During the Track Record Period, we entered into certain transactions with related parties in the ordinary course of business. These transactions primarily involved the sale and purchase of goods, provision of rental services, and receipt of shareholder guarantees that had been fully released in 2022.
Financial Information · p. 231
Rental income was derived from the leasing of unused land and facilities at our Yading Road site to a related party.
Financial Information · p. 208
Our Directors confirm that all transactions with related parties described in Note 33 of the Accountants’ Report were conducted on normal commercial terms determined after arm’s length negotiation having considered the rental paid for our office is comparable to the prevailing market rent of comparable properties in similar locations, which are considered fair, reasonable and in the interest of the Shareholders as a whole.
There were amounts due from Neura Robotics when it was our associate as of December 31, 2022, which amounted to RMB84.0 million.
Financial Information · p. 271
Such amounts were non-trade in nature, unsecured and collectable within one year.
Financial Information · p. 271
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm’s length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
During the Track Record Period, our related party transactions mainly represented sales of materials, provision of development services, and property management services.
Financial Information · p. 263
Our Directors confirm that all material related party transactions during the Track Record Period were conducted on an arm’s length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, we primarily conducted related party transactions with AGH and its associates, as well as SAIC and its associates.
Financial Information · p. 262
Our Directors believe that our transactions with the related parties during the Track Record were conducted in the normal course of business and on an arm's length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.
Our redemption liabilities represent our liabilities arising from the obligations to repurchase the partnership interests of Fuyang Lianchuang, the shareholding platform for our equity scheme to incentivize directors, supervisors, senior management and other key employees, which was implemented in 2018.
Financial Information · p. 304
We had redemption liability of only approximately RMB10,000 as at 31 December 2024 as we repurchased all of the partnership interests in Fuyang Lianchuang from the participating personnel, and derecognised the redemption liabilities in August 2024.
Financial Information · p. 304
As at 31 December 2023, 2024 and 2025, our non-trade nature amount due to related parties were approximately RMB0.9 million, RMB16.6 million and nil, respectively, primarily due to the interest-free advance we obtained from our related parties for the repurchase of the partnership interests in Fuyang Lianchuang from the participating personnel.
During the Track Record Period, we had entered into certain related party transactions, details of which are set out in Note 42 of the Accountants’ Report in Appendix I to this document.
Financial Information · p. 243
Our Directors are of the view that each of the related party transactions set out in Note 42 of the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Financial Information · p. 243
Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our results of operations or make our historical results not reflective of our future performance.
During the Track Record Period, our related party transaction mainly included (i) purchase of goods from our associate; (ii) purchase of buildings from the spouse of our Controlling Shareholder; (iii) lease fees paid to our Controlling Shareholder; (iv) advance to our Controlling Shareholder; and (v) recovery of advance to our Controlling Shareholder.
Financial Information · p. 368
In respect of our purchase of goods from a related party, we made the purchases from Jiangsu Lile Packaging Technology Co., Ltd. for our inner lining for the year ended December 31, 2024 and the eight months ended August 31, 2025.
Financial Information · p. 368
We had an outstanding balance due from Mr. Sun, the chairman of our Board, executive Director and our Controlling Shareholder, of RMB0.7 million, RMB0.8 million and RMB0.7 million as of December 31, 2023 and 2024, and August 31, 2025, respectively, in our prepayments, other receivables and other assets.
During the Track Record Period, we entered into a number of related party transactions concerning Linked Intelligent and its subsidiary, which involves miscellaneous purchases and sales of products.
Financial Information · p. 263
Our Directors are of the view that each of the related party transactions was conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties and does not distort our Track Record Period results or make our historical results not reflective of future performance.
Certain related parties of the Group have provided guarantees in connection with our bank borrowings up to RMB166.8 million and RMB157.1 million as of December 31, 2024 and September 30, 2025, respectively.
Financial Information · p. 249
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary and usual course of business and on an arm's length basis, and they did not distinct our results of operations or make our historical results not reflective of our future performance.
Our prepayments, other receivables and other assets increased from RMB8.7 million as of December 31, 2023 to RMB120.1 million as of December 31, 2024, which was primarily due to an increase of RMB105.6 million in receivables in connection with the Reorganization, representing the receivables due from our shareholders who had not fully performed their capital injection obligations to our Company, as part of our Reorganization.
The counterparties to our related party transactions primarily comprised entities under common control or significant influence of our Controlling Shareholder, including, among others, Wolong Holding and its subsidiaries.
