Hong Kong IPO disclosure precedents · 281 companies, 282 items
Trade receivables/notes growing with business expansion and rising or fluctuating turnover days, generally within normal credit terms, with aging profile and subsequent settlement disclosed.
Our trade and notes receivables increased from RMB74.3 million as of December 31, 2023 to RMB100.9 million as of December 31, 2024, and further increased to RMB135.6 million as of December 31, 2025 and RMB174.7 million as of July 31, 2026 in line with the growth in our sales.
Financial Information · p. 226
The increase was primarily driven by our business scale expansion and sales growth, particularly the growth in overseas sales, for which the collection cycle is generally longer.
Financial Information · p. 227
We seek to maintain strict control over our outstanding receivables and have established credit control policies to minimize credit risk.
Our trade and bills receivables, net of impairment, increased to RMB78.3 million as of April 30, 2026, primarily in line with our revenue growth.
Financial Information · p. 262
Our trade and bills receivables turnover days increased from 54.9 days in 2025 to 65.1 days in the four months ended April 30, 2026, primarily because
Financial Information · p. 263
Our impairment losses under ECL model, net of reversal changed from reversal of impairment losses RMB0.9 million in the four months ended April 30, 2025 to impairment losses of RMB8.1 million in the four months ended April 30, 2026, primarily due to the net impairment losses recognized on trade and bills receivables, mainly attributable to (i) the increase in revenue by 50.7% in the four months ended April 30, 2026 compared to the corresponding period in 2025, which resulted in a larger balance of trade receivables; and (ii) a higher loss rate applied to balances from certain customers, taking into consideration their historical default patterns and the cessation of our business relationships with these customers.
Our trade and bill receivables increased from RMB21.4 million as of December 31, 2023 to RMB33.0 million as of December 31, 2024, to RMB105.9 million as of December 31, 2025, and to RMB295.9 million as of June 30, 2026, primarily driven by the expansion of our business.
Financial Information · p. 214
Our trade and bill receivable turnover days increased from 27 days in 2025 to 69 days in the six months ended June 30, 2026, primarily due to an increase in our trade receivables balance as certain AI Computing Infrastructure Solutions projects were completed and accepted by customers toward the end of the period.
Financial Information · p. 215
As of July 31, 2026, approximately RMB34.6 million, or 10.7% of our trade and bill receivables outstanding as of June 30, 2026, had been subsequently settled.
Our trade and notes receivables increased from RMB214.0 million as of December 31, 2023 to RMB254.1 million as of December 31, 2024, and further increased to RMB275.7 million as of December 31, 2025, primarily reflecting our business growth in 2024, as well as slower payments from certain pharmaceutical glass packaging customers in 2024 and 2025 amid the implementation of medical insurance cost control in the PRC.
Financial Information · p. 226
Our trade receivables turnover days increased from 69 days in 2024 to 86 days in 2025, consistent with the increase in our trade receivables balances resulting from our business growth and slower payments from certain pharmaceutical glass packaging customers.
Financial Information · p. 226
We have established credit control procedures to manage the recoverability of our trade and notes receivables.
Our trade receivables amounted to RMB127.5 million, RMB133.8 million, RMB166.6 million and RMB238.8 million as of December 31, 2023, 2024 and 2025 and May 31, 2026, respectively.
Financial Information · p. 246
Our trade receivable turnover days were 100 days, 72 days, 67 days and 75 days in 2023, 2024 and 2025 and the five months ended May 31, 2026, respectively.
Financial Information · p. 246
To optimize our cash conversion cycle, we have implemented a comprehensive set of measures across our procurement, sales and finance functions.
Our trade receivables increased to RMB1,112.2 million as of December 31, 2025 and decreased to RMB752.9 million as of March 31, 2026, primarily due to the settlement process of certain large amount of receivables recognized by the end of 2025 which was subsequently settled as of March 31, 2026.
