During the Track Record Period, we had 13, five and 11 customers that were also our suppliers, respectively, generating a revenue of RMB107.4 million, RMB384.2 million and RMB1,343.4 million, respectively, which represented 21.5%, 43.2% and 63.8% of our total revenue, respectively.
Business · p. 130
We also confirm that all products provided to and products received from overlapping customers/suppliers during the Track Record Period were conducted at arm’s length, under normal commercial terms, and in the ordinary course of business.
During the Track Record Period, certain of our top five suppliers were also our customers.
Business · p. 130
We purchased from Supplier H precious metal as fixed asset in 2025, which was in capital nature, with an amount of RMB406.1 million.
Business · p. 130
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period were inter-conditional, inter-related or otherwise considered as one transaction.
Customer E was one of our five largest customers in 2024, and also a supplier of ours in 2024.
Business · p. 205
The relationship with Customer E is an example of a symbiotic industry-academia collaboration.
Business · p. 205
Negotiations of the terms of our sales to and purchases from Customer E were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
Company E, one of our five largest customers in 2023, was also our supplier in 2023.
Business · p. 162
Our aggregate sales to Company E, Company J and Company L amounted to RMB34.7 million, RMB36.3 million and RMB120.9 million in 2023, 2024 and 2025, respectively, representing 6.8%, 6.6% and 17.2% of our total revenue for the same years, respectively.
Business · p. 163
Our aggregate purchases from Company E, Company J and Company L amounted to RMB19.3 million, RMB20.1 million and RMB44.0 million in 2023, 2024 and 2025, respectively, representing 2.4%, 4.2% and 5.3% of our total purchases for the same years, respectively.
During the Track Record Period, among our top five customers and suppliers in each year, we had total seven overlapping customers and suppliers.
Business · p. 153
For those overlapping customers and suppliers, we sold to and also purchased from them mainly due to the following reasons: (1) for Customer A, chips provided by them possess proven reliability and performance characteristics, which meet our stringent technical requirements, and are widely adopted across the industry; (2) for a very limited number of overlapping customers and suppliers who purchased printing control system from us, we purchased their products to conduct in-house test of our printing control system before conducting on-site test at our customers’ places, where the working environment is more complex and different from our testing environment; and
Business · p. 154
According to Frost & Sullivan, it is an industry norm to have overlapping customers and suppliers relationship in the digital printing solutions industry.
Customer D and Supplier A are the same entity that operates an e-commerce marketplace globally.
Business · p. 142
In FY2023, FY2024 and FY2025, the revenue from Customer D was RMB13.1 million, RMB10.4 million and RMB22.4 million, respectively, accounting for 3.6%, 2.3% and 4.5%, respectively, of our total revenue in the same periods.
Business · p. 142
In FY2023, FY2024 and FY2025, our purchase from Supplier A was RMB46.2 million, RMB53.0 million and RMB60.8 million, respectively, accounting for 19.7%, 18.1% and 20.7%, respectively, of our total purchase in the same periods.
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.
Our procurement from Supplier C amounted to RMB65.8 million, RMB28.1 million and RMB6.9 million for the years ended December 31, 2023, 2024 and 2025, respectively, accounting for 4.7%, 1.7% and 0.4% of our total procurement in the same years, respectively.
Business · p. 162
Our procurement from Yichang Lisheng amounted to nil, nil and RMB71.0 million for the years ended December 31, 2023, 2024 and 2025, respectively, accounting for nil, nil and 4.1% of our total procurement in the same years, respectively.
Business · p. 162
Negotiations of the terms of our sales to and purchases from Supplier C and Yichang Lisheng were conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
During the Track Record Period, Company C, a company primarily engaging in providing electronics manufacturing, technology services and solutions, was one of our five largest suppliers in 2023, 2024 and 2025.
Business · p. 136
Negotiations of the terms of our sales to and purchases from Company C were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · p. 137
According to Frost & Sullivan, it is in line with the industry norm that memory solutions providers sell memory solutions to customers while procuring wafers and memory chips from them.
The number of our overlapping customers and suppliers was 7, 4 and 8 in each of 2023, 2024 and 2025, respectively.
Business · p. 198
Our purchases from overlapping customers and suppliers in 2023, 2024 and 2025 were RMB23.6 million, RMB1.9 million and RMB18.5 million, respectively, accounting for 14.7%, 1.0% and 6.4% of our total purchases in the respective years.
Business · p. 198
Our Directors confirm that all transactions with these overlapping customers and suppliers were conducted in the ordinary course of business, on normal commercial terms, and were not inter-conditional.
During the Track Record Period, we had overlapping major customers and suppliers (the “Overlapping Customer(s) and Supplier(s)”), which are (i) two of our major customers, namely, Customer B (one of our top five customers during the Track Record Period) and Customer G (one of our top five customers in FY2024 and our largest customer in FY2025); and
Business · p. 175
For FY2024, Guangzhou Haozhi purchased compact general industrial five-axis machine tools for machining of its mechanical components.
Business · p. 176
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 in arm’s length basis.
Our purchase amounts attributable to these customer-suppliers accounted for 5.0%, 8.1% and 8.9% of our total purchase amount in 2023, 2024 and 2025.
Business · p. 154
One of our five largest suppliers in 2023, 2024 and 2025, was also our customer in 2023, 2024 and 2025.
