Annual Report 2024

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 114 The United Laboratories International Holdings Limited Annual Report 2024 27. CONTRACT LIABILITIES 2024 2023 RMB’000 RMB’000 Receipts in advances from customers 96,119 115,584 At 1 January 2023, contract liabilities amounted to RMB132,484,000. The following table shows how much of the revenue recognised for the years relates to the contract liabilities at the beginning of the year: 2024 2023 RMB’000 RMB’000 Revenue recognised during of the year 115,584 132,484 When the Group receives an amount from certain new customers before products are delivered to and received by the customer, this will give rise to a contract liability at the beginning of a contract, until the revenue recognised on the relevant contract exceeds the amount received. 28. LEASE LIABILITIES 2024 2023 RMB’000 RMB’000 Lease liabilities payable: Within one year 4,781 2,509 Within a period of more than one year but not more than two years 5,080 1,668 Within a period of more than two years but not exceeding five years 7,549 2,654 Within a period of more than five years 38 – 17,448 6,831 Less: Amount due for settlement with 12 months shown under current liabilities (4,781) (2,509) Amount due for settlement after 12 months shown under non-current liabilities 12,667 4,322 The weighted average incremental borrowing rates applied to lease liabilities at 4.8% (2023: 5.4%).