存货规模大幅上升

Our inventory increased significantly from RMB31.6 million as at 31 December 2024 to RMB80.2 million as at 31 December 2025, primarily due to the increase in our goods in transit by approximately RMB40.7 million from approximately RMB8.2 million as at 31 December 2024 to approximately RMB48.9 million as at 31 December 2025.

Our inventory turnover days decreased from 201 days in FY2023 to 44 days in FY2024, driven by the decrease of our inventory decreased from RMB56.0 million as at 31 December 2023 to RMB31.6 million as at 31 December 2024, primarily due to the decrease of goods in transit as at 31 December 2023, which was delivered to our customers during FY2024

Our directors are of the view that there is no impairment issue for the balance of our inventories as at 31 December 2025, because approximately RMB48.9 million, or 61.0% of our inventory as at 31 December 2025 were goods in transit.

Our inventories and other contract costs further decreased from RMB80.6 million as of December 31, 2023 to RMB72.1 million as of December 31, 2024, primarily due to continuous cost optimization and enhanced inventory management resulting in reduced stock volumes.

Our inventories and other contract costs increased from RMB72.1 million as of December 31, 2024 to RMB114.1 million as of December 31, 2025, primarily because the large orders of a project were in the process of being delivered at the end of 2025, resulting in an increase in goods in transit as of December 31, 2025.

Our inventory turnover days were 98 days, 74 days, and 83 days in 2023, 2024 and 2025.

Our inventories significantly increased to RMB85.9 million as of December 31, 2025. Such increase was primarily attributable to (i) an increase in inventory levels in line with the expansion of our sales scale, and (ii) increases in the prices of raw materials during the same year.

Our inventory turnover days increased from 84.9 days in 2023 to 95.1 days in 2024, and further increased to 103.4 days in 2025.

The increase in our inventory turnover days in 2025 compared to 2024 was primarily because we proactively increased our inventory levels for raw materials in the second half of 2025, in response to increases in the market prices of the relevant raw materials and in our order volume.

Our inventories increased from RMB128.2 million as of December 31, 2023 to RMB156.7 million as of December 31, 2024, and further to RMB234.9 million as of December 31, 2025, in line with the expanded scale of our business operations and sales.

Our inventory turnover days increased slightly to 208 days in 2025, primarily due to the higher inventory balance as of December 31, 2025 as we stocked up relevant inventories in light of the increase in demand of our products and projected sales.

As of December 31, 2023, 2024 and 2025, we recorded provision for impairment of inventories of RMB2.6 million and RMB5.8 million and RMB9.5 million, respectively.

Our inventories increased from RMB225.4 million as at 31 December 2023 to RMB312.4 million as at 31 December 2024, primarily due to the increase in work in progress of RMB78.7 million for mainly resulting from the increase in production of FCBGA Substrates which has a relatively longer production cycle.

We had a relatively high level of write-down of inventories, which amounted to RMB63.0 million, RMB57.7 million, and RMB51.8 million as at 31 December 2023, 2024 and 2025, respectively.

These write-downs were primarily a direct reflection of our stringent inventory management practices and relatively conservative accounting policies, rather than actual systemic obsolescence or operational inefficiencies.

Our inventories increased from RMB137.2 million as of December 31, 2024 to RMB224.1 million as of December 31, 2025, primarily due to an increase in raw materials, work in progress and finished goods to support our growing sales volume.

Our inventory turnover days decreased from 73 days in 2023 to 48 days in 2024, and further decreased to 20 days in 2025, primarily as (i) we enhanced our delivery efficiency, and (ii) we document and monitor incoming and outgoing materials regularly to ensure that an optimal inventory level is maintained to satisfy the customer needs while minimizing any wastage and avoiding obsolescence.

As of April 30, 2026, RMB220.4 million, or 98.4% of our inventory as of December 31, 2025 had been utilized or sold.

Our inventories increased from December 31, 2023 to December 31, 2024 and to December 31, 2025 and further to March 31, 2026, primarily due to increases in finished goods, work-in-progress and raw materials, in line with our business expansion.

