We maintain a network of more than 1,200 professional service partners, which is essential in strengthening our product delivery capacity.
Business · p. 154
We exclusively own and are entitled to use all the rights and interests, including but not limited to intellectual property rights, in the work product produced during the course of implementation by our professional service partners.
Business · p. 148
Our obligation of making each payment is conditional upon receipt of corresponding payment from customers.
As of December 31, 2023, 2024 and 2025, we had 94, 45 and 119 third-party marketing service providers.
Business · p. 162
In 2023, 2024 and 2025, our third-party marketing service fees accounted for 29.7%, 9.5% and 25.5% of our revenue in the same year, respectively.
Business · p. 163
Each service provider operates within a designated region, and for each product, we engage only one service provider per county to ensure that each CDC customer is covered exclusively by a single third-party marketing service provider.
This network operates under a mixed model of self-operated capacity as the foundation, core outsourced transportation as the mainstay, and flexible supplemental capacity to ensure an optimal balance among stability, scalability and cost efficiency.
Business · p. 129
Our self-operated capacity accounts for approximately 24% of the total domestic trunk capacity and is deployed on high-frequency trunk routes among East China, South China and other major hubs.
Business · p. 129
Supplier selection is conducted through a rigorous, multi-factor evaluation process that assesses, among others, transportation capacity and network coverage, qualifications, historical delivery performance and cost competitiveness.
On the commercialization side, we have developed a hybrid commercialization model primarily led by our in-house team and complemented by contract sales organizations (“CSO”), with a marketing system covering functions including marketing, medical affairs, sales and commercial operations, supporting the continued ramp-up of our marketed products and the future commercialization of our pipeline candidates.
Summary · p. 2
We promote and commercialize our products primarily through our in-house commercialization team, supplemented by third-party contract sales organizations (“CSOs”) in selected regions and for selected products.
Business · p. 157
For specialty products with high clinical and service requirements (such as hemophilia therapies), we deploy highly specialized teams with strong hematology expertise and collaborate with qualified third-party service providers that maintain dedicated patient management teams, emphasizing targeted coverage of key treatment centers and patient support services to facilitate long-term treatment adherence and outcomes.
We also work closely with distributors and third-party promoters to enhance the sales performance, brand recognition and market acceptance of our products.
Business · p. 160
For the years ended December 31, 2023, 2024 and 2025, we engaged 67, 30, and 15 third-party promoters, respectively.
Business · p. 165
The decrease in the number of our third-party promoters was primarily driven by our strategic decision to reduce reliance on external agents and strengthen our in-house sales and marketing capabilities.
We typically engage technical service providers when customers require rapid delivery, internal resources are constrained, or outsourcing is more cost-effective and efficient.
Business · p. 279
These outsourced tasks typically involve edge modules or ancillary applications that form a small part of the overall project
Business · p. 279
We will terminate our labor outsourcing agreement if the outsourced workers of any labor outsourcing service provider consistently deliver substandard services.
In 2023 and 2024, we incurred RMB19.2 million and RMB103.0 million third-party marketing service fees, accounting for 36.8% and 39.7% of our revenue in the same year, respectively.
Business · p. 309
Each of our third-party marketing service providers conduct promotional activities in a designated region and we engage no more than one third-party marketing service providers in a district or county, so that each of our CDC customer is covered by no more than one third-party marketing service provider.
We outsource a portion of our investment portfolio to external investment managers.
Business · p. 333
PineBridge managed 20.6% of our AUM as of 31 December 2024, primarily consisting of investment grade bonds and alternative investments primarily for our Hong Kong, Japan and Singapore Business Unit portfolios.
Business · p. 333
We outsource a significant portion of our investment portfolio to external asset managers selected on the basis of expertise in specific asset classes or market coverage.
During the course of provision of our foundation testing service, we would outsource certain physically demanding works such as extracting core samples during the foundation and geotechnical drilling process for the core drilling and standard penetration testing method to third party drilling companies specialising in these types of labour works.
Business · p. 220
During the Track Record Period, purchases from our subcontractors accounted for 75.3%, 66.3%, 43.4% and 29.2% of our total purchases, respectively, for each of FY2021, FY2022, FY2023 and 6M2024.
Business · p. 220
Our Company maintains an approved list of subcontractors which could provide similar services at similar costs as the existing subcontractors we engaged during the Track Record Period, and are selected based on service quality, timeliness of service delivery, after-sales services and qualification.
Such technology service fees represented outsourcing costs for certain non-core and less sophisticated research and development programs.
Summary · p. 2
As certain customers may have specific demand on functionalities that are incidental to our technologies, we from time to time externally purchased software and/or services on developing project-specific software to enable offering total solutions on a one-stop basis during the Track Record Period.
In 2020, 2021, 2022 and the six months ended June 30, 2022 and 2023, subcontracting costs amounted to RMB252.8 million, RMB285.5 million, RMB290.2 million, RMB143.9 million and RMB155.4 million, respectively, which accounted for 96.6%, 96.6%, 89.9%, 94.4% and 88.3% of our total cost of sales, respectively.
Business · p. 204
We typically select qualified subcontractors that meet our service standards through open tendering.
Business · p. 205
We also conduct annual surveys among commercial banks, retail banks and dealerships regarding the quality of services provided by our subcontractors.
We enter into service agreements with labour service suppliers, who engage marketers as their employees or contractors.
Business · p. 238
With a view to mitigating our risks exposures, we have established control measures to assess risks and determine whether to purchase insurances, such as third-party liability insurance, exhibition insurance, accident insurance, etc., for different projects having considered different customers' requirements and would generally require our labour service suppliers (i.e. suppliers which provide us with third-party marketers) to purchase such insurances.