Our inventory balance decreased to RMB285.3 million as at December 31, 2023, primarily due to our production and sales strategy in an effort to lower inventory amid a slow market.
Financial Information · 第 300 页
For the years ended December 31, 2021, 2022 and 2023, our inventory turnover days were 36 days, 47 days and 47 days, respectively.
Financial Information · 第 301 页
As of the Latest Practicable Date, RMB240.3 million or 83.7% of the RMB287.1 million inventories (before impairment) as of December 31, 2023 were subsequently utilized or sold.
Inventory turnover days increased to 197 days as at 31 December 2023 due to the increase in inventory level arising from the prolonged distribution schedule requested by our customers with the decrease in demand of the end customers for their products and the decrease in cost of sales level because of lower production volume.
Financial Information · 第 373 页
Given that the unsold finished goods are supported by customer’s demand forecast and impairment on overhead costs and direct labour costs has been made, our Directors are of the view that sufficient inventory provision has been made.
Our inventories increased from RMB20.4 million as of December 31, 2021 to RMB32.7 million as of December 31, 2022, primarily due to our business expansion.
Financial Information · 第 385 页
Our inventory turnover days increased from 69.4 days in 2021 to 128.8 days in 2022, aligning with our business expansion.
Financial Information · 第 386 页
Throughout the Track Record Period, except from write-down of inventories in 2022 and early 2023 in line with our accounting policies after taking into account various factors that we believe are non-recurring, including the impact of COVID-19 on operations, reduced foot traffic, changes in our inventory procurement plan, and declining prices of certain FMCG products, we have not experienced any material adverse effect in inventory consumption, and we believe sufficient provision has been made.
The increase in our inventory turnover days from 159.2 days in 2021 to 242.5 days in 2022 was primarily due to the absence of a new flagship product launch in Smart Devices and Other Accessories during 2022.
Financial Information · 第 462 页
As of December 31, 2021, 2022 and 2023, we wrote down RMB20.0 million, RMB20.9 million and RMB29.7 million of inventories, respectively.
Financial Information · 第 461 页
Our Directors are of the view that there is no material recoverability issue for our inventories, primarily because (i) a substantial portion of the inventories as of December 31, 2023 were aged less than one year, (ii) our raw materials and certain finished goods are generally not subject to expiration, and the finished aged over one year are not perishable or fragile products and can maintain saleable value and (iii) we assessed our finished goods’ applicability from time to time and recorded cost of sales for forfeiture of any outdated ones, and therefore considered there was no material difficulty in the utilization of our inventories as of the end of each reporting period.
Our inventories increased from RMB113.1 million as of December 31, 2021 to RMB192.5 million as of December 31, 2022, and further increased to RMB201.2 million as of December 31, 2023, the growth of which was consistent with our business expansion during the same periods.
Financial Information · 第 319 页
As of December 31, 2021, 2022 and 2023, the balance of our finished goods was RMB109.8 million, RMB187.3 million and RMB197.0 million, respectively, representing 97.1%, 97.3% and 97.9% of our total inventory balances as of the same dates, respectively.
Financial Information · 第 319 页
Inventories turnover days decreased to 19.2 days in 2023, primarily due to (i) the increased turnover efficiency and inventory management capabilities with the development of our warehousing and distribution network, and (ii) a relatively higher proportion of short shelf-life goods in our inventories, such as fresh milk and fresh fruits.
The increasing trend of our inventories from RMB164.4 million as at 31 March 2021 to RMB740.5 million as at 31 March 2022 was primarily due to the increase in our inventory reserve in view of the growth in sales volume as well as the increase in inventory costs in FY2022 due to the global supply uncertainty of KCL.
Financial Information · 第 419 页
Our Group recorded an increase in average inventory turnover days from approximately 24.5 days for FY2021 to approximately 51.5 days for FY2022.
Financial Information · 第 420 页
As at the Latest Practicable Date, RMB434.1 million, or approximately 97.8%, of our inventories as at 30 November 2023, were subsequently utilised or sold.
Our inventories increased from RMB21.6 million as of December 31, 2020 to RMB38.1 million as of December 31, 2021, and further to RMB84.8 million as of December 31, 2022, primarily due to an increase in our purchase of medicine and medical materials, generally consistent with the growth of our hospital business, and an increase in our purchase of medical equipment, generally consistent with the growth in our sales and installing of medical equipment and software.
Financial Information · 第 353 页
The inventories aged over one year are mainly related to medical equipment, for which the acceptance schedule has been delayed due to some special circumstances.
Financial Information · 第 354 页
Our inventories turnover days increased from 21 days in 2021 to 36 days in 2022, primarily due to the increased medical equipment inventory, primarily attributable to the delay in logistics for delivery, installation and acceptance of medical equipment as impacted by the less frequent transportation and travel of the relevant technical staff amid the regional resurgence of COVID-19 pandemic in 2022, especially for certain large-scale medical equipment with higher value which has a greater impact on the balance of inventories.
