On the other hand, Hangzhou Hanx grants Onconova with rights to develop and manufacture narazaciclib outside Greater China.
Business · p. 365
The agreement came into effect since December 2017, and shall remain in effect until the expiration of all royalty payment obligations.
Business · p. 368
However, we do not expect termination of the agreement would have material adverse impact to our business operation because (i) we have independently developed the proprietary development technologies to for our HX301; and (ii) we have obtained the clinical study approval in China for HX301 that solely granted to us, and we may and already have conducted clinical studies for HX301 independently in China.
We have obtained the exclusive performance right of the Impression — Dahongpao Scenery Show, as well as the trademark and entitlement to revenue from the performance of the show under the tripartite arrangement among Fujian Mount Wuyi Cultural Tourism Group (one of our Controlling Shareholders), Impression Art Development and our Company.
Summary · p. 3
According to the said agreement, we need to pay Impression Art Development for the exclusive use right of the intellectual property rights for the show.
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.
In July 2025, we entered into an exclusive sales agency agreement with Anhui Anke Biotechnology (Group) Co., Ltd. ("ANKE BIO", SZSE: 300009), an Independent Third Party, pursuant to which we granted ANKE BIO an exclusive right to market, sell, distribute, and promote SJ02 in Mainland China, Hong Kong, Macau, and Taiwan ("Greater China"), and accordingly, ANKE BIO acts as an exclusive CSO responsible for the commercialization of SJ02 in the same region.
Business · p. 366
Furthermore, we entered into an exclusive sales agency agreement with ANKE BIO, pursuant to which a minimum annual purchase quantity for each year of the contract period shall be fulfilled by purchases from ANKE BIO.
Summary · p. 34
We also received NDA approval from the NMPA for SJ02 in August 2025, and we completed delivery of the first SJ02 order in November 2025.
We have engaged the Supply Chain Service Group for the procurement of food ingredients since 2019.
Business · p. 213
Our Directors are of the view that we are not materially reliant on the Supply Chain Service Group as there are readily available alternative suppliers of similar services in the market and we maintain a pool of alternative supplier candidates, allowing us to procure similar services from other suppliers in the market without materially and adversely affecting our business and results of operations should we decide to do so.
In January 2024, Consumption Guide commenced collaboration with Auto Partner A and became its exclusive online display and marketing channel for the retail of automobiles in Northern China covering Beijing, Tianjin, Hebei Province and Inner Mongolia.
Business · p. 155
Since January 1, 2024, the sole marketplace supplier on Consumption Guide has become Auto Partner A, an automobile retailer.
Business · p. 171
The transaction value generated under collaboration with Auto Partner A from online and offline automobile sales were approximately RMB13.8 million and RMB4.3 billion, respectively, for the year ended December 31, 2024.
To advance its global reach, we out-licensed the rights to research, develop, manufacture, and commercialize VV116 in specific countries and regions including China, to Junshi Biosciences.
Business · p. 276
In 2023 and 2024 and the first four months of 2024 and 2025, we generated revenue from the royalty payments in connection with the sales of VV116 in the PRC of RMB11.8 million and RMB5.1 million, RMB1.0 million and RMB0.3 million, respectively, and from our sales of pharmaceutical products of RMB0.7 million, RMB1.5 million, RMB4.0 thousand and RMB2.6 million, respectively.
Financial Information · p. 444
Moreover, we proactively pursue licensing and collaboration arrangements with leading industry players to maximize the clinical and commercial value of our assets, exemplified by out-licensing agreements with Junshi Biosciences.
In May 2025, we and Uber announced a significant expansion of our previously announced strategic partnership, adding 15 additional cities globally over the next five years, including in Europe.
Summary · p. 36
Uber has committed to an equity investment of US$100 million, in addition to its existing investment, in our company as part of the recently announced expanded cooperation.
Summary · p. 36
In August 2025, we and Grab, Southeast Asia's leading superapp, announced a strategic partnership between us to accelerate the deployment and commercialization of L4 robotaxis in Southeast Asia, and reflects a shared vision to seamlessly integrate WeRide vehicles into Grab's network to enhance service level.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, Miaozhen Systems through technical means connected with 729, 501, 491, 484 and 425 media platforms with advertising monitoring activities.
Summary · p. 12
Our collaboration with media platforms is essential for delivering comprehensive and effective media spending optimization, social media management and customer growth services under Miaozhen Systems.
Summary · p. 12
We do not enter into contractual agreements with media platforms for such data collaboration.
Our revenue generated from online channels increased from RMB494.1 million for the year ended December 31, 2022 to RMB622.7 million for the year ended December 31, 2023, and further increased to RMB692.8 million for the year ended December 31, 2024.
