Supplier D was both one of our five largest suppliers and one of our five largest customers in 2022 and 2023.
Business · p. 244
In line with common market practice, this supplier-customer served as one of our online retailers and also provided e-commerce platform services to us.
Business · p. 244
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.
For the years ended December 31, 2022 and 2023, Customer B was both one of our top five customers and one of our suppliers.
Business · p. 245
Our Directors confirmed that all of our sales and purchase to Customer B were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
During the Track Record Period and up to the Latest Practicable Date, Supplier F acted as both our supplier and our customer.
Business · p. 214
The sales and purchase transactions with Supplier F were not interlinked or otherwise related during the Track Record Period and up to the Latest Practicable Date.
Business · p. 215
All transactions were conducted on normal commercial terms and in the ordinary course of business, with independent pricing and separate contractual arrangements for sales and purchases.
To the best knowledge and belief of our Directors, for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, we sourced certain services from Amazon, which was our largest customer in each period during the Track Record Period.
Business · p. 297
As confirmed by our Directors, (i) negotiations of the terms of our sales to and purchases from the overlapping customer and supplier were conducted on an individual basis and the sales and purchases were neither inter-connected with nor inter-conditional upon each other; and (ii) the major terms of transactions with the overlapping customer and supplier were similar to those with our other customers and suppliers and were in line with normal commercial terms.
Business · p. 297
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, our total purchases from Amazon for such services amounted to RMB52.7 million, RMB57.9 million, RMB84.3 million, RMB38.7 million and RMB44.8 million, respectively.
During the Track Record Period, some of our customers were also our suppliers.
Business · p. 249
In 2022, 2023 and 2024 and for the six months ended June 30, 2025, the sales amount was approximately RMB6.5 million, RMB1.4 million, RMB 0.03 million and nil, respectively, and the procurement amount was nil, nil, approximately RMB0.9 million and nil, respectively.
Business · p. 249
Our purchases and sales with these overlapping customers and suppliers were not interconditional with each other.
During the Track Record Period and in addition to our procurement from Supplier A, one of our top five suppliers in 2023 and 2024, we also entered into a sales contract with Supplier A in 2024 for the provision of Technology Services for Supplier A’s AI algorithms training purposes.
Business · p. 312
Negotiation of the terms of our contracts with Supplier A with respect to such overlapping transactions were conducted on an individual basis and the relevant products and solutions procured and offered were neither inter-connected nor inter-conditional with each other.
Business · p. 313
Our Directors confirmed that all of such transactions with Supplier A during the Track Record Period and up to the Latest Practicable Date were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, one of our top five customers, i.e., Customer E, was among our top five suppliers, i.e., Supplier E.
Business · p. 194
Negotiations of the terms of our sales to and purchases from Customer E/Supplier E were conducted on an individual basis and the sales and purchases were neither inter-connected nor interconditional with each other.
Business · p. 194
In 2022, 2023, 2024 and the six months ended June 30, 2025, the revenue from Customer E/Supplier E was RMB22.6 million, RMB16.2 million, RMB37.3 million and RMB25.4 million, respectively, accounting for 5.8%, 3.3%, 3.9% and 3.9% of our total revenue in the same periods, respectively.
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, we provided group physical examination services and property rental services to Qisda Group. We purchased (i) medical consumables and equipment, as well as (ii) legal and consulting services from it.
Business · p. 225
During the Track Record Period, Supplier C, one of our five largest suppliers in each of 2022, 2023, and 2024 and the six months ended June 30, 2025, who principally engages in construction contracting services was also a customer of us.
Business · p. 226
Our Directors confirm that our purchases from and provision of services to the each of Qisda Group and Supplier C were entered into after due consideration taking into account the prevailing market prices at the relevant times, conducted on an arm’s length basis and on normal commercial terms, and in line with our commercial interest.
Customer C, one of our five largest customers in 2022, was also a supplier during the Track Record Period.
Business · p. 310
Since Customer C uses these raw materials for its business, we sold these raw materials to Customer C at a premium to our original purchase price to recover our costs.
Business · p. 311
Customer L, one of our five largest customers in 2024, was also a supplier in 2023 and 2024.
During the Track Record Period, to the best knowledge and belief of our Directors, we had five major suppliers who are also our customers (the “Suppliers/Customers”)
Business · p. 255
Our Directors confirmed that the negotiation of the salient terms of our sales and purchase from the Suppliers/Customers were conducted separately, and they were not inter-conditional, inter-related or otherwise considered as one transaction, except for the transactions with CALB, which our Directors confirm are inter-conditional and inter-related.
