Hong Kong IPO disclosure precedents · 79 companies, 81 items
Business revenue or operations materially depend on third-party platforms (e-commerce marketplaces, media/advertising platforms, delivery platforms or a dominant platform customer) for sales channels, traffic or service delivery, including exposure to platform policy changes or account restrictions.
Our partnership with aggregation platforms helps us get access to a large amount of user traffic without having to spend excessively on promotions.
Business · p. 128
Our selling expenses increased from RMB554.6 million in 2023 to RMB615.5 million in 2024 and further to RMB718.2 million in 2025, primarily due to increases in the amount of commissions charged by aggregation platforms.
Financial Information · p. 223
Our users can request rides through our EnjoyGo app, WeChat and Alipay mini-programs and various aggregation platforms, allowing us to access broad channels of user traffic and drive rapid expansion of our user base.
Although a significant portion of our sales is generated through major third-party e-commerce platforms (including Ali Health and JD Health), we derive sales from multiple sales channels and, within each channel, maintain a diversified portfolio of partners and customers, such that we are not reliant on any single sales channel or counterparty for our business performance.
Business · p. 164
Our broad collaboration network covers substantially all the major e-commerce platforms in China, including B2C and O2O e-commerce platforms such as JD Health, Ali Health, Meituan Health, Dingdang and Quanyuantang.
The majority of our contractual arrangements with these platforms were entered into through designated resellers, which are authorized partners of the relevant platforms.
Business · p. 150
AlphaDesk is connected to over 120 leading media platforms.
Business · p. 153
By engaging through such resellers, we are able to access these pricing advantages, which would otherwise be difficult to obtain on a standalone basis.
Our revenue from sales through e-commerce marketplaces amounted to approximately RMB159.6 million, RMB168.1 million and RMB183.3 million in FY2023, FY2024, and FY2025, respectively, accounting for approximately 84.0%, 81.7% and 74.0% of our revenue from branded business for the corresponding periods.
Financial Information · p. 208
Our business, results of operations, and financial condition therefore rely substantially on, among other things, the strong and stable business relationships between us and such e-commerce marketplaces.
Financial Information · p. 208
During the Track Record Period, over 60% of our revenue from e-commerce marketplaces was derived from our online stores on Amazon.
The revenue generated from sales through our flagship stores and sales to e-commerce platforms accounted for 82.8%, 76.4% and 69.6% in 2023, 2024 and 2025, respectively.
Financial Information · p. 209
In 2023, 2024 and 2025, the revenue from our online flagship stores amounted to RMB573.8 million, RMB1,029.1 million and RMB1,472.2 million, respectively, representing the majority of our total revenue in each respective year during the Track Record Period.
Business · p. 142
Our platform service fees primarily included commissions and marketing fees paid to ecommerce and content platforms, amounting to RMB42.4 million, RMB74.5 million, RMB114.3 million in 2023, 2024 and 2025, respectively.
Our revenue generated from online sales channel was RMB8,274.4 million, RMB10,233.7 million and RMB10,117.5 million, in 2023, 2024 and 2025, respectively, accounting for 93.1%, 95.1% and 95.6% of our revenue generated from sales of goods in the same years.
Financial Information · p. 169
As of the Latest Practicable Date, we operated 136 online stores.
Business · p. 124
There had been no material disagreement between such e-commerce platforms and us during the Track Record Period and up to the Latest Practicable Date.
Both our content marketing solutions and content management services rely on our cooperation with major social media platforms in China.
Financial Information · p. 197
Our ability to maintain and manage relationships with these platforms on commercially reasonable terms has been an important factor affecting our business operations and overall profitability during the Track Record Period.
Financial Information · p. 197
In return, the platforms provide us with access to data and collaboration tools for the use of our core offerings.
We rely on the success of and the continued relationships with a limited number of e-commerce channels.
Summary · p. 14
Our profitability is also affected by the mix of platforms we manage for brand owners as operating on different e-commerce platforms often involves different investment and operational strategies.
Financial Information · p. 207
We are committed to diversifying our channel coverage, adapting our strategy in view of the changing policies of each channel, and actively pursuing collaborations with emerging channels, including social media and live streaming platforms, to take advantage of market trends and capture growth opportunities therein.
(ii) service fees: the e-commerce platforms generally charge us with a service fee both in fixed amount and as a percentage of sales amount; (iii) termination: the service agreements can generally be terminated upon prior written notice or in the event of a material breach.
Business · p. 122
As of the Latest Practicable Date, we had established online stores on all major e-commerce platforms, including Tmall, JD.com, Douyin, Rednote, Pinduoduo and YSB.
During the Track Record Period, we generated a majority of our revenue through online stores operated by us on e-commerce platforms, and a significant portion was contributed by distributor sales.
In particular, our revenue generated through Amazon was RMB211.1 million, RMB309.8 million and RMB404.1 million in 2023, 2024 and 2025, respectively, accounting for 55.9%, 57.0% and 49.7% of our total revenue in the same periods, respectively.
