营运资金（应收、预付及现金周期）

Our trade and bills receivables increased significantly from RMB105.9 million as of December 31, 2024 to RMB285.2 million as of December 31, 2025, primarily due to our significant growth in the DES asset development business in 2025.

We recorded a higher proportion of aged receivables in 2024, primarily due to contractual payment mechanisms for a PV project, where collections were pending the fulfillment of predefined performance criteria.

We implement and improve strict control over trade receivables by optimizing asset investor and other customer profiling and adjusting payment terms, as applicable, as our position in the DES asset development market strengthens, thereby reducing capital occupation and optimizing cash flow.

Our trade receivables increased from RMB63.7 million as of December 31, 2023 to RMB105.8 million as of December 31, 2024, primarily due to the increase in the sales volume and our decision to lengthen the credit terms granted to our customers given challenging macroeconomic conditions in the European and North American markets.

Our trade receivables turnover days increased from 41 days in 2023 to 57 days in 2024, primarily due to the increase in sales through offline third-party merchants, in both absolute amount and as percentage of our total revenue.

As of February 28, 2026, approximately RMB35.6 million, or 25.3%, of our trade receivables as of December 31, 2025 had been settled.

The decrease in trade and bills receivables were primarily due to our collection efforts resulting in better trade and bills receivables management performance, as well as the decrease in our wholesale business, which generally involve more trade receivables as compare to our other businesses.

Our impairment losses under expected credit loss model increased from RMB30.3 million in 2023 to RMB45.6 million in 2024, which mainly reflected other receivables impairment in relation to the other receivables of certain pharmacies we shut down.

As of February 28, 2026, RMB381.3 million, or 39.1%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables increased from RMB25.9 million as of December 31, 2023 to RMB42.2 million as of December 31, 2024, primarily attributable to the increased sales to certain overseas customers.

Our trade and bills receivable turnover days increased from 43 days in 2023 to 48 days in 2024, and further to 51 days in 2025, primarily due to a long-aged receivable due from an overseas customer in Zimbabwe, which had been fully settled as of the Latest Practicable Date.

As of February 28, 2026, RMB31.2 million, or 64.5%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

Our trade receivables turnover days increased from 62 days in 2023 to 89 days in 2024, and further to 105 days in 2025, primarily because we granted longer credit periods to our long-term customers as our cooperation with such customer deepened, such as the 210-day credit period in order to support inventory stocking needs arising from the impact of U.S. tariffs.

As of December 31, 2023, 2024 and 2025, we recorded allowance for expected credit losses for trade and other receivables of RMB7.0 million, RMB10.9 million and RMB16.2 million, respectively.

As of February 28, 2026, RMB477.7 million, or 41.9% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.

Our trade and other receivables, and prepayments further increased by 11.0% to RMB7,061.6 million as of December 31, 2025, primarily due to an increase in trade receivables due from third parties of RMB514.3 million, mainly driven by an increase in trade receivables of RMB1,323.4 million arising from the gradual implementation of 13th Five-Year Plan Project in Guangzhou* (廣州十三五項目), for which the collection milestones have not been met as of the end of 2025.

We had certain long-standing balance of trade receivables, primarily due to payment patterns of our government and institutional clients, who typically undergo complicated payment approval processes.

Our trade and bills receivables turnover days were 224 days, 213 days and 206 days as of December 31, 2023, 2024 and 2025, respectively.

Our trade receivables turnover days increased from 139 days in 2023 to 148 days in 2024, and further increased to 178 days in 2025, primarily due to the impact of downstream industries, which resulted in longer payment cycles, with certain customers experiencing cash flow pressure.

Our net impairment losses on financial assets increased from RMB19.2 million in 2023 to RMB93.5 million in 2024, primarily due to (i) the deteriorating financial conditions among certain downstream customers in the photovoltaic industry, which experienced a cyclical downturn with a number of listed companies turning from profit to loss, leading to increased credit risk and (ii) an increase in our trade receivables.

Considering that we had not experienced any material failure to collect trade receivables from the relevant customers during the Track Record Period, we believe we are able to collect the remaining trade receivables and we have made sufficient provisions for such trade receivables.

Our trade and bills receivables increased from RMB28.8 million as of December 31, 2023 to RMB41.9 million as of December 31, 2024, and further increased to RMB57.7 million as of December 31, 2025, primarily attributable to our overall business growth, in particular in line with the increase of sales of our healthcare products.

Our trade and bills receivables turnover days increased from 15.6 days in 2023 to 20.7 days in 2024, and further increased to 22.7 days for the year ended December 31, 2025.

We typically operate under a prepayment model with our individual whole-course healthcare management service users, which enables us to maintain steady cash flow and reduce credit risk.

Our trade receivables further increased to RMB87.2 million as of December 31, 2025, attributable to the significant increase in revenue in the fourth quarter of 2025.

As of March 23, 2026, RMB42.0 million, or 47.3% of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.

we believe the extended turnover period reflects commercial arrangements and settlement cycles rather than heightened credit risk

Our trade receivables increased from RMB38.3 million as of December 31, 2024, to RMB99.8 million as of December 31, 2025, generally in line with the increased sales of our pharmaceutical products.

