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.
We had trade and notes receivables of RMB53.7 million, RMB109.0 million and RMB169.6 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 232
Our trade receivables turnover days increased during the Track Record Period, primarily due to the rapid growth in sales of robots.
Financial Information · p. 232
Among the outstanding balance of trade receivables as of December 31, 2025, the total amount of trade receivables overdue for more than six months amounted to RMB30.1 million due from 136 customers.
Throughout the Track Record Period, our trade and bills receivables continued to increase from RMB44.0 million as of December 31, 2023 to RMB55.0 million as of December 31, 2024, and significantly to RMB273.6 million as of December 31, 2025, which was primarily driven by the overall growth in our cognitive intelligence business.
Financial Information · p. 167
Average turnover days of our trade and bills receivables decreased from 238 days for 2023 to 152 days for 2024, and further to 140 days for 2025, primarily due to our enhanced collection management efforts along with our revenue growth.
Financial Information · p. 168
To manage credit risks, we assess our customers’ credit quality carefully and regularly, closely monitor the recoverability status of trade receivables and credit profiles of customers and take appropriate proactive follow-up actions to ensure the customers’ payments are made as scheduled.
Our trade receivables turnover days decreased from 103.7 days in 2023 to 92.1 days in 2024, primarily because we expanded into content licensing services for videos since April 2023, which have relatively shorter settlement period.
Financial Information · p. 177
During the Track Record Period, a majority of our trade and bills receivables, being 79.4%, 84.7% and 87.6% as of December 31, 2023, 2024 and 2025, respectively, were aged within one year.
Financial Information · p. 177
As of April 30, 2026, RMB88.5 million, or 46.0% of our trade receivables as of December 31, 2025, had been settled.
The higher balances at the end of 2024 and 2025 were primarily attributable to our higher business volumes.
Financial Information · p. 198
Our other receivables and prepayments increased by 58.0% from RMB437.4 million as of December 31, 2023 to RMB691.0 million as of December 31, 2024.
Financial Information · p. 200
As of April 30, 2026, RMB93.2 million, or 18.8%, of our other receivables as of December 31, 2025 were settled, and RMB152.5 million, or 49.8%, of our prepayments as of December 31, 2025 were utilized.
Our trade and bills receivables increased from RMB2,390.2 million as of December 31, 2023 to RMB3,339.4 million as of December 31, 2024, mainly in line with the growth in our revenue.
Financial Information · p. 216
During the Track Record Period, our net impairment losses on trade receivables were RMB22.2 million, RMB23.6 million and RMB69.5 million in 2023, 2024 and 2025, respectively, and amounts written off as uncollectible were RMB0.4 million, RMB1.5 million and RMB1.0 million, respectively.
Financial Information · p. 216
Our trade and bills receivables turnover days then increased to 84 days in 2025, which was primarily due to the increase in the proportion of revenue from smart power distribution segment, for which the relevant delivery, acceptance and revenue recognition cycles, and the corresponding collection cycles, are typically longer.
Our trade and bills receivables increased from RMB197.8 million as of 31 December 2023 to RMB247.4 million as of 31 December 2024, and further to RMB267.3 million as of 31 December 2025, generally in line with our sales growth during the same periods.
Financial Information · p. 219
In 2023, 2024 and 2025, we recorded impairment loss allowance for trade receivables in the amount of RMB3.4 million, RMB4.5 million and RMB6.0 million, respectively.
Financial Information · p. 220
As of 30 April 2026, RMB216.8 million, or 79.3%, of our trade and bills receivables as of 31 December 2025 had been subsequently settled.
Our trade receivables increased from RMB90.9 million as of December 31, 2023 to RMB150.1 million as of December 31, 2024, and further increased to RMB168.2 million as of December 31, 2025, primarily due to the expansion of our business and the increase in our revenue from AI cloud computing services.
Financial Information · p. 236
For the years ended December 31, 2023, 2024 and 2025, considering no historical debtor default events occurred and the minimal impact of the looking-forward adjustment, we believe that the expected loss rate and expected credit losses are minimal.
Financial Information · p. 236
Our trade receivables turnover days decreased from 83 days in 2023 to 79 days in 2024, as we maintained strict control over our trade receivables and enhanced our effort to settle such receivables within the credit terms we grant our customers.
