Full outsourcing without own production facilities
Hong Kong IPO disclosure precedents · 91 companies, 91 items
The company owns no or minimal production facilities and outsources all or substantially all manufacturing (e.g. fabless semiconductor models) to third-party foundries, contract manufacturers or OSAT partners, with associated supply and pricing dependence.
Under this cooperation framework, we primarily focus on platform operations, technology development, brand promotion and rider management, while our driver and car partners provide and manage vehicle and/or driver resources.
Business · p. 115
In 2023, 2024 and 2025, we worked with a total of 1,011, 1,163 and 1,666 driver and car partners, respectively.
Business · p. 115
We retain broad supervision rights over the service quality and compliance performance of driver and car partners and may require corrective actions based on operational and compliance performance.
We engage reputable OEMs for chip packaging and the production of wafers and chips. We also engage ODMs for services such as chip verification.
Business · p. 165
In addition, as a fabless company, we adopt an ODM/OEM model, under which certain chip production is outsourced to major foundries, contract manufacturers and OEMs, while we focus on product design and solution development.
Under our fabless model, we focus on R&D and sales while outsourcing wafer production, packaging and testing to third parties.
Business · p. 141
In particular, capacity allocation, reservation and production scheduling are inherent constrained by available resources from our suppliers.
Financial Information · p. 206
During cooperation, we provide suppliers with only essential chip layout information, without disclosing other core intellectual property such as circuit design documentation or source code.
We operate under a fabless business model, which means we focus primarily on the design, development, testing, and sales of CMOS image sensors while outsourcing the wafer manufacturing processes to world-class production partners.
Business · p. 125
In addition, we engage qualified testing service providers to conduct certain reliability and performance tests on our sensors, including failure analysis and reliability tests.
Business · p. 141
While most packaging are outsourced to our production partners, we have gradually taken some packaging capability in-house through our subsidiary Changguang Yuanxin since 2022.
Based on our customers’ mass production chip orders, we procure wafers from foundries and packaging and testing services from packaging and testing service providers on an outsourced basis in order to complete the manufacturing of chips.
Business · p. 139
This involves engaging third-party wafer foundries for fabrication and OSAT partners for packaging and testing.
Financial Information · p. 158
Furthermore, we are foundry- and OSAT-neutral, which enables collaboration with all major global foundries and OSAT partners rather than being constrained by any single partner’s roadmap.
Our production model is centered on design-driven, outsourced manufacturing.
Business · p. 158
We currently do not own or operate major production facilities; instead, we rely on a carefully selected and managed network of qualified third-party suppliers for component processing and final assembly.
Business · p. 158
These agreements explicitly prohibit suppliers from disclosing, copying, or reverse-engineering our technical documents, designs, and specifications.
Under virtual IDM business model, we focus on R&D and the sales of our products, while outsourcing all wafer production, IC packaging and testing to third parties.
Business · p. 165
Comprehensive supplier management and regular audits are conducted to maintain high standards across the entire production process.
In terms of production, we provide design molds, engage in close collaboration with a network of qualified manufacturing partners, and implement rigorous quality control and supply chain management systems to improve manufacturing process and ensure our standards are consistently met.
Summary · p. 2
We source finished toy products and molds from pop toy and mold factories.
Business · p. 164
Our procurement agreements with suppliers usually include terms to ensure that any commissioned production conducted by suppliers will be previously confirmed by us in writing.
Operating under a fabless business model, we concentrate our resources on IC design, platform development and market-driven innovation, while partnering with leading foundries and outsourced semiconductor assembly and test (“OSAT”) providers to transform our designs into high-quality, scalable products.
Business · p. 109
As a semiconductor company operating under a fabless model, we depend on third-party foundries for wafer fabrication and OSAT partners for packaging and testing.
Financial Information · p. 185
We typically place purchase orders based on rolling demand forecasts extending up to 12 months, which may be updated from time to time with reference to historical demand trends, market dynamics, and our management team’s industry insights.
For instance, we rely on third-party manufacturers to produce our private label offerings.
