Our trade receivable turnover days increased to 86 days in 2023, primarily because our customers prolonged payment as a result of delay in their internal review process, which led to higher trade receivables as of December 31, 2023.
Financial Information · 第 358 页
Our collection rates during the Track Record Period were lower than the collection rate for Top 100 Property Management Companies, primarily due to the relatively slow settlement of property management fees from Kingfar Holding Group and Independent Third Parties (other than Xi'an ETDZ MC) during the Track Record Period.
Financial Information · 第 360 页
Kingfar Holdings Group will settle all overdue trade receivables due to our Group, i.e. those remained due after 30 days from invoice date, prior to Listing.
中赣通信(集团)控股有限公司Zhonggan Communication (Group) Holdings Limited02545.HK
应收账款及合同资产周转天数偏长
The Group’s turnover days for trade and bills receivables and contract assets increased significantly from approximately 503.6 days for the year ended 31 December 2021 to approximately 689.6 days for the year ended 31 December 2022.
Financial Information · 第 366 页
Following the COVID-19 pandemic, these end users faced temporary liquidity constraints, which resulted in payment delays to both Customer A and Customer B.
Financial Information · 第 357 页
The Group’s loss allowance for trade and bills receivables increased from approximately RMB13.2 million as at 31 December 2022 to approximately RMB25.6 million as at 31 December 2023, which was mainly attributed to the increase in loss allowance of five Integrated Solution Services projects.
中赣通信(集团)控股有限公司Zhonggan Communication (Group) Holdings Limited02545.HK
向研发伙伴预付项目资金约2,510万元
The Group’s prepayment for labour, equipment and services further increased by approximately 455.2% to approximately RMB31.0 million as at 31 December 2022, the increase was mainly contributed by a prepayment of project funds made by the Group to its research and development partner for ‘‘Photonic Fusion Technology and Photonics Chips Research for 5G/6G Communication approximately RMB25.1 million.
Financial Information · 第 370 页
Following a change in the project plan initiated by the Nanchang Science and Technology Bureau, the Group received the return of the project fund by the end of 2023.
Our trade receivables net of impairment loss allowance increased by 35.9% from RMB91.2 million as of December 31, 2021 to RMB124.0 million as of December 31, 2022, and further increased by 41.2% to RMB175.1 million as of December 31, 2023.
Financial Information · 第 356 页
As of December 31, 2021, 2022 and 2023, our trade receivables included unbilled receivables of RMB83.2 million, RMB94.9 million and RMB127.1 million, respectively, and billed receivables of RMB8.0 million, RMB29.1 million and RMB48.0 million, respectively.
Financial Information · 第 359 页
As of December 31, 2023, we had RMB20.9 million of gross trade receivables aged over 90 days.
Our trade receivables turnover days for 2021, 2022 and 2023 were 114 days, 125 days and 133 days, respectively. Our trade payable turnover days for 2021, 2022 and 2023 were 95 days, 61 days and 57 days, respectively. Such gap between the accounts receivables turnover days and the accounts payable turnover days may result in liquidity mismatch.
Financial Information · 第 352 页
For API marketplace, we plan to continue developing relationships with more customers of sound credit profile and expanding our business. We expect our bargaining power to increase in the future as our business grows, and that we would be able to negotiate for more favorable terms with our customers and shorten the collection period of our trade receivables, as well as negotiate for more favorable terms with our suppliers and extend the settlement period of our trade payables.
Financial Information · 第 352 页
In addition, we plan to use 10% of our net proceeds from this Global Offering for working capital and general corporate purposes.
Our current prepayments primarily consisted of prepayments to suppliers. Our current prepayments increased significantly from RMB18.3 million as of December 31, 2021 to RMB55.1 million as of December 31, 2022, and further increased by 27.6% to RMB70.3 million as of December 31, 2023.
Financial Information · 第 369 页
The increase in our current prepayments was primarily because as we continued to grow our API marketplace business and gain customers with demand for high-quality services, we made more prepayments to suppliers in order to accelerate the settlement of payables to ensure that we receive a steady supply of data services and strengthen our relationships with suppliers.
Financial Information · 第 369 页
As of the Latest Practicable Date, RMB70.4 million, or 89.4% of our prepayments, deposits and other receivables as of December 31, 2023, had been settled or utilized.