Our trade and other receivables significantly increased to RMB290.1 million as of December 31, 2025, primarily due to the fact that a large portion of the sales occur in the fourth quarter of 2025 and payment has not yet been received.
Financial Information · p. 238
Our trade and bills receivables turnover days were 142 days, 122 days, and 140 days in 2023, 2024 and 2025 respectively.
Financial Information · p. 238
At December 31, 2023, 2024 and 2025, 57.2%, 73.0% and 67.2% of the total trade and bills receivables and contract assets was due from our five largest customer respectively, and 7.7%, 32.1% and 34.9% of the total trade and bills receivables and contract assets, respectively, was due from our largest customers.
Our trade and notes receivables increased from RMB92.2 million as of December 31, 2023 to RMB108.0 million as of December 31, 2024, and further increased to RMB169.1 million as of December 31, 2025, which was generally in line with the increase in our revenue for the same years.
Financial Information · p. 207
The increase in our trade and notes receivables turnover days in 2024 compared to 2023 was mainly because certain of our existing large customers had relatively longer payment cycles than other customers while we derived more revenue from them than from other customers in 2024.
Financial Information · p. 208
We closely monitor development of our outstanding receivable and take proactive measures to minimize credit risks, as well as liquidity risks associated therein.
Our trade receivables increased from RMB898.8 million as at 31 December 2023 to RMB929.7 million as at 31 December 2024 and further to RMB967.4 million, primarily attributable to the increase in revenue.
Financial Information · p. 236
Our average turnover days of trade receivables decreased from 138 days in FY2023 to 95 days in FY2024, primarily due to the relatively higher trade receivables balance as at 31 December 2022.
Financial Information · p. 237
As at 30 April 2026, all of our trade receivables outstanding as at 31 December 2025 were settled.
Our trade and other receivables increased from RMB292.5 million as of December 31, 2023 to RMB542.9 million as of December 31, 2024, and further to RMB1,364.6 million as of December 31, 2025, primarily due to the increase in trade receivables and bills receivables, which was in line with our revenue growth and business expansion.
Financial Information · p. 207
Our trade receivables turnover days decreased from 147 days in 2024 to 61 days in 2025, primarily due to our strengthened bargaining position following the increase in sales scale of NEV domain-controlled electric drive solutions, resulting in shorter payment terms from customers.
Financial Information · p. 208
As of April 30, 2026, RMB1,184.2 million, or 86.8% of our trade and other receivables as of December 31, 2025, had been settled.
As of December 31, 2023, 2024, 2025 and March 31, 2026, our trade and note receivables amounted to RMB2,693.4 million, RMB4,043.7 million, RMB5,507.2 million and RMB6,476.4 million, respectively.
Financial Information · p. 206
We recorded net impairment losses on financial assets of RMB16.6 million, RMB43.5 million and RMB4.1 million in 2024, 2025 and the three months ended March 31, 2025, respectively.
Financial Information · p. 196
As of April 30, 2026, RMB2,068.7 million, or 31.5%, of our trade receivables as of March 31, 2026, had been settled.
Our trade and bills receivables increased from RMB80.5 million as of December 31, 2023 to RMB162.9 million as of December 31, 2024, primarily because our customers normally stock up in anticipation of surging sales before the Chinese New Year, which occurred earlier in 2025 compared to the previous year.
Financial Information · p. 189
The relatively high amount of our trade receivables aged over one year as of December 31, 2024 is primarily attributable to certain historical payments that remain unsettled with two renowned retail groups.
Financial Information · p. 190
Our trade and bills receivables turnover days increased from 28.9 days in 2024 to 42.7 days in 2025, primarily due to the increased sales to certain major retail customers, to whom we typically granted longer credit terms.
Our trade receivables increased significantly from RMB18.4 million as of December 31, 2024 to RMB41.6 million as of December 31, 2025, primarily attributed to an increase in receivables from several key customers mainly because certain orders placed by our key customers remained within the granted credit terms and had not been paid as of December 31, 2025.
