During the Track Record Period, Shandong Heavy Industry was both one of our top five customers and top five suppliers in each year.
Business · p. 156
Negotiations of the terms of sales to Shandong Heavy Industry mentioned above and purchases from it were conducted separately, and the sales and purchases were neither connected nor conditional upon each other.
Business · p. 156
Our Directors are of the view that such arrangements are mutually beneficial, given that we negotiated with Shandong Heavy Industry on an arm’s length basis.
In 2023, 2024 and 2025, one of our top five suppliers, Supplier A, who primarily engages in electric vehicle ("EV") solutions in China, was also our customer.
Business · p. 197
In 2023, 2024 and 2025, revenue generated from such company and its affiliated company represented 0.2%, 0.3% and 0.4% of our total revenue, respectively, and the amount of procurement we incurred represented 10.3%, 8.4% and 9.3% of our procurement, respectively.
Business · p. 197
We entered into different agreements with such company and its affiliated company on an arm's-length basis in the ordinary course of business, and we negotiated terms with such company and its affiliated company using independent business teams.
In 2023, 2024 and 2025, our revenue generated from Customer D amounted to RMB52.4 million, RMB80.3 million and RMB68.5 million, accounting for 4.6%, 6.4% and 5.1% of our total revenue, respectively.
Business · p. 174
Our revenue generated from Customer A amounted to approximately RMB108.6 million, RMB108.0 million and RMB71.1 million in 2023, 2024 and 2025, respectively, representing 9.5%, 8.6% and 5.3% of our total revenue for the corresponding periods.
Business · p. 174
Although on a consolidated basis, Customer D acted as our overlapping supplier and customer, we are transacting with different subsidiaries of Customer D and the sales and purchase transactions were not interrelated and were not negotiated at the same time.
This overlap occurred primarily because these suppliers are operators of social media platforms.
Business · p. 156
During the Track Record Period, Supplier A, Supplier B, Supplier C, Supplier D and Supplier E were our major suppliers and also our customers. In 2023, 2024 and 2025, Supplier A, Supplier B, Supplier C, Supplier D and Supplier E collectively contributed 3.1%, 1.6% and 0.8% of our total revenue, respectively, and 68.6%, 75.6% and 79.7% of our total purchase, respectively.
Business · p. 156
All sales to and purchases from these customers and suppliers were negotiated through separate processes, conducted in the ordinary course of business, and carried out on commercial terms that were negotiated at arm’s length.
For the years ended December 31, 2023, 2024 and 2025, we had one, one and one of our five largest customers that were also our suppliers, respectively.
Business · p. 174
During the Track Record Period, Customer G purchased sensors and algorithm modules from us for integration into its own products, and also served as our third-party contract manufacturer for the assembly of our robot lawn mower products.
Business · p. 175
Our Directors confirm that all our sales to and purchases from the overlapping customers and suppliers were conducted at arm’s length in the ordinary course of business, and under normal commercial terms.
Our aggregate procurement from Supplier A amounted to RMB17.6 million, RMB36.3 million and RMB40.1 million in 2023, 2024 and 2025, respectively, accounting for 8.4%, 13.3% and 12.4% of our total purchases for the same years, respectively.
Business · p. 154
Our aggregate sales to Supplier A amounted to RMB2.5 million, RMB1.7 million and RMB2.2 million in 2023, 2024 and 2025, respectively, representing 0.5%, 0.3% and 0.3% of our total revenue for the respective years.
Business · p. 154
Negotiations of the terms of our sales to and purchases from Supplier A were conducted on a transaction-by-transaction basis, and we have established solid business relationships with Supplier A.
Supplier I was one of our top five suppliers in 2024 and 2025, with purchase amount accounting for 4.7% and 6.7% of our total purchases in the periods, respectively. It was also our customer in 2024 and 2025.
Business · p. 163
Supplier B was one of our top five suppliers in 2023, with purchase amount accounting for 6.5% of our total purchases in 2023. It was also our customer in 2025.
Business · p. 163
Our Directors are of the view 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 D and Supplier E, each of which ranked among our five largest suppliers in 2023, were also our customers during the same years.
Business · p. 163
In respect of Supplier E, we derived revenue of RMB52.1 million, RMB51.9 million and RMB42.7 million for e-commerce operation services and branding services, accounting for 4.0%, 3.7% and 2.7% of our revenue in the respective years.
Business · p. 163
Our sales to and purchases from Supplier D and Supplier E were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
Customer E, one of our five largest customers in 2024 and 2025, was also our supplier in 2025.
Business · p. 181
Supplier A, one of our five largest suppliers in 2023 and 2024, was also our customer in 2025.