Our inventory turnover days increased from 2024 to 2025 and further to the three months ended March 31, 2026, primarily due to (i) increased work-in-progress as a result of product mix shift towards higher-layer PCBs, (ii) increased finished goods and raw materials as we stockpile to meet higher customer demand amidst tighter raw material supply chains.

As of April 30, 2026, RMB1,771.1 million, or 34.6%, of our inventories as of March 31, 2026, had been subsequently utilized.

Our inventories increased significantly from RMB51.1 million as of December 31, 2024 to RMB123.0 million as of December 31, 2025, primarily driven by (1) an increase in finished goods of RMB27.9 million, (2) an increase in work in progress of RMB20.7 million, and (3) an increase in raw materials of RMB23.4 million, all of which were attributable to our continued strategic stocking due to the continuing growth of our existing products in 2024 and the successful commercialization of the SCCUs in 2025.

Our inventory turnover days then increased to 130 days in 2025 primarily due to our continued strategic stocking due to the continuing growth of our existing products and the successful commercialization of the SCCUs in 2025.

Accordingly, as of December 31, 2023, 2024 and 2025, our allowance for inventory write-down were RMB3.3 million, RMB6.4 million and RMB16.7 million, representing 7.4%, 11.1% and 11.9% of the respective gross amounts of inventories, respectively.

Our inventories increased from RMB425.9 million as of December 31, 2023 to RMB523.7 million as of December 31, 2024, primarily due to (i) our proactive increase in inventory reserves based on overall market demand forecasts, and (ii) an increase in goods in transit as our customers stocked up in anticipation of surging sales before the Chinese New Year, which occurred earlier in 2025 compared to the previous year.

Our inventory turnover days were 186.5 days, 181.7 days, 167.7 days and 198.2 days for the years ended December 31, 2023, 2024 and 2025.

Our Directors are of the view that there is no material impairment issue for our inventories, considering that (i) most of our inventories consist of work-in-progress held as part of our normal production process, and that (ii) we have established robust policies to manage such inventories.

Our inventories increased from RMB114.6 million as of December 31, 2024 to RMB186.0 million as of December 31, 2025, primarily due to an increase in raw material and finished goods in anticipation of upcoming market demand.

Our inventory turnover days increased from 203 days in 2023 to 224 days in 2024 in light of the continued expansion of our business as well as our anticipation of upcoming market demand.

Our Directors believe that sufficient allowance has been made for the inventories of our Company, taking into account factors such as inventory aging, market price fluctuations, technological advancements, and changes in product demand that may affect inventory value.

Our inventories increased from RMB83.6 million as of December 31, 2024 to RMB167.7 million as of December 31, 2025 primarily as we purchased more vehicles and held more vehicles for sale in 2025 in anticipation of the higher vehicle acquisition tax in 2026.

Our inventory turnover days remained relatively stable at 79 days in 2023 and 84 days in 2024, which then increased to 147 days in 2025 as we purchased more vehicles and held more vehicles for sale in 2025 in anticipation of the higher vehicle acquisition tax in 2026.

As of March 31, 2026, RMB55.4 million, or 32.8% of our inventory as of December 31, 2025 had been utilized or sold.

Our inventories increased by 75.7% from RMB1,357.8 million as of December 31, 2024 to RMB2,385.3 million as of December 31, 2025, primarily due to (i) an increase in commodities in inventory and (ii) an increase in completed properties held for sale in relation to the completion of the Global Digital Trade Center.

In particular, the increase in our commodities in inventory turnover days in 2025 was mainly attributable to an increase in stock up of products in anticipation of market demand.

As of March 31, 2026, RMB847.8 million, or 79.9% of commodities in inventory as of December 31, 2025, had been used, consumed or sold.

Our inventories increased from RMB110.8 million as of December 31, 2024 to RMB254.0 million as of December 31, 2025, which was primarily driven by an increase in raw materials and work-in-progress.

Our inventory turnover days increased from 35 days in 2024 to 38 days in 2025 primarily due to the increase in our inventory balance as of the end of 2025, reflecting our decision to maintain a higher level of safety stock in light of raw material price volatility and supply chain uncertainties.

