SWEC(SH:600641) Zheng Quan Zhi Xing·2025-07-10 10:11Group 1 - The company's inventory turnover days for the real estate segment are projected to increase from 484.77 days in 2022 to 508.74 days in 2023 and further due to the reclassification of investment properties to inventory, resulting in a higher inventory balance by the end of 2024 [1] - The semiconductor segment shows a significant increase in inventory turnover days from 811.52 days in 2022 to 1,610.83 days in 2024, which is notably higher than industry peers, attributed to the transition from R&D to industrialization and longer procurement cycles for key components [1] - The company adopts a safety stock strategy of 12-18 months for critical raw materials, leading to a continuous increase in raw material amounts in line with production needs [1] Group 2 - The company has not recognized impairment provisions for its inventory as the estimated realizable value remains above cost, indicating a cautious approach to inventory impairment [2] - The auditor's review confirmed the effectiveness of the company's internal controls related to inventory and the reasonableness of its accounting policies for inventory impairment provisions [2] - The reclassification of investment properties to inventory is in compliance with accounting standards, and the provision for inventory impairment is deemed sufficient and prudent [2]