美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
存货规模高企且2024年周转天数达822天
Our inventories increased significantly from RMB112.0 million as of December 31, 2023 to RMB426.1 million as of December 31, 2024, primarily due to an increase in finished goods of RMB277.2 million resulting from increased number of completed DES assets as a result of our business expansion.
Financial Information · 第 181 页
Our inventory turnover days increased significantly from 2023 to 2024, primarily due to the inherent time mismatch between the completion and sale of DES assets as we began ramping up our DES asset development business in 2024.
Financial Information · 第 181 页
As of February 28, 2026, none of our inventories as of December 31, 2025 had been subsequently sold.
Our inventories decreased from RMB1,917.6 million as of December 31, 2023 to RMB1,723.0 million as of December 31, 2024, and further decreased to RMB1,569.1 million as of December 31, 2025, primarily because we strengthened inventory management, which led to a reduction in raw materials and work in progress inventories.
Financial Information · 第 213 页
Our inventory turnover days increased from 581 days as of December 31, 2023 to 614 days as of December 31, 2024, primarily due to an increase in the average inventory level in 2024 compared with 2023.
Financial Information · 第 214 页
As of February 28, 2026, RMB13.7 million, or 0.9% of inventories as of December 31, 2025 had been used, consumed or sold.
Our inventories increased from RMB15.1 million as of December 31, 2023 to RMB27.8 million as of December 31, 2024 and further to RMB28.5 million as of December 31, 2025, which was in line with our shipment volume.
Financial Information · 第 256 页
The decrease in inventory turnover days from 281 days in 2024 to 159 days in 2025 was primarily because we exercised more effective control over supply chain procurement, production scheduling and inventory management, and because our Scale-up OCS and Scale-up EPS series products were progressively delivered and accepted during 2025, which improved inventory utilisation.
Financial Information · 第 257 页
As of February 28, 2026, RMB2.7 million, or 8.7% of our inventories as of December 31, 2025 had been subsequently utilized or sold.
Our inventories then increased by 23.5% to RMB60.7 million as of December 31, 2025, primarily attributable to an increase in finished goods, partially offset by a decrease in work-in-progress, mainly because certain equipment had completed production by year-end and were pending customer acceptance.
Financial Information · 第 213 页
Our inventories turnover days decreased from 333 days in 2023 to 264 days in 2024 and further to 259 days in 2025, reflecting our enhanced inventory management during the corresponding years.
Financial Information · 第 213 页
As of February 28, 2026, RMB18.0 million or 29.6% of our gross inventories as of December 31, 2025, was subsequently utilized or sold.
Our inventory turnover days decreased from 559 days in 2023 to 436 days in 2024, and further to 412 days in 2025, primarily due to our improved inventory utilization efficiency as a result of growth in our revenue.
Financial Information · 第 248 页
Given that (i) our products generally have no expiration date and are mainly used in high-tech fields, such as industrial imaging, scientific imaging and professional photography and video, which have long life cycle; and (ii) our raw materials procurement and production cycles are relatively long, we maintained a relatively high inventory level of raw materials and finished goods to meet the dynamic customer demands.
Financial Information · 第 248 页
As of February 28, 2026, RMB99.3 million, or 38.5% of our inventories (excluding costs to fulfil a contract) as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.
Our inventories remained relatively stable at RMB35.9 million, RMB36.4 million and RMB35.5 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · 第 228 页
Our inventory turnover days increased from 116 days in 2023 to 123 days in 2024, primarily reflecting the decline in revenue during the year as we strategically pivoted from volume-based promotions to focus on long-term brand value.
Financial Information · 第 229 页
As at 28 February 2026, RMB19.7 million, or 55.5% of our inventories as at 31 December 2025 had been used, consumed or sold subsequently.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
2024年末存货高企，周转天数升至51天
We recorded year-end inventories of RMB452.2 million in 2024, primarily due to a large volume of shipments scheduled for early 2025.
Financial Information · 第 202 页
We recorded year-end inventories of RMB365.7 million in 2025, primarily since (i) we implemented strategic procurements of raw materials at year-end 2025 in anticipation of market demand in the near future; and (ii) we planned shipments for the first half of 2026.
Financial Information · 第 202 页
Our inventory turnover days remained stable at 31 days for the years ended December 31, 2023 and 2024, and increased to 51 days for the year ended December 31, 2025, because we recorded relatively high inventory balances at the end of 2025.
