Our inventories increased significantly from RMB24.1 million as of December 31, 2025 to RMB55.1 million as of June 30, 2026, primarily attributable to an increase in raw materials, as we strategically built up inventory during periods of relatively favorable prices to mitigate the impact of anticipated raw material price increases; this increase was partially offset by a decrease in goods in transit, as certain customers accelerated product acceptance and settlement processes to secure available supply and lock in lower prices amid expectations of rising hardware component costs.
Financial Information · 第 246 页
Specifically, we adopt a series of inventory management measures that contributed to the decrease in our inventory level during the Track Record Period, including (i) enhanced collection supervision through stricter performance assessments for distributors, with caps on the volume and value of overdue orders and the potential reduction or termination of cooperation upon breach of such thresholds; (ii) inventory policy to maintain lower stock levels, primarily in response to frequent changes in hardware specifications resulting from ongoing technology architecture iterations; and (iii) rolling demand forecasting, under which we maintain frequent communication with suppliers on delivery schedules and pricing trends and coordinate internally between sales and operations to improve inventory turnover efficiency.
Financial Information · 第 247 页
As of July 31, 2026, approximately RMB3.7 million, or 6.6% of our inventories as of June 30, 2026 had been utilized or sold.
Our inventories further increased by 48.8% to RMB1,807.3 million as of June 30, 2026, primarily due to an increase in raw materials and finished goods as we increased procurement and production activities to support the substantial growth in sales and meet expected customer demand, as well as the increase in raw material prices during the period, which further increased the carrying amount of our inventories.
Financial Information · 第 230 页
As of June 30, 2026, our provision for inventory allowances amounted to RMB12.8 million, remaining broadly stable in absolute terms as compared with December 31, 2025 and decreasing as a proportion of our gross inventories from 1.1% to 0.7%, which primarily reflected the continued stabilisation and recovery in the market prices of our principal products.
Financial Information · 第 231 页
As of July 31, 2026, RMB952.8 million, or 52.4% of inventories as of June 30, 2026, had been used, consumed or sold subsequent to June 30, 2026.
Our inventories increased by 24.0% from RMB995.9 million as of December 31, 2023 to RMB1,234.6 million as of December 31, 2024, and further increased by 62.0% to RMB2,000.5 million as of December 31, 2025, primarily due to our proactive increase of stock levels for new product launches and surging sales across key categories.
Financial Information · 第 226 页
As of December 31, 2023, 2024 and 2025 and June 30, 2026, the aging profile of our inventories remained healthy, with 94.0%, 93.2%, 95.4% and 92.4% of total inventories aged within six months, respectively.
Financial Information · 第 227 页
We believe we have made sufficient inventory provision during the Track Record Period, given that our inventory impairment policy remained consistent and there were no significant market fluctuations throughout the period.
浙江荣泰电工器材股份有限公司Zhejiang Rongtai Electric Material Co., Ltd.
存货由1.71亿元增至4.43亿元且周转天数上升
As of December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, our inventories were RMB171.0 million, RMB251.1 million, RMB378.4 million and RMB443.0 million, respectively.
Financial Information · 第 202 页
Our inventory turnover days increased from 100 days in 2024 to 125 days in 2025, primarily due to (i) an increase in inventory levels to support our revenue growth and (ii) our acquisition of Dizi Precision, whose inventory turnover cycle is relatively longer, mainly as a result of its business model and operating characteristics.
Financial Information · 第 225 页
We recorded impairment losses on inventories of RMB10.3 million, RMB23.8 million, RMB15.5 million and RMB17.5 million in 2023, 2024, 2025 and June 30, 2026, respectively, which we consider adequate based on our assessment.
As of December 31, 2025, the value of finished goods surged to RMB101.0 million, primarily due to a buildup of unsold stock for chips such as the EC716S, EC718, and EC618 to meet growing customer demand.
Financial Information · 第 240 页
As of December 31, 2025, raw material inventory increased to RMB55.1 million, driven by production expansion in response to rising market demand, particularly for new products.
Financial Information · 第 239 页
As of June 30, 2026, the value of finished goods decreased to RMB47.7 million, primarily due to the fulfillment of customer orders.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
存货由3,030万元大幅增至2.811亿元
Our inventories increased significantly from RMB53.7 million as of December 31, 2024 to RMB177.0 million as of December 31, 2025, primarily due to (i) an increase in raw material prices, and (ii) higher levels of raw material inventory maintained in anticipation of increased market demand.
Financial Information · 第 239 页
Our inventories increased by 58.8% from RMB177.0 million as of December 31, 2025 to RMB281.1 million as of June 30, 2026, primarily due to (i) the increase in raw materials in response to rising market demand for our products; and (ii) the increase in finished goods to meet growing market demand.
Financial Information · 第 239 页
Our inventory turnover days remained relatively stable at 20 days and 18 days in 2023 and 2024.
