In 2022, 2023 and 2024 and the three months ended March 31, 2025, our sales to Supplier A amounted to RMB1,577 million, RMB2,133 million, RMB3,959 million and RMB989 million, respectively, accounting for 1.7%, 1.3%, 1.5%, and 1.4% of our total revenue for the same periods, respectively.
Business · p. 276
In 2022, 2023 and 2024 and the three months ended March 31, 2025, our purchases from Supplier A amounted to RMB2,529 million, RMB5,976 million, RMB4,107 million and RMB603 million, accounting for 3.3%, 4.9%, 2.1%, and 1.2% of our total purchases of raw materials for the same periods.
Business · p. 276
In each period during the Track Record Period, (i) our purchases of products from Chery Holding, primarily including battery pack, amounted to RMB3,124 million, RMB3,415 million, RMB2,426 million and RMB858 million in 2022, 2023 and 2024 and the three months ended March 31, 2025, respectively, accounting for 4.1%, 2.8%, 1.2%, and 1.7% of our total purchase of raw materials amounts in the same periods, respectively;
One of our five largest customers in each of 2022, 2023 and 2024 and the six months ended June 30, 2025, Customer A, was also our supplier (Supplier E) in the same respective years/periods.
Business · p. 259
In each of 2022, 2023 and 2024 and the six months ended June 30, 2025, (i) our purchases of their services from this supplier-customer amounted to RMB15.6 million, RMB25.4 million, RMB32.7 million and RMB27.1 million, respectively, accounting for 4.0%, 4.2%, 3.6% and 5.5% of our total purchase in the same years/periods, and (ii) our sales to this supplier-customer amounted to RMB58.3 million, RMB97.7 million, RMB161.5 million and RMB111.9 million, respectively, accounting for 11.5%, 11.5%, 12.9% and 15.4% of our total revenue in the same years/periods.
Business · p. 259
Our sales and purchases with this supplier-customer were not inter-conditional with each other.
During each year/period of the Track Record Period, we had overlapping customer-suppliers, with two of our five largest customers also serving as our supplier, and four of our five largest suppliers also being our customer, among which two were featured as both our five largest customers and suppliers at various times within this period (collectively, as the “overlapping customer-suppliers”).
Business · p. 350
our Directors are of the view that the revenue contribution by and/or purchases from overlapping customers-suppliers during the Track Record Period are reasonable and in line with industry practice.
Business · p. 352
Our sales to and purchases from these overlapping customer-suppliers were not interrelated or conditional upon each other.
In 2022, one of our five largest customers, Customer B, was also one of our suppliers.
Business · p. 186
One of our five largest suppliers in 2022, Supplier D, was also our customer.
Business · p. 186
Our Directors have confirmed 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.
In 2022, 2023 and 2024, and the five months ended May 31, 2025, our purchase amount attributable to Supplier C amounted to RMB160.0 million, RMB188.0 million, RMB223.9 million, and RMB18.8 million, which accounted for 5.3%, 6.6%, 7.3% and 1.2% of our total purchases, respectively, and our sales amount attributable to Supplier C amounted to RMB6.6 million, RMB1.1 million, RMB3.9 million, and RMB0.7 million, which accounted for 0.2%, 0.0%, 0.1% and 0.0% of our total sales amount, respectively.
Business · p. 243
The transactions that we entered into with the overlapping supplier-customer were on an arm’s-length, mutually independent basis under normal commercial terms resulted from public tender processes.
Business · p. 243
Given that (i) our relationship with the supplier-customer is unlikely to materially deteriorate or terminate, and (ii) the sales amount to the supplier-customer was immaterial during the Track Record Period, we believe that the supplier-customer overlap during the Track Record Period would not hinder our business prospects.
Our current prepayments, other receivables and other assets increased to RMB47.1 million as of May 31, 2025, mainly due to an increase in other receivable from our CDMO of RMB18.7 million in relation to a piece of equipment we sold to our CDMO.
Financial Information · p. 408
Our non-current prepayments, other receivables and other assets decreased to RMB24.6 million as of May 31, 2025, mainly due to a decrease in prepayment for long-term assets because we sold a piece of equipment to our CDMO.
Financial Information · p. 408
Purchases attributable to our single largest supplier amounted to RMB62.8 million, RMB50.4 million and RMB59.6 million for the same year/period, accounting for 43.9%, 48.3% and 48.7% of our total purchases, respectively.
During the Track Record Period, Customer E was one of our suppliers, while Supplier I and Supplier F were also our customers, with Supplier I being one of our major customers, Customer G.
Business · p. 222
During the Track Record Period, we procure from 13 of its group entities, while most of our revenue contribution from Customer E during the Track Record Period were generated from sales to three different group entities that did not supply to us during the Track Record Period.
Business · p. 223
During the Track Record Period, we mostly procure from one of its group entities, while our revenue contribution from Supplier I (Customer G) during the Track Record Period were generated from sales to a different group entity.
Customer/Supplier A, our top customer in each of 2022, 2023 and 2024, was also one of our five largest suppliers in the same years.
Business · p. 177
In 2024, our sales to Supplier B amounted to RMB830.8 million, accounting for 1.2% of our total revenue in the same year.
Business · p. 177
According to Frost & Sullivan, it is in line with industry practice for a company to have both sales to and purchases from the same customer/supplier, and the adoption of the buy-and-sell model is not a definitive determinant of pricing within the precision manufacturing industry.
Among our top five suppliers in each of 2022, 2023 and 2024, five were our customers.
Business · p. 212
The purchases from these overlapping customer-suppliers of the respective year in aggregate amounted to RMB522.7 million, RMB745.6 million and RMB794.0 million in 2022, 2023 and 2024, accounting for 6.3%, 7.9% and 8.6% of our total procurement in the same periods, respectively.
