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 receivables, net of allowances increased significantly from RMB52.9 million as of December 31, 2023 to RMB112.2 million as of December 31, 2024 and further to RMB346.4 million as of December 31, 2025, primarily due to the significant revenue to Customer A recorded near the end of 2025.
Financial Information · p. 229
Our trade receivable turnover days decreased from 126 days in 2023 to 87 days in 2024, and further to 75 days in 2025, reflecting our improvement in capital management utilizing A Chain, where we collected cash from redeeming certain A Chain certificates prior to maturity or transferred the A Chain certificates to our suppliers for settlement of trade and other payables.
Financial Information · p. 230
As of January 31, 2026, RMB105.9 million, or approximately 30.6% of our trade receivables as of December 31, 2025 were subsequently settled.
Our trade and bills receivables increased from RMB42.0 million as of December 31, 2022 to RMB69.0 million as of December 31, 2023, and further increased to RMB178.0 million as of December 31, 2024, which was primarily due to (i) our total revenue increased, which lead to a corresponding increase in our total trade and bills receivables; and (ii) the number of our public customers increased.
Financial Information · p. 237
Our trade and bills receivables turnover days increased continuously during the Track Record Period, because the number of our public sector customers (public sector customers mainly consist of government agencies, public institutions, as well as central and local state-owned enterprises and other institutional customers with public attributes or state-owned capital backgrounds) increased, the collection cycles of receivables from public sector customers lengthened, and the absolute amount of trade and bills receivables from such customers increased (although the proportion of revenue attributable to our public sector customers decreased), to whom we generally grant longer credit terms.
Financial Information · p. 238
As of January 31, 2026, RMB62.7 million, or 34.6%, of our trade and bills receivables as of September 30, 2025 had been subsequently settled, which is in line with the credit terms we generally grant to our customers.
In 2022, 2023 and 2024 and for the nine months ended September 30, 2025, our trade and bills receivable turnover days were 61.2 days, 29.6 days, 39.0 days and 102.0 days, respectively.
Financial Information · p. 239
This was primarily because our sales increased during the third quarter, and the settlement process for these recent orders were not yet completed as of September 30, 2025, leading to a high closing balance and a consequent increase in turnover days.
Financial Information · p. 239
As of January 31, 2026, RMB140.7 million, or approximately 51.5% of our trade receivables as of September 30, 2025 had been settled.
Our trade and bills receivables increased from RMB48.0 million as of December 31, 2022 to RMB69.7 million as of December 31, 2023, further increased significantly to RMB111.6 million as of December 31, 2024 and further increased to RMB134.6 million as of September 30, 2025, in line with our revenue growth.
Financial Information · p. 258
We sometimes allow customers with good credit history, particularly key customers with relatively large purchase volume, to settle payments beyond the credit terms originally prescribed in their contracts.
Financial Information · p. 258
As of January 31, 2026, RMB68.6 million, or 50.1% of our trade and bills receivables as of September 30, 2025, had been subsequently settled.
Our trade receivables increased from RMB6.1 million as of December 31, 2023 to RMB32.1 million as of December 31, 2024, primarily because we launched our model business in the fourth quarter of 2024 and recorded revenue of RMB19.5 million.
Financial Information · p. 253
Our trade receivables turnover days increased from 41 days in 2023 to 99 days in 2024, primarily due to the increased balance of trade receivables.
Financial Information · p. 254
As of January 31, 2026, approximately RMB12.7 million, or 63.7%, of our trade receivables as of September 30, 2025 had been settled.
Our trade and notes receivables significantly increased from RMB270.4 million as of December 31, 2023 to RMB532.6 million as of December 31, 2024, and subsequently further increased to RMB743.8 million as of December 31, 2025, primarily attributable to our increased sales and the timing of collection from customers.
Financial Information · p. 190
The turnover period was primarily attributable to our relatively early stage of commercialization, the nature of our customers’ payment processes, which typically require inspection and confirmation of product conditions and the completion of services prior to payment, and the higher concentration of sales in the third and fourth quarter of each year, which tends to increase outstanding trade and notes receivables balances at year-end.
Financial Information · p. 191
As of January 31, 2026, RMB71.9 million, or 9.7% of our trade and notes receivables outstanding as of December 31, 2025, had been subsequently settled.
