Our trade and bills receivables increased from RMB49.0 million as of December 31, 2023 to RMB73.8 million as of December 31, 2024, and further increased to RMB76.6 million as of December 31, 2025, primarily driven by (i) increased sales orders; and (ii) the extension of credit periods granted to selected customers to strengthen the cooperation with our major customers.
Financial Information · 第 193 页
The increase in loss allowance for trade receivables as of December 31, 2025 was mainly attributable to outstanding receivables from one of our major customers during the Track Record Period.
Financial Information · 第 193 页
In view of the longer outstanding period of the relevant receivables, we had made impairment provision under the expected credit loss model on a prudent basis after considering the aging profile of the receivables, our historical dealings with the customer and other relevant information available to us.
This increase was principally due to (i) slower collection from a new major customer, attributable to the use of a supply chain financial instrument under the payment terms, where cash settlement occurred only upon maturity, and our accounting policy of continuing to recognize the receivables until actual cash receipt.
Financial Information · 第 193 页
The outstanding balance as at 31 December 2024 was subsequently fully settled by April 2025; and (ii) an increase in bank acceptance bills held by our Group, both of which contributed to the higher year-end balance.
Financial Information · 第 193 页
As of February 28, 2026, RMB386.9 million, or 80.5%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.
Our prepayments, deposits and other receivables increased from RMB30.7 million as of December 31, 2023 to RMB107.4 million as of December 31, 2024, primarily due to (i) an increase in prepayments for acquisition of property, plant and equipment mainly attributable to increased prepayments for equipment procurement in connection with our capacity expansion; and (ii) an increase in other tax receivables as a result of the increase in recoverable input VAT.
Financial Information · 第 194 页
Prepayments for acquisition of property, plant and equipment | 4,394 | 66,589 | 56,752
During the Track Record Period, we typically granted credit period to customers ranging from 30 days to two years.
Financial Information · 第 234 页
As of December 31, 2023, 2024 and 2025, the amount of ECL allowance recognized was RMB82.2 million, RMB131.1 million and RMB174.6 million, respectively.
Financial Information · 第 234 页
As of March 1, 2026, approximately RMB247.4 million, or 34.1%, of our trade receivables as of December 31, 2025 had been settled.
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.
Financial Information · 第 194 页
Our trade receivables turnover days remained relatively stable at 90, 95 and 89 days as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 195 页
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.
We incurred impairment loss on trade and other receivables and contract assets of RMB9.5 million, RMB7.6 million and RMB28.6 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 190 页
The increase was primarily attributable to the aging of certain long-outstanding balances from trade receivables and contract assets, primarily as a result of the prolonged acceptance and settlement period with a major customer.
Financial Information · 第 193 页
Our trade and bills receivables turnover days decreased from 173.6 days in 2023 to 152.5 days in 2025.
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.
Financial Information · 第 236 页
In 2025, we recorded net impairment losses on financial and contract assets of RMB9.9 million.
Financial Information · 第 219 页
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.
Financial Information · 第 187 页
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.
Financial Information · 第 188 页
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.
Financial Information · 第 180 页
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.
Financial Information · 第 180 页
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.
Financial Information · 第 245 页
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.
Financial Information · 第 246 页
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 receivables increased from Rp1,118,103 million as of December 31, 2023 to Rp1,409,549 million as of December 31, 2024, primarily attributable to increased receivables from fellow subsidiaries, driven by sales growth and expanded business with fellow subsidiaries. Our trade receivables then increased slightly to Rp1,424,525 million as of December 31, 2025, primarily due to increased receivables from third parties, resulting from sales growth and the addition of new customers.
Financial Information · 第 215 页
During the Track Record Period, our trade receivables turnover days was longer than the typical credit terms we granted to our customers, primarily due to the nature of certain bundled advertising arrangements with FTAs, where collections are processed through a chain of advertisers to advertising agencies, then to FTAs, and subsequently to us.
Financial Information · 第 215 页
Our trade receivables turnover days increased from 136 days for 2023 to 153 days for 2024, primarily due to the collection structure of certain bundled advertising and subscription arrangements, where payments are received through intermediaries such as advertising agencies, FTA and Pay TV subsidiaries of MNC Group before being remitted to us, which extended the overall collection cycle.
The increase in our prepayments, deposits and other assets from Rp529,282 million as of December 31, 2024 to Rp996,009 million as of December 31, 2025 were primarily due to (i) the increase in program advances, mainly for television production, original content and film production, prepayment for the broadcasting rights for the 2028 UEFA European Football Championship Euro 2028, as well as other operational advances, (ii) the increase in both current and non-current deposits and other receivables, primarily attributable to short term loans to our immediate holding company and long-term loans to third parties.
