We receive payments primarily from (i) public medical insurance programs under the PRC public social insurance regime; and (ii) patients who finance their medical treatments themselves and/or are funded by commercial insurance providers.
Business · p. 158
The slight decrease in our overall operational metrics during the Track Record Period was mainly attributable to the implementation of stricter national medical insurance policies and our strategy to maintain steady, high-quality development instead of continuous expansion.
The majority of our contracts are secured through open competitive bidding processes.
Business · p. 156
Our bidding activities primarily involve (i) open tenders organized by major state-owned enterprises, including leading power grid and communications operators; and (ii) project-specific tenders initiated by end-user clients.
Business · p. 157
Our customers primarily consist of state-owned infrastructure companies, electrical equipment manufacturers, and construction and manufacturing companies.
In the power sector, customers include the five major state-owned power generation groups.
Business · p. 167
Under the project-based direct sales, product orders are typically obtained through bidding processes, which may involve direct tenders from clients or tenders/negotiations initiated by general contractors.
Business · p. 168
The extended aging profile of the pump and pumping system business is primarily because we typically grant longer credit periods to our state-owned enterprise (SOE) customers, as they are characterized by strong creditworthiness, ample liquidity, and low default risks.
The portion of our wind and photovoltaic power generation revenue that was generated from the local branches of the State Grid Corporation of China amounted to RMB131.6 million, RMB214.6 million and RMB251.1 million in 2023, 2024 and 2025, respectively.
Business · p. 165
The on-grid tariff is determined in accordance with policies approved by the National Development and Reform Commission and relevant pricing authorities.
Business · p. 160
These contracts stipulate that we are to be compensated at either the benchmark tariff or the bidding tariff, in accordance with the applicable laws and regulations.
During the Track Record Period, the vast majority of our customers were end users of our products and solutions including municipal utility companies, state-owned enterprises, and companies in the petroleum, natural gas, chemical, and other industrial sectors as well as instrument manufacturers who integrate our sensors into their products for these downstream industries.
Summary · p. 3
The aggregate revenue generated from our five largest customers for each of the years ended December 31, 2023, 2024 and 2025 accounted for 15.9%, 13.7% and 20.2%, respectively, of our total revenue from continuing operations during the same year.
Business · p. 121
Our customer base includes large government-related and state-owned enterprise clients, which is a reflection of our business expansion into key sectors and a testament to the quality and reliability of our offerings.
This was because Hebei Shoulang primarily conducted direct sales to major state-owned oil and gas companies, which resulted in comparatively higher selling prices.
Summary · p. 2
A large proportion of the ethanol we produce is sold directly to major domestic oil and gas companies, who blend our ethanol into gasoline to meet fuel blending requirements.
Particularly, for contracts with state-owned or state-affiliated enterprise customers, they are generally required to select suppliers for any given project through a competitive tendering process, or request for proposal, depending on factors such as project complexity and contract value, in compliance with applicable PRC laws and regulations and their respective internal procurement policies.
Business · p. 142
In 2023, 2024 and 2025, revenue derived from contracts obtained through tenders was RMB276.3 million, RMB273.9 million, and RMB223.3 million, respectively, accounting for 59.4%, 53.4%, and 36.5% of our total revenue for the respective years.
For our survey, design and consultancy business, our main customers comprise state-owned power grid enterprises and private power generation enterprises.
Business · p. 156
During the Track Record Period, our downstream end markets are mainly different end users, such as subsidiaries of the major power grid enterprise in our region, namely China Southern Power Grid Co., Ltd. (中國南方電網有限責任公司) which is a CSOE responsible for investment, construction, and operation of power grids in five provinces in South China (i.e. Guangdong, Guangxi, Yunnan, Guizhou and Hainan).
Financial Information · p. 199
For power grid enterprises that utilised open tender process, we focus on demonstrating our technical qualifications, proven track record, and compliance with rigorous industry standards.
RMB587.8 million, or 74.7% of our trade and notes receivables as of December 31, 2025 was due from SOE customers or projects led by SOEs.
Financial Information · p. 243
While 74.6% of our trade receivables as of December 31, 2025 was from SOE customers or projects led by SOEs, they typically maintain strong credit profiles supported by strong financial discipline and rigorous financial oversight.
Business · p. 175
Our strategic decision to collaborate with SOEs, which dominate downstream application sectors such as agriculture, forestry, meteorology, oceanography, resource management, emergency response and smart cities, according to Frost & Sullivan, not only ensures receivable recoverability but also reinforces our positioning as a trusted partner for national initiatives.
To procure customers such as SOEs, we actively pursue tendering opportunities identified through strategic marketing initiatives including industry exhibitions and government procurement platforms.
Business · p. 157
We expect this trend to continue, as a result of our strategic shift towards private-sector clients, which is expected to reduce our risk exposure to the prolonged payment schedule associated with state-owned enterprises.
Business · p. 158
SOEs also often impose budgetary freezes at the beginning of their fiscal years, during which payments may be suspended for several months.