Financial Information · p. 280
Our trade receivables turnover days increased to 170 days for the three months ended March 31, 2026, primarily because a relatively high amount of receivables in relation to a large-scale intelligent computing center solution was recognized by the end of March and was settled in July 2026, and certain payments from one customer were temporarily delayed due to overseas remittance process.
Financial Information · p. 281
As of July 31, 2026, RMB618.2 million, or 81.2% of our gross trade receivables as of March 31, 2026 had been subsequently settled.
Our trade and bills receivables increased from RMB72.3 million as of December 31, 2023 to RMB114.4 million as of December 31, 2024, to RMB261.6 million as of December 31, 2025, and further to RMB311.6 million as of June 30, 2026, primarily due to the increased sales of our solutions and products as a result of our continuous business expansion and the Acquisition.
Financial Information · p. 231
Our trade and bills receivables turnover days increased from 142.8 days in 2025 to 154.3 days in the six months ended June 30, 2026, primarily due to the delayed payment by certain tier-one suppliers.
Financial Information · p. 232
As of the July 31, 2026, approximately RMB50.6 million, or 16.2% of our trade and bills receivables as of June 30, 2026 had been subsequently settled.
Our trade receivables increased by 71.8% from RMB1,965.1 million as of December 31, 2023 to RMB3,376.5 million as of December 31, 2024, primarily due to the recognition of the trade receivables arising from transactions involving our former subsidiary in India following its disposal.
Financial Information · p. 232
Our trade receivables further increased by 10.4% to RMB3,726.3 million as of December 31, 2025 primarily because certain overseas customers adopt more sea freight instead of air freight shipping.
Financial Information · p. 233
As of July 31, 2026, RMB5,210.0 million, or 95.9%, of our trade receivables as of April 30, 2026, had been settled.
Our trade and bills receivables increased from RMB998.6 million as of December 31, 2023 to RMB1,116.2 million as of December 31, 2024 and RMB1,374.4 million as of December 31, 2025, and further increased to RMB1,677.4 million as of June 30, 2026, primarily reflecting the expansion of our sales and the corresponding increase in customer receivable balances, as well as the timing of customer collections under our customary credit terms.
Financial Information · p. 179
We manage our credit risk through a customer credit-management system covering customer admission, credit approval, ongoing credit monitoring, periodic reconciliation and collection of overdue balances.
Financial Information · p. 179
As of July 31, 2026, RMB488.9 million, or 29.1%, of our trade receivables as of June 30, 2026, had been settled.
Our trade and bills receivables decreased by RMB190.1 million, or 3.9%, from RMB4,869.8 million as of December 31, 2025 to RMB4,679.6 million as of April 30, 2026, primarily due to our enhanced credit management measures.
Financial Information · p. 229
Our trade and bills receivable turnover days decreased from 129 days for the year ended December 31, 2023 to 119 days for the year ended December 31, 2024, and further decreased to 110 days for the year ended December 31, 2025, primarily due to our enhanced credit management on our receivables.
Financial Information · p. 230
As of July 31, 2026, RMB3,662.2 million, or 74.4%, of our trade and bills receivables as of April 30, 2026 had been settled.
Our relatively long trade and bills receivables turnover days during the Track Record Period was mainly attributable to our relatively high proportion of sales to customers in China with relatively long credit terms.
Financial Information · p. 211
Our trade and bills receivables turnover days decreased from 126.7 days in 2023 to 112.0 days in 2024 and further to 82.3 days in 2025 and to 71.0 days in the six months ended June 30, 2026, primarily due to increases in our revenue and our enhanced collection efforts.
Financial Information · p. 211
As of July 31, 2026, RMB1,171.1 million, or 48.6%, of our total trade and bills receivables outstanding as of June 30, 2026 had subsequently been collected.
Our trade receivables turnover days increased from 74 days in 2024 to 100 days in 2025, primarily due to an increase in the balance of trade receivables to RMB203.7 million as of December 31, 2025.
Financial Information · p. 249
The increase in trade receivables was primarily attributable to the delayed payment process of one of our major customers, resulting in a slower pace of trade receivable collection and a higher year-end balance.
