During the Track Record Period, Customer B was our second largest customer in 2023, primarily purchasing our intelligent mobile robotic solutions.
Business · p. 184
In addition, Customer B also acted as our supplier in 2023, providing mobile chassis manufacturing services to us with a transaction amount of approximately RMB4,000.
Business · p. 184
Supplier I was also our customer for design services in 2024 and 2025.
Typically, we provide AI Computing Infrastructure Solutions to these customers/suppliers, and enter into leasing arrangements to rent AIDCs from them.
Business · p. 171
Customer I/Supplier F is one of our five largest suppliers in 2024 and five largest customers in 2025 during the Track Record Period.
Business · p. 172
During the Track Record Period, our negotiations of the terms in the sales and purchase agreements in connection with the overlapping customers and suppliers were conducted on a case-by-case basis and were not inter-conditional with each other.
Our revenue from these overlapping customers amounted to US$3.5 million, US$5.6 million, US$3.4 million and US$6.3 million, representing 1.0%, 1.5%, 0.9% and 3.4% of our total revenue, respectively, and our purchases from them amounted to US$0.1 million, US$1.6 million, US$2.7 million and US$37.7 thousand representing less than 3% of our total purchases in each period.
Business · p. 157
Our purchases from these overlapping suppliers amounted to US$29.4 million, US$19.8 million, US$16.9 million and US$15.9 million, representing 18.1%, 11.9%, 10.3% and 21.2% of our total purchases, respectively, while our revenue from them amounted to US$23.6 thousand, US$143.5 thousand, US$88.9 thousand and US$1.1 million, representing less than 1.0% of our total revenue in each period.
Business · p. 157
Our sales to and purchases from our Overlapping Customers and Suppliers were negotiated separately, took place at different stages of the industry value chain and were conducted in the ordinary course of business and on normal commercial terms negotiated on an arm’s length basis.
During the Track Record Period, certain of our five largest customers, namely, Hebei Mijia Houseware Co., Ltd. and Jiangsu Bestfull Technology Co., Ltd., were also our suppliers (the ''Overlapping Customers''), and certain of our five largest suppliers, namely, Supplier A, Supplier C and Shandong Xingnuo Industry and Trade Co., Ltd., were also our customers (the ''Overlapping Suppliers'', and collectively with the Overlapping Customers, the ''Overlapping Customers and Suppliers'').
Business · p. 147
In 2023, 2024, 2025 and the six months ended June 30, 2026, our purchases from this customer amounted to RMB17.0 million, RMB7.3 million, RMB7.5 million and RMB6.1 million, representing 2.4%, 0.9%, 1.0% and 1.2% of our total purchases for the corresponding period, respectively.
Business · p. 148
All purchases from and sales to the Overlapping Customers and Suppliers were negotiated through separate processes, conducted in the ordinary course of business and carried out on commercial terms negotiated at arm's length, and were not inter-conditional or inter-related.
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from Supplier C amounted to RMB1.6 million, RMB4.0 million, RMB14.3 million and RMB6.0 million, respectively, representing approximately 0.3%, 0.6%, 1.7% and 1.4% of our total revenue during the respective periods.
Business · p. 169
In 2023, 2024, 2025 and the five months ended May 31, 2026, purchases from Customer H amounted to RMB25 thousand, RMB0.2 million, RMB1.0 million and RMB1.2 million, respectively, representing approximately nil, 0.1%, 0.2% and 0.4% of our total purchase during the respective periods.
Business · p. 169
All of our sales to and purchases with these overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
During the Track Record Period, to the best knowledge of our Directors, three of our five largest customers in each year/period during the Track Record Period were also our suppliers, and one of our five largest suppliers in each year/period during the Track Record Period was also our customers.
Business · p. 183
Negotiations of the terms of our sales to and purchases from overlapping customers and suppliers were conducted on a transaction-by-transaction basis using independent business teams.
Business · p. 185
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period and up to the Latest Practicable Date was inter-conditional, inter-related or otherwise considered as one transaction.
From time to time, we purchase packaging materials, other electronic components, and relevant customs declaration services from our intelligent driving and intelligent cockpit customers, and our lens suppliers purchase camera modules from us.
Business · p. 163
Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · p. 164
Our Directors confirmed that all of our sales to and purchases from these overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms.
During the Track Record Period, Supplier F, one of our five largest suppliers in 2024 and 2025, also made limited purchases of certain products from us.
Business · p. 165
Such sales were negotiated on an arm’s length basis and were neither interconnected nor inter-conditional with our purchases from Supplier F.
(i) Customer C, one of our five largest customers in each year/period during the Track Record Period, was also one of our suppliers in 2024 and the six months ended June 30, 2026.
Business · p. 133
(i) Supplier A, one of our five largest suppliers in each year/period during the Track Record Period, was also one of our customers in 2023, 2024 and 2025.
Business · p. 133
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, our revenue from the Guangdong Rising Holdings amounted to RMB251.2 million, RMB32.4 million, RMB6.1 million and RMB137.4 million, respectively, accounting for 15.7%, 1.8%, 0.3% and 7.4% of our total revenue for the same periods, respectively.
