账龄恶化及逾期款项

Our trade and bills receivables increased by 114.9% from RMB79.4 million as of December 31, 2025 to RMB170.7 million as of June 30, 2026, primarily due to our business expansion.

Our trade and bills receivables turnover days exceeded our standard credit terms of 30 to 90 days during the Track Record Period.

As of August 31, 2026, RMB50.0 million, or 28.1%, of our trade and bills receivables as of June 30, 2026, had been settled.

Our trade and bills receivables increased from RMB362.4 million as of December 31, 2023 to RMB518.7 million as of December 31, 2024, and further increased to RMB751.0 million as of December 31, 2025, primarily due to the extended collection period caused by fluctuation in sales and changes in financial conditions of our customers and the overcapacity in the PV sector.

Our trade receivables aged one year and above increased in both absolute amount and as a percentage of total trade receivables, from RMB25.6 million (or approximately 9.0% of total trade receivables) as of December 31, 2023 to RMB26.9 million (or approximately 6.2% of total trade receivables) as of December 31, 2024, and further to RMB168.2 million (or approximately 25.0% of total trade receivables) as of December 31, 2025 and further to RMB158.2 million (or approximately 27.0% of total trade receivables) as of April 30, 2026.

In particular, in order to accommodate the liquidity pressures faced by our PV customers during the downturn and to maintain our customer relationships, we agreed to extend the payment terms for certain PV customers, including in certain cases permitting settlement by instalments over a period of up to 36 months.

The relatively higher average turnover days in FY2024 was primarily due to the release of a charge of HK$16 million during the year by a payment solution provider.

The ageing profile remained healthy with substantially all trade receivables concentrated within 30 days throughout the Track Record Period.

Management regularly reviews the adequacy of the allowance for expected credit losses and provides for such allowance when necessary.

Our trade receivables turnover days increased from 83.8 days in 2023 to 88.9 days in 2024 and further increased to 90.1 days in 2025 which subsequently increased to 95.0 days in the six months ended June 30, 2026, primarily due to our increased trade receivables from OEMs that are granted longer credit terms.

Our trade receivables aged over 90 days increased significantly as of December 31, 2025 as compared to December 31, 2023 and 2024, primarily due to our increased trade receivables from OEMs, who are generally granted longer credit terms compared to other types of customers.

As of July 31, 2026, RMB778.5 million, or approximately 39.9%, of our trade receivables as of June 30, 2026 had been subsequently settled.

Our trade receivable turnover days increased from 67 days in FY2023 to 127 days in FY2024, increased to 165 days in FY2025 and further increased to 181 days in 3M2026, mainly due to prolonged actual settlement cycles of certain major customers rather than a general extension of our contractual credit terms.

In response to the prolonged settlement cycles of Customer A and Customer B, we had strengthened our collection measures, which included (i) issuing payment reminders; (ii) requiring the relevant customers to provide with us detailed repayment schedules, under which, we may consider taking legal action against such customer, if designated repayment(s) is not made by the prescribed date; and (iii) requiring our sale team to closely monitor the repayment status of these customers.

As at the Latest Practicable Date, RMB80.6 million, or 51.9% of our trade receivables outstanding as at 31 March 2026, was settled.

Our trade and notes receivables increased significantly from RMB32.7 million as of December 31, 2024 to RMB88.6 million as of December 31, 2025, primarily attributable to an increase in trade receivables reflecting (i) the revenue and overall business scale increase due to our efforts to upgrade and diversify our solutions and services as well as to acquire new customers, and (ii) the addition of certain reputable customers in the relevant industries during the year, for whom we moderately extended payment terms to align with their internal financial and budgetary arrangement, taking into account their credit profiles and cooperation circumstances.

Our trade and notes receivable turnover days increased from 81.8 days in 2025 to 102.8 days in the six months ended June 30, 2026 as certain of the newly secured projects were for end customers such as telecommunications companies and financial institutions that generally involve delivery and acceptance near quarter-end.

As of July 31, 2026, approximately RMB24.8 million, or 19.7% of our trade receivables as of June 30, 2026, had been settled.