Business · p. 181
Our Directors confirm that (i) such overlapping customer-supplier relationships represented normal commercial arrangements in the ordinary and usual course of business, (ii) the terms of these transactions were fair and reasonable, (iii) 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, and (iv) such arrangements did not have any adverse impact on our operational independence, pricing mechanisms or business arrangements.
AstraZeneca, being our only customer during the Track Record Period, was also our supplier in 2024 and 2025.
Business · p. 215
Our purchases from AstraZeneca as a percentage of our total purchases was 22.4% and 37.3% in 2024 and 2025, respectively.
Business · p. 215
Our Directors confirm that all of our sales to and purchases from AstraZeneca were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
In 2023, 2024 and 2025, to the best knowledge and belief of our Directors, one, three, and three of our top five customers was also our supplier in the respective years.
Business · p. 146
During the same years, our purchases from such customers amounted to RMB2.8 million, RMB7.8 million, and RMB6.3 million, accounting for 0.3%, 0.6%, and 0.5%, respectively, of our total purchases, and our revenue generated from such customers accounted for 18.3%, 85.3% and 77.3%, respectively, of our revenue.
Business · p. 146
The pricing and other terms of contracts that we entered into with such customers are substantially the same as those we enter into with other customers and suppliers for similar products and services.
During the Track Record Period, we had five overlapping major customers and suppliers.
Business · p. 148
In 2023, 2024 and 2025, we also had two, one and three of our five largest suppliers that were also our customers, respectively.
Business · p. 148
Our Directors confirm that all our sales to and purchases from the overlapping customers and suppliers were conducted at arm’s length in the ordinary course of business, and under normal commercial terms.
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.
Customer B, one of our five largest customers in 2023, 2024 and 2025, was also our supplier in 2023, 2024 and 2025.
Business · p. 119
M&G Corporation, one of our five largest suppliers in 2023 and 2024, was also our customer in 2023, 2024 and 2025.
Business · p. 119
All of our sales to and purchases from Customer B and M&G Corporation were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
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, Supplier K was also our customer.
Business · p. 135
The total revenue we generated from the overlapping customer and supplier amounted to RMB5.5 million and RMB9.5 million in 2024 and 2025, respectively, and the purchases from the overlapping customer and supplier amounted to RMB3.3 million and RMB44.5 million in 2024 and 2025, respectively.
Business · p. 135
We negotiate the transactions with our overlapping customer and supplier on an arm’s length basis.
During the Track Record Period, all of our major customers were also our suppliers in the respective years.
Business · p. 141
In 2023, 2024 and 2025, our purchase amount attributable to these customer-suppliers in each year during the Track Record Period amounted to RMB261.8 million, RMB181.0 million and RMB254.4 million, respectively, which accounted for 12.1%, 9.4% and 11.2% of our purchases, respectively.
Business · p. 141
In 2023, 2024 and 2025, our sales amount attributable to these supplier-customers in each year during the Track Record Period amounted to RMB928.6 million, RMB572.4 million and RMB741.4 million, respectively, which accounted for 32.5%, 19.2% and 21.9% of our revenue, respectively.
In each year during the Track Record Period, Geely and its affiliates, on an aggregate basis, have been our largest supplier and our largest customer.
Summary · p. 5
The aggregate purchase amounts from Geely Group in 2023, 2024 and 2025 were RMB3,386.9 million, RMB1,963.4 million and RMB2,647.5 million, representing 50.1%, 29.3% and 30.8% of our total purchase amount, respectively.
Summary · p. 5
These arrangements are not inter-conditional or linked in any contractual or de facto manner: we are under no obligation to purchase from Geely Group in order to sell to Geely Group, or vice versa, and there are no cross-default, volume linkage or set-off arrangements between our procurement and sales contracts.
According to Frost & Sullivan, it is an industry norm for consumer goods companies to engage in such dual relationships, purchasing marketing-related services and simultaneously selling products to the same counterparties.
Business · p. 157
During the Track Record Period, among the five largest customers in each year, Customer A, Customer B and Customer D were also our suppliers.
Business · p. 157
During the Track Record Period, among the five largest suppliers in each year, Supplier C, Supplier D, Supplier G, Supplier H and Supplier I were also our customers.
In 2023, 2024 and 2025, four, four and three suppliers among our five largest suppliers in each period during the Track Record Period were also our customers in the corresponding year, and our sales to them amounted to 11.8 %, 16.3% and 6.2% of our total revenue in the corresponding period, respectively.
Business · p. 148
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.
Business · p. 148
We recorded a total procurement amount from Customer B/Supplier E of RMB2,667.9 million and RMB4,628.7 million in 2023 and 2024, respectively, including the aforementioned one-off transaction of RMB1,509.3 million and RMB3,278.5 million, respectively.