During the Track Record Period, our major customers comprised mostly local government authorities and electricity grid corporations.
Summary · p. 7
Our contracts generally provide for a credit period of 15 to 30 days for services fee contracts; in practice, service fees from our government customers are settled through their annual budgetary and treasury payment process so that actual settlement takes substantially longer than the contractual credit period.
Financial Information · p. 236
we consider our exposure to credit or payment collection risks to be manageable, as our customers primarily comprise government departments and state-owned enterprises with strong credit profiles, and they have continued to settle amounts past due, with substantially all of our trade receivables aged over one year settled within the following year.
We primarily serve large enterprises and government institutions across a broad range of industries, including finance, energy, transportation, telecommunications, manufacturing and public administration.
Business · p. 129
Facing slower economic conditions and tightened fiscal budgets in 2024, many such customers extended their internal approval procedures, postponed project kick-off and slowed acceptance progress.
Business · p. 130
Our revenue increased by 14.1% from RMB152.0 million for the six months ended June 30, 2025 to RMB173.5 million for the six months ended June 30, 2026, primarily attributable to (i) an increase in revenue generated from our AI and big data infrastructure software and related technical services from RMB111.1 million to RMB139.4 million, primarily driven by rising procurement demand from government and state-owned enterprise customers amid the accelerated adoption of AI across different industries in 2026; and (ii) an increase in revenue generated from our other business from RMB6.8 million to RMB7.7 million, mainly driven by higher sales of integrated software and hardware products.
Our distributors are legally established companies holding requisite medical device operation qualifications, primarily serving public hospitals and other medical institutions.
Business · p. 196
Distributors place orders based on terminal hospital procurement plans, budget execution progress, and reasonable safety stocking needs.
Business · p. 196
We establish the bidding and terminal prices for public procurement, and our distributors do not have the authority to independently adjust these established prices through their own negotiations with medical institutions.
Our M&E engineering customers primarily consist of government bodies and major main contractors in Singapore who manage large-scale developments for prominent property developers.
Summary · p. 3
Our public sector project portfolio includes projects for Singapore Government statutory boards which are responsible for public housing and infrastructure.
Summary · p. 3
Our Directors believe that by strategically balancing private contracts with the stable, government-funded cash flows of essential public projects, we are able to reduce our exposure to sector-specific regulatory measures, optimise workforce utilisation and maintain operational stability throughout shifting economic cycles.
The principal end users of these products were K12 schools, whose purchasing decisions were influenced by their respective budgetary allocations and spending cycles.
Business · p. 146
In 2024, the number of new distributors we engaged decreased, as we partnered with larger distributors possessing more robust financial resources and stronger sales capabilities in the local education sector.
Business · p. 146
Our education-related products and solutions are subject to fluctuations in demand that are influenced by the budgetary allocations and spending levels of schools, universities and other educational institutions, as well as by consumer discretionary spending.
Specifically, Customer A is a leading state-owned enterprise with dominant market positions in China's oil and gas sector, with substantial business demand and extensive operational networks.
Business · p. 123
Most of our customers have adopted open tender policies for outsourcing testing and inspection services.
Business · p. 117
We generally identify open tender opportunities through our regular monitoring of publicly available information sources, including industry websites, customer procurement portals, and government tender platforms.
Our customers primarily consist of CDCs at the county or district level across the PRC.
Business · p. 188
We are required to participate in the public tender and re-tender process held by provinciallevel CDCs to sell our products, which are, or are expected to be, Class II vaccines, in China.
Business · p. 185
The success rates for provincial vaccine tenders during the Track Record Period were 100% for all products.
During the Track Record Period, our customers mainly included hospitals and hospital groups, healthcare companies, and health regulatory departments, and also include intermediaries engaged by certain of our clients.
Business · p. 163
We generally conduct our businesses with hospital customers through bidding processes.
Business · p. 165
Having considered that during the Track Record Period, (a) the trade and other receivables balances were mainly amounts due from those customers with good credit, including the public hospitals and government branches, among others, (b) there were no material ongoing disputes with such customers, (c) our customers had been making continuous subsequent repayment to us and their historical repayment patterns generally were consistent, and (d) the stringent credit management policy and increased effort carried out by our Directors in collection of trade and other receivables, our Directors are of the view that there is no material recoverability issue for the trade and other receivables and sufficient provision has been made for trade and other receivables for each year during the Track Record Period.
Our customers mainly include major state-owned power groups and large private enterprises.
Business · p. 121
During the Track Record Period, we secured new businesses mainly through (i) tender opportunities; or to a lesser extent, (ii) quotation request by customers.
To the best knowledge of the Directors according to public information, these major airport groups are state-owned enterprises.
Business · p. 127
In the intelligent driving safety segment, we generated revenue of RMB45.5 million in 2024 from large-scale deployments in Henan Province, with the customer for such deployments being a state-owned enterprise, which continued in 2025.
Financial Information · p. 255
Our customers in this segment comprise state-owned airport and large commercial entities which are reputable and reliable counterparties with established operating histories and sound credit profiles.
These customers are typically large state-owned or major private mining firms, with rigorous technical standards and strong commitments to automation and digital transformation.
