Our trade and other receivables primarily consisted of (i) advance payments on behalf of suppliers which are platform fees we paid to e-commerce platforms or outsourcing service fees we paid to third-party vendors which are going to be claimed from our brand owners later, (ii) rebate receivable from suppliers as incentives paid by brand owners to us based on pre-defined performance metrics, (iii) trade receivables from contracts with customers, and (iv) prepaid expenses which are primarily deposits with platforms like Alimama for future advertisement placement.
Financial Information · 第 216 页
The increase in trade and other receivables from 2023 to 2024 primarily resulted from collaborations with additional brand owners and sales channels, which created more business scenarios that required advances we paid on behalf of brand owners recorded as trade receivables.
Financial Information · 第 217 页
RMB47.2 million, or 90.6%, of our trade receivables as of 31 December 2025 had been settled as of 30 April 2026.
Our trade and bills receivables increased from RMB18.7 million as of December 31, 2023 to RMB167.3 million as of December 31, 2024, and further increased to RMB263.7 million as of December 31, 2025, primarily due to the increase in trade receivables in line with our strong sales growth during the Track Record Period.
Financial Information · 第 221 页
Our turnover days increased to 136 days in 2025, primarily because we have experienced a significant increase in product sales in 2025.
Financial Information · 第 222 页
As of April 30, 2026, RMB230.9 million, or approximately 85.1% of our trade and bills receivables as of December 31, 2025, had been subsequently settled.
浙江晶通新材料集团股份有限公司Zhejiang Kingdom New Material Group Co., Ltd.
贸易应收款项及预付款项等大幅上升
Our trade and notes receivables turnover days decreased from 96 days for the year ended December 31, 2023 to 57 days for the year ended December 31, 2024, primarily because the settlement of certain outstanding trade receivables from customers, and increased to 66 days for the year ended December 31, 2025, primarily because the relatively longer credit terms granted by VYTEC Thailand.
Financial Information · 第 237 页
As of April 8, 2026, approximately RMB346.4 million, or 83.3% of our trade receivables as of December 31, 2025, had been settled.
Financial Information · 第 237 页
Our prepayments, other receivables and other assets further increased by 76.0% from RMB99.0 million as of December 31, 2024 to RMB174.2 million as of December 31, 2025, primarily attributable to (i) an increase in advance payments to suppliers of RMB15.0 million because of increased prepayments for raw materials, service fees, promotion fees as a result of our business expansion and prepayment for royalty fees pursuant to the requirements under the relevant licensing agreement; and (ii) an increase in export tax refund of RMB14.1 million primarily attributable to the increase in export sales at the end of the year.
Our trade and bills receivable turnover days increased from 211 days in 2023 to 273 days in 2024, primarily due to (i) an increasing proportion of receivables being contributed by state-owned utility customers, which are granted longer credit terms of approximately one year or more, and (2) certain newly acquired entity having a higher level of trade receivables.
Financial Information · 第 184 页
In order to enhance the collection of trade and bills receivables, we have implemented a series of measures.
Financial Information · 第 183 页
As of March 31, 2026, RMB337.1 million, or 22.9%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.
Our trade and notes receivables increased from RMB497.9 million as of December 31, 2023 to RMB735.6 million as of December 31, 2024, and further to RMB752.8 million as of December 31, 2025 primarily due to our overall business growth.
Financial Information · 第 254 页
Our trade and notes receivables turnover days increased from 145 days in 2023 to 173 days in 2024, which was primarily due to our overall strong business growth and a stronger seasonality effect in 2024 compared to 2023.
Financial Information · 第 254 页
As of March 31, 2026, RMB648.8 million, or 81.5% of our trade receivables as of December 31, 2025 had been subsequently settled.
Our trade and bills receivables increased from RMB2.9 million as of December 31, 2023 to RMB41.5 million as of December 31, 2024, mainly due to the increase in trade receivables from RMB3.0 million as of December 31, 2023 to RMB42.2 million as of December 31, 2024.
Financial Information · 第 256 页
Our trade and bills receivables turnover days were 2.3 days, 14.4 days and 26.4 days for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 257 页
In accordance with prudent financial management, we have recognized a 10% provision against these receivables to provide an additional buffer for any potential uncertainties.
Our trade and bills receivables further increased to approximately RMB350.2 million as at 31 December 2025, primarily attributable to orders receved around the year end of FY2025.
Financial Information · 第 190 页
We typically grant customer credit term between 30 days to 180 days, our trade receivables turnover days were approximately at 101 days, 94 days, and 109 days in FY2022, FY2023 and FY2024, respectively, which was generally within our credit terms granted.
