We generally require at least two distinct sources for the same category of components except for high-power HPCR fuel injection pumps and high-power HPCR fuel injectors which are sourced from a single supplier.
Business · p. 121
Currently, we only source such components from Supplier B due to their high technical requirements and long development cycles.
Business · p. 122
We believe that alternative suppliers which can supply such components in comparable quantities, price and terms are available in the market, and we are working with certain domestic suppliers to develop such components.
During the Track Record Period, we experienced certain constraints in the supply of materials for our functional film products.
Business · p. 159
To address potential supply bottlenecks and reduce our reliance on external suppliers, we have implemented an approach to progressively internalize the development and production of core materials for our functional film business.
Business · p. 159
In the meantime, we have continued to expand our list of qualified alternative suppliers and to optimize and automate our production processes to enhance capacity utilization and improve the overall operating efficiency of our functional film business.
We typically procure hog plum directly from local farmers who collect hog plums from the ground in uncultivated mountain areas and we typically do not establish formal contractual agreements with them.
Business · p. 132
(ii) the fact that the collection of hog plum is part of Chongyi County’s initiatives to increase farmers’ income and develop the local hog plum-related industry; and (iii) according to CIC, the presence of approximately 20,000 active local farmers in the region, we believe that there are sufficient sources and therefore a stable supply of hog plums despite absence of any written collaboration arrangement with local farmers.
Business · p. 132
During the Track Record Period and up to the Latest Practicable Date, we did not experience any disruptions in the supply of raw materials.
We rely on designated suppliers for critical ingredients such as whey powder, milk powder and functional additives, and any disruption caused by geopolitical tensions, trade disputes, logistics bottlenecks or quality issues could materially affect production and delivery.
Financial Information · p. 175
In addition, our logistics team, in collaboration with our R&D, quality and production teams, is working to expand the number of suppliers to reduce our reliance on any single source and to strengthen our bargaining position.
Business · p. 148
Furthermore, to ensure stable supply and timely production, we maintain sufficient stock and enter into annual framework agreements with our key suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB690.1 million, RMB761.9 million, and RMB1,174.9 million, respectively, representing 90.2%, 78.4% and 78.9% of our total purchases, respectively.
Business · p. 147
During the Track Record Period, our purchases from E Ink Holdings were RMB379.0 million, RMB478.1 million and RMB783.9 million, respectively, representing 49.5%, 49.2% and 52.7%, respectively, of our total purchases for the same periods.
Business · p. 151
During the Track Record Period and up to the Latest Practicable Date, we sourced all e-ink films directly or indirectly from E Ink Holdings.
For one of our key culture media products, we currently source from a limited number of international suppliers; however, we have completed process validation studies for alternative suppliers and intend to maintain at least three qualified supplier options upon NDA/BLA approval.
Business · p. 194
Moreover, we generally maintain approximately three months of inventory for our principal raw materials.
To mitigate single-source risk, we develop alternative suppliers early in the process of API procurement and, for other critical intermediates, maintain at least two backup suppliers.
Business · p. 197
As such, we did not encounter any material quality problems or receive defective products, nor did we experience any supply shortages that materially and adversely affected our business, financial condition or results of operations during the Track Record Period.
Business · p. 197
All of our top five largest suppliers in each year during the Track Record Period were Independent Third Parties.
We source substantially all of our raw materials and components from suppliers in China, though we procure a small quantity of chips originating from Germany for use in certain automotive ultrasonic distance sensors, we have completed validation of domestic alternatives for those chips.
Summary · p. 4
During the Track Record Period, the countries of origin for these chips included China and Germany.
Purchase from our top five suppliers in each year of the Track Record Period in aggregate was RMB1,163.0 million, RMB935.9 million and RMB1,018.1 million, representing 82.4%, 77.2% and 69.6% of our total purchase amount, respectively.
Summary · p. 7
During the Track Record Period, except for our newly procured SoC samples, which accounted for less than 1% of our overall procurement costs in each year during the Track Record Period, all the smart cockpit domain control SoCs procured by us were chips from Supplier A.
Business · p. 169
To ensure sufficient supply, we maintain a supplier pool of at least two suppliers for each of key components of our solutions, such as chips and storage devices.
WuXi Biologics (Suzhou) Co., Ltd. (蘇州藥明生物技術有限公司) (“WuXi Suzhou”, a wholly-owned subsidiary of WuXi Biologics, served as our exclusive supplier of CDMO services with respect to ES102 and ES014 from February 2023 and February 2025. As of the Latest Practicable Date, WuXi Suzhou was no longer our exclusive supplier of CDMO services with respect to any drug candidates.
Summary · p. 14
We will continue to closely monitor and evaluate the potential impact of the BIOSECURE Act on our business and operations, including the release of forthcoming guidance and regulations, while maintaining strong business relationships with all our existing suppliers and a list of qualified alternative suppliers capable of providing equivalent services.
As shown in the table below, our Ningxia Binze has two industrial off-gas suppliers, Shoulang Jiyuan has one industrial off-gas supplier that provides industrial off-gas from two factories as sources, and Hebei Shoulang and Guizhou Jinze each have one industrial off-gas supplier.
