北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
存货增至5,560万元及减值拨备波动
Our inventories increased by 52.7% from RMB36.4 million as of December 31, 2024 to RMB55.6 million as of December 31, 2025, primarily due to an increase in purchased hardware and components, reflecting our advance procurement to meet anticipated business demands.
Financial Information · 第 237 页
Our provision for impairment losses on inventories increased from RMB2.7 million as of December 31, 2023 to RMB5.4 million as of December 31, 2024, primarily because our investment exceeded the estimated recoverable amount for certain projects, due to our efforts to polish and optimize product performance under novel scenarios.
Financial Information · 第 237 页
Our inventory turnover days decreased from 115 days in 2023 to 108 days in 2024 and further to 91 days in 2025, primarily due to our improved delivery turnaround and our accumulation and utilization of replicable modules.
Our inventories increased from RMB1,739.1 million as of December 31, 2024 to RMB2,092.4 million as of December 31, 2025, primarily due to the increased procurement of raw materials in line with the expansion of our business scale.
Financial Information · 第 158 页
As of April 30, 2026, 38.1% of our inventories as of December 31, 2025, or RMB796.8 million, were utilized or sold.
Our inventories amounted to RMB2,173.1 million, RMB1,486.0 million and RMB1,537.2 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 213 页
Our provisions for impairment of inventories decreased from RMB151.4 million as of December 31, 2023 to RMB136.0 million as of December 31, 2024, and further decreased to RMB77.9 million as of December 31, 2025.
Financial Information · 第 213 页
Our inventory turnover days decreased from 217 days in 2023 to 187 days in 2024 and further to 136 days in 2025.
Our relatively longer inventory turnover days were primarily attributable to (i) overseas sales representing the substantial majority of our revenue during the Track Record Period, which involved longer shipping cycles; and (ii) the integrated nature of our BESS solutions, which generally entails longer delivery cycles compared to standalone equipment.
Financial Information · 第 187 页
As of April 30, 2026, RMB184.4 million or 46.1% of the outstanding balance of our inventories as of December 31, 2025 had been recognized as costs of goods sold.
Financial Information · 第 188 页
We believe that sufficient provision has been made for our inventories considering the rapid growth of the sales of the products which made up a substantial part of our inventories balance as of April 30, 2026.
Our inventories and contract costs decreased from RMB172.0 million as of December 31, 2023 to RMB161.6 million as of December 31, 2024, primarily due to a write-down of inventories and contract costs resulted from intensified market competition.
Financial Information · 第 215 页
We believe that there is no material impairment issue for our inventories and contract costs.
Financial Information · 第 216 页
As of April 30, 2026, approximately RMB146.6 million, or 68.1%, of our inventories and contract costs as of December 31, 2025 had been subsequently consumed.
Our inventories further increased to RMB1,940.2 million as of December 31, 2025 mainly attributable to (i) an increase in raw materials from RMB311.3 million as of December 31, 2024 to RMB428.8 million as of December 31, 2025, primarily to support the growth in our sales volume in anticipation of rises in rare earth market prices, and (ii) increases in work in progress from RMB541.9 million as of December 31, 2024 to RMB797.3 million as of December 31, 2025, and in finished goods from RMB419.7 million as of December 31, 2024 to RMB554.3 million as of December 31, 2025, in line with the growth in our revenue scale.
Financial Information · 第 219 页
Our inventory turnover days increased to 133 days for the year ended December 31, 2025, primarily due to strategic increases in inventory, in anticipation of rare earth price increases and to support the growth of our product sales.
Financial Information · 第 220 页
As of April 30, 2026, approximately RMB1,676.2 million, or 82.7% of our inventories as of December 31, 2025 had been utilized or sold.
The relatively high level of goods in transit reflects the deployment of our robot products, which typically involve multiple phases, including delivery, on-site installation, system integration, and formal customer acceptance.
Financial Information · 第 231 页
As our production planning capabilities and on-site fulfillment efficiency have continued to improve, our inventories turnover days decreased from 263 days in 2023 to 186 days in 2024, and further decreased to 167 days in 2025.
Financial Information · 第 231 页
Inventories aged over one year increased from RMB7.3 million as of December 31, 2024 to RMB19.4 million as of December 31, 2025, primarily due to (i) an increase in finished goods aged over one year consisting mainly of robots for trial use and components for after-sales maintenance use, and (ii) an increase in goods in transit aged over one year consisting mainly of robots under the contracts that require on-site deployment, with customer inspection and acceptance only after deployment is completed.
