During the Track Record Period, we primarily sold photovoltaic inverters, energy storage inverters, and energy storage batteries to Customer A. In 2023, 2024, and 2025, our revenue generated from Customer A accounted for 13.0%, 12.9%, and 9.5% of our total revenue, respectively.
Business · p. 128
During the Track Record Period, we primarily sold photovoltaic inverters to Customer G. In 2023, 2024, and 2025, our revenue generated from Customer G accounted for 19.6%, 3.6%, and 0.2% of our total revenue, respectively.
Business · p. 129
Negotiations of the terms of our sales to and purchases from such 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.
Supplier D, one of our five largest suppliers in 2023, was also a customer in 2024.
Business · p. 169
All of our sales to and purchases from Supplier D were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Business · p. 169
According to CIC, it is a common industry practice in China for public health institutions, including centers for disease control and prevention, to participate in vaccine clinical trials as clinical trial institutions and coordinating centers, while separately procuring vaccine products for public disease prevention and control purposes.
During the Track Record Period, we provided data security and cybersecurity solutions to Customers A, B and D, the three largest telecommunications network operators in China, from whom we also procured telecommunications services for our own operational needs.
Business · p. 154
In 2023, 2024 and 2025, the revenue that we derived from Customer A was RMB182.3 million, RMB297.6 million and RMB259.1 million, representing 35.3%, 45.2% and 36.6% of our total revenue, respectively.
Business · p. 155
Negotiations of the terms of our purchases from and sales to Customers A, B and D were conducted on an individual basis and such purchases and sales were neither inter-connected nor inter-conditional with each other.
During the Track Record Period, one of our major customers, is also our supplier for small industrial parts such as bearings and brakes.
Business · p. 141
The arrangement was required by such customer to secure timely and adequate supply of the relevant raw materials to be used in the products that we produced for such customer.
Business · p. 141
In 2023, 2024 and 2025, our purchases from such customer accounted for less than 0.1% of our total purchases, respectively.
During the Track Record Period, one of our major suppliers was also our customer. Specifically, in 2025, Supplier D purchased certain laboratory pipeline system components from us. Revenue from Supplier D accounted for approximately 0.001% of our total revenue in 2025.
Business · p. 149
Negotiations of the terms of our sales to and purchases from such overlapping customer/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, we had certain non-major suppliers who were also our non-major customers, primarily comprising trading companies and companies operating within the same industry value chain.
Business · p. 160
In December 2023, we acquired a 15% equity interest in Yicheng Electronic to capitalize on strategic synergies between the two companies.
Business · p. 160
Our Directors confirm that, as each of the applicable percentage ratios for the acquisition of the 15% equity interest in Yicheng Electronic is less than 25%, such acquisition was neither classified as a major transaction nor a very substantial acquisition pursuant to the Listing Rules.
During the Track Record Period, Customer A, Customer B, Customer G, Customer I, Customer K and Customer M were also our suppliers.
Business · p. 202
During the Track Record Period, Supplier A, Supplier F, Supplier J, Supplier K, Supplier L and Supplier M were also our customers.
Business · p. 202
All of our sales to and purchases from these companies were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
Customer A, one of our five largest customers in 2023, 2024 and 2025, was also a supplier.
Business · p. 143
Customer F, one of our five largest customers in 2024 and 2025, was also a supplier.
Business · p. 143
The overlap between certain of our customers and suppliers is primarily attributable to our needs to (i) purchase samples from suppliers for the purpose of equipment testing and calibration; (ii) construct photovoltaic power stations at our own facilities and (iii) retrieve used equipment from customers for upgrading and renovation, where participants are often engaged in both upstream material supply and downstream application or module manufacturing.
During the Track Record Period, one of our customers in 2023, 2024 and 2025, Customer Z (a PRC enterprise primarily engaged in nutritious food sales), was also one of our suppliers in 2024 and 2025.
Business · p. 166
The transactions that we entered into with Customer Z were on an arm’s-length, mutually independent basis under normal commercial terms.
Business · p. 166
During the Track Record Period, Supplier L (a Spanish-based company principally engaged in the supply of raw milk, and the processing, production and sales of dairy products), one of our suppliers in 2023, 2024 and 2025, was also one of our customers in 2023, 2024 and 2025.
(1) Customer B was also one of our suppliers during the Track Record Period. We primarily procured R&D services and consumables from Customer B. The purchase amount attributable to such transactions were RMB55.6 thousand and RMB15.4 thousand in 2024 and 2025, respectively, accounting for 0.04% and 0.01% of our total purchases for the same periods, respectively.
