存货水平及库龄

Our inventories increased by 44.2% from RMB136.7 million as of December 31, 2023 to RMB197.1 million as of December 31, 2024, and further increased by 33.8% to RMB263.7 million as of December 31, 2025, primarily due to increases in work in progress and finished goods because we added products manufactured under the GMP standard to our product portfolio in 2024.

In addition, our overall inventory turnover days were relatively high, primarily due to our overseas direct sales model.

Nevertheless, the majority of our products, including recombinant proteins, antibodies and functional cell lines, generally have a shelf life of five years, and 93.3%, 88.1%, 82.5% and 80.6% of our inventories as of December 31, 2023, 2024 and 2025 and July 31, 2026 had an inventory age of within two years, respectively, reflecting that our overall inventory conditions remained manageable.

Our inventories, net of provision, increased by 66.9% from RMB85.5 million as of December 31, 2024 to RMB142.7 million as of December 31, 2025, primarily due to our strategic stockpiling in response to anticipated customer demand and our enlarged business scope.

In 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, we had inventory write-down of RMB19.3 million, RMB7.5 million, RMB6.3 million, RMB0.3 million and nil, respectively.

The net amount of inventories aged over one year as a proportion to the total net amount of inventories decreased from 69.8% as of December 31, 2023 to 38.6% as of December 31, 2024, and further to 17.9% as of December 31, 2025 and remained relatively stable at 18.1% as of April 30, 2026.

Our inventories increased from US$38.3 million as of December 31, 2023 to US$41.2 million as of December 31, 2024, then to US$43.4 million as of December 31, 2025, and further to US$46.7 million as of June 30, 2026, primarily attributable to (i) increases in raw materials and work-in-progress inventories driven by continuous increase in customer orders; and (ii) a higher level of in-house manufacturing activities, which resulted in additional inventory being maintained to support production requirements.

Our inventory turnover days increased from 85 days in 2023 and 2024 to 89 days in 2025, and further increased to 101 days in the six months ended June 30, 2026, primarily due to (i) the expansion of our in-house production of key components, such as cylinders, for our HRS; (ii) the transitional period associated with the introduction of product design standardization initiatives; and

As of July 31, 2026, US$13.2 million, or 28.3%, of our inventory as of June 30, 2026 had been subsequently sold or utilized.

Our inventories increased from RMB204.7 million as of December 31, 2023 to RMB272.7 million as of December 31, 2024, primarily due to an increase in finished goods of RMB75.6 million

Our inventories turnover days increased from 88 days in 2023 to 101 days in 2024, and further increased to 173 days in 2025, consistent with the increase in our inventory balances resulting from production capacity expansion and advance stocking, as well as weaker demand for pharmaceutical glass packaging in 2025.

As of December 31, 2023, 2024 and 2025 and June 30, 2026, our provision for impairment of inventories amounted to RMB8.5 million, RMB11.9 million, RMB13.6 million and RMB15.1 million, respectively.

Our inventory turnover days were 218 days, 191 days, 180 days and 186 days in 2023, 2024 and 2025 and the five months ended May 31, 2026, respectively.

The relatively higher inventory turnover days in 2023 was primarily because the consumption of our inventories slowed down due to the reduction in our revenue in the year mainly attributable to the softening demand from downstream industries, especially the photovoltaic industry.

We recorded write-downs of inventories of RMB36.1 million, RMB46.6 million, RMB53.2 million and RMB57.4 million as of December 31, 2023, 2024 and 2025 and May 31, 2026, respectively, primarily due to the increase in aged inventories as we stocked up to cope with market fluctuations and trial-production needs as our business scale expanded.

Our inventories significantly increased to RMB618.8 million as of December 31, 2025 and further to RMB780.1 million as of March 31, 2026, primarily attributable to the increase of finished goods and raw materials as a result of our strategic storage of materials.

As of December 31, 2023, 2024 and 2025 and March 31, 2026, the balance of write down of inventories amounted to RMB207.1 million, RMB283.0 million, RMB279.0 million and RMB256.9 million, respectively.

Our inventory turnover days subsequently increased to 91 days in 2025 and 150 days for the three months ended March 31, 2026, primarily resulted from our strategic accumulation of raw materials and finished goods.