Our trade receivable turnover days increased from 224 days in 2021 to 284 days in 2022, primarily due to the decrease in the revenue generated from the provision of advertising and other services as a result of the decreased advertising budgets of our corporate customers amid the COVID-19 resurgence and associated economic downturn.
Financial Information · 第 391 页
As of April 30, 2024, approximately RMB9.3 million, or 55.5% of our total trade receivables (or 78.5% of our net trade receivables) as of December 31, 2023, had been settled.
Financial Information · 第 390 页
Based on the foregoing, we do not believe there is any recoverability issue for trade receivable balance past due over 180 days or past due over 365 days and have made no related provision.
For the years ended December 31, 2021, 2022 and 2023, our average trade and bills receivables turnover days were 24 days, 33 days and increased to 42 days, respectively.
Financial Information · 第 303 页
Our bills receivables further increased to RMB199.7 million in 2023 despite a decrease in sales volume due to our customers' increased use of bills as their payment method as a result of our customers' need to maintain short-term liquidity in an overall challenging market environment.
Financial Information · 第 302 页
As of the Latest Practicable Date, RMB268.0 million or 90.3% of the RMB296.9 million trade and bills receivables balance (before impairment) as of December 31, 2023 were subsequently settled.
Our contract costs increased from RMB17.1 million as of December 31, 2021 to RMB33.3 million as of December 31, 2022 and further to RMB37.9 million as of December 31, 2023, mainly due to an increase in research activities performed by our Group for our customers ahead of the agreed milestone payment conditions as stipulated in the respective contracts.
Financial Information · 第 578 页
As of April 30, 2024, RMB10.4 million or approximately 27.4% of our contract costs as of December 31, 2023, had been subsequently expensed.
As of December 31, 2021, 2022 and 2023, our trade receivables and long-term trade receivables were RMB226.7 million, RMB305.3 million and RMB390.4 million, respectively.
Financial Information · 第 436 页
As of December 31, 2023, our trade receivables and long-term trade receivables was RMB428.9 million, of which RMB160.9 million was overdue, representing 37.5% of our total trade receivables and long-term trade receivables.
Financial Information · 第 439 页
As of March 31, 2024, RMB101.4 million, or approximately 23.6% of our trade receivables and long-term trade receivables as of December 31, 2023 had been settled.
As of December 31, 2021, 2022 and 2023, our trade receivables amounted to RMB86.3 million, RMB127.0 million and RMB161.5 million, respectively.
Financial Information · 第 401 页
Our average trade receivables turnover days increased from 60.6 days in 2021 to 84.1 days in 2022. It increased to 92.9 days in 2023.
Financial Information · 第 402 页
Therefore, our Directors are in the opinion that we are not expected to be subject to any material risk exposure to credit impairment and there is no recoverability issue for our trade receivables.
As of December 31, 2021, 2022 and 2023, our prepayments, deposits and other receivables (current portion) amounted to RMB8.1 million, RMB23.5 million and RMB76.0 million, respectively.
Financial Information · 第 403 页
The prepayments, deposits and other receivables (current portion) increased as of December 31, 2023 compared to that as of December 31, 2022, mainly because we (i) increased the prepayment of advertising expenses relating to the increased promotional activities for our Easou Reading App Series; and (ii) increased our prepayment to procure internet traffic in order to conduct the beta testing and launch of new games in 2023.
Financial Information · 第 403 页
As of April 30, 2024, RMB59.8 million, or 86.9% of our prepayment, deposits and other receivables as of December 31, 2023 had been subsequently settled.
Trade receivables of Shenzhen EDA Group amounted to RMB44.2 million as of December 31, 2021 and our Group’s trade receivables further increased to RMB70.4 million as of December 31, 2022 and RMB142.4 million as of December 31, 2023, in line with our business growth.
Financial Information · 第 375 页
Therefore, we had decided to write off these fully impaired outstanding trade receivables of RMB10.5 million and RMB11.4 million in FY2022 and in FY2023, respectively.
Financial Information · 第 376 页
Shenzhen EDA Group’s average turnover days of trade receivables was 24 days for FY2021, and our Group’s average turnover days of trade receivables was 30 days and 32 days during FY2022 and FY2023, respectively.
Our trade receivables increased from RMB243.2 million as of December 31, 2021 to RMB461.9 million as of December 31, 2022.
