During the Track Record Period, we also operated under an ODM model and conducted direct sales to ODM customers outside China, most of which are overseas medical device companies with well-established brands within the relevant regional/local markets.
Business · p. 178
In 2023, 2024 and 2025 and the three months ended March 31, 2026, our revenue generated from sales to ODM customers amounted to RMB141.2 million, RMB172.6 million, RMB228.8 million and RMB41.5 million, respectively, representing 10.7%, 12.3%, 14.1% and 9.8% of our total revenue for the respective periods.
Business · p. 178
Any potential risk of competition between our own-branded products and products sold by the ODM customers outside China is effectively managed through contractual provisions that impose clear restrictions on sales territories, product positioning and distribution channels.
We market our products under MAXHUB brand and leverage the ODM model to reach a broader customer base in overseas markets.
Business · p. 119
Under our ODM model, we manufacture products in our self-owned smart manufacturing facility, or provide the product design, as well as the components and materials, to our manufacturing partners, who handle production.
In addition to selling products under our own brands, we also provide original design manufacturer (“ODM”) services to certain direct sales customers, designing and manufacturing customized products based on customer requirements, which are subsequently marketed under the customers’ brands.
Our Group supplies products to such retailer customers pursuant to customer-specific contract manufacturing arrangements, under which product designs, specifications and branding are developed to meet each customer’s respective merchandising strategies and brand requirements.
Business · p. 139
We primarily sell our products to our overseas retailer customers on an FOB basis.
Business · p. 136
Based on the historically no physical product return amounts and our regular commercial communications with these customers, our Directors believe that there is no risk of channel stuffing in our dealings with them.
We have maintained steady growth in overseas sales to customers that market our products under third-party brands during the Track Record Period.
Business · p. 157
Our overseas customers market our caviar products using third-party brands or our own caviar brand KALUGA QUEEN (卡露伽), which is in line with the industry norm in the global caviar market, according to CIC.
Business · p. 158
The customers that market our products under third-party brands generally repackage and relabel our caviar products in accordance with their respective brand positioning, local consumer preferences and market strategies.
Such downstream customers are primarily large-scale retail enterprises in the Chinese mainland principally engaged in supermarket and department store operations.
Business · p. 122
These partnerships drive scale, strengthen our association with recognized enterprises, and enhance our brand visibility.
Under the ODM model, we design and manufacture products based on customer’s specifications and requirements, while the final products are marketed and sold under the customer’s own brands.
Summary · p. 3
For instance, since 2022, we have collaborated with a leading global interconnect solutions provider, which is both one of our top five customers and top five suppliers during the Track Record Period.
Summary · p. 3
Our revenue generated from ODM model decreased from RMB94.2 million in 2024 to RMB49.5 million in 2025 primarily attributable to the shift in our business model mix during the year.
We primarily operate under an Original Design Manufacturer (''ODM'') model, supplemented by an Original Brand Manufacturer (''OBM'') model, allowing us to leverage diverse market opportunities.
Summary · p. 2
Customer-owned trademarks, branding and proprietary designs remain the property of the customer, while we retain ownership of our pre-existing manufacturing know-how and technology.
We design, manufacture and sell a variety of flooring and wall panel products primarily through ODM and OEM business model, catering to the diverse needs of global customers for application scenarios across residential, commercial and public spaces.
Summary · p. 4
We then initiate production and package the finished products with our customers’ brand or neutral packaging.
Summary · p. 4
Under the OEM model, we focus on manufacturing products strictly in line with customers’ pre-defined standards.
We design and manufacture primarily cooker hoods and hobs according to our customers’ requirements for sale under their brands under our ODM business.
Business · p. 133
Our revenue from ODM business remained significant during the Track Record Period, which increased from RMB173.6 million in FY2023 to RMB241.6 million in FY2024, and further to RMB245.9 million in FY2025, representing a CAGR of 19.0%.
Summary · p. 2
We have entered into framework agreements with most of our ODM customers, including most of our five largest customers in each year during the Track Record Period for the sales of our products.
As of the Latest Practicable Date, we had served approximately 74 ODM customers, including leading retailers and other prominent consumer brands.
Business · p. 117
The third-party branded product portfolio under our ODM business model is strategically confined to product categories and flavor profiles that do not directly compete with our proprietary brands.
Business · p. 117
exclusively supply the relevant products to ODM customers, who then distribute and sell such products under their own brands through their respective sales channels.
During the Track Record Period, we are engaged by clients to provide OEM/ODM services in recognition of our strong manufacturing capability with stringent quality control measures.
We acquired Shanghai Huazhou in line with our business strategy to establish and enhance a vertically integrated business structure that allows us to enjoy strong quality and cost-efficiency control, a key foundation to ensure our sustainable development, particularly for successful development of home care medical devices where good quality, quick iteration and great value-for-money plays a vital role to win consumer loyalty.
In Europe, the United States and Japan, we also serve leading brand owners as an original design and manufacturing partner, supplying products under the customer's own brand specifications in Europe, the United States and Japan.
Under ODM sales, we design and manufacture customized products that meet the specific specifications of global smart garden equipment brand and channel owners, who then market and sell the products under their own brands.
Our direct sales primarily comprise (i) OEM services, under which we manufacture milk powder products based on customers’ own formulations, (ii) sales of dairy ingredients, raw materials and other dairy-based semi-finished products to institutional customers, and (iii) online direct sales to end consumers through e-commerce platforms.
Business · p. 143
Under our OEM agreements, we generally manufacture specified trademarked products under customer authorization, while the relevant customer is typically granted exclusive sales rights within the agreed territory and we generally do not sell the relevant products through our own channels or distributors.
Business · p. 143
The direct sales channel includes our OEM and dairy product related materials business, which traditionally operates at relatively low gross margins.
During the Track Record Period, we primarily derived our revenue from the OEM/ODM model, which accounted for 94.1%, 90.2%, 92.3% and 93.1% of our total revenue in 2022, 2023, 2024 and the eight months ended August 31, 2025, respectively.
Summary · p. 1
Through continuous development, organic growth and strategic acquisitions, we have evolved from a company primarily focused on OEM/ODM operations into a vertically integrated player with a complementary OBM model.
Business · p. 153
(1) Others mainly include the sales of raw materials, material processing and rental income.
In limited cases, as requested by customers by typically considering different regional trade policies for components and finished products, we also support customers through component and semi-finished product sales.
Summary · p. 4
While this model offers flexibility for specific regulatory or logistical needs, it remains a supplementary solution offered by us.
Business · p. 196
In addition, to enhance the utilization and efficiency of our manufacturing facilities, particularly in our Huizhou and Nanchang manufacturing centers, we also undertake EMS engagements with select brand customers.
Revenue from our ODM business model accounted for RMB53.9 million, RMB42.6 million, RMB118.8 million and RMB112.6 million for FY2022, FY2023, FY2024 and 5M2025, respectively, representing 16.7%, 9.6%, 26.0% and 48.7% of our total revenue for the respective periods.
Business · p. 378
Towards the end of FY2023, we strategically launched a new collection of smart watches with 24K gold part(s), incorporating smart movements supplied by Huawei, a leading global Chinese technology company recognised for its 5G technology.
Business · p. 380
We also derived revenue by serving as an ODM manufacturer for third-party domestic jewellery brands and wholesalers, including developing and manufacturing watches and accessories under their labels and providing subcontract processing services to them.