In addition, the chairman and controlling shareholder of Customer K is Mr. Yu Haibo (于海波), who is a connected person at the subsidiary level of our Company under Rule 14A.06(9) of the Listing Rules.
Business · p. 157
Customer J was our investee in which we owned 5.00% of equity interest, whose ultimate beneficial owner was an Independent Third Party, as of the Latest Practicable Date.
Business · p. 157
According to the information publicly available, the ultimate beneficial owner of Customer H is Mr. Cui Changbin (崔長斌), who is an Independent Third Party and holds approximately 90% equity interest in Customer H.
Among our five largest suppliers during each year of the Track Record Period, (i) Zhejiang Sanxitang TCM, being an associate of Mr. Zhu; and (ii) TRT Group controlled by our Ultimate Controlling Shareholder are connected persons of our Group.
Business · p. 169
Among our five largest customers during each year of the Track Record Period, (i) Sanxitang Food controlled by Ms. Pan; (ii) Mr. Zhu, being a Shareholder of our Company, a substantial shareholder and director of San Xi Tang; and (iii) TRT Group controlled by our Ultimate Controlling Shareholder, are connected persons of our Group.
Summary · p. 7
Pricing of the supplies of Zhejiang Sanxitang TCM is determined on an arm’s length basis and is comparable to that of similar products that we procured from independent suppliers during the Track Record Period.
Among our distributors during the Track Record Period, Customer C is controlled by our current employee and uses our brand name to facilitate business operations.
Business · p. 110
We ceased product sales to this distributor in June 2026.
Business · p. 110
The revenue generated from the two distributors contributed to less than 4.0% in aggregate of our total revenue for each year of the Track Record Period.
One of our [REDACTED] investors holds approximately 41.6% equity interest in supplier J.
Business · p. 159
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB689.7 million, RMB221.4 million and RMB947.2 million, accounting for 76.3%, 47.0% and 48.4% of our total purchases in the respective periods.
Save for Customer G, none of our Directors, their close associates, or any Shareholder who, to the best knowledge of our Directors, owns more than 5% of the issued share capital of our Company as of the Latest Practicable Date had any interest in any of our five largest customers for each year during the Track Record Period.
Business · p. 197
primarily focused on the field of individual microbiome.
Supplier H is a private company based in Shenzhen, providing customized tape and protective film solutions for the electronics industry.
Business · p. 169
As of the Latest Practicable Date, except for Supplier H, a subsidiary of our shareholder, none of our Directors, their 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 top five suppliers in each year during the Track Record Period.
Save for the equity interests previously held by one of our executive Directors, in Supplier E and Supplier B, which were fully divested in 2022 and 2023, respectively, none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest suppliers in each year during the Track Record Period.
During the Track Record Period, Customer A was historically owned by, among others, eWTP Innovation Fund and Mr. Wang Cheng, our controlling shareholder, who indirectly held approximately 37.3% of the equity interests in Customer A.
Business · p. 138
During the Track Record Period, Customer F was historically owned as to 40.0% by eWTP Innovation Fund, one of our substantial shareholders. eWTP Innovation Fund ceased to hold any equity interest in Customer F in 2024.
Business · p. 138
As of the Latest Practicable Date, Customer A was no longer owned by, and no interest was held by, our Company, our Controlling Shareholders or any of our connected persons.
Customer A is a subsidiary wholly and directly held by Beward (one of our Shareholders during the Track Record Period).
Business · p. 152
Based on our Directors’ knowledge, Ms. Tan Qiongli (談瓊莉), the executive director and legal representative of Customer B, was a former limited partner of Zhongcheng Tianying LP, one of the Controlling Shareholders.
Business · p. 152
Transactions between our Group and Customer A during the Track Record Period were conducted on an arm’s length basis, with terms consistent with those offered to our independent third-party customers, as confirmed by our Directors.
As of the Latest Practicable Date, one of our Controlling Shareholders, Huayou Holdings, held less than 0.1% of the issued share capital of Customer G.
Business · p. 146
As of the Latest Practicable Date, save as Customer G, none of our Directors, their close associates or any of our Shareholders (who owned or, to the knowledge of 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.