Summary · p. 3
We sell branded products under two brands, WYBOT and Winny Pool Cleaner, to end consumers primarily in North America, Europe, Asia and Oceania primarily through online E-commerce marketplaces, such as Amazon, our E-commerce independent websites on Shopify, Woot, Walmart, Best Buy, Lowe's, Target, and Home Depot.
As of March 31, 2026, we cooperated with 171 financial institutions that enabled us to operate across multiple jurisdictions to support our cross-border payment services.
Financial Information · p. 185
Our ability to strengthen these partnerships directly affects customer satisfaction, retention and engagement, and consequently our TPV growth, revenue expansion and overall financial performance.
Financial Information · p. 185
In jurisdictions where we do not hold a payments license, our B2B cross-border trade payment activities are conducted in partnership with locally licensed institutions, operating under relevant regulatory clearances and supported by local legal counsel to ensure full compliance with applicable laws and regulations.
Our revenue generated through Weiyi Zhenxuan increased significantly during the Track Record Period, primarily due to the increased revenue from our FSMPs amid the continued expansion of China’s FSMPs market, the retail sales value of which increased from RMB10.0 billion in 2020 to RMB23.0 billion in 2024, together with our “offline store referral + cross-border e-commerce platform ordering” model and the expansion of our FSMP product matrix.
Business · p. 143
Revenue from such sales amounted to RMB127.7 million, RMB178.6 million, and RMB250.4 million for the years ended December 31, 2023, 2024, and 2025, respectively, representing approximately 7.9%, 10.1%, and 13.4% of our total revenue for the respective periods.
We rely on official data sources to facilitate the operation of our AI recognition platform. Our third-party data sources include government authorities, licensed bank card clearing institution, and telecommunication service providers.
Business · p. 154
Prior to entering into business relationships with such data sources, we typically review their relevant business licenses and other credentials to ensure that they are legitimate professional data sources, that they have the authority to collect, maintain and share such data, and we require them to certify to us that they have obtained informed consent from the individuals whose images or videos were collected by them and shared with us.
In 2023, 2024 and 2025, revenue generated from our online directly-operated stores was RMB1,956.7 million, RMB2,436.4 million and RMB3,002.6 million, respectively, accounting for 44.1%, 53.0% and 56.5% of our total revenue in each respective period.
Business · p. 131
In view of our long-standing and stable cooperation with e-commerce platforms and the relatively stable market environment of these platforms over the past years, our Directors are of the view that our business relationships with these major e-commerce platforms would not terminate or experience any material adverse change going forward.
Project Aura is our next-generation flagship product, developed with Google as a lead hardware partner for optical-see-through AR devices on the Android XR platform.
Business · p. 130
(i) XREAL provides design, development and manufacturing services for developer kit products in accordance with Google's ecosystem requirements and technical specifications, while Google provides access to the Android XR platform and related technical ecosystem and pays service fees on a milestone basis;
Business · p. 131
(iii) XREAL retains the ability to independently determine the pricing of its subsequent products, entitlement to hardware sales revenue generated from such products, and the maintenance of its own brand identity.
During the Track Record Period, our Group generated revenue through several third-party ecommerce platforms, including Alibaba, Douyin, Kuaishou, Pinduoduo, and Jingdong.
Business · p. 133
Our OEM Business primarily serves overseas customers, with sales conducted through the global B2B e-commerce platform Alibaba.
Business · p. 133
Our Directors consider that the revenue mix among these platforms fluctuated over time, with no consistent concentration of sales through any single e-commerce platform.
During the Track Record Period, we generated most of our revenue from e-commerce platforms, while the contribution from distributor channels increased as we expanded our offline footprint.
Financial Information · p. 155
We operate our self-operated stores on e-commerce platforms, including Douyin, Kuaishou, Tmall, JD.com, Pinduoduo, and Xiaohongshu, selling our products directly to consumers.
Business · p. 120
The platform primarily charges variable commission-based fees calculated as a percentage of transaction value (on top of fixed service fees in some cases).
We enter into framework cooperation agreements with the OTA platforms, with a term ranging from one to two years, pursuant to which our hotels would offer hotel rooms to the OTA platforms for sale on their systems.
Business · p. 136
The OTA platforms would typically charge us a service fee ranging from 8% to 15% of the revenue generated from the sale of the hotel rooms via the platform.
Business · p. 136
Our access to these channels allows us to market to a wider potential customer group and further enhance the occupancy rates of our hotels on a day-to-day basis.
Our business model relies on our access to, and effective collaboration with, major media.
Financial Information · p. 162
Major media frequently update their policies, advertising formats and attribution practices.
Financial Information · p. 163
Our Directors are of the view that our relationship with our major suppliers is unlikely to materially adversely change or terminate, because (i) we have maintained a long-term and stable collaboration relationship with our major suppliers since 2018 and (ii) during the Track Record Period, we did not have any disputes with our major suppliers.