In 2023, 2024 and the five months ended May 31, 2025, we procured ultra-thin base films from third parties as the capacitor base films for the metallized films we sold.
Financial Information · p. 242
We purchased metallized films from a third party, Haowei Electronic. This was primarily due to (i) the strong customer demand for our metallized films and (ii) the need to satisfy certain customers’ specific requirement for metallized films.
Financial Information · p. 242
Such gross profit margin was relatively lower compared to that of capacitor base films, primarily because, to meet the customer demand for metallized films, we (i) procured capacitor base films from third parties as the capacitor base films for the metallized films we sold and (ii) purchased metallized films from Haowei Electronic.
We mainly engage preclinical CROs to conduct toxicology studies on animals, which require specific licenses and qualifications, along with certain testing activities related to CMC.
Business · p. 431
For preclinical R&D, our expenses attributable to preclinical CROs accounted for 7.5%, 10.3%, 6.3% and 1.0% of our total research and development expenses in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively. For clinical trials, the expenses attributable to SMOs and CROs accounted for 6.2%, 10.8%, 15.6% and 23.3% of the total research and development expenses for the same periods, respectively.
Business · p. 431
Based on the service requirements of each project, we typically select at least two or more CROs to participate in competitive bidding and negotiations, and have alternatives in place for each service supplier.
In order to facilitate our expansion to Latin America and Central Asia prior to establishing local production plants in these regions, we have engaged OEM suppliers in China to manufacture some of our branded products (“Outsourcing Arrangement”) for sale in these regions.
Business · p. 233
In 2022, 2023 and 2024 and the four months ended April 30, 2025, our cost of OEM products sold pursuant to the Outsourcing Arrangement amounted to US$0.2 million, US$1.2 million, US$2.8 million and US$3.1 million, respectively.
Business · p. 233
We consider that there are many alternative OEM suppliers of comparable quality and prices in the market and that we do not have any material reliance on the OEM suppliers engaged by us during the Track Record Period.
During the Track Record Period, our revenue from products manufactured through third-party outsourcing arrangements amounted to RMB121.9 million in 2022, RMB268.6 million in 2023, RMB345.0 million in 2024 and RMB70.2 million in the four months ended April 30, 2025.
Business · p. 256
Going forward, our factories will handle new orders, while third-party manufacturers will continue fulfilling existing orders until the end of their lifecycle but will not take on new design wins.
We currently partner with OEMs to manufacture our L4 autonomous driving vehicles, instead of manufacturing the vehicles on our own.
Business · p. 339
The contract manufacturers generally provide after-sales services and quality warranties and assume product liability for the vehicles (excluding the hardware or software provided by us if any).
Business · p. 339
However, such business model may present unpredictable challenges, which could materially and adversely affect our business, prospects, financial condition and results of operations.
We engage three independent qualified mapping data and surveying services suppliers in China to support our Level 4 autonomous driving algorithms and functions.
Business · p. 380
Therefore, we, as a foreign-invested company, have to outsource the mapping and surveying activities in connection with our Level 4 autonomous driving technology to qualified service providers with the requisite license in China, which is permitted by PRC law.
Business · p. 380
As of the Latest Practicable Date, our in-house designed vehicle domain controllers have been mass produced by our trusted manufacturing partners for both internal use and external sales.
During the Track Record and Period and up to the Latest Practicable Date, we had worked with qualified CMOs to manufacture our drug candidates and drugs mainly under following circumstances: (i) before Lianyungang Facility commenced operations; (ii) to manufacture certain drug candidates requiring manufacturing conditions that are not yet available in Lianyungang Facility.
Business · p. 368
We own all intellectual property rights arising from the outsourced manufacturing processes.
During the Track Record Period, revenue generated from the sale of products manufactured at our in-house facilities represented 54.2%, 39.7%, 37.5%, and 34.8% of our total revenue, and revenue generated from the sale of products manufactured at our co-location manufacturing facilities represented 45.8%, 60.3%, 62.5%, and 65.2% of our total revenue, respectively.
Business · p. 225
Under our co-location manufacturing model we are responsible for the product design, key materials, core machinery, processes, and overall management, while our co-location partners provide the factory space, workforce, basic machinery, assistance on logistics and procurement, and handle local regulations.
During the Track Record Period, we mainly procured (i) raw materials used for our production which were generally procured from suppliers in the PRC; and (ii) finished products produced by third-party manufacturers according to our requirements and specifications on an OEM basis.
Summary · p. 11
For the same periods, our revenue generated from sales of products produced by third-party manufacturers amounted to RMB1,132.4 million, RMB1,129.4 million, RMB1,076.0 million, RMB578.5 million and RMB464.5 million, respectively.
Business · p. 283
We primarily purchased finished products from our five largest suppliers in each period during the Track Record Period, which were produced on OEM basis according to our requirements and specifications.
While we are capable of performing such services by ourselves, for less complex deployments that require relatively little customization for the customer, we may engage outsourced providers for on-site deployment since such process is relatively standardized and labor intensive.
Business · p. 266
During the on-site deployment process, we would have our own staff members on-site for supervision and management, regardless of whether we engage outsourced providers for the on-site deployment services.
