应收款项随销售上升

During the Track Record Period, our trade and bills receivables recorded a steady increase, from RMB104.8 million as of December 31, 2023 to RMB133.1 million as of December 31, 2024, to RMB168.2 million as of December 31, 2025, and further to RMB170.5 million as of March 31, 2026, which was primarily due to the continuous growth of our overseas sales, for which credit terms are typically granted, resulting in a corresponding increase in trade and bills receivables from overseas customers.

Our trade and bills receivables turnover days increased from 29 days in 2023 to 31 days in 2024, to 34 days in 2025, and further to 37 days for the three months ended March 31, 2026, primarily due to the rising proportion of sales to overseas customers, to whom we generally grant credit terms.

In addition, for overseas sales, we procure commercial export credit insurance to provide protection against payment default and mitigate associated credit risks.

Our trade receivables increased to RMB143.4 million as of December 31, 2025, and further to RMB210.7 million as of June 30, 2026, in line with our business expansion and the increase in product sales.

Our trade receivables turnover days increased to 61 days for the six months ended June 30, 2026, which was generally in line with our credit term.

As of July 31, 2026, RMB108.8 million, or 51.1%, of our trade receivables as of June 30, 2026 had been subsequently settled.

Our trade receivables are typically due within 30 days from the invoice date. We grant our largest customer a relatively longer credit period to facilitate our long-term strategic collaboration.

Our trade receivables turnover days increased to 224 days in the six months ended June 30, 2026, reflecting a relatively longer trade receivable collection cycle during our early commercialization stage, which is in line with our revenue growth.

As of July 31, 2026, nil of our trade receivables as of June 30, 2026 had been subsequently settled.

Our trade and notes receivables increased by 22.2% from RMB226.9 million in 2023 to RMB277.3 million in 2024, increased by 31.4% from RMB277.3 million in 2024 to RMB364.3 million in 2025, and further increased by 8.3% to RMB394.7 million as of June 30, 2026 primarily due to the expansion of our business scale and the increase in sales, which resulted in higher receivables.

Our trade and notes receivables turnover days decreased from 103 days in 2023 to 81 days in 2024, primarily due to the strong creditworthiness of our customers and our ongoing efforts to strengthen receivables management.

As of July 31, 2026, RMB147.7 million, or approximately 35.2%, of our trade and notes receivables as of June 30, 2026 had been settled.

Our trade and bills receivables increased from RMB70.5 million as of December 31, 2023 to RMB114.9 million as of December 31, 2024, then increased to RMB126.6 million as of December 31, 2025, and further increased to RMB133.7 million as of March 31, 2026, which was generally in line with our revenue growth.

Our trade receivables turnover days, which are calculated using the average balance of net trade receivables divided by total revenue for the relevant period and multiplied by the number of days in the relevant period (i.e. 365 days for a fiscal year), decreased from 99 days in 2023 to 80 days in 2024, then decreased to 67 days in 2025, and further decreased to 59 days for the three months ended March 31, 2026, primarily due to our continued efforts in trade receivables management, and the increasing revenue contribution from system integrators and overseas customers, who typically have shorter credit terms.

As of July 31, 2026, RMB102.7 million, or 65.5% of our gross trade and bills receivables outstanding as of March 31, 2026 had been subsequently settled.

Our trade, bills and other receivables further increased to RMB271.4 million as of December 31, 2025, primarily due to the increase in trade receivables from the sales growth of all of our business units, driven by our continuous market expansion, including the acquisition of Zhejiang AITEK.

We adopted more proactive collection efforts against customer payments, which reduced overdue balances and enabled shorter credit terms for certain customers purchasing PV conductive pastes.

Our trade and bills receivables turnover days decreased from 134 days for the year ended December 31, 2025 to 120 days for the six months ended June 30, 2026, as we adopted more proactive collection efforts against customer payments, which enabled shorter credit terms for certain customers purchasing PV conductive pastes.

This amount increased to RMB87.0 million as of December 31, 2025, primarily attributable to our enhanced credit and strategic support for distribution channels on the online e-commerce platform, as well as the robust growth of our overseas distribution business.

