应收款项随销售上升

As of December 31, 2020, 2021 and 2022 and June 30, 2023, we had trade receivables of RMB40.0 million, RMB59.9 million, RMB101.3 million and RMB179.8 million, respectively.

Our overall trade receivable turnover days was 35 days, 39 days, 55 days and 85 days in 2020, 2021 and 2022 and the six months ended June 30, 2023, respectively.

We believe there is no recoverability issue for our trade receivables and there is a sufficient provision given: (i) our periodic performance of impairment analysis using a provision matrix to measure expected credit losses and assessment of our credit risk exposure; and (ii) we have been exerting efforts to enhance the management and collection of trade receivables, in particular, we closely monitor the status of our trade receivables, we hold periodic meetings to discuss the status of trade receivables, and we timely communicate with relevant parties and remind them of due payments through various channels.

Our trade and notes receivables increased from RMB70.6 million as of December 31, 2020 to RMB120.3 million as of December 31, 2021, and further to RMB207.0 million as of December 31, 2022 and RMB257.2 million as of June 30, 2023, primarily due to our strong sales growth throughout the Track Record Period.

Our trade and notes receivable turnover days subsequently increased from 105 days in 2021 to 113 days in 2022 and further to 128 days for the six months ended June 30, 2023, primarily due to the increased number of customers in the automotive industry, who are typically given a longer credit period.

As of October 31, 2023, RMB186.5 million, or approximately 70.6% of our trade and notes receivables as of June 30, 2023 had been settled.

The allowance for impairment for trade and notes receivables increased from RMB2.0 million as of December 31, 2022 to RMB4.7 million as of June 30, 2023, primarily due to the increase in receivables from customers aged over 90 days as a result of delayed payments of our distributors amid their post-pandemic recovery in the first half of 2023, which was in early stage with relatively slower pace, temporarily resulting in relatively slower sales of our products by distributors in the same period.

Our trade receivable turnover days increased from 15 days in 2022 to 20 days in the six months ended June 30, 2023, primarily due to a higher ending balance as of June 30, 2023 as we adjusted our approach in trade receivable collection to bolster our distributors’ post-pandemic recovery by easing pressure on their payment process during such recovery period.

As of October 31, 2023, approximately RMB23.0 million, or 72.8%, of our trade receivables as of June 30, 2023 had been settled.

Our trade receivables increased to approximately RMB200.8 million as at 30 June 2023, which was mainly attributable to the increase in revenue from Customer Q during 6M2023, of which over 75% of the transactions with Customer Q during 6M2023 was occurred in April, May and June 2023, while there was generally a settlement period of approximately three months between the Group and Customer Q due the lengthy settlement process.

Such turnover days increased to approximately 40.9 days for 6M2023, which was mainly attributable to increase in revenue from Customer Q during 6M2023 as explained before.

As at the Latest Practicable Date, approximately RMB188.4 million, or approximately 93.8%, of our trade receivables as at 30 June 2023 had been subsequently settled.

Our trade receivables, net of provisions for impairment, increased significantly from RMB15.0 million as of December 31, 2020 to RMB110.4 million as of December 31, 2021, and further increased to RMB288.6 million as of December 31, 2022, which was in line with our business expansion and primarily due to the increase in our sales as a result of the launch of SuperVision™.

Our trade receivables turnover days increased from 116 days in 2020 to 229 days in 2021, as the series production of our first SuperVision^TM^ project started in the fourth quarter of 2021, resulting in a relatively high ending balance of our trade receivables in 2021, while the total revenue in 2021 was relatively low.

During the Track Record period, a significant portion of our revenue was concentrated on Geely Group, resulting in the majority of our trade receivables as of June 30, 2023 being due from Geely Group.

During the Track Record Period, our trade and bills receivables grew significantly as our sales increased.

As of October 31, 2023, 71.2% of our trade and bills receivables as of June 30, 2023, or RMB2,766.0 million, were settled.

We recorded the net impairment losses of RMB247.1 million in the six months ended June 30, 2023, primarily due to the provision for impairment losses we prudently made in the six months ended June 30, 2023 for certain EV battery products customers in consideration of their operating performance, liquidity position and our communication with them on the payment schedules.

Our trade receivables increased from approximately RMB135.6 million as at 31 December 2020 to approximately RMB166.5 million as at 31 December 2021 increased to approximately RMB207.5 million as at 31 December 2022 and further increased to approximately RMB233.8 million as at 30 June 2023, which was in line with the growth in our revenue during Track Record Period and mainly attributable to the late settlement from customers and slow economic resurgence after lockdown policy of the PRC government during the year ended 31 December 2022.

