Our trade receivables, other receivables and prepayments increased from USD98.0 million as of December 31, 2024 to USD215.9 million as of December 31, 2025, primarily due to the increased sales amounts in December 2025.
Financial Information · 第 201 页
In 2023, 2024 and 2025, our trade receivables turnover days were 59 days, 99 days and 168 days, respectively.
Financial Information · 第 202 页
To enhance receivables management, we have adopted a series of operational and structural measures.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
EPC合同3%-5%质保金留存12-24个月
Most of our EPC contracts include payment schedules which require progressive milestone payments to be made over the project execution period.
Financial Information · 第 190 页
Under these agreements, our clients generally retain 3% to 5% of the contract value as a warranty for the completed EPC works for a period of 12 to 24 months.
Financial Information · 第 190 页
This retained amount is recognised within our contract assets and is only released and collected upon the expiration of the defect liability or retention period.
Our trade receivables/notes receivables measured at FVTOCI increased to RMB326.0 million as of December 31, 2025, in line with our sales growth.
Financial Information · 第 243 页
Our trade receivables turnover days increased from 130.6 days in 2023 to 181.2 days in 2024, primarily due to the expansion of our customer base and the extension of our credit terms from generally up to 90 days to up to 180 days for customers in good standing to attract and retain customers as we penetrate new markets and establish relatively long-term business relationships.
Financial Information · 第 244 页
As of April 30, 2026, RMB122.4 million or approximately 45.9% of our trade receivables as of December 31, 2025 had been settled.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
应收账款及票据持续上升，周转天数延长
During the Track Record Period, our trade and bills receivables increased from RMB36.8 million as of 31 December 2023 to RMB56.1 million as of 31 December 2025.
Financial Information · 第 246 页
As of 31 December 2023, 2024 and 2025, our average trade and bills receivables turnover days was 71.1 days, 120.1 days and 139.8 days, respectively, which was in line with the credit period we generally grant to our customers in maximum of 360 days.
Financial Information · 第 247 页
In particular, amid the economic downturn in recent years, some state-owned customers experienced delays in payment due to factors such as delay in payment from their project owner or end customer, delay in project progress, internal fund allocation, and approval procedures, which led to an increase in trade and bills receivable balance at period end.
Our trade and notes receivables increased from RMB270.7 million as of December 31, 2024 to RMB382.1 million as of December 31, 2025, primarily due to an increase in trade receivables of RMB108.7 million, which was generally in line with our revenue growth and the growing demand for our products.
Financial Information · 第 242 页
Our average trade receivables turnover days decreased from 91 days in 2023 to 83 days in 2024 and further to 72 days in 2025.
Financial Information · 第 243 页
As of May 31, 2026, RMB386.2 million, or approximately 98.8% of our gross trade receivables as of December 31, 2025 had been subsequently settled.
Subsequently, our net trade and bills receivables increased significantly to RMB235.1 million as of December 31, 2025. This substantial increase was generally in line with our rapid revenue growth during the year.
Financial Information · 第 212 页
Our trade and bills receivables turnover days decreased significantly from 89 days in 2023 to 51 days in 2024, primarily driven by the substantial increase in the proportion of overseas customers with shorter credit periods.
Financial Information · 第 213 页
As of April 30, 2026, RMB227.0 million, approximately 96.0% of our gross trade and bills receivables outstanding as of December 31, 2025, had been subsequently settled.
The trade and bills receivables of our digitalization and business solutions business accounted for 82.7%, 92.4%, 95.6% and 92.8% of our total trade and bills receivables as of December 31, 2023 and 2024 and 2025 and April 30, 2026, respectively.
Financial Information · 第 256 页
The trade and bills receivables turnover days of our digitalization and business solutions business increased from 2023 to 2024, mainly because payments from certain customers were delayed.
Financial Information · 第 256 页
The reason for the overdue and the prolonged settlement of the trade and bills receivables during the Track Record Period was primarily due to (i) delay due to the customers' internal procedure, (ii) we understand that certain customers' liquidity position was constrained and (iii) change in certain customers' management which resulted in a delay in acceptance.
Our prepayments, deposits and other receivables increased by 7.7% from RMB118.4 million as of December 31, 2023 to RMB127.5 million as of December 31, 2024, and further increased by 20.6% from RMB127.5 million as of December 31, 2024 to RMB153.8 million as of December 31, 2025, primarily attributable to higher advance payments to suppliers for procurement of infant formula, which generally ask for advance payments from us.
Our trade receivables increased from RMB360.3 million as of December 31, 2023 to RMB432.8 million as of December 31, 2024, and further increased substantially to RMB953.0 million as of December 31, 2025.
Financial Information · 第 271 页
As of April 30, 2026, RMB657.0 million, or 68.9% of our trade receivables as of December 31, 2025, had been subsequently settled.
Financial Information · 第 272 页
Our trade receivables turnover days, decreased from 148 days in 2023 to 109 days in 2024, and further decreased to 105 days in 2025.
Our trade and bills receivables increased by 34.5% from RMB121.7 million as of December 31, 2023 to RMB163.6 million as of December 31, 2024, primarily due to our growing sales during the Track Record Period.
Financial Information · 第 248 页
Our trade and bills receivables turnover days increased from 174.1 days in 2024 to 198.6 days in 2025, primarily because we allowed some customers to pay at a slightly longer cycle based on our long-term, stable relationship with them.
