During the Track Record Period and up to the Latest Practicable Date, all of our trading partners were Independent Third Parties except for two trading partners who are subsidiaries of our controlling shareholders.
Business · p. 124
Guangsheng Nonferrous Metals Import & Export Co., Ltd. is the subsidiary of China Rare Earth Nonferrous Metals.
Business · p. 128
Our Directors are satisfied that our Group is capable of carrying on our business independently of our Controlling Shareholders and their respective close associates after the [REDACTED].
Prior to such acquisition, Xinchang Xinjin Pharmaceutical Co., Ltd. was an Independent Third Party and one of our leading domestic distributors in the API business.
Business · p. 128
During 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, sales to Xinchang Xinjin amounted to RMB43.6 million, RMB41.8 million, RMB47.1 million, RMB23.0 million and RMB19.4 million, respectively, and purchases from Xinchang Xinjin amounted to nil, RMB0.9 million, RMB4.2 million, RMB4.2 million and RMB1.3 million, respectively.
Business · p. 128
Such transactions were conducted in the ordinary course of business on normal commercial terms and were priced on a market basis.
One of our top five suppliers for each year/period during the Track record Period was Hisense Group Holding, a Controlling Shareholder of our Company, and its subsidiaries (collectively, Hisense Group).
Business · p. 161
Save for Hisense Group, to the best knowledge of our Directors, all of the remaining five largest suppliers for each year/period during the Track Record Period were Independent Third Parties.
To the best of our knowledge, save for CHINT Group, all of our five largest customers in each period during the Track Record Period were independent third parties.
Business · p. 141
To the best of our knowledge, save for CHINT Group, all of our five largest suppliers in each period during the Track Record Period were independent third parties.
Business · p. 142
The revenue generated from CHINT Group was RMB2,291.0 million, RMB2,683.2 million, RMB2,780.1 million and RMB1,486.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.
Among our five largest suppliers, we procure pork products from Zhaozhao Fresh.
Summary · p. 3
To the knowledge of our Directors, save for Zhaozhao Fresh which is an associate of our Controlling Shareholders, none of our Directors and their respective Associates or any Shareholders holding more than 5% of our issued share capital has any interests in any of our five largest suppliers as of Latest Practicable Date.
For the year ended December 31, 2024 and 2025 and the four months ended April 30, 2026, our purchases from our five largest suppliers for each year/period in aggregate amounted to RMB32.1 million, RMB24.9 million and RMB5.9 million, representing 30.6%, 27.1% and 19.8% of our total corresponding purchases in the respective period, and our purchases from the largest supplier for each period accounted for 11.0%, 7.7% and 5.9% of our total corresponding purchases for the respective period.
Business · p. 185
Except for Chifeng Saliont, which is controlled by our Controlling Shareholder, Mr. Li, all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties.
Business · p. 186
Our Directors are of the view that such transactions with Chifeng Saliont were made on a reasonable basis and necessary for our business operations, and confirm that our historical transactions with Chifeng Saliont have been conducted on arm’s-length basis.
OFILM, a company established in the PRC whose shares are listed on the Shenzhen Stock Exchange, and is controlled by Dr. Cai, a non-executive Director, chairman of the Board and a Controlling Shareholder.
Business · p. 149
Among our top five customers during the Track Record Period, only OFILM was a connected person.
Summary · p. 8
Based on OFILM's publicly disclosed annual reports, our sales to OFILM represented approximately 2.2%, 2.5% and 3.3% of OFILM's total purchases in 2023, 2024 and 2025, respectively.
Shandong Energy is our controlling shareholder and is therefore a connected person of our Company. It was also one of our five largest customers during the Track Record Period.
Summary · p. 6
RGL Group, another connected person of our Company, is one of our indirect substantial shareholders and was also one of our five largest customers during the Track Record Period.
Summary · p. 7
The relevant transactions were conducted in the ordinary and usual course of business, negotiated on an arm’s length basis, and priced in accordance with the prevailing market rate.
Our Directors further confirmed that all of our transactions with Anton Oilfield Group were conducted in the ordinary course of business under normal commercial terms and on an arm's length basis.
Business · p. 123
As of the Latest Practicable Date, except for Anton Oilfield Group, all of our five largest customers in each year during the Track Record Period were Independent Third Parties and none of our Directors, their close associates or any of our Shareholders (who owned, or to the knowledge of our Directors, had owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year during the Track Record Period.
To the best knowledge of our Directors, none of our Directors and their respective close associates or any of the Shareholders holding more than 5% of our Company’s share capital as of the Latest Practicable Date has any interest in any of our five largest customers (other than Lizhen Business) during the Track Record Period.
Business · p. 143
Lizhen Business, one of our five largest customers in 2025, was also our supplier during the same year.
(2) These companies are a group of entities controlled by Ms. Jing and/or her associates during the Track Record Period.
Business · p. 183
To the best knowledge of our Directors, save as disclosed above, all of our five largest suppliers in each year during the Track Record Period are Independent Third Parties, and none of our Directors, their respective close associates or any shareholder who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our five largest suppliers in each year during the Track Record Period.
To the best knowledge of our Directors, except for certain subsidiaries (including two members of our Controlling Shareholder Group) and certain connected persons of CSPC Pharmaceutical, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Business · p. 172
To the best knowledge of our Directors, except for certain subsidiaries (including two members of the Controlling Shareholder Group) and certain connected persons of CSPC Pharmaceutical, each of our five largest suppliers in each year during the Track Record Period was an Independent Third Party.
