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 bills receivables increased by 114.2% from RMB19.1 million as of December 31, 2024 to RMB41.0 million as of December 31, 2025, primarily due to the increased trade receivables from RMB5.2 million to RMB42.8 million during the same period, driven by our continued business growth, particularly the increase in overseas sales due to our expansion in overseas markets, as we typically grant longer credit period to overseas customers.
Financial Information · p. 205
Our trade and bills receivables turnover days increased from 12 days in 2024 to 28 days in 2025, mainly due to our increased sales in overseas markets.
Financial Information · p. 205
We have assessed the recoverability of our outstanding trade receivables balances, and our Directors are of the view that there are no recoverability issues and that sufficient provisions have been made for the following reasons: (i) our customers primarily comprise industry-leading enterprises and state-owned enterprises, which generally possess strong financial strength and demonstrate good credit histories with low default rates;
Our current trade, bills and other receivables increased by 28.3% from RMB108.2 million as at December 31, 2023 to RMB138.8 million as at December 31, 2024, largely in line with increased sales, and further increased by 24.1% to RMB172.2 million as at December 31, 2025, primarily due to higher year-end sales and changes in credit terms of certain customers, who previously made prepayments in connection with the development of new products and transitioned to customary credit terms following the completion of development.
Financial Information · p. 129
We seek to maintain strict control over our outstanding receivables to minimize credit risk.
Financial Information · p. 130
As of February 28, 2026, RMB112.1 million, or 75.6% of our trade receivables as of December 31, 2025 had been settled.
Our trade and bills receivables increased significantly from RMB105.9 million as of December 31, 2024 to RMB285.2 million as of December 31, 2025, primarily due to our significant growth in the DES asset development business in 2025.
Financial Information · p. 182
We recorded a higher proportion of aged receivables in 2024, primarily due to contractual payment mechanisms for a PV project, where collections were pending the fulfillment of predefined performance criteria.
Financial Information · p. 183
We implement and improve strict control over trade receivables by optimizing asset investor and other customer profiling and adjusting payment terms, as applicable, as our position in the DES asset development market strengthens, thereby reducing capital occupation and optimizing cash flow.
Our trade receivables turnover days increased from 139 days in 2023 to 148 days in 2024, and further increased to 178 days in 2025, primarily due to the impact of downstream industries, which resulted in longer payment cycles, with certain customers experiencing cash flow pressure.
Financial Information · p. 215
Our net impairment losses on financial assets increased from RMB19.2 million in 2023 to RMB93.5 million in 2024, primarily due to (i) the deteriorating financial conditions among certain downstream customers in the photovoltaic industry, which experienced a cyclical downturn with a number of listed companies turning from profit to loss, leading to increased credit risk and (ii) an increase in our trade receivables.
Financial Information · p. 208
Considering that we had not experienced any material failure to collect trade receivables from the relevant customers during the Track Record Period, we believe we are able to collect the remaining trade receivables and we have made sufficient provisions for such trade receivables.
Our trade and bills receivables increased from RMB28.8 million as of December 31, 2023 to RMB41.9 million as of December 31, 2024, and further increased to RMB57.7 million as of December 31, 2025, primarily attributable to our overall business growth, in particular in line with the increase of sales of our healthcare products.
Financial Information · p. 247
Our trade and bills receivables turnover days increased from 15.6 days in 2023 to 20.7 days in 2024, and further increased to 22.7 days for the year ended December 31, 2025.
Financial Information · p. 247
We typically operate under a prepayment model with our individual whole-course healthcare management service users, which enables us to maintain steady cash flow and reduce credit risk.
Our trade receivables further increased to RMB87.2 million as of December 31, 2025, attributable to the significant increase in revenue in the fourth quarter of 2025.
Financial Information · p. 258
As of March 23, 2026, RMB42.0 million, or 47.3% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.
Financial Information · p. 259
we believe the extended turnover period reflects commercial arrangements and settlement cycles rather than heightened credit risk
Our trade receivables increased from RMB38.3 million as of December 31, 2024, to RMB99.8 million as of December 31, 2025, generally in line with the increased sales of our pharmaceutical products.
Financial Information · p. 275
The trade receivables turnover days were 79 days and 103 days in 2024 and 2025, respectively.
Financial Information · p. 275
As of February 28, 2026, RMB68.2 million, or 67.7% of our trade receivables as of December 31, 2025 had been subsequently settled.
Our trade and bills receivable turnover days increased from 34 days in 2023 to 46 days in 2024, primarily due to a large volume of sales orders secured in December 2024, which led to a higher period-end balance, although the related revenue had not yet been recognized as of 31 December 2024.
Financial Information · p. 193
We have a comprehensive credit management policy for our customers.
Financial Information · p. 192
As of February 28, 2026, approximately RMB68.0 million, or 60.8%, of our trade and bills receivables as of December 31, 2025, had been subsequently settled.
Our trade and notes receivables increased from RMB167.8 million as of December 31, 2023 to RMB310.6 million as of December 31, 2024, primarily due to the more bills of exchange instead of cash we received from customers A and B which extended the settlement period.
Financial Information · p. 191
Our trade and notes receivables turnover days increased from 127 days in 2023 to 173 days in 2024, and further to 190 days in 2025, in line with the levels at our trade and notes receivables.
Financial Information · p. 191
As of February 28, 2026, approximately RMB155.5 million, or 26.8% of our trade and notes receivables as of December 31, 2025, had been subsequently settled.
Our trade and bills receivables further increased from RMB25,507.0 million as of December 31, 2024 to RMB34,368.7 million as of December 31, 2025, primarily driven by the increase in our revenue during the period.