The trade receivables turnover days were 79 days and 103 days in 2024 and 2025, respectively.

As of February 28, 2026, RMB68.2 million, or 67.7% of our trade receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivable turnover days increased from 34 days in 2023 to 46 days in 2024, primarily due to a large volume of sales orders secured in December 2024, which led to a higher period-end balance, although the related revenue had not yet been recognized as of 31 December 2024.

We have a comprehensive credit management policy for our customers.

As of February 28, 2026, approximately RMB68.0 million, or 60.8%, of our trade and bills receivables as of December 31, 2025, had been subsequently settled.

Our trade and notes receivables increased from RMB167.8 million as of December 31, 2023 to RMB310.6 million as of December 31, 2024, primarily due to the more bills of exchange instead of cash we received from customers A and B which extended the settlement period.

Our trade and notes receivables turnover days increased from 127 days in 2023 to 173 days in 2024, and further to 190 days in 2025, in line with the levels at our trade and notes receivables.

As of February 28, 2026, approximately RMB155.5 million, or 26.8% of our trade and notes receivables as of December 31, 2025, had been subsequently settled.

We usually grant credit periods up to 180 days to our customers.

Our trade and notes receivables increased substantially to RMB719.5 million.

Such increase was in line with the increase in our sales in the forth quarter in 2025.

Our trade and bills receivables further increased from RMB25,507.0 million as of December 31, 2024 to RMB34,368.7 million as of December 31, 2025, primarily driven by the increase in our revenue during the period.

During the Track Record Period, substantially all of our trade receivables were aged within one year.

As of February 28, 2026, RMB25,830.4 million, or approximately 75.0%, of our trade and bills receivables as of December 31, 2025 had been subsequently settled.

Our trade and bills receivables (net of impairment) increased by 80.9% from RMB180.4 million as of December 31, 2024 to RMB326.3 million as of December 31, 2025, mainly because (i) the sales of our scientific research sequencing solutions increased; and (ii) customers typically settled the payment in the second half of the year.

Our trade and bills receivables turnover days increased from 124.4 days in 2024 to 166.8 days in 2025, primarily due to an increase in trade receivables as (i) the sales of our scientific research sequencing solutions increased, which were typically settled in trade receivables; and (ii) customers typically settled the payment in the second half of the year.

Our Directors have assessed and made sufficient provision for our trade receivables and do not believe there is any material impairment or recoverability issue for our trade receivables during the Track Record Period and up to the Latest Practicable Date.

As of December 31, 2023, 2024, and 2025, our trade and other receivables amounted to RMB4,575.4 million, RMB5,867.2 million and RMB5,505.5 million, respectively.

The turnover days of our trade receivables remained stable at 130.8 days in 2023 and 135.3 days in 2024. The trade receivable turnover days subsequently decreased to 118.1 days in 2025 primarily due to increased sale of optical modules, which typically has shorter credit term, contributed higher proportion of our revenue.

As of February 28, 2026, RMB2,510.2 million, or 54.6% of our trade and bills receivables as of December 31, 2025 had been settled.

Our trade and other receivables increased from RMB3,655.6 million as of December 31, 2023 to RMB4,271.7 million as of December 31, 2024 and further increased to RMB6,560.9 million as of December 31, 2025, primarily due to an increase in the sales of our products in line with our business growth.

In 2023, 2024 and 2025, our trade receivables turnover days were 135.6 days, 122.1 days and 93.3 days, respectively.

Our trade receivables turnover days decreased to 93.3 days in 2025, primarily due to following the negotiation of shorter payment terms with our customers.

Our trade receivables increased from RMB178.0 million as of December 31, 2024 to RMB223.0 million as of December 31, 2025, primarily due to our business growth.

Our trade receivables and contract assets turnover days increased from 70 days in 2023 to 79 days in 2024, primarily due to temporary extension of settlement schedule for certain customers of Jiangsu Daotai.

The increase in impairment of trade receivables in 2025 was primarily due to delayed payments from one of our customers.

Our trade and bills receivables increased from RMB7,182.0 million as of December 31, 2023 to RMB9,670.7 million as of December 31, 2024, and further to RMB10,020.0 million as of December 31, 2025, primarily due to our continuous business growth.

Our impairment for trade and bills receivables increased from RMB507.5 million as of December 31, 2023 to RMB739.2 million as of December 31, 2025 along with our continuous business growth, and the corresponding increase in trade and bills receivables.

As of February 28, 2026, 59.1% of our trade and bills receivables as of December 31, 2025, or RMB6,357.7 million, were settled.

(i) a substantial increase in prepayment for goods in relation to a change in payment arrangement with certain major suppliers for us to place wafer fabrication orders through the subsidiary of Amlogic Holdings Ltd. in order to ensure supply chain stability.

(ii) an increase in prepayment for acquisition of equity interests in Xinmai Micro in September 2025.

As of February 28, 2026, RMB325.3 million, or approximately 58.8%, of our prepayments as of December 31, 2025 had been subsequently settled.