Our inventories increased from RMB189.5 million as of December 31, 2023 to RMB480.8 million as of December 31, 2024, and further to RMB2,143.3 million as of December 31, 2025, which was generally in line with our business expansion over time.
Financial Information · 第 236 页
In 2023, 2024 and 2025, our inventory turnover days were 858 days, 171 days and 105 days, respectively.
Financial Information · 第 236 页
As we only began commercial sales in May 2023, sales for that year did not span a full 12-month period.
Our inventories increased from RMB361.6 million as of December 31, 2024 to RMB570.5 million as of December 31, 2025, primarily due to our strategic storage of inventories in anticipation of further orders and delivery schedule, in line with our business expansion.
Financial Information · 第 229 页
Less: provision for impairment | (77,970) | (152,897) | (258,342)
Financial Information · 第 229 页
Our turnover days decreased from 339 days in 2023 to 314 days in 2024, and further to 205 days in 2025, primarily due to optimization of our operational efficiency with increased demand of our downstream customers.
Our inventories increased significantly from RMB343.9 million as of December 31, 2023 to RMB1,480.1 million as of December 31, 2024, primarily due to the commencement of large-scale projects, with certain goods in transit to customers and certain finished goods completed but not yet delivered.
Financial Information · 第 197 页
Our inventory turnover days increased from 79.4 days in 2023 to 132.3 days in 2024, primarily due to an increase in goods in transit.
Financial Information · 第 198 页
As of February 28, 2026, approximately RMB1,021.4 million or 64.1% of our inventories as of December 31, 2025 had been consumed.
Our inventories increased by 16.0% or RMB359.3 million from RMB2,243.7 million as at 31 December 2023 to RMB2,603.0 million as at 31 December 2024, which was mainly due to our preparation for the upcoming sales in Lunar New Year in 2025, which came earlier than in the preceding years and increase in gold price, and further increased by 65.3% or RMB1,698.6 million to RMB4,301.5 million as at 31 December 2025, as we stock up on our materials and products in anticipation of sales during 2026 Lunar New Year and Valentine’s day.
Financial Information · 第 237 页
Our average inventories turnover days were 186 days, 177 days and 173 days for FY2023, FY2024 and FY2025, respectively.
Financial Information · 第 237 页
We believe that there is no impairment issue for our inventory, considered that the period from 31 December 2025 to 28 February 2026 has 59 days, which represented 34.1% of our inventories turnover days for the year ended 31 December 2025.
Our inventories increased from RMB1,375.1 million as of December 31, 2023 to RMB2,324.2 million as of December 31, 2024, primarily due to our increased production capacity of our lithium compound products.
Financial Information · 第 186 页
Our inventory turnover days increased from 84 days in 2023 to 129 days in 2024, primarily due to higher finished goods balances for new energy lithium-ion battery materials at the end of 2024, as well as lower revenue in 2024 resulting from the decline in market prices for lithium compound products.
Financial Information · 第 187 页
As of February 28, 2026, RMB2,285.4 million, or approximately 99.6%, of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased from RMB70.2 million as of December 31, 2023 to RMB98.8 million as of December 31, 2024, primarily attributable to (i) an increase of RMB16.5 million in raw materials; and (ii) an increase of RMB11.9 million in work in progress, mainly because we adjusted our production plans and procured additional raw materials in anticipation of growth in product demand driven by the recovery of the semiconductor market.
Financial Information · 第 240 页
As of December 31, 2023, 2024 and 2025, our provision for inventories amounted to RMB14.1 million, RMB16.8 million and RMB21.1 million, respectively.
Financial Information · 第 240 页
As of February 28, 2026, approximately RMB48.3 million, or 46.0% of our inventories as of December 31, 2025 had been subsequently consumed or sold.
Our inventories increased by 100.1% from RMB8.6 million as of December 31, 2023 to RMB17.1 million as of December 31, 2024, and further increased by 94.1% to RMB33.2 million as of December 31, 2025. This increase was mainly due to our build-up of self-owned inventories for certain key products and maintain regular inventory reserves to support our operation.
Financial Information · 第 217 页
No impairment loss was recognized for inventories as of the end of each period.
