Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 83 The United Laboratories International Holdings Limited Annual Report 2023 5. REVENUE AND SEGMENT INFORMATION (Continued) (i) Disaggregation of revenue from contracts with customers (Continued) For the year ended 31 December 2022 Intermediate Bulk Finished Segments products medicine products Total Elimination Consolidated RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Types of products – 6-APA 800,893 – – 800,893 – 800,893 – Antibiotics products – 5,168,835 3,062,977 8,231,812 – 8,231,812 – Insulin Products – – 1,095,957 1,095,957 – 1,095,957 – Others 798,312 5,891 401,397 1,205,600 – 1,205,600 Revenue from contracts with customers 1,599,205 5,174,726 4,560,331 11,334,262 – 11,334,262 Inter-segment sales 2,718,504 870,178 – 3,588,682 (3,588,682) – Segment revenue 4,317,709 6,044,904 4,560,331 14,922,944 (3,588,682) 11,334,262 All of the Group’s revenue is recognised at a point in time during the years ended 31 December 2023 and 2022. (ii) Performance obligations for contracts with customers and revenue recognition policies Revenue is recognised at a point of time when control of the goods has been transferred, being when the goods have been delivered to port of discharge or the customer’s specific location as stipulated in the sales agreement. The Group satisfied its performance obligations upon shipment or upon delivery in accordance with the contract signed with customers, who start to bear the risks of obsolescence and loss in relation to the goods. (iii) Transaction price allocated to the remaining performance obligation for contracts with customers Contracts for sale of pharmaceutical products are typically non-cancellable. The contracts for sales of products have expected duration of one year or less. As permitted under HKFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.