营运资金（应收、预付及现金周期）

The gross amount of our trade receivables increased by 21.9% from RMB9,040.4 million as of December 31, 2023 to RMB11,023.3 million as of December 31, 2024, in line with the growth of our revenue.

In 2023, 2024 and the ten months ended October 31, 2025, our trade receivables turnover days were 209.2 days, 207.1 days and 255.2 days.

The balance amount of each of trade receivables aged 1 to 2 years, trade receivables aged 2 to 3 years and trade receivables aged over 3 years increased from December 31, 2023 to December 31, 2024 and further increased to October 31, 2025, primarily because some of our customers, who purchased prefabricated substations and EV charging equipment, are stateowned enterprises, listed companies, or their subsidiaries with lengthy internal approval procedures and payment processes.

Our impairment losses under ECL model, net, amounted to RMB566.1 million, RMB389.9 million, RMB276.6 million and RMB222.6 million in 2023, 2024 and for the ten months ended October 31, 2024 and 2025, respectively, accounting for 4.5%, 2.6%, 2.6% and 2.0% of our total revenue for the same periods, respectively.

Our impairment losses under expected credit loss decreased by 31.1% from RMB566.1 million in 2023 to RMB389.9 million 2024, primarily attributable to (i) a decrease in impairment losses on other receivables in 2024, compared with 2023 when we recorded a significant impairment provision on subsidy-related receivables due from government authorities, and (ii) reversal of impairment losses on bills receivable of RMB51.2 million recognized in 2024 primarily due to a decrease in the balance of bills receivable.

Our prepayments and other receivables decreased by 10.1% from RMB1,203.2 million as of December 31, 2023, to RMB1,081.3 million as of December 31, 2024, primarily due to (i) a decrease in deposits and other receivables attributable to refund of certain bid deposits upon the bidding results, and (ii) an increase in impairment provision on receivables due from a local government regarding its subsidies for the EV sector prior to the Track Record Date which had not been fully paid to us.

Our trade receivables turnover days were 120.5 days, 125.8 days, 123.0 days and 117.8 days in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, remaining relatively stable throughout the Track Record Period.

As a result, we may grant them extended credit period which further contributed to the long trade receivable turnover days.

However, we set the collection of trade receivable as performance appraisal indicators to our sales team and relevant management members, and encourage them to actively approach clients to speed up payment.

Our trade and bills receivables (net of credit loss allowance) increased by 78.3% from RMB112.9 million as of December 31, 2023 to RMB201.4 million as of December 31, 2024, which was driven by our revenue growth, and also because we had more completed projects that were not settled yet as of December 31, 2024.

Our trade and bills receivables turnover days increased from 126.1 days in 2024 to 260.0 days in the nine months ended September 30, 2025, primarily because (i) our trade and bills receivables from certain customers have not reached their settlement periods; (ii) we acquired new customers in the nine months ended September 30, 2025, resulting in an increase in trade and bills receivables; and (iii) our customers generally conducted inspections upon project completion and confirmed their acceptance in the second half of the year, particularly in the fourth quarter each year.

As of December 31, 2025, RMB85.8 million, or 33.3% of our trade and bills receivables as of September 30, 2025, had been settled.

Our trade receivables turnover days increased from 138.6 days in 2022 to 179.3 days in 2023 and further increased to 284.8 days in 2024, primarily as an increase in trade receivable balance caused by the prolonged payment from certain downstream customers, which can be attributed to their taking additional time to manage their financial commitments effectively during their industries’ downturn, which led to a delay in their payment schedules.

We had a relatively large amount of trade receivables aged over one year, primarily because (i) the industry environment in the downstream market has been increasingly competitive; and (ii) our products are generally subject to a one-year warranty period, after which such amount are included in our trade receivables with aging more than one year if not paid.

As of December 15, 2025, RMB2,157.8 million, or approximately 21.0% of our trade receivables as of September 30, 2025 had been settled.

Our trade receivables increased significantly from RMB67.3 million as of December 31, 2023 to RMB88.3 million as of December 31, 2024, primarily because (i) we had relatively high sales in late 2024 compared with the same period in 2023; and (ii) we strategically granted more favorable credit terms to major customers taking into consideration our long-term relationships.

