December 31, 2022, and further increased by 41.2% to RMB175.1 million as of December 31, 2023.
Financial Information · p. 356
As of December 31, 2021, 2022 and 2023, our trade receivables included unbilled receivables of RMB83.2 million, RMB94.9 million and RMB127.1 million, respectively, and billed receivables of RMB8.0 million, RMB29.1 million and RMB48.0 million, respectively.
Financial Information · p. 359
As of December 31, 2023, we had RMB20.9 million of gross trade receivables aged over 90 days.
As of December 31, 2021, 2022 and 2023, our trade receivables and long-term trade receivables were RMB226.7 million, RMB305.3 million and RMB390.4 million, respectively.
Financial Information · p. 436
As of December 31, 2023, our trade receivables and long-term trade receivables was RMB428.9 million, of which RMB160.9 million was overdue, representing 37.5% of our total trade receivables and long-term trade receivables.
Financial Information · p. 439
As of March 31, 2024, RMB101.4 million, or approximately 23.6% of our trade receivables and long-term trade receivables as of December 31, 2023 had been settled.
Other receivables in relation to prepayment on behalf of advertisers increased from RMB1,334.2 million as of December 31, 2022 to RMB1,670.0 million as of December 31, 2023, primarily because we extended credit terms for a few of our adverting customers with long credit terms since the second half of 2022.
Financial Information · p. 441
The balance aged over 90 days and outstanding beyond the applicable credit terms increased from RMB141.9 million as of December 31, 2022 to RMB419.0 million as of December 31, 2023, which increased as a percentage of total balance aged over 90 days from 19.9% as of December 31, 2022 to 50.5% as of December 31, 2023.
Financial Information · p. 442
As of March 31, 2024, RMB732.3 million, or approximately 88.2% of other receivables in relation to prepayment on behalf of advertisers aged over 90 days as of December 31, 2023 had been settled.