Our trade and bills receivables turnover days increased to 20 days in 2025 and 24 days for the five months ended May 31, 2026, which is primarily due to the higher period-end trade and bills receivables balance.

As of June 25, 2026, approximately RMB39.1 million, or 35.1% of our trade and bills receivables outstanding as of May 31, 2026, had been subsequently settled.

Our trade and bills receivables increased significantly from RMB13.4 million as of December 31, 2024 to RMB58.7 million as of December 31, 2025 and further increased by 22.1% to RMB71.7 million as of June 30, 2026, primarily due to the increased trade receivables driven by the growth in sales of our robots and robotics solutions.

Our trade and bills receivables turnover days increased to 51 days as of December 31, 2025 and further increased to 87 days for the six months ended June 30, 2026, primarily driven by the expansion of our sales scale and the increased sales of robotics solutions, which generally involve a longer collection cycle.

In addition, our trade and bills receivables turnover days in 2023, 2024 and 2025 and the six months ended June 30, 2026 were below the industry average of 141 days in 2025.

Our trade and bills receivables increased from RMB4,999.7 million as of December 31, 2023 to RMB6,051.7 million as of December 31, 2024, primarily due to the significant increase in sales volume toward the end of 2024.

Our trade receivables turnover days increased from 48 days in 2023 to 80 days in 2024, primarily due to the higher ending balance of our trade receivables.

Our expected credit losses on financial assets increased by 107.6% from RMB61.2 million in 2024 to RMB127.1 million in 2025, primarily due to the increase in trade receivables in line with our sales growth, resulting in a corresponding increase in the provision for credit losses.

Our trade and other receivables further increased from S$20.7 million as at 31 December 2024 to S$42.5 million as at 31 December 2025, primarily due to (i) our expansion of business; and (ii) an increase in retention receivables due to the increase in the number of projects we had.

Our average turnover days of trade receivables increased to 39 days in 2025, mainly due to a project where we received late payment from the main contractor.

As at 31 July 2026, approximately S$11.4 million or 62.1% of our trade receivables outstanding as at 30 June 2026 were settled.

In 2023, 2024 and 2025, our trade receivables turnover days were 65 days, 117 days and 143 days, respectively.

The turnover days increased significantly to 326 days in the four months ended April 30, 2026, mainly because revenue of RMB122.1 million from Hungary during the period, for which only a small advance payment had been received.

As of June 30, 2026, RMB38.3 million, or 5.6%, of our trade receivables as of April 30, 2026 had been subsequently settled, primarily because limited collections were received during May and June 2026.

Our trade and bills receivables increased from RMB4,146.6 million as of December 31, 2023 to RMB6,227.2 million as of December 31, 2024, primarily due to the increase in our sales.

Our trade and bills receivables turnover days decreased from 87 days in 2023 to 68 days in 2024, primarily due to the increase in revenue generated from Customer A, which had shorter credit period.

As of June 30, 2026, RMB2,323.3 million, or approximately 38.4% of our trade and bills receivables as of May 31, 2026 were subsequently settled.

Our trade and bills receivables increased by 34.4% from RMB1,649.2 million as of December 31, 2024 to RMB2,217.2 million as of December 31, 2025, mainly due to (i) the consolidation of trade and bills receivables held by Shanghai Discovery following its acquisition into our Group in August 2025 and (ii) an increase in sales.

The increase in the long-aged receivables in 2025 was primarily due to the consolidation of trade and bills receivables following our acquisition of Shanghai Discovery in August 2025.

As of May 31, 2026, RMB1,018.0 million, or 47.6% of our trade and bills receivables as of March 31, 2026 had been settled subsequent to March 31, 2026.

Our trade and bills receivables increased by 38.9% from RMB4,398.1 million as of December 31, 2023 to RMB6,108.9 million as of December 31, 2024, and further by 17.0% to RMB7,149.6 million as of December 31, 2025.

Our trade receivables turnover days increased from 77 days in 2023 to 103 days in 2024 and to 106 days in 2025, primarily due to the general extension of payment cycle caused by intensified competition among downstream automotive manufacturer customers.

As of May 31, 2026, RMB3,390.2 million, or 47.0% of our trade and bills receivables as of March 31, 2026, had been settled.

