During the Track Record Period, Changan Automobile was one of our five largest suppliers and was also our customer for our NEPVs and auto parts.
Business · p. 161
Negotiations of the terms of our sales to and purchases from Changan Automobile and Supplier F 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, to the best knowledge and belief of our Directors, two of our major business partners served as both customers and suppliers to us.
Business · p. 157
Customer I, which is also Supplier J, is our second largest customer and our fifth largest supplier in 2025.
Business · p. 157
Supplier I is our fourth largest supplier in 2025 and is also our customer.
During the Track Record Period, we purchased steam direct-buried pipes and direct-buried partition type fixed joints from Customer Group G which were used in an EPC contract for a centralised heating project with Customer Group G.
Business · p. 139
For the years ended 31 December 2023, 2024 and 2025, our purchase from Customer Group G was nil, RMB0.2 million and nil, respectively; and the revenue derived from Customer Group G was RMB11.2 million, RMB21.5 million and RMB4.8 million for the same respective year.
Business · p. 140
Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on an individual basisand the sales and purchases were neither inter-connected nor inter-conditional with each other.
Among our top five customers in each year during the Track Record Period, Customer G was also our supplier, supplying milling cutters to us in 2023, 2024 and 2025.
Business · p. 162
In 2023, 2024 and 2025, our revenue from top five customers who were also our suppliers was RMB61.6 million, RMB71.2 million and RMB80.8 million, respectively, representing 4.8%, 4.6% and 3.9% of our total revenue in the same years.
Business · p. 162
Among our top five suppliers in each year during the Track Record Period, Supplier B was also our customer.
Five, five and five of our five largest customers in each 2023, 2024 and 2025 were also our suppliers during the same year, generating revenue of RMB191.2 billion, RMB211.0 billion and RMB216.2 billion in 2023, 2024 and 2025, which represented 82.4%, 78.5% and 65.0% of our total revenue, respectively.
Business · p. 151
Other than transactions conducted under the buy-and-sell model, our sales to the overlapping customers and suppliers are neither related to nor conditional upon our purchases from them.
Business · p. 151
Our purchases from and sales to such Overlapping Customers and Suppliers were separate processes and took place at different stages of the industry value chain, and were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
For the years ended December 31, 2023, 2024 and 2025, our purchase of electricity from Customer L/Supplier A was RMB1,060.7 million, RMB1,355.7 million and RMB1,285.4 million, respectively; and revenue from selling electricity back to Customer L/Supplier A was nil, RMB66.5 million and RMB534.0 million for the same respective year.
Business · p. 148
For the years ended December 31, 2023, 2024 and 2025, total revenue generated from the LPG Partners was RMB38.5 million, RMB152.2 million and RMB36.4 million, respectively; and total purchases from them was RMB54.8 million, RMB3,466.4 million and RMB5,456.8 million for the same respective year.
Business · p. 148
For the years ended December 31, 2023, 2024 and 2025, total revenue from the Business Groups was RMB1,103.0 million, RMB1,545.4 million and RMB2,015.8 million, respectively; and total purchase amounts from them were RMB964.0 million, RMB601.7 million and RMB294.7 million for the same respective year.
For the years ended 31 December 2023, 2024 and 2025, generating revenue from the Overlapping Customer and Supplier amounted to RMB4.3 million, RMB4.1 million and RMB6.4 million, which represented 3.2%, 3.1%, and 4.5% of our total revenue, respectively.
Business · p. 167
To meet this complementary demand, we offered these cast iron covers alongside our main composite products by purchasing cast iron covers from such Overlapping Customer and Supplier, resulting in the same entity appearing as both a supplier and a customer.
Business · p. 167
Our Directors confirmed that all such transactions with the Overlapping Customer and Supplier during the Track Record were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
During the Track Record Period, Customer B and Customer E, each of whom was one of our top five customers in 2023, were also our suppliers, while Supplier C, one of our top five suppliers in 2023, 2024 and 2025, and Supplier D, one of our top five suppliers in 2023, were also our customers.
Business · p. 151
In 2023, 2024 and 2025, revenue derived from Customer B amounted to RMB60.2 million, RMB21.1 million and RMB20.8 million, representing 9.9%, 2.4% and 1.7% of our total revenue for the respective years.
Business · p. 151
In 2023, 2024 and 2025, our purchases from Supplier C amounted to RMB50.5 million, RMB39.8 million and RMB74.3 million, respectively, representing 10.2%, 5.8% and 7.8% of our total cost of sales for the respective years.
