During the Track Record Period, certain of our five largest customers were also among our suppliers, while certain of our five largest suppliers were also among our customers.
Summary · p. 3
During the Track Record Period, Customer A, Customer E and Customer I were also our suppliers.
Business · p. 124
During the Track Record Period, Supplier B and Supplier C were also our customers.
For the years ended December 31, 2023, 2024 and 2025, our sales to SeeWay.ai amounted to approximately RMB221.9 million, RMB228.8 million and RMB315.2 million, accounting for approximately 46.5%, 47.8% and 44.6% of our total revenue, respectively, and our purchases from SeeWay.ai amounted to approximately RMB33.5 million, RMB109.6 million and RMB125.1 million, respectively, accounting for approximately 7.9%, 24.2% and 19.2% of our total purchases, respectively.
Business · p. 152
According to Frost & Sullivan, it is common for enterprises in the automotive intelligence industry to operate across multiple segments across the entire value chain, and it is a norm in the automotive intelligence industry that upstream and downstream enterprises along the value chain transact with each other as suppliers and customers.
Business · p. 152
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier were conducted on a project-by-project basis and purchases were neither interconnected nor inter-conditional with each other.
Our purchase of packaging services from Supplier A amounted to RMB10.7 million, RMB11.7 million and RMB7.0 million in 2023, 2024 and 2025, respectively, representing 17.2%, 12.1% and 4.1% of our total purchase amount for the same years.
Business · p. 160
In these arrangements, they procure our laser chips for their own business needs while, at the same time, leveraging their in-house packaging capabilities to provide us with packaging services and therefore act as our suppliers in that respect.
Business · p. 161
During the Track Record Period, we procured business development services from Customer I, which amounted to RMB8.4 million and RMB7.6 million in 2024 and 2025, respectively.
During the Track Record Period, Customer-Supplier E acted as both our customer and supplier. See "Business – Suppliers – Overlapping Customers and Suppliers".
During the Track Record Period, our purchases from Supplier C amounted to approximately RMB4.7 million, RMB6.8 million, RMB7.1 million, and RMB5.6 million for the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, representing approximately 2.0%, 3.2%, 2.8% and 2.5% of our total purchase costs in the respective years/periods.
Business · p. 155
Our Directors confirm that these transactions were entered into on normal commercial terms and in the ordinary course of business.
Business · p. 155
Our Directors further confirm that there was no set-off arrangement in respect of receivables or payables between the overlapping customer and supplier, and all transactions were settled separately in accordance with their respective contractual terms.
During the Track Record Period, Neura Robotics GmbH and Han’s Laser, two of our top five customers were also our suppliers for manufacturing materials.
Business · p. 180
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, our revenue from Neura Robotics was RMB11.6 million, RMB23.5 million, RMB116.1 million and RMB69.5 million, respectively, accounting for approximately 10.6%, 13.4%, 37.4% and 24.7% of our total revenue in the same period, respectively.
Business · p. 180
Negotiations of the terms of our sales to and purchases from the two overlapping customers/suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
In separate transactions, we also engaged Customer D on a one-off basis to provide conference arrangement and reception services for an academic seminar hosted by our Company in 2024, with the total transaction amount accounted for less than 0.03% of our total purchase in 2024.
Business · p. 200
Our Directors have confirmed that all revenue generated from and purchases made with Customer D were conducted in the ordinary course of business and on normal commercial terms.
During the Track Record Period, we had five major overlapping customers and suppliers.
Business · p. 167
The total revenue we generated from the overlapping customers and suppliers amounted to RMB357.9 million, RMB791.2 million, RMB180.5 million and RMB68.2 million in 2022, 2023 and 2024 and for the nine months ended September 30, 2025, respectively, and the purchases from the overlapping customers and suppliers amounted to RMB11.2 million, RMB16.6 million, nil and RMB0.1 million in the corresponding years/periods, respectively.
Business · p. 167
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Customer F/Supplier K, one of the three major telecommunications operators in the PRC, operates a stable and large-scale computing power center and is able to provide high-quality computing power rental services.
Business · p. 174
Our Directors confirm that all of our sales to and purchases from Customer C, Customer E, Customer F/Supplier K, Customer N, Supplier E and Supplier Q were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Our purchase from SAIC was RMB12.1 million, RMB13.7 million and RMB1.7 million, respectively, accounting for 2.5%, 2.7%, and 0.3% of our total purchase in the same periods, respectively.
Business · p. 176
In 2023, 2024 and 2025, our purchase from AGH was RMB280.8 million, RMB256.9 million and RMB213.1 million, representing 58.4%, 50.5% and 40.7% of our total purchase amount, respectively.
Business · p. 176
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier are conducted on a case-by-case basis and the purchases are neither interconnected nor inter-conditional with each other.
During the Track Record Period, other than Supplier C, we did not have any overlapping customer and supplier.
