Our trade receivables turnover days during the Track Record Period were longer than the standard credit period of up to 90 days that we offered to our customers
Financial Information · 第 224 页
Our trade and bills receivables turnover days increased from 144.2 days in 2023 to 163.2 days in 2024, and further increased to 229.1 days in 2025 and 272.5 days for the four months ended April 30, 2026.
Financial Information · 第 224 页
As of the Latest Practicable Date, RMB87.4 million, or 33.6% of our trade and bills receivables as of April 30, 2026, had been settled
众安信科（深圳）股份有限公司Zhongan Information Technology (Shenzhen) Co., Ltd.
贸易应收款项大幅增加及周转天数上升
Our trade receivables mainly represented amounts due from customers for solutions provided in the ordinary course of business, amounted to RMB72.6 million, RMB153.9 million and RMB197.6 million and RMB199.2 million as at December 31, 2023 and 2024 and 2025 and May 31, 2026, respectively.
Financial Information · 第 241 页
Our trade receivables turnover days increased from 71 days for the year ended December 31, 2023, to 134 days for the year ended December 31, 2024, mainly due to a temporary disruption in our invoicing arrangements with our clients arisen from the relocation of our Company’s registered address from Shanghai to Shenzhen as the we were in the process of applying to the local tax authority to expand its invoicing limit.
Financial Information · 第 243 页
As at the Latest Practicable Date, RMB57.5 million, or 29.2% of our trade receivables outstanding as at May 31, 2026, had been subsequently settled.
众安信科（深圳）股份有限公司Zhongan Information Technology (Shenzhen) Co., Ltd.
其他应收款及预付款项大幅上升
Other receivables and prepayments increased from RMB0.9 million as at December 31, 2024 to RMB14.7 million as at December 31, 2025, primarily because of the increase in other prepayments from RMB0.6 million to RMB6.7 million, mainly as a result of (i) the increase in prepayments to travel agencies for travel expenses, to IT solution providers for cloud resources and software licenses, to external labor suppliers for project implementation, and to marketing agencies for marketing activities; and (ii) the prepayment for [REDACTED] of [REDACTED].
Financial Information · 第 244 页
As at Latest Practicable Date, RMB4.1 million, or 24.7% of our other receivables and prepayments as at May 31, 2026, had been subsequently settled/utilized by us.
Our trade receivables increased from approximately RMB8.1 million as of December 31, 2024 to approximately RMB16.9 million as of December 31, 2025 primarily due to the increase in trade receivables due from customers from our CRO Services business and our MAH Business as of December 31, 2025, in line with the increase in revenue from our MAH Business for the year ended December 31, 2025.
Financial Information · 第 253 页
Our average trade receivables turnover days increased from 65 days for the year ended December 31, 2024 to 83 days for the year ended December 31, 2025 and further increased to 88 days for the five months ended May 31, 2026, primarily due to increase in competition.
Financial Information · 第 253 页
Up to June 30, 2026, approximately RMB3.0 million or 25.0% of our trade receivables as at May 31, 2026 had been settled by our customers after the Track Record Period.
Our trade and other receivables increased from RMB192.1 million as of December 31, 2023 to RMB228.7 million as of December 31, 2024, and further increased to RMB258.4 million as of December 31, 2025 and further increased to RMB301.2 million as of April 30, 2026, primarily due to the increase in trade receivables which was in line with our overall business growth.
Financial Information · 第 224 页
Our trade and bills receivables turnover days remained relatively stable at 98 days in 2023 and 2024, and slightly increased to 106 days in 2025 and then increased to 115 days for the four months ended April 30, 2026, primarily due to the increased balance of trade and bills receivables attributable to our business growth.
Financial Information · 第 224 页
Taking into account the foregoing, and our expected credit loss assessment, our Directors are of the view that there is no material recoverability issue in respect of our trade receivables and that the loss allowance made for trade receivables was sufficient as of December 31, 2023, 2024, 2025 and April 30, 2026.
The increases were primarily due to the increase in the number of retailers and expanded retail revenue, which generally enjoy longer credit periods than our other customers.
Financial Information · 第 221 页
Our trade receivables turnover days increased from 3.0 days in 2023 to 4.8 days in 2024, and then increased to 7.2 days in 2025, which then increased to 10.5 days for the three months ended March 31, 2026, primarily due to the increase in the number of retailers and expanded retail revenue.
Financial Information · 第 221 页
The increase in trade receivables aged over 120 days as of March 31, 2026 was primarily attributable to amounts due from certain customers under “goods first, then payment” arrangements.
