应收款项随销售上升

We recorded trade and bills receivables of RMB3,307.8 million, RMB3,248.5 million and RMB3,427.6 million as of December 31, 2023, 2024 and 2025, respectively.

Our trade receivable turnover days increased during the Track Record Period, primarily due to the increased revenue contribution from overseas customers which generally have relatively longer settlement periods.

As of March 31, 2026, RMB2,790.2 million, or 81.5%, of our trade receivables as of December 31, 2025 had been settled.

During the Track Record Period, our trade receivables turnover days increased from 91 days in 2023 to 113 days in 2024, and further to 149 days in 2025.

Our impairment loss on financial assets increased by 44.3% from RMB6.7 million in 2024 to RMB9.7 million in 2025, primarily due to the aging of certain trade and other receivables.

As of March 31, 2026, RMB153.6 million or 47.8% of our trade receivables as of December 31, 2025, had been settled.

Our trade and bill receivables increased from RMB654.8 million as of December 31, 2023 to RMB806.4 million as of December 31, 2024, and further increased to RMB908.6 million as of December 31, 2025, primarily due to (i) longer implementation and acceptance cycles, driven by complex and evolving customer requirements and extended customer coordination processes and (ii) our business expansion which led to a corresponding increase in the balance of receivables.

Our trade receivable turnover days increased from 57.4 days in 2023 to 81.3 days in 2024, and further increased to 95.3 days in 2025, primarily due to longer implementation and acceptance cycles, driven by complex and evolving customer requirements and extended customer coordination processes.

Our net impairment losses on financial assets increased by 84.2% from RMB26.5 million in 2023 to RMB48.8 million in 2024 and further increased by 18.3% to RMB57.8 million in 2025, primarily attributed to (i) an increase in expected credit loss ("ECL") provisions for trade receivables, as we prudently made provisions in line with a higher proportion of trade receivables with extended aging profiles; and (ii) the growth in the absolute trade receivables balance, which is in line with the expansion of our sales, which further contributed to the increase in our ECL provisions.

Our trade receivables increased from RMB134.8 million as of December 31, 2023, to RMB176.0 million as of December 31, 2024, and further to RMB181.1 million as of December 31, 2025, which were in line with the increase in revenue.

As of March 31, 2026, RMB191.8 million, or 93.2% of our trade and bills receivables as of December 31, 2025 had been settled.

Our Group maintains a collection policy for trade credits. If customers fail to make payments on time, our sales department will notify the relevant customers that their deliveries will be put on hold until such outstanding purchase amount is settled.

RMB232.3 million as of December 31, 2024, and further increased to RMB458.8 million as of December 31, 2025, mainly due to (i) the increased product sales driven by business expansion, particularly the fast growth of our sales to e-commerce platforms, such as JD.com and VIP.com, and (ii) the increased product sales through offline stores, with the revenue recognized at a later stage due to settlement delays with shopping malls.

In 2023, 2024 and 2025, our average trade receivables turnover days were approximately 31 days, 35 days and 45 days, respectively.

As of March 31, 2026, RMB291.8 million, or 63.5% of our trade receivables outstanding as of December 31, 2025 had been subsequently collected, reflecting continuous cash collection from major customers.

Our trade and other receivables increased from RMB321.2 million as of December 31, 2023 to RMB1,175.3 million as of December 31, 2024, and further to RMB1,583.1 million as of December 31, 2025, in line with the growth of our business and increased sales.

In 2023, 2024 and 2025, our trade receivables turnover days were 72 days, 108 days and 108 days, respectively.

According to CIC, these processes generally extend the cash collection cycle by approximately two to four months.

Our trade and bills receivables increased by 75.2% from RMB285.7 million as of December 31, 2023 to RMB500.6 million as of December 31, 2024, primarily due to the increased sales of our in-licensed products, primarily Apexelsin^®^ and Reminton (類停^®^), which carries longer credit terms than our existing products.

