存货水平及库龄

Our inventories increased to RMB461.8 million as of December 31, 2025, primarily due to the strategic stockpiling of finished goods and consigned materials for processing, in anticipation of increased sale of our proprietary brands LYCOCELLE and FineNutri.

Our inventory turnover days amounted to 117, 104 and 92 days in 2023, 2024 and 2025.

However, we did not experience any material slow-moving or unsaleable inventories as of the Latest Practicable Date.

Our inventories decreased from RMB2,868.6 million as of December 31, 2023 to RMB2,267.0 million as of December 31, 2024, primarily attributable to a decrease in properties under development for sale of RMB1,318.0 million as projects that were under development were completed and reclassified during the period.

During the Track Record Period, our inventories were primarily aged within two years, accounting for approximately 71.5%, 99.0% and 96.7% of our total inventories as of December 31, 2023, 2024 and 2025, respectively. Based on these assessments, we concluded that no material provision was required, and our inventory levels were in line with expected sales plans and market conditions.

Our inventory turnover days decreased from 149 days in 2023 to 145 days in 2024, and further decreased to 83 days in 2025, primarily attributable to increased sales volume and the clearing out of existing inventory.

Our inventories increased by 40.1% from RMB45.3 million as of December 31, 2023 to RMB63.5 million as of December 31, 2024, mainly attributable to an increase in finished goods of RMB13.7 million, resulting from the strong demand for our containers.

Our inventory turnover days amounted to 95 days, 84 days and 74 days in 2023, 2024 and 2025, respectively, reflecting stronger sales execution and continued refinement of our inventory planning and deployment.

As of February 28, 2026, RMB58 million, or 72.7% of our inventories as of December 31, 2025, had been sold.

Our inventories increased by 45.5% from RMB39.3 million as of December 31, 2023 to RMB57.2 million as of December 31, 2024 and further increased by 12.8% to RMB64.5 million as of December 31, 2025.

Our inventory turnover days increased from 184 days in 2024 to 226 days in 2025, primarily due to the increased inventories to meet our production needs in response to the surging market demand.

We believe there is no impairment issue for our inventories as of December 31, 2025.

Our inventories increased from RMB21,441.5 million as of December 31, 2023 to RMB29,027.6 million as of December 31, 2024, primarily due to (i) an increase in contract fulfillment costs, mainly attributable to the increasing new energy investment and development projects under construction; and (ii) an increase in finished goods, mainly due to the increased finished goods to be delivered corresponding to the scaling up of our sales.

Our inventory turnover days increased from 135.5 days in 2023 to 164.6 days in 2024, primarily because we stocked more finished goods in anticipation of the scaling up of our sales.

We believe that there are no impairment issues for our inventories and we have made sufficient provisions for our inventories, considering that (i) the majority of our inventories was aged within one year, and inventories aged over one year primarily consisted of raw materials generally with no validity period; (ii) our inventories are in good condition and suitable for production; (iii) we did not experience any impairment issues for inventories during the Track Record Period; (iv) we have made the best estimate on the net realizable value and the corresponding impairment of inventory.

Our inventories increased by 9.9% from RMB101.2 million as at December 31, 2023 to RMB111.2 million as at December 31, 2024, and further increased by 4.6% to RMB116.3 million as at December 31, 2025.

As at December 31, 2023, 2024 and 2025, we recorded provision for inventories of RMB9.6 million, RMB11.8 million and RMB10.3 million, respectively, reflecting year-end assessments of obsolete inventory.

As of February 28, 2026, RMB9.5 million, or 69.9%, of our finished goods as of December 31, 2025 had been sold.

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.

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.

As of February 28, 2026, none of our inventories as of December 31, 2025 had been subsequently sold.

We recorded inventories of RMB120.0 million, RMB202.2 million and RMB281.7 million as of December 31, 2023, 2024 and 2025, respectively.

Our inventory turnover days increased from 258 days in 2024 to 293 days in 2025 due to the stockpiling of our products in preparation for increasing demand for our products.

As of February 28, 2026, approximately RMB24.7 million, or 8.8%, of our inventories as of December 31, 2025 had been delivered or consumed.

Our inventories then increased by 91.6% to RMB42.9 million as of December 31, 2025, mainly attributable to (i) the increase in raw materials of in-motion charging system procured from eKontrol, and (ii) the increase in work in progress due to increased orders for VAS products in 2025.

Our inventory turnover days then increased to 116.9 days in 2025, primarily due to the significant increase in inventories resulted from increases in both raw materials and work in progress.

To reduce the risk of inventory backlogs, we regularly review our inventory level.