Financial Information · p. 247
During the Track Record Period, substantially all of our trade receivables were aged within one year.
Financial Information · p. 248
As of February 28, 2026, RMB25,830.4 million, or approximately 75.0%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.
Our trade and bills receivables (net of impairment) increased by 80.9% from RMB180.4 million as of December 31, 2024 to RMB326.3 million as of December 31, 2025, mainly because (i) the sales of our scientific research sequencing solutions increased; and (ii) customers typically settled the payment in the second half of the year.
Financial Information · p. 239
Our trade and bills receivables turnover days increased from 124.4 days in 2024 to 166.8 days in 2025, primarily due to an increase in trade receivables as (i) the sales of our scientific research sequencing solutions increased, which were typically settled in trade receivables; and (ii) customers typically settled the payment in the second half of the year.
Financial Information · p. 240
Our Directors have assessed and made sufficient provision for our trade receivables and do not believe there is any material impairment or recoverability issue for our trade receivables during the Track Record Period and up to the Latest Practicable Date.
Our trade and other receivables increased from RMB3,655.6 million as of December 31, 2023 to RMB4,271.7 million as of December 31, 2024 and further increased to RMB6,560.9 million as of December 31, 2025, primarily due to an increase in the sales of our products in line with our business growth.
Financial Information · p. 214
In 2023, 2024 and 2025, our trade receivables turnover days were 135.6 days, 122.1 days and 93.3 days, respectively.
Financial Information · p. 214
Our trade receivables turnover days decreased to 93.3 days in 2025, primarily due to following the negotiation of shorter payment terms with our customers.
Our trade receivables increased from RMB178.0 million as of December 31, 2024 to RMB223.0 million as of December 31, 2025, primarily due to our business growth.
Financial Information · p. 222
Our trade receivables and contract assets turnover days increased from 70 days in 2023 to 79 days in 2024, primarily due to temporary extension of settlement schedule for certain customers of Jiangsu Daotai.
Financial Information · p. 223
The increase in impairment of trade receivables in 2025 was primarily due to delayed payments from one of our customers.
Our trade and bills receivables increased from RMB7,182.0 million as of December 31, 2023 to RMB9,670.7 million as of December 31, 2024, and further to RMB10,020.0 million as of December 31, 2025, primarily due to our continuous business growth.
Financial Information · p. 165
Our impairment for trade and bills receivables increased from RMB507.5 million as of December 31, 2023 to RMB739.2 million as of December 31, 2025 along with our continuous business growth, and the corresponding increase in trade and bills receivables.
Financial Information · p. 165
As of February 28, 2026, 59.1% of our trade and bills receivables as of December 31, 2025, or RMB6,357.7 million, were settled.
Our trade receivables turnover days increased from 58 days in 2023 to 94 days in 2024 and further to 136 days in 2025 as we granted relatively favorable payment terms to certain customers as part of our customer acquisition efforts, aiming to strengthen our market presence and secure long-term growth opportunities.
Financial Information · p. 215
Our trade and other receivables further increased by 36.8% to RMB84.1 million as of December 31, 2025, primarily due to (i) an increase in trade receivables, mainly attributable to (a) the continued expansion of our business scale, and (b) we granted relatively favorable payment terms to certain high-potential customers
Financial Information · p. 214
As of April 6, 2026, RMB27.4 million or 36.6% of our trade receivables as of December 31, 2025, was subsequently settled.
Our trade and bills receivables increased by 41.2% from RMB808.1 million as of December 31, 2024 to RMB1,140.7 million as of December 31, 2025, primarily due to an RMB363.7 million increase in trade receivables generally in line with our revenue growth.
Financial Information · p. 148
As of February 28, 2026, RMB767.6 million, or 67.3%, of our trade and bills receivables as of December 31, 2025 had subsequently been settled.
Our net trade and bills receivables increased significantly from RMB252.0 million as of December 31, 2023 to RMB789.7 million as of December 31, 2024.
Financial Information · p. 205
The turnover days for our trade receivables (excluding trade receivables relating to AI computing technical services business) increased from 209 days in 2023 to 270 days in 2024, primarily due to a decrease in the relevant revenues resulting from our shift in strategic focus towards our AI computing technical services business since 2023, while certain trade receivables remained outstanding due to the relatively long settlement cycle of relevant customers.
Financial Information · p. 206
As of February 28, 2026, RMB107.0 million (or 66.0%) of the trade receivables as of December 31, 2025 had been subsequently settled.
Our trade and bills receivables, net of allowance, increased by 161.0% from RMB29.9 million as of December 31, 2023 to RMB77.9 million as of December 31, 2024 and further increased by 98.2% to RMB154.5 million as of December 31, 2025, primarily in line with increased sales to direct wholesale customers and distributors.
Financial Information · p. 236
Our trade and bills receivables turnover days increased from 2.7 days in 2023 to 6.1 days in 2024, and further increased to 11.2 days in 2025, primarily in line with increased sales to direct wholesale customers and distributors.
Financial Information · p. 236
As of February 28, 2026, approximately RMB98.4 million, or 63.7% of our trade and bills receivables as of December 31, 2025, had been settled.
The turnover days of our trade and notes receivables increased from 69 days in 2023, further to 81 days in 2024, and further to 90 days, primarily due to the increase in our trade and notes receivables further due to a long payment process by certain research institution customers as some research institution customers have longer payment approval process and longer project cycles.
Financial Information · p. 251
We normally allow a credit period of 30 to 60 days to our major customers.
Financial Information · p. 251
We believe that we have made sufficient provision for our trade receivables during the Track Record Period.