Our trade receivables turnover days increased from 44 days in the year ended December 31, 2023 to 65 days in the year ended December 31, 2024. It then increased to 88 days in the year ended December 31, 2025, primarily due to a slowdown in collection of payments from certain clients.
Financial Information · 第 220 页
Our trade and bills receivables aged over 1 year increased from RMB2.7 million as of December 31, 2023 to RMB7.3 million as of December 31, 2024 and further to RMB18.0 million as of December 31, 2025, primarily due to a slowdown in the collection of payments from certain clients driven by economic conditions and cash flow pressures faced by some clients.
Financial Information · 第 220 页
The Directors are of the view that the outstanding trade and bills receivables as of June 30, 2026 are recoverable and that the provision for loss allowance is adequate.
This amount increased to RMB87.0 million as of December 31, 2025, primarily attributable to our enhanced credit and strategic support for distribution channels on the online e-commerce platform, as well as the robust growth of our overseas distribution business.
Financial Information · 第 232 页
Our trade and bills receivables turnover days increased to 20 days in 2025 and 24 days for the five months ended May 31, 2026, which is primarily due to the higher period-end trade and bills receivables balance.
Financial Information · 第 232 页
As of June 25, 2026, approximately RMB39.1 million, or 35.1% of our trade and bills receivables outstanding as of May 31, 2026, had been subsequently settled.
Our prepayments, other receivables and other assets increased from RMB17.4 million as of December 31, 2024 to RMB28.4 million as of December 31, 2025, primarily attributable to (i) an increase in our input value-added tax in line with our cumulative spending in connection with our operations and R&D activities, which is expected to be deducted from future value-added tax payable on our revenue after the commercialization of our product candidates, (ii) an increase in prepayments for property, plant and equipment in relation to our purchase of R&D equipment, (iii) an increase in prepayments made to external research institutions in relation to clinical trials of our Core Product, and (iv) our deferred [REDACTED] expense in relation to our proposed [REDACTED].
Financial Information · 第 253 页
As of July 31, 2026, RMB1.2 million, or approximately 20.1% of our current portion prepayments as of June 30, 2026 had been subsequently settled.
Our trade and bills receivables increased significantly from RMB13.4 million as of December 31, 2024 to RMB58.7 million as of December 31, 2025 and further increased by 22.1% to RMB71.7 million as of June 30, 2026, primarily due to the increased trade receivables driven by the growth in sales of our robots and robotics solutions.
Financial Information · 第 244 页
Our trade and bills receivables turnover days increased to 51 days as of December 31, 2025 and further increased to 87 days for the six months ended June 30, 2026, primarily driven by the expansion of our sales scale and the increased sales of robotics solutions, which generally involve a longer collection cycle.
Financial Information · 第 245 页
In addition, our trade and bills receivables turnover days in 2023, 2024 and 2025 and the six months ended June 30, 2026 were below the industry average of 141 days in 2025.
Our trade and bills receivables increased from RMB4,999.7 million as of December 31, 2023 to RMB6,051.7 million as of December 31, 2024, primarily due to the significant increase in sales volume toward the end of 2024.
Financial Information · 第 178 页
Our trade receivables turnover days increased from 48 days in 2023 to 80 days in 2024, primarily due to the higher ending balance of our trade receivables.
Financial Information · 第 179 页
Our expected credit losses on financial assets increased by 107.6% from RMB61.2 million in 2024 to RMB127.1 million in 2025, primarily due to the increase in trade receivables in line with our sales growth, resulting in a corresponding increase in the provision for credit losses.
Our prepayments, deposits and other receivables increased from RMB299.4 million as of December 31, 2023 to RMB585.7 million as of December 31, 2024, to RMB1,024.5 million as of December 31, 2025, and further increased to RMB1,353.3 million as of March 31, 2026, primarily due to the increase in prepayments for raw materials and energy as we expanded our production and operating scale.
Our current prepayments, other receivables and other assets increased by 15.4% from RMB20,800.5 million as of December 31, 2025 to RMB24,000.7 million as of May 31, 2026, primarily due to an increase in prepayments and prepaid expenses of RMB2,868.4 million in line with the growth of our commodity trading business.