Our inventories further decreased from RMB128.1 million as of December 31, 2024 to RMB110.3 million as of December 31, 2025, primarily due to increased write-down of inventories prudently recorded against certain raw materials for Dinuo’an, given that this product was not selected under the VBP scheme held in late 2025.
Financial Information · 第 228 页
Our inventory turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of inventories by the sum of cost of sales and the cost of raw materials consumed in R&D activities for the relevant year and then multiplying by the number of days for that year (365 days for 2023, 2024 and 2025), were 315 days, 370 days and 360 days for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 228 页
As of February 28, 2026, 12.0%, or RMB13.2 million of our inventories as of December 31, 2025 was subsequently utilized.
Our inventories subsequently increased by 8.6% from RMB166.4 million as of December 31, 2024, to RMB180.6 million as of December 31, 2025, primarily attributable to (i) an increase of RMB15.5 million in finished goods; and (ii) an increase of RMB10.0 million in raw materials.
Financial Information · 第 195 页
Our inventories turnover days increased from 157 days in 2023 to 209 days in 2024, primarily because the average of the opening and closing balance of inventories in 2024 was higher than that in 2023. Our inventories turnover days decreased from 209 days in 2024 to 187 days in 2025, reflecting our improved inventory management efficiency.
Financial Information · 第 195 页
As of February 28, 2026, RMB54.8 million, or 30.3%, of our inventories as of December 31, 2025 had been sold or utilized.
Our inventories and contract costs decreased from RMB130.9 million as of December 31, 2023 to RMB99.9 million as of December 31, 2024, driven by both (i) the decrease in the combined amount of raw materials, work in process and finished goods, and (ii) the decrease in the contract costs of RMB26.0 million, primarily due to our improved delivery capabilities.
Financial Information · 第 246 页
Our Directors are of the view that there is no material recoverability issue for our inventories given that (i) most of our inventories were aged within one year, (ii) the majority is reserved for specific and confirmed orders and is currently being fulfilled within our regular production and project execution cycles and (iii) we have performed an impairment assessment and have not identified any material write-down requirement.
Financial Information · 第 247 页
Our inventory turnover days decreased from 532.0 days in 2023 to 251.4 days in 2024, primarily due to our enhanced inventory management efficiency (i) the adoption of a sales-driven procurement strategy, which significantly reduced our raw material stock levels, (ii) the standardization of our products resulting from CBB architecture, which lowered the inventory levels of raw materials and work-in-progress and (iii) the improvement of our delivery efficiency through standardized delivery planning and execution processes.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
存货规模大、周转天数高及其变动
Our inventories decreased from RMB11,478.0 million as of December 31, 2023 to RMB8,364.5 million as of December 31, 2024, primarily due to (i) a decrease in work in progress, finished goods and raw materials driven by our optimized inventory management, including strategically reduced procurement amount, consumption of existing inventories and increased self-supply of key raw materials and (ii) a decrease in goods delivered as inventories of new energy battery automation equipment decreased.
Financial Information · 第 207 页
Our inventory turnover days decreased from 362 days in 2023 to 347 days in 2024 and further decreased to 286 days in 2025, primarily due to our optimized inventory management, including strategically reduced procurement amount, consumption of existing inventories and increased self-supply of key raw materials.
Financial Information · 第 208 页
As of January 31, 2026, RMB942.7 million, or 10.6%, of our total inventories as of December 31, 2025, had been subsequently utilized or sold.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
存货规模大、周转天数长达434至728天
Our inventories increased from RMB769.2 million as of December 31, 2022 to RMB1,062.4 million as of December 31, 2023, primarily due to (i) increase in finished goods and work in progress attributable to commencement of new projects; and (ii) finished goods and work in progress attributable to 11 projects with longer implementation cycle, which remained as inventories prior to project acceptance.
Financial Information · 第 247 页
Our inventory turnover days increased from 434 days in 2022 to 728 days in 2023 primarily due to the slower fixed asset investment progress among certain customers and extended project completion timelines, which was attributed to the factors for the increase of inventories discussed above.
Financial Information · 第 248 页
The Directors confirm that these delivery timing factors do not affect the recoverability of these inventories because all such inventory is supported by existing sales orders pending delivery.
Our inventories increased from RMB17.2 million as of December 31, 2024 to RMB24.0 million as of August 31, 2025, primarily because we strategically raised our inventory level in anticipation of sales growth.
Financial Information · 第 344 页
The turnover days of our inventory increased from 98.3 days for the year ended December 31, 2022, to 115.0 days for the year ended December 31, 2023.
