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Trade and other receivables | 12 Months Ended
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Dec. 31, 2024
Trade and other receivables [abstract] |
Trade and other receivables | 14. Trade and other receivables
|  | 31.12.2023 |  |  | 31.12.2024 |  |  | 31.12.2024 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Trade receivables, gross |  |  | 1,148,682 |  |  |  | 1,595,145 |  |  |  | 222,357 |
Less: Allowance for expected credit losses |  |  | (54,894 | ) |  |  | (227,133 | ) |  |  | (31,661 | )
Net trade receivables (Note 6.2) |  |  | 1,093,788 |  |  |  | 1,368,012 |  |  |  | 190,696 |
Bills receivable (i) |  |  | 6,318,789 |  |  |  | 7,209,989 |  |  |  | 1,005,044 |
Total (Note 32, Note 35) |  |  | 7,412,577 |  |  |  | 8,578,001 |  |  |  | 1,195,740 |
Amounts receivable: |  |  |  |  |  |  |  |  |
- joint ventures (trade) |  |  | 187,944 |  |  |  | 103,819 |  |  |  | 14,472 |
Less: Impairment losses – joint venture (trade) |  |  | — |  |  |  | (2,561 | ) |  |  | (357 | )
- associates and joint ventures (non-trade) |  |  | 10,212 |  |  |  | 12,725 |  |  |  | 1,774 |
Less: Impairment losses – joint venture (non-trade) |  |  | — |  |  |  | (10,456 | ) |  |  | (1,457 | )
- related parties (trade) |  |  | 212,706 |  |  |  | 129,809 |  |  |  | 18,095 |
- related parties (non-trade) |  |  | 4,016 |  |  |  | 9,376 |  |  |  | 1,307 |
Bills receivable in transit |  |  | 49,696 |  |  |  | — |  |  |  | — |
Grant receivables |  |  | 62,000 |  |  |  | 76,900 |  |  |  | 10,720 |
Sales consideration on disposal of a subsidiary due from the acquirer |  |  | 236,734 |  |  |  | 5,212 |  |  |  | 726 |
Others |  |  | 68,052 |  |  |  | 80,188 |  |  |  | 11,178 |
Less: Impairment losses – other receivables |  |  | (7,710 | ) |  |  | (7,710 | ) |  |  | (1,075 | )
Other receivables carried at amortized cost (Note 35) |  |  | 823,650 |  |  |  | 397,302 |  |  |  | 55,383 |
Tax recoverable |  |  | 108,844 |  |  |  | 143,463 |  |  |  | 19,998 |
Advances paid to suppliers |  |  | 77,527 |  |  |  | 153,488 |  |  |  | 21,395 |
Right of return assets |  |  | 36,026 |  |  |  | 117,836 |  |  |  | 16,426 |
Others |  |  | — |  |  |  | 26,371 |  |  |  | 3,676 |
Net other receivables |  |  | 1,046,047 |  |  |  | 838,460 |  |  |  | 116,878 |
Total trade and other receivables |  |  | 8,458,624 |  |  |  | 9,416,461 |  |  |  | 1,312,618 |
Note: (i) As of December 31, 2024, bills receivable includes bills received from joint ventures and related parties amounted to RMB 1.3 million (US$0.2 million) (2023: RMB 5.3 million) and RMB 1.1 billion (US$151.3 million) (2023: RMB 987.9 million) respectively. As of December 31, 2024, bills receivable amounted to RMB 16.4 million (US$2.3 million) (2023: RMB 12.5 million) was pledged to secure bank facilities (Note 26). Trade receivables are non-interest bearing and are generally on 60 - 90 days’ credit term. They are recognized at their original invoice amounts, net of sales rebates in the financial year. Non-trade balance due from associates, joint ventures and other related parties are unsecured, interest-free, and repayable on demand. Movement in the allowance for expected credit losses of trade and other receivables is as follows:
|  | 31.12.2023 RMB’000 |  |  | 31.12.2024 RMB’000 |  |  | 31.12.2024 US$’000 |
At January 1 |  |  | 39,001 |  |  |  | 62,604 |  |  |  | 8,726 |
Charge to consolidated statement of profit or loss (under “Selling, general and administrative expenses”) |  |  | 23,858 |  |  |  | 185,523 |  |  |  | 25,861 |
Written off |  |  | (264 | ) |  |  | (267 | ) |  |  | (37 | )
Translation difference |  |  | 9 |  |  |  | — |  |  |  | — |
At December 31 |  |  | 62,604 |  |  |  | 247,860 |  |  |  | 34,550 |
14. Trade and other receivables (cont’d) In addition, the Group wrote off trade receivables amounting to RMB 21.5 million (US$3.0 million) (2023: Nil) relating to amount due from specific customers as of December 31, 2024. As of December 31, 2023 and 2024, outs tanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 1.7 billion and RMB 1.0 billion (US$142.4 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2023 and 2024, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 1.6 billion and RMB 1.4 billion (US$189.5 million) respectively. For terms and conditions relating to related parties, refer to Note 29.

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