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 other receivables increased by 14.0% from RMB4,046.1 million as of December 31, 2024 to RMB4,612.7 million as of June 30, 2025, primarily attributable to the growth in sales during the six months ended June 30, 2025.
Financial Information · p. 324
We recorded net reversal on impairment losses on financial assets of RMB35.4 million in 2022 and net impairment losses on financial assets of RMB90.9 million in 2023, primarily due to the bad debt losses on trade receivables of RMB91.0 million in 2023, which was in line with our increased trade receivables balance in 2023.
Financial Information · p. 319
As of October 31, 2025, approximately RMB4.5 billion, or 94.3% of trade receivables as of June 30, 2025 had been settled.
Our trade receivables increased to US$8.1 million as of September 30, 2025, which was consistent with our revenue growth and business expansion.
Financial Information · p. 438
Our trade receivables turnover days decreased from 49 days in 2024 to 38 days for the nine months ended September 30, 2025, primarily due to our effective collection of trade receivables from key customers.
Financial Information · p. 439
As of December 21, 2025, US$4.2 million, or 52.5% of our trade receivables outstanding as of September 30, 2025 had been subsequently settled.
Consequently, our trade receivables turnover days increased notably to 58 days in 2024 and further increased to 112 days for the six months ended June 30, 2025.
Financial Information · p. 276
Based on our assessment, we had recognized loss allowance of trade receivables of RMB0.03 million, RMB1.0 million, RMB9.0 million and RMB25.9 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Financial Information · p. 275
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 private or stateowned enterprises with strong economic performance and credit history.
Our trade and other receivables and contract assets increased from RMB18.5 million as of December 31, 2023 to RMB60.3 million as of December 31, 2024, primarily attributable to an increase in trade receivables of RMB26.0 million.
Financial Information · p. 473
As of the Latest Practicable Date, RMB36.5 million, or 42.4%, of our trade and other receivables as of June 30, 2025 had been subsequently settled.
Financial Information · p. 474
We do not foresee any significant recoverability issue with our trade and other receivables because most of the subsequently unsettled trade and other receivables were not yet due.
The increase was primarily due to a significant growth in the sales to our key customers, such as Amazon and a key distributor in Japan, which was driven by strong sales of our sensor and camera products as well as the successful launch of new products in our lock robots category.
Financial Information · p. 428
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, the aggregate amount of the trade receivables transferred under the Arrangement and the bank loans received associated with the factored trade receivables amounted to RMB118.8 million, RMB146.9 million, RMB183.5 million and RMB73.3 million, respectively.
Financial Information · p. 430
As of October 31, 2025, RMB133.6 million, or 99.7%, of our trade receivables as of June 30, 2025 had been subsequently settled.
Our accounts receivables increased by 84.4% from RMB69.8 million as of December 31, 2022 to RMB128.7 million as of December 31, 2023.
Financial Information · p. 274
Moreover, a customer was late in payment of insurance brokerage fees and technical service fees to us toward the end of 2023 as a result of the customer’s IT system malfunction, which led to the spike in accounts receivables as of December 31, 2023.
Financial Information · p. 274
Our accounts receivables turnover days increased from 57.3 days in 2022 to 73.9 days in 2023, primarily due to the increased ending balance in 2023 because of the delayed payment of one of our major customer caused by its IT system malfunction in 2023.
Our trade and notes receivables increased from RMB137.4 million as of December 31, 2024 to RMB417.9 million as of June 30, 2025, primarily due to (i) an increase in sales of autonomous mining products and solutions, mainly reflecting the concentrated revenue recognition from three large-scale autonomous mining truck projects involving Customers M, N and O in the second quarter of 2025, with trade receivables amounting to RMB151.0 million, RMB85.4 million, and RMB40.1 million, respectively, and (ii) the 24-month credit term and monthly installment payment arrangement with Customer M and Customer P.
Financial Information · p. 428
(vii) our trade receivables over one year increased from RMB34.3 million as of December 31, 2024 to RMB64.8 million as of June 30, 2025, primarily because Customer L, as an SOE customer, has a long payment cycle as required by their internal financial management and payment approval processes;
Financial Information · p. 431
nevertheless, as a prudent measure, we have made provision of impairment of RMB9.2 million, representing 32.4% of the outstanding trade receivables from Customer L as of June 30, 2025.
