账龄恶化及逾期款项

Our trade receivables turnover days were 93.0 days, 160.2 days and 169.4 days in 2023, 2024 and 2025, respectively.

The increases were primarily attributable to (i) the slower settlement by certain customers of trade receivables that had been outstanding for a prolonged period, and (ii) a change in our revenue mix toward later-stage projects, which generally involve larger contract values and correspondingly longer payment cycles.

As of April 30, 2026, RMB136.6 million, or 53.8%, of our trade receivables as of December 31, 2025 had been subsequently settled.

In particular, certain large cross-border e-commerce third-party platforms experienced payment delays in 2024, which extended the ageing of their outstanding balances and resulted in an increase in the expected credit loss allowance recognized on such receivables in accordance with our ECL model.

Our trade receivables turnover days increased from 25 days in 2023 to 53 days in 2024, primarily due to prolonged settlement with certain cross-border e-commerce third-party platforms.

As of April 30, 2026, RMB302.7 million, or approximately 86.6% of our trade receivables as of December 31, 2025 were subsequently settled.

Our Directors considered that our long outstanding trade receivables are recoverable to the extent loss allowance is not provided for, on the basis that: (i) All of our trade receivable (including those not yet due and overdue) are subject to impairment provision based on the expected credit loss rate; (ii) We had relatively high percentages of our historical subsequent collection of outstanding trade receivables; and (iii) Many of our customers are internationally renowned telecom operators and retailers with relatively large operation scales and strong financial resources.

Our trade receivables turnover days decreased from 114 days in 2024 to 94 days in 2025, primarily due to our enhanced collection measures and successful collection of long overdue trade receivables in 2025.

As of March 31, 2026, RMB525.4 million, or approximately 57.1% of our trade and bills receivables as of December 31, 2025 were subsequently settled.

We generated revenue from this customer of approximately RMB300.6 million, RMB120.3 million and RMB431.5 million in FY2023, FY2024 and FY2025, respectively, each accounting for 25.8%, 10.4% and 35.3% of our total revenue for the respective years.

As at 31 December 2025, we recorded approximately RMB215.7 million trade receivables from this customer (with RMB136.5 million, RMB44.8 million, RMB34.2 million and RMB0.3 million aged less than one year, one to two years, two to three years, and three years above), of which we were able to recover approximately RMB16.9 million or 7.9% as at the Latest Practicable Date.

We have been actively engaging with this customer to negotiate payment arrangements to recover the remaining outstanding amounts and have implemented measures to strengthen receivable management and mitigate similar risks in the future.

Our average trade and bills receivable turnover days for the FY2023, FY2024 and FY2025 were approximately 89 days, 102 days and 112 days, respectively.

Our trade and bills receivables turnover days increased to approximately 102 days for FY2024, and further increased to 112 days for FY2025, which was primarily due to the delay in settlement of our trade receivables by a major customer, a SOE, in both FY2023 and FY2024, as reflected by the increase in our past due trade and bills receivables as at 31 December 2024 and 2025 respectively.

Trade and bills receivables that were past due more than 30 days accounted for approximately 42.6%, 79.0%, and 69.7% of our trade and bills receivables as at 31 December 2023, 2024 and 2025, respectively.

As of December 31, 2023, 2024 and 2025, our trade and notes receivables, net of provision for loss allowance, amounted to RMB500.9 million, RMB628.3 million and RMB630.5 million, respectively.

Our trade and notes receivables turnover days increased from 233.8 days in 2023 to 395.7 days, primarily due to the extended payment cycles of our SOE customers and projects led by SOEs affected by their internal fiscal arrangements and payment approval processes.

Our trade and notes receivables aged over one year increased from RMB59.5 million as of December 31, 2023 to RMB339.4 million as of December 31, 2024 and remained relatively stable at RMB339.5 million as of December 31, 2025, primarily due to the relatively long payment cycle of some customers resulting from their relatively complicated payment process and payment approval procedures.

Our trade and notes receivable turnover days were 93.4 days, 118.1 days and 109.0 days in 2023, 2024 and 2025.

During the Track Record Period, our trade receivables and long-term trade receivables aged over one year were RMB3,561.1 million, RMB5,390.1 million and RMB7,598.5 million, respectively.

As of February 28, 2026, RMB7,112.3 million, or 28.4% of trade and notes receivables as of December 31, 2025 had been settled.

Our trade and bills receivables increased from RMB25.9 million as of December 31, 2023 to RMB42.2 million as of December 31, 2024, primarily attributable to the increased sales to certain overseas customers.

