应收款项随销售上升

Our trade and notes receivables increased from RMB115.4 million as of December 31, 2023, to RMB619.7 million as of December 31, 2024 and further to RMB1,090.7 million as of December 31, 2025, primarily driven by the significant increase in our revenue and business scale.

In 2023, 2024 2025, our trade receivables turnover days were 48.8 days, 86.9 days, and 168.5 days, respectively.

We have recorded cash conversion cycles of 34.1, 62.2 and 130.0 days for 2023, 2024 and 2025, respectively.

Our trade and bills receivables increased from RMB517.5 million as of December 31, 2024 to RMB566.6 million as of December 31, 2025, mainly attributable to expanded collaboration with public transport enterprises, which are granted longer credit periods.

We generally grant a credit period ranging from 30 to 180 days.

We seek to maintain strict control over our outstanding receivables and overdue balances are reviewed regularly by senior management.

During the Track Record Period, we usually grant our customers a credit term of (i) within 36 months for equipment sales; and (ii) within six months for material sales; and (iii) 30 to 60 days for printing services.

Our trade receivables turnover days decreased from 196.9 days in 2024 to 189.1 days in 2025, primarily as a result of our adoption of a more selective customer engagement approach to optimize our customer base, as we increasingly focus on customers with pricing and credit profiles more aligned with our risk and return considerations.

Our net impairment losses on financial and contract assets increased significantly from RMB1.4 million in 2023 to RMB12.0 million in 2024, primarily attributable to additional impairment provisions recognized for certain long-aged receivables from historical customers, following our reassessment of the recoverability of such receivables in connection with the implementation of our customer portfolio optimization measures in 2024 and in accordance with applicable accounting standards.

Our total trade and bills receivables increased from RMB2,340.8 million as of December 31, 2023 to RMB2,731.6 million as of December 31, 2024, further increased to RMB2,944.1 million as of December 31, 2025, primarily due to continued business expansion and revenue growth.

We generally grant credit terms of approximately 30 to 120 days.

As of April 30, 2026, RMB1,539.4 million, or 51.8%, of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade receivables subsequently increased to RMB545.4 million as of December 31, 2025, primarily due to sales growth.

During the Track Record Period, substantially all of our customers were provincial-level and county-level CDCs, to which we typically grant a credit period of 180 days.

Our Directors believe that we have sufficient working capital to meet our present and future cash requirements for at least the next 12 months from the date of publication of this document.

Our trade and other receivables further increased from RMB353.0 million as of December 31, 2024 to RMB439.6 million as of December 31, 2025, primarily due to (i) an increase in trade receivables, net of loss allowance from third parties of RMB82.3 million due to an increase in the sales volume to certain of major customers in our comprehensive chips and modules business, and (ii) an increase of RMB8.7 million in prepayment for purchase of chipsets, raw materials and service as a result of our strategic inventories build up at the end of 2025, in anticipation of growing market demand for our products in the foreseeable future.

Our trade receivables turnover days increased from 88 days in 2024 to 96 days in 2025, primarily due to an increase in the sales volume to customers who were granted longer credit term in our comprehensive chips and modules business.

As of April 30, 2026, RMB234.2 million or 67.0% of our gross trade receivables (before loss allowance) as of December 31, 2025 had been subsequently settled.

Our trade receivables increased from RMB55.1 million as of December 31, 2023 to RMB152.6 million as of December 31, 2024, and further increased to RMB330.1 million as of December 31, 2025. The increases in our trade receivables were generally in line with our robust revenue growth.

Our trade receivable turnover days remained relatively stable at 30.4 days, 31.8 days, and 36.3 days in 2023, 2024 and 2025, respectively, primarily because we generally granted customers the credit terms of approximately one month, and payments from customers were generally settled within approximately one month.

As of May 31, 2026, RMB326.4 million, or 98.4%, of our trade receivables as of December 31, 2025 had been settled.

