During the Track Record Period, our trade and bills receivable turnover days were longer than the credit period that we typically granted to our customers, which was 60 to 120 days, primarily because certain customers issued us bills prior to the due dates of their trade receivables, extending the settlement time of such amounts.
Financial Information · 第 232 页
During the Track Record Period, we made proactive efforts to collect trade receivables from our customers, including (i) closely monitoring the status of our trade receivables; (ii) holding periodic meetings to discuss the status of our outstanding trade receivables; (iii) timely communicating with and reminding our customers of payments through various channels; and (iv) taking legal actions when necessary to recover outstanding trade receivables.
Financial Information · 第 232 页
As of July 31, 2026, US$58.3 million, or 34.7%, of our trade receivables as of June 30, 2026 had been subsequently settled.
Our trade and bills receivables turnover days increased from 75 days in 2023 to 88 days in 2024, and further to 95 days in 2025, primarily reflecting the relatively longer credit term for certain key customers with strong credit profiles.
Financial Information · 第 254 页
Notwithstanding such increase, the aging profile of our trade receivables remained relatively short, with RMB239.2 million, or approximately 98.2%, of our trade receivables as of March 31, 2026 being aged within three months and RMB4.4 million, or approximately 1.8%, being aged between three and six months.
Financial Information · 第 254 页
As of July 31, 2026, RMB182.4 million, or approximately 74.9% of our trade receivables as of March 31, 2026 had been subsequently collected.
Our trade and notes receivables increased by 45.4% from RMB5,670.0 million as of December 31, 2023 to RMB8,244.1 million as of December 31, 2024, primarily attributed to the increase to trade receivables driven by (i) the strong growth in downstream home appliance demand, in conjunction with rising raw material price in the same period, (ii) increased sales to certain overseas customers and customers of copper foils for lithium batteries and PCBs in emerging downstream sectors (such as the NEVs and energy storage markets), whose prevailing market practices typically involve extended credit terms which we accommodated as part of our efforts to strengthen our market position in these evolving markets.
Financial Information · 第 246 页
Our trade and notes receivables turnover days increased from 25.3 days in 2023 to 29.1 days in 2024, and further increased to 38.8 days in 2025, and further increased to 42.3 days in the five months ended May 31, 2026, primarily attributable to (i) increased sales to certain overseas customers and customers of copper foils for lithium batteries and PCBs in emerging downstream sectors (such as the NEVs and energy storage markets), whose prevailing market practices typically involve an extended credit terms which we accommodated as part of our efforts to strengthen our market position in these evolving markets, and (ii) the adjustment in business portfolio with incremental downsizing of the copper trade activities to align with our core operational needs, which operate with shorter turnover periods.
Financial Information · 第 247 页
We typically offer major customers a credit term of within 120 days.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
2024年末向流动性紧张经销商授出临时信贷
Our trade receivables decreased from RMB2.0 million as of December 31, 2024 to RMB0.2 million as of December 31, 2025, and remained at relatively low level of RMB0.3 million as of June 30, 2026, primarily due to the subsequent settlement of outstanding receivables from certain distributors to whom we had granted temporary credit extensions in late 2024 in light of their liquidity constraints.
Financial Information · 第 249 页
Our trade receivables turnover days remained at a relatively low level of two days in the six months ended June 30, 2026, as we mainly require our distributors to make prepayments.
Our trade and bills receivables increased by 248.1% from RMB99.7 million as of December 31, 2024 to RMB346.8 million as of December 31, 2025, primarily due to (i) the rapid growth of our overseas revenue and our strategic shift from prepayment to granting credit terms to selected overseas offline distributors to capture market share and attract long-term collaborations; and (ii) the timing of collections from a major e-commerce platform customer in 2025.
Financial Information · 第 228 页
Accordingly, our Directors are of the view that the relatively prolonged cash conversion cycle did not have and is not expected to have a material adverse impact on our operations and financial position.
Financial Information · 第 229 页
As of July 31, 2026, RMB403.2 million, or 79.1% of our trade receivables outstanding as of June 30, 2026, had been subsequently settled.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
应收款项余额高企且回款周期较长
During the Track Record Period, our trade receivables increased from RMB1,237.9 million as of December 31, 2023 to RMB1,843.4 million as of December 31, 2024, primarily due to higher sales in the fourth quarter of 2024 and the credit terms granted to certain customers.