As of April 30, 2026, RMB209.3 million, or 82.4%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.

The significant increase in raw materials as of December 31, 2025, compared to December 31, 2024, was primarily attributable to higher advance purchases of chips to mitigate the risks of potential supply shortage.

The increase in inventory turnover days from 53.8 days in 2024 to 73.9 days in 2025 was primarily due to the increase in raw materials as of December 31, 2025 as we made higher advance purchase of chips to mitigate the risks of potential supply shortage.

Because our inventory is largely customer-driven, any potential excess can typically be managed through coordination with customers, product design modifications, or repurposing components in other products to minimize the risk of write-downs.

The value of our inventories accounted for 47.7%, 48.3% and 50.2% of our total current assets as of December 31, 2023, 2024 and 2025, respectively.

As of March 31, 2026, RMB212.2 million, or 69.8% of our inventories before impairment as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.

Our Directors believe that our inventory allowance policy is in compliance with the IFRSs and that the inventory allowance recognized during the Track Record Period were adequate.

Our inventories decreased by 29.9% from RMB242.8 million as of December 31, 2023 to RMB170.3 million as of December 31, 2024, which was mainly attributable to a decrease of RMB88.8 million in finished goods.

Our average inventory turnover days increased from 57 days for the year ended December 31, 2023 to 64 days for the year ended December 31, 2024 because of a significant decline in raw material market prices in 2024.

As of March 31, 2026, approximately RMB161.6 million, or 78.0% of our inventories as of December 31, 2025 had been utilized or sold.

Our inventories increased from RMB6.0 million as of December 31, 2023 to RMB33.6 million as of December 31, 2024, and further increased to RMB142.5 million as of December 31, 2025, as we increased procurement of raw materials and expanded production of our new energy intelligent heavy-duty trucks, in line with our growing business scale.

Our inventory turnover days subsequently increased to 59 days in 2025, primarily as we increased procurement of raw materials, in particular batteries, to support accelerating delivery schedules and rising market demand.

As of April 30, 2026, RMB112.7 million, or approximately 79.1%, of our inventories as of December 31, 2025 had been subsequently consumed.

Our inventories increased from RMB32.7 million as of December 31, 2023 to RMB101.6 million as of December 31, 2024, and further increased to RMB139.4 million as of December 31, 2025 primarily driven by the expansion of our business and the corresponding growth in sales volume.

During the Track Record Period, our inventory turnover days decreased from 208 days in 2023 to 76 days in 2024 and further decreased to 70 days in 2025, primarily due to our production ramp-up and the growth in customer orders.

As of April 30, 2026, RMB110.7 million, or approximately 79.4% of our inventory balance as of December 31, 2025, had been sold or utilized.

Our inventories amounted to HK$176.0 million, HK$225.4 million, HK$336.0 million and HK$402.4 million as at 31 March 2023, 2024 and 2025 and 30 November 2025, primarily attributable to the increase in purchase of a greater variety of products in preparation for the opening of additional retail stores and for replenishment of stock in our existing retail stores.

The increase in inventory turnover days from 51 days in FY2024 to 61 days in FY2025 primarily reflects our increased purchases in FY2025, due to (1) increased sales upon the opening of borders after covid, causing a dip in the average turnover days of inventories in FY2024 as the increase in sales outpaced the replenishment of stock upon opening of borders during the year, there was a need to increase the purchase to accommodate the expected increase in sales; and (2) 9 new stores were opened in FY2025 leading to increased purchases of goods.

We monitor our inventory levels, turnover days and sales performance of individual SKU in order to identify slow-moving items.

Our inventories increased from RMB1,545.5 million as of December 31, 2023 to RMB2,084.5 million as of December 31, 2024, primarily attributable to the extended production and delivery cycles, as (i) we had more offshore orders in overseas market which generally had higher technical requirements, and (ii) we started to adopt the DAP model in the second half of 2024 under which we are responsible for transportation logistics.

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 180 days, 250 days and 183 days in 2023, 2024 and 2025, respectively.

However, our risk of obsolete inventory remains minimal since all of our products are customized to specific customer requirements.