Our inventories decreased from RMB49.4 million as of December 31, 2023 to RMB46.7 million as of December 31, 2024, and increased to RMB49.1 million as of December 31, 2025, which were in line with our business growth, particularly the expansion of our cognitive intelligence algorithm platforms which required higher upfront costs for deployment prior to customer acceptance.
Financial Information · 第 166 页
Average turnover days of our inventories decreased from 300 days for 2023 to 195 days for 2024, and further decreased to 60 days for 2025 primarily due to shorten completion cycle of our contractual obligations in response to increased market demand for our products.
Financial Information · 第 167 页
As of April 30, 2026, RMB36.8 million, or 73.3%, of our inventories as of December 31, 2025 had been subsequently utilized.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
存货增至7.624亿元且一年以上账龄上升
Our inventories increased by 30.5% to RMB518.1 million as at 31 December 2024, and further increased by 47.2% to RMB762.4 million as at 31 December 2025, primarily due to our expansion in production scale to meet customer demands.
Financial Information · 第 246 页
The increase in inventories aged over one year from RMB42.2 million as at 31 December 2024 to RMB141.0 million as at 31 December 2025 was primarily attributable to (i) the inventories associated with a customer that experienced deteriorating operating conditions in 2024, for which full impairment provision had been recognised in 2024; (ii) a slowdown in turnover of certain product models due to changes in end-market demand and customer product iteration cycles, with such inventories continuing to be consumed or sold in the ordinary course of business; and (iii) strategic forward procurement of raw materials to secure supply continuity and lock in favorable input costs ahead of anticipated production requirements.
Financial Information · 第 246 页
As at 31 December 2023, 2024 and 31 December 2025, our provision for impairment of inventories amounted to RMB43.1 million, RMB45.7 million and RMB65.2 million, respectively, primarily relating to inventories that are obsolete, slow-moving or no longer recoverable or suitable for use in production.
Our inventories were RMB1.9 million as of December 31, 2024 compared to RMB19.7 million as of December 31, 2025, primarily attributable to certain new projects with high contract values we undertook in early 2025 which caused a substantial increase in procurement of raw materials and work-in-progress before final acceptance by customers.
Financial Information · 第 230 页
Our inventory turnover days increased from 10 days in 2024 to 16 days in 2025, primarily due to the delivery cycles of certain new projects started in early 2025, which had not been delivered and accepted by customers by the end of 2025.
Financial Information · 第 231 页
As of April 30, 2026, RMB7.5 million, or 38.3% of our inventories as of December 31, 2025, had been consumed or sold.
Our inventories increased from RMB3,256.6 million as of December 31, 2023 to RMB4,077.1 million as of December 31, 2024, and further increased to RMB4,303.1 million as of December 31, 2025, primarily as a result of the rising contribution of our smart power distribution equipment and solutions during the Track Record Period, which generally carry a higher level of finished goods on hand given their longer delivery and acceptance cycles.
Financial Information · 第 215 页
During the Track Record Period, our write-down of inventories to net realizable value amounted to RMB2.0 million, RMB35.5 million and RMB77.4 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 215 页
Our inventory turnover days increased from 121 days in 2023 to 139 days in 2024, and further increased to 146 days for the year ended December 31, 2025, mainly due to the increase in finished goods driven by growing orders from our customers, particularly as the proportion of revenue from our smart power distribution segment, for which the relevant delivery, acceptance and revenue recognition cycles are typically longer, continued to increase.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
2025年末存货倍增至19.82亿元
Our inventories increased by 101.4% to RMB1,982.0 million as of December 31, 2025, primarily due to an increase in raw materials and work in progress resulting from the expansion of production capacity to meet strong customer demand.
Financial Information · 第 205 页
Our inventories turnover days remained relatively stable at 66 days in 2023, 65 days in 2024 and 66 days in 2025.
Financial Information · 第 206 页
As of April 30, 2026, RMB1,962.1 million, or 99.0% of inventories as of December 31, 2025, had been used, consumed or sold.
Our inventory increased significantly from RMB31.6 million as at 31 December 2024 to RMB80.2 million as at 31 December 2025, primarily due to the increase in our goods in transit by approximately RMB40.7 million from approximately RMB8.2 million as at 31 December 2024 to approximately RMB48.9 million as at 31 December 2025.
Financial Information · 第 226 页
Our inventory turnover days decreased from 201 days in FY2023 to 44 days in FY2024, driven by the decrease of our inventory decreased from RMB56.0 million as at 31 December 2023 to RMB31.6 million as at 31 December 2024, primarily due to the decrease of goods in transit as at 31 December 2023, which was delivered to our customers during FY2024
Financial Information · 第 227 页
Our directors are of the view that there is no impairment issue for the balance of our inventories as at 31 December 2025, because approximately RMB48.9 million, or 61.0% of our inventory as at 31 December 2025 were goods in transit.