Financial Information · 第 191 页
As at 31 March 2026, approximately RMB160.8 million, or 61.0% of our trade receivables outstanding as at 31 December 2025, had been settled.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
应收款项及预付款上升与资金周转变缓
Our trade and bills receivables increased from RMB454.7 million as of December 31, 2023 to RMB497.4 million as of December 31, 2024, primarily due to the expansion of our business with pharmacy chains and regional sales partners, which operated under longer credit terms, along with the launch of our new subsidiaries extending credit to clients.
Financial Information · 第 238 页
As of the date of this Document, RMB431.2 million, or 87.8%, of our trade receivables as of December 31, 2025 had been subsequently settled and the remaining proportion were overdue.
Financial Information · 第 239 页
Taking into account the financial resources available to us, including our cash and cash equivalents on hand and loan and credit facilities and the estimated net [REDACTED] from the [REDACTED], our Directors are of the view, and the Sole Sponsor concurs, that we have sufficient working capital to meet our present needs and for the next 12 months from the date of this document
Our trade and notes receivables increased by 56.3% from RMB2,646.1 million as of December 31, 2023, to RMB4,135.7 million as of December 31, 2024, generally in line with our sales growth.
Financial Information · 第 194 页
The credit period that we granted to customers generally ranged from 30 to 90 days during the Track Record Period.
Financial Information · 第 195 页
As of March 31, 2026, RMB3,175.1 million or 74.2% of our trade and notes receivables as of December 31, 2025 had been subsequently settled.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
应收账款上升、周转天数增加且集中于Customer A
Our trade receivables increased by 58.5% from RMB146.7 million as of December 31, 2023 to RMB232.5 million as of December 31, 2024 and further increased by 21.1% to RMB281.6 million as of December 31, 2025, primarily attributable to increased balances due from telecom operators arising from our deepened partnerships with key account customers.
Financial Information · 第 219 页
As of December 31, 2023, 2024 and 2025, 56.8%, 77.4% and 62.5% of our total trade receivables was due from Customer A, a leading telecom operator.
Financial Information · 第 220 页
Our trade receivables turnover days increased from 70 days in 2023 to 106 days in 2024, and further increased to 119 days in 2025, primarily attributable to the increase in the balance of trade receivables, in line with the expansion of our business scale.
During the Track Record Period, we usually grant our customers credit terms of up to 180 days. For certain projects, we have provided longer credit terms or installment-based payment arrangements for certain key customers.
Financial Information · 第 219 页
Our trade receivables turnover days remained relatively stable in the Track Record Period, which were 128.9, 133.1 and 134.1 in the respective years.
Financial Information · 第 220 页
As of March 31, 2026, RMB251.4 million, or 72.0% of our trade receivables as of December 31, 2025, had been settled subsequent to December 31, 2025.
上海科梁信息科技股份有限公司Shanghai KeLiang Information Technology Co., Ltd.
贸易应收款增加，周转天数升至127天
Our trade and bills receivables increased by 24.3% from RMB161.1 million as of December 31, 2023 to RMB200.4 million as of December 31, 2024, and further increased by 27.5% to RMB255.5 million as of December 31, 2025, in line with the growth of our business.
Financial Information · 第 218 页
Our net impairment losses on financial and contract assets increased by 57.8% from RMB6.2 million for 2023 to RMB9.9 million for 2024, primarily due to (i) an increase in our gross trade receivable balances, from RMB176.1 million as of December 31, 2023 to RMB208.8 million as of December 31, 2024 in line with our revenue growth; and (ii) the lengthening of the aging profile of our trade receivables as of December 31, 2024, as certain longer-aged receivables were not collected on a timely basis, resulting in a higher proportion of receivables falling into longer overdue periods with correspondingly higher expected credit loss rates, which in turn led to an increase in the overall impairment allowance.
Financial Information · 第 212 页
As of March 31, 2026, RMB97.5 million or 37.4% of the outstanding balance of our trade receivables as of December 31, 2025 had been settled.
上海观安信息技术股份有限公司SHANGHAI GUAN AN INFORMATION TECHNOLOGY CO., LTD.
应收账款大增，周转天数升至155天
Our trade and bills receivables increased by 150.5% from RMB112.5 million as of December 31, 2023 to RMB281.9 million as of December 31, 2024, and further increased by 13.0% to RMB318.6 million in 2025, primarily due to the revenue growth during the years.
Financial Information · 第 213 页
Our trade and bills receivables turnover days, which is calculated by dividing the arithmetic mean of the opening and closing balances of trade and bills receivables for the relevant period by revenue and multiplying by 365 days, increased from 71 days in 2023 to 109 days in 2024, and further to 155 days in 2025, reflecting the timing of project delivery and customer acceptance as well as a higher proportion of telecommunication customers which typically have longer payment cycles.
Financial Information · 第 213 页
Our impairment losses on financial and contract assets, net, increased by 28.8% from RMB7.3 million in 2024 to RMB9.4 million in 2025, primarily due to an increase in impairment losses on trade receivables.
