Our inventories increased by 20.7% from RMB770.9 million as of December 31, 2024 to RMB930.3 million as of December 31, 2025, primarily due to increased procurement of memory wafers in anticipation of raw material price increases in the second half of 2025, as well as higher inventory levels of materials consigned for processing and work in progress, driven by increased production arrangements to meet growing orders.
Financial Information · 第 199 页
For the year of 2023, 2024 and 2025, we made provision for inventory write-down of RMB48.9 million, RMB30.7 million and RMB32.4 million, respectively.
Financial Information · 第 199 页
Our management believes that sufficient provision has been made for each of the Track Record Period.
During the Track Record Period, we maintained a relatively high level of provision for impairment losses on inventories, primarily due to the accumulation of raw materials in response to projected customer orders and business expansion in prior years.
Financial Information · 第 242 页
Our inventory turnover days decreased from 217.4 days in 2023 to 137.7 days in 2024, primarily due to our enhanced management of inventories and our improved operating performance.
Financial Information · 第 242 页
In light of the above assessment procedures, and the inventory management measures and arrangements to prevent obsolescence as set out in “Business — Procurement, Inventory Management and Logistics — Inventory Management,” our Directors are of the view that adequate and reasonable provisions for inventory impairment have been made, and that there is no material impairment issue in respect of our inventories.
Our contract fulfilment costs increased from RMB41.8 million as of December 31, 2023 to RMB122.3 million as of December 31, 2024 as we incurred labor costs and outsourcing fees for a number of projects which were at the development phase and had not yet reached the stage of mass production and sale.
Financial Information · 第 234 页
The turnover days of our inventories increased from 112 days in 2023 to 137 days in 2024, primarily due to (i) the significant increase in the contract fulfilment costs due to the commencement of and investment into a number of large projects with long lead time from initiation to revenue generation, and (ii) our decreasing cost of sales which was commensurate with our decreasing sales.
Financial Information · 第 236 页
We have since broken down customer orders into smaller units, scheduled production on a weekly basis instead of monthly basis and adjusted production plans more promptly to react to any changes in customer demand.
Our inventory turnover days decreased from 114 days in 2023 to 100 days in 2024, and further to 90 days in 2025, primarily due to higher sales volumes, which accelerated inventory turnover.
Financial Information · 第 224 页
As of January 31, 2026, RMB324.0 million, or 30.0%, of our inventories as of December 31, 2025 had been subsequently utilized and/or sold.
Our inventories decreased from RMB140.8 million as of December 31, 2023 to RMB122.7 million as of December 31, 2024, primarily due to (i) a decrease of RMB19.2 million in finished goods, reflecting improved sales in line with market recovery, and (ii) an increase of RMB10.5 million in write-downs of inventories, primarily attributable to the impact of rapid technological iteration, leading to a decline in the market prices and demand of certain products.
Financial Information · 第 219 页
Our inventory turnover days decreased from 414 days in 2023 to 245 days in 2024, primarily due to our improved sales performance resulting from the recovery of market demand.
Financial Information · 第 220 页
We did not experience any material shortage or accumulation of inventory during the Track Record Period.
Our inventories then decreased by 32.5% to RMB125.0 million as of December 31, 2025, mainly due to the delivery of certain CSP system products.
Financial Information · 第 235 页
Our inventory turnover days decreased from 50 days in 2023 to 36 days in 2024, as we scaled up the procurement of materials for the delivery of our projects.
Financial Information · 第 236 页
As of December 31, 2023, 2024 and 2025, write-down of our inventories merely amounted to approximately RMB193,000, RMB357,000 and RMB432,000, respectively.
Our inventories further increased by 70.8% to RMB111.9 million as of December 31, 2024, primarily due to the increases in raw materials, work in process and finished goods, mainly as a result of the overall business growth in 2024 which led to increased production in order to capture market opportunities and meet anticipated customer demand.
Financial Information · 第 230 页
We recorded provision for inventories during the Track Record Period, primarily in connection with (1) the net realizable value of certain inventories fell below cost and (2) specific provisions for obsolete or unsellable items, such as long-aged products.
Financial Information · 第 230 页
As of January 31, 2026, RMB81.2 million, or 62.7% of our inventories as of October 31, 2025 had been subsequently sold.
Our inventories increased significantly from RMB57.6 million as of December 31, 2024 to RMB133.4 million as of December 31, 2025, primarily due to (i) increased stocking in advance to ensure delivery following increased sales orders and (ii) higher production volume aligned with growing sales forecast and monthly revenue.
Financial Information · 第 231 页
We have optimized, and will continue to optimize, demand forecasting and inventory planning using historical data and market trends to maintain appropriate safety stock levels, minimize overstocking, and ensure sufficient supply to meet demand fluctuations.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
存货规模上升、周转天数增加及库龄老化
Our inventory turnover days remained relatively stable at 107 days, 119 days, 119 days and 133 days for the years ended December 31, 2022, 2023, 2024, and nine months ended September 30, 2025, respectively.
Financial Information · 第 224 页
The balance of inventories aged above one year increased from RMB5.4 million as of December 31, 2022 to RMB16.5 million as of December 31, 2023, further to RMB24.5 million as of December 31, 2024, and further to RMB27.4 million as of September 30, 2025.
Financial Information · 第 225 页
The increase in inventories aged over one year was primarily due to historical mismatches between sales forecasts and inventory planning.