Our trade and bills receivable turnover days increased from 43 days in 2023 to 48 days in 2024, and further to 51 days in 2025, primarily due to a long-aged receivable due from an overseas customer in Zimbabwe, which had been fully settled as of the Latest Practicable Date.

As of February 28, 2026, RMB31.2 million, or 64.5%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased significantly from RMB162.4 million as of December 31, 2024 to RMB587.3 million as of December 31, 2025, primarily due to an increase in trade receivables arising from delayed consideration payment under certain high-value contracts.

Our impairment losses on financial assets at amortized cost, net increased significantly from RMB1.3 million in 2024 to RMB8.6 million in 2025, primarily due to an increase in expected credit losses recognized on certain trade receivables.

As of February 28, 2026, approximately RMB66.1 million or 11.3% of our trade and bills receivables had been settled.

Our trade and bills receivables further increased significantly to RMB339.2 million as of December 31, 2025, primarily (i) due to the acceptance of certain projects in relation to intelligent manufacturing software solutions in 2025 for which payment had not yet been received, attributable to the respective customers’ prolonged settlement cycle; (ii) due to an increase in trade receivables from operating management solutions as we granted certain large customers longer credit term; and (iii) because some projects were completed in the fourth quarter of 2025 and had not reached the payment due date as of December 31, 2025.

Our trade and bills receivables (before net of impairment) turnover days increased from 74 days in 2023 to 102 days in 2024 and further increased to 135 days in 2025, primarily because (i) we granted major customers longer credit terms, as a result of the intensified competition in the industrial software solutions market; (ii) we had a higher balance of trade and bills receivables, resulting from the acceptance of certain Large Value Projects and our increased involvement in providing operations management software solutions, which had a longer payment cycle of typically three months to six months.

We have reasonably estimated the credit impairment loss rate and made corresponding provisions for impairment losses on trade and bills receivables.

Our trade and bills receivables (other than bills receivables measured at FVOCI) aged seven to twelve months increased from RMB2.7 million as of December 31, 2023 to RMB5.6 million as of December 31, 2024, and further to RMB7.6 million as of December 31, 2025, which was primarily due to delayed settlement by a customer, which led to certain receivables remaining outstanding for longer periods.

In order to support sales growth and deepen customer relationships, we extended more flexible payment terms to a broader customer base.

As of January 31, 2026, RMB130.0 million, or 56.6% of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

Our trade receivables over 365 days increased significantly as of December 31, 2024 as compared to 2023, primarily due to a delay in settlement of a substantial receivable due from one of our key customers.

For the years ended December 31, 2023, 2024 and 2025, our trade receivables turnover days were 183.3 days, 187.7 days and 196.7 days, respectively.

We have reviewed the recoverability of our trade and bills receivables, including those aged over one year, and concluded that there are no material impairment or recoverability issues.

As of December 31, 2022, 2023 and 2024 and September 30, 2025, our trade and bills receivables aged over one year amounted to RMB103.5 million, RMB119.5 million, RMB60.7 million and RMB57.0 million, representing approximately 34.9%, 48.0%, 25.0% and 19.5% of our total trade and bills receivables, respectively.

Our trade and bills receivables turnover days increased from 162 days for the year ended December 31, 2022 to 181 days for the year ended December 31, 2023, primarily attributed to the greater difficulties in collections amid challenging macroeconomic conditions, and decreased to 124 days for the year ended December 31, 2024, which was in line with our intensified efforts to accelerate receivables recovery during the year.

Our relatively extended trade receivables turnover days and inventory days, compared to our trade payables turnover days, reflect the timing of our project cycles and milestone payments in light of our project-based business model.

The gross amount of our trade receivables increased by 21.9% from RMB9,040.4 million as of December 31, 2023 to RMB11,023.3 million as of December 31, 2024, in line with the growth of our revenue.

In 2023, 2024 and the ten months ended October 31, 2025, our trade receivables turnover days were 209.2 days, 207.1 days and 255.2 days.

The balance amount of each of trade receivables aged 1 to 2 years, trade receivables aged 2 to 3 years and trade receivables aged over 3 years increased from December 31, 2023 to December 31, 2024 and further increased to October 31, 2025, primarily because some of our customers, who purchased prefabricated substations and EV charging equipment, are stateowned enterprises, listed companies, or their subsidiaries with lengthy internal approval procedures and payment processes.