Our trade receivables decreased from RMB165.3 million as of December 31, 2024 to RMB84.7 million as of December 31, 2025, primarily due to the decease of trade receivables resulting from our receipt of RMB80.0 million milestone payment from Betta in 2025 and the increase in loss allowance for trade receivables resulting from the longer aging of such trade receivables.

As of July 31, 2026, RMB5.5 million, or 6.3% of our trade receivables as of June 30, 2026 had been subsequently settled.

Our provision for impairment losses increased from RMB8.9 million in 2024 to RMB12.6 million in 2025 primarily driven by the increased impairment losses on the trade receivables from RMB8.9 million in 2024 to RMB12.6 million in 2025, mainly due to the longer aging of trade receivables from Betta.

Our trade and bills receivables increased by 91.4% from RMB605.4 million as of December 31, 2024 to RMB1,158.7 million as of December 31, 2025, and increased by 34.8% from RMB1,158.7 million as of December 31, 2025 to RMB1,561.5 million as of June 30, 2026, primarily in line with the revenue growth.

We implemented flexible arrangements in respect of 56 customers that had overdue trade receivable as of December 31, 2024, with the total overdue balance amounting to RMB92.4 million.

Therefore, our Directors are of the view that the provisions have been approximately formulated and adequately recognized.

Our trade receivables turnover days increased from 44 days in the year ended December 31, 2023 to 65 days in the year ended December 31, 2024. It then increased to 88 days in the year ended December 31, 2025, primarily due to a slowdown in collection of payments from certain clients.

Our trade and bills receivables aged over 1 year increased from RMB2.7 million as of December 31, 2023 to RMB7.3 million as of December 31, 2024 and further to RMB18.0 million as of December 31, 2025, primarily due to a slowdown in the collection of payments from certain clients driven by economic conditions and cash flow pressures faced by some clients.

The Directors are of the view that the outstanding trade and bills receivables as of June 30, 2026 are recoverable and that the provision for loss allowance is adequate.

Our trade receivables turnover days during the Track Record Period were longer than the standard credit period of up to 90 days that we offered to our customers

Our trade and bills receivables turnover days increased from 144.2 days in 2023 to 163.2 days in 2024, and further increased to 229.1 days in 2025 and 272.5 days for the four months ended April 30, 2026.

As of the Latest Practicable Date, RMB87.4 million, or 33.6% of our trade and bills receivables as of April 30, 2026, had been settled

As of December 31, 2023, 2024, and 2025, our trade receivables balances were RMB240.2 million, RMB274.6 million, and RMB338.5 million, respectively.

The collection cycle in the oilfield services industry is typically extended due to the prolonged internal payment approval processes of our state-owned enterprise customers.

Our trade receivables turnover days were 177 days, 214 days and 230 days for the years ended December 31, 2023, 2024 and 2025, respectively.

In 2023, 2024 and 2025, our average trade receivables turnover days remained relatively stable, which were 382 days, 349 days, and 341 days, respectively.

As of December 31, 2025, our trade receivables and bills receivables aged over one year amounted to RMB166.9 million, representing 25.4% of our total trade receivables and bills receivables.

The longer settlement cycles are primarily attributable to the budgetary and fund allocation processes inherent in government bodies, which often require multiple layers of internal approval before payment can be disbursed.

During the Track Record Period, our trade and bills receivables increased from RMB36.8 million as of 31 December 2023 to RMB56.1 million as of 31 December 2025.

As of 31 December 2023, 2024 and 2025, our average trade and bills receivables turnover days was 71.1 days, 120.1 days and 139.8 days, respectively, which was in line with the credit period we generally grant to our customers in maximum of 360 days.

In particular, amid the economic downturn in recent years, some state-owned customers experienced delays in payment due to factors such as delay in payment from their project owner or end customer, delay in project progress, internal fund allocation, and approval procedures, which led to an increase in trade and bills receivable balance at period end.

The trade and bills receivables of our digitalization and business solutions business accounted for 82.7%, 92.4%, 95.6% and 92.8% of our total trade and bills receivables as of December 31, 2023 and 2024 and 2025 and April 30, 2026, respectively.

The trade and bills receivables turnover days of our digitalization and business solutions business increased from 2023 to 2024, mainly because payments from certain customers were delayed.

