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 increased significantly from RMB129.7 million as of December 31, 2023 to RMB518.7 million as of December 31, 2024, primarily due to the expansion of our business scale and the increase in sales, which resulted in higher receivables.
Financial Information · p. 223
Payment reminders are promptly issued to customers with overdue balances, and we may, depending on the circumstances, suspend the delivery of new orders to customers with significant overdue payments.
Financial Information · p. 224
As of June 30, 2026, RMB190.4 million, or 31.0% of our trade receivables as of May 31, 2026 had been settled.
Our trade and notes receivables at amortized cost increased from RMB2,904.8 million as of December 31, 2023 to RMB4,670.6 million as of December 31, 2024 and further increased to RMB6,349.5 million as of December 31, 2025 and increased to RMB9,648.1 million as of March 31, 2026, primarily attributable to our increased sales from our customer.
Financial Information · p. 258
Our trade receivables turnover days decreased from 71 days in 2023 to 56 days in 2024, 53 days in 2025, and 37 days in the three months ended March 31, 2026.
Financial Information · p. 259
As of May 31, 2026, RMB7,690.6 million, or 80.1%, of our trade receivables as of March 31, 2026 had been subsequently settled.
Our balance of trade and bills receivables increased from RMB79.5 million as of December 31, 2023 to RMB134.7 million as of December 31, 2024, primarily due to our business expansion and sales growth.
Financial Information · p. 214
Our trade and bills receivables turnover days increased from 36 days in 2023 to 62 days in 2024, primarily due to the extended settlement cycle of certain end customer as a result of change of sales model.
Financial Information · p. 215
As of June 30, 2026, RMB57.5 million, or 42.3% of our total trade and bills receivables as of May 31, 2026, had been settled.
Our trade and bills receivables increased from RMB98.1 million as of December 31, 2023 to RMB102.5 million as of December 31, 2024, further to RMB114.5 million as of December 31, 2025 and RMB124.4 million as of March 31, 2026, primarily driven by the continued growth in our revenue and sales volume, which led to a corresponding increase in amounts due from customers.
Financial Information · p. 195
As of May 31, 2026, RMB53.2 million, or 84.2% of our trade receivables as of March 31, 2026, have been subsequently settled. Therefore, we do not expect any material collection issue with respect to our trade receivables.
Financial Information · p. 196
Our other receivables, deposits and prepayments increased from RMB47.4 million as of December 31, 2025 to RMB83.6 million as of March 31, 2026, primarily due to an increase in prepayments of RMB31.7 million, resulting from (i) a significant increase in advance payments to suppliers, resulting from our proactive advance procurement of raw materials, in preparation for the peak summer sales season; and (ii) an increase in prepaid marketing expenses, resulting from our continued investment in advertising, e-commerce promotion and other marketing activities.
Our trade and notes receivables increased from RMB914.8 million as of December 31, 2023 to RMB1,069.7 million as of December 31, 2024, primarily due to an increase in sales.
Financial Information · p. 232
Our trade receivables turnover days decreased from 134 days in 2023 to 112 days in 2024, then decreased to 103 days in 2025, and further decreased to 97 days, primarily due to the continued trend of increasing sales contribution from customers with shorter credit terms.
Financial Information · p. 233
As of May 31, 2026, RMB292.8 million, or 28.7%, of our trade and notes receivables as of April 30, 2026 had been subsequently settled.
Our trade and bills receivables increased significantly from RMB341.4 million as of December 31, 2023 to RMB647.8 million as of December 31, 2024, then to RMB672.1 million as of December 31, 2025, and further to RMB828.2 million as of April 30, 2026, generally in line with our business growth.
Financial Information · p. 253
Our trade receivables turnover days increased in 2025, primarily due to the higher proportion of revenue recognized towards year-end from customers with relatively longer credit terms, such as Customer G, which led to a higher balance of trade receivables outstanding as at year-end.
Financial Information · p. 254
As of May 31, 2026, RMB174.1 million, or 22.9%, of our trade receivables as of April 30, 2026 had been subsequently settled.