Our trade receivables turnover days increased from 96.3 days in 2023 to 103.9 days in 2024, and further to 131.9 days in 2025, primarily due to the increasing proportion of overseas sales, which generally have longer collection cycles than domestic sales.

As of March 31, 2026, RMB225.5 million, or 37.2%, of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased by 64.7% from RMB161.9 million as at 31 December 2023 to RMB266.6 million as at 31 December 2024, and further increased by 123.9% to RMB596.9 million as at 31 December 2025.

Our credit policy has not changed substantially during the Track Record Period but contracts for BESS systems may be subject to an extended credit period as compared to EV contracts.

Turnover days for receivables were 200 days in FY2023, 204 days in FY2024, and 175 days in FY2025.

Our trade receivables further increased from RMB476.6 million as of December 31, 2024 to RMB813.3 million as of December 31, 2025, primarily due to the expansion of our customer base of our content marketing solutions, particularly our services provided to certain key customers in consumer electronics and electric vehicles industries near the year end.

Our trade receivables turnover days remained relatively stable at 109 days and 111 days in 2023 and 2024, and increased to 128 days in 2025, primarily due to higher sales recognized towards the end of the year, particularly from customers in the consumer electronics and electric vehicle industries.

As of February 28, 2026, RMB303.0 million, or 35.7% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased from RMB351.9 million as of December 31, 2023 to RMB518.0 million as of December 31, 2024, mainly driven by our expanded sales cooperation with several major online distributors, which enabled us to further benefit from the surge in sales during major shopping festivals such as Double Eleven and Double Twelve.

Our trade and bills receivables turnover days increased from 9.2 days in 2023 to 14.5 days in 2024, primarily attributable to the rising proportion and amount of sales to certain major online distributors, for whom we typically provide relatively longer credit period based on our assessment of their creditworthiness and history of cooperation.

Our trade and bills receivables decreased by 86.0% from RMB518.0 million as of December 31, 2024 to RMB72.6 million as of December 31, 2025, primarily attributed to a decrease in trade receivables, mainly due to adjustments to payment and procurement cycles for a certain major client.

Our trade receivables then further increased to HK$103.7 million as at 31 December 2025, primarily due to the increase in revenue.

Despite the increase in our trade receivables balances from 31 December 2023 to 31 December 2025, our average turnover days of trade receivables decreased from 77 days in FY2023 to 53 days in FY2024 and further to 48 days in FY2025.

As at 31 December 2023, 2024 and 2025, included in our trade receivables balance are debtors with aggregate carrying amount of approximately HK$8,000, nil and nil, respectively, which are past due as at the reporting date.

Our trade receivables turnover days were 145, 155 and 162 days in 2023, 2024 and 2025.

The increase in trade turnover days from 2023 to 2025 was mainly due to (i) the rising proportion of accounts receivable from hospital customers, which generally have longer credit terms, thereby leading to an overall extension of the trade receivable turnover period; (ii) the industry-wide downturn in the pharmacy sector.

As of February 28, 2026, RMB185.0 million, or 31.0% of our trade receivables as of December 31, 2025 had been settled subsequently.

Our trade and bills receivables turnover days increased from 116.5 days in 2024 to 141.9 days in 2025, primarily due to (i) the significant increase in the trade and bills receivables as of December 31, 2025, driven by our increased sales volume of construction machinery in 2025; and (ii) the increased overseas sales that we granted credit terms.

In 2023, 2024 and 2025, our net impairment losses on financial instruments and contract assets amounted to RMB28.5 million, RMB147.3 million and RMB101.3 million, respectively.

As of March 31, 2026, approximately RMB2,592.4 million, or 36.7% of our trade and bills receivables as of December 31, 2025 had been settled.

Our trade receivables increased from RMB0.6 million as of December 31, 2023 to RMB22.0 million as of December 31, 2024 and further to RMB163.3 million as of December 31, 2025, in line with our business expansion.

