In 2023, 2024 and 2025, revenue generated from Customer A amounted to approximately RMB10.2 million, RMB104.6 million and RMB131.2 million, representing 3.0%, 22.0% and 17.2% of our total revenue for the corresponding years, respectively; procurement amount from Customer A amounted to approximately nil, RMB17,000 and RMB610,000, respectively, representing nil, 0.01% and 0.13% of our total purchases for the corresponding years, respectively.
Business · p. 127
In 2023, 2024 and 2025, revenue generated from Customer D amounted to approximately RMB26.2 million, RMB59.4 million and RMB42.4 million, representing 7.7%, 12.5% and 5.6% of our total revenue for the corresponding years, respectively; procurement amount from Customer D amounted to RMB773,000, RMB1.4 million and RMB2.6 million, respectively, representing 0.4%, 0.5% and 0.6% of our total purchases for the corresponding years, respectively.
Business · p. 128
Our Directors are of the view that the transactions with the overlapping supplier-customers were conducted at arm’s length, mutually independent and under normal commercial terms.
During the Track Record Period, certain of our five largest customers in each year of the Track Record Period also acted as our suppliers, or vice versa.
Business · p. 155
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 and on an arm's length basis, and the terms were generally comparable to those with other suppliers and customers.
Business · p. 155
The revenue generated from the overlapping customers and suppliers were RMB90.9 million, RMB26.7 million and RMB35.2 million in 2023, 2024 and 2025, respectively, accounting for 23.3%, 6.8% and 6.8% of our total revenue for the same periods, respectively.
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.
In 2023, 2024 and 2025, revenue from Customer C amounted to RMB4.9 million, nil and RMB8.4 million, respectively, representing 4.5%, nil and 2.5%, respectively, of our total revenue for the respective periods.
Business · p. 195
In 2023, 2024 and 2025, purchases from Supplier B amounted to RMB12.1 million, RMB12.8 million and RMB7.5 million, respectively, representing 6.8%, 6.3% and 2.7%, respectively, of our total purchases for the respective periods.
Business · p. 196
Our Directors are of the view that our sales to and purchases from Customer C, Customer L, Supplier B, Supplier F and Supplier K are conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis after due and careful consideration.
During the Track Record Period, we sold certain equipment to Supplier B and Supplier B acted as our contract manufacturer to produce power inductors using such equipment to fulfill our specific requirement on the products, which we then purchased from Supplier B due to our already high production utilization rate.
Business · p. 155
Our Directors confirmed that all of our sales to and purchases from Supplier B, Supplier D and Supplier F were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis.
Business · p. 155
According to CIC Report, such overlapping suppliers and customers is in line with the industry norm.
During the Track Record Period, we had four overlapping customers and suppliers, namely supplier B, supplier D, supplier F and supplier H.
Business · p. 141
During the Track Record Period, Supplier B supplied aluminum bars to us and, at the same time, purchased the scrap aluminum generated from our manufacturing process.
Business · p. 142
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.
Revenue from Customer H for the year ended December 31, 2024 and the year ended December 31, 2025 was RMB6.7 million and RMB113.2 million, accounting for 1.7% and 20.9% of our total revenue for the respective period, respectively.
Business · p. 171
our Directors confirmed that all of our sales to Customer H and purchases from UNT were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis
Business · p. 171
Our Directors have confirmed that (i) all of our revenue and purchases from the overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and were not inter-conditional on each other; and (ii) the terms of our agreements with these overlapping customers and suppliers are substantially the same as those with our other customers and suppliers.
In 2023, 2024 and 2025, the revenue generated from Customer A amounted to RMB33.0 million, RMB11.3 million and RMB0.3 million, representing 11.5%, 2.3% and less than 0.1% of our total revenue, while our purchases from Customer A amounted to nil, nil and RMB0.01 million, accounting for nil, nil and less than 0.1% of our total purchases, respectively.
Business · p. 166
The terms of our purchases from and sales to such overlapping customer and supplier were negotiated separately, and such purchases and sales were neither inter-connected nor interconditional.
In 2023, 2024 and 2025, our sales to MINISO Group amounted to RMB781.4 million, RMB922.8 million and RMB1,671.4 million, accounting for 53.5%, 48.3% and 46.6% of our revenue during the same periods, respectively, and our purchases from MINISO Group amounted to RMB9.1 million, RMB15.6 million and RMB5.5 million, accounting for 0.8%, 1.0% and 0.2% of our total purchases in the same periods, respectively.
Business · p. 174
Our largest supplier in 2025, was also our customer during the Track Record Period ("Customer-Supplier Y").
Business · p. 174
The sales to and purchases from such overlapping customers and suppliers were neither inter-connected nor inter-conditional with each other, and 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 were also our suppliers, or vice versa. Such overlapping relationships arise primarily because (i) our brand partners act as suppliers when we procure goods from them for resale, and as customers when we provide brand operation services to them; and (ii) certain major e-commerce platforms to which we sell goods in B2B sales also serve as suppliers, providing us with platform services such as technical support, marketplace access, software functionality, and warehousing and logistics, etc.