Financial Information · 第 183 页
For suppliers that require advance payments, we apply a control framework for advance payment limits, supported by qualification reviews, credit assessments and on-site evaluations to assess supplier strength and determine prudently whether to grant such limits.
Business · 第 123 页
As of June 12, 2026, RMB5,803.3 million, or 24.1% of our prepayments, other receivables and other assets as of May 31, 2026, had been settled.
Our trade and other receivables further increased from S$20.7 million as at 31 December 2024 to S$42.5 million as at 31 December 2025, primarily due to (i) our expansion of business; and (ii) an increase in retention receivables due to the increase in the number of projects we had.
Financial Information · 第 206 页
Our average turnover days of trade receivables increased to 39 days in 2025, mainly due to a project where we received late payment from the main contractor.
Financial Information · 第 207 页
As at 31 July 2026, approximately S$11.4 million or 62.1% of our trade receivables outstanding as at 30 June 2026 were settled.
In 2023, 2024 and 2025, our trade receivables turnover days were 65 days, 117 days and 143 days, respectively.
Financial Information · 第 241 页
The turnover days increased significantly to 326 days in the four months ended April 30, 2026, mainly because revenue of RMB122.1 million from Hungary during the period, for which only a small advance payment had been received.
Financial Information · 第 241 页
As of June 30, 2026, RMB38.3 million, or 5.6%, of our trade receivables as of April 30, 2026 had been subsequently settled, primarily because limited collections were received during May and June 2026.
In particular, the prepayments to suppliers increased from RMB1.9 million as of December 31, 2024 to RMB44.8 million as of December 31, 2025 and further to RMB247.1 million as of April 30, 2026, primarily for raw materials we procured to support the significantly increase in the sales volume of our ESS solutions and products.
Financial Information · 第 239 页
(i) an increase of RMB202.3 million in prepayments to suppliers, mainly due to additional procurement in advance to secure a stable supply of core equipment and raw materials, in line with our expanding business scale;
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
应收账款规模大且部分客户账期长达两至四年
Our credit period is generally 7 to 360 days except for certain customers who are allowed to make payments by installments in two to four years, depending on the specific payment terms in each contract.
Financial Information · 第 249 页
Our trade receivables (on a net basis) increased by 12.1% from RMB917.9 million as of December 31, 2023 to RMB1.03 billion as of December 31, 2024, primarily due to new product launches in late 2024 for which receivables were subsequently settled in 2025.
Financial Information · 第 249 页
Our impairment losses on financial assets increased significantly from RMB2.5 million in 2024 to RMB12.0 million in 2025, primarily due to a higher proportion of long-aged trade receivables.
In 2024, the expected credit losses on trade receivables and contract assets increased to RMB10.5 million, reflecting an increase in the risk of credit defaults, which was primarily driven by a higher volume of receivables and a challenging operating environment for a certain customer.
Financial Information · 第 215 页
During the Track Record Period, we recorded a loss allowance of trade receivables as one customer experienced financial distress, and the relevant amount has been provided for in full.
Financial Information · 第 227 页
We primarily provide credit terms of 30 to 120 days for major customers, with whom we have stable, long-term relationships.
Our trade and bills receivables increased from RMB4,146.6 million as of December 31, 2023 to RMB6,227.2 million as of December 31, 2024, primarily due to the increase in our sales.
Financial Information · 第 237 页
Our trade and bills receivables turnover days decreased from 87 days in 2023 to 68 days in 2024, primarily due to the increase in revenue generated from Customer A, which had shorter credit period.
Financial Information · 第 237 页
As of June 30, 2026, RMB2,323.3 million, or approximately 38.4% of our trade and bills receivables as of May 31, 2026 were subsequently settled.
Our cash conversion cycle was 253 days, 173 days, 129 days and 169 days in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Financial Information · 第 241 页
The relatively long trade and bills receivables turnover days in 2023 was mainly driven by a higher proportion of sales to an OEM with payment terms involving an initial three-month credit period followed by settlement through six-month bank acceptance bills, resulting in a longer collection cycle.
Financial Information · 第 241 页
Beginning in 2024, we implemented measures to enhance collections and improve inventory management, including defining clearer credit limits and terms, linking collection performance to sales incentives, enhancing monitoring of receivables aging, streamlining billing and milestone processes, and strengthening procurement planning and inventory control to better align purchasing with demand.