In 2024, our inventory turnover days decreased as we improved our operating efficiency, and as a result we had less inventories as of the end of such year. In 2025, due to the growth of our business, we had more inventories as of the end of such year.

As of February 28, 2026, RMB514.6 million, or 65.0% of our inventory balance as of December 31, 2025 had been sold or utilized.

We assess periodically if cost of inventories may not be recoverable based on an assessment of the net realizable value of inventories.

Our inventories increased from RMB407.8 million as of December 31, 2023 to RMB501.7 million as of December 31, 2024, and further to RMB773.3 million as of December 31, 2025, which was generally aligned with our business growth.

Our inventories turnover days increased to 89 days in 2025, primarily due to an increase in inventory in anticipation of the growing sales in the second half of 2025.

As of February 28, 2026, RMB341.8 million, or 44.2% of our inventories outstanding as of December 31, 2025 had been subsequently sold or utilized.

Our inventories and other contract costs increased by 57.1% from RMB1,059.4 million as of December 31, 2023 to RMB1,664.3 million as of December 31, 2024.

Our inventories and other contract costs turnover days amounted to 63 days, 71 days and 56 days for the years ended December 31, 2023, 2024 and 2025, respectively.

Our Directors confirm that there is no impairment issue for our inventories, and that sufficient provision has been made in view of the low subsequent utilization.

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.

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.

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.

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.

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 decreased from RMB211.7 million as of December 31, 2024 to RMB187.9 million as of December 31, 2025, primarily due to the consumption of raw materials in production and R&D.

As of December 31, 2024 and 2025, the balances of provision of inventory impairment were RMB17.0 million and RMB22.8 million, respectively, which we believe to be adequate by taking into account the factors including the expiry dates of the inventories and the expected future demand of relevant products.

Moreover, we believe there is no recoverability issue for our work in progress because, by the end of December 31, 2025, the age of our inventories was mostly within two years and there was no denosumab bulk solution with a pending expiry date.

It further increased to RMB315.6 million as of December 31, 2025, primarily due to (i) higher inventory levels to support our business expansion and revenue growth during the year; and (ii) the finished goods balance acquired from the five downstream distributors we acquired during the year.

Our inventory turnover days increased from 94 days in 2024 to 134 days in 2025, mainly due to our acquisitions of overseas distributors during the year, pursuant to which their inventories were consolidated into our financial statements as of December 31, 2025, while our cost of sales remained unchanged.

As of February 28, 2026, approximately RMB206.3 million, or 65.4%, of our inventories as of December 31, 2025, had been subsequently sold or utilized.

The carrying value of our inventories before provision for impairment decreased from RMB133.3 million as of December 31, 2023 to RMB105.9 million as of December 31, 2024, primarily due to a decrease of RMB18.6 million in finished goods of VC products as a result of more sales driven by strong market demand.

We recorded provision for impairment on inventories of RMB25.7 million, RMB18.8 million and RMB7.0 million as of December 31, 2023, 2024 and 2025, respectively.

This provision level was consistent with the level of difference between our selling prices and the book value of our inventories.

Our inventories increased significantly to RMB290.8 million as at 31 December 2025.

Such increase was primarily attributable to the increase in goods in transit of RMB76.9 million as a result of the growth of our business scale.

Warehousing of finished products: Based on results of outgoing quality control, we will arrange for the qualified products to be warehoused in our inventory.

Our inventories increased significantly from RMB4,343.7 million as of December 31, 2023 to RMB11,476.1 million as of December 31, 2024, primarily in line with our business expansion.

Our provision for inventory impairment was RMB199.4 million, RMB121.6 million and RMB195.3 million as of December 31, 2023, 2024 and 2025, respectively, primarily related to slow-moving inventories exceeding one year and adjustments for impaired or defective inventories.

As of February 28, 2026, RMB11,035.9 million, or approximately 74.5%, of our inventories as of December 31, 2025 had been subsequently sold or utilized.

Our inventories increased from RMB1,909.1 million as of December 31, 2023 to RMB2,621.3 million as of December 31, 2024, to meet customer demands, and further to RMB3,581.2 million as of December 31, 2025, primarily due to surging customer demands.

The inventory turnover days decreased from 98.4 days in 2023 to 90.0 days in 2024. The inventory turnover days subsequently increased to 100.1 days in 2025 mainly due to the increase in inventories to meeting surging customer demands.

As of February 28, 2026, RMB1,700.4 million, or 47.5% of our inventories as of December 31, 2025, had been used, consumed or sold subsequent to December 31, 2025.