Annual Report 2024

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 137 The United Laboratories International Holdings Limited Annual Report 2024 39. FINANCIAL INSTRUMENTS (Continued) Financial risk management objectives and policies (Continued) Credit risk and impairment assessment (Continued) The following table shows the movement in lifetime ECL that has been recognised for all trade receivables under the simplified approach. Lifetime-ECL Lifetime ECL (not credit- (credit- impaired) impaired) Total RMB’000 RMB’000 RMB’000 At 1 January 2023 6,839 – 6,839 Changes due to trade receivables recognised at 1 January 2023: – Impairment losses reversed (6,726) – (6,726) Newly originated trade receivables 12,346 – 12,346 At 31 December 2023 12,459 – 12,459 Changes due to trade receivables recognised at 1 January 2024: – Impairment losses reversed (12,417) – (12,417) Newly originated trade receivables 13,124 38,547 51,671 Write-off – (38,547) (38,547) At 31 December 2024 13,166 – 13,166