During the Track Record Period, we primarily sold photovoltaic inverters, energy storage inverters, and energy storage batteries to Customer A. In 2023, 2024, and 2025, our revenue generated from Customer A accounted for 13.0%, 12.9%, and 9.5% of our total revenue, respectively.
Business · p. 128
During the Track Record Period, we primarily sold photovoltaic inverters to Customer G. In 2023, 2024, and 2025, our revenue generated from Customer G accounted for 19.6%, 3.6%, and 0.2% of our total revenue, respectively.
Business · p. 129
Negotiations of the terms of our sales to and purchases from such 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.
In 2024 and 2025, Supplier G which was responsible for processing and manufacturing our orders, was also our customer.
Business · p. 161
As certain designs included in our orders are exclusive to us, the color films and other raw materials required for such designs were required to be supplied directly by us to Supplier G.
Business · p. 161
During the Track Record Period, our sales to Supplier G accounted for approximately 1.1% and 0.5% of our total revenue for the years ended December 31, 2024 and 2025, respectively.
In each year during the Track Record Period, to the best knowledge of our Directors, Geely Holding Group, one of our five largest customers in each year during 2023, 2024 and 2025, respectively, was also a supplier.
Business · p. 171
Following a last-minute change by an OEM under Geely Holding Group that is separately listed on a stock exchange in the designated automotive-grade chip, the project required an accelerated development and production schedule.
Business · p. 171
All transactions with Geely Holding Group (in its capacity as a supplier) were conducted on an arm's length basis and on normal commercial terms.
Our Directors confirmed that negotiations of the terms of our purchases from and sales to Shougang Jingtang were conducted separately and as a result, the purchases and sales were neither connected with nor conditional upon each other.
Business · p. 149
Our Directors have confirmed that the terms of our purchases from and sales to the LanzaTech Group were negotiated independently and that the transactions were neither connected with nor conditional upon each other.
During the Track Record Period, we provided logistics services to certain customers who also acted as our suppliers.
Business · p. 141
According to Frost & Sullivan, such overlap primarily reflects the operational characteristics of the logistics industry, in which market participants may assume dual roles depending on the specific transaction context.
Business · p. 141
In 2023, 2024 and 2025, revenue generated from such overlapping customers and suppliers, which was among either our five largest customers or suppliers during each year of the Track Record Period, was RMB982.7 million, RMB269.0 million and RMB263.5 million, respectively, accounting for 10.3%, 4.6% and 4.0% of our total revenue for the same years.
SAIC Motor was among both our five largest customers and our five largest suppliers in each year of the Track Record Period.
Business · p. 139
In each year of the Track Record Period, the purchases from these customers represented less than 0.2% of our total cost of sales for the respective year.
Business · p. 139
Our Directors are of the view that our sales to and purchases from the above-mentioned suppliers are conducted in the ordinary course of business under normal commercial terms on an arm’s-length basis after due and careful consideration.
Supplier D, one of our five largest suppliers in 2023, was also a customer in 2024.
Business · p. 169
All of our sales to and purchases from Supplier D were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Business · p. 169
According to CIC, it is a common industry practice in China for public health institutions, including centers for disease control and prevention, to participate in vaccine clinical trials as clinical trial institutions and coordinating centers, while separately procuring vaccine products for public disease prevention and control purposes.
During the Track Record Period, four, four and four of our top five customers were also our suppliers, but these overlapping customers contributed for only 3.3%, 0.1% and 1.1% of our total purchase for 2023, 2024 and 2025, respectively.
Business · p. 168
During the Track Record Period, one, two and two of our top five suppliers were also our customers, but revenue generated from these overlapping suppliers accounted for only 0.0%, 0.1% and 0.0% of our total revenue for 2023, 2024 and 2025, respectively.
Business · p. 169
Our Directors confirmed that negotiations of the terms of our sales to and purchases from these customers and suppliers were conducted independently, and these sales and purchases were independent from one another and the terms therein are similar to those transactions with our other customers and suppliers.
We sold automotive components and parts to them, and our purchases from them were primarily related to reimbursements for after-sales warranty services.
Business · p. 127
In 2025, our purchase amount from Chery amounted to RMB59.0 million, representing 0.7% of our total purchases for the same year.
Business · p. 127
Our Directors confirm that, with respect to the overlapping customers and suppliers, sales and procurement transactions between us and such counterparties are not mutually incidental or conditional, and all sales and procurement transactions between us and such overlapping customers and suppliers are conducted in the ordinary course of business, based on our genuine business needs and on an arm’s length basis and in accordance with normal commercial terms.
