We primarily rely on ground transportation, supported by a network of trusted third-party transportation providers, to manage line-haul, short-haul and last-mile deliveries with flexibility and scale.
Business · p. 146
We adopt a resource integration model, under which we procure transportation capacity, ranging from individual drivers and fleets to logistics companies, while retaining direct control over key operational processes, including order dispatch, route planning, and in-transit monitoring.
Business · p. 146
We own selected infrastructure assets while relying on third-party providers for the remainder of our operational needs.
We engage automotive OEMs for the manufacturing of our AiTruck and contract manufacturers for the production of certain components including intelligent driving domain controllers and sensors.
Business · p. 163
For the years ended December 31, 2023, 2024 and 2025, the aggregate transaction amounts with our top five OEMs were approximately RMB37.6 million, RMB112.4 million and RMB156.3 million, accounting for 95.8%, 99.5% and 91.2% of our total transaction amounts with OEMs, respectively.
Business · p. 164
Despite this delivery model, we maintain flexibility in our OEM partnerships and are not dependent on any single automotive OEM.
We engage contract manufacturers to produce certain autonomous driving-related hardware and components in accordance with our technical specifications, which primarily include domain controllers, sensor integration modules, and communication and edge computing devices related to our cloud control system.
Business · p. 165
Certain of such domain controllers and sensors constitute key hardware components of our solutions.
Business · p. 165
We cooperated with one major contract manufacturer during the Track Record Period.
None of them involved our core technologies, critical material systems or key manufacturing steps.
Business · p. 137
During the Track Record Period, our purchase amount of outsourced labour services amounted to RMB42.7 million, RMB81.4 million and RMB86.2 million.
Business · p. 137
We also maintain a reserve pool of alternative suppliers with comparable processing capabilities, ensuring substitutability and supply flexibility for outsourced procedures.
These expenses amounted to RMB0.3 million in FY2023, RMB29.8 million in FY2024, and RMB60.2 million in FY2025, representing 0.9%, 53.9%, and 57.2%, of total R&D expenses for the respective years.
Business · p. 141
As the development of AI algorithms for use in our Multispectral AI Large Model Services commencing from FY2024 relies heavily on labour-intensive tasks, we outsource such tasks to optimise resource allocation, enhance efficiency, and control overall project cost-effectiveness, thereby allowing the Company to concentrate its internal resources on core technological research and development revolving around large model algorithms.
Business · p. 141
By leveraging external expertise for non-core tasks, we optimise resource allocation, accelerate development timelines, and maintain control over critical intellectual property, ensuring our solutions meet the diverse needs of industries.
We operate under the fabless model and focus on the design of SoCs.
Business · p. 152
We outsource wafer fabrication and chip packaging and testing activities to third-party business partners.
Business · p. 152
We have established long collaborations with a number of leading foundries and packaging and testing service providers with rich experience in automotive-grade products, to ensure the integrity and stability of our supply chain, which are pivotal to our proven record of mass production and successful delivery.
In 2024 and 2025, we have cooperated with three and two CMOs and 16 and 15 CROs, respectively.
Business · p. 198
To ensure the quality and integrity of outsourced activities, our Company implements ongoing supervision of CRO performance through periodic audits, review of key deliverables, and regular project meetings.
Business · p. 197
We have the right to inspect and audit the manufacturing processes of our CMO partners to ensure compliance with our standards.
During the Track Record Period, we have outsourced certain processes such as drilling and predelivery inspection to third-party contractors specialised in such processes from time to time when our capacity for the relevant processes was relatively fully occupied at the particular time.
Business · p. 142
For FY2023, FY2024 and FY2025, our subcontracting fee transaction amount was RMB66.6 million, RMB99.4 million and RMB94.9 million, respectively.
Business · p. 142
We generally select our subcontractors based on their company background, financial status, holding of relevant licenses, production capability, and passing of our testing and verification.
To date, our manufacturing activities are conducted through CDMOs to support our drug development process.
Business · p. 204
As of the Latest Practicable Date, we do not have any in-house manufacturing facility that was operational.
Business · p. 204
We select CROs based on professional qualifications, relevant research experience, service quality, efficiency, industry reputation, and costs, and ensure that all intellectual property generated from such collaborations belongs to us.
We outsource all manufacturing processes, including wafer fabrication and chip packaging and testing, to our third-party business partners.
Business · p. 132
As of the Latest Practicable Date, we had established stable relationships with eight major wafer foundries and 13 packaging and testing suppliers, enabling production capacity stability and cost competitiveness and advancing localization of our chip supply chain.
