存货水平及库龄

These increases were primarily driven by higher production resulting from the acquisition of Source Photonics and GMD, partially offset by an increase in provision for impairment from RMB1,010.7 million as of December 31, 2024 to RMB1,249.6 million as of December 31, 2025.

During the Track Record Period, our inventory turnover days decreased from 2023 to 2024, in line with our growth. Our inventory turnover days relatively stable from 69 to 70 from 2024 to 2025.

As of March 31, 2026, 84.0% of our total inventories as of December 31, 2025, or RMB8,545.1 million, were utilized or sold. Based on our assessments during the Track Record Period, we have made adequate provisions for our inventories to account for potential uncertainties.

Our inventories increased from RMB344.6 million as of December 31, 2023 to RMB364.6 million as of December 31, 2024, primarily due to an increase in work in progress from RMB128.7 million to RMB160.6 million as we increased production volumes for certain marketed products, such as dalbavancin, in anticipation of market demand, in particular following the gradual ramp-up of production capacity at our manufacturing facilities.

Our inventory turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of inventories by cost of sales for the relevant year and then multiplying by the number of days for that year, were 236 days, 270 days and 256 days for the years ended December 31, 2023, 2024 and 2025, respectively.

As of March 31, 2026, 46.0%, or RMB192.2 million of our inventories as of December 31, 2025 was subsequently utilized.

Our inventories increased by 34.8% from RMB645.0 million as of December 31, 2024 to RMB869.4 million as of December 31, 2025, primarily due to an increase in raw materials driven by the increased market prices and our strategic stockpiling, partially offset by the decrease of goods in transit and finished goods as the fulfillment of orders on hand.

In 2023, 2024 and 2025, we recorded write-down of inventories to net realizable value amounting to RMB30.4 million, RMB40.7 million and RMB49.8 million, respectively.

As of March 31, 2026, RMB429.7 million, or approximately 46.7% of our inventories as of December 31, 2025 had been utilized or sold.

Our inventories decreased by 63.6% from RMB293.6 million as of December 31, 2024 to RMB106.8 million as of December 31, 2025, primarily due to (i) our progressive transition to a produce-on-demand model, and (ii) the expansion of processing services in the fourth quarter of 2025, under which certain inventories were not recognized at cost and therefore excluded from our owned inventories.

Our inventory turnover days were 66 days, 48 days and 36 days in 2023, 2024 and 2025, respectively.

Our Directors considered the accumulated provision for our inventories in the amount of RMB11.2 million, representing 9.5% of gross amount of our inventories as of December 31, 2025 is appropriate and sufficient.

During the Track Record Period, goods-in-transit amounted to approximately RMB1,398.9 million, RMB1,016.6 million and RMB722.5 million, which accounted for approximately 82.9%, 85.6% and 76.1% of our inventories as at 31 December 2023, 2024 and 2025.

Our inventory turnover days decreased from 573 days in FY2023 to 552 in FY2024, and further decreased to 385 days in FY2025, generally reflecting our improved timeliness of invoicing resulting from enhanced inventory management efforts which in turn increased the inventory turnover frequency, and efforts in negotiating and advancing completion and equipment acceptance procedures with our customers despite the temporary dip of the lithium-ion battery manufacturing industry in FY2024.

We implemented inventory management measures to maximise production-to-sales balance and effective warehouse management to minimise inventory backlog, which include procedures such as recycling and disposal management of obsolete materials, centralised procurement and warehouse management, regular reconciliation of inventories and warehouse finances.

During the Track Record Period, we had substantial inventories, principally work in progress, due to our accounting policy which stipulates revenue and costs from smart intralogistics solutions are recognized only upon customer acceptance of on-site delivery.

Our inventory turnover days were 601 days, 482 days and 327 days in 2023, 2024 and 2025, respectively.