Our inventory turnover days were 44 days, 53 days, 72 days and 240 days in 2023, 2024, 2025 and the six months ended June 30, 2026.
Financial Information · 第 245 页
We place strong emphasis on inventory management and continuously optimize our inventory structure and turnover efficiency through measures including whole-cycle project management, dynamic monitoring of inventory aging, targeted clearance of long-aged inventory, source control over customers and contracts, and prudent impairment provisioning.
Financial Information · 第 245 页
In particular, long-aged inventory items with a gross carrying amount of RMB7.4 million as of December 31, 2023, which were identified to be obsolete, were fully written down to their net realisable value, and the provision in respect of such items remained unchanged as of December 31, 2024, 2025, and June 30, 2026.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
存货大幅上升且周转天数延长
Our inventories increased from RMB483.8 million as of December 31, 2023 to RMB734.0 million as of December 31, 2024, to RMB957.8 million as of December 31, 2025, and further to RMB998.9 million as of June 30, 2026 primarily as we actively scaled up our inventory in response to our expanded production scale, growing sales orders, expanded product lines and work in progress.
Financial Information · 第 247 页
Our inventories turnover days increased from 54.0 days in 2023, to 59.6 days in 2024, to 70.9 days in 2025, primarily due to we stocked more finished goods in anticipation of the scaling up of our sale.
Financial Information · 第 248 页
As of July 31, 2026, RMB474.4 million, or 45.8% of our inventories as of December 31, 2025 had been used, consumed or sold.
Our inventories further increased to RMB58.1 million as of December 31, 2025, which is mainly due to an increase of RMB16.3 million in goods in transit primarily reflecting a higher volume of goods delivered but not yet accepted.
Financial Information · 第 211 页
Our inventories increased from RMB58.1 million as of December 31, 2025 to RMB61.3 million as of June 30, 2026, primarily attributable to an increase in raw materials.
Financial Information · 第 211 页
Our inventory turnover days decreased to 53 days for the year ended December 31, 2025 and further decreased to 46 days for the six months ended June 30, 2026, primarily driven by both increased market demand for our products and our continuous efforts in inventory management.
Our inventories further increased to RMB97.7 million as of May 31, 2026, primarily due to an increase in finished goods and raw materials, driven by (i) our strategic expansion into overseas markets, which resulted in an increase in overseas inventories, and (ii) the "618" Shopping Festival in 2026 in China.
Financial Information · 第 230 页
Our inventory turnover days decreased from 54 days in 2023 to 45 days in 2024 and 44 days in 2025, and remained relatively stable at 42 days for the five months ended May 31, 2026.
Financial Information · 第 231 页
As of June 25, 2026, approximately RMB21.7 million, or 21.3% of our inventories outstanding as of May 31, 2026, had been subsequently sold or utilized.
Our inventories increased by 21.3% from RMB58.4 million as of December 31, 2023 to RMB70.8 million as of December 31, 2024, primarily due to increased raw materials driven by the increased stocking of raw materials in anticipation of the mass production of high-speed SCARA robots and high-payload cobots.
Financial Information · 第 243 页
Our inventory turnover days decreased from 249 days in 2023 to 226 days in 2024 to 118 days in 2025 and further to 88 days in the six months ended June 30, 2026, primarily due to the improved inventory management efficiency, including regular monitoring of inventory age, clearing of aged inventory and enhanced efforts by local sales teams to shorten product delivery and acceptance cycle.
Financial Information · 第 244 页
We have implemented inventory management measures to mitigate inventory impairment risks, including preparing more granular sales forecasts, conducting regular inventory reviews and assessments, strengthening the review of contractual arrangements with customers and distributors and maintaining ongoing communication with customers and distributors.
Our inventories increased from RMB1,324.9 million as of December 31, 2023 to RMB2,798.4 million as of December 31, 2024, to RMB3,628.7 million as of December 31, 2025, and further increased to RMB5,112.1 million as of March 31, 2026, driven by the expansion of our production and operating scale, which required higher inventory levels to support our business expansion, together with the deepening of our vertically integrated operation, which involved additional production and stocking processes across our supply chain.
Financial Information · 第 177 页
Our inventory turnover days remained relatively stable at 30 days, 36 days, 37 days and 31 days in 2023, 2024 and 2025 and for the three months ended March 31, 2026, respectively, primarily reflecting our effective inventory management while expanding our production scale and deepening our vertically integrated operation.
Our inventories increased from RMB2,672.0 million as of December 31, 2024 to RMB2,974.6 million as of December 31, 2025, primarily due to (i) an increase in raw material from RMB1,239.5 million to RMB1,455.0 million and (ii) an increase in work in progress from RMB863.2 million to RMB960.8 million, partially offset by a decrease in finished goods from RMB818.1 million to RMB762.9 million.
Financial Information · 第 230 页
While this approach enhanced supply assurance, it also, to a certain extent, resulted in elevated inventory levels during periods when actual demand lagged planning assumptions.