Our trade receivables turnover days increased from 49.4 days in 2022 to 68.0 days in 2023, primarily because in 2023, we strategically granted more favorable credit terms to major customers taking into consideration their settlement history and our long-term relationships and ongoing collaborations.

As of November 30, 2025, approximately RMB66.3 million, or 67.4% of our trade receivables as of August 31, 2025, had been settled.

Our trade receivables increased from RMB26.4 million as of December 31, 2022 to RMB179.3 million as of December 31, 2023, and further increased to RMB222.0 million as of December 31, 2024.

During the Track Record Period, our expected credit losses increased from nil in 2022 to RMB1.3 million in 2023, and further increased to RMB11.0 million in 2024, which was mainly attributable to the increase in the balance of trade receivables as our business expanded.

As of January 9, 2026, RMB43.3 million, or approximately 62.4% of our trade receivables as of September 30, 2025 had been subsequently settled.

Our current portion of prepayments and other receivables increased from RMB99.7 million as of December 31, 2024 to RMB231.4 million as of September 30, 2025, primarily due to an increase of RMB91.3 million in prepayments to foundries to secure their manufacturing capacity and ensure our procurement needs for the last quarter of the year.

To manage the potential impact of changing market demand and project schedules, we have implemented procurement management measures that emphasize forward planning, rolling demand forecasts and flexible sourcing strategies.

As of January 9, 2026, RMB124.3 million, or approximately 82.3% of our prepayments and other receivables as of September 30, 2025 had been subsequently settled.

Our trade receivables were RMB19.4 million, RMB37.0 million and RMB52.2 million and RMB59.1 million as of December 31, 2022, 2023 and 2024, and August 31, 2025 respectively.

During the Track Record Period, our trade receivables turnover days increased slightly from 12.8 days in 2022 to 14.9 days in 2023, then to 17.0 days in 2024, and further to 19.5 days in the first eight months of 2025.

As of November 30, 2025, RMB34.7 million, or 56.5%, of our trade receivables as of August 31, 2025 had been subsequently settled.

This was also reflected by a decrease in trade receivable turnover days from 377 days in 2023 to 228 days in 2024.

Our trade receivables turnover days increased from 228 days in 2024 to 242 days in the ten months ended October 31, 2025, primarily due to an increased proportion of sales settled through installments as part of our efforts to secure orders from customers in light of the market competition.

As of November 30, 2025, RMB469.0 million, or 11.1% of our trade receivables as of October 31, 2025, had been settled.

As at 31 December 2022, 2023 and 2024 and 31 October 2025, our trade and bill receivables were RMB2,168.9 million, RMB3,065.3 million, RMB3,454.6 million and RMB3,526.0 million, respectively.

Growth in our trade and bills receivable during the Track Record Period was generally in line with our sales growth over the same period.

We typically provide credit terms to our customers up to 90 days.

Our other receivables, deposits and prepayments decreased from RMB1,703.2 million as of 31 December 2022 to RMB939.1 million as of 31 December 2023, representing a decrease of RMB764.1 million, due to (i) delivery of goods by suppliers for which we made prepayments for short-term inventory stocking, and (ii) the decrease in our raw material purchase price in FY2023, which

Our other receivables, deposits and prepayments increased from RMB898.2 million as at 31 December 2024 to RMB985.3 million as at 31 October 2025, which was primarily attributable to (i) an increase in prepayments to suppliers from RMB687.7 million as at 31 December 2024 to RMB747.0 million as at 31 October 2025, driven by increase in short-term inventory procurement as our sales expanded; (ii) an increase in value-added tax credit refund from RMB81.9 million as at 31 December 2024 to RMB92.2 million as at 31 October 2025; and (iii) increase in deferred listing fees of RMB10.7 million.

As of the Latest Practicable Date, 82.6% or RMB853.7 million of the Group’s other receivables, deposits and prepayments has been settled.

Our trade and other receivables further increased to RMB713.7 million as of December 31, 2024, primarily due to (i) the increase in VAT recoverable of RMB129.2 million resulting from our business expansion, and (ii) the increase in advances to suppliers and prepaid operation expenses of RMB68.8 million, mainly attributable to the increased purchase from our suppliers in line with our business expansion.

