In 2023, 2024, 2025, and in the six months ended June 30, 2026, our purchase amount attributable to one of our top five suppliers, Shandong Ruisi, amounted to RMB12.0 million, RMB12.4 million, RMB8.9 million, and RMB4.3 million, which accounted for 8.8%, 6.1%, 3.7%, and 2.9% of our total purchases in such periods, respectively.
Business · p. 180
In 2023, 2024, 2025, and in the six months ended June 30, 2026, our sales attributable to Customer H amounted to RMB31.3 million, RMB41.2 million, RMB22.2 million, and RMB11.1 million, which accounted for 8.9%, 7.7%, 3.9%, and 3.3% of our total revenue for such periods, respectively.
Business · p. 180
The terms, including pricing and other key commercial terms, and the gross profit margin of sales to overlapping customers were not materially different from those of other comparable transactions conducted by us in the ordinary course of business.
During the Track Record Period, two of our five largest customers for the six months ended June 30, 2026 also provided services to us, directly or through a branch, during the same period.
Business · p. 139
Revenue generated from and purchases made from this customer amounted to approximately RMB4.4 million and RMB83.2 thousand, representing 1.15% of our total revenue and 0.05% of our total purchases for the same period, respectively.
Business · p. 139
Our Directors confirm that the relevant sales and purchases were negotiated separately, were neither inter-connected nor interconditional, and were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
Customer F, being our largest customer in 2024, 2025 and for the six months ended June 30, 2026, which was also our Supplier F.
Business · p. 186
Supplier O, being our fourth largest supplier for the six months ended June 30, 2026, which was also our customer in 2025.
Business · p. 187
Negotiations of the terms of our sales to and purchases from the customer-supplier were conducted on an individual basis, and the sales and purchases were not inter-connected or inter-conditional with each other.
During the Track Record Period, some of our customers were also our suppliers of raw materials and consumables.
Summary · p. 8
The number of our overlapping customers and suppliers which were among either our five largest customers or five largest suppliers was 2, nil, 2 and 1 in 2023, 2024 and 2025 and the six months ended June 30, 2026, respectively.
Business · p. 159
Our Directors 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 and on arm’s length basis.
During the Track Record Period, to the best knowledge and belief of our Directors, two major suppliers were also our customers and one major customer was also our supplier.
Business · p. 206
The increase in the percentage of sales to Customer F in 2024 was primarily driven by revenue growth from the acquisition of Zilia in the Brazilian market.
Business · p. 206
The terms and conditions of the sales agreements with Customer A, Customer C and Customer F were generally in line with the terms and conditions with other comparable customers. The prices for sales made to them were negotiated on an arm’s length basis.
During the Track Record Period, certain parties acted as both our suppliers and customers.
Business · p. 150
During the Track Record Period, we also purchased power generator sets integrated with our engines from them for further sales, as our in-house assembly capacity was constrained while market demand for power generator sets integrated with our engines increased substantially during the Track Record Period.
Business · p. 150
In each year/period during the Track Record Period, our purchases from Other Overlapping Primary Customers accounted for less than 2.0% of our total purchases during the corresponding year/period, representing an insignificant percentage of our total purchases.
Supplier C is one of our five largest suppliers during the Track Record Period, was also our customer during at least one period of the Track Record Period.
Business · p. 157
Supplier D is one of our five largest suppliers during the Track Record Period, was also our customer during at least one period of the Track Record Period.
Business · p. 157
Customer B is one of our five largest customers during the Track Record Period, was also our supplier during at least one period of the Track Record Period.
The aggregate revenue generated from such counterparties in each year/period during the Track Record Period amounted to approximately RMB1.9 million, RMB3.1 million, RMB368,000 and RMB74,000, respectively, while the aggregate purchases from such counterparties in each year/period during the Track Record Period amounted to approximately RMB6.6 million, RMB5.7 million, RMB123,000 and RMB65,000, respectively.
Summary · p. 5
Our Directors believe that the relevant sales and procurement transactions were commercially distinct, conducted on normal commercial terms and supported by genuine commercial demand and operational needs.
Company X, one of our five largest suppliers in 2023, 2024, 2025 and the five months ended May 31, 2026, was also a customer during the same periods.
Business · p. 161
As a separate and independent matter, Customer C provided freight services to us in 2024.
Business · p. 161
During the Track Record Period, negotiations of the terms of our sales to and purchases from the abovementioned overlapping customer-suppliers 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, 2025 and the six months ended June 30, 2026, was also a supplier during the Track Record Period.
Business · p. 191
All of our sales and purchases from Customer B, Customer C, Customer D, Customer F, Supplier A, Supplier D and Supplier J were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Our largest customer, Fosun International Group, was also one of our suppliers in 2024, 2025 and the six months ended June 30, 2026.
Business · p. 127
In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from Fosun International Group amounted to EUR27.5 million, EUR37.5 million, EUR24.4 million and EUR17.5 million, respectively, representing 1.5%, 2.0%, 1.3% and 1.6% of our total revenue for the respective periods.
