上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
现金转换周期长引致流动性风险
During the Track Record Period, we are exposed to liquidity risk due to a long cash conversion cycle, as a result of our Group’s high inventory turnover days which were substantially higher than the trade payable turnover days.
Financial Information · 第 267 页
In FY2023, FY2024 and FY2025, our trade receivables turnover days for SOEs was 108 days, 72 days and 127 days, respectively, which was longer than our overall trade receivables turnover days for each of the year during the Track Record Period.
Summary · 第 14 页
To mitigate the risks associated with the cashflow cycle, our Group will implement the measures including: (i) to require advanced payment prior to final acceptance approval if delays in final acceptance approval are not attributable to our Company; (ii) to provide trial production validation as an after-sale service rather than a prerequisite in final acceptance testing; (iii) to more prudent scheduling of final acceptance timelines in collaboration with customers to ensure smooth on-site installation and final acceptance testing; and (iv) to establish collection task forces which comprises cross-functional personnel from the product development, operations and sales team to resolve project-specific issue and accelerate outstanding payments.
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.
Financial Information · 第 252 页
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.
Financial Information · 第 253 页
As of March 31, 2026, RMB2,790.2 million, or 81.5%, of our trade receivables as of December 31, 2025 had been settled.
Our trade and notes receivables increased by 7.3% from RMB2,928.4 million as of December 31, 2023 to RMB3,143.4 million as of December 31, 2024, and further increased by 44.7% to RMB4,549.9 million as of December 31, 2025, in line with our business growth.
Financial Information · 第 215 页
Our trade receivables turnover days increased from 68.8 days in 2024 to 77.1 days in 2025, primarily due to a higher proportion of revenue generated from customers in our key mechanical components and connectivity components for new energy business, which we typically grant longer credit terms.
Financial Information · 第 216 页
As of March 31, 2026, RMB3,216.8 million, or 69.1% of our trade and notes 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.
Financial Information · 第 205 页
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.
Financial Information · 第 213 页
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.
Financial Information · 第 164 页
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.
Financial Information · 第 165 页
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.
Financial Information · 第 235 页
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.
Financial Information · 第 235 页
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.
We had trade and bills receivables of RMB52.3 million, RMB138.4 million and RMB179.3 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 236 页
The significant increase in trade receivables was primarily due to the increase in trade receivables from our offering of more attractive and flexible payment terms as part of customer acquisitions strategies.
Financial Information · 第 236 页
As of March 31, 2026, approximately RMB62.4 million, or 32.4%, of our trade and bills receivables as of December 31, 2025 had been 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.
Financial Information · 第 228 页
In 2023, 2024 and 2025, our average trade receivables turnover days were approximately 31 days, 35 days and 45 days, respectively.
Financial Information · 第 229 页
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.
Financial Information · 第 234 页
In 2023, 2024 and 2025, our trade receivables turnover days were 72 days, 108 days and 108 days, respectively.
Financial Information · 第 235 页
According to CIC, these processes generally extend the cash collection cycle by approximately two to four months.
Our prepayments and other receivables increased from RMB263.3 million as of December 31, 2023 to RMB360.4 million as of December 31, 2024, primarily due to an increase in prepayment for vehicle purchase as a result of our expectation of the growing demand for our wholesale business in 2025.
Financial Information · 第 222 页
Receivables from default payments | – | 10,998 | 53,987
Financial Information · 第 222 页
The amount further increased to RMB514.4 million as of December 31, 2025, primarily due to an increase in rental and other deposits and prepayment for vehicle purchase in line with our business growth.
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.
Financial Information · 第 224 页
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.
Financial Information · 第 234 页
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.
Financial Information · 第 234 页
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.
Financial Information · 第 213 页
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.
Financial Information · 第 214 页
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.
Financial Information · 第 182 页
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.
Financial Information · 第 183 页
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.
Financial Information · 第 232 页
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.
Financial Information · 第 233 页
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.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
贸易应收款周转天数升至162天
Our trade receivables turnover days were 145, 155 and 162 days in 2023, 2024 and 2025.
Financial Information · 第 225 页
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.
Financial Information · 第 225 页
As of February 28, 2026, RMB185.0 million, or 31.0% of our trade receivables as of December 31, 2025 had been settled subsequently.
山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
应收款项上升且周转天数增至141.9天
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.
Financial Information · 第 234 页
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.
Financial Information · 第 224 页
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 prepayments, other receivables and other assets increased from RMB195.9 million as of December 31, 2023 to RMB231.1 million as of December 31, 2024, primarily due to an increase in amounts due from media partners under our annual framework arrangements, representing discounts based on the volume of our procurement from social media platforms, as well as an increase in prepayments made to such platforms for advertising placement procurement, both of which were attributable to our business expansion.
Financial Information · 第 215 页
Such prepayments are made prior to the utilization of media inventory and are typically required to secure traffic and placement opportunities for our content marketing campaigns.
Our trade and bills receivables turnover days decreased from 127 days in 2023 to 113 days in 2024 and further to 81 days in 2025, primarily due to our strengthened customer management and increased efforts in the collection of accounts receivable.
Financial Information · 第 231 页
Our net impairment losses on financial assets increased from RMB2.4 million in 2023 to RMB4.3 million, in 2024, primarily attributable to the increase in year-end trade receivables balances, which was in line with our revenue growth.
Financial Information · 第 222 页
As of February 28, 2026, RMB88.3 million, or approximately 53.7%, of our trade and bills receivables as of December 31, 2025 had been subsequently 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.
Financial Information · 第 229 页
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.
Financial Information · 第 229 页
Going forward, we plan to enhance our credit management, policies and practices as our business continues to grow and our customer base diversifies.