Our trade and other receivables increased from approximately RMB7.8 million as at 31 December 2023 to approximately RMB29.9 million as at 31 December 2024, and further to approximately RMB98.7 million as at 31 December 2025.
Financial Information · 第 242 页
We recorded other prepayments in the amount of approximately RMB29,000, RMB7.6 million and RMB54.4 million as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively.
Financial Information · 第 242 页
Such measures include (i) pre-approval of pre-acquisition arrangements based on the estimated online traffic consumption amount and the credibility of the advertising customers; and (ii) periodic reconciliations and reviews of prepayments against actual consumption of online traffic inventory.
During FY2024, our Group advanced RMB1,000,000 to a customer to assist in facilitating marketing activities in an online platform to which our Group’s SaaS product will be operated by the customer to generate income.
Financial Information · 第 231 页
Our Directors are of the view that full recovery of the amount is highly uncertain and a full impairment for this amount was provided for prudent purpose.
Financial Information · 第 231 页
Save as above and the prepayments we make to advertising agencies for acquiring online traffic inventory in the ordinary course of our online marketing solutions business, we did not provide advances to other customers during the Track Record Period and up to the Latest Practicable Date and has adopted internal policy governing the requirements and procedures for advances to third parties for prudent financial management.
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.
Financial Information · 第 244 页
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.
Financial Information · 第 245 页
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.
Financial Information · 第 168 页
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.
Financial Information · 第 169 页
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 decreased from RMB138.5 million as of December 31, 2023 to RMB115.0 million as of December 31, 2024, and then increased to RMB242.2 million as of December 31, 2025, primarily due to (i) a change in settlement arrangements with certain major customers from prepayment to credit terms of up to 30 days, and (ii) the increase in revenue during the same period.
Financial Information · 第 200 页
During the Track Record Period, our credit policy for major customers remained stable, with timely payments and no occurrence of bad debts.
Financial Information · 第 200 页
As of January 31, 2026, RMB234.4 million, or 96.8% of our trade receivables as of December 31, 2025 had been settled.
Our trade receivables decreased from RMB888.6 million as at 31 December 2023 to RMB800.8 million as at 31 December 2024, as we improved our overall management on trade receivables.
Financial Information · 第 182 页
Our prepayments and other receivables increased from RMB1,116.4 million as at 31 December 2023 to RMB1,575.0 million as at 31 December 2024, and further increased to RMB1,831.0 million as at 31 December 2025, primarily due to (i) the increase in other receivables related to media agency services in relation to our customers’ media account top-ups of our media agency services business; and (ii) the increase in prepayments for traffic, in line with the expansion of our integrated marketing services (iii) the increase in amounts due from payment platforms, as certain third-party payment platforms had not yet settled the relevant amounts as at 31 December 2025.
Financial Information · 第 184 页
As at 28 February 2026, RMB1,365.1 million, or 76.1%, of our other receivables related to media agency services as at 31 December 2025 had been settled.
Our trade and bills receivables increased significantly from RMB1.8 million as of December 31, 2024 to RMB43.6 million as of December 31, 2025, primarily due to the implementation of new credit policies for certain overseas customers starting from 2025 to expand our overseas business.
Financial Information · 第 243 页
Our trade and bills receivables turnover days increased from 3.4 days to 9.3 days in 2025, primarily due to the implementation of new credit policies for certain overseas customers starting from 2025.
Financial Information · 第 244 页
As of January 31, 2026, approximately RMB15.5 million, or 35.5% of our trade and bills receivables as of December 31, 2025, had been settled.
Our trade receivables increased to RMB232.7 million as of December 31, 2025, primarily due to the increased sales recorded in 2025.
Financial Information · 第 237 页
We had impairment losses on financial assets of RMB32.4 million, RMB9.0 million and RMB0.5 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 222 页
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.
Financial Information · 第 225 页
Our trade receivables turnover days remained relatively stable at 105 days in 2023, 101 days in 2024, and 95 days in 2025.
Financial Information · 第 225 页
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.
Financial Information · 第 221 页
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.
Financial Information · 第 213 页
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.
Our prepayments, other receivables and other assets primarily consist of (i) prepayments for property, plant and equipment, which primarily represent advance payments made to equipment suppliers for the purchase of production and R&D equipment, (ii) other tax receivables, which primarily represent value-added tax recoverable in connection with our purchases of equipment and materials, (iii) prepayments to suppliers, which represent deposits paid to suppliers as advance payments, and (iv) deferred listing expenses.
Financial Information · 第 218 页
Our prepayments, other receivables and other assets increased by from RMB28.6 million as of December 31, 2023 to RMB38.5 million as of December 31, 2024 and further to RMB221.9 million as of December 31, 2025, primarily due to an increase in the non-current portion of prepayments for property, plant and equipment, mainly reflecting advance payments made for new production equipment to support our capacity expansion, partially offset by a decrease in other tax receivables, mainly due to the reduction in deductible input VAT as our revenue continuously increased.
Our trade, bills and other receivables increased by 10.7% from RMB482.0 million as of December 31, 2023 to RMB533.8 million as of December 31, 2024, and further increased by 2.6% to RMB547.7 million as of December 31, 2025, primarily in line with our revenue and business growth.
Financial Information · 第 237 页
Our trade receivables turnover days amounted to 54 days, 34 days and 56 days in 2023, 2024 and 2025, respectively.