Summary · p. 2
During each period of the Track Record Period, we generated over 85% of the revenue of direct sales through self-operated online stores from our self-operated online stores on seven e-commerce platforms.
Business · p. 271
In addition, selling products through multiple stores rather than one store on the same e-commerce platforms helps mitigate the risks associated with the store operation, as the potential disruption of operation of one store will not affect the operation of others.
In addition to purchase of cloud services from Supplier A, our products are connected to the e-commerce platforms operated by an affiliate of Supplier A.
Business · p. 242
The procurement of cloud services and the establishment of connectivity with such e-commerce platforms are not inter-conditional and we do not obtain any favorable treatment on such e-commerce platforms as a result of our procurement of cloud services.
Business · p. 242
As of June 30, 2025, Jushuitan e-commerce SaaS has connected with over 400 e-commerce platforms in China and across the world, as well as over 800 global logistics and warehousing service providers.
We also utilized the online platforms operated by reputable hotel chain groups and the Travel Service Provider to expand our customer outreach. The online platforms typically charge a commission fee equal to a single-digit percentage of the amount of transaction value processed through those online platforms, which we record as selling and marketing expenses.
Business · p. 334
The GMV of our sales via these online platforms amounted to RMB89.1 million, RMB106.6 million, RMB127.7 million, RMB45.3 million and RMB49.7 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively.
Business · p. 334
We engaged Customer F as our distributor due to its strong network in the tourism industry and close ties with numerous hotel operators, which represent a key scenario where our products are broadly applicable and actively promoted.
Since 2023, we have also cooperated with the largest retailer and supermarket chain, Customer A, for the promotion and sales of products supplied by us in China, mainly including precious metal accessories and products, such as gold bullions, wearable accessories and decorative ornaments customised to Customer A’s specifications.
Summary · p. 1
As sales to Customer A carry a relatively lower gross profit margin as compared to sales to other ODM customers in FY2024 and 5M2025, our overall ODM gross margin decreased in FY2024.
Business · p. 285
Customer A has the right to terminate the agreement at any time subject to prior written notice to us.
In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, we generated revenue of RMB416.9 million, RMB636.5 million, RMB936.8 million, RMB432.2 million and RMB531.6 million from online channels, respectively, representing 82.2%, 74.7%, 75.0%, 74.3% and 73.2% of our total revenue for the corresponding years/periods.
Business · p. 221
As for platform-operated stores, we directly sell products to the e-commerce platform without access to its operating data.
Summary · p. 15
For our online business, we sell products through e-commerce platforms such as Tmall, JD.com, Douyin, VIP.com, Pinduoduo and Kuaishou, and private domain platforms such as Weixin mini program and Weixin channels.
After signing of the GFH925 License Agreement, Innovent became the sponsor of the GFH925X1101 trial in China and is thereafter solely responsible for the development and commercialization of GFH925 in the Greater China region.
Summary · p. 17
Also, Innovent is the marketing authorization holder ("MAH") of GFH925 in Greater China.
Summary · p. 17
For pipeline products that we out license certain rights, including commercialization rights, in certain jurisdictions to collaborators, our results of operations will likely depend on the collaborators' promotional and marketing efforts once those products are approved in the relevant jurisdictions.
We collaborate with Panasonic regarding the research and production of compressor, which is a core component for our products.
Summary · p. 18
As the essential components of our air conditioners, this initiative will allow us to establish a robust foundation for delivering high-quality products while effectively mitigating risks associated with material supply uncertainties.
Our online sales primarily include (i) distribution through e-commerce platforms, and (ii) direct sales to consumers through flagship stores we operate on third-party online platforms or through our own shopping platform AUX E-Store.
Business · p. 201
To ensure synergy between our distribution and direct sales models while mitigating potential channel conflicts, we have implemented a unified pricing policy for online sales to maintain consistency across sales channels and a differentiated operational strategy tailored to the characteristics of each channel.
Business · p. 201
This decrease was primarily due to our strategic decision to focus more on third-party e-commerce platforms, which demonstrated strong performance and high traffic during this period.
Under this agreement, we grant NewCo an exclusive, worldwide license to develop, manufacture, commercialize and otherwise exploit our pre-clinical asset LBL-051, a CD19/BCMA/CD3 T cell engager for all uses, subject to NewCo’s election to exercise its option to retain such license after the applicable option period.
Summary · p. 17
We reached collaboration with Aditum Bio, a biotech venture firm, through the NewCo model to facilitate the global commercialization of LBL-051, with a total deal value of up to US$614 million plus potential mid-single-digit royalties and an equity stake in NewCo.
Business · p. 414
As of the Latest Practicable Date, we have received the upfront payments totaling US$15.0 million and near-term payments of US$4.4 million under this agreement, for which we had not yet completed the corresponding performance obligation to recognize as revenue.