We had provision for inventories of RMB21.8 million, RMB28.5 million, RMB102.9 million and RMB83.1 million as of December 31, 2020, 2021 and 2022 and June 30, 2023, respectively.
Financial Information · 第 300 页
Our inventory turnover days increased from 167 days in 2020 to 184 days in 2021, primarily because we procured and maintained an escalated level of semiconductor chips inventory in late 2021 in light of the global chip shortage.
Financial Information · 第 301 页
As of October 31, 2023, RMB226.0 million, or approximately 63.6% of our inventories as of June 30, 2023 had been sold or utilized.
Our balance of allowance for write-down of inventories amounted to RMB81.5 million, RMB40.1 million, RMB72.8 million and RMB28.7 million as of December 31, 2020, 2021 and 2022 and June 30, 2023, respectively.
Financial Information · 第 503 页
In particular, we have approximately 7,660 units of humanoid Alpha Mini (non-education), which amounted to RMB16.1 million, remained in our inventories as of June 30, 2023.
Financial Information · 第 434 页
Having considered the (i) net realisable value of our inventories, which is the expected selling price with reference to the prevailing market price readily available to our Group; (ii) demand and ongoing sales noted for our inventories; and (iii) RMB38.7 million or 36.1% of the inventories aged over one year were sold or utilized between June 1, 2023 and September 30, 2023, we concluded that the allowance for write-down of inventories by our management was sufficient during the Track Record Period.
Our inventories increased from RMB44.4 million as of December 31, 2020 to RMB56.5 million as of December 31, 2021, and further increased to RMB76.3 million as of December 31, 2022 and RMB130.4 million as of June 30, 2023, primarily due to the inventories held in stock based on our customers' needs, which was in line with our business growth.
Financial Information · 第 325 页
Our inventory turnover days increased from 158.2 days in 2022 to 203.3 days for the six months ended June 30, 2023, due to an increase in raw materials in anticipation of an increase in customers' demand in the second half of 2023.
Financial Information · 第 326 页
As of October 31, 2023, RMB90.8 million, or 68.2% of our inventories as of June 30, 2023 had been subsequently consumed or sold.
普洱澜沧古茶股份有限公司PU’ER LANCANG ANCIENT TEA CO., LTD.06911.HK
存货持续上升且周转天数逾千日
Our inventories increased from RMB470.3 million as of December 31, 2020 to RMB635.7 million as of December 31, 2021, primarily due to (1) increase purchase volume of rough tea leaves (i) in preparation for the production of flagship products for our business expansion and (ii) as the management believed the rough tea leaves grown in 2021 was extraordinary in quality; and (2) the increase in our finished goods because (i) the product portfolio under Tea Mama continued to expand, adding up to an increase in finished goods, (ii) we stocked up on Chenpi to avoid its anticipated rise in price in the future, and (iii) we stocked up on our flagship products, which were reserved for distributor-operated stores to be opened in the future.
Financial Information · 第 335 页
During each year/period of the Track Record Period, our inventory turnover days were 1,345 days, 1,061 days, 1,641 days and 1,588 days, respectively.
Financial Information · 第 338 页
According to the F&S Report, our inventory turnover days during the Track Record Period were in line with the industry average.
Our inventories increased from RMB9.5 million as of December 31, 2020 to RMB47.0 million as of December 31, 2021, and further to RMB272.0 million as of December 31, 2022.
Financial Information · 第 415 页
Our inventory turnover days increased from 91 days in 2020 to 122 days in 2021, as the series production of our first SuperVision™project started in the fourth quarter of 2021, resulting in a relatively high ending balance of inventories in 2021, while the cost of sales in 2021 was relatively low.
As of October 31, 2023, RMB117.4 million, or 72.4%, of our inventories as of June 30, 2023 had been subsequently sold or utilized.
Our inventories increased significantly from 2020 to 2022 as we continued to expand our production scale.
Financial Information · 第 382 页
We recorded the net provision for impairment losses of inventories of RMB264.7 million as of June 30, 2023, primarily due to the decrease in average selling prices of our EV and ESS battery products as a result of decrease in raw material prices in the first half of 2023, which resulted in the net realizable value of our inventories lower than their costs.
Financial Information · 第 383 页
As of October 31, 2023, 77.1% of our total inventories as of June 30, 2023, or RMB2,590.4 million, were utilized or sold.
厦门燕之屋燕窝产业股份有限公司XIAMEN YAN PALACE BIRD’S NEST INDUSTRY CO., LTD.01497.HK
存货周转天数上升主因疫情期间囤积毛燕
Our inventory turnover days increased from 91.2 days in 2020 to 130.2 days in 2021, primarily because we stocked up raw nests to prevent raw material shortage amid the pandemic in 2020, which resulted in a slower turnover in 2021.
