In each year/period during the Track Record Period, purchases from our five largest suppliers amounted to RMB66.4 million, RMB78.8 million, RMB91.1 million and RMB49.6 million, accounting for 32.6%, 31.0%, 34.4% and 30.8% of our total purchases in the respective periods.
Business · p. 154
To the best knowledge of our Directors, during the Track Record Period, all of our five largest suppliers were Independent Third Parties.
Business · p. 154
In addition, we had not placed over-reliance on any single supplier for raw materials during the Track Record Period and up to the Latest Practicable Date.
Purchases from our five largest suppliers in each period of the Track Record Period accounted for 47.1%, 74.8%, 84.8%, and 74.5% of our total purchases, respectively.
Business · p. 159
In the six months ended June 30, 2026, Supplier O, an AIDC rental services provider, was our largest supplier, accounting for 50.5% of our total purchases in that period.
Business · p. 165
We dynamically allocate procurement volumes among our major suppliers across both categories to avoid over-reliance.
The purchases attributable to our five largest suppliers for each period during the Track Record Period were US$44.5 million, US$42.8 million, US$46.9 million and US$22.7 million, respectively, accounting for 27.4%, 25.8%, 28.6% and 30.1% of our total purchases, respectively.
Business · p. 153
In particular, we generally require comparison among at least two vendors for procurement and such requirement is monitored at group level.
Business · p. 152
We generally procure raw materials and components from suppliers through non-exclusive supply contracts with no minimum purchase commitment.
In 2023, 2024, 2025 and the six months ended June 30, 2026, our purchases from the five largest suppliers in each period during the Track Record Period amounted to RMB368.3 million, RMB373.1 million, RMB307.3 million and RMB215.5 million, representing 51.9%, 45.1%, 42.1% and 43.2% of our total purchases for the corresponding period, respectively
Business · p. 138
To enhance the stability of our natural gas supply, we hold an 18.52% equity interest in Shandong Jinjie.
Business · p. 138
For key supplies, we generally maintain two to three qualified suppliers, where commercially practicable, to reduce our reliance on any single supplier.
In 2023, 2024, 2025 and for the three months ended March 31, 2026, the aggregate purchase amounts from our five largest suppliers in each year/period during the Track Record Period were RMB955.2 million, RMB943.8 million, RMB1,412.7 million and RMB429.3 million, representing 44.5%, 44.5%, 54.6% and 64.4% of our total purchase amount for the respective years.
Business · p. 176
We actively seek to expand supplier channels to reduce reliance on a single supplier and enhance the stability of the supply chain.
Business · p. 181
We believe that our operation is not dependent on any particular supplier.
Purchases attributable to our five largest suppliers in 2023, 2024, 2025 and the six months ended June 30, 2026 accounted for 54.4%, 42.2%, 44.2% and 42.3% of our total purchases in the same periods, respectively, and purchases attributable to our single largest supplier in each period of the Track Record Period accounted for 34.9%, 12.2%, 17.4%, and 11.9% of our total purchases in the same periods, respectively.
Summary · p. 5
Purchases attributable to our five largest suppliers in each period of the Track Record Period accounted for 54.4%, 42.2%, 44.2% and 42.3% of our total purchases in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, and purchases attributable to our single largest supplier in each period of the Track Record Period accounted for 34.9%, 12.2%, 17.4%, and 11.9% of our total purchases in the same periods, respectively.
Business · p. 160
Upstream, we purchase critical components, including automotive-grade chips, structural modules, lenses, PCBs and other electronic components, leveraging a flexible dual-platform strategy that integrates both domestic and imported chips to ensure supply chain resilience and superior cost-efficiency.
Purchases from our five largest suppliers in each period during the Track Record Period accounted for 36.7%, 37.0%, 34.5% and 50.2% of our total purchases for the respective periods.
Summary · p. 9
During the Track Record Period, we did not have significant reliance on any single supplier.