Financial Information · p. 220
Our trade receivables turnover days increased from 7.3 days in 2024 to 10.6 days in 2025, primarily because certain orders placed by our key customers remained within the granted credit term and had not been paid as of December 31, 2025, resulting in the increased outstanding trade receivables balance.
Financial Information · p. 221
As of April 30, 2026, approximately RMB42.0 million or 99.9% of our trade receivables as of December 31, 2025 had been settled.
Our trade and bills receivables increased from RMB69.2 million as of December 31, 2023 to RMB90.3 million as of December 31, 2024, primarily due to the increase in revenue year to year and the corresponding growth in sales volume resulting from our business expansion, and further increased from RMB90.3 million as of December 31, 2024 to RMB194.2 million as of December 31, 2025, primarily due to the continued increase in revenue year to year and corresponding growth in sales volume resulting from our continued business expansion.
Financial Information · p. 213
Our average trade and bills receivables turnover days increase from 78 days in 2024 to 97 days in 2025, primarily due to an increasing share of orders coming from top-tier battery customers who typically rely on bank acceptance bills or commercial acceptance bills which lengthens our collection period.
Financial Information · p. 214
As of March 31, 2026, approximately RMB25.2 million, or 32.6%, of our trade receivables outstanding as of December 31, 2025 had been settled.
Our trade and bills receivables increased from RMB231.2 million as of December 31, 2023 to RMB275.3 million as of December 31, 2024, and further increased to RMB359.0 million as of December 31, 2025, in line with our revenue growth.
Financial Information · p. 142
Our trade and bills receivables turnover days increased from 50 days in 2023 to 62 days in 2024, and further increased to 65 days in 2025, primarily due to an increase in sales to certain customers with relatively longer credit terms and extended settlement cycles amid our business growth.
Financial Information · p. 142
As of March 31, 2026, 95.9% of our total trade receivables as of December 31, 2025, or RMB362.5 million, were settled.
Our trade and bills receivable increased from RMB38.4 million as of December 31, 2023 to RMB90.8 million as of December 31, 2024, and further increased to RMB142.7 million as of December 31, 2025, primarily due to our business expansion and revenue growth.
Financial Information · p. 221
Our trade receivables turnover days increased from 76 days in 2024 to 80 days in 2025, which was in line with our business expansion and corresponding increase in the balance of trade receivables.
Financial Information · p. 222
The balance of impairment loss on trade receivables continued to increase as of the end of respective years primarily because of our rapid revenue growth, which resulted in higher balance of trade receivables.
We granted credit period of 60 days to new major direct sales customers for DRAM modules in 2024.
Financial Information · p. 246
We implemented such measures in early 2025 which are effective as demonstrated by a decrease in our trade receivables turnover days of 44 days in 2025 compared to 60 days in 2024, notwithstanding our business growth in 2025.
Financial Information · p. 247
As of March 31, 2026, RMB147.7 million, or 95.5% of our trade receivables before impairment as of December 31, 2025, had been subsequently settled.
Our trade and bills receivables were RMB48.8 million, RMB82.4 million and RMB115.9 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 224
Our average trade and bills receivables turnover days increased from 16 days for the year ended December 31, 2023 to 20 days for the year ended December 31, 2024 and further increased to 24 days for the year ended December 31, 2025 as growth of our trade and bills receivables outpaced the growth of our revenue, partially driven by slight delays in payment cycles for some customers for the years ended December 31, 2024 and 2025.
Financial Information · p. 225
As of March 31, 2026, RMB106.3 million, or 86.2% of our trade and bills receivables as of December 31, 2025 was settled.
Our trade and other receivables increased from RMB10.6 million as of December 31, 2023 to RMB72.4 million as of December 31, 2024 and further to RMB130.2 million as of December 31, 2025, primarily reflecting the overall growth of our business and increased sales activities.
Financial Information · p. 211
Our trade receivables turnover days further increased to 37 days in 2025, primarily attributable to a timing effect, as we received a significantly higher volume of orders in November and December 2025 compared to prior months, resulting in a higher outstanding balance at year-end, with the growth rate of trade receivables being much higher than that of revenue.
Financial Information · p. 212
As of April 30, 2026, RMB67.7 million, or approximately 65.3%, of our trade and bills receivables as of December 31, 2025 had been subsequently collected.