During the Track Record Period, as part of the supplier’s pricing strategy, it offered procurement rebates to us based on market condition and supply arrangement in accordance with our rebate agreements.
Financial Information · 第 331 页
Our current prepayments, other receivables and other assets increased by 78.7% from RMB254.1 million as of December 31, 2024 to RMB454.0 million as of September 30, 2025, primarily due to (i) an increase in value-added tax recoverable as we increased our inventory of raw materials; (ii) an increase in rebate receivable from Supplier A as we increased our procurement from Supplier A; and (iii) an increase in our prepayments for the procurement from Supplier A.
Financial Information · 第 332 页
As of January 31, 2026, the settlement of rebate receivable from Supplier A was RMB62.8 million, accounting for 25.5% of rebate receivable as of September 30, 2025.
Our current portion of prepayments and other receivables increased from RMB99.7 million as of December 31, 2024 to RMB231.4 million as of September 30, 2025, primarily due to an increase of RMB91.3 million in prepayments to foundries to secure their manufacturing capacity and ensure our procurement needs for the last quarter of the year.
Financial Information · 第 296 页
To manage the potential impact of changing market demand and project schedules, we have implemented procurement management measures that emphasize forward planning, rolling demand forecasts and flexible sourcing strategies.
Financial Information · 第 296 页
As of January 9, 2026, RMB124.3 million, or approximately 82.3% of our prepayments and other receivables as of September 30, 2025 had been subsequently settled.
Our other receivables, deposits and prepayments decreased from RMB1,703.2 million as of 31 December 2022 to RMB939.1 million as of 31 December 2023, representing a decrease of RMB764.1 million, due to (i) delivery of goods by suppliers for which we made prepayments for short-term inventory stocking, and (ii) the decrease in our raw material purchase price in FY2023, which
Financial Information · 第 313 页
Our other receivables, deposits and prepayments increased from RMB898.2 million as at 31 December 2024 to RMB985.3 million as at 31 October 2025, which was primarily attributable to (i) an increase in prepayments to suppliers from RMB687.7 million as at 31 December 2024 to RMB747.0 million as at 31 October 2025, driven by increase in short-term inventory procurement as our sales expanded; (ii) an increase in value-added tax credit refund from RMB81.9 million as at 31 December 2024 to RMB92.2 million as at 31 October 2025; and (iii) increase in deferred listing fees of RMB10.7 million.
Financial Information · 第 314 页
As of the Latest Practicable Date, 82.6% or RMB853.7 million of the Group’s other receivables, deposits and prepayments has been settled.
Our prepayments, other receivables and other assets increased from RMB548.1 million as of December 31, 2023, to RMB2,340.6 million as of December 31, 2024, mainly due to (i) an increase in prepayments to suppliers to secure supply towards the end of the year as our scope of operations expanded, and (ii) an increase in deposits and other receivables, which was in line with our business growth.
Financial Information · 第 300 页
Our prepayments, other receivables and other assets decreased from RMB2,340.6 million as of December 31, 2024 to RMB1,820.2 million as of September 30, 2025, mainly due to a decrease in prepayments, mainly as a result of our implementation of proactive prepayment management measures.
Financial Information · 第 300 页
As of November 30, 2025, RMB1,550.4 million, or 85.2%, of our prepayments, other receivables and other assets as of September 30, 2025, had been settled.
Our prepayments, other receivables and other assets increased significantly to RMB466.4 million as of June 30, 2025, primarily due to an increase of RMB286.6 million in prepayments as a result of the increase in the number of our R&D projects and prepaid contract manufacturing to support the anticipated growth in product sales in the second half of 2025, partially offset by a decrease in RMB19.9 million in value-added tax recoverable.
Financial Information · 第 313 页
Our prepayments, other receivables and other assets then decreased to RMB219.0 million as of December 31, 2024, primarily due to a decrease of RMB105.2 million in receivables from shareholders and a decrease of RMB91.1 million in prepayments, as a result of partial recategorization of our prepayments to other receivables due to supplier refund, as the relevant supplier was unable to fulfill its obligation under its supply contract with us as a result of its impaired capacity;
Financial Information · 第 313 页
As of October 31, 2025, RMB106.1 million, or approximately 23.0% of the current portion of our prepayments, other receivables and other assets as of June 30, 2025 had been subsequently settled.
Our trade, other receivables and prepayments increased from RMB448.9 million as of December 31, 2024 to RMB613.0 million as of June 30, 2025, primarily due to the increase in prepayments, mainly because of the increase of our prepayments to third party suppliers for raw materials in anticipation of our increased sales.