Financial Information · p. 250
As of July 31, 2026, RMB119.9 million, or 74.3% of our trade receivables as of March 31, 2026, had been settled.
Our trade and bills receivables increased by 10.6% from RMB467.4 million as of December 31, 2023 to RMB516.8 million as of December 31, 2024, and further increased by 39.6% from RMB516.8 million as of December 31, 2024 to RMB721.4 million as of December 31, 2025.
Financial Information · p. 237
Our trade and bills receivables turnover days remained relatively stable at 54 days, 47 days, 54 days, and 58 days in 2023, 2024, 2025, and the six months ended June 30, 2026, respectively.
Financial Information · p. 238
As of July 31, 2026, RMB386.3 million (before impairment), or 46.3%, of our gross trade and bills receivables as of June 30, 2026 had been subsequently settled.
Our trade and bills receivables turnover days increased from 132.2 days in 2023 to 165.9 days in 2024, primarily due to the continually long payment collection period as a result of the market slowdown in 2024.
Financial Information · p. 233
We had not experienced any material failure to collect trade and bills receivables from our customers during the Track Record Period and up to the Latest Practicable Date.
Financial Information · p. 233
As of July 31, 2026, approximately RMB349.5 million, or 31.7% of our trade and bills receivables as of June 30, 2026, had been subsequently settled.
As of December 31, 2023, 2024, 2025 and April 30, 2026, the balance of our trade and bills receivables amounted to RMB1,345.3 million, RMB1,671.6 million, RMB2,040.4 million and RMB3,642.9 million, respectively.
Financial Information · p. 264
In the four months ended April 30, 2026, our trade and bills receivables turnover days decreased to 23.2 days, primarily as more customers made prepayments to ensure supply in light of the robust market demand driven by AI-related investments.
Financial Information · p. 265
As of June 30, 2026, RMB2,900.5 million, or 79.7% of our trade and bills receivables outstanding as of April 30, 2026 had been subsequently collected.
Our trade and bills receivables increased by 54.0% from RMB1,022.5 million as of December 31, 2023 to RMB1,574.2 million as of December 31, 2024 and further increased by 55.4% to RMB2,446.9 million as of December 31, 2025, which is generally in line with our increased sales.
Financial Information · p. 250
Our trade and bills receivables increased by 56.4% from RMB2,446.9 million as of December 31, 2025 to RMB3,825.7 million as of June 30, 2026.
Financial Information · p. 250
Our average trade and bills receivables turnover days increased from 119 days in FY2025 to 126 days in 1H2026, primarily due to our increased sales of power generator sets for data center projects.
Trade and note receivables increased by 4.5% from RMB16,306.4 million as of December 31, 2023 to RMB17,042.4 million as of December 31, 2024, generally in line with revenue growth and the project-based nature of certain green energy solution businesses.
Financial Information · p. 189
We normally grant credit periods ranging from 30 days to 180 days to our customers.
Financial Information · p. 190
During the Track Record Period, we did not experience any significant losses associated with our trade and note receivables, and the fluctuation in our trade and note receivables did not have any material adverse impact on our liquidity or cash flows.
The trade receivables turnover days increased from 3 days in 2024 to 21 days in 2025, mainly due to the increase in trade receivables in connection with overseas product sales and our provision of technical services.
Financial Information · p. 250
During the Track Record Period, we required the substantial majority of our domestic distributors to pay for our products before delivery and only granted credit terms to certain domestic and overseas distributors.
Our trade receivables increased from RMB98.5 million as of December 31, 2024 to RMB351.3 million as of December 31, 2025, and further increased to RMB624.9 million as of June 30, 2026 primarily due to our increased sales volume.
Financial Information · p. 234
Our average trade receivables turnover days increased from 23 days in 2025 to 45 days in the six months ended June 30, 2026, primarily due to the increase in our trade receivables, a significant portion of which arose from sales during the period and had not yet reached their contractual payment due dates.
Financial Information · p. 234
Overdue balances are reviewed regularly by senior management.