Provisions for impairment of inventories surged from RMB9.7 million as of December 31, 2023 to RMB46.9 million as of December 31, 2024 mainly because we incurred higher labor costs than we budgeted on a large-value, strategic solution project in Europe. Provisions for impairment of inventories further increased into RMB56.2 million, primarily driven by a RMB10.8 million provision for a project in Southeast Asia in 2025, as we incurred additional costs to accommodate unexpected site conditions and uphold our service standards.

Such increase was primarily attributable to the rapid expansion of our business scale and production capacity in response to the strong market demand. In particular, we increased our procurement of raw materials and maintained higher inventory levels to support anticipated sales growth and ensure timely delivery to customers.

Our inventories turnover days increased from 36 days in 2023 to 71 days in 2024, and further increased to 104 days in 2025, mainly reflecting the significant increase in our inventory levels in preparation for growing customer demand, expansion of production capacity, and strategic stocking of raw materials to ensure timely delivery and supply chain stability.

As of March 31, 2026, RMB265.2 million, or 46.9% of our inventories outstanding as of December 31, 2025, had been sold or utilized.

Our inventories increased by 10.9% from RMB175.6 million as of December 31, 2024 to RMB194.7 million as of December 31, 2025, primarily due to (i) higher raw materials and goods in transit to support production expansion, and (ii) advance stocking of electronic yarn in preparation for scheduled furnace maintenance in 2026, partially offset by lower finished goods inventory due to strong sales demand.

Our inventory turnover days continued to decrease from 119 days in 2023 to 106 days in 2024, then to 89 days in 2025, primarily due to strong market demand, which led to increased sales volume and faster inventory turnover.

Our management regularly reviews inventory to identify slow-moving items, obsolescence or declines in market value, and makes write-downs when net realizable value falls below cost.

Our inventories further increased to RMB137.5 million as of December 31, 2025, primarily attributable to our acquisition of Shanghai Celludye completed on August 31, 2025, which contributed substantial inventories of ink and colorants related to its principal business.

Our inventory turnover days significantly increased to 120.7 days in 2025, primarily due to acquisition of Shanghai Celludye, which substantially increased our inventory level at the year end.

As of March 31, 2026, RMB95.8 million, or 69.4% of our inventories as of December 31, 2025, had been used, consumed or sold.

December 2024, primarily due to (i) an increase of approximately RMB3.2 million in raw materials, and (ii) an increase of approximately RMB19.4 million in finished goods as we stocked more finished goods to meet the demand of our rapidly growing branded business, where we experienced strong sales growth in FY2024.

Our inventory turnover days increased from approximately 62.5 days in FY2023 to approximately 68.0 days in FY2024, and further increased to approximately 73.0 days in FY2025, primarily due to our increased sales throughout the Track Record Period, in particular, we stocked more finished goods to meet the demand of our rapidly growing branded business.

In FY2023, FY2024 and FY2025, we had inventory write-down of approximately RMB0.8 million, RMB0.2 million and RMB0.6 million, respectively.

During the Track Record Period, we recorded inventory write-downs of RMB17.2 million, RMB23.6 million and a reversal of inventory write-downs of RMB0.5 million as of December 31, 2023, 2024 and 2025, respectively.

In 2023, 2024 and 2025, our inventory turnover days were 100.7 days, 87.6 days and 80.3 days, respectively.

As of March 31, 2026, approximately RMB203.3 million, or 76.5%, of our inventories as of December 31, 2025 had been subsequently utilized or sold.

Our inventories increased from RMB198.7 million as of December 31, 2023 to RMB360.2 million as of December 31, 2024, primarily due to a significant increase in finished goods because we had completed production according to orders but had not yet delivered the products.

Our average inventory turnover days increased from 77.6 days for 2024 to 89.6 days for 2025 primarily due to the increase in our average inventory balance.

As of April 30, 2026, RMB350.6 million, or 100.0%, of our inventories as of December 31, 2025 had been sold or utilized.

During the Track Record Period, our inventory turnover days were relatively high as a result of a few factors.