Business · p. 212
Negotiations of the terms of our sales to and purchases from these customer-suppliers were conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
During the Track Record Period, Authorized Suppliers mainly paid us supply chain management fee pursuant to our agreement in exchange for the right we grant to them to provide jewelry products to our franchisees.
Business · p. 245
Number of Authorized Suppliers who were also our suppliers | 61 | 57 | 39
Business · p. 246
Supplier H is also our Authorized Supplier, which is a private company established in 2019 in Shenzhen.
Geely Group was also one of our five largest customers in 2023.
Business · p. 204
In 2022, 2023, and 2024, the sales amount was RMB21.5 million, RMB104.5 million, and RMB35.9 million, respectively, as we provided ride hailing services to them and, in 2023, provided additional one-off services in connection with the Asian Games and Asian Para Games.
Business · p. 204
This group of companies was also one of our five largest customers in 2022, 2023, and 2024.
All of our five largest suppliers in each year during the Track Record Period were our customers.
Business · p. 217
During the Track Record Period, Customer B, Customer C, Customer E and Customer F were also our suppliers.
Business · p. 224
In 2022, 2023 and 2024, our procurement from each of Customers B, C, E and F accounted for less than 1% of our total purchases for the same year, respectively.
During the Track Record Period, certain of our customers were also our suppliers (the "Suppliers/Customers"), to whom we primarily sold pharmaceuticals and medical consumables during the same years. As of December 31, 2022, 2023 and 2024, we had a total of 13, 12 and 20 Suppliers/Customer(s), respectively.
Business · p. 392
For the years ended December 31, 2022, 2023 and 2024, the purchase amount from these Suppliers/Customers was RMB15.0 million, RMB8.6 million and RMB15.5 million, respectively.
Business · p. 393
Our Directors confirm that negotiations of the terms of our sales to and purchases from the Suppliers/Customers were conducted on a case-by-case basis, and the products and services supplied to and products sourced from the Suppliers/Customers were neither inter-connected nor inter-conditional with each other.
In 2022, 2023 and 2024, we procured advertising inventory from Supplier G as supplement to our own advertising inventory on Chelaile to better meet the needs of our brand advertisers.
Business · p. 229
During the Track Record Period, Entity A, our second largest supplier in 2022 and fifth largest supplier in 2023, a leading information and telecommunication solution provider in China, was also our five largest customer in 2024.
Business · p. 229
Our Directors confirm that all transactions with our overlapping customer and supplier were conducted in the ordinary course of business and were based on normal commercial terms and at arm’s length, and the sales to and purchases from this entity were neither interconnected nor conditional upon each other.
During the Track Record Period, two of our major suppliers were also our customers as we sold unused raw materials to them.
Business · p. 250
According to Frost & Sullivan, and as concurred by our Directors, it is not uncommon for companies in the AIDC device industry to sell unused raw materials to overlapping customers and suppliers because it (i) promotes effective inventory management, reduces costs associated with excess inventory or unused materials and freeing up warehouse space; (ii) strengthens relationships with existing customers and suppliers, fostering collaboration within the supply chain; and (iii) aligns with sustainability efforts and ESG practice by promoting the reuse of materials.
Customer A, a Singapore-based institution primarily engaged in research and development that advances scientific discovery and technological innovation, was also our supplier.
Business · p. 422
Hangzhou Mian, a customer and one of the Historical Consolidated Affiliated Entities, was also our supplier.
Business · p. 422
To the best of our Directors’ knowledge, the above-mentioned transactions were neither dependent nor conditioned upon each other and there were no other overlap between our major suppliers and our customers and vice versa.
In order to secure the supply of direct materials, we sell certain of the above-mentioned upstream materials to some of our direct material suppliers, who then sell back to us after they have processed them into direct materials such as cathode materials.
Business · p. 209
In 2022, 2023 and 2024, the revenue generated from Supplier A accounted for 2.0%, 1.6% and 1.3% of our total revenue, respectively; and the revenue generated from Supplier C accounted for 1.4%, 0.7% and 2.0% of our total revenue, respectively.
Business · p. 209
During the Track Record Period, among the five largest customers in each year, Customer B, Customer C, and Customer G were also our suppliers.
In 2022 and 2023, our purchase amount attributable to Jinko amounted to RMB2,006.1 million and RMB2,555.9 million, which accounted for 17.0% and 10.2% of our purchases, respectively, and our sales amount attributable to Jinko amounted to RMB3,336.7 million and RMB5,172.3 million, which accounted for 30.1% and 27.8% of our sales amount, respectively, making Jinko our largest supplier and customer of the continuing operation in 2022 and 2023 due to Jinko's position as one of the largest manufacturers of both silicon wafers and PV modules in the world and established business relationship with us.
Business · p. 285
In addition, from a business perspective, 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. 286
The gross profit margins for LONGi and Jinko are generally consistent with that of the other top five customers collectively.
In 2022, 2023 and 2024, we sold to and purchased from 38, 74 and 78 business partners, respectively.
Business · p. 263
During the Track Record Period, we procured repair and maintenance services from Overlapping Business Partners who were primarily our customers.
Business · p. 264
In 2022, 2023 and 2024, our sales to Overlapping Business Partners who were primarily our suppliers amounted to RMB2.8 million, RMB0.9 million and RMB1.1 million, respectively, accounting for 0.8%, 0.2%, and 0.2% of our total revenue for the corresponding years, and our purchases from them amounted to RMB71.4 million, RMB13.6 million and RMB47.3 million, respectively, accounting for 14.5%, 2.8% and 7.7% of our total purchases during the corresponding years.