Financial Information · p. 231
Our directors confirmed that the related party transactions and balances during the Track Record Period were conducted on normal commercial terms or terms no less favorable to us than those available from independent third parties.
Financial Information · p. 231
Subsequent to the disposal of this subsidiary in March 2025, we have not entered into any such transactions.
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary and usual course of business and on an arm’s length basis, and they did not distinct our results of operations or make our historical results not reflective of our future performance.
Financial Information · p. 376
Additionally, one of our Controlling Shareholders, Nanjing Primest, provided guarantees for certain of our bank facilities during the Track Record Period.
During the Track Record Period, we had entered into certain related party transactions.
Financial Information · p. 262
Our Directors confirm that, all material related party transactions during the Track Record Period were conducted on normal commercial terms or such terms that were no less favorable to our Group than those available to independent third parties and were fair and reasonable and in the interest of our Shareholders as a whole
Financial Information · p. 262
The pricing and credit terms for the related party transactions are comparable those similar transactions with the Independent Third Parties and no favorable terms has been granted to/by such related party.
As of December 31, 2022, 2023, 2024, September 30, 2025 and December 31, 2025, we had amounts due to related parties of RMB39.2 million, RMB510.1 million, nil, nil and nil, respectively.
Financial Information · p. 399
Our amounts due to related parties decreased significantly from RMB510.1 million as of December 31, 2023 to nil as of December 31, 2024 and September 30, 2025, primarily because our amount due to related parties had been settled in accordance with our relevant contractual requirements.
Financial Information · p. 399
Our prepayments, deposits and other receivables increased significantly from RMB26.0 million as of December 31, 2022 to RMB558.1 million as of December 31, 2023, and then decreased by 96.7% to RMB18.3 million as of December 31, 2024, primarily because we had amounts due from certain shareholders of our Company of RMB532.7 million in 2023, mainly as a result of the Reorganization.
There were amounts due to Lhasa Xindao Venture Investment Co., Ltd. as of December 31, 2023 and 2024, which remained at RMB11.6 million and were in relation to payment of interest expenses on lease liabilities (non-trade in nature), and have been settled.
Financial Information · p. 337
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm’s-length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.
We have entered into certain continuing connected transactions with Topsun Group or Mr. Yang.
Summary · p. 23
During the Track Record Period, the transaction amounts in respect of our procurement of such services and products were approximately RMB78.9 million, RMB32.1 million, RMB47.0 million and RMB20.0 million for the years ended December 31, 2022, 2023 and 2024 and the eight months ended August 31, 2025, respectively.
Summary · p. 24
Services provided Mr. Yang’s associates and the work outsourced/allocated to Topsun Group do not involve decision-making or strategic thinking, most of them are charged based on volume and/or cost incurred.
Our amounts due to a related party represented amounts of borrowings to be repaid to Mr. Jianwei Liu, our executive Director, which were non-trade, unsecured and interest-free.
Financial Information · p. 308
All of such borrowings will be settled prior to Listing.
Financial Information · p. 310
Our Directors confirm that all related party transactions during the Track Record Period were conducted on an arm’s-length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
During the Track Record Period, we had certain deposits and other receivables from an entity controlled by certain shareholders, which were non-trade in nature. As of the Latest Practicable Date, all such amounts were fully settled.
Financial Information · p. 387
Our Directors are of the view that the related party transactions set out in Note 36 of the Accountant's Report in Appendix I to this prospectus were conducted in the ordinary course of business and with normal commercial terms between the relevant parties.
For example, we sold certain raw materials of smartphones and tablets to DBG Technology (India) Private Limited and DBG Technology Co., Ltd., and purchased outsourced processing services from them during the Track Record Period.
Financial Information · p. 365
Our Directors are of the view that each of the related party transactions in Note 38 to the Accountants' Report as set out in Appendix I to this prospectus was conducted in the ordinary course of business on an arm's length basis and on normal commercial terms between the relevant parties.
Financial Information · p. 365
Directors are of the view that our related party transactions during the Track Record Period would not distort our track record results or cause our historical results to become non-reflective of our future performance.
Our transactions with related parties during the Track Record Period mainly involve the procurement of engineering services for the Phase V Expansion Project from Changsha Hongxing Architecture Engineering Co., Ltd. (湖南紅星建設有限公司), and, to a much lesser extent, provision of frozen food storage services and trading space to and purchase of other goods and services from other related parties.
Financial Information · p. 208
We will settle all non-trade nature amounts due from and due to related parties before Listing.
Financial Information · p. 208
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.