Our trade receivables increased by RMB1,036.9 million, or by 135.3% from RMB766.5 million as of December 31, 2023 to RMB1,803.4 million as of December 31, 2024, mainly due to the Acquisition of Renhe.
Financial Information · 第 236 页
For the years ended December 31, 2023, 2024, and 2025, and the three months ended March 31, 2026, our trade receivable turnover was 137.5 days, 199.2 days, 242.5 days, and 230.3 days respectively.
Financial Information · 第 237 页
of our trade receivables aged between one and two years as of December 31, 2023 and 2024, approximately 93.1% and 99.1%, respectively, had been settled by the end of the following financial year, while trade receivables aged over two years accounted for less than 0.2% of our total trade receivables as of each of December 31, 2023, 2024 and 2025 and March 31, 2026
Our trade and bills receivables increased from RMB157.5 million as of December 31, 2023 to RMB209.6 million as of December 31, 2024 and further to RMB269.2 million as of December 31, 2025, and amounted to RMB290.2 million as of June 30, 2026, generally in line with our revenue growth.
Financial Information · 第 246 页
Our management believes that the impairment allowances made for trade receivables are adequate and sufficient to cover the expected credit risks.
Financial Information · 第 246 页
As of July 31, 2026, approximately RMB100.0 million, or 33.1% of our trade receivables outstanding as of June 30, 2026, had been subsequently settled.
Our trade receivables turnover days increased from 229 days in 2023 to 350 days in 2024, mainly due to a decrease in our revenue in 2024.
Financial Information · 第 241 页
The relatively long trade receivables turnover days during the Track Record Period were primarily due to the nature of our customer base, mainly government and large enterprise clients, which typically follow milestone-based procurement, inspection and acceptance processes.
Financial Information · 第 241 页
We recorded credit loss allowance of RMB36.4 million, RMB47.0 million, RMB83.0 million, and RMB80.3 million as of December 31, 2023, 2024, 2025 and March 31, 2026, accounting for approximately 8.8%, 12.2%, 23.8% and 23.7% of our trade and bills receivables at the same dates, respectively, primarily reflecting the growth in our revenue in the corresponding periods.
广东微电新能源股份有限公司Guangdong Mic-Power New Energy Co., Ltd.
应收款项周转天数上升及现金错配
Our trade and bills receivables turnover days further increased from 114.2 days in 2024 to 131.0 days in 2025, primarily because the increase in the average balance of our trade and bills receivables outpaced our revenue growth during the year.
Financial Information · 第 258 页
During 2023, 2024 and 2025, our trade and bills receivables turnover days were longer than our trade and bills payable turnover days, resulting in a mismatch between cash inflows and outflows.
Financial Information · 第 259 页
(iii) enhancing our cash flow forecasting and treasury management through rolling cashflow forecasts and centralized fund management, (iv) maintaining sufficient liquidity by maintaining bank facilities and exploring financing tools such as working capital loans, bill discounting and supply chain finance, and (v) optimizing inventory planning and turnover to reduce working capital tied up in inventories.
Our trade receivables increased by 18.7% from RMB588.1 million as of December 31, 2023 to RMB698.2 million as of December 31, 2024, then increased by 34.5% to RMB939.2 million as of December 31, 2025, further increased by 15.2% to RMB1,081.9 million as of April 30, 2026, which was in line with the growth of our revenue.
Financial Information · 第 249 页
Our trade receivables turnover days remained relatively stable at 79 days, 83 days, 80 days and 80 days in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
Financial Information · 第 250 页
As of July 31, 2026, RMB1,064.5 million or 98.4% of the trade receivables as of April 30, 2026 had been subsequently settled.
Our trade and bills receivables increased by 10.6% from RMB467.4 million as of December 31, 2023 to RMB516.8 million as of December 31, 2024, and further increased by 39.6% from RMB516.8 million as of December 31, 2024 to RMB721.4 million as of December 31, 2025.
Financial Information · 第 237 页
Our trade and bills receivables turnover days remained relatively stable at 54 days, 47 days, 54 days, and 58 days in 2023, 2024, 2025, and the six months ended June 30, 2026, respectively.
Financial Information · 第 238 页
As of July 31, 2026, RMB386.3 million (before impairment), or 46.3%, of our gross trade and bills receivables as of June 30, 2026 had been subsequently settled.
