Our trade receivables increased from RMB9,521 million as of December 31, 2022 to RMB11,268 million as of December 31, 2023, further increased to RMB17,423 million as of December 31, 2024, and further to RMB21,270 million as of March 31, 2025, primarily due to the increase in the sales of our products.
Financial Information · 第 402 页
In 2022, 2023 and 2024, our trade receivables turnover days were 35.8 days, 26.2 days and 21.0 days, respectively. The decrease in our trade receivables turnover days was primarily because we stepped up our efforts in the management and collection of trade receivables.
Financial Information · 第 403 页
As of July 31, 2025, RMB17,905 million (or 80.2%) of our trade receivables as of March 31, 2025, had been subsequently settled.
Our trade and other receivables further increased to RMB100.6 million as of June 30, 2025, mainly due to a significant increase in trade receivables from RMB31.4 million as of December 31, 2024 to RMB71.5 million as of June 30, 2025, resulting from sales growth during the mid-year promotional campaign.
Financial Information · 第 360 页
Our trade receivables turnover days remained stable, which was eight days in 2022, 2023 and 2024 and increased to 13 days in the six months ended June 30, 2025, mainly due to the sales growth to e-commerce platforms, which have relatively longer credit terms compared to other types of customers, during mid-year sales promotions.
Financial Information · 第 361 页
As of August 31, 2025, approximately RMB69.5 million, or 97.3% of trade and other receivables outstanding as of June 30, 2025 had been subsequently settled.
Our trade receivables increased from RMB72.4 million as of December 31, 2023 to RMB109.2 million as of December 31, 2024 and decreased to RMB97.5 million as of April 30, 2025, generally in line with the research and development activities of our collaborators in relation to the out-license and collaboration programs, as well as the milestones achieved within such periods.
Financial Information · 第 532 页
As of April 30, 2025, approximately 92.6% of the trade receivables were due from Innovent, arising from the licensing and collaboration agreements.
Financial Information · 第 532 页
Innovent is a limited liability company listed on the Hong Kong Stock Exchange. Based on the financial information disclosed in its latest annual report, there are no indications of concerns regarding its ability to meet repayment obligations.
健康160国际有限公司160 Health International Limited02656.HK
贸易应收账款大幅上升且周转天数延长
Our net trade receivables further increased by 44.9% from RMB117.8 million as of December 31, 2023 to RMB170.7 million as of December 31, 2024, primarily due to our wholesale of pharmaceutical and healthcare products, as well as digital hospital solutions during this period.
Financial Information · 第 479 页
Our trade receivables turnover days significantly increased to 85 days in 2024, primarily due to an increase in the average trade receivables balance despite a slight decrease in revenue during the same period.
Financial Information · 第 480 页
To mitigate the impact, we have strengthened our credit management by tightening credit controls, stepping up collection efforts, and adjusting credit terms for certain customers.
Our accounts receivable, net of allowance, further increased to RMB765.0 million as of December 31, 2024 and to RMB957.6 million (US$132.0 million) as of March 31, 2025, primarily due to increased sales and longer credit term granted to certain OEM customers.
Financial Information · 第 374 页
The substantial increase from RMB6.2 million as of December 31, 2022 to RMB49.1 million as of December 31, 2023 was primarily due to expected credit losses of RMB35.6 million recognized in relation to accounts receivable from an OEM customer in China that faced operational difficulties and subsequently entered into bankruptcy proceedings.
Financial Information · 第 374 页
Furthermore, as of July 31, 2025, 79.9% of our accounts receivable as of March 31, 2025 had subsequently been settled.
Our trade and bills receivables increased from RMB1,427.5 million as of December 31, 2022 to RMB1,944.9 million as of December 31, 2023, increased to RMB3,003.4 million as of December 31, 2024, and further increased to RMB4,764.6 million as of March 31, 2025, mainly because of our increased overseas sales, which typically have a longer credit period.
Financial Information · 第 340 页
Our trade and bills receivables turnover days increased from 24.8 days in 2023 to 30.3 days in 2024, and further increased to 37.4 days for the three months ended March 31, 2025, primarily because of the increased overseas sales.
Financial Information · 第 342 页
As of July 31, 2025, RMB3,465.7 million, or 87.0% of our trade receivables as of March 31, 2025 had been settled.
Our trade receivables and other receivables increased from RMB176.3 million as of December 31, 2022 to RMB393.2 million as of December 31, 2023, and further increased to RMB575.8 million as of December 31, 2024, primarily as a result of the increase in trade receivables, which is attributable to our strong sales growth.
Financial Information · 第 339 页
Our trade receivables turnover days increased from 65.2 days in 2023 to 85.6 days in 2024 and further increased to 115.8 days in the three months ended March 31, 2025, primarily because we granted longer credit terms to customers with relatively stronger credit records, and the proportion of such customers has grown.