Our trade and bills receivables increased from RMB1.20 billion as of December 31, 2023 to RMB1.40 billion as of December 31, 2024, from RMB1.40 billion as of December 31, 2024 to RMB1.50 billion as of December 31, 2025, and from RMB1.50 billion as of December 31, 2025 to RMB1.63 billion as of April 30, 2026, in line with our business and revenue growth.

Our trade and bills receivables and contract assets turnover days generally remained stable at 187, 175, and 181 days in 2023, 2024, and 2025, respectively.

Our impairment losses increased by 42.7% from RMB52.5 million in 2024 to RMB74.9 million in 2025, primarily due to an increase in impairment provisions on trade receivables of RMB27.5 million resulting from expected default by certain clients in their payment obligations.

Our trade and bills receivables substantially increased by 202.7% from RMB571.2 million as of December 31, 2023 to RMB1,729.3 million as of December 31, 2024, then increased by 1.0% to RMB1,747.4 million as of December 31, 2025 and further increased by 16.6% to RMB2,037.4 million as of April 30, 2026, primarily due to increased sales of new energy products to customers.

We recorded trade and bills receivable turnover days of 30 days, 40 days, 56 days and 39 days during the Track Record Period.

The increased trade and bills receivable turnover days from 2023 to 2025 was mainly due to the increased sales to our key customers who have relatively longer credit period.

Our trade receivables mainly represented amounts due from customers for solutions provided in the ordinary course of business, amounted to RMB72.6 million, RMB153.9 million and RMB197.6 million and RMB199.2 million as at December 31, 2023 and 2024 and 2025 and May 31, 2026, respectively.

Our trade receivables turnover days increased from 71 days for the year ended December 31, 2023, to 134 days for the year ended December 31, 2024, mainly due to a temporary disruption in our invoicing arrangements with our clients arisen from the relocation of our Company’s registered address from Shanghai to Shenzhen as the we were in the process of applying to the local tax authority to expand its invoicing limit.

As at the Latest Practicable Date, RMB57.5 million, or 29.2% of our trade receivables outstanding as at May 31, 2026, had been subsequently settled.

Our trade receivables increased from approximately RMB8.1 million as of December 31, 2024 to approximately RMB16.9 million as of December 31, 2025 primarily due to the increase in trade receivables due from customers from our CRO Services business and our MAH Business as of December 31, 2025, in line with the increase in revenue from our MAH Business for the year ended December 31, 2025.

Our average trade receivables turnover days increased from 65 days for the year ended December 31, 2024 to 83 days for the year ended December 31, 2025 and further increased to 88 days for the five months ended May 31, 2026, primarily due to increase in competition.

Up to June 30, 2026, approximately RMB3.0 million or 25.0% of our trade receivables as at May 31, 2026 had been settled by our customers after the Track Record Period.

Our trade and other receivables increased from RMB192.1 million as of December 31, 2023 to RMB228.7 million as of December 31, 2024, and further increased to RMB258.4 million as of December 31, 2025 and further increased to RMB301.2 million as of April 30, 2026, primarily due to the increase in trade receivables which was in line with our overall business growth.

Our trade and bills receivables turnover days remained relatively stable at 98 days in 2023 and 2024, and slightly increased to 106 days in 2025 and then increased to 115 days for the four months ended April 30, 2026, primarily due to the increased balance of trade and bills receivables attributable to our business growth.

Taking into account the foregoing, and our expected credit loss assessment, our Directors are of the view that there is no material recoverability issue in respect of our trade receivables and that the loss allowance made for trade receivables was sufficient as of December 31, 2023, 2024, 2025 and April 30, 2026.

The increases were primarily due to the increase in the number of retailers and expanded retail revenue, which generally enjoy longer credit periods than our other customers.

Our trade receivables turnover days increased from 3.0 days in 2023 to 4.8 days in 2024, and then increased to 7.2 days in 2025, which then increased to 10.5 days for the three months ended March 31, 2026, primarily due to the increase in the number of retailers and expanded retail revenue.

The increase in trade receivables aged over 120 days as of March 31, 2026 was primarily attributable to amounts due from certain customers under “goods first, then payment” arrangements.