无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
2025年末存货大增128.2%至1.447亿元
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.
Financial Information · 第 185 页
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.
Financial Information · 第 185 页
As of April 30, 2026, RMB145.1 million, or 90.6%, of our inventories as of December 31, 2025 had been sold or utilized.
Our inventories decreased by 19.1% from RMB105.0 million as of December 31, 2023 to RMB85.0 million as of December 31, 2024, primarily due to the decrease in raw materials and work in progress, which was consistent with our sales volume trend.
Financial Information · 第 222 页
RMB120.5 million as of December 31, 2025, primarily due to the expansion of sales scale.
Financial Information · 第 222 页
Our inventory turnover days decreased significantly from 172 days for the year ended December 31, 2023 to 140 days for the year ended December 31, 2025, primarily due to (i) the optimization of finished goods delivery cycles within our supply chain; and (ii) decreased sales of Third-Party Brand Products to domestic automobile manufacturers, which enhanced our inventory turnover.
Our inventories and other contract costs increased by 9.2% from RMB2,832.0 million as of December 31, 2024 to RMB3,093.9 million as of December 31, 2025, primarily due to an increase in finished goods, mainly because we stocked up our inventory at year-end in anticipation of the increase in market demand for our products.
Financial Information · 第 233 页
Our inventories and other contract costs turnover days decreased from 86.5 days as of December 31, 2023 to 79.9 days as of December 31, 2024, primarily due to (i) an increase in sales volume of our products; and (ii) our increasing efforts to improve our inventory management capabilities.
Financial Information · 第 234 页
As of April 30, 2026, approximately RMB1,858.2 million, or 58.4% of our inventories and other contract costs as of December 31, 2025 had been utilized or sold. During the Track Record Period and up to the Latest Practicable Date, we do not have major recoverability issue for inventories and other contract costs and we have made sufficient write-down of inventories and other contract costs.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
存货倍增且周转天数由72天升至136天
The significant increase in inventory turnover days from 72 days in 2024 to 136 days in 2025 was primarily due to the substantial build-up of inventories, in particular finished goods and raw materials.
Financial Information · 第 245 页
As of April 30, 2026, RMB4.3 million, or approximately 10.5%, of our inventories as of December 31, 2025 had been utilized or sold.
Financial Information · 第 246 页
As of December 31, 2025, we recorded write-down of inventories amounting to RMB22,000 in relation to our raw materials, where the net realizable value is assessed to be lower than cost.
Our inventories increased by 17.0% from RMB74.3 million as of December 31, 2023 to RMB86.9 million as of December 31, 2024, and further increased by 28.3% to RMB111.5 million as of December 31, 2025
Financial Information · 第 233 页
Our inventory turnover days decreased from 376 days in 2023 to 355 days in 2024, and further decreased to 184 days in 2025
Financial Information · 第 233 页
Notwithstanding the above, our inventory turnover days remained relatively long during the Track Record Period, primarily due to (1) our vertically integrated production model, which necessitates holding inventory across multiple stages of the production process; and (2) our wide range of product specifications and certain customized product offerings, which require us to maintain safety stock and work-in-process inventory to meet diverse customer requirements in a timely manner.
Our inventories increased significantly from RMB256.5 million as of December 31, 2023 to RMB693.2 million as of December 31, 2024, primarily because we stocked up based on our strong sales projection.
Financial Information · 第 225 页
In 2023, 2024 and 2025, our inventory turnover days were 242.0 days, 295.1 days, and 308.6 days, respectively.
Financial Information · 第 225 页
In view of the foregoing, we recorded provision of impairment for inventories of RMB30.3 million, RMB46.7 million and RMB72.0 million as of December 31, 2023, 2024 and 2025, respectively.
Our inventory increased from RMB126.3 million as of December 31, 2023 to RMB324.6 million as of December 31, 2024, and further increased from RMB324.6 million as of December 31, 2024 to RMB617.0 million as of December 31, 2025, primary attributable to our continued increase of finished goods which was generally in line with our business expansion and the increase in our sales volume and in anticipation of the growing customer demand for our products.
Financial Information · 第 231 页
Our inventory turnover days increased from 141.3 days in 2024 to 180.8 days in 2025, primarily due to an increase in finished goods as we built up inventory to meet anticipated demand from key customers.
Financial Information · 第 232 页
As of May 31, 2026, RMB534.6 million, or 81.4%, of our inventories as of December 31, 2025 had been sold or utilized.
Our inventories increased by 77.3% from RMB224.8 million as of December 31, 2023 to RMB398.7 million as of December 31, 2024.
Financial Information · 第 224 页
Our inventory turnover days further increased from 98.8 days in 2024 to 122.7 days in 2025, primarily due to our strategic inventory preparation to support the commercial rollout of approved drugs.
