北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
预付款与应收周转的现金流错配
Our Group had experienced longer trade and bills receivables turnover day as well as the continued increase in prepaid procurement costs, resulting in a potential cash flow mismatch of trade receivables turnover days and prepayments during the Track Record Period.
Financial Information · 第 231 页
Our Directors are of the view that the above cash flow mismatch should not indicate material liquidity pressure of our Group, in view of the following: (i) the continuous uses of our factored arrangements and bank loans during the Track Record Period which are considered as our liquidity management policy to strengthen the liquidity position of our Group as detailed under paragraph headed “Borrowings” in this section; and (ii) our Group prepaid to certain suppliers for software procurement, which is a common practice in our industry to secure the timely supply of software components for our project implementation, according to the Industry Report.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
预付供应商款项增至2,680万元
Our prepayments to suppliers increased significantly by 195.8% from RMB4.8 million as of December 31, 2023 to RMB14.2 million as of December 31, 2024 and further by 88.7% to RMB26.8 million as of December 31, 2025, primarily due to prepayments for the purchase of computing resources.
Financial Information · 第 241 页
As of April 30, 2026, RMB13.5 million, or 23.8% of our prepayments, deposits and other receivables as of December 31, 2025, had been settled or utilized.
Our prepayments and other receivables increased from RMB17.1 million as of December 31, 2024 to RMB27.2 million as of December 31, 2025, primarily due to (i) an increase in prepayments to third parties from RMB9.5 million as of December 31, 2024 to RMB11.3 million as of December 31, 2025 as we purchased more materials and services as a result of the continuous advancement of clinical development of our drug candidates, (ii) an increase of RMB3.4 million in value-added tax recoverable arising from intensified R&D activities, and (iii) an increase in deferred issue cost from nil as of December 31, 2024 to RMB4.9 million as of December 31, 2025 reflecting deferred listing expense in relation to the Global Offering.
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As of May 1, 2026, RMB5.5 million, or 20.2% of our prepayments and other receivables as of December 31, 2025 had been subsequently settled.
The high level of prepayments as at 31 December 2025 was attributable to prepayments of an aggregated amount of approximately RMB146.9 million to four of our suppliers as at 31 December 2025.
Financial Information · 第 229 页
Despite we were given a credit period by these suppliers, we made prepayments to these suppliers in order to secure a stable and timely supply of equipment, including primarily high-performance computing (HPC) servers, which have recently been in high demand for the use in the provision of our Multispectral AI Large Model Services and Multispectral AI Perception Terminals.
Financial Information · 第 229 页
As at 30 April 2026, RMB89.5 million, or 55.8% of our prepayments and other receivables as at 31 December 2025, had been utilised or settled.
Our prepayments, deposits and other receivables (current portion) increased significantly by 153.6% from RMB25.2 million as of December 31, 2024 to RMB63.8 million as of December 31, 2025, primarily due to (1) an increase of prepayment of RMB31.4 million, mainly as a result of our strategic stocking of storage chips in response to the price surge in 2025, in particular for our SCCUs and other new products, which resulted in higher advance payments to suppliers, and (2) an increase in value-added tax recoverable of RMB8.3 million, primarily due to higher VAT incurred on increased procurement activities and the new VAT favorable policy.
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Our trade and bill receivables increased significantly from RMB5.7 million as of December 31, 2024 to RMB12.2 million as of December 31, 2025, primarily due to (1) the growth of our revenue in 2025, and (2) the trade and bill receivables in relation to the newly launched SCCUs in 2025.
Our current portion of our prepayments, other receivables and other assets increased from RMB69.3 million as of December 31, 2023 to RMB115.2 million as of December 31, 2024, primarily due to (i) an increase in prepayment to suppliers for raw materials, (ii) an increase in deposits for participation in land auctions and (iii) an increase in other receivables in relation to government grants and subsidies.
Financial Information · 第 187 页
The non-current portion of our prepayments, other receivables and other assets decreased, representing the prepayment for land in relation to the expansion and upgrading of our production facilities, as well as the construction of our R&D and sales and marketing centers, amounted to RMB12.3 million, RMB32.1 million and RMB66.9 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 187 页
As of April 30, 2026, RMB86.8 million, or 47.2% of our prepayments, other receivables and other assets as of December 31, 2025 had been settled.