Financial Information · 第 237 页
We recognized a net impairment loss of RMB49.1 million in 2025, compared to a net reversal of RMB2.5 million in 2024, primarily due to an increase in the balances of contract assets and trade receivables.
We had a prolonged cash conversion cycle, as our inventory turnover days are 119.3, 158.5, 104.9 and 163.4 in 2022, 2023, 2024 and the ten months ended October 31, 2025, primarily due to the long cycle for raw material stocking and finished goods.
Financial Information · 第 231 页
We had relatively long trade receivables turnover days of 54.2 days in 2023, primarily because we granted credit periods to more customers.
Financial Information · 第 232 页
As of January 31, 2026, all of our trade receivables as of October 31, 2025 had been settled.
Our trade receivables, net of allowances increased significantly from RMB52.9 million as of December 31, 2023 to RMB112.2 million as of December 31, 2024 and further to RMB346.4 million as of December 31, 2025, primarily due to the significant revenue to Customer A recorded near the end of 2025.
Financial Information · 第 229 页
Our trade receivable turnover days decreased from 126 days in 2023 to 87 days in 2024, and further to 75 days in 2025, reflecting our improvement in capital management utilizing A Chain, where we collected cash from redeeming certain A Chain certificates prior to maturity or transferred the A Chain certificates to our suppliers for settlement of trade and other payables.
Financial Information · 第 230 页
As of January 31, 2026, RMB105.9 million, or approximately 30.6% of our trade receivables as of December 31, 2025 were subsequently settled.
Our trade and bills receivables increased from RMB42.0 million as of December 31, 2022 to RMB69.0 million as of December 31, 2023, and further increased to RMB178.0 million as of December 31, 2024, which was primarily due to (i) our total revenue increased, which lead to a corresponding increase in our total trade and bills receivables; and (ii) the number of our public customers increased.
Financial Information · 第 237 页
Our trade and bills receivables turnover days increased continuously during the Track Record Period, because the number of our public sector customers (public sector customers mainly consist of government agencies, public institutions, as well as central and local state-owned enterprises and other institutional customers with public attributes or state-owned capital backgrounds) increased, the collection cycles of receivables from public sector customers lengthened, and the absolute amount of trade and bills receivables from such customers increased (although the proportion of revenue attributable to our public sector customers decreased), to whom we generally grant longer credit terms.
Financial Information · 第 238 页
As of January 31, 2026, RMB62.7 million, or 34.6%, of our trade and bills receivables as of September 30, 2025 had been subsequently settled, which is in line with the credit terms we generally grant to our customers.
In 2022, 2023 and 2024 and for the nine months ended September 30, 2025, our trade and bills receivable turnover days were 61.2 days, 29.6 days, 39.0 days and 102.0 days, respectively.
Financial Information · 第 239 页
This was primarily because our sales increased during the third quarter, and the settlement process for these recent orders were not yet completed as of September 30, 2025, leading to a high closing balance and a consequent increase in turnover days.
Financial Information · 第 239 页
As of January 31, 2026, RMB140.7 million, or approximately 51.5% of our trade receivables as of September 30, 2025 had been settled.
Our prepayments and other receivables increased from RMB4.8 million as of December 31, 2024 to RMB90.1 million as of December 31, 2025, primarily driven by (i) an increase in long-term deposits receivable within one year, as a result of the reclassification of a deposit paid to a CRO from non-current to current asset, as its remaining maturity became less than one year over time, and (ii) an increase in refundable research and development payments to advance overseas clinical trials of ABP-745.
Financial Information · 第 254 页
As of January 31, 2026, RMB0.6 million, or 0.7%, of our prepayments and other receivables as of December 31, 2025 had been subsequently settled or utilized.
Our trade and bills receivables increased from RMB48.0 million as of December 31, 2022 to RMB69.7 million as of December 31, 2023, further increased significantly to RMB111.6 million as of December 31, 2024 and further increased to RMB134.6 million as of September 30, 2025, in line with our revenue growth.
Financial Information · 第 258 页
We sometimes allow customers with good credit history, particularly key customers with relatively large purchase volume, to settle payments beyond the credit terms originally prescribed in their contracts.
Financial Information · 第 258 页
As of January 31, 2026, RMB68.6 million, or 50.1% of our trade and bills receivables as of September 30, 2025, had been subsequently settled.
Our trade receivables increased from RMB6.1 million as of December 31, 2023 to RMB32.1 million as of December 31, 2024, primarily because we launched our model business in the fourth quarter of 2024 and recorded revenue of RMB19.5 million.
Financial Information · 第 253 页
Our trade receivables turnover days increased from 41 days in 2023 to 99 days in 2024, primarily due to the increased balance of trade receivables.
Financial Information · 第 254 页
As of January 31, 2026, approximately RMB12.7 million, or 63.7%, of our trade receivables as of September 30, 2025 had been settled.
(i) an increase in prepayments primarily due to our procurement of computing power services for R&D needs of our iMedImage^®^ foundation model to further improve the operational efficiency of AI AutoVision^®^, and (ii) the deferred listing expenses as of September 30, 2025 in relation to the Global Offering.
Financial Information · 第 255 页
As of January 31, 2026, approximately RMB14.7 million, or 36.2%, of our prepayments, other receivables and other assets as of September 30, 2025 had been subsequently used or collected.