During the Track Record Period, among our top five customers for each year or period, two customers, namely Customer E and Customer G, also acted as our suppliers.
Business · p. 195
Transactions with Customer E and Customer G were conducted on normal commercial terms, negotiated on an arm's-length basis, and settled in accordance with the agreed payment and delivery arrangements.
Business · p. 195
Over the Track Record Period, Customers E and G generated average gross profit margins that were generally higher than the average gross profit margins from our other customers.
In 2023, 2024 and 2025, we generated revenue of approximately RMB17.7 million, RMB7.8 million and RMB54.5 million, respectively, from Customer D, accounting for 7.3%, 2.0% and 12.3% of our total revenue, respectively, at gross profit margins of 40.9%, 18.9% and 15.1%, respectively.
Business · p. 175
Our Directors confirm that the terms of sales to and purchases from the above overlapping customer-supplier were negotiated independently and on normal commercial terms, and that the transactions were conducted separately and were consistent with those entered into with other independent third parties.
During the Track Record Period, certain of our major customers were also our suppliers, and certain suppliers were also our customers.
Summary · p. 3
Negotiations of the terms of our sales to, and purchases from, the customers and suppliers named in the table above were conducted on a transaction-by-transaction basis using independent business terms.
Business · p. 166
Our transactions with these entities were conducted on an arm’s-length basis in the ordinary course of our business.
Customer F was one of our top five customers in 2024 and 2025, and was also one of our suppliers in 2025.
Business · p. 181
As our supplier, Customer F primarily provided us with product testing services, with a transaction amount of RMB5.0 million in 2025.
Business · p. 181
All transactions were conducted in the ordinary course of business, on normal commercial terms and on an arm’s length basis, and the terms were comparable to those with other customers and suppliers.
Alibaba Group was our largest supplier during the Track Record Period and was also our customer during the Track Record Period.
Business · p. 168
In 2023, 2024 and 2025 and the four months ended April 30, 2026, purchases from Alibaba Group amounted to RMB73.3 million, RMB102.9 million, RMB134.1 million and RMB46.4 million, respectively, representing 6.5%, 6.7%, 7.6% and 8.8%, respectively, of our total cost of revenue, for the respective periods.
Business · p. 169
Our Directors are of the view that our sales to and purchase from Alibaba Group are conducted in the ordinary course of business under normal commercial terms on an arm's-length basis after due and careful consideration.
During the Track Record Period, certain of our five largest customers across all of our business lines (on a consolidated basis) in each year of the Track Record Period also acted as our suppliers, or vice versa, which provided OEM services and/or supplied products for us under our self-operated business, and also utilized our digital marketplace as a vendor or engaged our customized marketing services and paid commissions to us.
Business · p. 175
Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · p. 176
The increase in our purchase amounts from overlapping customers and suppliers during the Track Record Period was primarily attributable to our increased procurement of certain popular infant formula based on our deepened collaboration with upstream vendors, which was generally in line with the increased scale of our self-operated business.
In 2025, E Ink Holdings, our largest supplier in each year during the Track Record Period was also one of our customers, to whom we sold four-color small-size e-paper display modules of RMB41.5 thousand, representing less than 0.1% of our total revenue in 2025.
Business · p. 166
Our Directors have confirmed that our sales to and purchases from E Ink Holdings during the Track Record Period were not inter-conditioned, inter-related or otherwise considered as one transaction, and were conducted in the ordinary course of business and under normal commercial terms.
One of our five largest customers in 2023, Customer A, was also our supplier in 2023.
Business · p. 165
One of our five largest customers in 2023, Customer E, was also our supplier in 2023, 2024, and 2025.
Business · p. 165
Negotiations of the terms of our sales to and purchases from Overlapping Major Customer/Supplier were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
In 2023, 2024 and 2025, we had 13, 17 and 17 overlapping customers and suppliers, respectively, which were typically engaged in manufacturing and sales of GNSS products and solutions, and sales of comprehensive chips and modules.
Business · p. 189
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. 189
According to CIC, the overlapping of our customers and suppliers is common in the GNSS spatial positioning services industry, where companies often operate multiple business lines with different business models.
As our supplier, purchases from Supplier A amounted to RMB64.5 million in 2023, RMB67.5 million in 2024 and RMB54.9 million in 2025, representing 18.1%, 21.2% and 16.1% of our total purchases for the respective years.
Business · p. 143
Such overlap primarily arose because participants in the industrial-grade 3D printing integrated solutions industry usually have complementary business needs across different parts of the value chain.
Business · p. 144
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.