Financial Information · 第 340 页
As of June 15, 2025, RMB275.6 million, or approximately 52.0% of our trade receivables as of March 31, 2025 had been settled.
Our trade receivables increased from RMB73.6 million as of December 31, 2023 to RMB284.9 million as of December 31, 2024, generally in line with the increase in our revenue and the seasonal nature of vaccine sales, which tend to be more concentrated between July and September.
Financial Information · 第 400 页
Our trade receivables turnover days for the year ended December 31, 2024 were 252.1 days.
Business · 第 321 页
We believe sufficient provisions have been made for the trade receivables as of March 31, 2025 and there is no material recoverability issue with respect to such trade receivables, primarily because: (i) 98.3% of our trade receivables were aged within one year as of March 31, 2025, which were owed to us by district- or county-level CDCs.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
贸易应收款增至8.8亿元，周转天数318.7天
As of December 31, 2022, 2023, and 2024, our trade receivables, net of impairment, totaled RMB551.0 million, RMB608.6 million, and RMB880.9 million, respectively, accounting for 56.8%, 51.8%, and 60.4% of our total current assets, respectively.
Financial Information · 第 345 页
This trend is evidenced by the Company's trade receivable turnover days, which increased by 28.77%, from 247.5 days in 2023 to 318.7 days in 2024.
Financial Information · 第 345 页
However, the corresponding trade receivables from this business amounted to RMB453.6 million, accounting for 47.78% of total trade receivables.
Our trade receivables increased from RMB20.7 million as of December 31, 2022 to RMB40.9 million as of December 31, 2023, primarily due to significant receivable from one customer outstanding of RMB24.6 million as of December 31, 2023 which had been fully recovered as of December 31, 2024.
Financial Information · 第 360 页
Our trade receivables turnover days was 20.4 days, 33.4 days and 42.7 days in 2022, 2023 and 2024, respectively.
Financial Information · 第 361 页
As of April 30, 2025, approximately RMB53.6 million, or 85.5% of our trade receivables as of December 31, 2024 had been settled.
Our trade and notes receivables increased by 11.0% from RMB7,432.1 million as of December 31, 2022 to RMB8,250.8 million as of December 31, 2023, and further increased by 16.7% to RMB9,628.4 million as of December 31, 2024, primarily reflecting (i) our revenue growth and business expansion and (ii) the adjustments to credit policies for certain quality customers.
Financial Information · 第 331 页
Our trade receivables turnover days increased from 79 days in 2022 to 86 days in 2023 and further increased to 88 days in 2024, primarily due to the higher revenue contribution from certain quality customers and the adjustments to credit policies for such customers.
Financial Information · 第 333 页
As of April 30, 2025, RMB7,280.1 million, or 99.4% of our trade receivables as of December 31, 2024, had been settled.
Our trade and bills receivables increased from RMB196.3 million as of December 31, 2023 to RMB262.1 million as of December 31, 2024, which was in line with the growth of our business.
Financial Information · 第 576 页
Note: The trade receivables of our hospital business over 3 months but within 6 months as of December 31, 2024 were primarily comprised of the trade receivables due from the public medical insurance programs and it increased significantly from RMB9.9 million as of December 31, 2023 to RMB61.1 million as of December 31, 2024, which was primarily because such trade receivables due from the public medical insurance programs for certain of our In-network Hospitals, which incurred during the third quarter of 2024, were still pending settlement as of December 31, 2024, subject to the public medical insurance programs payment schedules.
Financial Information · 第 577 页
As of March 31, 2025, 52.3% of our trade receivables as of December 31, 2024 was subsequently settled.
新琪安集团股份有限公司Newtrend Group Holding Co., Ltd.02573.HK
贸易应收款项大幅增加及周转天数拉长
Our trade receivables increased from approximately RMB113.0 million as at 31 December 2023 to approximately RMB220.2 million as at 31 December 2024, mainly because (i) we increased sale to Customer E, where the credit period granted thereto was 180 days during FY2024 attributing to trade receivables of approximately RMB73.5 million as at 31 December 2024; (ii) we increased sale to Customer D and such customer, with a credit period of 150 days granted by our Group, mainly procured sucralose from our Group in the third and fourth quarter of FY2024, attributing to trade receivables of approximately RMB65.2 million as at 31 December 2024, we increased sale to Customer E and Customer D in FY2024 since, so far as our Directors are aware of, Customer E and Customer D stockpiled towards the end of FY2024 in anticipation of trade tariffs to be imposed on PRC products exported into the US after the return of the Trump Administration in early 2025; and (iii) the credit period that we granted to certain members of our Swiss Food and Beverage Customer increased to 120 days, attributing to trade receivables of approximately RMB15.6 million as at 31 December 2024.
