存货规模大幅上升

Our inventory increased from RMB73.1 million as of December 31, 2023 to RMB114.8 million as of December 31, 2024, and further increased to RMB161.3 million as of December 31, 2025, as we strategically increased our inventory levels to meet the rising market demand and growing order volume from our major customers.

(ii) as of December 31, 2025, RMB106.0 million, or 92.3% of inventories as of December 31, 2024, had been used, consumed or sold

Our inventory turnover days increased from 160.8 days in 2024 to 188.4 days in 2025, primarily because we proactively increased our inventory level in anticipation of increased market demand and future sales growth.

From December 31, 2024 to December 31, 2025, our inventories increased significantly to RMB1,668.2 million, primarily due to (i) an increase of RMB388.3 million in finished goods, as a result of stock-up ahead of delivery cycle in 2025, (ii) an increase of RMB78.9 million in raw materials, in order to meet growing demand for our products, and (iii) an increase of RMB42.7 million in work-in-progress, from RMB198.2 million to RMB240.9 million, primarily driven by an increase in demand for our products.

Our inventory turnover days increased from 221 days in 2024 to 237 days in 2025, primarily due to proactive inventory build-up undertaken in response to changes in tariff policies, resulting in higher levels of raw materials, work-in-progress and finished goods during the period.

As of April 30, 2026, RMB679.1 million, or 40.7%, of our inventories as of December 31, 2025 had been sold or utilized.

Our inventories increased from RMB21.6 million as of December 31, 2023 to RMB159.7 million as of December 31, 2024, primarily reflecting an increase in construction materials and consumables for energy management projects, primarily because we entered into a number of new contracts in the fourth quarter of 2024 and made respective procurement and the customers accepted the equipment in 2025, while the procurement and acceptance of contract in 2023 were conducted in 2023, partially offset by a decrease in the sales of temperature control products and ICT equipment, mainly attributable to our overall strategy of maintaining a cautious approach to this business.

Our average inventory turnover days increased from 14 days in 2023 to 39 days in 2024, primarily because we entered into a number of new contracts in the fourth quarter of 2024 and made respective procurement, and the customers accepted the equipment in 2025, while the procurement and acceptance of contracts in 2023 were both conducted in 2023.

As of April 30, 2026, approximately RMB14.2 million, or 53.1%, of our inventories as of December 31, 2025 had been sold or utilized.

Our inventories increased by 33.4% from RMB31.5 billion as of December 31, 2024 to RMB42.0 billion as of December 31, 2025, primarily driven by business growth, which led to higher levels of raw materials, finished goods and work in progress, including increased procurement of raw materials to meet customer orders.

Our inventory turnover days decreased from 59 days in 2023 to 46 days in 2024, mainly due to our improved inventory management and adjustment of customers’ stocking pattern.

As of April 30, 2026, RMB37.0 billion, or approximately 85.3% of our inventories as of December 31, 2025 had been utilized or sold.

RMB389.1 million as of December 31, 2024, and further increased by 49.1% to RMB580.0 million as of December 31, 2025, primarily attributable to increases in raw materials, work in progress and finished goods to support our increased production and sales volume in line with our business growth.

Our inventory turnover days increased from 131.2 days in 2024 to 142.5 days in 2025, primarily due to our strategic inventory buildup in anticipation of raw material price fluctuations.

Based on the above considerations, our Directors are of the view that there was no material impairment issue for our inventories and that sufficient provision had been made at the end of each reporting period during the Track Record Period.

Our inventories increased from USD20.3 million as of December 31, 2023 to USD43.3 million as of December 31, 2024, primarily due to increased stockpiling of finished goods, particularly pharmaceutical products.

Our inventory turnover days increased from 45 days in 2023 to 88 days in 2024, primarily due to increased stockpiling of finished goods, particularly pharmaceutical products following COVID.

As of April 30, 2026, USD27.3 million, or 81.8% of our inventories as of December 31, 2025 had been used or consumed subsequent to December 31, 2025.

Our inventories increased to RMB195.2 million as of December 31, 2025, primarily due to (1) the increase in our raw materials and consumables, mainly driven by the expanded variety and scale of raw material procurement driven by business growth, product diversification, as well as advance procurement of raw materials to meet production demands, and (2) the increase in our working in progress and finished goods, as we stocked up relevant inventories in light of the increase in demand of our products and projected sales.