Business · p. 155
Our Directors are of the view that these arrangements were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
In 2024, our sales to the subsidiary of Johnson Controls International Plc amounted to RMB0.9 million, accounting for 0.1% of our total revenue for the same year. In 2023, 2024 and 2025, our purchases from Johnson Controls International Plc amounted to RMB255.6 million, RMB38.6 million and RMB110.6 million, respectively, accounting for 27.2%, 6.1% and 19.1% of our total purchases for the respective years.
Business · p. 140
In 2023 and 2024, our sales to Customer B amounted to RMB89.3 million and RMB117.3 million, respectively, accounting for 13.9% and 15.9% of our total revenue for the same years, respectively.
Business · p. 140
Our Directors are of the view that the transactions that we entered into with the overlapping supplier-customers were on an arm’s-length, mutually independent basis under normal commercial terms.
During the Track Record Period, one of our top five customers in 2023 and 2025, a leading cloud computing service provider in the Chinese Mainland, was also a supplier to us, providing us with public cloud infrastructure services.
Business · p. 135
Our total procurement amount from these suppliers was RMB158.8 million, RMB152.9 million and RMB131.7 million during the Track Record Period, respectively, representing approximately 18.5%, 15.5% and 12.9% of our total cost of sales in the same years, respectively.
Business · p. 135
Our Directors confirmed that negotiations of the terms of our sales to and purchases from the customers and the suppliers mentioned above as both of our customers and suppliers were conducted on an individual basis and, as a result, the sales and purchases were neither connected with nor conditional upon each other.
Customer Group A, one of our five largest customers in 2023, 2024 and 2025, was one of our suppliers in 2023.
Business · p. 153
Shanghai Tongye Trading Co.* (上海桐燁貿易商行), one of our five largest suppliers in 2024 and 2025, was one of our customers in 2024.
Business · p. 153
Our Directors confirm that our Group’s sales and purchases to/from such overlapping customers-suppliers were: (a) entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, (b) conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis, and (c) at prices that are no less favorable than from other independent third parties who are not customer-suppliers.
Our purchases from Supplier A were RMB56.7 million, RMB139.2 million and RMB176.3 million in 2023, 2024 and 2025, respectively, accounting for 8.7%, 10.8% and 8.5% of our total purchase in the respective year.
Business · p. 169
Customer E was our fifth largest customer in 2024 and 2025, from which we recognized revenue of RMB17.0 million and RMB33.8 million, respectively, accounting for 0.9% and 1.2% of our total revenue in the same years, respectively.
Business · p. 169
Our Directors confirmed that negotiations of the terms of our purchases from Supplier A and the terms for sales to Customer E were conducted individually on an arm's length basis.
During the Track Record Period, to the best of our Directors’ knowledge, one of our top five customers was also one of our top five suppliers on a consolidated basis.
Summary · p. 3
In 2023, 2024 and 2025, we purchased RMB207.4 million, RMB960.4 million and RMB1,666.5 million from Supplier B, accounting for 21.8%, 26.3% and 19.2% of our total purchase for the same years, respectively.
Business · p. 172
In 2023, 2024 and 2025, we generated RMB147.9 million, RMB504.9 million and RMB440.5 million from Customer A, accounting for 34.8%, 25.7% and 11.1% of our total revenue for the same years, respectively.
During the Track Record Period, certain of our top five customers were also our suppliers, and certain of our top five suppliers were also our customers.
Business · p. 154
In 2023, 2024 and 2025, our sales to Customer A amounted to RMB647.0 million, RMB912.4 million and RMB1,016.3 million, accounting for 14.6%, 16.7% and 15.3% of our total revenue, respectively.
Business · p. 155
Our Directors confirmed that all of our sales to and purchases from the customer-supplier were entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
To the best of our Directors’ knowledge and belief, during the Track Record Period, (i) Haichang Biotech was one of our top five suppliers in 2024 and 2025 and was also our customer in 2025, to which we provided validation and pilot production services in connection with paclitaxel for injection (albumin-bound); (ii) Customer A was one of our top five customers during in 2023, 2024 and 2025, and was also our supplier in the same periods, from which we purchased platform information services; (iii) Customer B was one of our top five customers during in 2023, 2024 and 2025, and was also our supplier in 2023 and 2025, from which we purchased materials including syringes and needles; (iv) Customer C was one of our top five customers in 2023 and 2024, and was also our supplier in 2025, from which we purchased human serum albumin; and (v) Mabtech was one of our top five customers in 2024 and 2025, and was also our supplier in 2024 and 2025, from which we purchased Reminton (類停^®^) Infliximab for Injection (collectively, the “Overlapping Customers and Suppliers”).
Business · p. 187
In 2023, 2024 and 2025, our sales to Customer A amounted to RMB266.6 million, RMB275.6 million and RMB252.3 million, respectively, representing 21.2%, 19.6% and 16.4% of our total revenue.
Business · p. 187
The terms of sales and purchases from Overlapping Customers and Suppliers are negotiated on a case-by-case basis, and the sales and purchases are not interrelated or conditional upon each other.
One of our customers in 2024 and 2025, Eikon Therapeutics, was also our supplier during the same years.
Business · p. 228
In 2024 and 2025, (i) our purchases of Eikon Therapeutics as pass-through payments for shared CRO services amounted to RMB1.3 million and RMB2.7 million, respectively, representing 0.8% and 2.1% of our total purchases in the same years, and (ii) our revenue from Eikon Therapeutics amounted to RMB33.5 million and RMB18.0 million, respectively, representing 100.0% and 47.1% of our total revenue in the same years.
Business · p. 228
All of our sales to and purchases from this supplier-customer were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.