Financial Information · 第 387 页
Our trade receivable turnover days increased from 182.2 days in 2021 to 320.3 days in 2022 primarily due to the temporary extension of credit terms to certain customers to help them cope with the lockdowns imposed due to COVID-19.
Financial Information · 第 388 页
We have stepped up our collection efforts for 2023 to reduce the trade receivable turnover days to 222.5 days.
Our prepayments, deposits, and other receivables increased from RMB55.3 million as of December 31, 2022 to RMB111.5 million as of December 31, 2023, primarily due to (i) an increase in prepayments to external vendors for the procurement of certain third-party media resources to ensure supply stability and promptness, (ii) an increase in prepayments for property, plant and equipment related to our vending machines, and (iii) deferred listing expenses in relation to the Global Offering.
Financial Information · 第 391 页
During the Track Record Period, in line with industry norms and to secure discounts from short video platform traffic suppliers, we typically initiated traffic acquisition from such suppliers and made advance payments based on projected demand for short video platform traffic acquisition services, even when brand customers had not yet ordered such services from us.
泓盈城市运营服务集团股份有限公司HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD02529.HK
应收账款及合同资产周转天数上升
Given that the turnover days are linked to and affected by check and acceptance and/or fiscal review process by our customers, the upward trend in our turnover days from 2021 to 2023 mainly reflected the growth of our landscaping and engineering projects and engineering and lighting system operation projects.
Financial Information · 第 452 页
As of December 31, 2021, 2022 and 2023, the loss allowance of trade receivables amounted to RMB16.1 million, RMB21.3 million and RMB22.0 million, respectively.
Financial Information · 第 449 页
As of the Latest Practicable Date, RMB95.9 million, or 92.3% of our trade receivables outstanding as of December 31, 2021 had been subsequently settled, RMB120.9 million, or 86.7% of our trade receivables outstanding as of December 31, 2022 had been subsequently settled, and RMB51.5 million, or 48.3% of our trade receivables outstanding as of December 31, 2023 had been subsequently settled.
Other receivables in relation to prepayment on behalf of advertisers increased from RMB1,334.2 million as of December 31, 2022 to RMB1,670.0 million as of December 31, 2023, primarily because we extended credit terms for a few of our adverting customers with long credit terms since the second half of 2022.
Financial Information · 第 441 页
The balance aged over 90 days and outstanding beyond the applicable credit terms increased from RMB141.9 million as of December 31, 2022 to RMB419.0 million as of December 31, 2023, which increased as a percentage of total balance aged over 90 days from 19.9% as of December 31, 2022 to 50.5% as of December 31, 2023.
Financial Information · 第 442 页
As of March 31, 2024, RMB732.3 million, or approximately 88.2% of other receivables in relation to prepayment on behalf of advertisers aged over 90 days as of December 31, 2023 had been settled.
We recorded impairment losses on trade receivables of RMB0.5 million, RMB1.2 million and RMB3.9 million for the years ended December 31, 2021, 2022 and 2023, respectively, which was primarily due to the increase in the amount and aging of trade receivables.
Financial Information · 第 448 页
During the Track Record Period, we had generally granted credit terms ranging from 0−90 days.
Financial Information · 第 463 页
According to CIC, our industry consultant, the ECL rates as of the end of each period comprising the Track Record Period were in line with the industry overall trend.
Therefore our average trade receivables turnover days for FY2022 was 144.3 days and was higher than our credit term range.
Business · 第 198 页
As a result, our trade receivable balance increased from approximately RMB53.4 million as at 31 December 2022 to approximately RMB58.4 million as at 30 September 2023.
Business · 第 199 页
For these reasons, our Directors consider our credit management policy as appropriate and do not consider there being any material liquidity risk associated with our credit policy.
Our trade receivables turnover days were 11.6 days, 13.9 days, 18.1 days, 26.0 days and 22.2 days in 2020, 2021, 2022 and for the nine months ended September 30, 2022 and 2023, respectively.
Financial Information · 第 430 页
The increase in trade receivables turnover days was mainly due to a change in our customer mix by engaging more commercial banks, which generally have a settlement period of one to three months.
Financial Information · 第 430 页
As of January 31, 2024, RMB65.3 million of trade receivables, representing 76.0% of trade receivables as of September 30, 2023, were subsequently settled.