Business · p. 261
The Sole Sponsor is of the view that the transactions entered into with overlapping customers and suppliers were on normal commercial terms and comparable to those with other customers and suppliers of the Group.
For the year ended December 31, 2024, merely approximately 1.0% of the supply-end participants, measured in terms of the number of supply-end participants, were both our suppliers in our digital procurement services and third-party merchants on our marketplace.
Business · p. 172
Products sold by us are not presented in a more prominent way or given higher rankings just because of the source of products.
Customer Group B, being one of our four largest customers in 2023 and one of our five largest customers in 2024 and the six months ended June 30, 2025, was also our supplier in 2023 and 2024.
Business · p. 384
ABLINK Biotech, being one of our five largest customers in 2024, was also our supplier during the Track Record Period.
Business · p. 384
Negotiations of the terms of our sales to and purchases from Customer Group B and ABLINK Biotech were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
The total revenue we generated from these overlapping customers and suppliers amounted to RMB211.1 million, RMB196.4 million, RMB258.9 million and RMB71.6 million in 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively, representing 48.3%, 16.8%, 49.8% and 27.9%, respectively, of our total revenue for the same years/period.
Business · p. 284
During the Track Record Period, three top five customers, namely Customer F, Customer G and Customer L, were also our suppliers, and two top five suppliers, namely Supplier E and Supplier F, were also our customers.
Business · p. 284
In particular, our transactions with overlapping suppliers and customers are commercially independent and not inter-conditional.
During the Track Record Period, some of our major customers were also our suppliers as these major customers would procure comprehensive mechanical massage services solution from us as our Local Partners while they would also provide us with maintenance service as suppliers.
Business · p. 220
During the Track Record Period, Customer A, Customer B, Customer C, Customer D, Customer E and Customer F were our major customers and are also our suppliers.
Business · p. 220
Our Directors confirmed that all of our sales to and purchases from these overlapping major customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
Shandong Yonganda, one of our top five suppliers in 2024, was also our customer in 2024.
Business · p. 230
Our sales to Shandong Yonganda amounted to nil, nil, RMB5.8 million and RMB0.7 million for the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2024 and 2025, respectively, accounting for nil, nil, 2.2% and 0.6% of our total revenue in the same periods, respectively.
Business · p. 230
Negotiations of the terms of our sales to and purchases from Shandong Yonganda was conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
To the best knowledge and belief of our Directors, in 2022, one of our major suppliers, Haiwei Petrochemical, and one of our major customers, Ningguo Haiwei, were both controlled by the same person.
Business · p. 207
In 2022, our purchases from Haiwei Petrochemical represented 73.7% of our total purchases, and our sales to Ningguo Haiwei represented 17.3% of our total revenue.
Business · p. 210
The negotiations of the terms of arrangements with Haiwei Petrochemical and Ningguo Haiwei were conducted separately, and our purchase from Haiwei Petrochemical and sales to Ningguo Haiwei were neither inter-connected nor inter-conditional with each other.
In 2023, 2024 and the five months ended May 31, 2025, one of our major suppliers, Haowei Electronic, was also our customer.
Business · p. 210
In 2023, 2024 and the five months ended May 31, 2025, our purchases from Haowei Electronic represented 9.3%, 12.3% and 9.7% of our total purchases for the respective periods, respectively, and our sales to Haowei Electronic represented 2.4%, 9.8% and 1.1% of our total revenue for the respective periods, respectively.
Business · p. 210
The negotiations of the terms of arrangements with Haowei Electronic as our supplier and our customer were conducted separately, and our purchase from and sales to Haowei Electronic were neither inter-connected nor inter-conditional with each other.
The number of overlapping clients and suppliers were three, one, one, one in 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively.
Business · p. 218
Our Directors confirmed that negotiations of the terms of our sales to and purchases from these companies were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · p. 218
Our Directors confirmed that all of our sales to and purchases from these companies were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
These overlapping roles arise because both us and the overlapping customer-suppliers sold commodities critical to each other’s operations.
Business · p. 256
In addition to the above, there were 32 overlapping customer-suppliers during the Track Record Period.
Business · p. 258
This arrangement with Customer F was not a bundled or back-to-back trading arrangement, but allowed us to ensure a stable supply of high-lithium salt alumina which enhances our aluminum smelting process by lowering melting points, improving electrical conductivity, ensuring thermal stability and prolonging the useful life of our electrolyzers.