Our deposits, prepayments and other receivables increased by 52.0% from RMB110.7 million as of December 31, 2025 to RMB168.3 million as of June 30, 2026, primarily due to (i) an increase in advance payment to suppliers, in line with the increase in our revenue and (ii) an increase in value-added tax recoverable, primarily attributable to changes in the applicable VAT rate.
Financial Information · 第 187 页
As of July 31, 2026, RMB95.8 million, or approximately 56.9% of our deposits, prepayments, and other receivables as of June 30, 2026 had been subsequently settled.
The relatively higher average turnover days in FY2024 was primarily due to the release of a charge of HK$16 million during the year by a payment solution provider.
Financial Information · 第 168 页
The ageing profile remained healthy with substantially all trade receivables concentrated within 30 days throughout the Track Record Period.
Financial Information · 第 168 页
Management regularly reviews the adequacy of the allowance for expected credit losses and provides for such allowance when necessary.
The prepayment for ERP system development remained unchanged at HK$19.5 million over the Track Record Period, as the ERP system had not yet been developed.
Financial Information · 第 169 页
The Group has entered into a termination agreement on 31 July 2026 with the service provider after the Track Record Period and expects to receive a refund in the coming financial year.
Our trade receivables increased from RMB19.8 million as of December 31, 2023 to RMB31.1 million as of December 31, 2024, to RMB64.8 million as of December 31, 2025 and further to RMB105.9 million as of June 30, 2026, primarily due to the growth of our business scale and revenue during the corresponding periods and the resulting increase in outstanding receivables under our customer payment terms, which typically involve staged payments and a processing period after the relevant collection milestones are met.
Financial Information · 第 248 页
Our trade receivables turnover days were 118 days, 108 days, 81 days, and 106 days in 2023, 2024, 2025, and the six months ended June 30, 2026, respectively.
Financial Information · 第 249 页
As of July 31, 2026, RMB13.9 million, or 11.6% of our gross trade receivables outstanding as of June 30, 2026, had been subsequently settled.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
贸易应收款项增加且周转天数上升
Our trade receivables turnover days increased from 83.8 days in 2023 to 88.9 days in 2024 and further increased to 90.1 days in 2025 which subsequently increased to 95.0 days in the six months ended June 30, 2026, primarily due to our increased trade receivables from OEMs that are granted longer credit terms.
Financial Information · 第 246 页
Our trade receivables aged over 90 days increased significantly as of December 31, 2025 as compared to December 31, 2023 and 2024, primarily due to our increased trade receivables from OEMs, who are generally granted longer credit terms compared to other types of customers.
Financial Information · 第 245 页
As of July 31, 2026, RMB778.5 million, or approximately 39.9%, of our trade receivables as of June 30, 2026 had been subsequently settled.
Our trade and bills receivables turnover days increased from 132.2 days in 2023 to 165.9 days in 2024, primarily due to the continually long payment collection period as a result of the market slowdown in 2024.
Financial Information · 第 233 页
We had not experienced any material failure to collect trade and bills receivables from our customers during the Track Record Period and up to the Latest Practicable Date.
Financial Information · 第 233 页
As of July 31, 2026, approximately RMB349.5 million, or 31.7% of our trade and bills receivables as of June 30, 2026, had been subsequently settled.
As of December 31, 2023, 2024, 2025 and April 30, 2026, the balance of our trade and bills receivables amounted to RMB1,345.3 million, RMB1,671.6 million, RMB2,040.4 million and RMB3,642.9 million, respectively.
Financial Information · 第 264 页
In the four months ended April 30, 2026, our trade and bills receivables turnover days decreased to 23.2 days, primarily as more customers made prepayments to ensure supply in light of the robust market demand driven by AI-related investments.
Financial Information · 第 265 页
As of June 30, 2026, RMB2,900.5 million, or 79.7% of our trade and bills receivables outstanding as of April 30, 2026 had been subsequently collected.
广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
贸易应收款大增及周转日数上升
Our trade and bills receivables increased by 54.0% from RMB1,022.5 million as of December 31, 2023 to RMB1,574.2 million as of December 31, 2024 and further increased by 55.4% to RMB2,446.9 million as of December 31, 2025, which is generally in line with our increased sales.
Financial Information · 第 250 页
Our trade and bills receivables increased by 56.4% from RMB2,446.9 million as of December 31, 2025 to RMB3,825.7 million as of June 30, 2026.