The total revenue from these seven overlapping customers and suppliers amounted to RMB209.7 thousand, RMB412.5 thousand and RMB146.6 thousand in 2023, 2024 and 2025, accounting for approximately 0.2%, 0.4% and 0.1% of our total revenue for the relevant periods, respectively.
Business · p. 159
The gross profits from these overlapping customers and suppliers amounted to RMB200.9 thousand and RMB332.4 thousand in 2023 and 2024, and the gross loss from these overlapping customers and suppliers amounted to RMB9,955.1 thousand in 2025, accounting for approximately 0.2%, 1.7% and 12.1% of our total gross profits the relevant periods, respectively.
Business · p. 159
Negotiations of the terms of our boat ticket sales or the provision of management services and advertising services to and purchases from those customers were conducted on an individual basis and the sales and provision of management services were neither inter-connected nor interconditional with each other.
During the Track Record Period, revenue generated from Xiaomi represented 32.8%, 33.7% and 32.4% of our total revenue, respectively, and the amount of procurement we incurred represented 2.8%, 3.8% and 4.9% of our procurement, respectively.
Business · p. 179
We entered into separate agreements with Xiaomi on an arm’s-length basis in the ordinary course of business, and we negotiated terms with Xiaomi using independent business teams.
Business · p. 179
In 2023, 2024 and 2025, Customers I was also our supplier.
To our best knowledge, Supplier C, one of our top five suppliers in 2023, is the wholly-owned subsidiary of Customer E, one of our top five customers in 2023.
Business · p. 125
Our sales to Customer E and purchases from Supplier C were conducted on individual basis and were not conditional on each other.
Business · p. 125
In 2025, as we had overstocked these electronic components, we sold part of these inventory to Supplier I at its request.
During the Track Record Period, among the five largest customers in each year, Customer A, Customer B, Customer C and Customer F were also our suppliers.
Business · p. 136
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. 136
In 2023, 2024 and 2025, our purchase amount from Customer A amounted to RMB25.1 million, RMB34.2 million and RMB65.3 million, accounting for 2.6%, 2.7% and 3.0% of our total purchase amount during the same periods, respectively.
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.
Group A, Customer B, Customer C, Customer E and Customer G, each being one of our five largest customers during at least one period of the Track Record Period, were also our suppliers during at least one period of the Track Record Period.
Business · p. 167
In such instances, we typically negotiate pricing with the relevant suppliers directly, and any price fluctuations in respect of raw materials are reflected in the final pricing of products supplied to Group A, in accordance with our pricing mechanism.
Business · p. 160
The terms and conditions of the procurement agreement with Group A were negotiated on an arm’s length basis and were generally in line with the terms and conditions with other comparable suppliers.
For the years ended December 31, 2023, 2024 and 2025, we had one, one and one major customers (i.e. being among our top five customers in each period during the Track Record Period), that were also suppliers to our Group.
Business · p. 161
As advised by our Industry Consultant, overlapping customers and suppliers is an industry norm in the non-ferrous metals industry, and it is also commonplace for commodities trading companies to engage in both the purchase and sale of the same type of metals with their counterparts.
Business · p. 161
We also confirm that all products provided to or products received from such overlapping customers/suppliers were conducted at arm’s length, under normal commercial terms, and in the ordinary course of business.
In 2023, 2024 and 2025, our sales to Customer B amounted to RMB1,035.1 million, RMB1,714.8 million and RMB877.4 million, respectively, accounting for 9.8%, 11.8% and 6.0% of our total revenue for the same years, respectively.
Business · p. 154
We primarily sold electricity generated by our waste-to-energy incineration projects to Customer E and primarily use electricity supplied by Customer E to support our operations.
Business · p. 154
In 2023, 2024 and 2025, our purchases from Supplier B amounted to RMB779.2 million, RMB548.3 million and RMB720.5 million, respectively, accounting for 7.2%, 4.3% and 5.4% of our total purchases for the same years, respectively.
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.
Revenue generated from our sales to Customer A in each year during the Track Record Period amounted to RMB828.5 million, RMB1,314.9 million and RMB1,432.9 million, and accounted for 20.0%, 26.8% and 26.1% of our total revenue for the respective year.
Business · p. 142
The total purchases from our overlapping customers and suppliers, which were also one of our five largest customers during the Track Record Period amounted to RMB34.6 million, RMB44.9 million and RMB51.2 million, accounted for approximately 1.3%, 1.4% and 1.4% of our total purchase for each period of the Track Record Period, respectively.
Business · p. 143
Our Directors are of the view that the transactions with the overlapping customers and suppliers were conducted at arm's-length and under normal commercial terms.