Financial Information · 第 390 页
Our trade receivables turnover days decreased from 133 days in 2023 to 72 days in 2024, and decreased from 221 days in the six months ended June 30, 2024 to 195 days in the six months ended June 30, 2025, primarily because we shortened the credit period granted to customers given our stronger bargaining power, together with our growing business scale.
Financial Information · 第 391 页
As of October 31, 2025, RMB24.3 million, or 63.1% of our trade receivables outstanding as of June 30, 2025 had been subsequently collected.
上海林清轩化妆品集团股份有限公司SHANGHAI FOREST CABIN COSMETICS GROUP CO., LTD.02657.HK
预付款项大幅上升（KOL先付费模式）
Our prepayments, other receivables and other assets increased by 50.3% from RMB43.0 million as of December 31, 2023 to RMB64.6 million as of December 31, 2024, mainly due to an increase in prepayment for online promotion services of e-commerce livestreaming sessions.
Financial Information · 第 337 页
As of October 31, 2025, RMB52.0 million, or 54.2% of prepayments, other receivables and other assets as of June 30, 2025 had been settled.
Such an increase was primarily attributable to an increase in prepayments to the Directory Unity for the settlement of fees in respect of the construction of the performance stage’s integrated equipment and devices, and the directorial content creativity in connection with Moonlight over Mount Wuyi.
Financial Information · 第 350 页
Our average trade receivables turnover days remained stable at 13.8 days, 10.3 days, 10.7 days and 14.4 days for the years ended 31 December 2022, 2023, 2024, and for the six months ended 30 June 2025, respectively.
Financial Information · 第 351 页
Based on the aforesaid, save for our expected credit loss for trade and other receivables, our Directors are of the view that there is no imminent recoverability issue due to the settlement of our trade and other receivables.
Our prepayments increased by 93.19% from RMB39.46 million as at 31 December 2022 to RMB76.23 million as at 31 December 2023 mainly attributable to the increase in prepayments for site occupancy fee due to the expansion of POS network in 2023.
Financial Information · 第 352 页
We actively promote the POS network expansion policy, negotiate and obtain more suitable terms for site occupancy with Site Managers by prepayment of site occupancy fee.
Financial Information · 第 352 页
Prepayments of site occupancy fee mainly consists of site occupancy fee prepaid to the Site Managers for securing the POS sites.
During our initial cooperation with certain merchandise suppliers, we entered into prepayment arrangements to reduce cash flow pressure for them in order to bring them quickly on board.
Business · 第 163 页
As our cooperation matured, we were able to modify our agreements to forego prepayments.
Business · 第 163 页
As of the Latest Practicable Date, we had only one merchandise supplier which is a well-known platform operator which typically has prepayment requirements for their partners, according to Frost & Sullivan.
Our prepayments and other receivables increased significantly from RMB181.7 million as of December 31, 2023 to RMB826.1 million as of December 31, 2024, primarily due to (i) an increase in prepayments to suppliers from RMB95.3 million as of December 31, 2023 to RMB644.6 million as of December 31, 2024, mainly because we further increased prepayments to alumina and coal suppliers to (a) prepare for the pilot production of the new production line for aluminum hydroxide that commenced in December 2024; and (b) secure a stable supply of coal;
Financial Information · 第 383 页
The prepayment on the acquisition of power generation facilities will be refunded before December 31, 2025.
Financial Information · 第 383 页
As of September 30, 2025, approximately RMB493.9 million, or 49.9% of our prepayments and other receivables as of May 31, 2025, had been settled.
The decrease in our trade and other receivables as of December 2023 was partially offset by an increase in prepayments to suppliers from RMB29.8 million as of December 31, 2022 to RMB57.2 million as of December 31, 2023, as we increased prepayments to our supplier clinical sites and CROs in line with increasing number of and advancement of R&D projects for the innovative drug business.
Financial Information · 第 583 页
In 2022, 2023 and 2024 and the six months ended June 30, 2025, our trade receivables turnover days were 87 days, 107 days, 77 days and 97 days, respectively.
Financial Information · 第 584 页
As of September 30, 2025, RMB48.7 million, or approximately 61.8% of our trade receivables as of June 30, 2025 had been subsequently settled.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
预付款项及对联属贷款余额较大
Our prepayments, deposits and other receivables increased from RMB2,639.6 million as of December 31, 2022 to RMB5,335.8 million as of December 31, 2023, primarily due to (i) an increase in prepayments of RMB1,097.6 million primarily attributable to an increase in procurement of nickel intermediates, which typically require prepayment, (ii) an increase in deposits and other receivables of RMB620.2 million primarily attributable to an increase in loans to our affiliates for establishment of overseas production bases, and (iii) an increase in tax recoverable of RMB1,005.3 million primarily attributable to an increase in input tax associated with our construction and establishment of overseas production bases.