Our trade and bills receivables increased from RMB41.6 million as of December 31, 2022 to RMB165.8 million as of December 31, 2023, then increased to RMB520.5 million as of December 31, 2024, and further increased to RMB952.3 million.
Financial Information · p. 380
As of the Latest Practicable Date, RMB327.5 million, or 38.1%, of our trade receivables as of June 30, 2025 had been settled.
Financial Information · p. 382
Based on the aforesaid, our Directors believe that we have no material recoverability issue for our trade receivables and we have made sufficient loss allowance provisions for trade receivables to mitigate the uncertainties associated with the outstanding amount and continue to make sufficient provisions to account for any potential write-offs and contingent factors.
Our trade receivables and retention money receivables increased by 53.5% from RMB153.0 million as of December 31, 2022 to RMB234.9 million as of December 31, 2023, and further increased by 61.6% to RMB379.6 million as of December 31, 2024.
Financial Information · p. 277
Our trade receivables and retention money receivables turnover days increased from 116.8 days in 2024 to 282.5 days in the six months ended June 30, 2025, primarily because our customers generally settle payments in the second half of a year in line with industry norm.
Financial Information · p. 279
Our provision for impairment for trade receivables and retention money receivables amounted to RMB12.3 million, RMB20.3 million, RMB34.1 million and RMB55.0 million, as of December 31, 2022, 2023, 2024 and June 30, 2025, respectively.
Our balance of trade and other receivables increased from RMB389.7 million as of December 31, 2022 to RMB470.2 million as of December 31, 2023 and further increased to RMB647.0 million as of December 31, 2024, primarily due to (i) our business expansion and (ii) we granted more flexible credit periods to a few major customers on a case by case basis, based on our comprehensive assessment.
Financial Information · p. 292
Our trade receivables and bills receivables turnover days increased from 34 days in 2022 to 53 days in 2023, and further to 57 days in 2024, primarily due to an increased proportion of revenue generated from direct sales customers, to whom we generally granted longer credit terms.
Financial Information · p. 293
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.
Our trade and bills receivables increased by 59.0% from RMB26.6 million as of December 31, 2022, to RMB42.3 million as of December 31, 2023, and further increased by 25.3% from RMB42.3 million as of December 31, 2023 to RMB53.0 million as of December 31, 2024, partially attributable to our business expansion in the relevant periods.
Financial Information · p. 358
Our trade and bills receivables turnover days increased from 51 days for the year ended December 31, 2022 to 61 days for the year ended December 31, 2023, further increased from 61 days for the year ended December 31, 2023 to 65 days for the year ended December 31, 2024, mainly because an increasing proportion of our receivables due from our customers comprised of bills receivables to be settled by banks, which typically have maturity period of 180 days, and the risk of non-recovery is relatively low.
Financial Information · p. 358
As of September 30, 2025, RMB7.2 million, or 89.2% of our trade receivables as of May 31, 2025, had been settled subsequent to May 31, 2025.
Our trade and bills receivables increased from RMB5,105.8 million as of December 31, 2024 to RMB5,659.4 million as of June 30, 2025, primarily due to an increase in trade receivables of RMB856.9 million, primarily attributable to the increase in our sales of new energy metal products.
Financial Information · p. 320
In 2023, 2024 and the six months ended June 30, 2025, we factored trade receivables of RMB453.9 million, RMB1,347.7 million and RMB0.8 million, respectively.
Financial Information · p. 320
As of September 30, 2025, 88.3% of our total trade and bills receivables as of June 30, 2025, or RMB4,995.3 million, were settled.
Our trade and bills receivables increased by 81.2% from RMB41.0 million as of December 31, 2022, to RMB74.4 million as of December 31, 2023, and further significantly increased to RMB166.2 million as of December 31, 2024, primarily driven by the growth of our business during the Track Record Period.
Financial Information · p. 367
Our trade and bills receivables turnover days increased from 146 days in 2022 to 181 days in 2023, and further increased to 199 days in 2024, primarily because (i) the balance of our trade and bills receivables increased along with our revenue growth, and (ii) we served more KA customers with relatively longer credit terms to rapidly expand our business.
Financial Information · p. 369
We seek to maintain strict control over our outstanding receivables and our credit control department is responsible for minimizing credit risks.
Our receivables under finance lease represented receivables from our finance lease services, which comprised gross investments by us less unearned finance income.