In 2023, 2024 and 2025, we recorded write-down of inventories of RMB14.5 million, RMB8.2 million and RMB6.3 million, respectively.

As of December 31, 2023, 2024 and 2025, the write-down provision of inventories was RMB49.3 million, RMB51.9 million and RMB56.3 million, respectively, representing 33.2%, 37.5% and 22.4% of cost of inventories as of the same dates, respectively.

As of December 31, 2023, 2024 and 2025, our inventories were RMB231.8 million, RMB320.9 million and RMB525.3 million, respectively.

Our inventories increased from RMB320.9 million as of December 31, 2024 to RMB525.3 million as of December 31, 2025, which was mainly due to the increase in raw materials and finished goods, as we increased inventory levels in line with our revenue growth to meet the demands of our growing business.

This reflected a significant increase in overall inventory scale and showing that the changes in provision for impairment was normal and aligned with our strategy for business expansion rather than a deterioration in inventory quality.

Our inventories increased significantly during the Track Record Period, from RMB365.9 million as of December 31, 2023 to RMB539.7 million as of December 31, 2024, and further to RMB961.7 million as of December 31, 2025.

To mitigate the impact of such supply shortages, we strategically maintain appropriate inventory levels of key raw materials.

Inventories turnover days(1) | 262 | 242 | 289

Our inventories increased by 59.6% from RMB46.8 million as of December 31, 2023 to RMB74.7 million as of December 31, 2024, primarily attributable to an increase of RMB30.3 million in finished goods as a result of our increased procurement of certain popular infant formula based on our deepened collaboration with upstream vendors, which was generally in line with the increased scale of our self-operated business.

Having considered (i) the net realizable value of our inventories; (ii) demand and ongoing sales noted for our inventories; (iii) the aging of our inventories during the Track Record Period which are basically within one year; and (iv) our continuous efforts in supply chain management, we believe we have made sufficient impairment provision for inventories during the Track Record Period and there is no material risk that our existing inventories cannot be recovered or will become obsolete.

As of April 30, 2026, approximately RMB41.3 million, or 74.1% of our inventories as of December 31, 2025 had been utilized or sold.

Our inventories increased to RMB128.0 million as of December 31, 2025, primarily due to the stocking of smart hardware in line with customer orders, as well as our increased reserves of operating materials for several new large-scale projects launched during the year.

Our inventory turnover days increased from 6.7 days in 2023 to 11.9 days in 2024, and further increased to 25.7 days in 2025 primarily due to our decision to store additional raw materials to support the stable performance of contracts amid significant business expansion.

As of April 30, 2026, RMB102.2 million of inventories, accounting for 78.3% of inventories as of December 31, 2025, had been subsequently utilized.

These increases were primarily due to the commencement of the commercial sales of our metal 3D printing equipment, resulting in the increased production and inventory stocking for relevant metal printing products.

Our inventory turnover days decreased from 98.9 days in 2023 to 86.6 days in 2024, and further to 84.2 days in 2025, primarily due to enhanced procurement planning and efficient supply chain management, including procurement based on monthly production scheduling, staggered supplier deliveries, supplier-managed inventory arrangements where appropriate, and just-in-time procurement for certain high-value core materials, such as sheet metal parts, lasers and industrial computers, which helped ensure timely component availability for production while reducing excess inventory buildup.

As of April 30, 2026, RMB32.5 million, or approximately 32.3%, of our inventories as of December 31, 2025 had been sold or utilized.

Our inventories increased from RMB34.5 million as of December 31, 2023 to RMB103.7 million as of December 31, 2024

This increase was partially offset by an increase in provision of RMB37.5 million primarily due to our recognition of impairment provisions for trivalent split influenza vaccine and human rabies vaccine (Vero cell).

Our inventories increased from RMB103.7 million as of December 31, 2024 to RMB115.4 million as of December 31, 2025, primarily due to a decrease in provisions of RMB33.4 million

Our inventories and other contract costs increased from RMB1,917.7 million as of December 31, 2023 to RMB2,416.0 million as of December 31, 2024, and further increased to RMB2,774.7 million as of December 31, 2025, in line with the expansion of our business scale across multiple segments.

Our inventories and other contract costs turnover days were 137 days, 129 days and 129 days in 2023, 2024 and 2025.