Financial Information · 第 322 页
Our prepayments, deposits and other receivables increased from RMB5,436.6 million as of December 31, 2024 to RMB6,226.2 million as of June 30, 2025, primarily due to (i) an increase in prepayments of RMB229.9 million, primarily attributable to an increase in procurement of raw materials, and (ii) an increase in deposits and other receivables of RMB474.1 million primarily attributable to an increase in loans to our affiliates for establishment of overseas production bases.
During the Track Record Period, the current and non-current portion of our contract costs and others continued to increase, primarily because (i) our customer orders increased; and (ii) we engaged in more joint development projects with OEM customers to secure design-wins, for which there is a relatively long period of time from design-win to mass production, resulting in contract fulfillment costs being recognized during this period of time.
Financial Information · 第 413 页
As of August 31, 2025, approximately RMB1,121.6 million, or 26.8% of our prepayments and others assets as of April 30, 2025 had been settled.
Our trade and other receivables turnover days increased from 33 days in 2022 to 45 days in 2023, primarily because of foreign exchange collection affected by the letter of credit not yet expired as export sales increase.
Financial Information · 第 348 页
As of August 31, 2025, RMB2,496.9 million, or 45.9% of our trade and other receivables outstanding as of June 30, 2025, had been subsequently settled.
Financial Information · 第 348 页
We believe there are not any recoverability issue for trade and other receivables, primarily due to the subsequent settlements of trade and other receivables are still increasing and there have been no significant changes in the credit risk of our major customers.
Our prepayments, deposits and other receivables increased from RMB38.7 million as of December 31, 2023 to RMB83.2 million as of December 31, 2024, mainly due to (i) an increase of RMB32.7 million in prepayments for research and development services, primarily attributable to service fees prepaid to a CDMO for conducting pilot production of certain preclinical assets in support of their IND submissions, (ii) an increase of RMB6.4 million in value-added tax recoverable, and (iii) an increase of RMB5.1 million in deferred listing expense.
Financial Information · 第 471 页
As of May 31, 2025, RMB6.5 million, or 7.2%, of our prepayments, deposits and other receivables as of March 31, 2025 had been subsequently settled.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
预付款项增至5.125亿元
Our prepayments increased by 30.8% from RMB345.7 million as of December 31, 2022, to RMB452.1 million as of December 31, 2023, and further increased by 13.4% to RMB512.5 million as of December 31, 2024.
Financial Information · 第 356 页
All of our prepayments for telecommunications resource procurement are refundable pursuant to the contracts with suppliers, accounting for 96.2%, 97.5%, and 94.8% of total prepayments as of December 31, 2022, 2023, and 2024, respectively.
Business · 第 230 页
On average, prepayments for telecommunications resources are generally expected to be consumed within three to four months.
Upon requests from relevant customers to obtain the full amount of the 2023 Certified Amount as early as possible, we had, after taking into account various factors like (i) the disbursement of such subsidies having been officially confirmed by the government, making the risks associated with the loss of such amount remote, and (ii) our long-standing cooperative relationship with these customers with strategic value, including their commitment to promote the utilization of hydrogen energy for mutual benefits as proven by the successful track record of collaborative efforts, made a prepayment in the amount of RMB113.1 million to three customers in December 2023.
Financial Information · 第 484 页
As advised by our PRC Legal Adviser, the prepayment of subsidies to customers did not constitute a violation of the General Lending Provisions, because instead of the intent or purpose to provide financing support or conduct financing business, we made the payment in advance when the government's approval confirming the certainty of the 2023 Certified Amount was received, and merely changing the payment order will not be considered an act of private lending subject to the General Lending Provisions.
Financial Information · 第 484 页
Our prepayments, other receivables and other assets decreased by 26.2% from RMB364.2 million as of December 31, 2023 to RMB268.8 million as of May 31, 2024, primarily due to a decrease in prepayment of government subsidies, as we received the full amount of the prepaid subsidies in February 2024.
Our prepayments increased from RMB10.2 million as of December 31, 2021 to RMB64.0 million as of December 31, 2022, primarily due to the prepayments we made to suppliers for pharmaceutical procurement during the COVID-19 pandemic to ensure the stability of our supply chain.
Financial Information · 第 392 页
Our prepayments decreased to RMB18.5 million as of December 31, 2023 as we were able make reduced prepayments to our suppliers for the procurement of pharmaceutical products as the COVID-19 pandemic abated.