Our trade and bill receivables increased by 452.4% from RMB140.4 million as of December 31, 2024 to RMB775.6 million as of December 31, 2025, primarily due to an increase in our bill receivables, which was in line with the significant increase in sales of our CNT slurry products.

Our trade and bill receivables turnover days increased from 50 days in 2023 to 57 days in 2024, primarily due to the increase in the proportion of revenue from our key domestic customers, to whom we granted longer credit periods.

During the Track Record Period, we did not experience any significant losses associated with our trade and bill receivables, and the fluctuation in our trade and bill receivables did not have any material adverse impact on our liquidity or cash flows.

Our trade receivables increased from RMB238.6 million as of December 31, 2023 to RMB474.7 million as of December 31, 2024, mainly due to the trade receivables from an online music platform customer and a large concert held at the end of 2024, both of which were not due for settlement in 2024.

Our trade receivables decreased from RMB474.7 million as of December 31, 2024 to RMB104.0 million as of December 31, 2025, primarily as we recovered a considerable amount of trade receivables from online music platform customers.

Our trade receivables turnover days remained relatively stable at 88 days in 2023 and 92 days in 2024, which then decreased to 81 days in 2025, primarily due to our enhanced collection efforts facilitating the settlement of trade receivables.

Our trade and bills receivables (net of impairment) increased significantly from RMB544.9 million as of December 31, 2024 to RMB1,596.8 million as of December 31, 2025, primarily due to (i) our increase in trade receivables from customers that have not reached their settlement periods as of December 31, 2025; and (ii) the growing proportion of orders from our Chinese distributors being settled on credit terms driven by end-customer demand and the practice of installment sales among their competitors.

Our trade and bills receivable turnover days increased from 15.6 days in 2024 to 23.2 days in 2025, primarily due to (i) our increase in trade receivables from customers that have not reached their settlement periods as of December 31, 2025; and (ii) the growing proportion of orders from our Chinese distributors being settled on credit terms driven by end-customer demand and the practice of installment sales among their competitors.

As of April 30, 2026, approximately RMB1,371.8 million, or 80.9% of our trade and bills receivables as of December 31, 2025, had been settled.

Our trade and bills receivables then increased to RMB103.2 million as of December 31, 2025, primarily due to an increase in trade receivables which was in line with the expansion of our sales of Human TAT.

Our trade and bills receivables turnover days were 124.5 days, 116.6 days and 132.6 days in 2023, 2024, and 2025, respectively.

To ensure the timely collection of trade receivables and improve cash flow management, we have implemented several measures.

Our trade and bills receivables increased from RMB229.1 million as of December 31, 2023 to RMB279.0 million as of December 31, 2024, and further increased to RMB593.9 million as of December 31, 2025, primarily due to an increase of trade receivables driven by an increase in our product sales.

our Directors believe that there is no material recoverability issue and that we have sufficient provision for impairment.

As of the Latest Practicable Date, RMB582.0 million, or 97.6% of our trade and bills receivables as of December 31, 2025 had been subsequently collected.

Our trade and bills receivables, net of impairment, increased from RMB68.4 million as of December 31, 2023 to RMB122.6 million as of December 31, 2024, and further to RMB204.7 million as of December 31, 2025, primarily due to the growth of our revenue during the same period, as well as a shift in our application mix with a higher proportion of solutions that have longer delivery cycles and an increased revenue contribution from large, reputable customers, to whom we offer more flexible credit terms.

Our trade receivables turnover days increased from 119 days in 2025 to 225 days for the three months ended March 31, 2026, primarily because a major part of our revenue is recognized at mid-year and at the end of the year.

In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, we recorded impairment losses on financial and contract assets of RMB2.6 million, RMB1.5 million, RMB5.0 million, RMB1.3 million and RMB5.7 million, respectively.

Our trade receivables, net of allowance for credit losses, then increased by 40.5% from RMB314.1 million as of December 31, 2024 to RMB441.3 million as of December 31, 2025, driven by increased sales of biopharmaceuticals.