Our inventories increased by 28.1% from RMB80.1 million as of 31 December 2023 to RMB102.6 million as of 31 December 2024, primarily due to increased procurement and production to meet our increased customer orders.
Financial Information · 第 218 页
We recognised provision of impairment for inventories, net of RMB0.7 million, RMB1.2 million and RMB3.1 million during 2023, 2024 and 2025, respectively.
Financial Information · 第 219 页
As of 30 April 2026, RMB58.9 million, or 68.6%, of our inventories as of 31 December 2025 had been subsequently sold or utilised.
Our inventories and other contract costs further decreased from RMB80.6 million as of December 31, 2023 to RMB72.1 million as of December 31, 2024, primarily due to continuous cost optimization and enhanced inventory management resulting in reduced stock volumes.
Financial Information · 第 235 页
Our inventories and other contract costs increased from RMB72.1 million as of December 31, 2024 to RMB114.1 million as of December 31, 2025, primarily because the large orders of a project were in the process of being delivered at the end of 2025, resulting in an increase in goods in transit as of December 31, 2025.
Financial Information · 第 235 页
Our inventory turnover days were 98 days, 74 days, and 83 days in 2023, 2024 and 2025.
Our inventories significantly increased to RMB85.9 million as of December 31, 2025. Such increase was primarily attributable to (i) an increase in inventory levels in line with the expansion of our sales scale, and (ii) increases in the prices of raw materials during the same year.
Financial Information · 第 206 页
Our inventory turnover days increased from 84.9 days in 2023 to 95.1 days in 2024, and further increased to 103.4 days in 2025.
Financial Information · 第 206 页
The increase in our inventory turnover days in 2025 compared to 2024 was primarily because we proactively increased our inventory levels for raw materials in the second half of 2025, in response to increases in the market prices of the relevant raw materials and in our order volume.
Our inventories increased from RMB128.2 million as of December 31, 2023 to RMB156.7 million as of December 31, 2024, and further to RMB234.9 million as of December 31, 2025, in line with the expanded scale of our business operations and sales.
Financial Information · 第 236 页
Our inventory turnover days increased slightly to 208 days in 2025, primarily due to the higher inventory balance as of December 31, 2025 as we stocked up relevant inventories in light of the increase in demand of our products and projected sales.
Financial Information · 第 236 页
As of December 31, 2023, 2024 and 2025, we recorded provision for impairment of inventories of RMB2.6 million and RMB5.8 million and RMB9.5 million, respectively.
Our inventories increased from RMB225.4 million as at 31 December 2023 to RMB312.4 million as at 31 December 2024, primarily due to the increase in work in progress of RMB78.7 million for mainly resulting from the increase in production of FCBGA Substrates which has a relatively longer production cycle.
Financial Information · 第 234 页
We had a relatively high level of write-down of inventories, which amounted to RMB63.0 million, RMB57.7 million, and RMB51.8 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · 第 234 页
These write-downs were primarily a direct reflection of our stringent inventory management practices and relatively conservative accounting policies, rather than actual systemic obsolescence or operational inefficiencies.
Our inventories increased from RMB137.2 million as of December 31, 2024 to RMB224.1 million as of December 31, 2025, primarily due to an increase in raw materials, work in progress and finished goods to support our growing sales volume.
Financial Information · 第 206 页
Our inventory turnover days decreased from 73 days in 2023 to 48 days in 2024, and further decreased to 20 days in 2025, primarily as (i) we enhanced our delivery efficiency, and (ii) we document and monitor incoming and outgoing materials regularly to ensure that an optimal inventory level is maintained to satisfy the customer needs while minimizing any wastage and avoiding obsolescence.
Financial Information · 第 207 页
As of April 30, 2026, RMB220.4 million, or 98.4% of our inventory as of December 31, 2025 had been utilized or sold.
Our inventories increased from December 31, 2023 to December 31, 2024 and to December 31, 2025 and further to March 31, 2026, primarily due to increases in finished goods, work-in-progress and raw materials, in line with our business expansion.
Financial Information · 第 203 页
Our inventory turnover days increased from 2024 to 2025 and further to the three months ended March 31, 2026, primarily due to (i) increased work-in-progress as a result of product mix shift towards higher-layer PCBs, (ii) increased finished goods and raw materials as we stockpile to meet higher customer demand amidst tighter raw material supply chains.
Financial Information · 第 204 页
As of April 30, 2026, RMB1,771.1 million, or 34.6%, of our inventories as of March 31, 2026, had been subsequently utilized.