Business · p. 138
Our purchases from Supplier C amounted to RMB63.3 million, RMB15.0 million and RMB45.4 million in 2023, 2024 and 2025, respectively, representing 8.4%, 1.6% and 4.3% of our total purchases for the corresponding years.
Business · p. 138
In 2025, we also sold the ViMo software system to a customer under common control with Supplier C, generating revenue of RMB37.6 million, which accounted for 3.5% of our total revenue for that year.
Customer I, Supplier A, Supplier C, Supplier H and Supplier K, each being one of our five largest customers or suppliers during at least one period of the Track Record Period, were also our supplier or customers during at least one period of the Track Record Period.
Business · p. 141
For the years ended December 31, 2023, 2024 and 2025, the amount of purchases we made under our procurement arrangements with Customer A amounted to RMB5.0 million, nil and RMB8.2 million, respectively, accounting for 0.1%, nil and 0.1% of our total purchases, respectively.
Business · p. 141
The terms and conditions of the procurement agreements with Customer I were negotiated on an arm’s length basis and were generally in line with the terms and conditions with other comparable suppliers.
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.
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, to the best knowledge and belief of our Directors, one of our top five customers in each year/period during the Track Record Period, Customer G, was also our supplier in the respective years, and three of our top five suppliers in each year/period during the Track Record Period, Supplier A, Supplier B, and Supplier E, were also our customers in the respective years/period.
Business · p. 170
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, our sales to and purchases from such suppliers who were also our customers in the respective year/period comprised: (i) sales amounting to RMB43.7 thousand, RMB583.2 thousand, RMB4.9 million and RMB143.3 thousand, respectively, accounting for 0.0%, 0.1%, 0.7% and 0.0% of our total revenue in the respective year/period; and (ii) purchases amounting to RMB48.4 million, RMB46.6 million, RMB110.7 million and RMB19.5 million, respectively, accounting for 6.9%, 7.2%, 22.9% and 7.3% of our total purchases in the respective year/period.
Business · p. 170
Our Directors confirmed that negotiations of the terms of our sales to and purchases from Customer G, Supplier A, Supplier B, and Supplier E 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.
In each of the years ended December 31, 2022, 2023 and 2024, the revenue we generated from Customer E amounted to RMB33.0 million, RMB11.4 million and RMB5.3 million, respectively, and the purchases from Customer E amounted to RMB7.5 million, RMB4.3 million and RMB2.1 million in the same years, respectively.
Business · p. 149
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.
Business · p. 149
We negotiate the transactions with our overlapping customers and suppliers on an arm’s-length basis with reasonable and fair pricing terms.
Customer A, a large-scale energy equipment manufacturing group in China, and Customer E, a leading transformer manufacturer in China, were also suppliers of us during the Track Record Period.
Business · p. 163
During the Track Record Period, our sales to Customer A accounted for 8.7%, 8.7% and 9.9% of our total revenue in 2023, 2024 and 2025, respectively.
Business · p. 163
During the Track Record Period, our sales to Customer E accounted for 3.6%, 3.8% and 3.9% of our total revenue in 2023, 2024 and 2025, respectively.
For the Track Record Period, three of our top five customers, namely, Group A, Customer A and Customer C, were also our suppliers (the "Customers/Suppliers").
Business · p. 241
Our revenue derived from our services to Group A was in the amount of RMB18.1 million, RMB14.7 million, RMB6.1 million and RMB4.5 million, representing 2.8%, 1.9%, 0.7% and 0.8% of our total revenue in each year/period during the Track Record Period, respectively, and our purchase attributable to Group A amounted to RMB21.6 million, RMB46.8 million, RMB30.0 million and RMB13.0 million, representing 3.7%, 7.8%, 4.4% and 3.0% of our total purchase in each year/period during the Track Record Period, respectively.
Business · p. 241
During the Track Record Period, revenue generated from the remaining Customers/Suppliers accounted for 4.8%, 11.0%, 15.7% and 12.8% of our total revenue in each year/period during the Track Record Period.
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.
During the Track Record Period, we provided HVAC electric drive solutions to HGC Group and Customer B, both of whom were among our major customers and also served as major suppliers.
Business · p. 140
This situation arises from our long-standing business relationships and complementary needs in the supply chain.
Business · p. 141
Our transactions with these overlapping customers and supplier were conducted on arm’s length, mutually independent basis under normal commercial terms.
Customer D, as one of our five largest customers in 2022 and 2024, from which we purchased core automation components. We integrate the core automation components with our own products.
Business · p. 234
In addition, four of our five largest suppliers in each period during the Track Record Period also procured robotic software and components from us, contributing revenue of RMB8.5 million, RMB44.2 thousand, RMB6.3 thousand and RMB54.8 thousand in 2022, 2023, 2024 and the first nine months of 2025, respectively.
Business · p. 235
According to Frost & Sullivan, this arrangement is common in the industrial robotic solutions market.