Financial Information · 第 230 页
We recorded reversal of inventories of RMB98.8 million, RMB31.9 million, RMB48.0 million and write-downs of RMB0.0 million in 2023, 2024 and 2025 and the three months ended March 31, 2026, respectively.
Our inventories increased from RMB148.3 million as of December 31, 2024 to RMB183.2 million as of December 31, 2025, primarily due to pre-stocking of our small appliances products and other new product categories to meet expected sales increase.
Financial Information · 第 252 页
Our inventories further increased to RMB203.4 million as of June 30, 2026, primarily due to higher inventory levels maintained to support the rapid growth in product sales and the stocking of new products in anticipation of increased market demand.
Financial Information · 第 252 页
Our inventory turnover days increased from 55 days as of December 31, 2023 to 65 days as of December 31, 2024 and further to 79 days as of December 31, 2025, primarily due to the stocking up of small appliances and home furnishings & building materials to meet increasing sales demand, which have longer turnover days to satisfy more stringent certification requirements, as compared with most 3C accessories products.
Our inventory increased by RMB72.0 million, or 64.9%, from RMB110.9 million as of December 31, 2023 to RMB182.9 million as of December 31, 2024, primarily due to the increased inventory level of raw materials, as we maintained additional stock in preparation for the commencement of commercial-scale production or in support of critical stages of our R&D activities.
Financial Information · 第 224 页
Our inventory turnover days increased from 213 days in 2023 to 521 days in 2024, primarily due to our strategic stock preparation in anticipation of the commercialization of Zepuning.
Financial Information · 第 226 页
Following the commercialization of our products, we adopt a make-to-order production model under which production volumes are aligned with sales demand, and we generally maintain only the level of finished goods necessary to ensure stable supply.
Our inventories increased by 41.1% from RMB11,441.3 million as of December 31, 2023 to RMB16,149.0 million as of December 31, 2024, increased by 13.1% to RMB18,262.4 million as of December 31, 2025, and further increased by 14.8% to RMB20,962.9 million as of May 31, 2026, primarily due to (i) the increase in finished goods in line with the expansion of our business scale, and (ii) our strategic stock-up of finished goods as part of the profit-driven basis trading.
Financial Information · 第 179 页
Although the inventory level of commodities without sales contracts during the Track Record Period was relatively high, we generally utilized derivative financial instruments to hedge price fluctuation risks associated with such inventories and manage the price exposure.
Financial Information · 第 180 页
Our inventory turnover days increased from 16 days in 2023 to 19 days in 2024, increased to 23 days in 2025, and further increased to 27 days in the five months ended May 31, 2026, primarily due to the increases in our inventory balances in line with our business expansion.
Our inventories increased from RMB339.2 million as of December 31, 2024 to RMB379.7 million as of December 31, 2025, primarily due to an increase of RMB269.7 million in finished goods in relation to certain projects that had not yet reached customer acceptance as of December 31, 2025, including, but not limited to, project deployments for both domestic and overseas markets, as well as an original planned project deployment in Songming, the products of which worth RMB172.1 million were finished but not expected to be further pursued after friendly negotiation with the customer.
Financial Information · 第 235 页
We expect to re-purpose the existing finished goods of this project for other similar projects, partially offset by a decrease of RMB224.1 million in raw materials, primarily because a significant amount of raw materials had been utilized as part of our finished goods in 2025.
Financial Information · 第 235 页
As of June 30, 2026, approximately RMB262.9 million, or 43.3%, of our inventories as of April 30, 2026 had been sold or utilized.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
2025年末存货增至9.49亿元
Our inventories increased from RMB395.4 million as of December 31, 2024 to RMB949.0 million as of December 31, 2025, primarily due to an increase in work in progress of RMB585.2 million as a result of a significant increase of the orders to be fulfilled in line with our further business growth.
Financial Information · 第 248 页
We seek to maintain strict control over inventory turnover days through close monitoring of shipping schedules and procurement and production planning aligned with vessel schedules.
Financial Information · 第 248 页
As our inventories as of each year or period end during the Track Record Period were mainly aged within one year, we consider that there was no material impairment issue in respect of inventories.
The increase in our inventory levels reflects the growth of our sales and the ability to support higher production volumes, ensuring we can meet customer demand.
Financial Information · 第 225 页
We perform regular assessments to ensure that our inventories are recorded at the lower of cost and net realizable value.
Our inventories increased by 69.3% from RMB2,261.3 million as of December 31, 2023 to RMB3,827.3 million as of December 31, 2024, primarily due to the increased orders for camera modules.
Financial Information · 第 235 页
Our inventories increased by 21.0% from RMB3,318.8 million as of December 31, 2025 to RMB4,015.5 million as of May 31, 2026, primarily due to increased orders from customers.
Financial Information · 第 235 页
As of June 30, 2026, RMB2,670.6 million, or approximately 63.3% of our inventories as of May 31, 2026 had been utilized or sold.