Trade and other receivables

12 Months Ended

Dec. 31, 2024

Trade and other receivables [abstract]

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, outstanding 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.