Hong Kong IPO disclosure precedents · 172 companies, 193 items
revenue recognised through consignment, sales agents or intermediaries, ODM sales under customers' brands, a trading business alongside the main one, brand customers directing their designated suppliers to buy from the company, resale of procured materials
During the Track Record Period, we provide CRO services in order to optimize the resource allocation of our experimental facilities and equipment and supplement our cash flow.
Business · p. 383
The company's explanation, the adviser's view and the page in the filing: see MattersIn February 2025, we entered into an agreement with Customer J to transfer three invention patents relating to the preparation methods of key intermediates of certain APIs.
Business · p. 387
Although a portion of our customers are system integrators, not end users, we do not believe our business model is a distributorship model.
Business · p. 249
This practice of engaging system integrators selected by end users to implement projects is an industry norm in the AI industry and not considered as a distributorship model, according to Frost & Sullivan.
Business · p. 249
The company's explanation, the adviser's view and the page in the filing: see MattersRegardless of whether our contracts were entered into directly with our end users or with system integrators, there is no material disparity in contract terms and the scope of our services.
Business · p. 249
During the Track Record Period, we also engaged two third-party sales agents in Fujian province and Jinhua city in Zhejiang province.
Business · p. 227
Our revenue generated from customers reached by the sales agents accounted for approximately 18.8%, 17.7%, 18.1% and 17.7% of our total revenue in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
Business · p. 227
The company's explanation, the adviser's view and the page in the filing: see MattersIn the two regions where we engage sales agents, our sales agents are contractually prohibited from serving any businesses similar to ours, and we are contractually prohibited from engaging other sales agents in the respective region.
Business · p. 227
Our sales to automakers also include sales to their related customers, who were designated by automakers to purchase products from us on their behalf, or recommended by automakers to purchase products from us, enjoying substantially identical price terms as such automakers.
Business · p. 278
The company's explanation, the adviser's view and the page in the filing: see MattersAccording to Frost & Sullivan, direct sales and distribution are generally in line with the industry norms.
Business · p. 277
As of December 31, 2022, 2023 and 2024 and March 31, 2025, we engaged 14, 14, 15 and 8 third-party promoters.
Business · p. 307
In 2022, 2023, 2024 and the three months ended March 31, 2025, we incurred RMB95.8 million, RMB169.6 million, RMB185.7 million and RMB28.2 million in business development expenses, primarily including service fees we paid to third party promoters.
Business · p. 310
The company's explanation, the adviser's view and the page in the filing: see MattersIn line with the 2025 VBP Scheme inclusion of CF017, we strategically decided to streamline our sales and marketing practice, by consolidating the functions of third-party promoters to our distributors.
Business · p. 311
We do not consider sales of chips as our core business, and our revenue from this source significantly reduced from 2022 to 2024.
Summary · p. 4
We plan to further reduce sales of chips over the next five years.
Summary · p. 4
The company's explanation, the adviser's view and the page in the filing: see Matters(3) Consist primarily of revenue generated from our sales of automotive-grade chips, either for commissioning by OEMs or for our own trade purpose based on market conditions and chip inventory levels.
Summary · p. 4
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
The company's explanation, the adviser's view and the page in the filing: see MattersWe 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.
Summary · p. 1
During the Track Record Period, we primarily sold KD kits to (i) overseas OEMs and overseas joint ventures for assembling to passenger vehicles in their respective overseas production facilities and for sale under our brands such as Chery, OMODA and JAECOO and EXEED or under the brands of overseas joint ventures and overseas OEMs such as EBRO; and
Business · p. 268
The company's explanation, the adviser's view and the page in the filing: see Matters(ii) trading companies in China which would on-sell the KD kits to its customers.
Business · p. 268
In addition, we engage JD.com to distribute our products through its own online stores to further expand our online presence under a consignment model. Under this consignment model, revenue is recognized at a point in time upon the receipts of the goods by consumers.
Business · p. 179
In 2022, 2023, 2024 and the four months ended April 30, 2025, the return rates of our products sold under the unconditional seven-day return policy were 2.0%, 2.3%, 2.9% and 2.3%, respectively.
Business · p. 179
The company's explanation, the adviser's view and the page in the filing: see MattersThe consignment selling model with JD.com further mitigates our risk from channel stuffing, as we recognize revenue at a point in time upon the receipts of the goods by consumers.
Business · p. 180
Our offline sales primarily include (i) distribution through distributors, and (ii) direct sales, including selling our OBM products to enterprise customers, and directly selling to ODM customers, who then resell the products we manufacture under their own brands.
Business · p. 202
During the Track Record Period, our increased sales under the ODM model contributed to the growth of our total revenue. However, this also temporarily pressure on overall gross margins.
Business · p. 203
The company's explanation, the adviser's view and the page in the filing: see MattersGiven the continuously increasing sales of our own brands, we anticipate maintaining our overall gross profit margin in the long term.
Business · p. 203
Customer/Supplier A requires its suppliers, including us, to purchase raw materials and components used in products manufactured for it from Customer/Supplier A itself in order to exert overall control of the procurement process and to better control the cost and quality of raw materials. This is commonly referred to in the industry as the buy-and-sell model.
Summary · p. 5
Certain of our customers require us to purchase certain key raw materials and components used in products manufactured for the customer from designated suppliers or to purchase such key raw materials and components from such customer after it has first purchased them from the upstream supplier, in order to exert control over the quality of the raw materials and components.