Business · p. 142
We maintain a diversified supplier base and have established long-term and stable relationship with suppliers.
During the Track Record Period, purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB305.8 million, RMB367.5 million, RMB499.0 million and RMB397.1 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 48.3%, 44.7%, 47.1% and 55.9% of our total purchase costs for the respective periods.
Business · p. 165
During the Track Record Period, purchases from E Ink Holdings and its affiliates in 2023, 2024, 2025 and the six months ended June 30, 2026 amounted to RMB183.7 million, RMB230.7 million, RMB229.9 million and RMB91.6 million, respectively, accounting for 29.1%, 28.1%, 21.7% and 12.9% of our total purchase costs for the respective periods.
Business · p. 168
According to Frost & Sullivan, E Ink Holdings is a global leading electronic paper display supplier holding a dominant position in the global market for electronic ink materials used in e-paper displays, with a market share of approximately 90% in terms of revenue in 2025 and its technologies are widely adopted across the global electronic paper display industry.
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers accounted for 33.6%, 33.1%, 39.1% and 38.2% of our total purchases, respectively, while purchases from our largest supplier accounted for 19.0%, 18.1%, 18.7% and 16.7%, respectively.
Business · p. 130
During the Track Record Period and as of the Latest Practicable Date, except for the Guangdong Rising Holdings, 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 suppliers.
Business · p. 132
Due to the intensive competition in the relevant contracting service market, we do not believe that it would be difficult for us to find alternative contractors to provide similar services on terms comparable to those with our existing contractors.
The purchases from our top five suppliers in each period during the Track Record Period were RMB737.1 million, RMB919.3 million, RMB1,220.7 million and RMB904.0 million, respectively, representing 41.5%, 40.1%, 42.2% and 45.3% of our total purchases in the same periods, respectively.
Business · p. 142
For principal materials, we generally maintain at least two qualified suppliers unless a customer designates a particular source.
Business · p. 141
Our Directors confirm that we had not experienced any material fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers or delay in delivery of our orders from our suppliers during the Track Record Period.
In each of 2023, 2024 and 2025 and the four months ended April 30, 2026, and our purchases from our five largest suppliers amounted to RMB2,037.2 million, RMB2,680.8 million, RMB3,383.7 million and RMB1,466.8 million, respectively, accounting for 36.4%, 38.5%, 38.2% and 40.5% of our total purchase, respectively, for each of the same periods, while our purchase from the largest supplier amounted to RMB1,013.4 million, RMB1,212.0 million, RMB1,517.5 million and RMB554.8 million, respectively, accounting for 18.1%, 17.5%, 17.2% and 15.3% of our total purchases, respectively, for each of the same periods.
Business · p. 142
To improve our supply chain stability and maintain bargaining power, we generally retain multiple suppliers for our principal raw materials.
Business · p. 142
We have maintained a sizable pool of reliable suppliers and implemented a rigorous supplier qualification and dynamic management system to monitor the supplier admission, qualification audits, and performance evaluations.
Purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB334.4 million, RMB158.3 million, RMB174.2 million and RMB87.5 million, accounting for 33.2%, 37.8%, 43.5% and 45.0% of our total purchases in the respective year/period.
Summary · p. 6
Purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB109.5 million, RMB47.3 million, RMB81.2 million and RMB47.2 million, accounting for 10.9%, 11.3%, 20.3% and 24.3% of our total purchases in the respective year/period.
Summary · p. 6
We believe that we do not unduly rely on such supplier.
In each year/period during the Track Record Period, purchases from our five largest suppliers were RMB9.8 million, RMB26.5 million, RMB79.1 million, and RMB74.4 million, representing 35.8%, 36.4%, 40.1%, and 38.4% of our total purchases, respectively.
Business · p. 176
Purchases from our five largest suppliers as a percentage of our total purchases increased from 2023 to 2025 and slightly decreased in the six months ended June 30, 2026, primarily due to the overall expansion of our production scale in line with revenue growth, which drove higher procurement volumes across key raw materials and components.
