It increased to RMB10,073.0 million as of December 31, 2025, resulting from the acquisition of Source Photonics and GMD.
Financial Information · 第 211 页
During the Track Record Period, our trade and notes receivables turnover days continued to decrease, primarily due to the short collection cycle of customers receivables.
Financial Information · 第 212 页
As of March 31, 2026, 86.9% of our total trade and notes receivables as of December 31, 2025, or RMB9,111.7 million, were settled.
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.
In addition, we faced a structural mismatch in working capital, as our trade receivable turnover days significantly exceeded our trade payable turnover days.
Business · 第 203 页
Our trade receivables turnover days were 142 days, 159 days and 136 days in 2023, 2024 and 2025, respectively.
Financial Information · 第 251 页
Our trade receivables aging over one year increased to RMB9.8 million as of December 31, 2024, and further increased to RMB16.9 million as of December 31, 2025, primarily due to the outstanding amounts due from certain customers.
Trade and bills receivables aged from one to two years increased from RMB4.9 million as of December 31, 2024 to RMB22.8 million as of December 31, 2025, primarily reflecting extended payment timelines as we facilitated amended settlement arrangements with certain customers, taking into account their short-term liquidity needs while preserving long-standing business relationships.
Financial Information · 第 254 页
Our impairment losses on financial assets increased by 64.1% from RMB12.4 million in 2024 to RMB20.3 million in 2025, primarily due to our prudent assessment of the recoverability of certain aged trade receivables, resulting in additional expected credit loss provisions.
Financial Information · 第 248 页
For the years ended December 31, 2023, 2024 and 2025, our trade and bills receivables turnover days, calculated by dividing the arithmetic mean of the opening and ending balance of trade and bills receivables by revenue for the relevant year and then multiplying by number of days for that year, amounted to 103 days, 102 days and 114 days.
Our Directors considered that our long outstanding trade receivables are recoverable to the extent loss allowance is not provided for, on the basis that: (i) All of our trade receivable (including those not yet due and overdue) are subject to impairment provision based on the expected credit loss rate; (ii) We had relatively high percentages of our historical subsequent collection of outstanding trade receivables; and (iii) Many of our customers are internationally renowned telecom operators and retailers with relatively large operation scales and strong financial resources.
Financial Information · 第 259 页
Our trade receivables turnover days decreased from 114 days in 2024 to 94 days in 2025, primarily due to our enhanced collection measures and successful collection of long overdue trade receivables in 2025.
Financial Information · 第 259 页
As of March 31, 2026, RMB525.4 million, or approximately 57.1% of our trade and bills receivables as of December 31, 2025 were subsequently settled.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
2025年贸易应收增35.4%因延长信贷期
Our trade and bills receivables then increased by 35.4% from RMB304.3 million as of December 31, 2024 to RMB412.0 million as of December 31, 2025, primarily due to an increase in trade receivables as a result of the extension of credit terms granted to certain customers, partially offset by a decrease in bills receivables.
Financial Information · 第 225 页
As of 30 April, 2026, RMB231.5 million, or 53.0%, of our gross trade and bills receivables (i.e., before expected credit loss allowance) as of December 31, 2025 had been subsequently settled.
Financial Information · 第 226 页
Our Directors considered the provision of expected credit loss of our trade and bill receivables was sufficient and appropriate as at the end of each year comprising the Track Record Period.
Our prepayments, other receivables and other assets that were classified as current assets increased from RMB115.4 million as of December 31, 2024 to RMB352.0 million as of December 31, 2025, primarily due to an increase in deductible input VAT in line with our business growth and an increase in prepayments resulting from our strategic decision to prepay for chip inventory at lower price levels to mitigate the impact of global supply constraints and rising costs.
Financial Information · 第 255 页
As of March 31, 2026, RMB202.1 million, or approximately 57.4% of our prepayments, other receivables and other assets as of December 31, 2025 were subsequently settled.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
原材料预付款项规模庞大并曾计提减值
We recorded impairment losses on financial assets and prepayments, net of RMB36.9 million in 2023, while we recorded reversal of impairment losses on financial assets and prepayments, net of RMB0.3 million in 2024.
Financial Information · 第 217 页
As of April 30, 2026, RMB43.5 million, or 30.2%, of our prepayments, deposits and other receivables (current portion) as of December 31, 2025 had been subsequently settled.