Our trade receivables increased by 66.4% from RMB348.1 million as of December 31, 2023 to RMB579.1 million as of December 31, 2024, further increased by 37.9% to RMB798.7 million as of December 31, 2025, and increased by 10.7% to RMB883.8 million as of March 31, 2026, generally in line with our increased sales volume of IC substrates and revenue growth during the Track Record Period, which was primarily driven by the increasing customer demand for our FCBGA substrates.
Financial Information · p. 229
As of May 31, 2026, RMB558.8 million, or 63.0% of our total trade receivables as of March 31, 2026, had been settled.
Our trade and bills receivables subsequently increased by 27.0% from RMB607.2 million as of December 31, 2024 to RMB771.4 million as of December 31, 2025, primarily because (i) as we actively expanded into new industries in 2025, there was an increase in the number of new customers, resulting in a higher proportion of sales settled under credit terms; and (ii) our sales of wind turbine generator components increased as our production capacity increased with additional production line.
Financial Information · p. 221
Our trade and bills receivables turnover days in 2023, 2024 and 2025 was 298 days, 260 days and 269 days, respectively.
Financial Information · p. 222
To better manage our outstanding trade and bills receivables, we implemented the Rules on Sales Operations Risk Control (《銷售業務風險控制規則》) (the "Rules") in January 2026.
Our trade receivables increased from RMB1,626.6 million as of December 31, 2023 to RMB1,871.8 million as of December 31, 2024, and further increased to RMB2,159.4 million as of December 31, 2025, primarily due to continued increase in our revenue as a higher sales attributable to continuous increased market demand for our electronic components, electronic and ceramic materials and telecom components particularly for MLCCs, PKGs and ceramic ferrules and sleeves in 2024 and MLCCs, resistive paste, PKGs and ceramic ferrules and sleeves in 2025 in consumer electronics, home appliances, AI and data centers, and automotive electronics resulted in a corresponding increase in the receivables balance.
Financial Information · p. 219
As of April 30, 2026, 94.6% of our total trade receivables as of December 31, 2025, or RMB2,152.7 million, were settled.
Financial Information · p. 220
There is no material recoverability risk associated with our trade receivables.
As of December 31, 2023, 2024 and 2025, our trade receivables amounted to RMB94.7 million, RMB317.3 million and RMB409.1 million, respectively. Our trade receivables turnover days were 64 days, 73 days and 111 days for the respective periods.
Financial Information · p. 222
Our average trade receivables turnover days increased from 64 days in 2023 to 73 days in 2024, primarily because one of our top five customers did not make payments to us before December 31, 2024 as they had in previous years, due to the liquidity issues of the customer at the end of 2024.
Financial Information · p. 245
We have implemented credit control policies and procedures to manage our trade receivables, including credit assessments of customers, setting credit limits, monitoring aging of receivables, and following up on overdue accounts.
Our trade and note receivables increased by 48.8% from RMB32.9 billion as of December 31, 2024 to RMB49.0 billion as of December 31, 2025, primarily due to our business growth and the consolidation of Wingtech Businesses.
Financial Information · p. 237
We seek to maintain strict control over our outstanding receivables to minimize credit risk.
Financial Information · p. 236
As of April 30, 2026, RMB46.7 billion, or approximately 94.8% of our trade and note receivables as of December 31, 2025 were subsequently settled.
Our trade receivables further increased from RMB33.5 million as of December 31, 2024 to RMB75.7 million as of December 31, 2025, primarily due to (i) our business expansion and revenue growth, and (ii) increased procurement activities by our downstream customers in the year end in anticipation of the potential price rise of our products following the higher cost for assembly and testing services in the market, leading to higher ending balances of our trade receivables.
Financial Information · p. 163
Our trade receivables turnover days were 4.3 days, 15.2 days and 35.1 days in 2023, 2024 and 2025.
Financial Information · p. 163
As of April 30, 2026, all of our trade receivables as of December 31, 2025, had been settled.
The further increase from December 31, 2024 to December 31, 2025 was mainly due to an increase of RMB303.1 million in trade receivables, from RMB965.8 million as of December 31, 2024 to RMB1,268.9 million as of December 31, 2025, which was in line with our increased sales in 2025.
Financial Information · p. 176
We believe that the allowance for expected credit losses as of each reporting date was adequate to cover potential unrecoverable amounts.
