For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, we engaged the services of 94, 119 and 94 CROs, respectively, incurring related research and development expenses of RMB95.7 million, RMB66.9 million and RMB25.4 million for the same periods, respectively.
Business · p. 331
Our in-house R&D team oversees these CROs while maintaining substantial control over all core functions, including clinical protocol design, quality control, product specification, and strategic decision-making.
Business · p. 331
We have established standard operating procedures for CRO management, setting out stringent protocols for CRO selection, audits, laboratory management, and process supervision.
We adopt a fabless business model, which means that we focus on IC design and research and development, while outsource the manufacturing of IC to external foundries and outsourced semiconductor assembly and test (“OSAT”) partners.
Summary · p. 1
As an IC design house adopting the fabless business model, we rely on third-party foundries for wafer fabrication and OSAT partners for testing and packaging.
Financial Information · p. 250
We generally enter into framework agreements with our major foundries and OSAT partners, with the actual price and volume specified in individual purchase orders.
Our cost of sales relating to our GPGPU products and AI computing solutions represented fees paid to contract manufacturers under our service agreements with them, which cover contract manufacturing services fees and costs of materials used in manufacturing our products on an integrated basis.
Summary · p. 9
As a fabless semiconductor company, we engage leading foundries to manufacture our GPGPU chips and co-packaged integrated circuits using advanced process nodes, utilizing our proprietary designs and specifications.
Business · p. 212
To mitigate supply risks and ensure stable supply of foundry manufacturing services, we have implemented comprehensive measures including: (i) maintaining relationships with multiple qualified suppliers for each key manufacturing step, with real-time monitoring access to foundry production systems;
We operate under a fabless model, and we engage third-party contract manufactures for manufacturing, assembly, testing and packaging of our semiconductor wafers and final products.
Summary · p. 1
We do not conduct the manufacturing of our GPGPU products, and we engage third-party contract manufacturers.
Business · p. 252
Our contract manufacturers must meet our specified quality requirements and are responsible for liabilities resulting from product defects.
As of the Latest Practicable Date, we did not have any plans to establish our own manufacturing facilities to support our pre-clinical and clinical studies.
Business · p. 297
We collaborate with CROs (including SMOs) and CDMOs (including CMOs) to conduct and support our preclinical and clinical studies in line with industry practice.
Business · p. 297
Our CDMO partners are responsible for manufacturing our required products in accordance with certain product specifications, in compliance with current Good Manufacturing Practice ("cGMP") requirements (where applicable), our quality standards and other applicable laws and regulations.
We engaged certain subcontractors during the Track Record Period, including both (i) whole product manufacturers, to which we outsource the entire manufacturing processes of certain products, and (ii) production partners, to which we outsource certain steps of the manufacturing processes.
Business · p. 275
We engage whole product manufacturers primarily to supplement our production capacities.
Business · p. 275
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, our subcontracting costs amounted to RMB11.0 million, RMB25.5 million, RMB19.3 million, RMB7.1 million and RMB20.3 million, respectively, which accounted for 6.1%, 11.3%, 6.5%, 5.2% and 11.2%, respectively, of our total cost of sales during the same periods.
During the Track Record Period, all of the on-site installation work of our projects in the PRC and overseas were performed by labor subcontractors.
Business · p. 259
As advised by our PRC Legal Advisers, our Directors confirmed that the labor subcontracting agreements had complied with all applicable PRC laws, rules and regulations in material respects during the Track Record Period and up to the Latest Practicable Date.
As a result, we adopt a practical and project-driven approach when deciding between external procurement and in-house development, where applicable.
Financial Information · p. 319
(iv) the increase in research and development expenses of RMB1.6 million, primarily attributable to an increase in technology service fees mainly related to outsourced R&D of several supportive and noncore software development tasks to third-party IT companies, partially offset by an improvement in gross profit of RMB5.5 million in line with the growth of our revenue.
Naturalps undertakes the R&D process, which includes formulation creation, product development and testing.
Business · p. 194
However, upon full payment of the agreed fees, on February 10, 2025 we acquire exclusive ownership of the accepted formulations and all related documentation.
Business · p. 194
While these technical advancements have not yet been applied in any launched products, they are intended to support future product R&D and we have no ongoing dependency on Naturalps' contributions.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, our data-related service fees amounted to RMB26.0 million, RMB30.3 million, RMB23.7 million, and RMB2.9 million, respectively, which were mainly in relation to service fees paid for outsourced data collection, cleaning, rendering and annotation.
