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.
Financial Information · 第 233 页
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.
Financial Information · 第 234 页
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 inventory increased from RMB4.1 million as of December 31, 2025 to RMB4.7 million as of June 30, 2026, primarily due to our procurement of raw materials in preparation for the subsequent commercialization of our PL-5.
Financial Information · 第 233 页
Therefore, we believe there is no impairment issue for our inventories as of June 30, 2026.
Our inventories decreased from US$1.4 million as of December 31, 2024 to US$1.2 million as of December 31, 2025, and further decreased to US$0.8 million as of June 30, 2026, primarily because we maintained excess inventories during COVID-19 and gradually consumed the excess inventories.
Financial Information · 第 232 页
While this led to most of our inventory being over two years old, this was a one-off event and does not reflect our long-term procurement and inventory management strategy.
Financial Information · 第 232 页
Our inventory turnover days increased from 334 days in 2024 to 623 days in 2025.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
存货约25.8亿元，一年以上账龄主要为模具
Our inventories increased by 17.1% from RMB2,245.4 million as of December 31, 2023, to RMB2,629.3 million as of December 31, 2024, primarily due to an inventory increase in finished goods resulting from our production volume increase during the business growth in 2024.
Financial Information · 第 222 页
Our inventory turnover days decreased from 101 days in 2023 to 82 days in 2024 and to 76 days in 2025, and slightly increased to 80 days as of March 31, 2026, primarily because we have implemented and carried out inventory optimization management measures through the digitalization and standardization of our management processes, achieved by integrating ERP, MES and WMS systems.
Financial Information · 第 223 页
For inventories aging more than 1 year, approximately 73% are toolings, which are designed for customers’ products purpose and covered under sales contracts.
During the Track Record Period, a portion of our inventories had an aging of over one year, amounting to RMB13.9 million, RMB11.8 million, RMB9.2 million and RMB9.6 million
Financial Information · 第 223 页
Such reusable thermometers are generally not held primarily for direct sale, do not usually have a shelf life and are repeatedly deployed in our day-to-day service operations.
Financial Information · 第 223 页
Taking into account the foregoing, together with our regular stocktakes and inventory review procedures, our Directors are of the view that there is no material recoverability issue for our inventories and no inventory provision was required as of December 31, 2023, 2024, 2025 and April 30, 2026.
Our inventory turnover days increased from 81 days for 2024 to 88 days in 2025, primarily due to the decrease in cost of revenue as a result of lower sales in 2025.
Financial Information · 第 208 页
As of May 31, 2026, approximately RMB14.4 million, or 11.0%, of our inventories as of April 30, 2026, had been subsequently used or sold.
Financial Information · 第 209 页
Based on such assessment and taking into account, among others, subsequent utilization and sales, expected project deployment schedules and operational needs, our Directors are of the view that no material impairment indicators were identified in respect of our inventories during the Track Record Period, and the provisions made for inventory write-down were sufficient and adequate.
Average inventory turnover days increased from 83 days for the year ended March 31, 2024 to 98 days for the year ended March 31, 2025.
Financial Information · 第 229 页
As of May 31, 2026, HK$16.4 million, or 32.7% of our inventories as of March 31, 2026 had been sold or used.
Financial Information · 第 229 页
As described in note 15 to our consolidated financial statements included in the Accountants’ Report set forth in Appendix I to this document, there has been no material write down for inventories historically.
Our inventories decreased from RMB551.6 million as of December 31, 2023 to RMB410.9 million as of December 31, 2024 and further to RMB379.3 million as of December 31, 2025, primarily because we completed and delivered certain implementation and development services to customers, and the relevant work in progress was reclassified into cost of sales.
Financial Information · 第 236 页
Our inventory aging three years and above mainly represented contract fulfillment costs pending customer acceptance as a result of project suspension or changes in customer requirements.
Financial Information · 第 236 页
Based on the foregoing, our Directors are of the view that the related contract fulfilment costs are recoverable, and that there is no significant impairment risk associated with these contract fulfilment costs.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
存货上升，一年以上账龄存货增加
As of 31 December 2023, 2024 and 2025, we had inventories of RMB9.2 million, RMB11.1 million and RMB13.4 million, respectively.