Business · p. 151
In addition, we collaborate with upstream manufacturers to develop private-label products, which allow us to respond quickly to ever-evolving consumer preferences with agility, and deliver products that are either priced with affordability or differentiated in quality and features.
Financial Information · p. 226
We implement strict supplier selection criteria and thorough vetting procedures, which demonstrate our dedication to food safety and product quality. We also engage third-party institutions to conduct quality control assessment of the suppliers’ manufacture factories.
To ensure optimal efficiency and uphold stringent quality control standards, we selectively partnered with reliable OEM providers and also a factory in which we hold minority equity interests for the production of our products throughout the Track Record Period.
Business · p. 131
In 2023, 2024, and 2025, we engaged 15, 14, and 10 OEM providers for the production of our main products.
Business · p. 131
In addition, we adjust production volume by certain OEM providers from time to time, which reduces our reliance on any single provider.
We operate under the fabless model and focus on the design of chips. We outsource wafer fabrication and chip packaging and testing activities for mass production to third-party business partners.
Business · p. 146
To ensure ongoing quality control during mass production, our suppliers are required to provide monthly reports to our quality center, including wafer, packaging, and testing yield reports.
Business · p. 172
To ensure quality and supply chain resilience, we will build an in-house ATE testing platform with specialized equipment, talent, and systems integration to reduce reliance on third-party testing, improve yield rates, and accelerate time-to-market.
During the Track Record Period and up to the Latest Practicable Date, all of our drug candidates, including their APIs were manufactured by reputable CDMOs we engaged with whom we have a stable, long-term relationships.
Business · p. 199
In line with our commercialization schedule, we will continue to engage CDMOs to implement certain manufacturing processes, such as the production of APIs, to improve cost and compliance efficiency.
We primarily rely on our third-party logistics service suppliers to provide logistics solutions to our customers.
Financial Information · p. 267
During the Track Record Period, we had collaborated with 68 third-party logistics service providers and entered into framework collaboration agreements with 56 of them.
Financial Information · p. 267
Our profitability depends in part on our relationship with these third-party logistics service suppliers enabling us to secure sufficient capacity at favourable rate.
We rely on contract manufacturers for our manufacturing needs.
Business · p. 206
We require some manufacturers to procure the core components, such as switch chips, optical fiber jumper connectors and optical fiber cores, from our designated raw material brands for certain products, ensuring the high-quality standard of our self-branded products.
Business · p. 206
Our arrangements with contract manufacturers generally provide for quality, cost and delivery requirements, as well as manufacturing process terms; flexibility regarding capacity, quality and cost management; and oversight of manufacturing.
We operate under a fabless model, concentrating on in-house IC design while outsourcing the entire manufacturing process — including wafer fabrication, packaging and testing — to foundries.
Business · p. 118
During the Track Record Period and up to the Latest Practicable Date, we did not experience any significant fluctuation in prices set by our suppliers, material breach of contracts on the part of our suppliers, or delay in delivery of our orders from our suppliers.
Under our business model, we focus on the R&D and design of our modules and solutions, and we outsource the manufacturing to third-party EMS providers.
Summary · p. 9
As of December 31, 2022, 2023, 2024 and September 30, 2025, we had 11, 13, 16 and 13 EMS providers, respectively.
Business · p. 246
Our on-site quality control team stationed at the EMS provider’s manufacturing facility, also closely manages and monitor the process to ensure the manufactured modules and solutions conform to our standards.
We employ a fabless business model and use third-party foundries and assembly contractors to manufacture, assemble and test our SoCs.
Business · p. 209
While the assembly and testing are outsourced, we typically outline testing protocols and quality standards, and set an assembly yield rate with assembly contractors.
Business · p. 209
During the Track Record Period, we engaged seven foundries and 26 assembly contractors, primarily from Taiwan, Jiangsu and Zhejiang.
We operate with a fabless model, focusing on the design process and outsource the IC manufacturing, packaging and testing.
Business · p. 206
During the Track Record Period, we had business relationship with five, five, five and five foundries and five, seven, eight and nine packaging and testing service providers in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Business · p. 207
We have established a comprehensive supplier management system, which requires all core suppliers to hold an ISO 9001 Quality Management System certification.