Among our five largest suppliers during the Track Record Period, only Supplier E was also our customer.
Business · p. 147
Our sales to and purchases from Supplier E were conducted under separate business arrangements in the ordinary and usual course of business, on normal commercial terms and following arm’s length negotiations.
Customer E/Supplier E, one of our five largest customers in each of 2024 and 2025, was also one of our five largest suppliers in 2024, because Customer E/Supplier E requires its suppliers, including us, to purchase designated electronic components used in their products from certified vendors, including, in some cases, the Customer E/Supplier E itself, to better control quality.
Business · p. 145
Our sales to and purchases from Customer E/Supplier E were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
Business · p. 145
We sold various PCB products, primarily FPC, to Customer G and purchased electronic components from it, and the relevant purchase amounts were RMB96.6 million, RMB91.5 million, RMB95.6 million and RMB3.9 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
FSG was one of our top five largest suppliers and customers in 2025.
Business · p. 161
Supplier G, one of our Group’s five largest suppliers in 2025 was also a customer of our Group in the same year.
Business · p. 161
The Resell Transaction was structured as sales and purchases in nature rather than outsourced manufacturing primarily in view of cross-border customs clearance considerations.
During the Track Record Period, two of our five largest customers, being Customer/Supplier Group C and Customer G, were also our suppliers.
Business · p. 138
The total revenue we generated from Customer/Supplier Group C amounted to RMB113.7 million, RMB112.8 million, RMB126.4 million and RMB63.5 million in FY2023, FY2024, FY2025 and 6M2026, representing approximately 3.9%, 3.5%, 3.7% and 3.0% of our total revenue for the respective year/period.
Business · p. 138
Negotiations of the terms of our sales to and purchases from this overlapping customer and supplier were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
During the Track Record Period, 14 major counterparty groups acted as both our customers and suppliers (the ''Major Overlapping Counterparties'').
Business · p. 147
Our sales to, and purchases from, Major Overlapping Counterparties were not reciprocal in nature, and we did not enter into any arrangement under which a sale was conditional upon a corresponding purchase, or vice versa.
Business · p. 148
The relevant sales and purchase transactions were conducted in the ordinary and usual course of business, on normal commercial terms and on an arm's length basis.
During the Track Record Period, two of our top five suppliers was also our customers.
Business · p. 166
The reason for such overlap is that Customer B may designate our development personnel to use the development sites of Supplier A and Supplier D, resulting in our procurement of their services.
Business · p. 167
The purchase of such services between us and Supplier A and Supplier D was conducted on an arm’s-length basis during the Track Record Period.
Some of our suppliers were also our top five customers, but our aggregate purchases from these suppliers were insignificant, accounting for less than 1% of our total purchase amount in each year/period during the Track Record Period.
Business · p. 166
Hisense Group was one of such overlapping customers/suppliers in 2023 and 2024, but not in 2025 or six months ended June 30, 2026.
Business · p. 166
The pricing and other terms of contracts that we entered into with our overlapping customers and suppliers are substantially the same as those we enter into with other customers and suppliers, respectively, for similar products and services.
During the Track Record Period, we had two major customers who were also our suppliers, namely Customer A and Customer G, and one major supplier who was also our customer, namely Supplier H.
Business · p. 161
Our Directors have confirmed that none of our sales to and purchases from Customer A, Customer G and Supplier H during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
For the years ended December 31, 2023, 2024, and 2025, and the three months ended March 31, 2026, we had generated a revenue of RMB698.2 million, RMB685.3 million, RMB829.3 million, and RMB222.5 million from Customer B, which represented 38.0%, 28.4%, 30.4%, and 30.2% of our total revenue, respectively.
Business · p. 166
During the same periods, purchases from Customer B amounted to RMB21.2 million, RMB20.2 million, RMB20.9 million, and RMB5.0 million, which represented 4.1%, 1.8%, 1.9%, and 3.0% of our total purchases, respectively.
Business · p. 166
According to F&S, this dual relationship between waste-incineration operators and electricity companies such as Company B is standard industry practice.
Our sales of ASR-branded products to Customer B/Supplier G amounted to RMB425.1 million, RMB722.0 million, RMB848.3 million and RMB462.4 million in 2023, 2024, 2025 and the six months ended June 30, 2026, representing 16.4%, 21.3%, 22.2% and 18.9% of our total revenue for the same years/period, respectively.
Business · p. 153
Negotiations of the terms of our sales to and purchases from this overlapping customer and supplier were conducted on an individual basis, and the sales and purchases were neither interconnected nor inter-conditional with each other.
Business · p. 153
Our Directors confirm that all transactions with this overlapping customer and supplier were conducted in the ordinary course of business and were based on normal commercial terms and at arm's length.
During the Track Record Period, Supplier B was our major supplier, which was also our customer.
Business · p. 171
The overlap between our customers and suppliers arises from the different business functions performed by our customers’ separate entities and our business needs for both procurement and sales.
Business · p. 171
Our Directors have confirmed that none of our sales to and purchases from our overlapping customers and suppliers during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.