Financial Information · 第 243 页
For the years ended 31 December 2023, 2024 and 2025, the average inventory turnover days (divided by cost of sales) are 37.7 days, 44.6 days and 49.7 days, respectively .
Financial Information · 第 244 页
The substantial increase in the balance of inventories aged over one year as of 31 December 2025 was primarily attributable to the delayed delivery to Customer A and Customer F.
Our inventories decreased from RMB29.1 million as of December 31, 2024 to RMB10.9 million as of December 31, 2025, primarily due to the completion of certain digitalization projects during the year, resulting in a reduction of work-in-progress inventories of RMB14.8 million.
Financial Information · 第 253 页
We do not believe there is material net unrealizable value issue with our inventories and therefore did not record material write-down as (i) a majority of our inventories were procured based on actual arrangements of signed contracts and the contract price is greater than the book cost; (ii) our digitalization and business solutions business has stable long-term customers; and (iii) the net realizable value of most of the inventories at the end of each period during the Track Record Period was greater than the book value.
We had inventories of RMB30.2 million, RMB23.9 million and RMB19.3 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · 第 244 页
However, this proportion increased to approximately 41.2% as at 31 December 2025, primarily due to the natural ageing of existing inventory into the three-years-or-above category.
Financial Information · 第 245 页
During the Track Record Period, the Group recorded a write-down of inventories to net realisable value of RMB2.1 million in 2023, a reversal of RMB1.0 million in 2024, and a write-down of RMB2.9 million in 2025, which were recognised in cost of sales.
The relatively high level of goods in transit reflects the deployment of our robot products, which typically involve multiple phases, including delivery, on-site installation, system integration, and formal customer acceptance.
Financial Information · 第 231 页
As our production planning capabilities and on-site fulfillment efficiency have continued to improve, our inventories turnover days decreased from 263 days in 2023 to 186 days in 2024, and further decreased to 167 days in 2025.
Financial Information · 第 231 页
Inventories aged over one year increased from RMB7.3 million as of December 31, 2024 to RMB19.4 million as of December 31, 2025, primarily due to (i) an increase in finished goods aged over one year consisting mainly of robots for trial use and components for after-sales maintenance use, and (ii) an increase in goods in transit aged over one year consisting mainly of robots under the contracts that require on-site deployment, with customer inspection and acceptance only after deployment is completed.
During the Track Record Period, we recorded inventory write-downs of RMB17.2 million, RMB23.6 million and a reversal of inventory write-downs of RMB0.5 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 244 页
In 2023, 2024 and 2025, our inventory turnover days were 100.7 days, 87.6 days and 80.3 days, respectively.
Financial Information · 第 244 页
As of March 31, 2026, approximately RMB203.3 million, or 76.5%, of our inventories as of December 31, 2025 had been subsequently utilized or sold.
The significant increase in inventories aged over six months during the Track Record Period was primarily attributable to our rapid business expansion, during which we strategically accumulated inventory in the second half of each year for newly launched products, particularly finished goods and work-in-progress (WIP) for intelligent sensing products, to ensure supply stability for rapid sales expansion and new product ramps.
Financial Information · 第 248 页
As of December 31, 2023, 2024 and 2025, the balance of our impairment provisions for inventories amounted to RMB26.9 million, RMB45.2 million and RMB48.2 million, respectively, the majority of which were attributable to inventory provisions for our intelligent sensing products.
Financial Information · 第 248 页
We believe the above inventory management measures provide agility to us in navigating the inherently cyclical semiconductor industry and to minimize future substantial inventory writedown.
Our inventories decreased from RMB2,868.6 million as of December 31, 2023 to RMB2,267.0 million as of December 31, 2024, primarily attributable to a decrease in properties under development for sale of RMB1,318.0 million as projects that were under development were completed and reclassified during the period.