Financial Information · 第 248 页
As of April 30, 2026, RMB70.5 million, or 37.0%, of our trade and bills receivables as of December 31, 2025, had been settled.
We had trade and bills receivables of RMB174.5 million, RMB307.2 million and RMB586.6 million as at 31 December 2023, 2024 and 2025, respectively.
Financial Information · 第 246 页
As at 31 December 2023, 2024, and 2025, our trade receivables aged over one year, net of allowance, represented 5.6%, 17.2%, and 30.3%, respectively, of our total net trade receivables.
Financial Information · 第 253 页
To the best knowledge of our Directors, the outstanding trade receivables were primarily due to our direct customers being system integrators whose payment to us depends on their collection from the airports, being the end users.
Our trade and notes receivables increased from RMB115.4 million as of December 31, 2023, to RMB619.7 million as of December 31, 2024 and further to RMB1,090.7 million as of December 31, 2025, primarily driven by the significant increase in our revenue and business scale.
Financial Information · 第 230 页
In 2023, 2024 2025, our trade receivables turnover days were 48.8 days, 86.9 days, and 168.5 days, respectively.
Financial Information · 第 231 页
We have recorded cash conversion cycles of 34.1, 62.2 and 130.0 days for 2023, 2024 and 2025, respectively.
Our trade and bills receivables increased from RMB517.5 million as of December 31, 2024 to RMB566.6 million as of December 31, 2025, mainly attributable to expanded collaboration with public transport enterprises, which are granted longer credit periods.
Financial Information · 第 195 页
We generally grant a credit period ranging from 30 to 180 days.
Financial Information · 第 195 页
We seek to maintain strict control over our outstanding receivables and overdue balances are reviewed regularly by senior management.
During the Track Record Period, we usually grant our customers a credit term of (i) within 36 months for equipment sales; and (ii) within six months for material sales; and (iii) 30 to 60 days for printing services.
Financial Information · 第 201 页
Our trade receivables turnover days decreased from 196.9 days in 2024 to 189.1 days in 2025, primarily as a result of our adoption of a more selective customer engagement approach to optimize our customer base, as we increasingly focus on customers with pricing and credit profiles more aligned with our risk and return considerations.
Financial Information · 第 201 页
Our net impairment losses on financial and contract assets increased significantly from RMB1.4 million in 2023 to RMB12.0 million in 2024, primarily attributable to additional impairment provisions recognized for certain long-aged receivables from historical customers, following our reassessment of the recoverability of such receivables in connection with the implementation of our customer portfolio optimization measures in 2024 and in accordance with applicable accounting standards.
Our total trade and bills receivables increased from RMB2,340.8 million as of December 31, 2023 to RMB2,731.6 million as of December 31, 2024, further increased to RMB2,944.1 million as of December 31, 2025, primarily due to continued business expansion and revenue growth.
Financial Information · 第 214 页
We generally grant credit terms of approximately 30 to 120 days.
Financial Information · 第 215 页
As of April 30, 2026, RMB1,539.4 million, or 51.8%, of our trade receivables as of December 31, 2025 had been subsequently settled.
Our trade receivables subsequently increased to RMB545.4 million as of December 31, 2025, primarily due to sales growth.
Financial Information · 第 197 页
During the Track Record Period, substantially all of our customers were provincial-level and county-level CDCs, to which we typically grant a credit period of 180 days.
Business · 第 167 页
Our Directors believe that we have sufficient working capital to meet our present and future cash requirements for at least the next 12 months from the date of publication of this document.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
贸易及其他应收款增至5.51亿元且减值上升
Our trade and other receivables increased from RMB99.4 million as of December 31, 2023 to RMB245.5 million as of December 31, 2024, and further increased to RMB551.0 million as of December 31, 2025, in line with our revenue growth.
Financial Information · 第 205 页
Our impairment on trade and other receivables increased from RMB4.3 million in 2024 to RMB46.4 million in 2025, primarily due to an increase in the balance of our trade and other receivables as of December 31, 2025 compared with December 31, 2024, which resulted in a higher impairment provision.
Financial Information · 第 196 页
Our trade and bills receivables turnover days decreased from 77 days in 2024 to 50 days in 2025, primarily due to our proactive collection efforts and stricter credit control.
Our trade and other receivables further increased from RMB353.0 million as of December 31, 2024 to RMB439.6 million as of December 31, 2025, primarily due to (i) an increase in trade receivables, net of loss allowance from third parties of RMB82.3 million due to an increase in the sales volume to certain of major customers in our comprehensive chips and modules business, and (ii) an increase of RMB8.7 million in prepayment for purchase of chipsets, raw materials and service as a result of our strategic inventories build up at the end of 2025, in anticipation of growing market demand for our products in the foreseeable future.
Financial Information · 第 251 页
Our trade receivables turnover days increased from 88 days in 2024 to 96 days in 2025, primarily due to an increase in the sales volume to customers who were granted longer credit term in our comprehensive chips and modules business.
Financial Information · 第 252 页
As of April 30, 2026, RMB234.2 million or 67.0% of our gross trade receivables (before loss allowance) as of December 31, 2025 had been subsequently settled.
Our trade and other receivables increased from RMB244.5 million as of December 31, 2023 to RMB353.0 million as of December 31, 2024, primarily due to an increase of RMB58.3 million in prepayment mainly for purchase of chipsets, raw materials and services which is generally in line with our business growth.