Financial Information · 第 250 页
Our average trade and bills receivables turnover days increased from 119 days in FY2025 to 126 days in 1H2026, primarily due to our increased sales of power generator sets for data center projects.
Our trade receivable turnover days increased from 67 days in FY2023 to 127 days in FY2024, increased to 165 days in FY2025 and further increased to 181 days in 3M2026, mainly due to prolonged actual settlement cycles of certain major customers rather than a general extension of our contractual credit terms.
Financial Information · 第 257 页
In response to the prolonged settlement cycles of Customer A and Customer B, we had strengthened our collection measures, which included (i) issuing payment reminders; (ii) requiring the relevant customers to provide with us detailed repayment schedules, under which, we may consider taking legal action against such customer, if designated repayment(s) is not made by the prescribed date; and (iii) requiring our sale team to closely monitor the repayment status of these customers.
Financial Information · 第 258 页
As at the Latest Practicable Date, RMB80.6 million, or 51.9% of our trade receivables outstanding as at 31 March 2026, was settled.
Our trade and notes receivables increased by 45.4% from RMB5,670.0 million as of December 31, 2023 to RMB8,244.1 million as of December 31, 2024, primarily attributed to the increase to trade receivables driven by (i) the strong growth in downstream home appliance demand, in conjunction with rising raw material price in the same period, (ii) increased sales to certain overseas customers and customers of copper foils for lithium batteries and PCBs in emerging downstream sectors (such as the NEVs and energy storage markets), whose prevailing market practices typically involve extended credit terms which we accommodated as part of our efforts to strengthen our market position in these evolving markets.
Financial Information · 第 246 页
Our trade and notes receivables turnover days increased from 25.3 days in 2023 to 29.1 days in 2024, and further increased to 38.8 days in 2025, and further increased to 42.3 days in the five months ended May 31, 2026, primarily attributable to (i) increased sales to certain overseas customers and customers of copper foils for lithium batteries and PCBs in emerging downstream sectors (such as the NEVs and energy storage markets), whose prevailing market practices typically involve an extended credit terms which we accommodated as part of our efforts to strengthen our market position in these evolving markets, and (ii) the adjustment in business portfolio with incremental downsizing of the copper trade activities to align with our core operational needs, which operate with shorter turnover periods.
Financial Information · 第 247 页
We typically offer major customers a credit term of within 120 days.
Our trade and notes receivables increased significantly from RMB32.7 million as of December 31, 2024 to RMB88.6 million as of December 31, 2025, primarily attributable to an increase in trade receivables reflecting (i) the revenue and overall business scale increase due to our efforts to upgrade and diversify our solutions and services as well as to acquire new customers, and (ii) the addition of certain reputable customers in the relevant industries during the year, for whom we moderately extended payment terms to align with their internal financial and budgetary arrangement, taking into account their credit profiles and cooperation circumstances.
Financial Information · 第 248 页
Our trade and notes receivable turnover days increased from 81.8 days in 2025 to 102.8 days in the six months ended June 30, 2026 as certain of the newly secured projects were for end customers such as telecommunications companies and financial institutions that generally involve delivery and acceptance near quarter-end.
Financial Information · 第 249 页
As of July 31, 2026, approximately RMB24.8 million, or 19.7% of our trade receivables as of June 30, 2026, had been settled.
Our trade receivables further increased by 41.1% to RMB5,245.1 million as of June 30, 2026, primarily due to the substantial expansion of our sales scale during the six months ended June 30, 2026, which resulted in a corresponding increase in outstanding receivables from customers.
Financial Information · 第 232 页
We do not consider this trend to reflect any deterioration in the credit quality of our customer base.
Financial Information · 第 233 页
As of July 31, 2026, RMB1,476.0 million, or 23.2% of our trade and bills receivables as of June 30, 2026, had been settled subsequent to June 30, 2026. The Directors confirm that the above subsequent settlement ratio does not indicate any material recoverability concern in respect of the trade and bills receivables balance.
Trade and note receivables increased by 4.5% from RMB16,306.4 million as of December 31, 2023 to RMB17,042.4 million as of December 31, 2024, generally in line with revenue growth and the project-based nature of certain green energy solution businesses.
Financial Information · 第 189 页
We normally grant credit periods ranging from 30 days to 180 days to our customers.
Financial Information · 第 190 页
During the Track Record Period, we did not experience any significant losses associated with our trade and note receivables, and the fluctuation in our trade and note receivables did not have any material adverse impact on our liquidity or cash flows.