We secure computing capacity primarily through long-term arrangements rather than by building and owning facilities ourselves.
Summary · p. 2
Our partners, including facility owners and computing infrastructure funds, fund facility construction, while we provide the full suite of technical and operational capabilities spanning hardware procurement, architectural design, system deployment and ongoing operational management.
Summary · p. 2
In addition to the arrangements with our AI Computing Infrastructure Solutions customers and our owned computing resources, we obtain computing power by managing computing power generated from the AIDCs of third parties under cooperation arrangements, pursuant to which we carry out technical upgrades and standardization of the leased facilities, thereby maintaining a diversified computing power pool that is not exclusively dependent on any single source.
We agreed to make an upfront payment of US$22.5 million, development milestone payments of up to US$45.0 million, and sales milestone payments of up to US$140.0 million to Japan Tobacco.
Business · p. 180
Under this agreement, we received exclusive development, registration, manufacture, commercialization, re-license, and sub-license rights to SAL0132 (also known as GW906), an siRNA drug candidate targeting AGT, in the Greater China Region.
In December 2022, we entered into an Exclusive Commercial Cooperation Agreement with Chia Tai Tianqing for the sales of our PL-5, granting it exclusive commercialization rights for PL-5 in Chinese Mainland, with service fees.
Summary · p. 6
Following such strategy, we entered into the exclusive commercial cooperation with Chia Tai Tianqing, in anticipation of the upcoming commercialization of PL-5 in China, which could enable us to rapidly penetrate the domestic market by leveraging Chia Tai Tianqing established commercial infrastructure and extensive industry network.
Since the launch of this business in 2021, we have collaborated with food delivery platforms to deploy and operate our Yogel series for the provision of on-demand delivery services within enclosed campuses.
Business · p. 114
For our on-demand delivery services, services provided to a major customer, which accounted for a substantial portion of the revenue from such services, generated negative gross profit margins throughout the Track Record Period, principally reflecting pricing pressure from such large platform customer, together with the deployment, operation and maintenance costs incurred in providing such services.
Business · p. 147
Revenue generated from Customer E amounted to approximately RMB9.4 million, RMB8.5 million, RMB22.2 million and RMB4.3 million in FY2023, FY2024, FY2025 and 3M2026, respectively, representing 3.8%, 3.2%, 7.0% and 5.6% of our total revenue for the respective periods.
MTU Yuchai is a 50–50 joint venture established pursuant to the joint venture agreement between our parent and immediate Controlling Shareholder GYMCL and Rolls-Royce, a subsidiary of Rolls-Royce Power Systems AG, in 2017 for the production, under license from Rolls-Royce and subject to the terms and conditions of such license, of mtu branded diesel engines in China.
Business · p. 155
For FY2023, FY2024, FY2025, 1H2025 and 1H2026, revenue generated by Yuchai Deyou amounted to RMB200.6 million, RMB259.2 million, RMB307.8 million, RMB189.7 million and RMB215.9 million, representing 6.2%, 6.5%, 5.0%, 6.3% and 4.8% of our total revenue, respectively.
Business · p. 156
Through this dual-brand strategy, we are able to address the differentiated needs and preferences of customers.
Pursuant to such agreement, we transferred, among others, intellectual property and other rights in the compound underlying VVN461 and VVN432 to E-nitiate and E-nitiate granted us, among others, an exclusive, perpetual and irrevocable license to develop, manufacture and commercialize such compound (other than with respect to oral dosage formulation) in the ophthalmology (effective on and from February 10, 2021) and rhinology (effective on and from January 29, 2024) fields globally.
Business · p. 173
In 2024, we obtained an exclusive global license from E-nitiate to develop, manufacture and commercialize certain compound (other than with respect to oral dosage formulation) in the rhinology field.
Our aggregate cost of sales attributable to our media procurement costs accounted for 97.6%, 97.4%, 97.6%, 97.5% and 97.9%, respectively of our total cost of sales in each year or period during the Track Record Period.
