营运资金（应收、预付及现金周期）

Our trade receivables increased from RMB55.1 million as of December 31, 2023 to RMB152.6 million as of December 31, 2024, and further increased to RMB330.1 million as of December 31, 2025. The increases in our trade receivables were generally in line with our robust revenue growth.

Our trade receivable turnover days remained relatively stable at 30.4 days, 31.8 days, and 36.3 days in 2023, 2024 and 2025, respectively, primarily because we generally granted customers the credit terms of approximately one month, and payments from customers were generally settled within approximately one month.

As of May 31, 2026, RMB326.4 million, or 98.4%, of our trade receivables as of December 31, 2025 had been settled.

Our trade receivables increased from HK$12.7 million as of December 31, 2023 to HK$26.9 million as of December 31, 2024 and subsequently further increased to HK$73.1 million as of December 31, 2025.

Our average trade receivable turnover days decreased from 203 days in 2023 to 162 days in 2024 and further to 159 days in 2025.

The relatively long turnover period primarily reflects the nature of our sales arrangements with major overseas customers.

Certain of our major customers participate in bank-sponsored supply chain financing programs arranged with their relationship banks, under which participating banks invite suppliers, including our Group, to join such financing program.

Loss on derecognition of trade receivables measured at FVTOCI represents the difference between the carrying amount of certain trade receivables and the consideration received upon their early settlement under a bank-sponsored supply chain financing arrangement.

an increase in loss on derecognition of trade receivables measured at FVTOCI, which amounted to HK$4.5 million in 2025 as compared to HK$0.8 million in 2024

In January 2023, EpimAb Suzhou entered into an agreement with a third party to dispose its non-current assets and consumables at a total consideration of RMB120.0 million (excluding taxes), of which the first instalment of RMB65.0 million was paid upon delivery and the remaining will be paid within four years.

The total consideration of the disposal was determined based on an asset valuation conducted by an independent third-party valuer.

As of April 30, 2026, approximately RMB11.4 million, representing 25.2% of our current prepayments, other receivables and other assets as of December 31, 2025, were subsequently settled.

receivables increased significantly from RMB6.3 million as of December 31, 2024 to RMB41.8 million as of December 31, 2025, primarily due to (i) the extended credit terms granted to certain agents; and

Our trade receivables turnover days increased to 19 days in 2025, primarily due to the extended credit terms granted to certain agents.

As of April 30, 2026, all of our trade receivables as of December 31, 2025 had been subsequently collected.

Our prepayments and other receivables increased from RMB4.0 million as of December 31, 2023 to RMB11.7 million as of December 31, 2024, and further increased to RMB16.2 million as of December 31, 2025.

These increases were primarily due to the increases in prepayments to suppliers, mainly representing prepayments for wafer procurement to secure production capacity, the amounts of which are correlated with our sales scale and operational needs.

As of April 30, 2026, RMB14.2 million, or 87.3%, of our prepayments and other receivables as of December 31, 2025 had been subsequently settled.

Our trade and bill receivables increased by 452.4% from RMB140.4 million as of December 31, 2024 to RMB775.6 million as of December 31, 2025, primarily due to an increase in our bill receivables, which was in line with the significant increase in sales of our CNT slurry products.

Our trade and bill receivables turnover days increased from 50 days in 2023 to 57 days in 2024, primarily due to the increase in the proportion of revenue from our key domestic customers, to whom we granted longer credit periods.

During the Track Record Period, we did not experience any significant losses associated with our trade and bill receivables, and the fluctuation in our trade and bill receivables did not have any material adverse impact on our liquidity or cash flows.

Our trade and bills receivables and contract assets gradually increased from RMB117.4 million as of December 31, 2023 to RMB168.3 million as of December 31, 2024, and further increased to RMB208.1 million as of December 31, 2025, which was in line with our growing revenues.

Our trade and bills receivables turnover days (including contract assets) were 249 days, 209 days and 229 days as of December 31, 2023, 2024 and 2025, which are calculated as the average of beginning and ending balance of trade and bills receivables and contract assets for the period divided by revenue for that period and multiplied by the number of days (i.e. 365 days) during such period.

As our customers, including those which are large-scale state-owned enterprises and industry leaders, adopt centralized procurement and internal approval chains that could extend the payment process beyond standard contractual terms.

Our trade receivables increased from RMB238.6 million as of December 31, 2023 to RMB474.7 million as of December 31, 2024, mainly due to the trade receivables from an online music platform customer and a large concert held at the end of 2024, both of which were not due for settlement in 2024.

Our trade receivables decreased from RMB474.7 million as of December 31, 2024 to RMB104.0 million as of December 31, 2025, primarily as we recovered a considerable amount of trade receivables from online music platform customers.

Our trade receivables turnover days remained relatively stable at 88 days in 2023 and 92 days in 2024, which then decreased to 81 days in 2025, primarily due to our enhanced collection efforts facilitating the settlement of trade receivables.

Our trade and bills receivables (net of impairment) increased significantly from RMB544.9 million as of December 31, 2024 to RMB1,596.8 million as of December 31, 2025, primarily due to (i) our increase in trade receivables from customers that have not reached their settlement periods as of December 31, 2025; and (ii) the growing proportion of orders from our Chinese distributors being settled on credit terms driven by end-customer demand and the practice of installment sales among their competitors.

Our trade and bills receivable turnover days increased from 15.6 days in 2024 to 23.2 days in 2025, primarily due to (i) our increase in trade receivables from customers that have not reached their settlement periods as of December 31, 2025; and (ii) the growing proportion of orders from our Chinese distributors being settled on credit terms driven by end-customer demand and the practice of installment sales among their competitors.