Our trade and bills receivables increased from RMB88.7 million as of December 31, 2022 to RMB200.4 million as of December 31, 2023, and further increased to RMB377.2 million as of December 31, 2024, primarily due to (i) our business and revenue growths; and (ii) the concentrated purchases by our customers during the fourth quarter of a given year, which led to an increased balance of trade receivables as of each year end.

Based on the above, the Directors are of the view that our trade and bills receivables overdue for over three months are recoverable.

As of September 30, 2025, RMB63.8 million, RMB173.9 million, RMB245.1 million and RMB190.6 million, or approximately 72.5%, 86.8%, 65.0% and 49.0% of our trade and bills receivables as of December 31, 2022, 2023 and 2024 and June 30, 2025 had been subsequently settled.

Our trade receivables turnover days increased from 63 days in 2022 to 123 days in 2023, and further to 163 days in 2024, primarily because (i) the balance of our trade receivables increased along with our revenue growth, (ii) we expanded into new verticals and have more variety in our customer base, (iii) our customer base includes an increasing number of state-owned entities (such as relevant group companies of the top three stateowned telecommunications operators in China, see “Business — Customers and Suppliers — Customers” for more details) and large institutional customers.

Our trade receivables turnover days increased from 163 days in 2024 to 286 days in the six months ended June 30, 2025, primarily attributable to our business expansion strategy and changes in customer composition.

Our Directors are of the view that the trade receivables of RMB253.7 million as of June 30, 2025 are recoverable, after the following steps were taken to evaluate the recoverability of our trade receivables: (i) we have already made sufficient provision for impairment of trade receivables in the amount of RMB49.6 million in the six months ended June 30, 2025 according to the expected credit loss model, (ii) we have reviewed customer contracts to ensure clear terms and conditions for payment collection, and monitored the trade receivable balances actively, and (iii) we have communicated with customers directly to closely monitor and follow up on their payment schedules for their outstanding payables, in order to identify any discrepancy timely and adopt appropriate payment collection methods accordingly.

Our trade and bills receivables increased to RMB522.0 million as of December 31, 2024 from RMB451.7 million as of December 31, 2023, primarily because a significant number of projects commenced in the second half or the fourth quarter of 2024, resulting in some trade and bills receivables remaining outstanding as of the end of the year.

We recorded a provision of RMB7.9 million for the six months ended June 30, 2025, compared to a reversal of RMB5.5 million for the same period in 2024, primarily attributable to a significant increase in balance of contract assets leading to an increase of provision of impairment loss.

As of the Latest Practicable Date, RMB215.8 million or 42.4% of our gross trade and bills receivables as of June 30, 2025 were subsequently settled.

In addition, during the Track Record Period, we recorded relatively long trade and bill receivables turnover days, amounting to 141 days, 135 days, 234 days, 606 days and 650 days as of December 31, 2022, 2023, 2024 and June 30, 2024 and 2025, respectively.

We had relatively long turnover days for the six months ended June 30, 2025, as we typically recorded lower revenues for the first six months of the years, reflecting the typical project acceptance cycle of our customers, where inspections and final acceptance of products and solutions predominantly occur in the fourth quarter.

As of October 31, 2025, RMB26.9 million, or 16.1% of our trade and other receivables as of June 30, 2025 had been settled.

As of December 31, 2022, 2023 and 2024 and June 30, 2025, trade receivables were RMB176.4 million, RMB303.1 million, RMB474.4 million, and RMB474.8 million, respectively.

As of December 31, 2022, 2023 and 2024 and June 30, 2025, our trade receivables that were outstanding for more than one year based on invoice date (the “long-aging trade receivables”) amounted to RMB14.7 million, RMB70.2 million, RMB99.3 million, and RMB116.6 million, respectively, accounting for 8.3%, 23.2%, 20.9% and 24.6% of our trade receivables balances as of the respective dates;

As of October 31, 2025, RMB115.5 million, or approximately 21.2% of our gross trade receivables as of June 30, 2025 had been subsequently settled.

Our accounts receivable turnover days increased from 70 days in 2022 to 147 days in 2023, mainly due to a significant increase in the average of the beginning and ending balances of accounts receivable in 2023, as compared to such average in 2022.

As of August 31, 2025, US$9.4 million, representing 34.8% of accounts receivable, net as of June 30, 2025 were subsequently settled.

Accounts receivable aged more than one year as of June 30, 2025 that remained unsettled as of August 31, 2025 are primarily from customers with sound credit profiles and no record of default in the past.