Inventories then increased to RMB207.3 million as of September 30, 2025, primarily due to (1) the increase in raw materials and work in progress, due to the need of our production activities driven by the increased market demand of our products, and (2) the increase in goods in transit in the ordinary course of our sales and delivery operations.
Financial Information · 第 248 页
Based on the above considerations, the write-down provision of inventories was RMB17.6 million, RMB18.0 million, RMB21.5 million and RMB16.2 million as of December 31, 2022, 2023 and 2024 and September 30, 2025, respectively, representing 9.2%, 9.8% 10.5% and 7.3% of inventory balance as of the same dates, respectively.
Financial Information · 第 249 页
As of January 15, 2026, approximately RMB172.7 million, or 77.3%, of the gross amount of our inventories as of September 30, 2025 had been consumed or sold.
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 10.2% from RMB102.4 million as of December 31, 2024 to RMB112.8 million as of September 30, 2025, mainly due to an increase in work in progress, primarily attributable to our strategic build-up of SZ-A in anticipation of future sales growth of Sangbo'en, in order to reduce unit cost of SZ-A.
Financial Information · 第 243 页
As of January 31, 2026, approximately RMB32.2 million, or 28.5% of our total inventories as of September 30, 2025, had been subsequently utilized or sold.
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 increased from RMB6.2 million as of December 31, 2023 to RMB21.4 million as of December 31, 2024, and further increased to RMB66.6 million as of September 30, 2025, primarily due to an increase in IP accessories from non-core IP derivatives.
Financial Information · 第 219 页
Our inventory turnover days increased from 2.2 days in 2023 to 6.5 days in 2024 and further to 18.1 days for the nine months ended September 30, 2025, primarily due to an increase in IP accessories from non-core IP derivatives.
Financial Information · 第 220 页
As of January 31, 2026, RMB58.9 million, or 81.9% of our inventories as of September 30, 2025, had been used, consumed or sold.
Our inventories increased by 4.2% from RMB3,267.7 million as of December 31, 2022 to RMB3,405.0 million as of December 31, 2023, and further increased by 6.2% to RMB3,617.0 million as of December 31, 2024, primarily due to an increase in finished goods resulting from our expansion of production capacity and logistics arrangements in response to growing customer demand and delivery timelines.
Financial Information · 第 221 页
Our inventories decreased by 6.1% from RMB3,617.0 million as of December 31, 2024 to RMB3,397.7 million as of September 30, 2025, reflecting the improvement in our inventory management policies that boosted inventory conversion efficiency.
Our inventories increased by 24.8% from RMB650.6 million as of December 31, 2024 to RMB812.2 million as of September 30, 2025, primarily due to an increase in raw materials as we increased the inventory of memory chips.
Financial Information · 第 326 页
Our inventory turnover days increased from 85.1 days in 2022 to 106.0 days in 2023, primarily due to an increase in the inventory of memory chips in 2023.
Financial Information · 第 327 页
By procuring a sufficient volume of chips before the full effect of the price increases, we were able to secure supply for future product deliveries and partially mitigate the impact of rising costs on our gross profit margin.
Our inventories further increased by 28.4% to RMB1,721.0 million as of December 31, 2024, primarily reflecting (i) an increase of RMB173.5 million in finished goods, as we stocked certain general-purpose models to ensure a rapid response to needs of our key account customers; and (ii) an increase of RMB147.7 million in work in progress, mainly due to our increased orders for intelligent manufacturing systems in 2024, which are characterized by extended production cycles, leading to a temporary buildup of work-in-progress inventory.
Financial Information · 第 358 页
Our inventory turnover days further increased to 194 days in 2024, primarily driven by our proactive strategy of maintaining higher inventory levels of certain general-purpose models to promptly meet the needs of our key account customers and ensure operational readiness.
Financial Information · 第 359 页
As of December 31, 2022, 2023, and 2024 and September 30, 2025, our write-down of inventories amounted to RMB58.1 million, RMB74.3 million, RMB112.5 million and RMB104.5 million, respectively.
Our inventories increased by 42.5% from RMB1,205.6 million as of December 31, 2024 to RMB1,718.0 million as of October 31, 2025, primarily due to increases in goods in transit and finished goods as a result of increased sales, reflecting the seasonality of our business.
Financial Information · 第 238 页
Our inventory turnover days increased to 53.6 days for the ten months ended October 31, 2025, which were higher than the turnover days in the full year of 2024, primarily due to the seasonal fluctuations.
Financial Information · 第 238 页
As of January 31, 2026, approximately RMB1,028.5 million, or 57.8% of inventories as of October 31, 2025, have been used, consumed or sold.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
存货增至人民币11.39亿元及减值拨备
Our inventories increased from RMB865.3 million as of December 31, 2024 to RMB1,139.1 million as of September 30, 2025, primarily attributable to (i) an increase in raw materials and consumables, due to the enhancement of raw material reserves to meet growing market demand and mitigate the potential impact of fluctuations in raw materials supply; and (ii) an increase in finished goods due to increased production to support the expansion of our business.
Financial Information · 第 252 页
Our inventories turnover days were 63.6 days, 65.5 days, 59.9 days and 65.2 days in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Financial Information · 第 253 页
As of December 31, 2025, RMB741.1 million, or 62.3% of our inventories outstanding as of September 30, 2025, was subsequently utilized.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
合同履约成本规模较大且账龄上升
Our inventories and contract costs increased by 9.7% from RMB115.8 million as of December 31, 2022 to RMB127.0 million as of December 31, 2023, primarily due to an increase in our contract fulfilment cost, mainly as a result of the increase in the number of customers of Atlas graph solutions and Atlas AI agent.