Financial Information · p. 432
Our receivables under finance lease increased by 32.7% from RMB12,083.3 million as of December 31, 2022 to RMB16,032.1 million as of December 31, 2023, primarily due to an increased adoption of finance lease as a payment method by our customers, despite a decline in overall sales.
Our trade receivables turnover days decreased from 107.1 days in 2022 to 97.7 days in 2023, primarily due to (i) our active collection of trade receivables; and (ii) the relatively higher increase in revenue as compared to the increase in trade receivables, given that the Acquisition of Rolling was in November 2022, which resulted in consolidation of the revenue of Shenzhen Rolling for only two months in 2022, as compared to a full year in 2023.
Financial Information · p. 310
Our trade receivables turnover days increased from 86.6 days in 2024 to 97.3 days in the four months ended April 30, 2025, primarily due to an increase in trade receivables as a result of our business growth.
Financial Information · p. 310
During the Track Record Period, we did not experience any significant losses associated with our trade receivables, and the fluctuation in our trade receivables did not have any material adverse impact on our liquidity or cash flows.
The receivables due from e-commerce platforms increased from RMB71.6 million as of December 31, 2022 to RMB81.5 million as of December 31, 2023, further increased to RMB173.6 million as of December 31, 2024, and subsequently increased to RMB214.3 million as of June 30, 2025, primarily because the authorization fees on account increased as customer orders for our products increased, driven by the growth of our business scale.
Financial Information · p. 332
Our prepayments increased from RMB81.8 million as of December 31, 2022 to RMB103.2 million as of December 31, 2023, further increased to RMB121.7 million as of December 31, 2024, primarily due to the increase in prepayments for cloud server fees.
Financial Information · p. 331
As of August 31, 2025, RMB217.6 million, or 90.8%, of our trade and other receivables as of June 30, 2025 had been subsequently settled.
Our trade receivables significantly increased from RMB16.5 million as of December 31, 2023 to RMB61.2 million as of December 31, 2024, which was generally in line with the expansion of our business operations.
Financial Information · p. 454
Our trade receivable turnover days increased to 97 days in the first five months of 2025, primarily due to the higher revenue contribution from distributors aligning with our strategic transition from a direct sales approach to a robust distribution model to improve our selling and marketing efficiency, to which we generally grant longer credit terms compared to our direct sale customers considering the bulk purchase volumes and good credit profile of distributors.
Financial Information · p. 455
The rising expected loss rates mainly reflected the slowing cash collections and aging deterioration of certain trade receivables.
As of December 31, 2022, 2023 and 2024 and March 31, 2025, our trade receivables amounted to RMB8.9 million, RMB2.9 million, RMB27.1 million and RMB47.7 million.
Financial Information · p. 416
As of March 31, 2025, our trade receivables accounted for 35.1% of our revenue for the three months ended March 31, 2025, mainly due to changes in distributor delivery policies, which resulted in longer credit terms and an extended collection period for our major products.
Financial Information · p. 416
As of August 31, 2025, 85.3%, or RMB40.7 million of our trade receivables as of March 31, 2025 had been subsequently settled.
Our trade receivables further increased to RMB1,125.0 million as of December 31, 2024 primarily due to an increase of RMB131.9 million in our trade receivables due within 91 to 180 days, because we agreed to a settlement arrangement longer than the credit term with one significant customer to promote our collaboration with this client.
Financial Information · p. 403
During the Track Record Period, we had long turnover days because our overall trade receivables turnover days had been affected by our slower collection of trade receivables due from several major OEM customers whose payment practices caused the time of their actual payments to be longer than credit terms.
Financial Information · p. 405
As of July 31, 2025, RMB285.4 million, or 34.1% of our trade receivables as of May 31, 2025, had been subsequently settled.
The increase in trade receivables as at 31 May 2025 was primarily attributable to (i) the relatively higher sales volume near the end of 5M2025; and (ii) our temporary deferred resource allocation for receivables recovery due to administrative reasons, which was reflected in the increase in trade receivables aged over 90 days.
Financial Information · p. 548
As at 31 May 2025, our trade receivables aged from 91 to 180 days was relatively higher at RMB17.1 million.
Financial Information · p. 549
Up to the Latest Practicable Date, RMB116.2 million or 99.7% of our trade receivables outstanding as at 31 May 2025 were settled.