Our trade receivables, net of allowance for credit losses, increased from RMB217.8 million as of December 31, 2022 to RMB233.1 million as of December 31, 2023, to RMB247.6 million as of December 31, 2024, and further to RMB325.9 million as of September 30, 2025 primarily due to the increase in our sales volume of products and services.
Financial Information · p. 206
As of January 31, 2026, RMB264.7 million or 81.2% of our trade receivables (less credit loss allowance) as of September 30, 2025 had been subsequently settled.
Financial Information · p. 207
We also intend to strengthen the internal policy to control the trade receivables in various aspects, including, among others, monitoring of the progress of receivables collection and negotiating with customers regarding the delayed payment.
Our balance of trade and bills receivables increased by 25.8% from RMB704.7 million as of December 31, 2022 to RMB886.7 million as of December 31, 2023 and further increased by 45.8% to RMB1,293.0 million as of December 31, 2024, and further increased to RMB1,731.4 million as of September 30, 2025 generally in line with our revenue growth during the Track Record Period, which was primarily driven by the increasing customer demand for our server PCBs and others.
Financial Information · p. 206
Our trade receivables turnover days remained relatively stable at 103 days, 102 days, 102 days and 103 days in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · p. 207
As of January 31, 2026, RMB1,550.8 million, or 90.9% of our total trade receivables as of September 30, 2025, had been settled.
Trade and notes receivables increased from RMB383.5 million as of December 31, 2022 to RMB433.7 million as of December 31, 2023, and further to RMB577.5 million as of December 31, 2024, generally in line with our sales growth during the same periods.
Financial Information · p. 250
Our trade receivables turnover days increased from 111 days in 2022 to 124 days in 2023, primarily due to the increased sales of our automotive products, as the relevant customers typically have a longer payment period in line with their industry practice.
Financial Information · p. 251
As of January 15, 2026, approximately RMB434.6 million, or 80.0%, of our trade receivables as of September 30, 2025 had been settled.
Our trade receivables increased by 19.3% from RMB46.0 million as of December 31, 2024 to RMB54.8 million as of September 30, 2025, primarily due to the increase in sales volume of Sangbo'en.
Financial Information · p. 243
During the Track Record Period, we did not experience any significant losses associated with our trade receivables and the increase in our trade receivables did not have any material adverse impact on our liquidity or cash flows.
Financial Information · p. 244
As of January 31, 2026, approximately RMB54.9 million, or 99.9% of our total trade receivables as of September 30, 2025, had been settled.
Our trade and bills receivables increased from RMB152.7 million as of December 31, 2023 to RMB161.9 million as of December 31, 2024, and further increased to RMB207.3 million as of September 30, 2025, primarily due to an increase in trade receivables from third-party online payment platform for overseas micro drama business.
Financial Information · p. 221
The increase from 2023 to 2024 is primarily due to a strategic shift in our business model from to-C to to-B across our online literature and micro drama businesses, which inherently lengthens the collection cycle as payments from corporate partners involve extended credit terms compared to consumer transactions.
Financial Information · p. 222
As of January 31, 2026, RMB184.1 million or 80.4% of our trade and bills receivables outstanding as of September 30, 2025 were settled.
Our trade and bills receivables increased by 56.9% from RMB420.3 million as of December 31, 2022 to RMB659.4 million as of December 31, 2023, and further increased by 54.1% to RMB1,016.1 million as of December 31, 2024, primarily due to an increase in trade receivables as a result of an increase in revenue generated from some of our customers to whom we generally granted longer credit terms.
Financial Information · p. 327
Our trade receivables turnover days increased from 58.7 days in 2022 to 91.8 days in 2023, and further increased to 104.0 days in 2024, primarily due to an increased proportion of revenue generated from some of our customers to whom we generally granted longer credit terms.
Financial Information · p. 329
With respect to three of these customers and the trade and bills receivables over five years from which accounted for a substantial portion of the trade and bills receivables aged over five years in 2024, we have initiated legal proceedings to recover the overdue amounts and our claim for the principal, interest, and associated proceeding costs has received substantial support from the court.
The increase was primarily attributable to (i) our revenue growth and business expansion; and (ii) the slower payment by certain customers in the explosion-proof and industrial electric drive solutions sectors.