Our inventories increased from RMB19.5 million as of December 31, 2022 to RMB41.7 million as of December 31, 2023, primarily due to the increase in contract performance costs and increased purchase of raw materials in response to our ramping-up sales activities.
Financial Information · 第 235 页
Our inventory turnover days increased from 106 days in 2024 to 161 days for the nine months ended September 30, 2025, primarily due to the seasonality nature of our business, which means the mismatch between cost of sales and inventory balance.
Financial Information · 第 236 页
As of January 31, 2026, RMB23.8 million, or approximately 66.0% of our inventory balance as of September 30, 2025, had been sold or utilized.
Our turnover days increased from 106.7 days in 2022 to 115.8 days in 2023, and further to 170.2 days in 2024, primarily due to our strategic decision to stockpile raw materials at late 2023 in anticipation of future sales volume and customer demand, and the technical calculation of inventory turnover days was affected largely by the opening inventories balance.
Financial Information · 第 238 页
Our turnover days slightly increased from 170.2 days in 2024 to 178.4 days for the nine months ended September 30, 2025, primarily because our cost of sales for the nine months ended September 30, 2025 experienced a relatively significant decline as compared to 2024, in line with the fluctuations in our revenue, and an increase in the closing balance of our inventories as of September 30, 2025, leading to higher turnover days.
Financial Information · 第 238 页
As of January 31, 2026, RMB85.5 million, or approximately 30.6%, of our inventory balance as of September 30, 2025, had been sold or utilized.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, we had inventory write-down of RMB14.1 million, RMB0.6 million, RMB4.3 million RMB5.7 million and RMB3.5 million, respectively.
Financial Information · 第 256 页
We had a relatively higher level of inventory write-down in 2022, primarily due to write-down of inventories related to cobots developed for specific tasks and application scenarios, such as moxibustion physiotherapy.
Financial Information · 第 256 页
These factors led to the increase in the proportion of inventories with an age of more than one year to the gross inventory balance increased from 7.0% as of December 31, 2022 to 19.3% as of September 30, 2025.
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.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
存货随业务增长持续上升
Our inventories increased by 31.0% from RMB89.3 million as of December 31, 2024 to RMB117.0 million as of September 30, 2025, primarily due to (i) an increase in raw materials in anticipation of higher product demand, (ii) an increase in contract costs driven by new orders for our testing solutions, partially offset by a decrease in finished goods in line with our increased sales volume.
Financial Information · 第 397 页
Our inventory turnover days slightly increased from 66.7 days in 2023 to 75.0 days in 2024 and 79.0 days in the nine months ended September 30, 2025, primarily due to the increase in the inventory in anticipation of higher product demand, generally in line with our business growth.
Financial Information · 第 397 页
As of January 31, 2026, RMB87.4 million, or 72.4% of inventories as of September 30, 2025, had been utilized or sold subsequent to September 30, 2025.
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 allowance for impairment of inventories amounted to RMB27.1 million, RMB53.7 million, RMB90.2 million and RMB80.0 million as of December 31, 2022, 2023 and 2024 and September 30, 2025, respectively.
Financial Information · 第 264 页
The increase in the allowance for impairment of inventories from 2022 to 2024 was primarily due to the increase in the balance of aged inventories, which resulted in higher allowance for impairment.
Financial Information · 第 264 页
As of January 31, 2026, RMB259.8 million, or 53.6% of inventories as of September 30, 2025, had been used, consumed or sold.
We intentionally kept a relatively high inventory level in 2022 in response to the industry supply shortage in 2021, which was common among industry peers at that time, according to CIC.
Financial Information · 第 205 页
while we also made write-down of inventories due to the decreased average selling price of our products in line with the market price trend
Financial Information · 第 205 页
As of January 31, 2026, RMB437.7 million, or 67.4% of our inventories as of September 30, 2025 had been subsequently consumed or sold.
Our inventories increased by 35.5% from RMB458.6 million as of December 31, 2024 to RMB621.2 million as of September 30, 2025, primarily due to (i) the increase in work-in-progress inventories resulting from higher order volume and the corresponding expansion of our production scale as our revenue grew during the period; (ii) the increase in inventory levels of raw materials and consumables in response to stronger market demand; and (iii) the increase in inventories at both our domestic production facilities and our Thai Base as the latter transitioned from its preparation stage to the commencement of mass production.
Financial Information · 第 204 页
Our inventories turnover days decreased from 89 days in 2023 to 72 days in 2024, and further deceased to 66 days in the nine months ended September 30, 2025, primarily due to faster inventories turnover driven by increased market demand and the expansion of our sales scale.
Financial Information · 第 205 页
As of January 31, 2026, RMB524.6 million, or 75.7% of our inventories as of September 30, 2025 had been utilized or sold.
Our inventories further increased to RMB386.8 million as of December 31, 2025, primarily due to (i) an increase of RMB19.1 million in work in progress, (ii) an increase of RMB8.2 million in finished goods, and (iii) an increase of RMB5.2 million in raw materials, all of which were mainly in response to the anticipated increase in customer demand for our products, in particular in the overseas market, to ensure timely delivery of our products.
Financial Information · 第 230 页
In 2023, 2024 and 2025, our inventory turnover days were 122 days, 103 days and 121 days, respectively.
Financial Information · 第 231 页
During the Track Record Period, we recorded impairment losses on inventories of RMB1.5 million, RMB4.3 million and RMB6.5 million in 2023, 2024 and 2025, respectively.