Our trade receivables turnover days increased from 12.5 days in 2024 to 64.1 days in 2025, primarily because we extended credit period for certain benchmark customers to facilitate sustainable, amicable business relationships.

Going forward, we plan to enhance our credit management, policies and practices as our business continues to grow and our customer base diversifies.

Our trade and bills receivables increased from RMB14,219.2 million as of December 31, 2024 to RMB15,744.1 million as of December 31, 2025, primarily due to (i) an increase in trade receivables in line with our business expansion, and (ii) an increase in bills receivables due to an increase in transaction amounts of customers sales settled through bank acceptance and other notes.

Our trade receivables turnover days remained relatively stable at 90, 95 and 89 days as of December 31, 2023, 2024 and 2025, respectively.

As of February 28, 2026, RMB9,227.3 million, or 58.6%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

The relatively long trade and bills receivable turnover days as we granted longer credit term to certain of our existing strategic customers to sustain a cooperative relationship, leading to a relatively prolonged cash conversion cycle.

In 2025, we recorded net impairment losses on financial and contract assets of RMB9.9 million.

As of February 28, 2026, RMB115.0 million or 42.7% of our trade receivables outstanding, net of loss allowance, as of December 31, 2025, was subsequently settled.

Our trade receivables significantly increased from RMB99.4 million as of December 31, 2023 to RMB278.7 million as of December 31, 2024, primarily due to the rapid growth of international business in 2024, which led to increase in trade receivable in the year end.

Our trade receivables turnover days increased from 37 days in 2023 to 44 days in 2024, primarily attributable to the increased sales volume to certain key accounts, to whom we granted longer credit terms.

As of February 28, 2026, RMB262.7 million, or 71.8% of our trade receivables outstanding as of December 31, 2025, had been subsequently settled.

Our trade and bills receivables increased from RMB3,135.6 million as of December 31, 2023 to RMB3,350.5 million as of December 31, 2024, and further increased to RMB4,119.4 million as of December 31, 2025, primarily in line with our revenue growth in respective years.

Our trade and bills receivables turnover days increased from 77.1 days in 2023 to 85.6 days in 2024, and further increased to 90.7 days in 2025, primarily because certain of our customers were granted extended payment terms in light of our long-term and in-depth business relationships.

As of March 31, 2026, RMB2,767.7 million, or 66.2% of our trade and bills receivables as of December 31, 2025, had been subsequently settled.

Our trade receivables, prepayment and other receivables decreased by RMB159.6 million from December 31, 2024 to December 31, 2025, primarily attributable to (i) the decrease of RMB71.0 million in trade receivables and a decrease of RMB50.7 million in other receivables from the independent customs brokers as a result of our intensified and effective collection efforts in 2025, coupled with an optimized aging profile of our customer base, characterized by a higher proportion of clients with shorter credit terms, (ii) a decrease of RMB31.2 million in other receivables from share incentive platform due to the settlement of such amounts in July 2025; and (iii) a decrease of RMB 17.0 million in value-added tax recoverable as we generate sufficient output value-added tax arising from our revenue to offset the value-added tax recoverable recognized in prior years.

The turnover days of our trade receivables decreased from 55.9 days to 52.3 days primarily attributable to enhanced collection efficiency and an optimized customer mix featuring a higher proportion of clients with shorter credit terms.

As of February 28, 2026, RMB49.0 million or 55.2% of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased by 30.9% from RMB64.4 million as of December 31, 2023 to RMB84.4 million as of December 31, 2024, and further increased by 63.1% from RMB84.4 million as of December 31, 2024 to RMB137.7 million as of December 31, 2025, primarily due to an increase in trade receivables in line with our revenue growth.

Our trade and bills receivables turnover days amount to 85 days, 71 days and 84 days in 2023, 2024 and 2025, respectively, and such fluctuation was in line with our normal business operation.

As of February 28, 2026, RMB101.0 million, or 73.7% of our trade and bills receivables as of December 31, 2025, had been settled.