Financial Information · 第 217 页
As of February 28, 2026, RMB9.5 million, or 28.7% of our inventories as of December 31, 2025 had been subsequently sold or utilized, primarily due to the business off-season around the Chinese New Year, resulting in a slower inventory turnover.
Our inventories and other contract costs increased by 44.6% from RMB349.4 million as of December 31, 2024 to RMB505.2 million as of December 31, 2025, primarily due to an increase in raw materials as we stored a secure supply of raw materials to meet the growing market demands of our products and rising prices of certain raw materials.
Financial Information · 第 236 页
Our inventory turnover days increased from 88 days in 2024 to 113 days in 2025, primarily due to (i) our strategic increase in inventory in response to the potential increase in customer demands and raw material price in 2025 and (ii) the impact from the Disposal of Ruiming Sciences, which has a lower inventory turnover days due to its electronic manufacturing business.
Financial Information · 第 237 页
As of February 28, 2026, RMB211.6 million, or 40.4%, of our inventories and other contract costs as of December 31, 2025 had been sold or utilized.
As of December 31, 2023, 2024 and 2025, our inventories were RMB274.5 million, RMB355.7 million and RMB469.5 million, respectively.
Financial Information · 第 163 页
During the Track Record Period, our goods in transit accounted for a relatively large portion of our inventories, primarily because our products are subject to a comparatively long acceptance testing period by our customers upon receiving the products.
Financial Information · 第 175 页
Our inventory turnover days decreased from 482.2 days in 2023 to 449.0 days in 2024, and further decreased to 348.9 days in 2025, primarily due to (i) the increased sales contribution from electrical testing solutions, the customer acceptance periods of which were generally shorter than optical inspection solutions due to the relatively straightforward acceptance testing process; and (ii) our proactive inventory management policies.
As a result, our inventory levels are primarily driven by project progress and customer delivery schedules and we generally maintain relatively limited finished goods inventories.
Financial Information · 第 178 页
Our inventories further increased to RMB498.0 million as of December 31, 2025, primarily due to a significant increase in work-in-progress from RMB360.7 million to RMB462.5 million, which was directly attributable to the substantial growth in our turnkey service business as the strong order backlog from 2024 was put into production, reflecting our efficient coordination with customers for the timely delivery of completed chip products.
Financial Information · 第 179 页
As of February 28, 2026, 34.0% of our total inventories as of December 31, 2025, or RMB168.1 million, were utilized or sold.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
存货持续增加及周转天数上升
Our inventories increased from RMB425.3 million as of December 31, 2023 to RMB603.4 million as of December 31, 2024, and further increased to RMB682.2 million as of December 31, 2025, primarily attributable to increases in raw material procurement and stocking to achieve higher production output of lithium-ion battery-related materials.
Financial Information · 第 162 页
Our inventories turnover days increased from 28.5 days in 2023 to 35.7 days in 2024, and further increased to 37.1 days in 2025, primarily because lithium-ion battery-related materials, which are the principal contributors to our revenue, generally have relatively longer turnover cycles.
Financial Information · 第 163 页
We recorded write-down of inventories of RMB32.6 million, RMB18.3 million and RMB8.3 million as of December 31, 2023, 2024 and 2025, respectively.
As of December 31, 2023, 2024 and 2025, our balance of inventories was RMB872.9 million, RMB1,161.8 million and RMB4,846.7 million, respectively.
Financial Information · 第 246 页
Our inventory turnover days increased from 111 days in 2024 to 248 days in 2025, primarily because that driven by the advancement of AI applications, we increased the procurement and inventory of raw materials and semi-finished products to meet our customers’ demand and respond to the market in a timely manner.
Financial Information · 第 247 页
As of February 28, 2026, RMB1,690.1 million or 34.9% of our inventories outstanding as of December 31, 2025, was subsequently utilized.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
存货持续上升，周转天数增至93天
Our inventory and contract costs turnover days were 64 days, 80 days and 93 days in 2023, 2024 and 2025, respectively. The increase in inventory and contract costs turnover days in 2024 was primarily due to the addition of inventories attributable to certain newly obtained projects, which accounted for a significant portion of the inventory balance at year end, with limited revenue contribution for the year due to its late-year commencement. The further increase in turnover days in 2025 was mainly attributable to the expansion of our overseas e-commerce brand operations, which resulted in higher year-end inventory levels.
