Due to the limited production capacity of our Huizhou facility, we engage OEM suppliers for order fulfilment.
Business · p. 162
In 2022, 2023 and 2024 and the four months ended April 30, 2025, we procured 44,037, 76,476, 136,690 and 65,964 bicycles from OEM suppliers, respectively, representing approximately 29.5%, 45.1%, 56.8% and 65.5% of the total units of bicycle produced in-house and procured from OEM suppliers, respectively.
Business · p. 162
During the Track Record Period, we generated higher gross profit margin for products produced in-house compared to products produced by OEM suppliers, as our OEM suppliers typically charge us a management fee, typically ranging from five to six percent of the raw material costs of each bicycle produced.
To ensure an efficient and smooth process of our constructions, we have adopted the engineering, procurement and construction (EPC) model and engaged CCECC (including its local branch in Kazakhstan) as our EPC contractor for construction activities through an open tender based on evaluation and selection procedures conducted by a committee comprising of four experts selected by a third party and a representative from our Company.
Summary · p. 19
The total contract sum payable by us to CCECC under the EPC contract is RMB1,091.6 million.
Summary · p. 19
On October 17, 2024, we have entered into a mining services procurement agreement with a local subsidiary of CCECC in Kazakhstan (the “Mining Services Procurement Agreement”), pursuant to which Subsidiary ZV will procure stripping and mining work in the open pit mining from CCECC’s subsidiary in Kazakhstan in the production phase of the Boguty Project.
We currently outsource the production of our drug candidates to an industry recognized CDMO in China, Intellective Biologics (Suzhou) Co., Ltd. (智享生物(蘇州)有限公司).
Business · p. 323
To monitor and evaluate the services of our CDMO partner, we have adopted internal control measures to ensure, among other criteria, full compliance of CDMO partner with the relevant regulatory requirements and our internal quality management system.
Business · p. 323
We believe it is cost-effective and efficient to engage CDMO for certain manufacturing activities as it reduces the capital expenditure required for setting up and maintaining the necessary production lines and allows us to optimize resource allocation to focus on the drug research and development at current stage.
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.
In 2023, 2024 and the three months ended March 31, 2025, we engaged 24, 16 and 14 CROs and incurred related expenses of RMB87.3 million, RMB34.0 million and RMB3.8 million, respectively.
Business · p. 300
We conduct regular and ad hoc on-site audits of CROs, including interviewing their employees, reviewing documentations and records, such as relevant trial data and reports.
During the Track Record Period, we also outsourced certain manufacturing activities to industry-recognized contract development and manufacturing organizations (CDMOs) in China for preclinical and clinical supply of our drug candidates.
Summary · p. 17
We have adopted procedures to ensure that the production qualifications, facilities and processes of CDMOs comply with the relevant regulatory requirements and our internal quality management system.
Business · p. 410
We maintain rigorous oversight of CROs to ensure that their performance adheres to our protocols and applicable laws, safeguarding data integrity and the overall quality of our research.
We adopt the fabless model, focusing on the design and R&D of our products while outsourcing wafer fabrication, chip packaging and testing to trusted third-party partners.
Business · p. 151
During the Track Record Period, we primarily procured (i) foundry-manufactured wafers overseas, and (ii) chip packaging and testing services from companies in China.
Business · p. 162
As a fabless company, we collaborate with leading foundries and packaging and testing service providers for chip production.
In 2022, we outsourced to Supplier B the research and development of multiple modules for our virtual goods management system, including modules for marketing management, virtual goods procurement, and user management, among others.
Business · p. 227
The contracts generally specify that after the development is completed, we have ownership over the work developed and the right to apply for patents and software copyrights for such work.
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.
To better meet market demand and ensure adequate supplies for our diversified product portfolio, we cooperate with reliable contract manufacturers to produce supplies, the production of which generally necessitates abundant supply of fresh local raw materials and extensive manual handling, such as shrimp paste and stuffed lotus roots.
Business · p. 203
During the Track Record Period, we did not rely on any single contract manufacturer and maintained good relationships with our contract manufacturers.