Our trade receivables turnover days remained relatively low, as we only extend credit to certain key account customers, typically for a period of 30 to 90 days.

As of November 30, 2025, RMB99.5 million, or 93.5% of our trade receivables (before allowance for credit losses) outstanding as of September 30, 2025 had been subsequently collected.

Our prepayments, other receivables and other assets increased from RMB548.1 million as of December 31, 2023, to RMB2,340.6 million as of December 31, 2024, mainly due to (i) an increase in prepayments to suppliers to secure supply towards the end of the year as our scope of operations expanded, and (ii) an increase in deposits and other receivables, which was in line with our business growth.

Our prepayments, other receivables and other assets decreased from RMB2,340.6 million as of December 31, 2024 to RMB1,820.2 million as of September 30, 2025, mainly due to a decrease in prepayments, mainly as a result of our implementation of proactive prepayment management measures.

As of November 30, 2025, RMB1,550.4 million, or 85.2%, of our prepayments, other receivables and other assets as of September 30, 2025, had been settled.

Our trade and bills receivables further increased to RMB11,732.5 million as of December 31, 2024, generally in line with an increase in our revenue in 2024.

Although the credit period we granted to our customers remained relatively stable during this period, our trade receivables turnover days increased to 97.6 days in the nine months ended September 30, 2025, primarily due to a decrease in our annualized revenue in the nine months ended September 30, 2025.

As of November 30, 2025, RMB7,731.6 million, or 68.9% of our trade and bills receivables as of September 30, 2025 had been settled.

Our trade and other receivables increased by 14.0% from RMB4,046.1 million as of December 31, 2024 to RMB4,612.7 million as of June 30, 2025, primarily attributable to the growth in sales during the six months ended June 30, 2025.

We recorded net reversal on impairment losses on financial assets of RMB35.4 million in 2022 and net impairment losses on financial assets of RMB90.9 million in 2023, primarily due to the bad debt losses on trade receivables of RMB91.0 million in 2023, which was in line with our increased trade receivables balance in 2023.

As of October 31, 2025, approximately RMB4.5 billion, or 94.3% of trade receivables as of June 30, 2025 had been settled.

As at 31 December 2023, our trade receivables were not secured by any collaterals and were not subject to significant risk of concentration, except for amounts due from Bridgex, constituting approximately 51.0% of our total trade and other receivables (excluding prepayments).

A reversal of impairment losses on our trade receivables of approximately RM16.7 million was made for FY2024, as a result of the settlement of a long-outstanding progress payment due from a major customer, Bridgex, during the year, for which the provision of impairment loss was made in 2022, as a result of the impairment assessment on the project, which upstream client of our customer (i.e. the project’s employer) was in significant financial difficulty at the material time and being filed a winding up petition.

As at the Latest Practicable Date, approximately 81.5% of our trade receivables as at 30 June 2025 were subsequently settled.

Our trade receivables increased to US$8.1 million as of September 30, 2025, which was consistent with our revenue growth and business expansion.

Our trade receivables turnover days decreased from 49 days in 2024 to 38 days for the nine months ended September 30, 2025, primarily due to our effective collection of trade receivables from key customers.

As of December 21, 2025, US$4.2 million, or 52.5% of our trade receivables outstanding as of September 30, 2025 had been subsequently settled.

Consequently, our trade receivables turnover days increased notably to 58 days in 2024 and further increased to 112 days for the six months ended June 30, 2025.

Based on our assessment, we had recognized loss allowance of trade receivables of RMB0.03 million, RMB1.0 million, RMB9.0 million and RMB25.9 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.

We do not foresee any material recoverability issue with our trade receivables based on our evaluation of the historical credit standing and the credit records of our customers, which are generally private or stateowned enterprises with strong economic performance and credit history.

Our trade and other receivables and contract assets increased from RMB18.5 million as of December 31, 2023 to RMB60.3 million as of December 31, 2024, primarily attributable to an increase in trade receivables of RMB26.0 million.

As of the Latest Practicable Date, RMB36.5 million, or 42.4%, of our trade and other receivables as of June 30, 2025 had been subsequently settled.

We do not foresee any significant recoverability issue with our trade and other receivables because most of the subsequently unsettled trade and other receivables were not yet due.