Financial Information · 第 381 页
Our inventories and contract costs increased by 61.6% from RMB74.7 million as of December 31, 2024 to RMB120.7 million as of September 30, 2025, primarily because we had relatively high level of contract fulfillment costs as of the end of the third quarter each year because our customers generally conducted inspections upon project completion and confirmed their acceptance in the second half of the year, particularly in the fourth quarter each year, which is in line with industry norm according to Frost & Sullivan.
Financial Information · 第 382 页
Our inventories and contract costs aged 3 years or above increased from RMB0.1 million as of December 31, 2022 to RMB2.8 million as of December 31, 2023, and further increased to RMB3.9 million as of December 31, 2024, primarily due to the extended implementation of certain projects, certain of which were fulfilled in 2025 and thus our inventories and contract costs decreased from RMB3.9 million as of December 31, 2024 to RMB2.9 million as of September 30, 2025.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
存货高企、周转天数升至593.6天及减值拨备增加
Our turnover days remained stable at 419.9 days in 2022 and 421.5 days in 2023, increased to 593.6 days in 2024 and then decreased to 540.5 days in the nine months ended September 30, 2025.
Financial Information · 第 318 页
During the Track Record Period, we have experienced extended acceptance period, being the time gap between delivery and revenue recognition, as we recognize revenue from sales of intelligent equipment upon the receipt of customer acceptance, which is formally acknowledged through signed customer confirmation verifying that the equipment meets the specified requirements and is fully operational to the customer’s satisfaction.
Financial Information · 第 319 页
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the write-down of inventories was approximately RMB114.9 million, RMB411.5 million, RMB548.7 million, RMB84.9 million and RMB170.4 million, respectively, which was recorded under the cost of sales.
Our inventories subsequently increased to RMB795.7 million as of September 30, 2025, primarily due to the increase in raw materials and materials consigned for processing.
Financial Information · 第 297 页
The increase in our inventories over one year in 2023 was primarily due to the slow-moving of early generation Jintide products during the industry-wide inventory destocking, and we accordingly made provision for impairment of these inventories.
Financial Information · 第 298 页
We maintained inventory turnover for approximately 100 days in 2022 and 2024 and for the nine months ended September 30, 2025, and the increased inventory turnover days in 2023 was primarily due to a decrease in sales of Jintide products.
乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
2024年末存货按年增加39.8%
Our inventories increased by 39.8% from RMB87.3 million as of December 31, 2023 to RMB122.0 million as of December 31, 2024 primarily due to the increase in semi-finished products and work in process and finished products.
Financial Information · 第 294 页
Our inventory turnover days increased from 90.9 days in 2022 to 115.2 days in 2023, and then decreased to 90.1 days in 2024.
Financial Information · 第 295 页
As of November 30, 2025, approximately RMB83.6 million, or 73.3% of our inventories as of August 31, 2025 had been utilized or sold.
Our inventories increased from RMB79.9 million as of December 31, 2022 to RMB135.3 million as of December 31, 2023, to RMB211.9 million as of December 31, 2024, and further increased to RMB362.4 million as of September 30, 2025, primarily in line with our expanded operations and growing demand for our products and to stock up to satisfy the higher demand in the last quarter of the year.
Financial Information · 第 297 页
As of January 9, 2026, RMB221.2 million, or approximately 61.0% of our inventories as of September 30, 2025 had been subsequently consumed or used.
Financial Information · 第 298 页
We believe 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) the accumulation of our inventories are generally backed by pre-existing orders made from our customers and their demand that have driven our sales growth; (ii) our inventories mainly comprise non-perishable and non-fragile semiconductor products and related components that generally have an extended product life cycle and can maintain their saleable value for an extended period; and (iii) our inventories aged within one year accounted for 95.0% of the total inventories as of September 30, 2025, indicating effective inventory management and relatively low risk of obsolescence.
Our inventories increased by 9.6% from RMB38,251.7 million as of December 31, 2022, to RMB41,930.8 million as of December 31, 2023, primarily due to an increase in the quantity of hogs.
Financial Information · 第 386 页
Our inventory turnover days increased from 128.9 days in 2022 to 136.2 days in 2023, primarily due to increase in the number of hogs under the finishing phase and piglets under nursing period as of December 31, 2023.
Financial Information · 第 387 页
Our impairment losses of RMB202.5 million in 2023 were mainly attributable to provision for meat products and live hogs in 2023 as the cost of consumable biological assets exceeded their net realizable value driven by the low market selling price of live hogs in the same year.
This growth rate in inventories, which was slower compared to the increases in revenue and costs, reflects our efforts in managing procurement and inventory levels effectively.
Financial Information · 第 367 页
During the Track Record Period, our inventory turnover days remained relatively stable.
Financial Information · 第 367 页
As of November 30, 2025, RMB25.7 million, or 74.2%, of our inventories as of August 31, 2025 had been subsequently utilized/sold.
Our inventories increased by 91.1% from RMB898.2 million as of December 31, 2024 to RMB1,716.9 million as of October 31, 2025, primarily because of the increase in market demand and order.
Financial Information · 第 375 页
Our inventory turnover days increased from 210 days in 2022 to 296 days in 2023, primarily due to the relatively low cost of sales in 2023, mainly attributable to a decrease in demand from downstream industries.
Financial Information · 第 376 页
As of November 30, 2025, RMB646.7 million, or 37.7% of inventories as of October 31, 2025, had been used, consumed or sold.
As of 31 December 2022, 2023 and 2024 and 31 October 2025, our inventories were RMB2,432.5 million, RMB3,085.2 million, RMB3,377.7 million and RMB3,790.4 million respectively.
Financial Information · 第 310 页
The growth of inventories was generally in line with the growth of our revenues during the Track Record Period.