Business · p. 293
While we have the experience and capability to conduct the relevant services ourselves without engaging such data-related service providers, we found it more cost-efficient to outsource such non-core services when and as needed to third parties so that we could focus our resources on our key R&D activities.
Business · p. 292
According to CIC, there were more than 4,000 such data related services providers in the PRC as of December 31, 2024.
Mount Wuyi Chatang Resort, our operating subsidiary in charge of our Chatang hotel, entered into an entrusted management arrangement with Fuzhou Thai Natural Wellbeing Management Group Ltd. (福州泰自然健康管理集團有限公司), an independent third party, according to which we entrusted the duties of management and operation of our Chatang hotel to Thai Natural.
Summary · p. 10
We entrusted Thai Natural to manage our Chatang hotel so that we can concentrate our labour resources on our signature Impression — Dahongpao Scenery Show and explore other business opportunities.
We currently work with qualified CMOs and CDMOs to manufacture product candidates for pre-clinical and clinical supply.
Business · p. 384
During the Track Record Period and up to the Latest Practicable Date, the raw materials of our candidates and the placebo were produced by third-party CMOs and supplied by us, and the raw materials of other experimental products for clinical trials were supplied by us.
Business · p. 383
Certain aspects of our clinical trials, such as clinical monitoring, data management and statistical analysis, are outsourced to a CRO.
During the Track Record Period, while we are responsible for planning, formulating implementation plans and overseeing quality control for exploration and mining activities, all exploration and mining operations are entirely outsourced to subcontractors.
Summary · p. 5
During the Track Record Period, we engaged independent third party subcontractors in respect of our mining works.
Business · p. 165
For the same years/period, our total expenses for our mining activities were approximately RMB81.4 million, RMB99.2 million, RMB33.5 million and RMB40.1 million, respectively.
We engage automotive OEMs for the manufacturing of our vehicles and contract manufacturers for the production of most of our other products and components.
Business · p. 311
All vehicles delivered to customers bear the brand of the respective automotive OEM, with our logo either painted or affixed on the vehicle body.
Business · p. 314
Subcontracting is not allowed without our prior written authorization.
Instead, we provided the technology and production plan arrangements to third party manufacturers and outsourced the production to them.
Summary · p. 5
To optimize resources and maintain efficiency, certain construction tasks may be subcontracted to qualified secondary contractors, while we retain full responsibility for project management, quality assurance and timely delivery.
Business · p. 192
Since the commencement of production of our core products, namely large-scale, C&I ESS and residential ESS, our production has consistently relied on our in-house capacity as the primary support.
In alignment with industry standards, we engage contract research organizations (CROs) to conduct and support our preclinical studies and clinical trials under our close supervision and overall management.
Summary · p. 19
We have also collaborated with a third-party industry-recognized contract development and manufacturing organization (CDMO) outside the PRC for the potential preparation of overseas supply in the future.
Summary · p. 19
We are also entitled to conduct on-site audits to ensure our CDMO partner's compliance with the relevant GMP requirements.
We operate with the fabless model, focusing on the R&D and design of chips while outsourcing wafer fabrication to external foundries and most packaging and testing to third-party packaging and testing service providers.
Summary · p. 1
In the six months ended June 30, 2025, in terms of quantity, the packaging and testing of our products conducted by this factory accounted for approximately 7% of total packaging and testing conducted for our products.
mechanical massage service, for which we procure massage equipment from suppliers, who are required to strictly follow our specifications, and deploy such massage equipment in various scenarios to offer mechanical massage services
Summary · p. 2
While our mechanical massage equipment and other products were manufactured by the third-party suppliers, we have established a small-scale processing and repair facility for conducting upgrades and repairment for our massage equipment that cannot be conducted onsite, so as to further lengthen the useful life and maximise the value of the massage equipment.
Business · p. 222
We have adopted a centralised procurement system for better assessment on the track record of suppliers, more effective quality control and more favourable terms due to bulk purchases.
To supplement our production capacity of refractory mullite products, since October 2023, we have engaged Shandong Yonganda, an external processing service provider, to supply processing service related to the production of refractory mullite products to us, which is in line with industry practice.
Business · p. 221
We incurred outsourced processing costs of approximately RMB1.3 million, RMB15.0 million and RMB2.1 million for such service for 2023, 2024 and the five months ended May 31, 2025, respectively.
Business · p. 221
We believe that the services that we outsourced to our supplier of processing service are generally common in the market, and it would not be difficult for us to find alternative suppliers of processing service to provide similar services on terms similar with our existing contracting arrangement.