Financial Information · 第 217 页
The balances of deposits and other assets from third parties as of December 31, 2024 and 2025 include amounts due from third parties of Rp151,300 million and Rp201,000 million, respectively, that bear interest at 7.5% per annum and repayable in 2027.
Financial Information · 第 218 页
We applied for a loss rate of 35% for certain deposits and other assets from third parties for the year December 31, 2024. As the balances are secured by collateral since 2025, the respective impairment has been reversed during the year ended December 31, 2025.
The prepayments and other receivables increased to RMB363.3 million as of December 31, 2025, primarily due to our prepayments for brand partners’ products and prepaid promotion expenses to e-commerce platforms.
Financial Information · 第 205 页
As of February 28, 2026, approximately RMB178.7 million, or 47.7% of our prepayments and other receivables outstanding as of December 31, 2025, had been subsequently settled.
Our trade receivables (excluding industry allowances) turnover days increased from 53 days in 2023 to 62 days in 2024, primarily due to (a) a higher contribution of revenue from mainland China, which in turn resulted in a greater concentration of trade receivables from customers in mainland China, who generally have longer credit terms than our overseas customers, and (b) slight delays in payment cycles for some customers at the end of 2024 amid intensified market competition; however, the majority of such delayed payments were settled in the first quarter of 2025.
Financial Information · 第 218 页
As of February 28, 2026, RMB2,958.9 million, or 59.4% of our trade receivables (including industry allowances) as of December 31, 2025, had been settled.
As of December 31, 2023, 2024 and 2025, we recorded loss allowances for trade and bills receivables of RMB1,044.2 million, RMB1,046.1 million and RMB1,018.9 million, respectively.
Financial Information · 第 257 页
Our trade and bills receivables turnover days decreased from 146 days in 2023 to 90 days in 2024, and further decreased to 67 days in 2025, resulting from our enhanced trade and bills receivables collection efforts.
Financial Information · 第 258 页
The impairment losses on financial assets, net increased from RMB3.6 million in 2024 to RMB80.6 million in 2025, primarily due to provisions for impairment loss on expected non-recoverable new energy subsidy receivables.
Our prepayments, deposits and other receivables increased by 46.8% from RMB4,915.4 million as of December 31, 2024 to RMB7,215.4 million as of December 31, 2025, primarily due to (i) an increase in prepayments reflecting the increased purchase of raw materials to support our business expansion, and (ii) an increase in deposits and other receivables following the disposal of a subsidiary, with intergroup receivables related to this subsidiary reclassified as external receivables upon its disposal.
Financial Information · 第 219 页
As of February 28, 2026, RMB2,755.8 million, or 38.2% of our prepayments, deposits and other receivables as of December 31, 2025, had been 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.
Financial Information · 第 219 页
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.
Financial Information · 第 220 页
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.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
应收账款大幅上升且周转天数延长
Our trade and bills receivables increased by 114.2% from RMB19.1 million as of December 31, 2024 to RMB41.0 million as of December 31, 2025, primarily due to the increased trade receivables from RMB5.2 million to RMB42.8 million during the same period, driven by our continued business growth, particularly the increase in overseas sales due to our expansion in overseas markets, as we typically grant longer credit period to overseas customers.
Financial Information · 第 205 页
Our trade and bills receivables turnover days increased from 12 days in 2024 to 28 days in 2025, mainly due to our increased sales in overseas markets.
Financial Information · 第 205 页
We have assessed the recoverability of our outstanding trade receivables balances, and our Directors are of the view that there are no recoverability issues and that sufficient provisions have been made for the following reasons: (i) our customers primarily comprise industry-leading enterprises and state-owned enterprises, which generally possess strong financial strength and demonstrate good credit histories with low default rates;
Our trade and notes receivable turnover days were 93.4 days, 118.1 days and 109.0 days in 2023, 2024 and 2025.
Financial Information · 第 274 页
During the Track Record Period, our trade receivables and long-term trade receivables aged over one year were RMB3,561.1 million, RMB5,390.1 million and RMB7,598.5 million, respectively.
Financial Information · 第 274 页
As of February 28, 2026, RMB7,112.3 million, or 28.4% of trade and notes receivables as of December 31, 2025 had been settled.
Our current trade, bills and other receivables increased by 28.3% from RMB108.2 million as at December 31, 2023 to RMB138.8 million as at December 31, 2024, largely in line with increased sales, and further increased by 24.1% to RMB172.2 million as at December 31, 2025, primarily due to higher year-end sales and changes in credit terms of certain customers, who previously made prepayments in connection with the development of new products and transitioned to customary credit terms following the completion of development.
Financial Information · 第 129 页
We seek to maintain strict control over our outstanding receivables to minimize credit risk.
Financial Information · 第 130 页
As of February 28, 2026, RMB112.1 million, or 75.6% of our trade receivables as of December 31, 2025 had been settled.