Annual Report 2025

Sunny Optical Technology (Group) Company Limited • ANNUAL REPORT 2025 24 Management Discussion and Analysis 管理層討論與分析 As at 31 December 2025, the Group’s cash and cash equivalents were approximately RMB7,482.1 million (31 December 2024: approximately RMB4,508.7 million). The cash and cash equivalents were mainly denominated in RMB and USD. Operating Activities Cash inflow from operating activities was mainly generated from cash receipt from sales of the Group’s products. Cash outflow from operating activities was mainly used for the purchases of raw materials, selling and distribution expenses, R&D expenditure and administrative expenses. Net cash from operating activities was approximately RMB6,079.5 million for the year ended 31 December 2025 and net cash from operating activities was approximately RMB3,455.3 million for the year ended 31 December 2024. The trade receivables turnover days (average of the opening and closing trade receivables balances/revenue × 365 days) increased from approximately 70 days for the year ended 31 December 2024 to approximately 72 days for the year ended 31 December 2025. The trade payables and accrued purchases turnover days (average of the opening and closing trade payable and accrued purchases balances/cost of sales × 365 days) increased from approximately 87 days for the year ended 31 December 2024 to approximately 91 days for the year ended 31 December 2025. The increase in the trade payables and accrued purchases turnover days was mainly attributable to the strengthening of the Group’s management and control of the supply chains. The inventory turnover days (average of the opening and closing inventory balances/cost of sales × 365 days) increased from approximately 64 days for the year ended 31 December 2024 to approximately 69 days for the year ended 31 December 2025. The increase in the inventory turnover days was mainly attributable to the strategic stocking by the Group based on the customers’ requirements. 於二零二五年十二月三十一日，本集團的現 金及現金等值項目約人民幣 7 , 482 , 100 , 000 元（二零二四年十二月三十一日：約人民幣 4,508,700,000 元）。有關現金及現金等值項目 主要以人民幣及美元計值。 經營活動 經營活動所得現金流入主要來自本集團產品銷 售現金收入。經營活動所用現金流出主要用 於購買原材料、銷售及分銷開支、研發開支 及行政開支。截至二零二五年十二月三十一 日止年度的經營活動所得現金淨額約人民幣 6,079,500,000 元，而截至二零二四年十二月 三十一日止年度的經營活動所得現金淨額則約 人民幣 3,455,300,000 元。 貿易應收款項周轉日數（期初和期末貿易應收 款項平均餘額╱收入 ×365 日）由截至二零二四 年十二月三十一日止年度的約 70 日增加至截至 二零二五年十二月三十一日止年度的約 72 日。 貿易應付款項及應計採購額周轉日數（期初和 期末貿易應付款項及應計採購額之平均餘額╱ 銷售成本 ×365 日）由截至二零二四年十二月 三十一日止年度的約 87 日增加至截至二零二五 年十二月三十一日止年度的約 91 日。貿易應付 款項及應計採購額周轉日數的增加主要是由於 本集團加強了供應鏈管控。 存貨周轉日數（期初和期末存貨平均餘額 ╱ 銷售成本 ×365 日）由截至二零二四年十二月 三十一日止年度的約 64 日增加至截至二零二五 年十二月三十一日止年度的約 69 日。存貨周轉 日數的增加主要是由於為配合客戶要求，本集 團進行了策略性備貨。