The 2025 annual report, pp.195–196, shows CNY218.8 million of new capitalized R&D and CNY157.3 million transferred to intangible assets, not current profit or loss. Development expenditure reached CNY259.5 million in the 2026 interim report, p.153.
Visionox's 2025 R&D expense decline combines lower total investment with higher capitalization. Project movement tables track the cost into intangible assets and an expanding development balance, while the 2026 figures and a new consolidation boundary qualify the interpretation.
The 2025 annual report, p.180, shows CNY504.1 million of non-cash increases within a CNY568.7 million rise in long-term payables, including current portions. The 2026 interim report, p.140, then records CNY430.0 million of cash reductions and a CNY391.5 million balance decline.
East's 2025 financing-liability reconciliation records CNY504.1 million of non-cash additions to long-term payables. Cash-receipt, carrying-value, and contractual-payment bridges identify the missing transaction-level explanation, while substantial first-half 2026 settlement counters a simple debt-accumulation thesis.
The 2025 annual report, p.193, carries CNY5.569 billion of assurance-warranty provisions based on remaining warranty months and an average service rate. The 2024 report, p.161, separately moves CNY2.295 billion of 2023 warranty expense from selling costs to cost of sales.
Sungrow estimates warranty obligations from products still covered, remaining months, and an average service rate. The closing balance, an expense reclassification, retention assets, and strong cash resources explain why investors need a cohort and movement bridge before judging product economics or future service costs.
The 2025 annual report, p.283, records CNY415.5 million for a future purchase of Gorka's then-held DiaSys interest. The 2026 interim bridge, p.216, shows its CNY23.6 million decrease was entirely non-cash, not repayment.
A price-floor clause disclosed in the original DiaSys acquisition leaves a conditional future equity purchase obligation. Its accounting balance changes without cash settlement, while strong group cash generation and the contract's unresolved pricing inputs keep the analysis focused on capital commitments rather than an immediate liquidity alarm.
The 2025 annual report, p.58, states that the same credit or debt arrangements can be listed in both company-to-subsidiary and subsidiary-to-subsidiary categories, causing repeated counting. The reported CNY1.308 billion aggregate and 172.78% ratio are not a reconciled measure of distinct debt.
Offcn explicitly states that compound guarantees cause repeated counting in its headline totals. Debt, support obligations, restricted assets, and cash-flow bridges explain why the aggregate is not unique principal, while deduplication alone does not resolve the financial-flexibility question.
The 2025 annual report, p.47, describes provisional-price recognition and subsequent approved-price adjustments. The same report, p.222, marks significant contract changes or significant transaction-price adjustments as not applicable; the reviewed tables do not quantify revenue or receivables awaiting price approval.
Kylinsec describes revenue recognized at provisional prices once recognition conditions are met, with later approved-price differences adjusting revenue. The annual report does not quantify that cohort and marks significant price adjustments as not applicable. Receivable and cash-flow bridges show why pricing uncertainty must remain distinct from credit loss.
The 2025 annual report, p.195, and 2026 interim report, p.157, retain a CNY89,809,600 payable to Leren and state that the advance is to be returned after the relevant recovery or compensation is obtained.
A CNY89.8 million advance supplied cash after an Italian subsidiary's scam loss. The related-party note ties its return to recovery or compensation, while the cash-flow tables reveal how limited its contribution was to overall operating cash generation.
The 2026 interim report, pp.97–98, identifies CNY25.426 billion of related-party deposits accepted by the finance subsidiary, not deposits made by the listed company with its parent. Changes in two rows on pp.33–34 account for CNY57.206 billion of the CNY57.572 billion operating cash-flow increase.
Two financial cash-flow rows reconcile approximately 99.36% of Moutai's first-half 2026 operating cash-flow increase. The deposit note, consolidation boundary, and cash composition explain why that surge is not a direct measure of liquor cash conversion or immediately distributable surplus.