During the Track Record Period, certain of our five largest customers in each year of the Track Record Period also acted as our suppliers, or vice versa.
Summary · p. 5
As a result, it is common for upstream and downstream enterprises within the digital human agent industry to engage in transactions with each other as both suppliers and customers.
Business · p. 152
For the years ended December 31, 2023, 2024 and 2025, our revenue from such overlapping customers and suppliers, which was among either our five largest customers or suppliers in each year during the Track Record Period, amounted to RMB201.7 million, RMB445.3 million and RMB344.8 million, respectively, accounting for 38.0%, 67.9% and 43.7% of our total revenue for the same years.
During the Track Record Period, we provided data security and cybersecurity solutions to Customers A, B and D, the three largest telecommunications network operators in China, from whom we also procured telecommunications services for our own operational needs.
Business · p. 154
In 2023, 2024 and 2025, the revenue that we derived from Customer A was RMB182.3 million, RMB297.6 million and RMB259.1 million, representing 35.3%, 45.2% and 36.6% of our total revenue, respectively.
Business · p. 155
Negotiations of the terms of our purchases from and sales to Customers A, B and D were conducted on an individual basis and such purchases and sales were neither inter-connected nor inter-conditional with each other.
Customer A, one of our five largest customers in 2023 and 2025, was also a supplier in 2023 and 2024.
Business · p. 150
Customer B, one of our five largest customers in 2023, was also a supplier in 2024 and 2025.
Business · p. 150
All of our sales to and purchases from Customer A, Customer B, Customer C, Customer D, Customer E, Customer F and Customer J were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, CTG Group, one of our five largest customers in 2023, 2024 and 2025, respectively, was also a supplier.
Business · p. 114
In 2023, 2024 and 2025, our revenue generated from CTG Group amounted to HKD397.7 million, HKD302.4 million and HKD233.2 million, respectively, accounting for 18.2%, 13.5% and 10.6% of our total revenue, respectively, and our purchase from CTG Group amounted to HKD2.1 million, HKD3.4 million and HKD4.7 million, respectively accounting for 0.3%, 0.5% and 0.6% of our total purchase, respectively.
Business · p. 114
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.
During the Track Record Period, we had overlapping customer-suppliers, where an entity and/or its subsidiary(ies) was both (i) one of our five largest customers in any period and also a supplier, or (ii) one of our five largest suppliers in any period and also a customer.
Business · p. 153
In particular, none of the overlapping customers/suppliers simultaneously ranked among our five largest customers and five largest suppliers during any year of the Track Record Period.
Business · p. 153
Negotiations of the terms of our sales to and purchases from this overlapping customer/supplier 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, Customer A, our largest customer in each of 2023, 2024 and 2025, was also one of our five largest suppliers in the same years.
Business · p. 156
Customers A, B and C require suppliers, including us, to procure designated raw materials and components for their products from approved upstream vendors, including, in some cases, the customers themselves.
Business · p. 156
According to CIC, 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.
During the Track Record Period, certain of our five largest suppliers during each year were also our customers, and certain of our five largest customers during each year were also our suppliers.
Business · p. 199
Customer A, one of our five largest customers in 2023, 2024 and 2025, was also our supplier in 2024.
Business · p. 196
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.
During the Track Record Period, to the best knowledge of our Directors, we had seven major suppliers who are also our customers, or vice versa.
Business · p. 174
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.
Business · p. 175
During the Track Record Period, our sales and purchases with the overlapping customers and suppliers were not inter-conditional with each other.
During the Track Record Period, we had three overlapping customer-suppliers who were one of our five largest customers and also served as our suppliers (the “overlapping customer-suppliers”).
Business · p. 186
Negotiations regarding the terms of our sales to and purchases from the overlapping customer-suppliers were conducted on a transaction-by-transaction basis.
Business · p. 187
Our Directors confirmed that the transactions with these overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
The number of our overlapping customers and suppliers was 13, 12 and 23 in 2023, 2024 and 2025, respectively.
Business · p. 195
Our revenue from these overlapping customers and suppliers in 2023, 2024 and 2025 was RMB46.3 million, RMB57.4 million and RMB203.4 million, respectively.
Business · p. 195
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.
Customer H, one of our five largest customers in 2024 and 2025, is also one of our suppliers in 2024 and 2025.
Business · p. 133
The reason for such overlap is that the customer-supplier is an industry participant with complementary needs, purchasing our medical consumables for its business and, separately, supplying us with certain materials, equipment and components in the ordinary course of business.
Business · p. 133
Our sales and purchases with the aforementioned customer-supplier were not inter-conditional with each other.