Financial Information · p. 176
As of April 30, 2026, RMB895.6 million, or 78.5%, of our trade and notes receivables as of December 31, 2025, had been settled.
Our trade and notes receivables increased by 16.8% from RMB719.7 million as of December 31, 2023 to RMB840.3 million as of December 31, 2024, and further increased by 45.3% to RMB1,220.6 million as of December 31, 2025, primarily due to the increase in our revenue, which was accompanied by greater sales to industry leading customers that generally have relatively longer settlement cycles.
Financial Information · p. 231
Our trade receivables turnover days remained relatively stable at 148.1 days, 150.1 days and 144.0 days in 2023, 2024 and 2025, respectively, reflecting our organized receivables management.
Financial Information · p. 233
Based on the foregoing, our Directors are of the view that there was no material recoverability issue for our trade and notes receivables and that sufficient provision had been made at the end of each reporting period during the Track Record Period.
Our trade and bills receivables increased by 35.3% to RMB917.8 million as of December 31, 2025, in line with our revenue growth.
Financial Information · p. 246
As of April 30, 2026, RMB690.4 million, or 73.7% of trade and bills receivables as of December 31, 2025, had been subsequently settled.
Financial Information · p. 246
Our prepayment, deposits and other receivables increased by 76.6% to RMB1,091.8 million as of December 31, 2024, primarily attributable to our increased procurement of materials and increase in deductible input VAT.
Our trade receivables, net increased from nil as of December 31, 2023 to RMB3.6 million as of December 31, 2024, and further increased to RMB10.6 million as of December 31, 2025.
Financial Information · p. 189
Our trade receivables turnover days decreased to 48 days in 2025, mainly because our public cloud-based services, which generally have shorter credit terms compared to our other business lines, grew at a significantly faster pace and accounted for a larger proportion of our total revenue in 2025.
Financial Information · p. 189
As of April 30, 2026, approximately RMB7.8 million, or 74% of our trade receivables as of December 31, 2025, had been subsequently settled.
Our trade and other receivables increased from RMB105.3 million as of December 31, 2023 to RMB172.2 million as of December 31, 2024, and further to RMB203.4 million as of December 31, 2025.
Financial Information · p. 236
Our trade receivable turnover days increased from 116 days in 2023 to 156 days in 2024, primarily due to the overall prolonged payment periods of our customers.
Financial Information · p. 238
As of April 30, 2026, approximately RMB42.8 million, or 21.1%, of our trade and other receivables as of December 31, 2025 had been settled.
Our trade and notes receivables increased from RMB270.7 million as of December 31, 2024 to RMB382.1 million as of December 31, 2025, primarily due to an increase in trade receivables of RMB108.7 million, which was generally in line with our revenue growth and the growing demand for our products.
Financial Information · p. 242
Our average trade receivables turnover days decreased from 91 days in 2023 to 83 days in 2024 and further to 72 days in 2025.
Financial Information · p. 243
As of May 31, 2026, RMB386.2 million, or approximately 98.8% of our gross trade receivables as of December 31, 2025 had been subsequently settled.
Subsequently, our net trade and bills receivables increased significantly to RMB235.1 million as of December 31, 2025. This substantial increase was generally in line with our rapid revenue growth during the year.
Financial Information · p. 212
Our trade and bills receivables turnover days decreased significantly from 89 days in 2023 to 51 days in 2024, primarily driven by the substantial increase in the proportion of overseas customers with shorter credit periods.
Financial Information · p. 213
As of April 30, 2026, RMB227.0 million, approximately 96.0% of our gross trade and bills receivables outstanding as of December 31, 2025, had been subsequently settled.
Our trade receivables increased from RMB360.3 million as of December 31, 2023 to RMB432.8 million as of December 31, 2024, and further increased substantially to RMB953.0 million as of December 31, 2025.
Financial Information · p. 271
As of April 30, 2026, RMB657.0 million, or 68.9% of our trade receivables as of December 31, 2025, had been subsequently settled.
Financial Information · p. 272
Our trade receivables turnover days, decreased from 148 days in 2023 to 109 days in 2024, and further decreased to 105 days in 2025.