The trade receivables turnover days in each period during the Track Record Period were in line with the credit term we generally provide for our customers.

As of April 30, 2026, RMB383.8 million, or 87.0%, of our trade receivables, net of allowance for credit losses, as of December 31, 2025 had been subsequently settled.

December 31, 2025, primarily due to (i) the increase in trade receivables from contracts with customers, as a result of the increase in revenue in the fourth quarter of 2025, and (ii) the increase in prepayments to suppliers, in connection with our increased raw material purchases near year end.

Our trade receivables turnover days increased from 70 days in 2024 to 77 days in 2025, primarily due to the increase in revenue in the fourth quarter of 2025.

As of April 30, 2026, RMB321.7 million, or 99.2% of our trade receivables as of December 31, 2025, had been subsequently settled.

The current portion of our trade and other receivables increased from RMB10,231.4 million as of December 31, 2023 to RMB12,824.9 million as of December 31, 2024, and further to RMB15,829.8 million as of December 31, 2025, mainly driven by (i) an increase in our trade and bills receivables resulting from the consolidation of newly acquired subsidiaries in 2025, and (ii) the continuous increase in our trade receivables in line with our revenue growth.

Our trade and bills receivables turnover days subsequently increased to 91 days in 2025.

As of April 30, 2026, approximately RMB15,050.6 million, or 95.1% of our trade and other receivables as of December 31, 2025, had been subsequently settled.

Our trade and bills receivables increased by 51.5% from RMB132.1 million as at December 31, 2024 to RMB200.1 million as at December 31, 2025, which was primarily due to the growth in our number of completed projects yet to be settled prior to their contractual period as at December 31, 2025.

Our trade and bills receivables turnover days increased from 125.0 days in FY2023 to 173.0 days in FY2024, and then decreased to 157.1 days in FY2025.

Specifically, our Directors are of the view that the risk of not being able to recover the trade receivables aged over one year is relatively low based on our evaluation of the historical credit standing, ongoing monitoring and the credit records of these customers, and that sufficient provision has been made.

During the Track Record Period, the outstanding balance due from our Customer Group F was subject to factoring arrangements (including non-recourse and recourse) with three banks and one financial institution in the PRC.

The above factoring arrangements were entered into in view of (i) the lack of funding for the execution of sizable projects in the smart city sector with relatively long implementation periods and higher procurement costs; and (ii) the background and creditworthiness of Customer Group F, comprising two non-wholly owned subsidiaries of a SOE which is principally engaged in urban construction engineering, development, design, landscaping, property management, capital investment, cultural tourism and international operations in the PRC.

During the Track Record Period, the balance increased from RMB5.9 million as at December 31, 2023 to RMB80.1 million as at December 31, 2024, further to RMB95.7 million as at December 31, 2025, as we undertook more projects for our Customer Group F in FY2024 and FY2025 and recognised the corresponding trade receivables at FVOCI.

The increase was primarily due to the growing contribution of large enterprise customers to our customer base, to whom we generally grant relatively longer credit periods in light of their stronger credit profiles to secure project acquisition.

As of April 30, 2026, RMB64.0 million, or 36.3% of the outstanding balance of our trade and bills receivables as of December 31, 2025 had been settled.

We seek to maintain strict control over our outstanding receivables, and have designated credit control personnel to control credit risk. Overdue balances are reviewed regularly by our management.

Such increases were primarily attributable to the increased sales to customers in the NEV sector, who typically have longer payment terms compared to our customers in other segments.

Our average trade and bills receivables turnover days were 152 days, 164 days and 169 days, respectively, for the year ended December 31, 2023 and 2024 and the year ended December 31, 2025.

Our reversal of impairment losses or impairment losses on financial assets, net changed from reversal of impairment losses of RMB81.4 million for the year ended December 31, 2023 to impairment losses of RMB33.5 million for the year ended December 31, 2024, primarily because of increases in trade receivables and individual impairment provisions made for our customers.