Business · p. 176
We maintain stable relationships with qualified suppliers to ensure supply continuity and manage cost fluctuations.
Purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB486.6 million, RMB556.8 million, RMB644.3 million and RMB448.8 million, respectively, representing 25.1%, 25.4%, 28.3% and 31.8% of our total purchases for the respective year/period.
Summary · p. 3
Purchases attributable to our largest supplier in each year during the Track Record Period amounted to RMB108.0 million, RMB170.0 million, RMB152.6 million and RMB133.8 million, respectively, accounting for 5.6%, 7.7%, 6.7% and 9.5% of our total purchases, respectively.
Business · p. 136
Our operations are not dependent on a single supplier. To guarantee stable supply of raw materials, we have established relationships with multiple suppliers to avoid overdependence.
Purchases from our five largest suppliers in each period during the Track Record Period were RMB318.0 million, RMB372.2 million, RMB349.4 million and RMB193.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing approximately 16.3%, 17.0%, 18.4% and 19.9% of our total purchases for the respective periods.
Business · p. 139
We select our suppliers by considering cost and their capability, quality, reputation, delivery and regulatory compliance.
In each year and period during the Track Record Period, our purchases from our five largest suppliers accounted for 83.1%, 82.6%, 84.0% and 100% of our total purchases in each year and period in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, while our purchase from the largest supplier accounted for 39.6%, 44.8%, 57.9% and 49.4% of our total purchases, respectively, for the same periods.
Business · p. 163
Due to our business nature, our purchases from suppliers were a relatively small portion of our cost of sales.
Summary · p. 7
Our Directors are of the view that our business operations are not materially dependent on any single supplier and that any cessation or reduction of supply by an existing supplier would not materially and adversely affect our business operations.
In each year ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers accounted for 22.4%, 31.3%, 32.9% and 27.3% of our total purchase amount, and purchases from our largest supplier accounted for 6.9%, 14.7%, 14.2% and 9.4% of our total purchase amount, respectively.
Summary · p. 3
To maintain sourcing stability and bargaining power, we generally retain multiple suppliers for principal raw materials.
In 2023, 2024 and 2025 and for the six months ended June 30, 2026, purchases from our five largest suppliers in each period during the Track Record Period were RMB158.2 million, RMB255.9 million, RMB298.3 million and RMB122.3 million, respectively, accounting for 16.5%, 19.0%, 18.7% and 14.1% of our total purchase amounts for the same periods, respectively.
Business · p. 157
Our Directors confirmed that, during the Track Record Period and up to the Latest Practicable Date, we have not experienced any significant material fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers or material delay in delivery of our orders from our suppliers.
Our major suppliers during the Track Record Period comprised mostly independent construction contractors and equipment suppliers.
Summary · p. 7
Our purchases from the five largest suppliers in each year/period during the Track Record Period amounted to RMB171.3 million, RMB429.3 million, RMB344.2 million, and RMB40.9 million, representing 33.5%, 37.1%, 32.7% and 24.0% of our total purchases, respectively.
Business · p. 163
Our Directors confirm that, as of the Latest Practicable Date, the five largest suppliers of our Group during each year of the Track Record Period were all Independent Third Parties and, during the Track Record Period and up to the Latest Practicable Date, none of our Directors or their respective close associates or any of our Shareholders, to the knowledge of our Directors, owned more than 5% of our issued Shares, had any interest in any of our such suppliers.
Our purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB1,340.8 million, RMB1,470.8 million, RMB1,705.2 million and RMB1,158.4 million, respectively, representing 52.4%, 51.5%, 45.5% and 51.1% of our total purchases for the corresponding years/periods.
Summary · p. 8
A significant portion of our wafer procurement is placed with Supplier A, which was our largest but not our sole foundry partner in each year/period of the Track Record Period.
Business · p. 150
Based on the foregoing, our Directors do not expect any material adverse change in our relationship with Supplier A.