The decrease during the Track Record Period was primarily due to optimization of our inventory management.

Our inventories and contract costs increased from RMB70.9 million as of December 31, 2024 to RMB89.4 million as of December 31, 2025, primarily attributable to (i) an increase of RMB5.7 million in raw materials; (ii) an increase of RMB9.0 million in work in progress and (iii) an increase of RMB9.5 million in contract cost, as we built up inventory at the end 2025 to address expected increasing demand in the foreseeable future, partially offset by a decrease of RMB5.7 million in finished goods as a result of increased sales volume realized during the fourth quarter of 2025.

Our inventory turnover days decreased from 60 days in 2023 to 40 days in 2024, and further decreased to 32 days in 2025, primarily because we strengthened our inventory management through adoption of a sale-based production strategy to keep an appropriate inventory level.

As of April 30, 2026, RMB67.2 million, or 75.3% of our gross inventories (before provision) as of December 31, 2025 had been subsequently consumed or sold.

Subsequently, our inventory balance increased to HK$80.5 million as of December 31, 2025 primarily due to the increased on our finished goods and work-in-progress.

Our inventory turnover days increased to 100 days as of December 31, 2025, primarily due to higher inventory levels held at year end in preparation for scheduled shipments in early 2026.

As of April 30, 2026, approximately HK$68.9 million, or 85.6% of our inventories as of December 31, 2025 had been subsequently utilized.

Our inventories increased by 23.3% to RMB180.7 million as of December 31, 2024, primarily due to the growth of our business and the Kyowa Kirin China Acquisition in September 2024, and further increased by 67.2% to RMB302.0 million as of December 31, 2025, primarily reflecting the growth and expansion of our business.

Inventory turnover days decreased from 228 days in 2023 and 239 days in 2024 to 137 days.

As of April 30, 2026, approximately RMB122.4 million or 40.5% of the outstanding inventories had been subsequently sold. We have made adequate provision for inventory write-downs in accordance with its impairment policy. Our Directors are of the view that there is no impairment issue for inventories.

Our inventories increased from RMB45.6 million as of December 31, 2023 to RMB76.3 million as of December 31, 2024, primarily due to the build-up of inventory in anticipation of anticipated shipments in 2025 in line with our expanded operations and growing demand for our solutions.

Our inventory turnover days, calculated as the average of the beginning and ending balance of inventories for the year divided by the cost of sales for that year and multiplied by 365 days, amounted to 79 days, 95 days and 76 days in 2023, 2024 and 2025, respectively.

As of April 30, 2026, RMB38.3 million, or 85.2%, of our inventories as of December 31, 2025 had been subsequently consumed.

Our inventories increased from RMB2,411.3 million as of December 31, 2023 to RMB3,233.6 million as of December 31, 2024, and subsequently increased to RMB4,997.1 million as of December 31, 2025, primarily ascribed to an increase of finished goods from RMB2,529.5 million as of December 31, 2023 to RMB3,321.3 million as of December 31, 2024, and further increased to RMB5,306.3 million as of December 31, 2025, mainly due to our strategic stocking of finished goods in response to the business growth and in anticipation of future sales demand.

Our inventory turnover days increased to 87.7 days in 2025, primarily due to our strategic inventory buildup in support of business growth and supply chain planning.

We recorded write-down of inventories of RMB141.6 million, RMB124.1 million, and RMB365.0 million as of December 31, 2023, 2024 and 2025.

Our inventory increased by 128.2% from RMB63.4 million as of December 31, 2024 to RMB144.7 million as of December 31, 2025, primarily due to (i) an increase in finished goods, as we maintained a relatively higher inventory level of finished goods in response to the significant increase in sales of our CNT slurry products, and (ii) an increase in raw material, driven by an increase in our procurement of gases, catalysts and solvents, which was also in line with the increase in sales of our CNT slurry products.

Our inventory turnover days decreased from 127 days in 2023 to 106 days in 2024, and further decreased to 61 days in 2025, primarily due to (i) our improved inventory management and operational efficiency with increased customer demand and large-scale product shipments; and (ii) the increase in the proportion of our sales of CNT slurry, which is subject to more stringent inventory management and typically has shorter production cycles.

As of April 30, 2026, RMB145.1 million, or 90.6%, of our inventories as of December 31, 2025 had been sold or utilized.