Our trade receivables increased significantly from RMB129.7 million as of December 31, 2023 to RMB518.7 million as of December 31, 2024, primarily due to the expansion of our business scale and the increase in sales, which resulted in higher receivables.
Financial Information · 第 223 页
Payment reminders are promptly issued to customers with overdue balances, and we may, depending on the circumstances, suspend the delivery of new orders to customers with significant overdue payments.
Financial Information · 第 224 页
As of June 30, 2026, RMB190.4 million, or 31.0% of our trade receivables as of May 31, 2026 had been settled.
Our trade and notes receivables at amortized cost increased from RMB2,904.8 million as of December 31, 2023 to RMB4,670.6 million as of December 31, 2024 and further increased to RMB6,349.5 million as of December 31, 2025 and increased to RMB9,648.1 million as of March 31, 2026, primarily attributable to our increased sales from our customer.
Financial Information · 第 258 页
Our trade receivables turnover days decreased from 71 days in 2023 to 56 days in 2024, 53 days in 2025, and 37 days in the three months ended March 31, 2026.
Financial Information · 第 259 页
As of May 31, 2026, RMB7,690.6 million, or 80.1%, of our trade receivables as of March 31, 2026 had been subsequently settled.
Our trade receivables turnover days increased from 180 days in 2023 to 240 days in 2024 due to (i) a decrease in our revenue in 2024 in line with our strategy to progressively scale down our business in intelligent energy and environmental projects and (ii) the adverse impact on project settlement resulted from the operating challenges faced by certain of our intelligent energy and environmental projects customers in the photovoltaic and lithium battery industries.
Financial Information · 第 192 页
We made provision for ECL of RMB65.7 million, RMB86.9 million, RMB59.1 million and RMB7.4 million in 2023, 2024, 2025, and the three months ended March 31, 2025, respectively.
Financial Information · 第 183 页
According to Frost & Sullivan, our trade and bills receivables turnover days were generally in line with the industry norm.
Our trade and other receivables further increased to RMB264.2 million as of April 30, 2026, primarily due to the increase in trade receivables arising from new equipment sales during the four months ended April 30, 2026.
Financial Information · 第 209 页
We recorded a reversal of impairment on trade and other receivables and contract assets of RMB4.4 million in 2024, compared with impairment losses of RMB16.4 million in 2025, primarily due to impairment losses recognized on certain other receivables in 2025 as a result of the increased credit risk of a third party.
Financial Information · 第 202 页
As of May 31, 2026, approximately RMB28.4 million, or 14.0%, of our trade receivables as of April 30, 2026, had been settled.
Trade receivables further increased by 55.5% from HK$63.3 million as of March 31, 2025 to HK$98.4 million as of March 31, 2026.
Financial Information · 第 230 页
Average trade receivables turnover days increased from 55 days for the year ended March 31, 2024 to 60 days for the year ended March 31, 2025, and further to 64 days for the year ended March 31, 2026.
Financial Information · 第 231 页
As of May 31, 2026, HK$44.3 million, or 45.6%, of our trade receivables as of March 31, 2026 had been fully settled.
Our trade and bills receivables turnover days (calculated by dividing the average of the beginning and ending balance of trade and bills receivables for that period by the revenue for the relevant period and multiplied by 365/90 days) increased from 95.0 days in 2023 to 108.6 days in 2024, primarily due to the prolonged settlement process with our large enterprise customers.
Financial Information · 第 239 页
As of December 31, 2023, 2024 and 2025 and March 31, 2026, impairment allowance for trade and bills receivables was RMB1,093.1 million, RMB927.9 million, RMB1,082.2 million, and RMB1,124.2 million, respectively.
Financial Information · 第 238 页
As of May 31, 2026, RMB290.7 million, or approximately 12.3% of our trade and bills receivables as of March 31, 2026 had been subsequently settled.
Our balance of trade and bills receivables increased from RMB79.5 million as of December 31, 2023 to RMB134.7 million as of December 31, 2024, primarily due to our business expansion and sales growth.
Financial Information · 第 214 页
Our trade and bills receivables turnover days increased from 36 days in 2023 to 62 days in 2024, primarily due to the extended settlement cycle of certain end customer as a result of change of sales model.
Financial Information · 第 215 页
As of June 30, 2026, RMB57.5 million, or 42.3% of our total trade and bills receivables as of May 31, 2026, had been settled.
Our current prepayments, deposits and other receivables further increased by 30.3% to RMB79.3 million as of December 31, 2025, and remained relatively stable at approximately RMB79.3 million as of December 31, 2025 and May 31, 2026, mainly due to the increase in prepayments related to wafers and WLCSP raw materials procurement in anticipation of growing demand and production volume.