Financial Information · 第 249 页
Our trade and notes receivables turnover days were 124.6 days, 134.2 days, 133.7 days and 116.4 days in 2023, 2024, 2025, and for the six months ended June 30, 2026, respectively.
Financial Information · 第 250 页
Taking into account contract assets, our trade and notes receivables turnover days would have been 136.1 days, 148.6 days, 149.7 days and 133.4 days in 2023, 2024, 2025 and for the six months ended June 30, 2026, respectively.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
应收账款规模大且部分客户账期长达两至四年
Our credit period is generally 7 to 360 days except for certain customers who are allowed to make payments by installments in two to four years, depending on the specific payment terms in each contract.
Financial Information · 第 249 页
Our trade receivables (on a net basis) increased by 12.1% from RMB917.9 million as of December 31, 2023 to RMB1.03 billion as of December 31, 2024, primarily due to new product launches in late 2024 for which receivables were subsequently settled in 2025.
Financial Information · 第 249 页
Our impairment losses on financial assets increased significantly from RMB2.5 million in 2024 to RMB12.0 million in 2025, primarily due to a higher proportion of long-aged trade receivables.
Trade receivables further increased by 55.5% from HK$63.3 million as of March 31, 2025 to HK$98.4 million as of March 31, 2026.
Financial Information · 第 230 页
Average trade receivables turnover days increased from 55 days for the year ended March 31, 2024 to 60 days for the year ended March 31, 2025, and further to 64 days for the year ended March 31, 2026.
Financial Information · 第 231 页
As of May 31, 2026, HK$44.3 million, or 45.6%, of our trade receivables as of March 31, 2026 had been fully settled.
Our trade and notes receivables increased from RMB28.1 million as of December 31, 2023 to RMB141.1 million as of December 31, 2024. Such increase was primarily due to our increase in revenue and a substantial increase in demand from customer, to whom we granted more favorable credit terms considering the significant sales volume.
Financial Information · 第 190 页
Our trade and notes receivables turnover days increased to 83.8 days for the three months ended March 31, 2026, primarily due to the extension of our credit terms for core customers with long-term relationship with us.
Financial Information · 第 191 页
As of May 31, 2026, 40.4% of our total trade receivables as of March 31, 2026, or RMB100.9 million, were settled.
Our trade receivables further increased to RMB8.8 million as at 31 December 2025, primarily due to increase receivables due from Customer F which resulted from extended credit terms granted to Customer F who was our largest customer in FY2024 and FY2025 upon commercial negotiation due to stronger customer bargaining power in light of its procurement size and its new listing status in Hong Kong during FY2025.
Financial Information · 第 230 页
Such increase was attributable to the extend credit terms granted to Customer F.
Financial Information · 第 230 页
As at 30 April 2026, approximately RMB5.5 million, representing 62.2% of our trade receivables as at 31 December 2025 had been settled.
Our trade receivables increased from RMB140.8 million as of December 31, 2023 to RMB165.0 million as of December 31, 2024, primarily due to higher sales and extended credit period to our certain customers.
Financial Information · 第 194 页
Our trade receivables turnover days increased from 65 days in 2023 to 72 days in 2024, primarily because customers who placed large volume orders gradually increased, and such customers requested us to extend credit period over time.
Financial Information · 第 195 页
As of April 30, 2026, RMB172.5 million, or 88.8% of our trade receivables as of December 31, 2025 had been settled.
Our trade receivables, other receivables and prepayments increased from USD98.0 million as of December 31, 2024 to USD215.9 million as of December 31, 2025, primarily due to the increased sales amounts in December 2025.
Financial Information · 第 201 页
In 2023, 2024 and 2025, our trade receivables turnover days were 59 days, 99 days and 168 days, respectively.
Financial Information · 第 202 页
To enhance receivables management, we have adopted a series of operational and structural measures.
Our trade receivables/notes receivables measured at FVTOCI increased to RMB326.0 million as of December 31, 2025, in line with our sales growth.
Financial Information · 第 243 页
Our trade receivables turnover days increased from 130.6 days in 2023 to 181.2 days in 2024, primarily due to the expansion of our customer base and the extension of our credit terms from generally up to 90 days to up to 180 days for customers in good standing to attract and retain customers as we penetrate new markets and establish relatively long-term business relationships.