Our trade receivables turnover days were 99.8 days, 103.0 days, 121.7 days and 144.2 days for the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2023, respectively.

For the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2023, approximately RMB1.9 million, RMB2.4 million, RMB4.2 million and RMB4.9 million had been provided for impairment of trade receivables due from customers, respectively.

Our trade and bills receivables increased by 79.8% from RMB646.8 million as of 31 December 2021 to RMB1,163.2 million as of 31 December 2022 mainly due to (i) the significant increase in our revenue from the increased sales of hydrogen fuel cell systems, and (ii) the prolonged settlement of trade receivables by some of our customers during the Track Record Period.

We faced prolonged settlement by some of our customers mainly due to the capital restraints placed on them, and generally on the hydrogen fuel cell vehicle industry, as a result of the nature of the current awards policy which usually puts a relatively long time gap, generally over two years as advised by Frost & Sullivan, between when hydrogen fuel cell vehicle manufacturers sell their vehicles and when they may collect their qualified awards in full.

Our trade receivables turnover days increased from 521 days for the year ended 31 December 2022 to 1,478 days for the five months ended 31 May 2023 mainly due to the increasing balance of trade receivables as a result of (i) from the substantial increase of revenue for the second half of 2022, (ii) the prolonged settlement as discussed above, in addition to (iii) seasonality nature of our business as our revenue base for such period was relatively low and we generally record the majority of our revenue during the second half of the year.

Our trade receivables further increased from approximately RMB32.0 million as at 31 December 2021 to approximately RMB102.6 million as at 31 December 2022, primarily attributable to the increase in our revenue generated near year end as more projects under our provision of advertisement placement services were completed at the end of the year.

During the Track Record Period, our average turnover days of trade receivables was approximately 65.8 days, 63.7 days, 118.6 days and 211.1 days, respectively.

The higher average trade receivables turnover days for FY2022 and 4M2023 was mainly attributable to the increase in trade receivables from the provision of advertisement placement services (including rebates from Media Partner) and certain online media advertising services, which were accounted for on a gross basis while the relevant revenue was recognised on a net basis, according to the relevant accounting standards.

This was primarily due to our decision to temporarily extend credit terms to certain customers to ease their financial burden during the COVID-19.

However, our trade receivables turnover days increased from 72.3 days in 2021 to 78.1 days in 2022, primarily due to the temporary extension of credit terms to certain customers to help them cope with the negative impact due to COVID-19.

As of August 31, 2023, RMB244.5 million, or 80.7%, of our trade receivables as of April 30, 2023 had been settled.

Our finance lease receivables increased from RMB1,001.7 million as at 31 December 2020 to RMB1,297.0 million as at 31 December 2021, primarily attributable to the increase in the total number of finance lease agreements that were in effect which was mainly caused by the recovery of our sales of automobile under finance lease from the impact of the outbreak of COVID-19 in the PRC in 2020.

As at 31 December 2020, 2021, 2022 and 30 June 2023, our non-performing asset ratios, were 0.7%, 0.7%, 0.7% and 0.8%, respectively.

As at the Latest Practicable Date, RMB332.3 million or 17.2% of our finance lease receivables as at 30 June 2023 had been settled.

Our trade receivables increased by 85.3% from US$180.8 million as of December 31, 2020 to US$334.9 million as of December 31, 2021, and further increased by 53.5% to US$514.0 million as of December 31, 2022, and continued to increase by 18.8% to US$622.6 million as of June 30, 2023, primarily due to the growth of the express delivery services provided directly to e-commerce platforms during the Track Record Period and the growth of our cross-border business in 2021, 2022 and the six months ended June 30, 2023.

Our trade receivables turnover days further increased to 25.5 in the six months ended June 30, 2023, primarily because of the continuous growth of our cross-border operations, which typically have longer credit terms due to the nature of the operation, and the credit terms we granted to new e-commerce platform partners.

Our provisions as of December 31, 2021 and 2022 and June 30, 2023 were primarily related to receivables from terminated network partners of BEST Express China after the acquisition and during the subsequent integration of BEST Express China.

We had trade receivables of RMB90.0 million, RMB308.1 million, RMB399.1 million and RMB192.8 million as of December 31, 2020, 2021, 2022 and March 31, 2023, respectively.