Financial Information · 第 193 页
We recorded write-downs of inventories and contract costs of RMB4.8 million, RMB3.7 million and RMB6.7 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 193 页
As of January 31, 2026, RMB115.2 million, or 32.2%, of our inventories and contract costs as of December 31, 2025 had been subsequently sold, consumed or utilized.
Our inventories increased from RMB128.1 million as of December 31, 2023 to RMB227.4 million as of December 31, 2024, and RMB461.4 million as of December 31, 2025, mainly as a result of our business growth.
Financial Information · 第 247 页
Our inventory turnover days increased from 38.1 days for the year ended December 31, 2023 to 50.5 days for the year ended December 31, 2024, primarily due to stocking of inventories for overseas markets as we launched our globalization strategy in 2024.
Financial Information · 第 247 页
As of February 28, 2026, RMB262.6 million, or 56.9%, of our inventories as of December 31, 2025, had been sold.
Our inventories further increased to RMB4,716.8 million as of December 31, 2025, primarily attributable to (i) an increase of RMB400.8 million in finished goods and (ii) an increase of RMB222.8 million in work in progress which was in line with the increase in our revenue.
Financial Information · 第 203 页
Our inventory turnover days decreased from 77 days in 2023 to 62 days in 2024, primarily attributable to an increase in proportion of sales to NEV OEM customers, for which we manufacture per purchase orders, whereas we maintain safety stock for products sold to ICEV customers.
Financial Information · 第 204 页
As of January 31, 2026, RMB2,254.5 million, or approximately 47.8%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.
As of December 31, 2025, our inventory further increased to RMB110.1 million, primarily attributable to the consolidation of Agilebot's inventory following its acquisition, reflecting a higher level of raw materials and finished goods as we integrated Agilebot's in-house manufacturing base.
Financial Information · 第 221 页
Our inventories turnover days increased from 43 days in 2023 to 72 days in 2024.
Financial Information · 第 222 页
As of the Latest Practicable Date, approximately RMB42.6 million, or 38.7% of our inventories outstanding as of December 31, 2025, had been subsequently used.
Our inventories increased by 26.8% from RMB49.5 million as of December 31, 2023, to RMB62.7 million as of December 31, 2024, and further increased by 8.1% to RMB67.8 million as of December 31, 2025, generally in line with our revenue growth.
Financial Information · 第 224 页
Our inventory turnover days increased from 57 days to 63 days primarily due to the increase in raw materials from RMB10.4 million as of December 31, 2024 to RMB21.2 million as of December 31, 2025 for producing power inductors in order to capture market opportunities and meet anticipated customer demand.
Our inventories increased from RMB88.2 million as of December 31, 2023 to RMB183.0 million as of December 31, 2024, primarily due to an increase in finished goods from RMB2.5 million as of December 31, 2023 to RMB105.1 million as of December 31, 2024 as we continued to build up inventory in anticipation of deliveries to fulfill chip customization mandates.
Financial Information · 第 180 页
Our inventories decreased from RMB183.0 million as of December 31, 2024 to RMB95.5 million as of December 31, 2025, primarily due to a decrease in finished goods from RMB105.1 million as of December 31, 2024 to RMB46.1 million as of December 31, 2025, consistent with our delivery growth.
Financial Information · 第 180 页
We seek to maintain strict control over inventory turnover days through demand-driven production planning and enhanced inventory lifecycle management.
Our inventories increased from RMB44.6 million as of December 31, 2023 to RMB81.8 million as of December 31, 2024 and further to RMB117.6 million as of December 31, 2025, primarily due to the increased raw materials and finished goods balances, in anticipation of the rapidly rising demands for our products.
Financial Information · 第 167 页
Our inventory turnover days amounted to 54, 67, and 61 days in 2023, 2024 and 2025.
Financial Information · 第 168 页
As of February 28, 2026, approximately RMB72.2 million, or 61.4% of our inventories outstanding as of December 31, 2025, had been subsequently settled.