Financial Information · 第 215 页
As of June 30, 2026, RMB18.7 million, or 37.8% of our prepayments as of May 31, 2026, had been settled.
Our trade and notes receivables increased from RMB28.1 million as of December 31, 2023 to RMB141.1 million as of December 31, 2024. Such increase was primarily due to our increase in revenue and a substantial increase in demand from customer, to whom we granted more favorable credit terms considering the significant sales volume.
Financial Information · 第 190 页
Our trade and notes receivables turnover days increased to 83.8 days for the three months ended March 31, 2026, primarily due to the extension of our credit terms for core customers with long-term relationship with us.
Financial Information · 第 191 页
As of May 31, 2026, 40.4% of our total trade receivables as of March 31, 2026, or RMB100.9 million, were settled.
Our trade and bills receivables increased from RMB98.1 million as of December 31, 2023 to RMB102.5 million as of December 31, 2024, further to RMB114.5 million as of December 31, 2025 and RMB124.4 million as of March 31, 2026, primarily driven by the continued growth in our revenue and sales volume, which led to a corresponding increase in amounts due from customers.
Financial Information · 第 195 页
As of May 31, 2026, RMB53.2 million, or 84.2% of our trade receivables as of March 31, 2026, have been subsequently settled. Therefore, we do not expect any material collection issue with respect to our trade receivables.
Financial Information · 第 196 页
Our other receivables, deposits and prepayments increased from RMB47.4 million as of December 31, 2025 to RMB83.6 million as of March 31, 2026, primarily due to an increase in prepayments of RMB31.7 million, resulting from (i) a significant increase in advance payments to suppliers, resulting from our proactive advance procurement of raw materials, in preparation for the peak summer sales season; and (ii) an increase in prepaid marketing expenses, resulting from our continued investment in advertising, e-commerce promotion and other marketing activities.
Our trade and bills receivable increased from RMB626.0 million as of December 31, 2023 to RMB970.6 million as of December 31, 2024, and further to RMB1,039.3 million as of December 31, 2025, primarily due to the increase in trade receivables and bills receivable, which was in line with our revenue growth and business expansion.
Financial Information · 第 159 页
Our trade and bills receivable turnover days increased from 175 days in 2024 to 204 days in 2025 in line with our business expansion and the continued use of bank acceptance bills and commercial bills by certain customers.
Financial Information · 第 160 页
Our trade and bills receivable turnover days were longer than the credit terms generally granted to our customers, primarily due to (i) the time required for us and our customers to complete customer reconciliation, which resulted in a time lag between the date of revenue recognition and the invoice date, and (ii) the use of bills for settlement.
Our trade and notes receivables increased from RMB914.8 million as of December 31, 2023 to RMB1,069.7 million as of December 31, 2024, primarily due to an increase in sales.
Financial Information · 第 232 页
Our trade receivables turnover days decreased from 134 days in 2023 to 112 days in 2024, then decreased to 103 days in 2025, and further decreased to 97 days, primarily due to the continued trend of increasing sales contribution from customers with shorter credit terms.
Financial Information · 第 233 页
As of May 31, 2026, RMB292.8 million, or 28.7%, of our trade and notes receivables as of April 30, 2026 had been subsequently settled.
Our trade and bills receivables increased significantly from RMB341.4 million as of December 31, 2023 to RMB647.8 million as of December 31, 2024, then to RMB672.1 million as of December 31, 2025, and further to RMB828.2 million as of April 30, 2026, generally in line with our business growth.
Financial Information · 第 253 页
Our trade receivables turnover days increased in 2025, primarily due to the higher proportion of revenue recognized towards year-end from customers with relatively longer credit terms, such as Customer G, which led to a higher balance of trade receivables outstanding as at year-end.
Financial Information · 第 254 页
As of May 31, 2026, RMB174.1 million, or 22.9%, of our trade receivables as of April 30, 2026 had been subsequently settled.
Our prepayments, deposits and other receivables increased significantly from RMB823.4 million as of December 31, 2025 to RMB3,952.7 million as of April 30, 2026, primarily due to an increase in the prepayments for raw materials.
Financial Information · 第 250 页
Our trade receivables increased by 129.2% from RMB982.6 million as of December 31, 2025 to RMB2,252.5 million as of April 30, 2026, primarily due to the increase in our revenue.
Financial Information · 第 249 页
(iii) current financial assets at fair value through profit or loss; (iv) available bank facilities; and (v) the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital for our requirements for at least the next 12 months from the date of this document.