Our inventories, net of impairment increased from RMB54.5 million as of December 31, 2023 to RMB85.3 million as of December 31, 2024 and further to RMB99.7 million as of December 31, 2025, in line with our business growth and as a result of the Acquisition.

Our inventory turnover days decreased from 205.8 days in 2023 to 123.6 days in 2024, to 80.1 days in 2025, and further to 64.1 days in the six months ended June 30, 2026, primarily due to our enhanced inventory management and supply chain management.

As of July 31, 2026, approximately RMB30.5 million, or 32.4% of our inventories as of June 30, 2026, had been subsequently consumed or sold.

Our inventories increased by 79.6% from RMB8,902.9 million as of December 31, 2025 to RMB15,986.5 million as of April 30, 2026, primarily due to an increase in raw materials, driven by our strategic inventory build-up to mitigate fluctuations in raw material prices and the growth in our sales scale.

Our inventory turnover days increased from 62.1 days in 2025 to 84.0 days in the four months ended April 30, 2026, primarily due to the increase in our inventory balance as of April 30, 2026, as we maintained higher inventory levels in anticipation of raw material price fluctuations to support our sales.

As of July 31, 2026, RMB14,816.6 million, or 91.0%, of our inventories as of April 30, 2026 had been sold or utilized.

Our inventories further increased to RMB499.1 million as of December 31, 2025 and RMB748.8 million as of June 30, 2026, primarily due to an increase in raw materials, as we anticipated future sales growth and strategically procured key components, such as screens and chips, to mitigate the impact of price volatility and the risks associated with long lead times.

Our inventory turnover days increased to 209 days in 2025 and 313 days in the six months ended June 30, 2026.

As of July 31, 2026, RMB212.3 million, or 28.4% of our inventories as of June 30, 2026 had been utilized or sold.

As of December 31, 2023, 2024, 2025 and June 30, 2026, our inventories amounted to RMB31.8 million, RMB55.7 million, RMB176.3 million and RMB87.0 million, respectively. The increase from 2023 to 2025 was primarily due to the build-up of finished goods inventory, particularly copper concentrates and sulphur concentrates, in anticipation of a growth of demand.

Our inventory turnover days increased significantly from 17.6 days in 2024 to 46.0 days in 2025, primarily due to a substantial build-up of finished goods inventory, particularly copper concentrates and sulphur concentrates, in anticipation of a growth of demand.

As of August 31, 2026, RMB57.7 million, or 65.9%, of our inventory as of June 30, 2026 had been utilized or sold.

Our inventories increased from RMB27.2 million as of December 31, 2023 to RMB52.9 million as of December 31, 2024 and further to RMB59.1 million as of December 31, 2025, primarily driven by our strategic inventory buildup to support continued business expansion.

Our inventory turnover days increased from 33 days in 2023 to 40 days in 2024, primarily because we maintained a higher level of inventories for the production ramp-up of our new products.

As of July 31, 2026, RMB82.8 million, or approximately 96.1% of our inventories as of March 31, 2026 had been subsequently consumed or sold.

Our inventories increased by 33.5% from RMB529.2 million as of December 31, 2023 to RMB706.2 million as of December 31, 2024.

Our inventories increased by 19.4% from RMB980.9 million as of December 31, 2025 to RMB1,171.4 million as of June 30, 2026, primarily attributable to (1) an increase of RMB101.7 million in raw materials; and (2) an increase of RMB100.3 million in work in progress, mainly to support our expanded production activities.

We manage our inventories by aligning procurement and production plans with sales forecasts and confirmed customer orders, adopting supplier consignment arrangements for selected key raw materials, monitoring inventory aging and turnover on an ongoing basis and periodically reviewing and clearing slow-moving inventories.

Our inventories increased by 157.1% from RMB32.1 million as of December 31, 2025 to RMB82.6 million as of June 30, 2026, primarily due to (i) an increase in raw materials of RMB30.5 million, and (ii) an increase in finished goods of RMB17.9 million, reflecting our strategic inventory buildup to support our rapid business expansion and ensure production continuity in preparation for the planned relocation of our production facilities in July and August.

Our inventory turnover days increased from 47 days in 2025 to 65 days in the six months ended June 30, 2026, primarily due to our strategic inventory buildup to support our rapid business expansion and ensure production continuity in preparation for the planned relocation of our production facilities in July and August.