Trade receivables increased from RMB102.7 million as of December 31, 2024 to RMB292.4 million as of December 31, 2025, primarily due to (i) an increase in the gross carrying amount of trade receivables from RMB106.9 million as of December 31, 2024 to RMB293.4 million as of December 31, 2025, (ii) higher sales with a lower proportion of distribution sales which carry shorter payment cycle and (iii) a decrease in impairment from RMB4.2 million as of December 31, 2024 to RMB1.0 million as of December 31, 2025.
Financial Information · 第 213 页
As of March 31, 2026, 91.4% of our total trade receivables as of December 31, 2025, or RMB267.3 million, were settled.
Our trade and bills receivables increased from approximately RMB436.3 million as at 31 December 2023 to RMB602.0 million as at 31 December 2024, primary due to the fact that we recognised an increase in trade and bills receivables closer to the end of FY2024 as we issued invoice upon completion of equipment acceptance procedures for several large projects during the year, whilst the payment credit term granted to our customers had not expired at year-end.
Financial Information · 第 226 页
Our trade and bills receivables turnover days increased from 116 days in FY2023 to 164 days in FY2024, primarily attributable to the fact that we recognised an increase in trade and bills receivables closer to the end of FY2024 as we issued invoices upon completion of equipment acceptance procedures for several large projects during the year, whilst the payment credit term granted to our customers had not expired at year-end.
Financial Information · 第 228 页
Our impairment losses under expected credit loss model, net of reversal decreased by approximately 32.9% from RMB72.6 million in FY2023 to RMB48.7 million in FY2024, primarily due to decrease in impairment losses recognised on trade and bills receivables, corresponding to the decrease in our size of trade and bills receivables recorded on the respective dates.
As of December 31, 2025, our trade receivables, net of impairment, reached RMB495.7 million. This increase was primarily attributed to the acceptance of several large-scale solutions in the second half of 2025.
Financial Information · 第 218 页
Our average trade receivables turnover days continued to decrease from 146 days in 2023 to 89 days in 2024, due to our continued collection efforts and cash incentives offered to customers for early payments.
Financial Information · 第 219 页
As of March 31, 2026, RMB152.6 million, or 30.8%, of our trade receivables as of December 31, 2025 had been settled.
Our trade and other receivables increased from RMB160.9 million as of December 31, 2023 to RMB277.7 million as of December 31, 2024, and further to RMB555.2 million as of December 31, 2025, primarily due to (i) an increase in trade and bills receivables from RMB141.1 million as of December 31, 2023 to RMB237.7 million as of December 31, 2024 and further to RMB485.6 million as of December 31, 2025, in line with our rapid revenue growth, particularly driven by the expansion of our overseas sales
Financial Information · 第 179 页
Our trade receivables turnover days then decreased to 63 days in 2025, primarily due to a higher proportion of revenue contributed by customers with shorter payment cycles.
Financial Information · 第 179 页
As of March 31, 2026, RMB487.5 million, or 87.8% of our trade and other receivables outstanding as of December 31, 2025, had been subsequently settled.
Our trade and other receivables increased from RMB446.3 million as of December 31, 2024 to RMB647.0 million as of December 31, 2025, primarily due to significant revenue growth, with the increase in trade receivables remaining within normal credit terms.
Financial Information · 第 188 页
Our trade receivables turnover days remained stable at 119 days, 119 days and 117 days in 2023, 2024 and 2025, respectively.
Financial Information · 第 188 页
As of March 31, 2026, RMB340.8 million, or 76.5% of our trade receivables as of December 31, 2025 had been settled.
As of December 31, 2025 our trade and bills receivables increased significantly to RMB132.9 million following acquisition of Shanghai Celludye completed on August 31, 2025 and consolidation of its assets into our Group’s consolidated financial statements.
Financial Information · 第 218 页
Our trade receivables turnover days increased to 46.5 days in 2025, primarily due to a significant increase our trade receivables balance as of year end following acquisition of Shanghai Celludye completed on August 31, 2025 and consolidation of its assets into our Group’s consolidated financial statements.
Financial Information · 第 218 页
As of March 31, 2026, RMB97.8 million or 88.9% of our trade receivables outstanding as of December 31, 2025 were settled.
Our trade receivables, net of allowance for credit losses increased from approximately RMB47.3 million as of 31 December 2023 to approximately RMB64.7 million and RMB84.1 million as of 31 December 2024 and 2025, respectively.
Financial Information · 第 241 页
Our trade receivables turnover days for ODM business increased to approximately 91.0 days for FY2025, which is mainly attributable to increased revenue contribution from certain major ODM customers in FY2025 who carried 90 days or longer of credit period.
Financial Information · 第 243 页
As of 31 March 2026, approximately 94.3%, or RMB80.7 million of our gross trade receivables as of 31 December 2025 had been subsequently settled.