Business · p. 203
We are entitled to inspect the production bases or facilities and supervise the production by the contract manufacturers.
Prior to May 2023 before our pilot production facility in Suzhou was put into use, we outsourced all drug product manufacturing work (which needs to comply with GMP requirements) to qualified CDMOs.
Business · p. 384
During the Track Record Period, we engaged 18, 22 and 41 CROs in 2022, 2023 and 2024, respectively. We also engaged seven, four and six CDMOs in 2022, 2023 and 2024, respectively.
Business · p. 387
We plan to outsource large-scale manufacturing of CBT-001 for phase 3 MRCT in each region, and commercial production, once approved.
To improve R&D efficiency and allow our R&D staff to focus on the development of core AI models and technologies, we outsourced certain non-essential R&D tasks to third-party contractors, which typically include development of support modules for UniBrain, data annotation, testing and packaging.
Business · p. 255
Additionally, we engage thirdparty service providers to annotate the vast amount of data we use to train our models and improve our technologies.
Business · p. 256
Nevertheless, for the development of noncore modules that are highly generic and easily substitutable, we opt for outsourcing to reduce research and development expenses.
We closed our self-operated factory in April 2022 and shifted to full outsourced production model, out of cost-effective consideration and also in line with industry trends towards supply chain specialization.
Business · p. 233
In 2022, 2023 and 2024, we had 92, 98 and 93 outsourced producers that we transacted with, respectively.
Business · p. 233
During the Track Record Period, we did not experience any material delay in supply or quality issue related to products supplied by outsourced producers.
As of the Latest Practicable Date, we had not established an internal manufacturing facility.
Business · p. 382
Collaborating with leading CMO and CDMO partners, we currently outsource the production of product candidates to support relevant clinical trials in the U.S., China and other relevant regions.
Business · p. 382
We engaged 93 and 86 CROs in 2023 and 2024, respectively.
We collaborate with CDMOs (including CMOs) to conduct and support our preclinical and clinical studies in line with industry practice.
Business · p. 353
During the Track Record Period, we engaged eight and three CDMOs in 2023 and 2024, respectively.
Business · p. 354
We plan to continue to collaborate with CDMO partners for the commercial production of PB-119, which will mainly consist of raw material production and formulation production, and we expect to scale up the current in-house and external manufacturing activities to achieve the commercial scale.
We collaborate with third-party food processing companies, which prepare semiprocessed food products and bakery products for us based on our proprietary recipes.
Business · p. 190
Currently, we collaborate with 205 third-party food processing companies.
Business · p. 191
First, it will give us direct control over raw material sourcing and production processes.
To better address market fluctuations and ensure a steady supply of ingredients for our diverse range of beverages, we collaborate with trusted contract manufacturers.
Business · p. 195
The snacks sold in stores in our network such as wafers, potato chips and toast are produced by contract manufacturers.
Business · p. 190
Moreover, to control our costs and enhance our profitability, we increased the use of contract manufacturers for production of certain ingredients.
During the Track Record Period, we primarily collaborated with 13 third-party manufacturers to produce major structural and other components, making sure they meet the technical standards and specifications set by our design and engineering teams.
Business · p. 219
During the Track Record Period, we collaborated with five third-party manufacturers for the production of major structural and other components and the assembly process for our dump trucks.
Business · p. 220
Furthermore, we assign our engineers to the sites of our third-party manufacturers to conduct on-site inspections and provide supervision throughout the production and assembly process of outsourced components.
In addition to our in-house R&D activities, we also collaborate with reputable CROs to manage, conduct, and support our preclinical research and clinical trials.
Business · p. 415
During the Track Record Period, we collaborated with over 200 CROs.
Business · p. 415
We maintain close supervision of our CRO partners to ensure their performance fully complies with our protocols and all applicable regulations.
To date, our manufacturing activities are conducted through contract development and manufacturing organizations ("CDMOs") to support our drug development process.
Business · p. 416
We have maintained a relationship with the majority of our six existing CDMOs for over three years.
Business · p. 416
We conduct quality assurance audit programs to ensure monitor and evaluate the services of our CDMOs.