As of April 30, 2026, approximately RMB1,371.8 million, or 80.9% of our trade and bills receivables as of December 31, 2025, had been settled.

We recorded net impairment losses on financial assets of RMB17.3 million, RMB40.1 million and RMB12.7 million in 2023, 2024 and 2025, respectively.

Our net impairment losses on financial assets increased by 131.8% from RMB17.3 million in 2023 to RMB40.1 million in 2024, primarily due to increased losses related to other receivables.

Our net impairment losses on financial assets decreased by 68.2% from RMB40.1 million in 2024 to RMB12.7 million in 2025, primarily due to our enhanced collection efforts related to trade receivables.

We generally incur costs for platform media resources, influencer collaboration and project execution before receiving full payment from customers.

Our trade and notes receivables turnover days remained relatively stable at 166 days in 2023 and 159 days in 2024, and then decreased to 145 days in 2025, primarily due to our business growth and increased revenue, improved customer mix, enhanced receivables collection management and improved customer credit profile in 2025.

As of April 30, 2026, RMB411.5 million, or 69.4%, of our trade receivables outstanding as of December 31, 2025 had been subsequently settled.

Our cash conversion cycle, calculated as inventory turnover days in each year plus the trade receivable turnover days in the respective period minus the trade payables turnover days in the respective period, was 528 days, 538 days and 325 days in 2023, 2024 and 2025, respectively

Our trade receivables turnover days increased from 201 days in 2023 to 246 days in 2024, primarily due to our decision to extend the credit term for customers with long-term relationship with us and good credit profile.

Our trade receivables turnover days decreased from 246 days in 2024 to 207 days in 2025, mainly as a result of our enhanced management of trade receivables and collection effort.

Our trade and bills receivables then increased to RMB103.2 million as of December 31, 2025, primarily due to an increase in trade receivables which was in line with the expansion of our sales of Human TAT.

Our trade and bills receivables turnover days were 124.5 days, 116.6 days and 132.6 days in 2023, 2024, and 2025, respectively.

To ensure the timely collection of trade receivables and improve cash flow management, we have implemented several measures.

Our trade and bills receivables increased from RMB229.1 million as of December 31, 2023 to RMB279.0 million as of December 31, 2024, and further increased to RMB593.9 million as of December 31, 2025, primarily due to an increase of trade receivables driven by an increase in our product sales.

our Directors believe that there is no material recoverability issue and that we have sufficient provision for impairment.

As of the Latest Practicable Date, RMB582.0 million, or 97.6% of our trade and bills receivables as of December 31, 2025 had been subsequently collected.

Our trade receivables turnover days increased from 51.0 days in 2024 to 82.6 days in 2025, primarily due to (i) the increase in the average balance of trade receivables and (ii) longer credit periods granted to new customers in 2025 to secure long-term business collaboration.

We believe there was no recoverability issue for the trade receivables aged over one year and that sufficient provisions have been made, for the following reasons: (i) as at December 31, 2025, trade receivables aged over one year amounted to RMB4.4 million, representing only approximately 1.2% of the total trade receivables, and therefore constituted a minor portion of the total balance;

As of May 31, 2026, RMB287.7 million, or 65.6%, of our trade and bills receivables as of December 31, 2025, had been settled.

Our trade and bills receivables, net of impairment, increased from RMB68.4 million as of December 31, 2023 to RMB122.6 million as of December 31, 2024, and further to RMB204.7 million as of December 31, 2025, primarily due to the growth of our revenue during the same period, as well as a shift in our application mix with a higher proportion of solutions that have longer delivery cycles and an increased revenue contribution from large, reputable customers, to whom we offer more flexible credit terms.

Our trade receivables turnover days increased from 119 days in 2025 to 225 days for the three months ended March 31, 2026, primarily because a major part of our revenue is recognized at mid-year and at the end of the year.

In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, we recorded impairment losses on financial and contract assets of RMB2.6 million, RMB1.5 million, RMB5.0 million, RMB1.3 million and RMB5.7 million, respectively.

Our trade receivables, net of allowance for credit losses, then increased by 40.5% from RMB314.1 million as of December 31, 2024 to RMB441.3 million as of December 31, 2025, driven by increased sales of biopharmaceuticals.

The trade receivables turnover days in each period during the Track Record Period were in line with the credit term we generally provide for our customers.

As of April 30, 2026, RMB383.8 million, or 87.0%, of our trade receivables, net of allowance for credit losses, as of December 31, 2025 had been subsequently settled.

Our prepayments and other receivables increased by 111.6% from RMB88.2 million as of December 31, 2023 to RMB186.6 million as of December 31, 2024.

Our prepayments and other receivables increased by 114.5% from RMB186.6 million as of December 31, 2024 to RMB400.3 million as of December 31, 2025.

As of April 30, 2026, RMB99.5 million, or 24.9%, of our prepayments and other receivables as of December 31, 2025 had been subsequently settled.

December 31, 2025, primarily due to (i) the increase in trade receivables from contracts with customers, as a result of the increase in revenue in the fourth quarter of 2025, and (ii) the increase in prepayments to suppliers, in connection with our increased raw material purchases near year end.

Our trade receivables turnover days increased from 70 days in 2024 to 77 days in 2025, primarily due to the increase in revenue in the fourth quarter of 2025.

As of April 30, 2026, RMB321.7 million, or 99.2% of our trade receivables as of December 31, 2025, had been subsequently settled.