Financial Information · 第 225 页
We recorded higher impairment of inventories in 2023, primarily related to the unfavorable inventory write-offs of our excess and obsolete mRNA COVID-19 vaccine stock.
Our inventories increased significantly from RMB116.9 million as of December 31, 2023 to RMB196.9 million as of December 31, 2024.
Financial Information · 第 185 页
The significant increase in inventories aged over one year as of December 31, 2025 was primarily due to our strategic stock-up of certain raw materials during 2024 when the market price was favorable.
Financial Information · 第 186 页
Our inventory turnover days increased from 46 days in 2023 to 76 days in in 2024, primarily due to the build-up of inventories, including strategic stock-up of raw materials and higher finished goods prepared for the peak sales season during the Chinese New Year.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
存货规模较大，周转天数由276天降至139天
Our inventories increased from RMB288.8 million as of December 31, 2024 to RMB306.2 million as of December 31, 2025, primarily due to the increase in finished goods, mainly attributable to the steady growth in demand for high-performance MLCCs driven by applications such as AI servers, in response to which we maintained our inventory at a more appropriate level to support production scheduling and order fulfillment.
Financial Information · 第 189 页
Our inventory turnover days decreased from 276 days in 2023 to 173 days in 2024, and further decreased to 139 days in 2025, primarily due to (i) our ongoing destocking efforts, and (ii) sales growth outpacing the increase in inventory.
Financial Information · 第 190 页
As of April 30, 2026, RMB257.0 million, or 83.9% of our inventories as of December 31, 2025, had been used, consumed or sold.
Our inventories increased by 87.3% from RMB308.5 million as of December 31, 2023 to RMB577.8 million as of December 31, 2024, primarily due to a significant rise in work in progress and finished goods driven by a surge in orders in the fourth quarter of 2024, partially offset by a provision for impairment losses of RMB13.1 million, which was mainly attributable to certain inventories being written down to their net realizable value following product performance upgrades in 2024.
Financial Information · 第 237 页
Inventory turnover days increased from 227.5 days in 2023 to 262.9 days in 2024, primarily due to higher work in progress and finished goods driven by increased customer orders, which required us to maintain more products under production and more completed products to support production scheduling, timely delivery and customer acceptance arrangements.
Financial Information · 第 237 页
As of April 30, 2026, RMB448.8 million, or 58.2% of our inventories as of December 31, 2025, had been used, consumed or sold.
Our inventories increased from RMB5,859.2 million as of December 31, 2024 to RMB7,189.9 million as of December 31, 2025. This was mainly attributable to (i) the consolidation of newly acquired subsidiaries in 2025 and (ii) the growth in finished goods, which was primarily driven by our proactive stock build-up to meet expected sales growth.
Financial Information · 第 250 页
As of April 30, 2026, approximately RMB6,810.2 million, or 94.7% of our inventories as of December 31, 2025, had been subsequently sold or utilized.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
存货上升及一年以上账龄合约成本
During the Track Record Period, our inventories increased by 24.6% from RMB27.2 million as at December 31, 2023 to RMB33.9 million as at December 31, 2024, and further by 8.0% to RMB36.7 million as at December 31, 2025, primarily due to an increase in our contract fulfilment costs, as a result of the increase in the procurement costs for implementation of our ongoing projects following our business expansion in FY2024 and FY2025.
Financial Information · 第 223 页
Our inventories with more than 1 year increased from nil as at December 31, 2023 to RMB7.2 million as at December 31, 2024, primarily due to the longer implementation time for certain projects from Henan Chuangke yet to be completed as at December 31, 2024.
Financial Information · 第 223 页
Our inventories turnover days increased from 39.4 days in FY2023 to 63.6 days in FY2024, primarily due to the increase in our inventory level for certain projects from Henan Chuangke with relatively longer implementation cycle in FY2024 as compared to FY2023.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
存货增至5,560万元及减值拨备波动
Our inventories increased by 52.7% from RMB36.4 million as of December 31, 2024 to RMB55.6 million as of December 31, 2025, primarily due to an increase in purchased hardware and components, reflecting our advance procurement to meet anticipated business demands.
Financial Information · 第 237 页
Our provision for impairment losses on inventories increased from RMB2.7 million as of December 31, 2023 to RMB5.4 million as of December 31, 2024, primarily because our investment exceeded the estimated recoverable amount for certain projects, due to our efforts to polish and optimize product performance under novel scenarios.
Financial Information · 第 237 页
Our inventory turnover days decreased from 115 days in 2023 to 108 days in 2024 and further to 91 days in 2025, primarily due to our improved delivery turnaround and our accumulation and utilization of replicable modules.