During the Track Record Period and up to the Latest Practicable Date, save for Beijing Tao Niang, who was one of our connected persons and who was among our top five largest corporate customers in 2023 and 2024, all of our five largest corporate customers in each period during the Track Record Period were Independent Third Parties, and none of our Directors, their close associates or any Shareholder which, to the knowledge of our Directors, owns more than 5% of the issued share capital of our Company, had any interest in any of our five largest corporate customers in each period during the Track Record Period.
Business · p. 144
After the 2022 Disposal, we continued to sell food ingredients to Beijing Tao Niang for its operation to facilitate such party in improving its operational and financial performance, with the expectation to enhance its ability to repay the outstanding loans due to us.
To the best of our knowledge, other than our connected person as disclosed in the section titled "Connected Transactions", all of our five largest customers in each year during the Track Record Period are independent third parties.
Business · p. 164
To the best of our knowledge, other than Geely Group (in its capacity as a supplier), all of our five largest suppliers in each year during the Track Record Period are independent third parties and none of our Directors, their respective associates or any shareholder who, to the knowledge of such Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our top five suppliers in each year during the Track Record Period.
Business · p. 171
We do not anticipate any continuing connected transactions with Geely Holding Group (in its capacity as a supplier) following the [REDACTED].
As of the Latest Practicable Date, Dr. Chen Huwen, Mr. Chen Huxiong, Ms. Chen Xueling, M&G Group, Keying Investment, Jiekui Investment and M&G Corporation constitute a group of controlling shareholders of our Company (the “Controlling Shareholders’ Group”).
Summary · p. 11
Our Directors confirm that, save for M&G Corporation, our five largest suppliers in each year during the Track Record Period were all Independent Third Parties and that none of our Directors, their respective close associates or any Shareholder (which to the knowledge of our Directors owning more than 5% of our share capital as of the Latest Practicable Date) had any interest, directly or indirectly in any of our five largest suppliers in each year during the Track Record Period.
To the best of our knowledge, save for Geely Group, an affiliate of us, during the Track Record Period and up to the Latest Practicable Date, our five largest customers and five largest suppliers were Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers or five largest suppliers.
Summary · p. 4
During the Track Record Period, both our purchases from Geely Group and the revenues generated from Geely Group, as a percentage of our total purchases and total revenues respectively, have exhibited an overall declining trend.
All of our five largest suppliers were Independent Third Parties during the Track Record Period, except for Amlogic Holdings Ltd..
Business · p. 143
During the Track Record Period, (i) Amlogic Shenzhen, Amlogic Technology (Beijing) Co., Ltd. (“Amlogic Beijing”), Amlogic (Xi’an) Co., Ltd. (“Amlogic Xi’an”), Amlogic (Chengdu) Co., Ltd. (”Amlogic Chengdu”), and Hefei Amlogic Co., Ltd. (“Amlogic Hefei”) licensed self-developed technologies to our Company, and (ii) Amlogic Holdings Ltd. licensed externally purchased IP rights to our Company for use, and our Company pays licensing fees to these entities.
Business · p. 156
Our Directors believe that these transactions were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and did not distort our results of operations or make our historical results not reflective of our future performance.
Customer E, one of our five largest distributors during the Track Record Period, is our connected person, which is controlled by an associate of a director of one of our subsidiaries.
Business · p. 150
Customer E, one of our five largest customers during the Track Record Period, is our connected person, which is controlled by an associate of a director of one of our subsidiaries.
Business · p. 159
Supplier D, one of our five largest suppliers during the Track Record Period, is our connected person, which is controlled by Mr. Mu, our Controlling Shareholder.
Liu entities include all the corporate entities (excluding our Group) then controlled under PRC laws by our Controlling Shareholders, Mr. Liu and Ms. Liu, in the relevant year in 2023, 2024 or 2025, which primarily engaged in agriculture, animal husbandry, food production, logistics service and forage.
Business · p. 135
To the best of our knowledge, except for Liu entities, all of our five largest suppliers in each year during the Track Record Period were independent third parties.
Business · p. 135
In the same periods, our purchase amount from Liu entities was RMB932.8 million, RMB845.9 million and RMB853.8 million, respectively, accounting for 10.2%, 9.6% and 9.2% of our total purchase amount in the same periods, respectively.
Jin Jiang International Group, one of our five largest customers in each period during the Track Record Period, was also one of our five largest suppliers in the same periods.
Business · p. 133
Our sales to Jin Jiang International Group amounted to RMB62.3 million, RMB108.9 million, and RMB140.7 million in 2023, 2024, and 2025, respectively, accounting for 0.4%, 0.8% and 1.0% of our total revenue in the same year/period, respectively; and our purchases from Jin Jiang International Group amounted to RMB271.1 million, RMB341.6 million, and RMB254.6 million in 2023, 2024, and 2025, respectively, accounting for 6.9%, 8.0%, and 6.6% of our total purchase amount in the same periods, respectively.
Business · p. 133
Moreover, the major terms of transactions with each of Overlapping Customers and Suppliers and Jin Jiang International Group were similar to those with our other customers and suppliers and were in line with normal commercial terms.