Business · p. 128
During the Track Record Period, some of our other major customers, primarily comprising resort owners, also acted as our suppliers that provide resort resources for resort operation and vacation scenario services.
During the Track Record Period, certain of our five largest customers were also our suppliers, and certain of our five largest suppliers were also our customers, which is consistent with industry practice.
Business · p. 157
During the Track Record Period, we believe the gross profit margins attributable to sales to our Overlapping Customers were generally consistent with those realised for similar products sold to our other major customers, and the terms and conditions of the supply arrangements with our Overlapping Suppliers were negotiated on an arms’ length basis and were generally in line with those with other comparable suppliers.
Business · p. 158
To manage such risks, (i) we maintain separate commercial teams and approval processes for sales and procurement; (ii) we do not set off trade receivables against trade payables unless permitted by internal finance policies and agreed with the relevant counterparty, (iii) regularly review the contribution of each Overlapping Customer or Overlapping Supplier to our revenue and purchases and monitor concentration levels, (iv) benchmark the prices and terms offered to or obtained from the Overlapping Customers/Suppliers against those offered to or obtained from other independent customers and suppliers; and (v) seek to maintain alternative sources of supply for raw materials and a diversified customer base.
We primarily purchased photovoltaic modules from CHINT Group, with purchase amounts of RMB7,921.3 million, RMB4,549.6 million, RMB4,485.6 million and RMB1,994.5 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.
Business · p. 142
The sales and purchases with CHINT Group were conducted under separate business arrangements.
Business · p. 143
Customer-Supplier A purchased electricity generated from residential PV stations under cooperative co-build arrangements and, to a lesser extent, procured certain intelligent electrical products from us.
During the Track Record Period, our other income consisted of (i) interest income from bank deposits, time deposits, receivables for the disposal of long-term assets and finance lease receivable; (ii) government grants, which primarily represent subsidies granted by local government authorities to support our research and development as well as other operating activities; (iii) sales of materials, which primarily represent income from our disposal of raw materials to Hangzhou CoJourney subsequent to our lease of production facilities (the “Disposal”); and (iv) rental income from our lease of self-owned production facilities to Hangzhou CoJourney.
Financial Information · p. 244
The Disposal was one-off in nature.
Financial Information · p. 244
We do not intend to continue to source and sell raw materials to Hangzhou CoJourney.
During the Track Record Period, certain of our top five customers were also among our suppliers, while certain of our top five suppliers were also among our customers.
Business · p. 128
This overlap occurred primarily because these customers/suppliers are technology companies or marketing service providers.
Business · p. 128
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.
Two of our five largest customers during each period of the Track Record Period, namely Customer Group A and Customer Group B, were also the parent companies of certain of our suppliers.
Business · p. 196
During the Track Record Period, we procured warehousing and logistics services, as well as R&D laboratory consumables and related materials, from Customer Group A.
Business · p. 196
Our Directors confirm that the pricing and transaction terms of our sales to Customer Group A and Customer Group B, as well as our purchases from their groups’ supplier entities were negotiated and conducted separately on an arm’s length basis and in the ordinary course of business.
During the Track Record Period, one of our major customers, Customer A, and one of our major suppliers, Supplier G, customers and one of our suppliers were entities within the same corporate group.
Business · p. 190
According to CIC, it is common for pharmaceutical groups in China to conduct multiple pharmaceutical-related activities through different group entities as part of their ordinary business operations.
Business · p. 190
The relevant transactions were entered into in the ordinary course of business and on normal commercial terms under separate agreements.
During the Track Record Period, seven out of our nine Five Largest Suppliers were also our customers.
Business · p. 174
Our revenue generated from these overlapping suppliers/customers in 2023, 2024, 2025, and for the six months ended June 30, 2026 amounted to approximately RMB2.5 million, RMB3.4 million, RMB2.8 million, and RMB1.3 million, respectively, representing 0.05%, 0.05%, 0.03%, and 0.02% of our total revenue for the respective year/period.
Business · p. 174
Zhize Technology prices its products on an arm’s length basis and applies the same pricing to both intra-group and external customers.
Supplier C was our customer during the Track Record Period and our major supplier in 2024, 2025 and the six months ended June 30, 2026.
Business · p. 157
Supplier G was our customer during the Track Record Period and our major supplier in 2024 and the six months ended June 30, 2026.
Business · p. 158
Negotiations of the terms of our sales to and purchases from these overlapping customer-suppliers were conducted on an individual basis, and the sales and purchases were neither interconnected nor inter-conditional.
We generated revenue from Customer B by selling our products to such customer and primarily purchased showcase robotics for exhibitions from such customer.
Business · p. 199
Revenue from Customer B was RMB11.4 million, RMB19.6 million, RMB30.2 million and RMB12.4 million in 2023, 2024 and 2025 and the three months ended March 31, 2026, respectively, and the purchase amount from Customer B was less than 0.5% of our total purchase amounts during the Track Record Period.
Business · p. 199
We negotiate the transactions with our overlapping customers and suppliers on an arm's-length basis with reasonable and fair pricing terms.