As of July 31, 2026, RMB42.7 million, or 50.4%, of our inventories as of June 30, 2026 had been sold or utilized.

Our inventories further increased by approximately RMB95.2 million from RMB486.2 million as at 31 December 2024 to RMB581.4 million as at 31 December 2025, as we sought to build up our inventories in view of the expansion of our operating scale as reflected in our continuous revenue growth.

our Directors are of the view that sufficient provision for inventories had been made as at the end of each financial year/period during the Track Record Period, and that there exists no material recoverability or impairment issue in respect of our inventories.

As at 31 July 2026, approximately 41.8% of our inventories (before provision) as at 30 June 2026, amounting to RMB246.6 million, had been used or sold.

Our inventories increased from RMB410.5 million as of December 31, 2025 to RMB512.7 million as of April 30, 2026, primarily due to (i) an increase in work in progress from RMB225.5 million to RMB274.7 million and (ii) an increase in finished goods from RMB111.4 million to RMB157.0 million, reflecting our inventory build-up in response to increasing customer demand for SiPh business.

The increase in our inventory turnover days to 411 days for the four months ended April 30, 2026 was mainly due to the build-up of inventory to support in-progress orders on hand, rather than any accumulation of obsolete or slow-moving inventory.

During the Track Record Period, we recognized inventory write-downs of RMB18.6 million, RMB50.5 million, RMB16.8 million and RMB3.4 million as expenses in 2023, 2024, 2025 and four months ended April 30, 2026, respectively.

Our inventories further increased to RMB3,216.6 million as of April 30, 2026, primarily due to the higher levels of raw materials and consumables held by us, driven by increased production volume and rising raw material price.

Our inventory turnover days were 79 days for the four months ended April 30, 2026, primarily due to the increase in inventories from RMB2,515.6 million as of December 31, 2025 to RMB3,216.6 million as of April 30, 2026.

As of July 31, 2026, RMB2,732.8 million, or 83.4%, of our inventories as of April 30, 2026 had been utilized or sold.

Our inventories increased by 21.5% from RMB652.7 million as of December 31, 2023 to RMB792.7 million as of December 31, 2024, primarily due to an increase in finished goods, mainly resulting from our higher stockpiling in anticipation of increased future sales following the inclusion of more types of our drugs in the VBP program.

Our inventory turnover days increased from 123.1 days in 2024 to 135.0 days in 2025, primarily due to an increase in average inventory level to support our sales increment.

During the Track Record Period, our inventory write-downs were primarily attributable to (i) certain materials becoming idle or slow-moving, (ii) lower net realizable value of certain products as a result of relatively low gross profit margins or lower selling prices, and (iii) relatively high unit production costs of certain products.

Our inventories increased by 64.6% from RMB1,060.6 million as of December 31, 2023 to RMB1,746.0 million as of December 31, 2024, primarily due to an increase of RMB251.1 million in work in progress and an RMB248.9 million increase in raw materials, which were in turn primarily because we strategically increased the procurement of certain raw materials to support our business growth.

Our inventory turnover days were 126.5 days, 127.2 days, 118.9 days and 130.3 days in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.

As of July 31, 2026, RMB742.4 million, or 23.4%, of our inventories outstanding as of June 30, 2026 had subsequently been consumed or sold.

Our inventories increased by RMB8.3 million, or by 29.6% from RMB28.0 million as of December 31, 2023 to RMB36.3 million as of December 31, 2024, primarily due to an increase in raw materials.

Overall, the increase in inventory and turnover days reflects our approach to operational readiness and its commitment to maintaining production stability, rather than inefficiencies or excess stock.

As of July 31, 2026, RMB8.5 million or 20.1% of our inventories as of March 31, 2026, had been sold or utilized.

Our inventories increased from RMB688.6 million as of December 31, 2023 to RMB928.4 million as of December 31, 2024, primarily due to the increase in customer orders during the year and the higher proportion of large projects requiring more materials and longer delivery cycles.

We have conducted an assessment of the net realizable value of our inventories in accordance with applicable accounting standards and did not identify any material inventory impairment during the Track Record Period.

As of June 30, 2026, our contract liabilities of RMB1,127.0 million exceeded our dispatched goods and contract costs of RMB867.3 million, indicating that such fulfillment costs can be funded by customer advances rather than our own working capital.