Business · p. 266
labeling and solutions testing services, transitioning these functions from in-house personnel to third-party service providers to improve operational efficiency
Our business model focus on the R&D of our modules and solutions while outsourcing the manufacturing to professional third-party EMS providers.
Summary · p. 3
EMS providers (i) produce the hardware for our module products and solutions, (ii) program our self-developed software onto the hardware according to our specifications, (iii) arrange testing of finished products and deliver the finished products to us; and
Business · p. 197
We typically enter into framework agreement with a term of three years, which may be automatically renewed unless otherwise terminated by mutual agreement.
During the Track Record Period and as of the Latest Practicable Date, we outsourced the manufacturing of our commercialized drugs to qualified CMOs, using the APIs, excipients and packaging materials that we procured.
Business · p. 287
We believe that there is no material concentration risk in relation to the CMOs we procured, and that alternative CMOs with similar quality are available in the market at comparable terms.
Business · p. 288
We have also established a quality assurance team and a quality control team to work with our CMOs to efficiently manage our outsourced production and ensure the quality of our drugs that are distributed to the market.
We work with OEM suppliers either on a toll manufacturing basis, where we provide all necessary materials required for production, or on a turnkey manufacturing basis, where we provide the bill of materials and the OEM suppliers are responsible for both sourcing and production specifying detailed information such as material code and quantity.
Business · p. 281
We have the rights to inspect the products before the final packaging. Should any product fail to meet our inspection standards, the OEM suppliers will bear the costs associated with retesting.
Business · p. 281
We typically pay our OEM suppliers an advance payment equivalent to 30% to 50% of the total purchase amount with the remaining balance to be settled within 30 days via bank transfer or bills following the receipt of invoices.
We currently outsource the production of our approved drug to industry recognized CDMOs in China. We believe it is cost-effective and efficient to engage CDMOs for manufacturing activities as it reduces the capital expenditure required for setting up and maintaining the necessary production lines, and allows us to focus on the clinical development of our pipeline drugs.
Business · p. 339
As of the Latest Practicable Date, we did not have any in-house manufacturing facilities.
Business · p. 340
We maintain rigorous quality control throughout our manufacturing process to ensure the production of safe and effective therapies.
For FY2023/24 and FY2024/25, we incurred subcontracting fees of approximately HK$64.0 million and HK$80.6 million, representing approximately 64.5% and 65.4% of our total cost of services, respectively.
Summary · p. 4
Depending on our capability, resources level, cost effectiveness and the complexity of the project, we may subcontract works, such as works related to building management systems, to our subcontractors when the availability of our own labour resources is limited or the subcontracted works require specialised skills or expertise.
Business · p. 186
During the Track Record Period, a water leakage incident occurred in one of our work sites at a commercial property in Central after our subcontractor performed the works, and our customer complained about the damage allegedly caused in the incident.
Such service offerings are provided through third-party service providers connected through our digital platform.
Summary · p. 2
Our digital platform connected over 104 third-party installation and after-sales service providers serving over 360 cities in China as of March 31, 2025.
Business · p. 239
In 2022, 2023 and 2024 and the three months ended March 31, 2025, we have imposed fines on our installation and after-sales service suppliers due to installation quality issues or complaints at a total amount of RMB193.4 thousand, RMB226.3 thousand, RMB436.0 thousand and RMB113.7 thousand, respectively.
As of December 31, 2024, we also engaged 46 third party contractors to undertake construction and engineering work, 15 third-party contractors for exploration work and 52 third-party contractors for mining and processing work.
Summary · p. 20
For example, we engaged contractors for part of the mining activities in Tajikistan Jilau/Taror Gold Mines, Kyrgyzstan Taldybulak Levoberezhny Gold Mine, Australia Norton Gold Mine and Colombia Buritica´ Gold Mine during the Track Record Period.
Business · p. 355
Due to the intensive competition in the relevant contracting service market, we do not believe that it would be difficult for us to find alternative contractors to provide similar services on terms comparable to those with our existing contractors.
We also engage overseas contract manufacturers to assemble our KD kits to passenger vehicles for sales in overseas markets.
Business · p. 268
During the Track Record Period, the assembly services fees to the overseas contract manufacturers amounted to nil, RMB40 million, RMB779 million and RMB928 million, accounting for nil, 0.03%, 0.33% and 1.55% of our cost of sales for each of the same periods, respectively.
During the Track Record Period, we produced car seats and highchairs in-house while subcontracting certain processes to third-party manufacturers, and outsourced the complete production of other products.
Business · p. 239
In 2022, 2023 and 2024 and the six months ended June 30, 2025, the cost of components sourced from third-party manufacturers accounted for 64.6%, 66.4%, 72.2% and 76.3% of our cost of sales, respectively.
Business · p. 253
Our agreements with third-party manufacturers include quality assurance provisions, pursuant to which these manufacturers are required to repair, replace or accept the return of any products with quality issues and to prevent such items from entering the market.
As of the Latest Practicable Date, we did not have in-house manufacturing facility.
Business · p. 418
We do not manufacture the active pharmaceutical ingredient ("API") in-house; rather, we engage a reputable and qualified CDMO to produce the API according to our proprietary process and specifications.
Business · p. 419
We did not experience any material product quality issues in respect of the products manufactured by our CDMO partners during the Track Record Period.