A statutory body wholly owned by the Hong Kong Government and is responsible for the operation and development of HKIA, with total assets of HK$280.8 million as of December 31, 2025
Business · p. 190
The success of the HKIA project and our long-standing relationship with HKIA demonstrates our ability to deliver autonomous driving solutions that meet the stringent safety and technical standards of international airports.
Summary · p. 2
In terms of safety enhancement, our autonomous fleet achieved 3.6 million kilometers of safe operation as of the Latest Practicable Date.
During the Track Record Period, our customers were primarily industrial enterprises, construction and engineering companies, commercial and public building operators, energy and utility companies as well as governments and state-owned entities.
Business · p. 134
Customer B (also a subsidiary of Supplier H) was one of our top five customers in 2023 and 2024. Supplier H is a state electricity corporation at provincial level that is primarily engaged in the generation and supply of electricity.
Business · p. 140
In January 2026, we entered into an intelligent energy operation and management contract with a state-owned enterprise of a large size for the provision of compressed air solutions.
Hospitals and medical institutions are one of our largest customer segments, accounting for 32.5% 37.0% and 38.4% of our total revenue in 2023, 2024 and 2025, respectively.
Business · p. 144
Most of our sales to public hospitals are facilitated through their public procurement processes, which are typically conducted annually.
Business · p. 144
We take pride in our long-term relationships with some of the largest and most well-known TCM hospitals in China, including five of the top 20 hospitals ranked in the “2022 Top 500 TCM Hospitals” list released by the Alibi Hospital Management Research Center, including the 2nd ranked Jiangsu Province Hospital of Chinese Medicine, the 13th ranked Affiliated Hospital of Chengdu University of Traditional Chinese Medicine, the 14th ranked Henan Provincial Traditional Chinese Medicine Hospital, the 16th ranked Chongqing Hospital of Chinese Medicine and the 20th ranked No. 1 Affiliated Hospital of Guangxi University of Traditional Chinese Medicine.
Our customers primarily include state-owned enterprises, financial institutions, Fortune Global 500 companies, China’s Top 500 private enterprises and government agencies in China.
Business · p. 116
During the Track Record Period, our average tender success rate for central state-owned enterprises was approximately 90%.
Business · p. 104
Upon successful bidding, customers typically enter into long-term framework agreements with us. These framework agreements typically define the scope of services, pricing mechanisms, fulfillment standards and compliance requirements, and form the basis for ongoing cooperation.
We recognize revenue from electronic waste recycling in accordance with the dismantling volume and allowance rates confirmed by the relevant government authorities.
Financial Information · p. 216
During the Track Record Period, we only recorded such revenue in 2023 and 2025, representing less than 0.5% and 1.7% of our revenue in respective period.
Financial Information · p. 216
Our trade and bills receivables decreased by 26.2% from RMB7,319.4 million as of December 31, 2024 to RMB5,399.8 million as of December 31, 2025, primarily due to (i) our enhancements in receivables management, and (ii) a decrease in trade receivables from industry allowances following the disposal of our subsidiaries engaged in the electronic waste recycling business.
The customers of our new energy investment and development business are primarily project owners and project investors. Most of these customers are state-owned enterprises located in Mainland China.
Many of our direct sales customers are public entities or state-owned enterprises including transportation infrastructure operators, urban rail transportation operators and local transportation authorities, and our contracts with them are often secured through open tender.
Business · p. 140
As a consequence, our various business segments have benefited significantly from the PRC government’s investments in transportation infrastructure, including investments in the construction and improvement of expressways, railways and urban traffic infrastructure.
Financial Information · p. 206
However, if the PRC government reduces spending on transportation infrastructure projects in China, and we fail to open up new markets in or outside China, our revenue growth could slow down or our turnover could decrease.
Our customers for clinical sequencing solutions primarily comprise hospitals and ICLs.
Business · p. 154
For sales to hospital customers, we participate in their public bidding process, which determines the price for our products.
Business · p. 144
our customers primarily comprise higher education institutions, public hospitals and reputable research institutes, which benefit from strong government funding support and demonstrate good credit histories with low default rates
For large-scale energy storage projects, we primarily target power grid companies, state-owned energy platforms and large energy groups through a direct sales model led by the headquarters key account team and supported by regional follow-up.
Business · p. 155
We are the sole battery supplier of the world's largest solid-liquid hybrid battery energy storage station, located in Wuhai, Inner Mongolia, with a capacity of 800 MWh, demonstrating our ability to deliver large-scale commercial deployment.
Business · p. 119
1 | Customer I | Power construction group; EPC contractor for ESS batteries 2025 | 394,558 | 41.8%
During the Track Record Period, our customers primarily included companies engaging in non-ferrous metal smelting and advanced processing and sales of metal products as well as government agencies and stateowned electricity companies.
Summary · p. 6
Customer E is a state electricity corporation engaged in the generation and supply of electricity and heat in China.
Business · p. 154
During the Track Record Period, most of our environmental services projects and environmental engineering projects were secured by tender or quotations.