Our prepayments and other receivables increased by 10.2% from RMB1,102.9 million as of December 31, 2023 to RMB1,215.7 million as of December 31, 2024, and further increased by 42.0% from to RMB1,726.7 million as of December 31, 2025, primarily due to an increase in prepayments for commodities in inventory, in line with our commodity sales business growth.
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As of March 31, 2026, RMB1298.9 million, or 65.3% of our prepayments and other receivables as of December 31, 2025, had been settled.
The increase in turnover days in 2024 was mainly driven by a slight decrease in revenue from 2023 to 2024, and the higher concentration of sales in the fourth quarter of each year, which tends to increase outstanding balances at year-end.
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Proactively managing our working capital and following industry norm, we also seek to align supplier payment terms with those of our customers through back-to-back arrangements, thereby reducing the timing mismatch between payables and receivables.
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Our prepayments, deposits and other receivables increased from RMB348.4 million as of December 31, 2023 to RMB584.0 million as of December 31, 2024, primarily due to higher amounts due from subcontractors as we ramped up manufacturing and outsourced more production tasks as well as higher deferred expenses associated with our business expansion and R&D and product development activities.
Our prepayments and other receivables increased from RMB725.8 million as of December 31, 2024 to RMB744.3 million as of December 31, 2025, primarily due to (i) an increase of RMB49.3 million in prepayment for procurement of media resources driven by the substantial increase in our procurement of media resources under the prepayment model on leading social and digital media platforms, and (ii) an increase of RMB23.1 million in deposits and warranties driven by the increased bidding deposits related to the acquisition of specific natural resource, alongside higher warrants for media resources, partially offset by a decrease of RMB49.1 million in prepayment for raw materials in line with the revenue fluctuation of our pump and pumping system business.
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As of March 31, 2026, RMB492.9 million, or 60.4% of our prepayments and other receivables as of December 31, 2025, had been settled.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
原材料预付款大幅增加
Our prepayments, other receivables and other assets increased by 13.7% from RMB105.9 million as of December 31, 2023 to RMB120.4 million as of December 31, 2024, which was primarily due to (i) an increase in prepayment for materials from RMB20.2 million as of December 31, 2023 to RMB66.4 million as of December 31, 2024 mainly as a result of our expansion of upstream supply channels and increased procurement of raw materials; and (ii) an increase in other long term assets from nil as of December 31, 2023 to RMB11.8 million as of December 31, 2024 mainly as a result of the commissioning of the hydrometallurgy production line at our Jiangmen Base, partially offset by (i) a decrease in value-added tax recoverable mainly as a result of the utilization of input VAT carried forward from 2023 to offset output VAT arising from sales in 2024; (ii) a decrease in prepayment for equipment and construction mainly as a result of the completion of the construction project of our Jiangmen Base; and (iii) a decrease in deposits mainly as a result of the release of project deposits upon the completion and settlement of the infrastructure works for our Jiangmen Base.
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Our prepayments, other receivables and other assets decreased from RMB120.4 million as of December 31, 2024 to RMB115.6 million as of December 31, 2025, primarily due to a decrease in prepayment for materials from RMB66.4 million as of December 31, 2024 to RMB59.9 million as of December 31, 2025 mainly as a result of our negotiation with suppliers for more favorable payment arrangements.
Our prepayments, deposits and other receivables increased to RMB269.0 million as of December 31, 2025, primarily due to (i) an increase in prepayments for construction costs and equipment in connection with new capacity expansion projects, and (ii) an increase in value-added tax recoverable arising from higher deductible tax associated with raw material procurement and capital expenditure during our early ramp-up stage.
Our current portion of prepayments and other receivables increased from RMB879.6 million as of December 31, 2024 to RMB1,127.1 million as of December 31, 2025 mainly due to an increase of RMB365.5 million in other tax receivables as we had more value-added input tax receivables.
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Our non-current portion of prepayments and other receivables increased from RMB114.0 million as of December 31, 2023 to RMB206.5 million as of December 31, 2024, and further to RMB537.1 million as of December 31, 2025, primarily attributable to the increased prepayments for equipment procurement and related expenditures resulting from our shipbuilding activities and construction of production facilities.
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As of March 31, 2026, RMB743.4 million, or 44.7% of our prepayments and other receivables as of December 31, 2025 had been settled.
