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.
Revenue derived from the Four JVs amounted to nil, RMB171.7 million and RMB57.1 million in 2023, 2024 and 2025, representing nil, 17.4% and 4.0% of the total revenue, respectively.
Business · p. 172
In 2024, the revenue contribution was higher mainly because we recorded a larger amount of revenue derived from sales of autonomous mining trucks to Customer J and Customer L under customer-provided fleet model.
Our historical cooperation with the Zhuang Entities, which lasted from 2003 to 2020, primarily involved early-stage funding and regulatory coordination support, which included works such as submitting regulatory documents and accompanying on-site inspections conducted by the regulatory authorities, for the development of Mufemilast.
Summary · p. 9
Throughout this cooperation, we retained sole, independent and effective control over all aspects of the research and development of Mufemilast.
Summary · p. 9
We previously received financial support from Truman, Hailing Pharmaceutical, Hailing Chemical, and Hailing Asia to development Mufemilast.
Since June 2017, we have been coordinating with Nankai University on the development of novel immunotoxins and miniaturized antibody-drug conjugate drug candidates.
Summary · p. 9
Under the arrangement, Nankai University is responsible for executing the early-stage research plan, including compound identification and optimization while we have full control over patent applications and subsequent development.
Business · p. 151
Hemay181 was developed in a research cooperation arrangement with Nankai University.
During the Track Record Period, we collaborated with 1,810, 3,962, and 5,702 KOLs and KOCs for our LYCOCELLE brand, with GMV attributable to sales through them contributing 15.9%, 15.2%, and 25.1% of LYCOCELLE’s total GMV, respectively.
Business · p. 149
In 2024 and 2025, we collaborated with 426 and 2,548 KOLs and KOCs for our FineNutri brand, with GMV attributable to sales through them contributing 19.6% and 15.0% of FineNutri’s total GMV, respectively.
Business · p. 149
To effectively manage the large number of KOLs/KOCs engaged, we leverage an integrated influencer management platform, which enables end-to-end management of KOL/KOC collaborations.
In August 2024, we have entered into two collaborative framework agreements with two majority-owned subsidiaries of Lepu Biopharma to jointly evaluate the combination therapy of BS001 and Lepu Biopharma's pucotenlimab (formerly HX008, a PD-1 inhibitor and LP002 (a PD-L1 inhibitor), respectively, in Mainland China.
Business · p. 203
We are responsible for the supply of BS001, and Lepu Biopharma is responsible for the supply of pucotenlimab or LP002, both subject to the protocol and free of charge.
Business · p. 203
The agreements were negotiated and approved on an arm's length basis and determined based on normal and fair commercial terms considering the therapeutic potential of this combination therapy and potential economic gain for each party.
Although the AMMS remains as a co-sponsor of Pro-101-2, we are expected to be the sole MAH licensee of Pro-101-2 once the clinical development is complete.
Business · p. 357
Our PRC Legal Adviser is of the view that, according to the relevant agreement between the AMMS and the Company, the AMMS is not entitled to unilaterally terminate the cooperation agreement with the Company and the AMMS needs to obtain the consent of the Company for the change of the sponsor.
Business · p. 364
To mitigate this risk, we are maintaining ongoing communication with the AMMS to ensure that the AMMS remain a sponsor.
We hold a 50% equity interest in the joint venture with Toyota, namely STAES, which primarily focuses on the development and manufacturing of Lithium-Ion and Ni-MH battery packs for sale to major OEMs that are joint ventures with Toyota in China, with solid profitability and promising prospects.
Business · p. 335
In the one month ended December 31, 2023 and the year ended December 31, 2024, STAES recognized revenue of RMB657.0 million and RMB6,665.3 million, respectively, contributing to investment return for our Group.
Business · p. 335
In 2024, STAES enjoyed a market share of over 70% in terms of installation capacity of HEV battery packs in China, according to Frost & Sullivan.
In addition, we are jointly developing autonomous driving products integrating hardware and software based on Huashan A1000 SoC with Baidu, and we will provide our SoC-based solutions embedded with hardware such as A1000 and FAD platform, our IP cores such as ISP, and software for the SoC and its camera access and video outputs to Baidu as a Tier 2 supplier after obtaining projects from automotive OEMs.
Business · p. 291
We would recommend Baidu as a Tier 1 supplier for our SoC-based solutions and Baidu would recommend us as a Tier 2 supplier for their domain controllers to provide a bundled solution for automotive OEMs’ consideration.
Given the preclinical effects of the combination of CD47 and HER2 targeted therapies, this collaboration allows us to further expand IMM01's market in a cost-efficient manner by leveraging the funds and resources of Sunshine Guojian.
Business · p. 311
Sunshine Guojian has final decision-making authority with respect to all material matters in relation to the clinical studies, including but not limited to, the preparation and modification of the clinical trial protocols, of this combination therapy for selected indications.
Business · p. 312
We retain full rights to commercialize IMM01 worldwide.
We did not hold AVP License or RTPPO License as of the Latest Practicable Date.
Summary · p. 29
During the Track Record Period, all of our revenue-generating offerings involved services provided by Fumeng under its AVP License.
Business · p. 270
For the year ended December 31, 2019, 2020 and 2021 and for the ten months ended October 31, 2022, the technology service fee of Fumeng and Shenzhen Huatian was nil, nil, RMB650,000 and RMB1,100,000, respectively, representing nil, nil, 0.5% and 0.9% of our total general and administrative expenses during the same periods.