The revenue attributable to our largest customer for each year during the Track Record Period was RMB39.7 million, RMB31.0 million and RMB26.4 million, respectively, accounting for 3.2%, 1.9% and 1.3% of our total revenue for the corresponding year, respectively.
Business · p. 131
Except for Customer A, all of our five largest customers in each year during the Track Record Period are independent third parties and none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers in each year during the Track Record Period.
Customer B is a subsidiary of one of our Shareholders, and such shareholder owned less than 5% of our issued share capital as of the Latest Practicable Date.
Business · p. 172
As of the Latest Practicable Date, none of our Directors, their 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 in each year during the Track Record Period.
During the Track Record Period and up to the Latest Practicable Date, to the best of our knowledge, except for Geely Related Group, Customer B and Customer F, being associates of Mr. Li Shufu, none of our Directors, their 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.
Summary · p. 6
To the best knowledge and belief of our Directors, Customer B and Customer F are associates of Mr. Li Shufu, the ultimate beneficial owner of Geely Related Group, who holds more than 30% equity interest in each of Customer B and Customer F.
While the controlling shareholder of Xin Zhifeng, one of our Shareholders, holds certain equity interest in Customer F, none of our Directors and their close associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) has any interest in any of our top five customers in each year during the Track Record Period that is required to be disclosed under the Listing Rules.
Summary · p. 4
While the controlling shareholder of Xin Zhifeng, one of our Shareholders, holds certain equity interest in Customer F, none of our Directors and their close associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) has any interest in any of our top five customers in each year during the Track Record Period that is required to be disclosed under the Listing Rules.
one trading partner of a subsidiary newly acquired in December 2025 which primarily produces and sells high-temperature thin-film platinum resistance temperature chips, is controlled by a director of this subsidiary (such trading relationship pre-existed our acquisition of this subsidiary, and the scale of this subsidiary is immaterial to the overall operations of the Group)
As of the Latest Practicable Date, except for one supplier, who is a connected person of one of our Directors and was our fifth-largest supplier in 2023, all of our major customers and suppliers 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 major customers or suppliers in each year during the Track Record Period.
Business · p. 136
Our Directors further confirmed that all of our transactions with this aforementioned supplier were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
Purchases of carbon-containing industrial off-gas from our connected persons for each year during the Track Record Period accounted for 64.6%, 67.8% and 59.0% of our total purchases of carbon-containing industrial off-gas for the respective year.
Summary · p. 5
During the Track Record Period, except for Shougang Jingtang, none of our Directors, Supervisors, their respective associates or any of our Shareholders (who owned or, to the knowledge of our Directors, had owned more than 5% of our Shares) had any interest in any of our five largest suppliers for each year during the Track Record Period.
To the best of our knowledge, save for CMS (康哲), a reputable pharmaceutical company with decades of track record in supply of pharmaceutical products, all of our five largest suppliers for each period during the Track Record Period were independent third parties, and none of our Directors, their respective associates, or any Shareholders (which to the best knowledge of our Directors owned more than 5% of our share capital as at the Latest Practicable Date), has any interest in any of our five largest suppliers for each period during the Track Record Period.
Business · p. 165
During the Track Record Period, the pricing and other terms of our purchases from CMS were negotiated on arm’s length basis.
During the Track Record Period, we purchased R&D and clinical-related services in our ordinary course of business from Hangzhou Tigermed and MabPlex, who were among our five largest suppliers, and such transactions were conducted on an arm’s length basis.
Summary · p. 6
As of the Latest Practicable Date, to the best of our knowledge, save for Hangzhou Tigermed and our Non-executive Director, Wang Yanbing, who held an equity interest below 1% in MabPlex, none of our Directors, their respective close associates or any Shareholder who owned more than 5% of our issued share capital had any interest in any of our five largest suppliers in each year during the Track Record Period.
As of the Latest Practicable Date, we hold 10% equity interest in Jiangxi Liyuan and therefore Jiangxi Liyuan is a related party of our Group.
Business · p. 167
In 2023, the majority of our procurement from Jiangxi Liyuan took place in March, during which the average unit prices of black mass procured from Jiangxi Liyuan were typically within approximately 2.8% of those procured from independent suppliers.