For the years ended December 31, 2024 and 2025, we collaborated with two and one CDMO(s), and the expenses attributable to our CDMO(s) were RMB24.3 million and RMB17.9 million, respectively.
Business · p. 183
The second phase focuses on key clinical trials and future commercial production, which we plan to outsource to CDMOs.
Business · p. 184
For the commercial production of LP-003 and LP-005, we plan to fully outsource to qualified CDMOs to produce drugs for commercial supply.
As of the Latest Practicable Date, we did not have beyond-lab-scale manufacturing facility.
Business · p. 181
During the Track Record Period, we have cooperated with five CDMO partners.
Business · p. 181
We retain all the intellectual property rights and grant our CDMO partners the right to use our intellectual property rights for such manufacturing and packaging activities during the contract period.
As of 31 December 2025, 17 of our domestic warehouses are outsourced, most of which were located in Shanghai, Tianjin, Guangdong, Hubei and Sichuan.
Business · p. 146
The operations of these outsourced bonded and overseas warehouses rely on the management system of third-party logistic providers and we are not directly involved in the daily operations of these warehouses.
Business · p. 146
We periodically evaluate the performance of outsourced warehouses to confirm they meet stringent standards for safety and operational efficiency.
To date, our manufacturing activities are primarily limited to supporting our drug development process. We maintain stable relationships with reputable CDMOs to meet the needs of our pipeline.
Business · p. 200
To monitor and evaluate the services of our CDMOs, we conduct quality assurance audit programs to ensure, among other criteria, full compliance of our CDMOs with the relevant regulatory requirements.
Business · p. 200
We expect collaboration with CDMOs to remain an important part of our production plan to support the ongoing preclinical and clinical development of our drug candidates.
Except for the sterilization step described above, which we engage third parties to conduct, we perform all other key steps such as stent processing, balloon forming and assembling in-house.
Business · p. 142
We select third party service providers based on their qualifications and sterilization capabilities, and we only enter into agreements with service providers that meet our standards.
During the Track Record Period, we primarily outsourced our (i) drilling; (ii) mining and tunneling; and (iii) ore transportation within our mines and ore processing plants to third-party contractors in accordance with our design and plan and the applicable production-safety requirements.
Business · p. 172
We have implemented strict rules and standards to ensure the quality and safety of our contractors, including but not limited to on-site inspections by our Group.
Business · p. 173
For the fiscal years ended March 31, 2024, 2025 and the nine months ended December 31, 2025 our total sub-contracting fees during our operations amounted to approximately USD73.9 million, USD91.1 million and USD79.6 million, respectively.
This network operates under a mixed model of self-operated capacity as the foundation, core outsourced transportation as the mainstay, and flexible supplemental capacity to ensure an optimal balance among stability, scalability and cost efficiency.
Business · p. 129
Our self-operated capacity accounts for approximately 24% of the total domestic trunk capacity and is deployed on high-frequency trunk routes among East China, South China and other major hubs.
Business · p. 129
Supplier selection is conducted through a rigorous, multi-factor evaluation process that assesses, among others, transportation capacity and network coverage, qualifications, historical delivery performance and cost competitiveness.
On the commercialization side, we have developed a hybrid commercialization model primarily led by our in-house team and complemented by contract sales organizations (“CSO”), with a marketing system covering functions including marketing, medical affairs, sales and commercial operations, supporting the continued ramp-up of our marketed products and the future commercialization of our pipeline candidates.
Summary · p. 2
We promote and commercialize our products primarily through our in-house commercialization team, supplemented by third-party contract sales organizations (“CSOs”) in selected regions and for selected products.
Business · p. 157
For specialty products with high clinical and service requirements (such as hemophilia therapies), we deploy highly specialized teams with strong hematology expertise and collaborate with qualified third-party service providers that maintain dedicated patient management teams, emphasizing targeted coverage of key treatment centers and patient support services to facilitate long-term treatment adherence and outcomes.
We procure project implementation services for system integration and technical support from specialized suppliers with technical expertise.
Business · p. 158
Such suppliers implement projects based on our proprietary technologies, without introducing any third-party technologies or algorithms.
Business · p. 158
The largest component of our cost of sales was project fulfillment costs, which accounted for 56.3%, 77.7% and 77.0% of our total cost of sales in 2023, 2024 and 2025, respectively.
We adopt a hybrid manufacturing strategy, independently manufacturing core components while selectively outsourcing certain non-core components, enabling a clear allocation of production responsibilities and optimal utilization of our manufacturing capabilities.