Financial Information · 第 244 页
As of April 30, 2026, RMB122.4 million or approximately 45.9% of our trade receivables as of December 31, 2025 had been settled.
receivables increased significantly from RMB6.3 million as of December 31, 2024 to RMB41.8 million as of December 31, 2025, primarily due to (i) the extended credit terms granted to certain agents; and
Financial Information · 第 198 页
Our trade receivables turnover days increased to 19 days in 2025, primarily due to the extended credit terms granted to certain agents.
Financial Information · 第 199 页
As of April 30, 2026, all of our trade receivables as of December 31, 2025 had been subsequently collected.
Our trade receivables turnover days increased from 51.0 days in 2024 to 82.6 days in 2025, primarily due to (i) the increase in the average balance of trade receivables and (ii) longer credit periods granted to new customers in 2025 to secure long-term business collaboration.
Financial Information · 第 233 页
We believe there was no recoverability issue for the trade receivables aged over one year and that sufficient provisions have been made, for the following reasons: (i) as at December 31, 2025, trade receivables aged over one year amounted to RMB4.4 million, representing only approximately 1.2% of the total trade receivables, and therefore constituted a minor portion of the total balance;
Financial Information · 第 232 页
As of May 31, 2026, RMB287.7 million, or 65.6%, of our trade and bills receivables as of December 31, 2025, had been settled.
Our trade and bills receivables, net amounted to RMB849.9 million, RMB1,017.0 million and RMB1,097.1 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 239 页
Our trade receivables turnover days increased from 318.6 days in 2023 to 361.5 days in 2024, primarily due to the expansion of our customer base and an increase in the proportion of sales settled through installment payments to compete for customer orders.
Financial Information · 第 239 页
As of April 30, 2026, RMB469.6 million, or 42.7% of our trade and bills receivables as of December 31, 2025, had been settled.
Our trade and bill receivables increased by 67.6% from RMB102.1 million as of December 31, 2023 to RMB171.2 million as of December 31, 2024, primarily due to intensified industry competition since 2023, which resulted in greater bargaining power for clients and a slower collection pace of our receivables.
Financial Information · 第 218 页
We plan to strengthen the management of our trade receivables and optimize our cash conversion cycle.
Financial Information · 第 219 页
As of April 30, 2026, RMB60.4 million, or approximately 46.5%, of our trade and bill receivables as of December 31, 2025 had been subsequently settled.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
应收款项周转天数约123至145天
Our trade and bills receivables further increased by 96.0% to RMB4,616.5 million as of December 31, 2025, primarily due to increased sales of lithium-ion battery copper foil driven by production capacity expansion and strong demand from the energy storage system industry.
Financial Information · 第 207 页
Our trade and bills receivables turnover days increased from 123 days in 2023 to 141 days in 2024, primarily due to longer credit periods granted to certain major customers to strengthen long-term business relationships.
Financial Information · 第 208 页
Our impairment losses on financial assets increased significantly by 92.6% from RMB13.2 million in 2024 to RMB25.4 million in 2025, primarily due to an increase in impairment losses on trade receivables as increased sales led to higher receivable balances and corresponding impairment provisions in accordance with our expected credit loss rates.
Our trade and other receivables increased from RMB17.9 million as of December 31, 2024 to RMB64.6 million as of December 31, 2025, primarily due to an increase of RMB37.8 million in our trade receivables, mainly as a result of the increase in our revenue during the period and certain of our customers fully utilizing the credit periods granted to them under their contracts during 2025 in response to the prevailing market environment.
Financial Information · 第 214 页
The turnover days of our trade receivables increased from 40 days in 2023 and 2024 to 73 days in 2025, primarily due to certain of our customers fully utilizing the credit periods granted to them under their contracts during 2025 in response to the prevailing market environment and the delayed payment by certain of our customers, primarily our small customers and medium customers, which we believe was a result of their own cash flow and procurement budget constraints.
Financial Information · 第 215 页
As of April 30, 2026, RMB26.8 million, or 49.0% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.
Our trade and bills receivables increased by 50.0% from RMB854.1 million as of December 31, 2023 to RMB1,280.8 million as of December 31, 2024, primarily because we granted relatively long credit terms to certain customers.
Financial Information · 第 211 页
Our trade and bills receivables turnover days increased from 122 days in 2023 to 128 days in 2024, primarily as we granted relatively long credit terms to certain new customers.
Financial Information · 第 212 页
As of March 31, 2026, RMB591.5 million, or 40.9% of our trade and bills receivables as of December 31, 2025 had been settled.