Business · p. 172
The company's explanation, the adviser's view and the page in the filing: see MattersFor example, our gross margin for complete device assembly was (1.6%), 2.6% and 1.3% in 2022, 2023 and 2024, significantly lower than our overall gross margin.
Financial Information · p. 218
Our CPaaS and Contact Center SaaS services may be provided to direct customers, which are privy to us.
Summary · p. 5
We are generally unable to ascertain the specific value added services provided by our direct customers to downstream customers as the number and identity of downstream customers are not privy to us.
Summary · p. 5
The company's explanation, the adviser's view and the page in the filing: see MattersAs we determine our unit price based on the expected and historical usage of our customers, whether the direct customer is a service provider or not does not impact our unit price determination.
Summary · p. 5
During the Track Record Period, revenue from sales to key accounts amounted to RMB973.5 million, RMB843.0 million and RMB822.5 million in 2022, 2023 and 2024, respectively, representing 8.0%, 6.0% and 5.5% of our total revenue for the same periods.
Business · p. 186
The second model operates on a consignment basis. We deliver goods according to the terms of the consignment contracts.
Business · p. 186
The company's explanation, the adviser's view and the page in the filing: see MattersWe recognize revenue after the goods were sold to end consumers by our key accounts and when we have verified against the key accounts’ sales records.
Business · p. 186
In addition, since 2018, we have carried out 14 out-licensing transactions with global partners, involving 17 molecular entities.
Summary · p. 4
Relatedly, our licensing revenue increased substantially from RMB268.4 million in 2023 to RMB2,700.4 million in 2024.
Financial Information · p. 350
The company's explanation, the adviser's view and the page in the filing: see MattersThe duration of our collaboration and licensing agreements is typically until we or our collaboration partners have fulfilled all payment obligations under the relevant agreements.
Business · p. 275
In 2022, 2023 and 2024, we collaborated with 11, 11 and 10 franchisees (the “Marketing Service Providers”), who referred 37, 43 and 76 franchisees (the “Referred Franchisees”) to open 76, 92 and 152 franchised stores, respectively.
Business · p. 175
In 2022, 2023 and 2024, revenue from the Referred Franchisees was RMB188.2 million, RMB225.5 million and RMB211.6 million, accounting for 8.6%, 6.7% and 6.4% of our total revenue, respectively.
Business · p. 175
The company's explanation, the adviser's view and the page in the filing: see MattersDuring the Track Record Period, our top five customers included Marketing Service Providers who were our franchisees.
Business · p. 175
We also receive sales amounts for concessionaire sales at our Retail Stores and Malls and charge the concessionaires certain percentage of gross sale amounts or the agreed sales target, whichever is the higher, as commissions.
Summary · p. 4
During the Track Record Period, our commissions as a percentage of concessionaire sales increased from approximately 14.9% for FY2021 to approximately 16.4% for FY2022, and further increased to approximately 18.0% and 18.2% for FY2023 and 9M2024, respectively.
Business · p. 246
The company's explanation, the adviser's view and the page in the filing: see MattersThe increasing commissions as a percentage of concessionaire sales was due to the combined effect of (i) the decreasing gross sale amounts from concessionaire sales, in particular from FY2021 to FY2022 mainly due to COVID-19 pandemic; and (ii) the stable trend of our commission income mainly due to the profit guarantee by the concessionaires.
Business · p. 246
On behalf of our wholesale customers including distributors and retailers, we source household appliances from brand owners in wholesale quantities.
Business · p. 232
The company's explanation, the adviser's view and the page in the filing: see MattersIn respect of sale of household appliances, our Group recognises revenue on net basis. In determining our commission income, we generally take into account factors including the volume and amount of sales orders and the costs of sourcing the goods. During the Track Record Period, our commission percentage ranged from approximately 0.2% to 1.0%.
Business · p. 232
During the Track Record Period, we generated revenue primarily through two main business segments: Contract Manufacturing, which contributed the majority of our revenue; and Branded Product Business, which contributed to a lesser extent.
Summary · p. 1
Contract Manufacturing: under this segment, we primarily manufacture and sell babycare products as an Original Design Manufacturer (ODM) to business customers, including independent retailers and babycare brand owners.
Summary · p. 1
The company's explanation, the adviser's view and the page in the filing: see Matters170,434 | 64.8 | 267,878 | 65.6 | 448,383 | 68.5 | 373,395 | 75.8 | 296,483 | 57.0
Summary · p. 3
We typically sell our alumina products directly to our customers or through agents, who help us process corresponding orders with our end customers.
Business · p. 191
The commission payable to the agents ranged from 0.25% to 2% of the sales price of the corresponding transaction.
Business · p. 192
The company's explanation, the adviser's view and the page in the filing: see MattersOur relationship with these commodity traders is a buyer and seller relationship as opposed to a principal-and-agent relationship.
Business · p. 195
We also engage sales agents to market and promote our equipment and systems to shipowners in their own channels.
Business · p. 219
In 2021, 2022, 2023, and for the six months ended June 30, 2023 and 2024, we incurred sales commissions in this regard amounting to RMB6.2 million, RMB8.8 million, RMB17.5 million, RMB6.9 million and RMB14.8 million, respectively.
Business · p. 228
The company's explanation, the adviser's view and the page in the filing: see MattersWe engage sales agents in addition to our in-house sales and marketing team because through sales agents, we can gain timely insights into market needs and expedite the contract signing process.
Business · p. 232