Business · p. 109
We mandate that all suppliers comply with applicable local laws and ensure that outsourced parts meet regulatory requirements.
We typically engage qualified third-party outsourced service providers in China to perform certain non-core services.
Business · p. 151
In 2023, 2024 and 2025, our outsourced service expenses amounted to RMB184.8 million, RMB257.5 million and RMB239.2 million, respectively.
Business · p. 152
We monitor fluctuations in outsourced service fees and conduct periodic sensitivity analyses to evaluate the impact of labor cost changes on project profitability.
We engage automotive OEMs for the manufacturing of our autonomous mining trucks and contract manufacturers for the manufacturing of certain components, including those related to our solutions.
Business · p. 142
We collaborate with multiple automotive OEMs and have no dependence on any single automotive OEM.
Business · p. 143
We typically engage contract manufacturers when the hardware or components we require do not meet our quality or technical standards in the open market, or when customization is required for our solutions.
For manufacturing of our product candidates, we currently outsource such production to a limited number of highly reputable CDMOs.
Business · p. 184
We do not have in-house manufacturing facilities and capabilities, and we have no concrete plan to establish the same.
Business · p. 184
We engaged two CDMOs in the year ended December 31, 2024, namely CDMO A and CDMO B, for which we incurred expenses of RMB5.1 million. And we engaged three CDMOs in the year ended December 31, 2025, namely CDMO A, CDMO B and CDMO C, for which we incurred expenses of RMB3.2 million.
We outsource production and manufacturing of our products to specialized original equipment manufacturer (OEM) to secure stable production capacity, guarantee timely delivery, and achieve our sustainability goals.
Business · p. 176
As of December 31, 2025, we engaged 16 OEM vendors, the majority of which were located in China and some were located in Thailand, Vietnam and Poland.
Business · p. 176
In addition, we station quality control personnel at OEM vendors' sites to supervise production and inspect the quality of finished products.
We engaged 71, 91 and 108 CROs for the years ended December 31, 2023, 2024 and 2025, respectively, with associated service fees of approximately RMB53.9 million, RMB87.7 million and RMB351.8 million for the same periods.
Business · p. 178
During the Track Record Period, we outsourced a small portion of our manufacturing activities, primarily for the production of (i) drug products with relatively simple synthesis processes, lower technical complexity, minimal confidentiality requirements, or less stringent quality specifications, and (ii) drug products with limited market size that do not justify the costs of establishing new in-house production lines.
Business · p. 183
We engaged three, two and one CDMO for the years ended December 31, 2023, 2024 and 2025, respectively, with associated service fees of approximately RMB1.9 million, RMB6.8 million and RMB0.5 million for the corresponding years.
In order to supplement our in-house production capacity when our customers' demand temporarily exceeded our production capacity, we outsourced the "mass shredding" process to third-party manufacturers, who were all Independent Third Parties, in 2023 and 2024.
Business · p. 165
We have strict quality control measures with these third-party manufacturers to maintain our product standards, including requiring them to satisfy our technical specifications and comply with all applicable industrial and national quality standards.
We outsource the production of certain products, including fiber optic assemblies and fiber optic connectivity infrastructure products. The outsourcing costs were RMB12.6 million, RMB23.3 million, and RMB23.8 million, representing 4.1%, 4.5%, and 1.9% of our total cost of sales, respectively.
Business · p. 122
We continuously monitor the performance of our external manufacturers and conduct in-process inspections as well as on-site audits, with finished products subject to rigorous sampling inspection.
We selectively collaborate with CMOs to outsource the manufacturing of a small portion of our mass-market products with low profit margins, such as certain infusion sets and venous blood collection needles, in order to maintain long-term relationships with our customers.
Business · p. 121
During the Track Record Period, revenue generated from products manufactured by CMOs on our behalf accounted for approximately 1% of our total revenue for the respective years.
Business · p. 121
In the event of any disruption, we retain the flexibility to transition production to alternative providers with comparable capabilities.
We do not, however, engage in material and equipment manufacturing or land and building construction. Accordingly, we source such items from suppliers, and/ or sub-contract such procurement and construction works to licenced service providers
Business · p. 122
For FY2023, FY2024, FY2025, purchase from our five largest sub-contactors amounted to RMB78.7 million, RMB50.4 million and RMB75.1 million, respectively, accounting for approximately 28.1%, 26.9% and 27.8% of our total purchase cost, respectively.
Business · p. 152
We generally select sub-contractors through open tenders or invited tenders.