Financial Information · 第 345 页
For the eight months ended August 31, 2025, we made provision for impairment of inventories of RMB0.9 million to recognize its net realizable value.
Our inventories increased by 71.1% from €25.3 million as of December 31, 2023 to €43.3 million as of December 31, 2024, primarily due to an increase in finished goods, in anticipation of higher market demand in the beginning of the year.
Financial Information · 第 196 页
In 2024, inventory turnover days increased as we managed additional procurement stages, which lengthened the inventory cycle.
Financial Information · 第 196 页
Inventory turnover days also increased in 2024 as inventory planning was undertaken based on anticipated market demand for 2025 and planned product launches.
Our inventories further increased to RMB57.8 million as of December 31, 2025, primarily attributable to the increased raw materials to support the increased production and sales of our dental laboratory products.
Financial Information · 第 235 页
Our inventory turnover days were 102 days, 104 days and 117 days in 2023, 2024, and 2025 respectively.
Financial Information · 第 235 页
Our Directors are of the view that we have made sufficient impairment provision for inventories during the Track Record Period and we did not identify any material recoverability issues for our inventories, because (i) our inventories aged within one year accounted for 89.8% of the total inventories as of December 31, 2025, indicating effective inventory management and minimal risk of obsolescence; (ii) the accumulation of our inventories are well backed by pre-existing orders made from our customers and their sufficient demand that have constantly driven our increased sales performance; (iii) our inventories are not perishable or fragile products and can maintain saleable value for an extended period.
Our inventories decreased from RMB12.4 billion as of December 31, 2022, to RMB6.3 billion as of December 31, 2023, primarily due to our continuous efforts in reducing the inventory level to tackle the cyclical industry downturns that led to a fluctuating market demand in 2023.
Financial Information · 第 323 页
Our inventory turnover days were 252.1 days, 202.9 days, 131.2 days and 137.4 days in 2022, 2023 and 2024 and in the six months ended June 30, 2025, respectively, primarily due to (i) the gradual recovery in market demands from the second half of 2023, and (ii) our active measures, including optimizing the procurement time and enhanced product promotion activities, to accelerate our inventory turnover, which have proven effective since 2023.
Financial Information · 第 324 页
We therefore do not consider there to be a material risk of inventory impairment, and consider our existing provisions for inventories are sufficient to cover any potential losses.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
存货周转天数长达658至789天
Our inventories remained stable at RMB45.6 million as of December 31, 2023 and RMB42.7 million as of December 31, 2024, and increased to RMB49.7 million as of June 30, 2025. In 2023, 2024 and the six months ended June 30, 2025, our inventory turnover days were 658 days, 498 days and 789 days, respectively.
Financial Information · 第 445 页
We consider that there is no material recoverability issue in respect of our inventories, including those aged over one year.
Financial Information · 第 445 页
As of October 31, 2025, no material impairment indicators had been identified, and we have not recorded any significant inventory write-downs.
Our inventories increased to RMB494.9 million as of June 30, 2025, primarily due to an increase of RMB274.9 million in raw materials, as a result of the stockpiling of raw materials to support product sales in the second half of 2025, partially offset by a decrease of RMB64.0 million in finished goods, as a result of sales of inventory products and a decrease of RMB58.6 million in work in progress, as a result of consumption of work in progress that were transferred into finished goods upon completion and subsequently delivered to customers.
Financial Information · 第 314 页
Furthermore, our inventory turnover days increased to 465.8 days for the six months ended June 30, 2025, primarily due to our raw material stockpiling to ensure stable product supply, in anticipation of a significant rise in customer demand in the second half of 2025.
Financial Information · 第 315 页
As of October 31, 2025, RMB106.9 million, or approximately 21.6% of our inventories as of June 30, 2025 had been subsequently consumed or used.
Our average inventory turnover days increased to approximately 106.3 days in 2024 as we procured additional ores from an independent third party ore supplier in the fourth quarter of 2024, which led to a higher balance of inventories at the end of 2024, while our cost of sales decreased in the same year.
Financial Information · 第 322 页
Our management confirmed that, after performing the abovementioned analysis, there is no recoverability issue regarding inventories and no provision for impairment of inventories was required during the Track Record Period.
Financial Information · 第 322 页
As at 31 October 2025, RMB7.8 million (unaudited) or 100%, of finished goods in our inventories as at 31 July 2025 had been utilised.