In 2023, 2024 and 2025, revenue contribution from the products manufactured by the Shenzhen Contract Manufacturer amounted to RMB41.5 million, RMB27.4 million and RMB31.1 million, respectively.
Business · p. 171
Besides, we have included confidentiality clauses in our agreement with the Shenzhen Contract Manufacturer, setting forth, among others, that the proprietary technology and IPs are protected, the ownership of which will not be transferred in the manufacturing process.
Business · p. 171
Following the commencement of operations at our Shenzhen production facility, we progressively phased out the use of the Shenzhen Contract Manufacturer and formally terminated our agreement with the Shenzhen Contract Manufacturer in May 2025.
To ensure flexibility in meeting market demand and optimizing resource allocation, we also engage third-party manufacturers for certain product categories requiring standardized processes or urgent capacity expansion.
Business · p. 122
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, our outsourcing costs accounted for 3.7%, 4.1%, 4.8%, 5.2% and 5.1% of our cost of sales, respectively.
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.
We selectively outsource a limited number of standardized manufacturing processes to rigorously vetted contract manufacturers, such as electroplating and silver plating.
Business · p. 152
These outsourcing contract manufacturers must strictly adhere to our technical specifications and quality standards, with outsourced components undergoing our full inspection protocol before warehouse acceptance.
Business · p. 152
Furthermore, this approach also allows us to reduce reliance on external suppliers and contract manufacturers, optimize resource allocation and maintain competitive pricing while safeguarding product quality.
During the Track Record Period, substantially all of our e-bikes were produced by OEM partners, although in 2024 we produced a limited number of e-bikes at our in-house facilities in the Chinese mainland for the U.S. market.
Business · p. 116
We subsequently transitioned to a full OEM production model, which offers asset-light operations, flexibility, scalability and cost efficiency.
Business · p. 116
The research and development for these proprietary technologies is completed by our in-house product development team, and all related intellectual property and know-how are owned by us.
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 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.
While we design and manufacture components for our products in-house, we outsource the processing of certain non-standard components to certain subcontractors.
Business · p. 196
We select subcontractors based on a number of factors, including their technical qualifications, their experience in similar projects, their financial strength and management capacity and their standing in the relevant market.
Business · p. 196
During the Track Record Period, all the subcontractors engaged by us are independent third parties.
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.
In line with market practices, according to Frost & Sullivan, we outsource certain auxiliary production processes, such as sewing, hardware processing and silk-screening, to subcontractors, including third-party outdoor equipment manufacturers, Topsun Group and the Service Providers
Business · p. 172
During the Track Record Period, we engaged Topsun Group to procure certain auxiliary production services, such as sewing and hardware processing.
Business · p. 172
When selecting third-party subcontractors, we comprehensively evaluate key factors, including price, quality, production capabilities, location, financial stability and overall reputation.
In addition, we experienced production capacity shortage for certain types of specialized PCB production equipment during the Track Record Period due to sudden spikes in demand.
Business · p. 215
In 2022, 2023, 2024 and the ten months ended October 31, 2024 and 2025, we engaged a total of 142, 170, 169, 157 and 186 manufacturing contractors, with manufacturing fees of RMB58.6 million, RMB39.7 million, RMB63.1 million, RMB51.4 million and RMB92.7 million, respectively.
Business · p. 217
Conducting regular assessments, on-site inspections and performance reviews to monitor our manufacturing contractors’ compliance with our quality standards and their contractual obligations
In India, we currently collaborate with a related party, DBG Technology (India) Private Limited, a subsidiary of DBG Technology Co., Ltd., as our EMS partner primarily serving the Indian market.
Business · p. 222
Pursuant to the Press Note No.3 (2020 Series) by the Ministry of Commerce & Industry of India, prior governmental approvals for FDI would be required if such investment is from India's neighboring countries, including China.
Business · p. 223
The EMS partner is responsible for assembling the finished products in the India manufacturing center in accordance with our specified quality standards and technical requirements, and for delivering the completed units to us within the agreed timelines.
We employ a fabless manufacturing strategy, allowing us to concentrate on the design and sales of semiconductor products and solutions while collaborating with world-leading suppliers for wafer fabrication, packaging, and testing.
Summary · p. 1
While we outsource both front-end and back-end manufacturing, as well as packaging processes, a majority of testing is conducted at our in-house final testing facilities to establish an effective product-test-feedback loop, with the rest of testing outsourced, mainly for our earliergeneration products.
Summary · p. 1
We believe our fabless business model reduces our capital requirements, operating expenses and time to market, allowing us to concentrate our resources on strengthening our core competencies in research and development, technological innovation, and product design.
For FY2023, FY2024 and 6M2025, we incurred subcontracting costs of approximately RM46.0 million, RM77.9 million and RM37.9 million, respectively, representing approximately 70.0%, 72.6% and 65.1% of our total cost of services, respectively, for the corresponding years/period.
Business · p. 169
Hence, we usually engage subcontractors to perform labour-intensive works such as reinforced concrete structure works, beam casting works and road furniture works; and other works that require niche technical expertise, such as bored piling works, soil investigation works, environmental works, earthworks and geotechnical works where it would be cost prohibitive for us to maintain in-house capabilities.
Business · p. 167
Though our contracts with customers do not prohibit delegation of works to subcontractors, we remain contractually liable for our subcontractors’ performance and quality of their subcontracted works.