应收款项随销售上升

The net carrying amount of our trade and bill receivables increased from RMB20.3 million as of December 31, 2023 to RMB357.6 million as of December 31, 2024, and further to RMB3,162.6 million as of December 31, 2025.

Our trade and bills receivables turnover days were 63 days, 51 days and 70 days in 2023, 2024 and 2025, respectively, primarily as we only began commercial sales in May 2023, therefore we did not record sales to calculate trade and bills receivables turnover days over a full 360-day period for 2023, and accordingly we believe that our trade and bills receivables turnover days for 2023 is not a meaningful financial indicator for such year.

As of February 28, 2026, RMB1,764.2 million, or 54.1% of our trade and bills receivables outstanding as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased from RMB250.8 million as of December 31, 2023 to RMB343.7 million as of December 31, 2024, and increased further to RMB474.8 million as of December 31, 2025, primarily due to the growth in our sales revenue.

Our trade receivable turnover days decreased from 378 days in 2023 to 247 days in 2024, and further to 141 days in 2025, primarily due to (i) our enhanced collection efforts which accelerated the receipt of payments from our customers and (ii) the optimization of our customer base driven by the increase in the revenue from automotive OEMs who generally have better payment policies.

As of February 28, 2026, RMB60.8 million, or 10.5% of our trade receivable as of December 31, 2025, has been subsequently settled.

Our net trade receivables increased from RMB286.3 million as at 31 December 2023 to RMB363.7 million as at 31 December 2024, and further increased to RMB669.9 million as at 31 December 2025.

Our average turnover days of trade receivables was 17 days, 18 days and 20 days for FY2023, FY2024 and FY2025, respectively, which was in line with our credit policy.

As at 28 February 2026, RMB464.2 million or 66.3% of our trade receivables outstanding as at 31 December 2025 were settled.

Our trade and bills receivables at amortized cost increased from RMB116.5 million as of December 31, 2023 to RMB190.5 million as of December 31, 2024, and further increased RMB208.0 million as of December 31, 2025, generally in line with the growth of our revenue.

We seek to maintain strict control over our trade and bills receivables at amortized cost and overdue balances are reviewed monthly by senior management.

As of February 28, 2026, approximately RMB129.9 million, or 59.3% of our trade and bills receivables at amortized cost as of December 31, 2025, had been subsequently settled.

Our trade receivables increased by 38.8% from RMB32.2 million as of December 31, 2023 to RMB44.7 million as of December 31, 2024, and further increased by 126.0% to RMB101.0 million as of December 31, 2025, primarily due to the growth of our revenue during the Track Record Period.

Our trade receivables turnover days increased from 19 days in 2024 to 29 days in 2025, primarily because we extended credit terms to key customers amid their increased revenue contribution to strengthen our strategic partnerships.

As of February 28, 2026, approximately RMB90.1 million, or 80.3% of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased by 12.8% from RMB422.5 million to RMB476.4 million as of December 31, 2024, and further increased by 39.7% to RMB665.4 million as of December 31, 2025, primarily due to an increase in trade receivables along with our revenue growth.

Our trade receivables turnover days increased from 72 days in 2024 to 83 days in 2025, primarily due to the Disposal of Ruiming Sciences, which previously had shorter trade receivables turnover days, as its business was characterized by short production cycles and credit terms, resulting in faster collection of trade receivables.

As of February 28, 2026, RMB212.8 million, or 30.1%, of our trade receivables as of December 31, 2025, had been settled.

Trade, bill and other receivables and prepayments increased to RMB1,906.9 million as of December 31, 2025, primarily due to an increase in trade receivables due from third parties from RMB1,278.0 million to RMB1,471.0 million, due to the significant growth in our revenue during the year, particularly in the latter half, which resulted in a higher balance of receivables outstanding at year-end.

In 2023, 2024 and 2025, our impairment of losses under ECL model, net reversal, amounted to RMB125.5 million, RMB43.6 million and RMB27.1 million, representing 5.4%, 1.9% and 0.9% of our total revenue, respectively.

As of February 28, 2026, 26.9% of our total trade receivables as of December 31, 2025, or RMB324.0 million, were settled.

Our trade and bills receivables (current and non-current) increased by 38.7% from RMB218.2 million in 2023 to RMB302.6 million in 2024, and further increased by 26.4% to RMB382.6 million in 2025, in line with our business growth.

Our trade and bills receivables turnover days decreased from 232.5 days in 2023 to 199.7 days in 2024, and further decreased to 163.7 days in 2025, primarily due to (i) our proactive management and collection of trade and bills receivables; and (ii) increased sales to overseas customers through distributors, to whom generally shorter payment terms were applied compared to domestic direct sales customers.

As of February 28, 2026, RMB149.5 million, or approximately 39.1%, of our trade and bills receivables as of December 31, 2025 had been settled.

Our prepayments, trade and other receivables increased from RMB1,096.9 million as of December 31, 2023 to RMB1,870.0 million as of December 31, 2024, and further increased to RMB2,871.6 million as of December 31, 2025, primarily due to increases in trade receivables during the periods, mainly attributable to a higher proportion of credit sales of lithium-ion battery-related materials as part of our market expansion strategy.

Our trade and bills receivables turnover days increased from 54.9 days in 2023 to 75.5 days in 2024, and further increased to 111.3 days in 2025, primarily due to a higher proportion of credit sales of lithium-ion battery-related materials as part of our market expansion strategy.

As of February 28, 2026, RMB1,008.7 million, or 40.9% of our trade and bills receivables outstanding as of December 31, 2025 had been subsequently collected.

Our trade and bills receivables increased from RMB324.5 million as of December 31, 2023 to RMB789.3 million as of December 31, 2024, primarily driven by the increase in revenue base in 2023 and 2024.