We collaborate with reliable OEM suppliers for the production of some of our plum jelly and other plum-based products to relieve the production capacity shortage caused by overwhelming market demand.
Business · p. 121
We have established and implemented internal control measures over our OEM suppliers to ensure that products manufactured under our OEM arrangements are produced in accordance with our quality standards and applicable regulatory requirements.
In line with market practices, according to Frost & Sullivan, we outsource certain production processes, such as production of Extruded Pet Food, to one subcontractor during the Track Record Period, which was an Independent Third Party.
Business · p. 139
Our subcontracting fees amounted to RMB11.0 million, RMB7.6 million and RMB7.7 million for 2023, 2024 and 2025, respectively.
Business · p. 139
Since February 2026, we terminated the subcontracting agreement with the subcontractor and strategically turned to use our own production base instead.
We do not own or lease manufacturing facilities. Instead, we outsource the manufacture process and maintain strict control over design, core material procurement, and quality assurance.
Business · p. 149
We engage top-tier contract manufacturers to integrate our software into hardware components and assemble our integrated domain control solutions.
Summary · p. 7
Our arrangement with contract manufacturers provides us with flexibility and scalability, enabling us to expand our business efficiently while avoiding large capital expenditures that would be required to build and operate our own manufacturing facilities.
During the Track Record Period, we engaged seven drug manufacturers (“CMOs”) in China, all of which are Independent Third Parties, to manufacture azvudine.
Business · p. 202
After February 2023 when our own production facilities were completed and sufficient to cover product demand, we did not outsource manufacturing to the CMOs, and subsequently terminated the cooperation with five of the collaborating CMOs as of December 31, 2025.
Business · p. 202
Under the agreement, we are the sole owner of any proprietary rights to azvudine, including the right to market and sell azvudine after obtaining the NMPA approval.
When our internal production capacity reaches its designed limits or when additional flexibility is required to meet customer demand, we may adopt alternative manufacturing arrangements with selected third-party manufacturers to supplement our production capacity.
Business · p. 115
During the Track Record Period, production under such arrangements represented an insignificant portion of our total production volume.
Business · p. 115
Products manufactured under such arrangements are subject to our quality control procedures, including sample testing, on-site inspections and acceptance checks before shipment.
We operate under a fabless model, where we collaborate with third-party semiconductor foundries with manufacturing capabilities, which handle the fabrication, testing, and packaging of semiconductor components based on our design specifications and requirements.
Summary · p. 2
We provide order forecasts three months in advance on a monthly basis to OSAT companies for them to purchase the necessary materials.
Business · p. 154
During the Track Record Period, we entered into framework agreements with OSAT companies and then placed orders under the framework agreement to procure testing and packaging services.
While we self-develop all core components of our L2-L2+ and L4 driving solutions based on our CalmVolution platform, we outsource the development of ancillary components of our solutions to third party software service providers to increase efficiency and reduce overall development costs.
Business · p. 149
To effectively manage our supply chain, we have adopted the Procurement Management Policy to regulate the processes of supplier screening, selection and evaluation.
In addition to conducting our core R&D activities in-house, we also engage reputable CROs and SMOs to manage, conduct, and support our pre-clinical research and clinical trials.
Business · p. 182
For the years ended December 31, 2024 and 2025, we collaborated with 46 CROs and seven SMOs, and 58 CROs and 15 SMOs, and the expenses attributable to our CROs and SMOs for the respective periods were RMB27.2 million and RMB2.9 million, and RMB42.6 million and RMB4.8 million, respectively.
Business · p. 182
Under our respective agreements with the CROs and SMOs, we own all intellectual property rights and trial results resulting from the agreed work scope of the projects conducted by them.
During the Track Record Period and in line with industry practice, we collaborated with contract assembly partners, C&C Trucks, Hubei Tri-Ring and Shenhe Automobile, to assemble our new energy intelligent heavy-duty trucks.
Business · p. 145
Under such collaboration arrangements, our contract assembly partners provide contract assembly services based on the vehicle design, engineering specifications and technical standards developed and provided by us, using our supply of parts and components used in vehicle assembly to ensure consistency and quality of our vehicles.
Business · p. 145
Our Directors are of the view that we do not place undue reliance on any individual contract assembly partner, and that any existing concentration is commercially manageable and does not pose a material adverse risk to our business, operations or financial performance, considering that we retain control over our vehicle design, core vehicle systems and relevant intellectual properties, while our contract assembly partners perform the assembly functions under our technical specifications and quality requirements.