Our turnover days of our trade receivables increased from 2020 to 2022, primarily due to our increased sales volume, especially sales through grocery retail channels that typically have long payment terms.

Our impairment losses charged on trade and other receivables increased significantly from RMB1.4 million in 2021 to RMB9.7 million in 2022, mainly as a result of the one-off write-off in relation to trade receivables of a certain customer due to its business deterioration, see "– Financial Risk Disclosure – Credit Risk."

As of December 31, 2020, 2021, 2022 and March 31, 2023, our trade receivables were RMB262.7 million, RMB778.3 million, RMB1,493.2 million and RMB1,494.0 million, representing approximately 28%, 39%, 48% and 232% of our revenue of the years ended December 31, 2020, 2021, 2022 and the three months ended March 31, 2023, respectively.

Our trade receivables turnover days increased from 134 days in 2022 to 209 days in the three months ended March 31, 2023 primarily because we typically enhance our receivable collection efforts towards year end, thus the trade receivables we recorded in early 2023 were relatively high.

As of July 31, 2023, RMB753.1 million, accounting for approximately 50.4% of the RMB1,494.0 million outstanding trade receivables as of March 31, 2023, had been subsequently settled.

Our net trade receivables increased by 57.4% from RMB271.1 million as of December 31, 2021 to RMB426.8 million as of December 31, 2022.

As of July 31, 2023, RMB244.3 million, or 79.2% of our trade receivables as of April 30, 2023 had been settled subsequently.

Our trade receivables turnover days decreased from 21 days in 2020 to 16 days in 2021 and further to 15 days in 2022, primarily due to an increase in our collaboration with third-party distribution channels having shorter payment cycles and credit terms.

Our trade receivables, before net of allowance for impairment, increased from approximately RMB55.9 million as of December 31, 2020 to RMB62.9 million as of December 31, 2021, and further to RMB98.3 million as of December 31, 2022.

The increase in the impairment losses was primarily due to (i) the increase in the GFA and number of properties under our management during 2022; and (ii) the deterioration of our property management fee collection rate, partly related to the COVID development at the end of 2022 in the PRC.

During the same period, the average turnover days of our trade receivables due from independent third parties increased from 98 days in 2020 to 101 days in 2021 and further increased to 127 days in 2022.

Our accounts receivables increased from RMB79.9 million as at December 31, 2019 to RMB180.8 million as at December 31, 2020 and RMB310.4 million as at December 31, 2021.

As at April 30, 2023, RMB166.7 million, or 64.5%, of our accounts receivables as at December 31, 2022 had been subsequently settled.

Among the approximately RMB42.4 million account receivables aged over one year that had not been settled as of December 31, 2022, approximately RMB12.6 million were recovered as at April 30, 2023.

Our trade and bills receivables increased by 28.8% from RMB942.0 million as of December 31, 2020 to RMB1,213.5 million as of December 31, 2021, and further by 53.0% to RMB1,856.8 million as of December 31, 2022, primarily due to an increase in trade receivables as a result of increases in our testing volume, in particular, COVID-19 tests.

Our trade receivables turnover days increased from 115 days in 2020 to 123 days in 2021, and to 125 days in 2022.

In 2022, we participated in an increasing number of COVID-19 mass testing organized by local governments, which may have longer payment periods.

Our trade and other receivables increased by 34.2% from RMB375.1 million as of 31 December 2021 to RMB503.5 million as of 31 December 2022, primarily due to (i) an increase in receivables in custodian as 31 December 2022 was not a working day and we were unable to withdraw the prepayments made by online customers of our Self-operation Business from the settlement system, and (ii) an increase in trade receivables primarily as a result of the increase in commissions charged to third-party sellers on our Online Marketplace.

Our trade receivable turnover days decreased from 7.0 days in 2020 to 3.9 days in 2021, primarily because we enhanced the collection of trade receivables. Our trade receivable turnover days further decreased to 3.1 days in 2022 as we further tightened our policy for granting credit terms to buyers from offline channels.

As of 30 April 2023, RMB129.2 million, or 92.8%, of our trade receivables as of 31 December 2022 had been settled.

Our trade receivables amounted to RMB17.5 million, RMB29.7 million and RMB37.7 million as of December 31, 2020, 2021 and 2022, respectively.

Our trade receivables and contract assets turnover days amounted to 57 days, 74 days and 96 days in 2020, 2021 and 2022, respectively.

As of February 28, 2023, RMB22.1 million, or 58.5% of our trade receivables outstanding as of December 31, 2022 had been subsequently collected.