Business · p. 154
As of December 31, 2025, we had 13 end customer groups, and our technology has been deployed across 30 mining sites of leading mining groups including CHN Energy, SPIC, TBEA, Zijin Mining, Shougang Group, Guanghui Energy, and Baowu Group.
Business · p. 123
Our track record with leading mining companies has supported the development of a stable customer base, as evidenced by a 100% retention rate across all of our end customer groups for three consecutive years between 2023 and 2025.
During the Track Record Period, substantially all of our customers were provincial-level and county-level CDCs, to which we typically grant a credit period of 180 days.
Summary · p. 5
To sell our products, which are classified as Category II vaccines in China, we are required to participate in public tender and re-tender processes organized by provincial-level CDCs.
Business · p. 164
During the Track Record Period, with respect to our rabies vaccine products, we had participated in public tenders in 30 provinces with tender success rates of 90%, 93% and 96% in 2023, 2024 and 2025, respectively; with respect to our influenza vaccine products, we had participated in public tenders in 31 provinces with tender success rates of 94%, 97% and 93% in 2023, 2024 and 2025, respectively.
We have developed a joint venture model with state-owned public transport enterprises to effectively tap into regional public transport markets, and such joint ventures have emerged as our growth driver during the Track Record Period.
Business · p. 111
Under our joint venture partnership, state-owned public transport enterprises exhibit, stable demand and high business continuity, which effectively underpins our recurring revenue and long-term business stability.
Business · p. 111
With 63 joint ventures launched as of the Latest Practicable Date, this model has enabled us to establish long-term and stable relationship with public transport customers and deepen our market penetration in selected local markets.
For the years ended December 31, 2023, 2024 and 2025, our revenue derived from direct settlement through public medical insurance programs accounted for 55.7%, 56.6% and 58.4% of our total revenue for the same years, respectively.
Financial Information · p. 258
As of April 30, 2026, RMB54.2 million, or approximately 65.0% of our trade receivables as of December 31, 2025 were subsequently settled.
Financial Information · p. 259
We had not experienced any material failure to collect trade receivables from our customers during the Track Record Period and up to the Latest Practicable Date.
Our direct sale customers are primarily comprised of (i) customers of our GNSS chips and modules, (ii) public enterprises and government institutions of our GNSS-related solutions, which are mainly engaged in water conservancy and hydropower, land and geological disaster prevention, mine tailings facilities, and vehicle monitoring sectors, and (iii) customers from our comprehensive chips and modules business, which are mainly engaged in consumer electronics and transportation industries.
Business · p. 181
However, due to changes in local government funding priorities and delays in implementation, the project did not proceed as anticipated.
Business · p. 162
Going forward, we plan to deepen our participation in government and industry projects and can be customized for different application scenarios.
our VBP coverage rate increased from 3.3% in 2023 to 53.9% in 2024 and further to 82.0% in 2025.
Business · p. 179
In August 2023, our Human TAT participated in the centralized VBP scheme organized by the Beijing-Tianjin-Hebei pharmaceutical alliance and was selected as the exclusive winner with an allocated share of 100%.
Business · p. 179
End customers primarily comprised public hospitals, private hospitals, clinics and other medical institutions.
SOEs and government entities | 55,168 | 19.7 | 117,585 | 41.8 | 131,195 | 34.5
Business · p. 133
SOEs principally engaged in industries such as telecommunications and finance and government entities such as the National Medical Products Administration (國家藥品監督管理局), Ministry of Agriculture and Rural Affairs (農業農村部), Bureau of Statistics (統計局), Bureau of Economy and Information Technology (經濟和信息化局), Development and Reform Commission (發展和改革委員會) and Bureau of Justice (司法局).
Summary · p. 2
Besides, we also offered one to two years credit period to some customers including SOEs and government entities customers due to (i) our trust in those customers; (ii) enhancing customer loyalty and establishing relationships; and (iii) long credit terms were a prerequisite for those customers to accept tendering or quotation, which formed part of the bidding terms.
We typically participate in tendering and bidding processes initiated by our customers and also secure orders through strategic cooperation arrangements and repeat purchases by existing customers.
Business · p. 121
Customer A is a wholly state-owned company headquartered in Beijing, China. It mainly engages in investment, construction and operation of power grids.
Business · p. 123
Our customers are mainly grid corporations, new energy and conventional power producers, as well as industrial power users, as well as customers in sectors such as steel, metallurgy, petroleum, chemical and port equipment enterprises.
Under our Trunk Pilot and Trunk City businesses, we primarily provide autonomous driving solutions and services to logistics enterprises, local government platform companies and transportation enterprises.
Business · p. 155
These customers include two large-scale state-owned enterprises, which generally follow stringent and lengthy internal approval, budgeting and fund settlement processes, leading to slower payment progress relative to other customers.
we have established long-term service relationships with key customers including two large national-level grid groups and the top five power generation groups and their subsidiaries, and regional power companies.
Business · p. 139
Given the nature of our customer base, which predominantly consists of central and state-owned enterprises in the power sector, we secure most of our products and solutions contracts via competitive public tendering.