To supplement our in-house sales and marketing capabilities, we engage third-party promoters to market our products to medical institutions and target patient groups in selected cities or regions.
Business · p. 171
According to the promotion agreements, our third-party promoters are generally prohibited from promoting any other products that compete with, or have any conflict of interest with, our products.
Business · p. 172
There was no material breach of the promotion agreements by any third-party promoters during the Track Record Period.
We primarily adopt an asset-light business model by partnering with carefully selected third-party contractual manufacturers who manufacture our products according to our designs and specifications.
Business · p. 143
During the Track Record Period, over 90.0% of our products were manufactured under this model.
Business · p. 143
To mitigate the inherent risks associated with this business model, we maintain strategic relationships with multiple qualified contractual manufacturers, implement comprehensive quality assurance systems, establish explicit contractual safeguards, and conduct regular performance evaluations of our contractual manufacturers.
For manufacturing of AP301 and our other product candidates for preclinical and clinical study, we outsourced all manufacturing activities to a number of CDMOs during the Track Record Period.
Business · p. 194
We are entitled to inspect and audit our CDMO partner’s manufacturing process.
We collaborate with CROs and SMOs to support the execution of our clinical trials.
Business · p. 180
In both 2024 and 2025, we engaged a total number of 11 and two CROs and SMOs, respectively.
Business · p. 180
During our clinical trials, we also engage independent third-party auditors to conduct inspections, and our internal personnel conduct on-site checks at study centers, in each case with a view to strengthen quality control and protecting subjects' rights and safety.
In delivering our solutions, we procure external marketing resources and services during marketing execution, such as content creation, media placement and KOL and KOC promotion.
Business · p. 148
We also procure external technical services, including computing power, specialized data and outsourced ancillary development support, primarily to support the iteration and customized deployment of our solutions.
Business · p. 148
We have established internal procurement and supplier management policies to ensure service quality, compliance, cost efficiency and operational continuity.
During the Track Record Period and up to the Latest Practicable Date, we manufactured our smart parking hardware products through (1) our two production facilities in Xiamen, Fujian province and Chongqing, respectively, as well as (2) our contract manufacturing partners.
Business · p. 158
Core electronic components, such as ICs, are procured by us and outsourced to surface mount technology service providers for production in accordance with our design specifications.
Business · p. 163
When selecting contract manufacturing partners, we primarily consider production capacity, quality control, delivery capability, and process level.
In 2023, 2024 and 2025, our third-party service fees in relation to outsourced R&D arrangements with such technical service providers were RMB10.4 million, RMB15.5 million, and RMB49.0 million, respectively, accounting for 5.8%, 11.8%, and 26.1% of our total R&D expenses in the respective periods.
Business · p. 162
- Intellectual Property: All the resulting intellectual properties of the project belong to us.
Business · p. 162
We typically assign our employees as project representatives to participate in the project implementation, and to oversee and coordinate the working process to ensure quality.
We outsource our major manufacturing processes, including wafer fabrication, packaging, and testing, to third-party suppliers.
Business · p. 150
To further enhance our quality control and oversight, we station our quality management personnel on-site at our key suppliers to conduct regular quality audits and oversee the manufacturing process.
Business · p. 151
Since we operate under a fabless model, the quality of our products is dependent on the performance of our third-party supply chain partners.
Core production processes, including the assembly of key modules, physical calibration, and system integration, are completed in-house to maintain strict quality standards.
Business · p. 134
For certain non-core processes, such as PCB soldering and specific sub-assemblies, we may engage external third-party manufacturing contractors.
Business · p. 134
In 2023, 2024 and 2025, we engaged 19, 25 and 24 manufacturing contractors, with manufacturing fees of RMB9.2 million, RMB24.5 million and RMB35.3 million, respectively.
During the Track Record Period, we outsourced primarily the following three service areas to contractors: (i) equipment rental and field operations; (ii) logistics, transportation and site support; and (iii) professional and technical services.
While we do not maintain a standalone formal audit procedure specifically dedicated to contractor workforce compliance, compliance is monitored through contractual review prior to engagement and periodic administrative checks during the course of cooperation.
We engage these subcontractors primarily to (i) access specific manufacturing processes or technologies that are currently not available in-house, and (ii) supplement our production capacity during peak periods to meet high delivery demands. We retain ownership of these materials during the processing period and pay processing fees upon completion.