The reason for the overdue and the prolonged settlement of the trade and bills receivables during the Track Record Period was primarily due to (i) delay due to the customers' internal procedure, (ii) we understand that certain customers' liquidity position was constrained and (iii) change in certain customers' management which resulted in a delay in acceptance.

We had trade and bills receivables of RMB174.5 million, RMB307.2 million and RMB586.6 million as at 31 December 2023, 2024 and 2025, respectively.

As at 31 December 2023, 2024, and 2025, our trade receivables aged over one year, net of allowance, represented 5.6%, 17.2%, and 30.3%, respectively, of our total net trade receivables.

To the best knowledge of our Directors, the outstanding trade receivables were primarily due to our direct customers being system integrators whose payment to us depends on their collection from the airports, being the end users.

Our trade receivables increased from HK$12.7 million as of December 31, 2023 to HK$26.9 million as of December 31, 2024 and subsequently further increased to HK$73.1 million as of December 31, 2025.

Our average trade receivable turnover days decreased from 203 days in 2023 to 162 days in 2024 and further to 159 days in 2025.

The relatively long turnover period primarily reflects the nature of our sales arrangements with major overseas customers.

We had trade receivables of RMB319.4 million, RMB303.6 million and RMB269.5 million as of December 31, 2023, 2024 and 2025, respectively, including current and non-current portions and net of loss allowance.

A relatively high proportion of our trade receivables were past due, primarily because (1) we experienced prolonged payment delays from construction contractors whose source of funds mainly relies on the payments from real estate developers as discussed above, and (2) under certain of our businesses, we did not grant credit periods to customers, resulting in receivables being recognized as overdue immediately upon reaching payment milestones.

Specifically, our Directors are of the view that there was no recoverability issue for trade receivables aged over one year to the extent loss allowance had not been made, as (1) we strengthened our collection efforts with the balance of trade receivables aged over one year continuing to decline during the Track Record Period, and (2) we had made sufficient loss allowance by using a provision matrix to estimate expected credit losses, which takes into account the customer’s history of making payments when due and current ability to pay, as well as information specific to the customer and pertaining to the economic environment in which the customer operates.

Our trade and notes receivables increased significantly from RMB115.5 million as of December 31, 2023 to RMB171.5 million as of December 31, 2024, primarily due to (i) higher sales of our products and solutions with most contracts adopting installment payment terms and (ii) longer payment cycles of certain customers.

Our trade receivables over 12 months increased from RMB5.7 million as of December 31, 2023 to RMB28.6 million as of December 31, 2024.

Our turnover days of trade receivables decreased from 216 days in 2023 to 199 days in 2024, and further to 166 days in 2025, primarily due to our enhanced receivables collection management, including the settlement of certain large receivables from Trunk Port projects delivered in 2024, and a shift in revenue mix toward Trunk Pilot projects with shorter payment cycles in 2025.

Our trade and notes receivables increased significantly from RMB19.8 million as at 31 December 2023 to RMB145.7 million as at 31 December 2024, primarily due to the improvement in our sales performance during the relevant year.

The increase in trade receivables turnover days from 60 days in FY2024 to 95 days in FY2025 was mainly due to some customers with an aggregate amount of approximately RMB67.9 million, which accounted for 34.7% of our trade and notes receivables as at 31 December 2025, were late settling our invoices.

As at 30 April 2026, RMB41.8 million, or 61.5% of our overdue trade and notes receivables of RMB67.9 million as at 31 December 2025, had been settled.

Our trade receivables turnover days decrease from 80 days in 2023 to 72 days in 2024, and decreased to 61 days in 2025, primarily due to our prudent sales procedures.

As of December 31, 2023, 2024 and 2025, overdue receivables from distributors amounted to RMB125.8 million, RMB117.1 million and RMB60.4 million, respectively.

The prolonged settlement was primarily due to (i) customers whose payment obligations are contractually scheduled upon the achievement of specific milestones, which results in settlement cycles extending beyond six months while remaining within the agreed credit terms, and (ii) mutually agreed extensions of credit periods with certain long-term customers through supplemental agreements.