Financial Information · p. 140
If we fail to maintain or expand our relationships with major media platforms, or if our cooperation with any major media platform is suspended, restricted or terminated, our ability to obtain media resources and traffic, execute customers’ marketing campaigns, generate revenue and maintain profitability may be materially and adversely affected.
Financial Information · p. 140
Since 2013, we have consistently been one of the largest domestic advertising agencies for leading video platforms, including Youku, iQIYI and Tencent Video.
On July 14, 2026, we entered into the AstraZeneca Agreement with AstraZeneca, pursuant to which we granted AstraZeneca an exclusive license to develop and commercialize ZEGFROVY^®^ globally.
Summary · p. 17
Pursuant to the AstraZeneca Agreement, AstraZeneca is expected to pay us a one-time, non-refundable and non-creditable upfront payment of US$600.0 million, and we are eligible for development milestone payments potentially up to an aggregate of US$400.0 million and sales milestone payments potentially up to an aggregate of US$500.0 million, subject to the achievement of specified development, regulatory and sales milestone events.
Financial Information · p. 240
AstraZeneca shall have the sole right to commercialize Licensed Products in the Territory at its sole cost and expense.
Pursuant to the China Sales and Promotion Agreement, we have granted Jumpcan Pharmaceutical and its affiliates the exclusive right to sales and promote sebaloxavir marboxil oral formulations (including but not limited to tablets and suspension formulations) (the “Licensed Field”) in Chinese mainland (the “Territory”) across all online and offline hospitals, clinics, and pharmacies.
Business · p. 174
During the term, we may not, without Jumpcan Pharmaceutical’s prior written consent, directly or indirectly promote the product or supply it to any third party (other than tier-one distributors) within the Territory, save that we retain the right to engage with medical professionals for research and development, medical information dissemination, and product publicity purposes, and to supply the product for clinical trials, patient assistance programs, and charitable donations.
Business · p. 174
As advised by CIC, the arrangement of the China Sales and Promotion Agreement is in line with the industry norm.
In 2023, 2024, 2025, and the six months ended June 30, 2026, our revenue generated from the sales through online channels amounted to RMB3,590.1 million, RMB4,630.9 million, RMB7,038.1 million, and RMB4,147.2 million, respectively, accounting for 74.8%, 75.1%, 74.2%, and 71.4% of our total revenue, respectively.
Business · p. 157
We operate our online direct sales business primarily through third-party e-commerce platforms, such as Amazon, Tmall, and Shopee.
Business · p. 157
Under these arrangements, we maintain a service procurement relationship with the e-commerce platforms, while retaining control over product pricing, inventory management and fulfillment through our self-operated or platform warehouses.
For pipeline products that we out license certain rights, including commercialization rights, in certain jurisdictions to collaborators, our results of operations will depend on the collaborators' promotional and marketing efforts once those products are approved in the relevant jurisdictions.
Financial Information · p. 236
Leveraging the extensive development, market expansion, and sales experience of Betta and CTTQ, we aim to maximize the commercial value of our products.
We maintain an active online e-commerce presence by operating Shopee and Tokopedia official brand stores on major Southeast Asian e-commerce platforms.
Business · p. 177
In 2023, 2024 and 2025 and the six months ended June 30, 2026, our average commission fee rates were 8.7%, 11.3%, 14.9% and 16.8%, respectively, which were calculated by dividing the commission fees incurred during the Track Record Period by the corresponding GMV generated for the same period.
Business · p. 177
To mitigate the impact of increasing commission fee rates charged by third-party e-commerce platforms, we have implemented a number of operational measures.
Garsorasib used in the combination therapy clinical trial is supplied by Zhengda Tianqing for free under the combination therapy development agreement.
Summary · p. 4
Osimertinib used in the combination therapy clinical trial is supplied by AstraZeneca for free under the clinical supply collaboration agreement.