Our relatively longer inventory turnover days were primarily attributable to (i) overseas sales representing the substantial majority of our revenue during the Track Record Period, which involved longer shipping cycles; and (ii) the integrated nature of our BESS solutions, which generally entails longer delivery cycles compared to standalone equipment.
Financial Information · 第 187 页
As of April 30, 2026, RMB184.4 million or 46.1% of the outstanding balance of our inventories as of December 31, 2025 had been recognized as costs of goods sold.
Financial Information · 第 188 页
We believe that sufficient provision has been made for our inventories considering the rapid growth of the sales of the products which made up a substantial part of our inventories balance as of April 30, 2026.
Our inventories further increased to RMB1,940.2 million as of December 31, 2025 mainly attributable to (i) an increase in raw materials from RMB311.3 million as of December 31, 2024 to RMB428.8 million as of December 31, 2025, primarily to support the growth in our sales volume in anticipation of rises in rare earth market prices, and (ii) increases in work in progress from RMB541.9 million as of December 31, 2024 to RMB797.3 million as of December 31, 2025, and in finished goods from RMB419.7 million as of December 31, 2024 to RMB554.3 million as of December 31, 2025, in line with the growth in our revenue scale.
Financial Information · 第 219 页
Our inventory turnover days increased to 133 days for the year ended December 31, 2025, primarily due to strategic increases in inventory, in anticipation of rare earth price increases and to support the growth of our product sales.
Financial Information · 第 220 页
As of April 30, 2026, approximately RMB1,676.2 million, or 82.7% of our inventories as of December 31, 2025 had been utilized or sold.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
存货增至7.624亿元且一年以上账龄上升
Our inventories increased by 30.5% to RMB518.1 million as at 31 December 2024, and further increased by 47.2% to RMB762.4 million as at 31 December 2025, primarily due to our expansion in production scale to meet customer demands.
Financial Information · 第 246 页
The increase in inventories aged over one year from RMB42.2 million as at 31 December 2024 to RMB141.0 million as at 31 December 2025 was primarily attributable to (i) the inventories associated with a customer that experienced deteriorating operating conditions in 2024, for which full impairment provision had been recognised in 2024; (ii) a slowdown in turnover of certain product models due to changes in end-market demand and customer product iteration cycles, with such inventories continuing to be consumed or sold in the ordinary course of business; and (iii) strategic forward procurement of raw materials to secure supply continuity and lock in favorable input costs ahead of anticipated production requirements.
Financial Information · 第 246 页
As at 31 December 2023, 2024 and 31 December 2025, our provision for impairment of inventories amounted to RMB43.1 million, RMB45.7 million and RMB65.2 million, respectively, primarily relating to inventories that are obsolete, slow-moving or no longer recoverable or suitable for use in production.
Our inventories were RMB1.9 million as of December 31, 2024 compared to RMB19.7 million as of December 31, 2025, primarily attributable to certain new projects with high contract values we undertook in early 2025 which caused a substantial increase in procurement of raw materials and work-in-progress before final acceptance by customers.
Financial Information · 第 230 页
Our inventory turnover days increased from 10 days in 2024 to 16 days in 2025, primarily due to the delivery cycles of certain new projects started in early 2025, which had not been delivered and accepted by customers by the end of 2025.
Financial Information · 第 231 页
As of April 30, 2026, RMB7.5 million, or 38.3% of our inventories as of December 31, 2025, had been consumed or sold.
Our inventories increased from RMB3,256.6 million as of December 31, 2023 to RMB4,077.1 million as of December 31, 2024, and further increased to RMB4,303.1 million as of December 31, 2025, primarily as a result of the rising contribution of our smart power distribution equipment and solutions during the Track Record Period, which generally carry a higher level of finished goods on hand given their longer delivery and acceptance cycles.
Financial Information · 第 215 页
During the Track Record Period, our write-down of inventories to net realizable value amounted to RMB2.0 million, RMB35.5 million and RMB77.4 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 215 页
Our inventory turnover days increased from 121 days in 2023 to 139 days in 2024, and further increased to 146 days for the year ended December 31, 2025, mainly due to the increase in finished goods driven by growing orders from our customers, particularly as the proportion of revenue from our smart power distribution segment, for which the relevant delivery, acceptance and revenue recognition cycles are typically longer, continued to increase.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
2025年末存货倍增至19.82亿元
Our inventories increased by 101.4% to RMB1,982.0 million as of December 31, 2025, primarily due to an increase in raw materials and work in progress resulting from the expansion of production capacity to meet strong customer demand.
Financial Information · 第 205 页
Our inventories turnover days remained relatively stable at 66 days in 2023, 65 days in 2024 and 66 days in 2025.
Financial Information · 第 206 页
As of April 30, 2026, RMB1,962.1 million, or 99.0% of inventories as of December 31, 2025, had been used, consumed or sold.