Our trade receivables turnover days increased from 37 days in 2023 to 54 days in 2024, primarily due to the general increase in our trade and bills receivable as a result of our deepening cooperation with key customers and credit periods granted to newly acquired key brand customers along with business expansion.

As of February 28, 2026, RMB95.7 million or 68.7% of our trade receivables outstanding as of December 31, 2025, was subsequently settled.

Our trade and note receivables increased from RMB6,600.7 million as of December 31, 2023 to RMB9,110.0 million as of December 31, 2024, and further increased to RMB12,170.5 million as of December 31, 2025, which was in line with our revenue growth.

Our trade and note receivable turnover days decreased from 116 days in 2023 to 108 days in 2024, primarily due to increase in proportion of revenue from customers with relatively short credit terms.

primarily attributable to a decrease of RMB116.0 million in impairment loss of trade receivables primarily due to a one-time impairment provision of all receivables from certain customers in 2023 arising from deterioration of such customers’ financial conditions.

Our trade receivables, net of loss allowances, was approximately RMB105.3 million as at 31 December 2023, then decreased to approximately RMB68.1 million as at 31 December 2024, and increased to approximately RMB175.5 million as at 31 December 2025.

The gradual increase in trade receivables turnover days during the Track Record Period was primarily due to the increasing revenue contribution of our Branded Product Business, the customers of which were generally granted credit periods of up to 90 days.

As at the 23 March 2026, approximately 86.3% of our trade receivables as at 31 December 2025 have been subsequently settled.

Our current trade and other receivables increased from RMB228.6 million as of December 31, 2023 to RMB334.3 million as of December 31, 2024 and further to RMB484.0 million as of December 31, 2025, primarily due to our business growth.

Our trade receivable turnover days decreased from 36.4 days for the year ended December 31, 2024 to 26.9 days for the year ended December 31, 2025, primarily due to continued growth across all sales channels in 2025, especially the increase in sales without credit terms, which further contributed to the reduction in trade receivable turnover days.

As of February 28, 2026, RMB254.8 million, or 83.4%, of our trade receivables as of December 31, 2025, had been settled.

Our trade and notes receivables increased from RMB386.5 million as of December 31, 2023, to RMB615.1 million as of December 31, 2024, primarily driven by our rapid business expansion and substantial growth in revenue over the period.

Our trade receivables turnover days increased from 229 days in 2023, to 319 days in 2024.

We believe that there is no material recoverability issue for our trade receivables, and based on our subsequent settlement status, sufficient provision has been made.

Our trade receivables, prepayment and other receivables increased by 2.9% from RMB124.8 million as of December 31, 2023 to RMB128.5 million as of December 31, 2024, and further increased by 9.8% to RMB141.0 million as of December 31, 2025, primarily reflecting our growth in revenue.

Our trade receivables turnover days are 98 days in 2023, 94 days in 2024 and 94 days in 2025, which remains relatively stable.

As of February 28, 2026, RMB74.8 million, or 58.1% of our trade receivables as of December 31, 2025, had been settled.

Our trade and bills receivables increased by 41.7% from RMB5,525.1 million as of December 31, 2024 to RMB7,829.7 million as of December 31, 2025, primarily due to our revenue growth.

Our average trade and bills receivables turnover days increased from 146.4 days in 2023 to 157.1 days in 2024, primarily because we granted certain key customers an extended credit period as a result of intensified market competition.

Our impairment losses increased by 48.4% from RMB207.2 million in 2023 to RMB307.4 million in 2024, primarily due to an increase in provisions for impairment of trade and other receivables relating to a customer whose operating conditions had deteriorated.

Our trade receivables, net of losses allowance, increased from RMB29.2 million as of December 31, 2023 to RMB43.2 million as of December 31, 2024, and further to RMB97.6 million as of December 31, 2025, primarily driven by the increased sales of our products.

Our trade receivables turnover days kept relatively stable at 8 days, 10 days and 10 days in 2023, 2024 and 2025, and remained at a relatively low level, primarily because direct sales to consumers accounted for a substantial portion of our revenue, which generally involves shorter collection cycles.

As of February 28, 2026, approximately RMB87.7 million, or 89.9% of our trade receivables outstanding as of December 31, 2025, had been subsequently settled.

Our trade receivables increased to RMB232.7 million as of December 31, 2025, primarily due to the increased sales recorded in 2025.

We had impairment losses on financial assets of RMB32.4 million, RMB9.0 million and RMB0.5 million in 2023, 2024 and 2025, respectively.

We have stopped supplying to the two companies and Aiways Automobile mentioned in “— Year to Year Comparison of Results of Operations — Year Ended December 31, 2024 compared to Year Ended December 31, 2023 — Impairment Losses on Financial Assets” since they have defaulted on the payment of our trade receivables.

Our trade and other receivables increased from RMB1,269.1 million as of December 31, 2023 to RMB1,476.3 million as of December 31, 2024, primarily due to sales growth and customer base expansion.

Our trade receivables turnover days remained relatively stable at 105 days in 2023, 101 days in 2024, and 95 days in 2025.

As of January 31, 2026, RMB416.7 million, or 29.7%, of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade receivables increased from RMB99.7 million as of December 31, 2023 to RMB121.0 million as of December 31, 2024 and further to RMB264.5 million as of December 31, 2025, which was in line with our business growth.

We recorded impairment losses on financial assets, net of reversal of RMB6.5 million in 2025, compared to reversal of impairment losses on financial assets of RMB2.8 million in 2024, primarily because we recorded impairment losses on trade receivables of RMB5.7 million in 2025 as a result of increased trade receivables balance in line with revenue growth.

In order to enhance the collection of trade receivables, our finance team closely monitors payment collection and prepares aging reports showing the customers' overdue amounts for management review.