Business · p. 210
(2) Customer C was also one of our suppliers during the Track Record Period. We primarily procured consumables from Customer C. The purchase amount attributable to such transactions were nil and RMB22.2 thousand in 2024 and 2025, respectively, accounting for nil and 0.02% of our total purchases for the same periods, respectively.
Business · p. 210
Negotiations of the terms of our sales to and purchases from Customer B and Customer C were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
During the Track Record Period, one of our major suppliers was also our customer.
Summary · p. 5
In 2023, 2024, and 2025, our purchases from Company X and Y amounted to nil, RMB3.8 million, and RMB207.2 million, representing nil, 0.1%, and 2.5% of our total purchases in the same years, respectively.
Business · p. 171
Negotiations of the terms with Company X and Y were conducted separately on an arm’s length basis, and the sales and purchases were neither connected nor conditional upon each other.
Two of our five largest customers were also suppliers of us (the "Overlapping Customers and Suppliers") in 2023.
Business · p. 132
In 2025, our purchases from it amounted to RMB70.4 million, accounting for 1.8% of our total purchase amount for the same period.
Business · p. 133
The negotiations of the terms of our sales to and purchases from each of Overlapping Customers and Suppliers and Jin Jiang International Group were conducted on an individual basis and the sales and purchases were not inter-conditional upon each other.
During the Track Period Period, Customer A, a leading chip distributor and solution provider in China, was also one of our suppliers, from whom we procured technical services.
Business · p. 162
Our sales to and purchases from Customer A are not inter-conditional upon each other.
Business · p. 162
The pricing and other terms of contracts that we entered into with Customer A are substantially the same as those we enter into with other customers and suppliers for similar products and services.
During the Track Record Period, to the best knowledge of our Directors, Customer B, one of our five largest customers in 2022 and 2023 was also a supplier in 2023.
Business · p. 281
Our purchase from Customer B in 2023 was for a separate transaction that related to our engagement of Customer B to conduct pre-delivery quality testing for our HUD solutions through their labs, such as dust tests, high and low temperature tests and drop tests, and to provide corresponding test reports.
Business · p. 281
Our Directors confirmed that all aforementioned transactions were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, certain of our major customers/suppliers were also our suppliers/customers.
Business · p. 177
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenues from the above-mentioned suppliers accounted for approximately 0.1%, 0.001%, 0.001% and 0.04% of our total revenue for the same period in aggregate, respectively.
Business · p. 177
Negotiations of the terms of our sales to and purchases from such overlapping customers/suppliers were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Customer D and Customer E, two of our five largest customers for the six months ended June 30, 2025, were also our suppliers for the same period.
Business · p. 361
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. 361
Our Directors confirmed that all of our sales to and purchases from the overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm's-length basis.
The fee for this exclusive use right is set at 10% of the revenue (VAT inclusive) generated from the show representing the directorial royalty service fees.
Business · p. 237
The ticket requests raised by Impression Art Development solely because its customers raised ticket requests and Impression Art Development merely served as an intermediary.
Business · p. 237
All of the transactions concerning the Impression — Dahongpao Scenery Show were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
During the Track Record Period, Supplier A, Supplier C, and Supplier H were also our customers.
Business · p. 233
Revenue generated from each of Supplier A, Supplier C and Supplier H in each year during the Track Record Period accounted for 1% or less of our total revenue in the respective year.
Business · p. 234
Our sales to and purchases from the above supplier-customers are not inter-conditional upon each other, and are conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, we provided ancillary E&M engineering works, mainly including minor alteration and addition works, replacement of water pipes and removal of obstructions, to C-Bon Consultant and recognised insignificant amount of revenue, and at the same time we subcontracted certain works, mainly including consultancy service for minor alteration and addition works and structural justification, to C-Bon Consultant and incurred insignificant amount of subcontracting fees.
Business · p. 183
C-Bon Consultant is a company incorporated with limited liability in Hong Kong in July 2022, principally engaging in the provision of superstructure, alternation and addition works and minor works. C-Bon Consultant and its shareholder are independent third parties.
We purchased watch movements from Shanghai Lao Feng Xiang Watch, which amounted to approximately RMB35,000 in aggregate, representing 0.02% of our total purchases for 5M2025.
Business · p. 332
For FY2022, FY2023 and FY2024, the outsourcing fees we paid to this customer amounted to RMB0.34 million, RMB0.31 million and RMB0.07 million, respectively, representing 0.14%, 0.07% and 0.02% of our total purchases for the respective periods.
Business · p. 332
Our Directors confirm that our sales to and our purchases from the above overlapping customer-suppliers were (i) entered into after the due consideration taking into account the prevailing purchase and selling prices at the relevant times; (ii) conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis; and (iii) at prices that are no less favourable than from other Independent Third Parties who are not customer-supplier.