Based on the above considerations, as of December 31, 2023, 2024 and 2025, the write down provision of inventory was RMB1.2 million, RMB1.4 million and RMB2.7 million, respectively, representing 1.7%, 3.1% and 4.3% of the gross amounts of inventories before impairment.

Moreover, during the Track Record Period, we did not encounter material fluctuations of our solutions and recorded a relatively high gross profit margin (generally higher than 40%), i.e. we did not encounter situations where the selling price cannot cover the relevant costs which will lead to an impairment of inventories.

We had inventories of RMB588.5 million, RMB486.1 million and RMB255.4 million as at 31 December 2023, 2024 and 2025, respectively.

The provision for impairment losses on inventories was primarily a result of the one-off impact of an order adjustment incident by Customer D (one of our top five customers in FY2023).

As advised by CIC, the inventory turnover days of our Group are generally in line with the industry norm, with an industry range of approximately 500 days to 900 days.

Our inventories increased to RMB7,868.4 million as of December 31, 2025, primarily attributable to increased procurement of raw materials and higher work in progress and finished goods levels in 2025 to support customer orders and production planning amid improving market conditions.

Our inventory turnover days were 274.0 days, 233.6 days and 234.2 days in 2023, 2024 and 2025, respectively.

This approach contributes to longer inventory turnover days but represents a deliberate and controlled operational strategy, enabling us to navigate industry cycles effectively and ensure reliable delivery to customers.

Our inventories further increased to RMB5,003.7 million as of December 31, 2025, primarily due to increased inventory storage in light of ongoing global trade policy uncertainties.

We witnessed an increase in our inventory turnover days in 2025, primarily due to our inventory storage and subsequently increased balances.

As of March 31, 2026, RMB3,148.4 million, or 62.9% of our inventories as of December 31, 2025 had been sold or utilized.

Our inventories increased by 5.3% from RMB3,511.8 million as of December 31, 2023 to RMB3,698.7 million as of December 31, 2024 and further increased by 26.6% to RMB4,682.7 million as of December 31, 2025, primarily due to an increase in production volume driven by robust customer demand.

Our provision for inventory impairment increased from RMB154.9 million as of December 31, 2023 to RMB202.3 million as of December 31, 2024 and further to RMB301.0 million as of December 31, 2025, primarily due to (i) a slowdown in the delivery of certain component inventories in our precision components for smart devices and electronic products, and (ii) a decrease in net realizable value of inventories for key mechanical components and connectivity components for new energy, as a result of intense market competition.

As of March 31, 2026, RMB4,688.1 million, or 94.1% of inventories as of December 31, 2025, had been used, consumed or sold.

Our inventories increased from RMB85.4 million as of December 31, 2024 to RMB115.3 million as of December 31, 2025, primarily due to the increase of finished goods and finished goods in transit as a result of the increase in our external procurement, which was in line with the sales growth of our integrated digital and intelligent software and hardware solutions by the end of 2025.

Our inventory turnover days further increased from 28.0 days in 2024 to 36.0 days in 2025, primarily due to the increase in our external procurement, which was in line with the sales growth of our integrated digital and intelligent software and hardware solutions by the end of 2025.

As of March 31, 2026, RMB104.2 million, or 90.4%, of our inventories as of December 31, 2025 had been sold or utilized.

Our inventories further increased to RMB205.5 million as of December 31, 2025, primarily due to the increase in raw materials and finished goods, as we continued to scale up our production and were able to capture growing market demands.

As of December 31, 2023, 2024 and 2025, the age of the majority of our inventories was less than three months.

As of March 31, 2026, RMB196.9 million, or 95.8% of our inventories and contract costs as of December 31, 2025 had been utilized.

We had inventories of RMB120.6 million, RMB139.5 million and RMB244.7 million as of December 31, 2023, 2024 and 2025, respectively.

Our provision rate for inventory impairment is higher than the average of the other top five domestic light-industry robot and solution providers in China, which are long-established with larger scale and longer operating histories.

Our inventory turnover days decreased from 297 days in 2023 to 241 days in 2024, and remained relatively stable at 241 days in 2025.