Financial Information · p. 222
Impairment losses under the ECL model increased by approximately 38.3%, from RMB32.2 million for the nine months ended September 30, 2024, to RMB44.5 million for the nine months ended September 30, 2025, primarily attributable to an increase in trade receivables, which led to an additional impairment of approximately RMB10.3 million.
Our trade receivables turnover days were 120.5 days, 125.8 days, 123.0 days and 117.8 days in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, remaining relatively stable throughout the Track Record Period.
Financial Information · p. 254
As a result, we may grant them extended credit period which further contributed to the long trade receivable turnover days.
Financial Information · p. 254
However, we set the collection of trade receivable as performance appraisal indicators to our sales team and relevant management members, and encourage them to actively approach clients to speed up payment.
Our trade and bills receivables (net of credit loss allowance) increased by 78.3% from RMB112.9 million as of December 31, 2023 to RMB201.4 million as of December 31, 2024, which was driven by our revenue growth, and also because we had more completed projects that were not settled yet as of December 31, 2024.
Financial Information · p. 384
Our trade and bills receivables turnover days increased from 126.1 days in 2024 to 260.0 days in the nine months ended September 30, 2025, primarily because (i) our trade and bills receivables from certain customers have not reached their settlement periods; (ii) we acquired new customers in the nine months ended September 30, 2025, resulting in an increase in trade and bills receivables; and (iii) our customers generally conducted inspections upon project completion and confirmed their acceptance in the second half of the year, particularly in the fourth quarter each year.
Financial Information · p. 386
As of December 31, 2025, RMB85.8 million, or 33.3% of our trade and bills receivables as of September 30, 2025, had been settled.
Our trade receivables increased from RMB26.4 million as of December 31, 2022 to RMB179.3 million as of December 31, 2023, and further increased to RMB222.0 million as of December 31, 2024.
Financial Information · p. 298
During the Track Record Period, our expected credit losses increased from nil in 2022 to RMB1.3 million in 2023, and further increased to RMB11.0 million in 2024, which was mainly attributable to the increase in the balance of trade receivables as our business expanded.
Financial Information · p. 282
As of January 9, 2026, RMB43.3 million, or approximately 62.4% of our trade receivables as of September 30, 2025 had been subsequently settled.
Our trade receivables were RMB19.4 million, RMB37.0 million and RMB52.2 million and RMB59.1 million as of December 31, 2022, 2023 and 2024, and August 31, 2025 respectively.
Financial Information · p. 368
During the Track Record Period, our trade receivables turnover days increased slightly from 12.8 days in 2022 to 14.9 days in 2023, then to 17.0 days in 2024, and further to 19.5 days in the first eight months of 2025.
Financial Information · p. 369
As of November 30, 2025, RMB34.7 million, or 56.5%, of our trade receivables as of August 31, 2025 had been subsequently settled.
As at 31 December 2022, 2023 and 2024 and 31 October 2025, our trade and bill receivables were RMB2,168.9 million, RMB3,065.3 million, RMB3,454.6 million and RMB3,526.0 million, respectively.
Financial Information · p. 312
Growth in our trade and bills receivable during the Track Record Period was generally in line with our sales growth over the same period.
Financial Information · p. 312
We typically provide credit terms to our customers up to 90 days.
Our trade and other receivables further increased to RMB713.7 million as of December 31, 2024, primarily due to (i) the increase in VAT recoverable of RMB129.2 million resulting from our business expansion, and (ii) the increase in advances to suppliers and prepaid operation expenses of RMB68.8 million, mainly attributable to the increased purchase from our suppliers in line with our business expansion.
Financial Information · p. 289
Our trade receivables turnover days remained relatively low, as we only extend credit to certain key account customers, typically for a period of 30 to 90 days.
Financial Information · p. 290
As of November 30, 2025, RMB99.5 million, or 93.5% of our trade receivables (before allowance for credit losses) outstanding as of September 30, 2025 had been subsequently collected.
Our trade and bills receivables further increased to RMB11,732.5 million as of December 31, 2024, generally in line with an increase in our revenue in 2024.
Financial Information · p. 352
Although the credit period we granted to our customers remained relatively stable during this period, our trade receivables turnover days increased to 97.6 days in the nine months ended September 30, 2025, primarily due to a decrease in our annualized revenue in the nine months ended September 30, 2025.
Financial Information · p. 353
As of November 30, 2025, RMB7,731.6 million, or 68.9% of our trade and bills receivables as of September 30, 2025 had been settled.