Summary · p. 4
Notwithstanding these, our IP Legal Advisers and Directors are of the view, and the Sole Sponsor concur, that we have full and independent R&D capabilities to continue the development and commercialisation of GH21 without reliance on our partners
As of the Latest Practicable Date, we had entered into an exclusive cooperation agreement with Jumpcan Pharmaceutical Group Limited regarding the marketing and distribution of Pumecitinib nasal spray and an exclusive cooperation agreement with Jiangsu Simcere Pharmaceutical Co., Ltd. regarding the marketing and distribution of Pumecitinib gel, each with respect to all approved indications for the relevant product.
Summary · p. 6
To date, we did not have an in-house marketing team.
Business · p. 183
The rate of such promotion fees was determined through arm’s-length negotiations based on the estimated market size and competitive landscape for Pumecitinib nasal spray, the relevant patent protection period and expected inclusion of Pumecitinib nasal spray into national healthcare reimbursement program, and the published standard fee rate of Jumpcan Pharmaceutical.
Under our online DTC arrangements, the relevant platforms provide online store space, technical support, system maintenance and related platform services, while we operate the stores independently and remain subject to the platforms’ supervision and rules.
Business · p. 136
Within our DTC channels, revenue from online direct sales amounted to RMB204.6 million, RMB291.5 million, RMB368.0 million, RMB68.5 million and RMB138.0 million in 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, respectively, representing 19.1%, 20.5%, 22.8%, 20.2% and 28.0% of our total revenue for the respective periods.
Business · p. 136
Changes in consumer purchasing behavior, competitive dynamics, platform policies, logistics expenses, or the performance of any of our key sales channels may affect our ability to maintain revenue growth and profitability.
Such arrangements generally do not impose binding purchase obligations, minimum order commitments or revenue commitments on the EV OEMs.
Business · p. 130
Our performance will therefore depend on our ability to maintain robust OEM relationships, ensure efficient vehicle-station integration, and deliver reliable operational services across a growing station footprint.
Financial Information · p. 188
We collaborate with EV OEMs to develop battery packs compatible with our batteryswapping solutions.
We generated RMB478.2 million, RMB645.9 million and RMB767.9 million, RMB178.4 million and RMB208.1 million in 2023, 2024 and 2025, and three months ended March 31, 2025 and 2026 through our online sales on Douyin, Tmall and other e-commerce platforms, representing 46.4%, 57.4%, 58.0%, 60.8% and 61.8% of the total revenue from the same periods.
Financial Information · p. 174
Under our online wholesale model, we collaborate with major e-commerce platforms to sell our products. These platforms directly purchase products from us on a buy-out basis and resell them to users through their own online platforms.
Business · p. 147
Under our online retail sales model, we sell our products directly to customers primarily through our self-operated flagship stores on third-party e-commerce and social media platforms, such as Douyin, Kuaishou, and Pinduoduo.
We have entered into an exclusive license agreement with Qilu Pharmaceutical Co., Ltd ("Qilu Collaboration Agreement") on March 31, 2025 to develop and commercialize MHB088C in Greater China.
Business · p. 197
Under the Qilu Collaboration Agreement, Qilu agreed to make various payments to us, including (i) a one-off, non-refundable, non-creditable upfront and near-term payment of RMB250.0 million and RMB30.0 million, respectively, (ii) remaining milestone payments in aggregate amount of up to RMB1,065.0 million for R&D, registration and sales activities, and (iii) tiered royalties at percentage rates between high single digits and mid-teen digits on the net annual sales in Greater China.
Business · p. 198
Notwithstanding the foregoing licenses, we reserve all rights to develop, improve, clinically evaluate, use and commercialise combination therapies of the licensed compounds and/or licensed products with our own PD-1/VEGF bsAb, MHB039A, in the licensed territory and the whole rights of the licensed compounds and/or licensed products outside the licensed territory.