Our prepayments, deposits and other receivables then increased from RMB666.5 million as of December 31, 2024 to RMB958.7 million as of December 31, 2025, in relation to (i) an increase of RMB224.2 million in other receivables primarily attributable to receivables arising from the exit of certain investment projects; and (ii) an increase of RMB71.4 million in other prepayments in relation to increased prepayments for medical consumables and supplies to support our business growth.
Financial Information · 第 239 页
As of March 31, 2026, RMB414.2 million, or approximately 43.2% of our prepayments, deposits and other receivables as of December 31, 2025 had been subsequently settled.
Our other receivables and prepayments increased from RMB86.1 million as of December 31, 2023 to RMB147.3 million as of December 31, 2024, primarily due to an increase in amounts due from related parties, mainly driven by (1) increased loans to our managed medical institutions to support their facility renovation and refurbishment, and (2) increased loans to Puxiang Ren’ai in connection with our Contractual Arrangements for its acquisition of the minority interests in our VIE Hospitals and to fund their operations.
Financial Information · 第 238 页
The loans to third parties bear an interest rate of 6% to 9% per annum, which we believe is consistent with market practice, and are repayable on demand.
Financial Information · 第 239 页
We believe that the amounts due from managed medical institutions and third-party medical institutions are recoverable, considering that (1) we have established and implemented loan management measures including determination of loan amount ceilings, internal loan approval process, and ongoing credit risk assessments and monitoring of loan recoverability;
Our prepayments, other receivables and other assets that were classified as current assets increased from RMB115.4 million as of December 31, 2024 to RMB352.0 million as of December 31, 2025, primarily due to an increase in deductible input VAT in line with our business growth and an increase in prepayments resulting from our strategic decision to prepay for chip inventory at lower price levels to mitigate the impact of global supply constraints and rising costs.
Financial Information · 第 255 页
As of March 31, 2026, RMB202.1 million, or approximately 57.4% of our prepayments, other receivables and other assets as of December 31, 2025 were subsequently settled.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
原材料预付款项规模庞大并曾计提减值
We recorded impairment losses on financial assets and prepayments, net of RMB36.9 million in 2023, while we recorded reversal of impairment losses on financial assets and prepayments, net of RMB0.3 million in 2024.
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As of April 30, 2026, RMB43.5 million, or 30.2%, of our prepayments, deposits and other receivables (current portion) as of December 31, 2025 had been subsequently settled.
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This strategy also allowed us to lower our advance payments for raw materials, reducing our prepaid raw material inventory from RMB141.0 million in 2024 to RMB128.0 million in 2025.
Our prepayments to suppliers increased from RMB55.7 million as of December 31, 2023 to RMB73.1 million as of December 31, 2024, primarily as we made additional purchases using prepayments for components used in several smart intralogistics solution projects.
Financial Information · 第 221 页
Our prepayments to suppliers increased to RMB104.8 million as of December 31, 2025, primarily due to increased prepayments made for raw materials and equipment for new projects that commenced in late 2025.
Our prepayments and other receivables increased from RMB263.3 million as of December 31, 2023 to RMB360.4 million as of December 31, 2024, primarily due to an increase in prepayment for vehicle purchase as a result of our expectation of the growing demand for our wholesale business in 2025.
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Receivables from default payments | – | 10,998 | 53,987
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The amount further increased to RMB514.4 million as of December 31, 2025, primarily due to an increase in rental and other deposits and prepayment for vehicle purchase in line with our business growth.
Our prepayments, other receivables and other assets increased from RMB195.9 million as of December 31, 2023 to RMB231.1 million as of December 31, 2024, primarily due to an increase in amounts due from media partners under our annual framework arrangements, representing discounts based on the volume of our procurement from social media platforms, as well as an increase in prepayments made to such platforms for advertising placement procurement, both of which were attributable to our business expansion.
Financial Information · 第 215 页
Such prepayments are made prior to the utilization of media inventory and are typically required to secure traffic and placement opportunities for our content marketing campaigns.
Our prepayments, deposits and other receivables increased from RMB30.7 million as of December 31, 2023 to RMB107.4 million as of December 31, 2024, primarily due to (i) an increase in prepayments for acquisition of property, plant and equipment mainly attributable to increased prepayments for equipment procurement in connection with our capacity expansion; and (ii) an increase in other tax receivables as a result of the increase in recoverable input VAT.
Financial Information · 第 194 页
Prepayments for acquisition of property, plant and equipment | 4,394 | 66,589 | 56,752