During the Track Record Period, our major suppliers primarily consisted of CROs, SMOs, CDMOs, landlords of our leased property and providers of other services.
Business · p. 187
Typically, we provide an upfront payment ranging from 10% to 20% of the total contract value upon execution of the agreement or work order.
Business · p. 188
Besides, we conduct annual or on-demand supplier audits based on the importance of services undertaken by service providers and the risk management level of our Company.
During the Track Record Period, we engaged eight independent third-party manufacturers to provide outsourced PCBA production services, including two located in Huizhou and one located in Shenzhen.
Business · p. 145
Approximately 62% of our PCBA production was outsourced to these third-party manufacturers due to the high utilization of our in-house PCBA production lines.
Business · p. 145
We maintain quality control procedures over outsourced production and conduct inspections on outsourced components before they are used in our products to ensure that they meet our technical specifications and quality standards.
As at the Latest Practicable Date, we cooperated with 43 independent third-party performance companies and art troupes, the total number of external performers engaged by us amounted to 1,229.
Business · p. 160
For FY2023, FY2024 and FY2025, we paid service fees to those third-party performance companies and art troupes in the amount of RMB16.4 million, RMB25.0 million, and RMB48.8 million respectively.
Business · p. 160
Meanwhile, to ensure performance quality, we designate personnel to conduct weekly reviews of the performance quality of contracted performance troupes, with inspection criteria covering aspects such as backstage preparation, performance timing, number of performers, costumes, props and stage setup, makeup, exit procedures, and daily professional conduct.
With respect to the manufacturing capabilities, we did not have any in-house manufacturing facility as of the Latest Practicable Date, and have no plan to establish manufacturing facility.
Business · p. 199
To ensure our CDMOs meet regulatory requirements and our internal standards, we have implemented procedures to assess their production qualifications, facilities and processes.
Business · p. 198
Given our strong relationships with current partners and the availability of alternative qualified CDMOs, we do not anticipate difficulties in securing suitable manufacturing partners in the future.
During the Track Record Period, we outsourced the entire manufacturing process of our robotic controllers and robots to third-party manufacturers.
Summary · p. 3
As of December 31, 2023, 2024 and 2025, we had cooperated with 28, 34 and 42 third-party manufacturers, respectively.
Business · p. 162
We mainly evaluate and select these manufacturers through a comprehensive process focused on six key dimensions: technical capabilities, quality control, supply chain and delivery capability, commercial terms, service support and financial stability.
At current stage, as all our manufactured products are investigational drugs for clinical trial use, we arrange production schedules in accordance with clinical development plans and outsource the manufacturing of both APIs and drug products to third-party CDMOs.
Business · p. 202
We intend to maintain collaboration with the CDMOs after the Taizhou formulation plant is in use, as the production capacity of the Taizhou formulation plant may not fully satisfy the expected commercial production demand for MT1013, and external CDMOs may also provide additional production capacity and manufacturing flexibility for our pipeline products.
Business · p. 202
We did not experience any product quality issues in respect of the products manufactured by our CDMO partners during the Track Record Period.
In connection with our content customization business, we have established relationships with a diversified network of external production and service providers.
Business · p. 118
Through this approach, we are able to maintain an asset-light and scalable operating model while ensuring timely delivery and flexibility in meeting customer requirements.
Business · p. 118
This margin profile reflects the project-based nature of content customization services, which typically require third-party production and content suppliers in addition to our internal costs, resulting in a relatively higher cost base than content licensing services.
We currently collaborate with CMOs/CDMOs for the manufacturing of our drug candidates for preclinical studies and clinical trials.
Business · p. 196
We have adopted procedures to ensure that production qualifications, facilities and processes of CMOs/CDMOs comply with the relevant regulatory requirements and our internal guidelines.
Business · p. 196
We have completed the construction of our new manufacturing facility occupying a site area of approximately 4,886 square meters in Yantai, Shandong province, which is designed to meet the stringent cGMP standards.
Currently, our manufacturing activities are conducted through CDMOs to support our drug development. We engage reputable CDMOs in China and expect to maintain this model in the near term and during the initial stage of commercialization.
Business · p. 222
We currently do not operate any self-owned manufacturing facilities, and as of the Latest Practicable Date, we had no plan to establish our own manufacturing facilities within the next 12 months.
Business · p. 222
We had engaged an aggregate of 41 and 51 CROs as of December 31, 2024 and 2025, respectively, all of which were Independent Third Parties to the best of our knowledge.