Financial Information · 第 255 页
During the Track Record Period, our inventories were primarily aged within two years, accounting for approximately 71.5%, 99.0% and 96.7% of our total inventories as of December 31, 2023, 2024 and 2025, respectively. Based on these assessments, we concluded that no material provision was required, and our inventory levels were in line with expected sales plans and market conditions.
Our inventory turnover days decreased from 149 days in 2023 to 145 days in 2024, and further decreased to 83 days in 2025, primarily attributable to increased sales volume and the clearing out of existing inventory.
Our inventories increased from RMB718.9 million as of December 31, 2023 to RMB787.9 million as of December 31, 2024 and further to RMB778.7 million, primarily due to the increase in raw materials, primarily driven by proactive strategic procurement to ensure production continuity and maintain a competitive advantage amid market volatility.
Financial Information · 第 252 页
As of February 28, 2026, RMB100.1 million or 12.9% of our inventories as of December 31, 2025 were subsequently utilized.
Financial Information · 第 252 页
We assess inventories for impairment at each reporting date and recognize write-downs when the carrying amount exceeds the net realizable value.
Our inventories consisted of (i) contract fulfillment costs, (ii) purchased hardware and components, and (iii) goods, mainly comprising semiconductor equipment for sale during the Track Record Period.
Financial Information · 第 230 页
Our inventory turnover days decreased from 288 days in 2023 to 166 days in 2024 and further to 71 days in 2025, primarily due to the significant increase in our costs of sales and decrease in our inventories level driven by the completion of several major projects as mentioned above.
Financial Information · 第 230 页
We regularly assessed the net realizable value of our inventories and on-hand orders at each reporting date, based on estimated selling prices and expected costs for completion and disposal.
Our inventories increased by 10.2% from RMB102.4 million as of December 31, 2024 to RMB112.8 million as of September 30, 2025, mainly due to an increase in work in progress, primarily attributable to our strategic build-up of SZ-A in anticipation of future sales growth of Sangbo'en, in order to reduce unit cost of SZ-A.
Financial Information · 第 243 页
As of January 31, 2026, approximately RMB32.2 million, or 28.5% of our total inventories as of September 30, 2025, had been subsequently utilized or sold.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
合同履约成本规模较大且账龄上升
Our inventories and contract costs increased by 9.7% from RMB115.8 million as of December 31, 2022 to RMB127.0 million as of December 31, 2023, primarily due to an increase in our contract fulfilment cost, mainly as a result of the increase in the number of customers of Atlas graph solutions and Atlas AI agent.
Financial Information · 第 381 页
Our inventories and contract costs increased by 61.6% from RMB74.7 million as of December 31, 2024 to RMB120.7 million as of September 30, 2025, primarily because we had relatively high level of contract fulfillment costs as of the end of the third quarter each year because our customers generally conducted inspections upon project completion and confirmed their acceptance in the second half of the year, particularly in the fourth quarter each year, which is in line with industry norm according to Frost & Sullivan.
Financial Information · 第 382 页
Our inventories and contract costs aged 3 years or above increased from RMB0.1 million as of December 31, 2022 to RMB2.8 million as of December 31, 2023, and further increased to RMB3.9 million as of December 31, 2024, primarily due to the extended implementation of certain projects, certain of which were fulfilled in 2025 and thus our inventories and contract costs decreased from RMB3.9 million as of December 31, 2024 to RMB2.9 million as of September 30, 2025.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
存货账龄逾三年及减值拨备
Inventories aged over three years increased from RMB2.7 million as of December 31, 2022 to RMB7.4 million as of December 31, 2023 and from RMB3.3 million as of December 31, 2024 to RMB4.3 million as of June 30, 2025, primarily due to certain projects experiencing delayed acceptance from customers due to their internal approval processes, project complexity and/or their financial constraints.
Financial Information · 第 320 页
Our provision for impairment of inventories amounted to RMB1.4 million, RMB2.5 million, RMB2.9 million and RMB3.1 million as of December 31, 2022, 2023 and 2024 and as of June 30, 2025, respectively.
Financial Information · 第 320 页
We implement a project-based procurement strategy where hardware and software are purchased based on specific project requirements and contractual milestones.