Our trade and bills receivables increased by 34.4% from RMB1,649.2 million as of December 31, 2024 to RMB2,217.2 million as of December 31, 2025, mainly due to (i) the consolidation of trade and bills receivables held by Shanghai Discovery following its acquisition into our Group in August 2025 and (ii) an increase in sales.
Financial Information · 第 250 页
The increase in the long-aged receivables in 2025 was primarily due to the consolidation of trade and bills receivables following our acquisition of Shanghai Discovery in August 2025.
Financial Information · 第 251 页
As of May 31, 2026, RMB1,018.0 million, or 47.6% of our trade and bills receivables as of March 31, 2026 had been settled subsequent to March 31, 2026.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
贸易及应收票据增至71.5亿元，周转天数上升
Our trade and bills receivables increased by 38.9% from RMB4,398.1 million as of December 31, 2023 to RMB6,108.9 million as of December 31, 2024, and further by 17.0% to RMB7,149.6 million as of December 31, 2025.
Financial Information · 第 224 页
Our trade receivables turnover days increased from 77 days in 2023 to 103 days in 2024 and to 106 days in 2025, primarily due to the general extension of payment cycle caused by intensified competition among downstream automotive manufacturer customers.
Financial Information · 第 226 页
As of May 31, 2026, RMB3,390.2 million, or 47.0% of our trade and bills receivables as of March 31, 2026, had been settled.
Our trade and bills receivables increased from RMB1.20 billion as of December 31, 2023 to RMB1.40 billion as of December 31, 2024, from RMB1.40 billion as of December 31, 2024 to RMB1.50 billion as of December 31, 2025, and from RMB1.50 billion as of December 31, 2025 to RMB1.63 billion as of April 30, 2026, in line with our business and revenue growth.
Financial Information · 第 205 页
Our trade and bills receivables and contract assets turnover days generally remained stable at 187, 175, and 181 days in 2023, 2024, and 2025, respectively.
Financial Information · 第 206 页
Our impairment losses increased by 42.7% from RMB52.5 million in 2024 to RMB74.9 million in 2025, primarily due to an increase in impairment provisions on trade receivables of RMB27.5 million resulting from expected default by certain clients in their payment obligations.
Our prepayments and other receivables increased by 355.3% from RMB41.8 million as of December 31, 2023 to RMB190.3 million as of December 31, 2024, and further increased by 94.1% to RMB369.3 million as of December 31, 2025.
Financial Information · 第 236 页
As our transaction volume increased and procurement scale expanded, we made more advance payments to upstream suppliers to secure supply and support larger order volumes, which resulted in a corresponding increase in prepayments during the periods.
Financial Information · 第 236 页
As of the Latest Practicable Date, RMB333.8 million, or approximately 65.2% of our prepayments and other receivables as of April 30, 2026 had been subsequently settled.
Our cash conversion cycle, calculated as inventory turnover days in each period plus the trade receivables turnover days in the respective period minus the trade payables turnover days in the respective period, was 268 days, 222 days 225 days and 229 days in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, which was largely driven by our inventory turnover days for the same periods.
Financial Information · 第 224 页
We adopt proactive inventory management measures to maintain our inventory at an optimal level, including adjusting our stocking volume in line with anticipated demand, engaging in collaborative planning with our suppliers, adopting a forecasting and replenishment model, and enhancing the visualization of our orders, so as to improve our inventory turnover efficiency.
Financial Information · 第 224 页
As of June 30, 2026, approximately RMB145.5 million, or 99.9% of our trade receivables as of March 31, 2026 had been subsequently settled.
Our trade and bills receivables substantially increased by 202.7% from RMB571.2 million as of December 31, 2023 to RMB1,729.3 million as of December 31, 2024, then increased by 1.0% to RMB1,747.4 million as of December 31, 2025 and further increased by 16.6% to RMB2,037.4 million as of April 30, 2026, primarily due to increased sales of new energy products to customers.
Financial Information · 第 212 页
We recorded trade and bills receivable turnover days of 30 days, 40 days, 56 days and 39 days during the Track Record Period.
Financial Information · 第 213 页
The increased trade and bills receivable turnover days from 2023 to 2025 was mainly due to the increased sales to our key customers who have relatively longer credit period.