Financial Information · 第 345 页
Having considered that (i) a substantial portion of our trade receivables balance as of 31 December 2024 was aged within 60 days based on the date of transfer of goods or issue of invoice; (ii) only approximately RMB35.4 million, or 16.1% of the total trade receivables as at 31 December 2024 was past due; (iii) the trade receivables balances were mainly due from customers with ongoing business relationship with us or which are sizable corporations with good reputation and financial position, in particular, our trade receivables of approximately RMB15.6 million and RMB7.8 million were attributable to members of our Swiss Food and Beverage Customer and members of our American Beverage Customer, respectively, which are listed on the SWX and the NYSE, and hence the expected credit losses of these companies were considered relatively low; (iv) there were no material ongoing disputes or potential disputes with these customers; (v) these customers had been making continuous subsequent repayment to us and their historical repayment patterns were generally consistent during the Track Record Period; (vi) we have continuously carried out stringent credit management policy, such as closely monitoring the amounts and turnover days of our trade receivables to minimise and control credit risk, and the recovery status on a regular basis to ascertain the collectability of our trade receivables; and (vii) sufficient loss allowance provisions for trade receivables were made in accordance with HKFRS to reflect uncertainties associated with the outstanding amount and we would continue to make sufficient provisions to account for any potential write-offs and contingent factors, we are of the view that there is no material recoverability issue for our trade receivables.
Financial Information · 第 346 页
As at 31 March 2025, approximately RMB76.7 million, or approximately 34.8%, of our trade receivables outstanding as at 31 December 2024 were subsequently settled.
Our contract assets increased from RMB338.4 million as of December 31, 2022 to RMB631.6 million as of December 31, 2023, and further increased to RMB849.6 million as of December 31, 2024.
Financial Information · 第 416 页
Our average contract assets turnover days increased from 108.3 days in 2023 to 195.4 days in 2024, mainly due to (i) the decrease in our revenue in 2024 compared to 2023, and (ii) the increase in the balance of our contract assets as of December 31, 2024 further due to the increase in our revenue attributable to renewals in 2024 compared to 2023.
Financial Information · 第 419 页
Our Directors are of the view that there is no material recoverability issues for our contract assets on the following basis:
Our trade receivables, net increased from RMB479.2 million as of December 31, 2023 to RMB548.9 million as of December 31, 2024, primarily because we had higher transaction volume for our paper packaging business approaching the end of 2024.
Financial Information · 第 376 页
Our trade and bills receivables turnover days increased to 37.1 days for the year ended December 31, 2024, primarily due to the increase in the trade and bills receivables of and the decline in revenue from our cross-border social e-commerce business.
Financial Information · 第 378 页
As of March 31, 2025, RMB556.7 million, or 95.3%, of our trade and bills receivables as of December 31, 2024 had been subsequently settled.
Our trade and bills receivables turnover days further increased to 65.6 days in 2024, mainly due to the decrease in revenue from 2023 to 2024, while the average of the beginning and ending balance of trade and bills receivables increased over the same period.
Financial Information · 第 277 页
As of March 31, 2025, RMB58.2 billion, or 87.2% of our trade receivables as of December 31, 2024 had been settled.
Financial Information · 第 277 页
In addition, we have a systematic credit control mechanism that enables us to proactively identify and mitigate risks related to accounts receivable during contract fulfillment.
As of the Latest Practicable Date, approximately RMB160.9 million, or 48.4%, of our trade and other receivables as of December 31, 2024 had been settled subsequent to December 31, 2024.
Financial Information · 第 296 页
Our value added tax recoverable increased from RMB109.8 million as of December 31, 2022 to RMB149.4 million as of December 31, 2023, and further increased to RMB158.4 million as of December 31, 2024.
Financial Information · 第 297 页
Our prepayments increased from RMB54.7 million as of December 31, 2023 to RMB75.2 million as of December 31, 2024, primarily due to the expansion of our restaurant network.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
票据应收大增，周转天数升至14.5天
Our bills receivables increased from RMB147.7 million as of December 31, 2023 to RMB623.8 million as of December 31, 2024, mainly due to the growth of our overseas sales.
Financial Information · 第 413 页
Our trade and bills receivables turnover days increased to 14.5 days in 2024 mainly due to the increase in our trade and bills receivables, resulting from the growth of our overseas sales.
Financial Information · 第 414 页
As of March 31, 2025, RMB538.2 million, or 83.4%, of our trade and bills receivables as of December 31, 2024, had been subsequently settled.
Our trade receivables increased significantly from RMB100.8 million as of December 31, 2023 to RMB379.0 million as of December 31, 2024, generally in line with the R&D activities we conducted in relation to our out-license and collaboration programs.
Financial Information · 第 461 页
Up to the Latest Practicable Date, all of our trade receivables as of December 31, 2024 had been subsequently settled.