Financial Information · 第 227 页
This strategy also allowed us to lower our advance payments for raw materials, reducing our prepaid raw material inventory from RMB141.0 million in 2024 to RMB128.0 million in 2025.
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.
We generated revenue from this customer of approximately RMB300.6 million, RMB120.3 million and RMB431.5 million in FY2023, FY2024 and FY2025, respectively, each accounting for 25.8%, 10.4% and 35.3% of our total revenue for the respective years.
Financial Information · 第 227 页
As at 31 December 2025, we recorded approximately RMB215.7 million trade receivables from this customer (with RMB136.5 million, RMB44.8 million, RMB34.2 million and RMB0.3 million aged less than one year, one to two years, two to three years, and three years above), of which we were able to recover approximately RMB16.9 million or 7.9% as at the Latest Practicable Date.
Financial Information · 第 227 页
We have been actively engaging with this customer to negotiate payment arrangements to recover the remaining outstanding amounts and have implemented measures to strengthen receivable management and mitigate similar risks in the future.
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 prepayments to suppliers increased from RMB55.7 million as of December 31, 2023 to RMB73.1 million as of December 31, 2024, primarily as we made additional purchases using prepayments for components used in several smart intralogistics solution projects.
Financial Information · 第 221 页
Our prepayments to suppliers increased to RMB104.8 million as of December 31, 2025, primarily due to increased prepayments made for raw materials and equipment for new projects that commenced in late 2025.
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.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
应收款项周转天数上升且逾期占比高
Our average trade and bills receivable turnover days for the FY2023, FY2024 and FY2025 were approximately 89 days, 102 days and 112 days, respectively.
Financial Information · 第 217 页
Our trade and bills receivables turnover days increased to approximately 102 days for FY2024, and further increased to 112 days for FY2025, which was primarily due to the delay in settlement of our trade receivables by a major customer, a SOE, in both FY2023 and FY2024, as reflected by the increase in our past due trade and bills receivables as at 31 December 2024 and 2025 respectively.
Financial Information · 第 217 页
Trade and bills receivables that were past due more than 30 days accounted for approximately 42.6%, 79.0%, and 69.7% of our trade and bills receivables as at 31 December 2023, 2024 and 2025, respectively.
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.
As of December 31, 2023, 2024 and 2025, our trade and notes receivables, net of provision for loss allowance, amounted to RMB500.9 million, RMB628.3 million and RMB630.5 million, respectively.
Business · 第 174 页
Our trade and notes receivables turnover days increased from 233.8 days in 2023 to 395.7 days, primarily due to the extended payment cycles of our SOE customers and projects led by SOEs affected by their internal fiscal arrangements and payment approval processes.
Financial Information · 第 243 页
Our trade and notes receivables aged over one year increased from RMB59.5 million as of December 31, 2023 to RMB339.4 million as of December 31, 2024 and remained relatively stable at RMB339.5 million as of December 31, 2025, primarily due to the relatively long payment cycle of some customers resulting from their relatively complicated payment process and payment approval procedures.
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.
As of December 31, 2023, 2024 and 2025, our trade and notes receivables were RMB492.0 million, RMB636.5 million and RMB621.6 million, respectively.
Financial Information · 第 245 页
During the Track Record Period, our trade and notes receivables turnover days were relatively high. This was primarily because certain bank acceptance notes that we received from our customers and subsequently endorsed to our suppliers, cannot be derecognized at the time of endorsement under the relevant accounting standards.
Financial Information · 第 246 页
As of March 31, 2026, approximately RMB492.2 million, or 79.2%, of our trade and notes receivables (net of impairment of trade receivables) as of December 31, 2025 had been subsequently settled.
Our inventory turnover days were 302.1 days, 138.6 days and 119.2 days, respectively, in 2023, 2024 and 2025; our trade and bills receivables turnover days were 295.1 days, 263.6 days and 310.8 days, respectively, in 2023, 2024 and 2025; while our trade and bills payables turnover days were 125.2 days, 122.7 days and 194.6 days, respectively, in 2023, 2024 and 2025.
Financial Information · 第 261 页
Our trade and bills receivables turnover days were relatively longer than the general credit terms as agreed in our contracts with customers during the Track Record Period primarily because some of our customers did not strictly follow the payment schedule after invoices are issued.
Financial Information · 第 269 页
As of March 31, 2026, approximately RMB73.1 million of our trade and bills receivables (or approximately 23.2% of our trade and bills receivables as of December 31, 2025) had been subsequently settled.