Financial Information · 第 296 页
Our raw materials increased from RMB125.9 million as of December 31, 2022 to RMB187.7 million as of May 31, 2023, primarily because we purchased a certain amount of raw nests for production in anticipation of the “618” shopping festival.
Financial Information · 第 294 页
As of September 30, 2023, approximately RMB233.4 million, or 89.7%, of our total inventories as of May 31, 2023 were utilized or sold.
国鸿氢能科技（嘉兴）股份有限公司Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd.09663.HK
存货高企及9SSL电堆存货减值拨备增至1.018亿元
Our inventories increased by 78.3% from RMB217.9 million as of 31 December 2020 to RMB388.5 million as of 31 December 2021, primarily due to increase in finished goods because (i) of our launch of new products in 2020, (ii) we increased our inventories in response to COVID-19's impact on supply chain stability, and (iii) we expected a stronger market demand for the new products we launched.
Financial Information · 第 448 页
Our provision for impairment of inventories further increased to RMB87.0 million as of 31 December 2022 and RMB101.8 million as of 31 May 2023 primarily due to the impairment of 9SSL fuel cell stacks.
Financial Information · 第 449 页
Our inventory turnover days increased from 278 days for the year ended 31 December 2022 to 574 days for the five months ended 31 May 2023 as a result of the seasonality nature of our business where our revenue and cost of sales are generally lower in the first half of the year.
山西省安装集团股份有限公司Shanxi Installation Group Co., Ltd.02520.HK
2023年6月末存货增185.4%
As of June 30, 2023, our inventories increased by RMB271.1 million from RMB146.2 million as of December 31, 2022 to RMB417.3 million, representing an increase of 185.4%.
Financial Information · 第 530 页
As of the Latest Practicable Date, RMB323.0 million representing 77.4% of our inventories as of June 30, 2023 have been utilized.
Financial Information · 第 531 页
Therefore, inventory turnover days are not indicative of our operations and are excluded from our analysis.
Our inventories decreased to RMB47.4 million as of June 30, 2023, primarily representing inventory consumed for our manufacturing activities and our inventory optimization strategy to lower our inventory level to approximately two to three months’ supply.
Financial Information · 第 333 页
As of September 30, 2023, approximately RMB17.0 million, or 36.0%, of our inventories as of June 30, 2023 had been consumed.
Financial Information · 第 334 页
Our Directors concluded that we do not have any material recoverability issue for our inventories and the write-down of inventories was adequate and reasonable for the following reasons.
Our inventories increased from RMB56.6 million as of December 31, 2020, to RMB69.2 million as of December 31, 2021, to RMB84.5 million as of December 31, 2022, and further to RMB95.2 million as of April 30, 2023.
Financial Information · 第 340 页
As of August 31, 2023, RMB58.4 million, or 61.4%, of our inventories as of April 30, 2023 had been delivered or consumed.
Financial Information · 第 341 页
Our Directors believe that there is no recoverability issue for our inventories aged over one year primarily because (i) our inventories aged over one year did not remain static but gradually sold or utilized during the Track Record Period.
Our inventories remained relatively stable at RMB141.9 million as at 31 December 2021 as compared to RMB142.0 million as at 31 December 2020, then increased to RMB193.6 million as at 31 December 2022, primarily attributable to the increase in automobiles by RMB49.5 million mainly due to the increase in inventories aged 0–30 days by RMB41.5 million attributable to the increase in automobile purchase in December 2022 as to take advantage of preferential tax benefit, which was set to expire by the end of 2022.
Financial Information · 第 405 页
Our automobiles aged over 90 days mainly represented repossessed automobiles not yet leased or disposed.
Financial Information · 第 406 页
As at the Latest Practicable Date, RMB121.9 million or 91.5% of our inventories outstanding as at 30 June 2023 were sold or utilised.
To minimize the risk of inventory build-up, we review our inventory levels on a regular basis.
Financial Information · 第 450 页
Our inventories decreased by 35.0% from RMB231.2 million as of December 31, 2019 to RMB150.2 million as of December 31, 2020, primarily due to (i) the significant increase in provision of impairment from RMB2.5 million as of December 31, 2019 to RMB56.4 million as of December 31, 2020, primarily attributable to provision of impairment recognized for inventories in relation to orange juice machines, coconut juice machines and karaoke booths as these machines became less desired as a result of the COVID-19 outbreak and (ii) the decrease in merchandise resulting from the decrease in demand and drop in foot traffic as a result of the COVID-19 outbreak.
Financial Information · 第 451 页
As of June 30, 2023, all the inventories aged over one year as of December 31, 2019, 2020 and 2021 had been subsequently sold or utilized.