Our trade and bills receivables increased from RMB64.7 million as of December 31, 2021 to RMB179.8 million as of December 31, 2022, primarily due to our customers’ prolonged payment process amid the COVID-19 pandemic.
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As of February 28, 2023, RMB69.6 million, or 54.6% of our trade receivables outstanding as of December 31, 2022 had been subsequently collected.
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Nevertheless, we recorded loss allowance for our trade and bill receivables of RMB4.3 million, RMB5.2 million and RMB9.0 million in 2020, 2021 and 2022, respectively, which we believe are sufficient in view of the subsequent settlement of our trade and bills receivables.
中宝新材集团有限公司China Treasures New Materials Group Ltd.02439.HK
贸易应收款增至7,560万元及周转天数上升
Our net trade receivables increased from approximately RMB23.0 million as at 31 December 2019 to approximately RMB28.4 million as at 31 December 2020 and further increased to approximately RMB73.0 million as at 31 December 2021, which was mainly due to an increase in sales from FY2019 to FY2021, including last quarter of each year.
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Due to the temporary lockdown during March to May 2022, it took us longer time to collect trade receivables from customers and hence it rendered an increase in our average trade receivables turnover days to 95 days for 9M2022.
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Up to the Latest Practicable Date, 100% of our trade receivables as at 30 September 2022 were subsequently settled.