Business · p. 142
During the Track Record Period, we experienced suspension and reduction of the supply of industrial off-gas by our upstream suppliers due to repairs, equity restructuring conducted by our upstream suppliers as well as the adverse market conditions of the PRC ferroalloy industry.
Business · p. 155
The industrial off-gas supplier of Guizhou Jinze underwent an equity restructuring during the first quarter of 2025, during which gas supply was temporarily suspended, causing Guizhou Jinze to suspend production for 93 days.
We procure toripalimab from an authorized distributor of Shanghai Junshi Biosciences Co., Ltd. (the MAH of toripalimab) in China.
Business · p. 161
The IND approvals we received for clinical trials of DNV3 in combination with toripalimab did not include any requirement on the source of toripalimab used in such trials. Separate approvals are not required if we were to use alternative suppliers of toripalimab.
Business · p. 161
There are multiple alternative suppliers of toripalimab in China from which we may procure toripalimab to ensure consistent supply in our clinical trials.
Our main raw materials, such as human albumin, culture medium, serum and fillers, are primarily sourced from overseas.
Business · p. 178
For key materials, we will select one main supplier and two alternative suppliers to prevent the risk of delayed supply from suppliers.
Business · p. 178
We typically contract with more than one supplier for each major type of raw material, except for a very small number of specific raw materials for which we contract with an exclusive supplier.
During the Track Record Period, our purchases from STA for manufacturing were RMB4.4 million and RMB24.9 million in 2024 and 2025, respectively, representing 2.7% and 19.5% of the total purchase amount in the same years.
Business · p. 217
During the Track Record Period and as of the Latest Practicable Date, we only engaged STA as CDMO to support our manufacturing.
Business · p. 217
In addition, we have been evaluating alternative CDMO partner and initiated evaluation and limited-scale validation activities to mitigate potential supply disruption risks in the event of termination of our cooperation with STA.
We conducted all payments and settlements to such physicians or nurses exclusively through these settlement services partners and did not engage in any direct payment transactions with them.
Business · p. 164
During the Track Record Period, our suppliers primarily included our settlement services partners, through whom we deployed physicians and nurses from hospitals to provide medical services in our whole-course healthcare management services, healthcare product suppliers, medical services providers, human resource services providers and insurance agents.
Business · p. 164
The agreements typically have a term of one to two years, subject to automatic one-year renewals unless prior written notice of non-renewal is provided.
However, the raw material for demineralized goat/sheep whey powder, whey liquid from goat/sheep milk, is a derivative product of cheese production and can only be sourced reliably in regions with large-scale goat/sheep cheese industries, such as Spain.
Business · p. 167
In 2018, we acquired a local whey processing facility.
Business · p. 167
Notably, the raw material for demineralized goat/sheep whey powder, whey liquid from goat/sheep milk, is a derivative product of cheese production and can only be sourced reliably in regions with large-scale goat/sheep cheese industries, such as Spain.
Although most raw materials and components essential to our in-house products are generally available from multiple sources, a few components are currently sourced from a single or limited number of high quality suppliers in the industry.
Business · p. 169
There is limited single-source procurements for urgent or non-substitutable components.
Business · p. 169
To reduce the price and purchasing risks on the procurement side, we rely in particular on long-term supply contracts, a competitive bidding process among suppliers and the continuous optimization of our supplier portfolio, as well as on establishment of raw material reserves and strategic acquisitions of raw materials when increases in the raw material prices are expected.
In particular, to secure a stable, high-quality supply of camellia flowers, we have entered into long-term supply agreements with nine camellia planting bases across Zhejiang and Jiangxi provinces as of the Latest Practicable Date, which collectively covered an area of over 20,000 mu (approximately 3,295 acres), including exclusive supply agreements with four camellia planting bases in Songyang, Dexing, Jizhai and Jinyun.
Business · p. 220
Among all nine long-term supply agreements which we have entered into with camellia planting bases as of the Latest Practicable Date, four contained exclusivity provisions, where the planting bases commit to supplying camellia flowers solely to us within the skincare industry based on agreed price over the duration of the contract.
Business · p. 221
Our Directors confirm that, during the Track Record Period and up to the Latest Practicable Date, there were no material fluctuations in the purchase price of camellia flowers from these camellia planting bases.
During the Track Record Period and up to the Latest Practicable Date, we had supplier concentration on Supplier H, who had been the supplier of drive-by-wire-controlled mining trucks for several of our projects.
Business · p. 310
We believe that we do not have material reliance on Supplier H given that we are confident that we would be able to switch to alternatives suppliers in the event that we cease collaboration with Supplier H, as our intelligent driving software and hardware are adaptable to different models of drive-by-wire mining trucks from various automotive OEMs, and we have engaged other automotive OEMs for similar projects in the past.
During the Track Record Period, purchases from our five largest suppliers in each year/period amounted to RMB1,049.0 million, RMB854.9 million, RMB952.5 million and RMB931.2 million, respectively, representing 90.5%, 86.8%, 82.3% and 86.4% of our total purchases, respectively.
Business · p. 219
In 2022, 2023, 2024 and the six months ended June 30, 2025, our purchases from Supplier A were RMB464.6 million, RMB393.3 million, RMB299.4 million and RMB369.0 million, respectively, representing 40.1%, 39.9%, 25.8% and 34.4%, respectively, of our total purchases for the same periods.
Business · p. 222
According to Frost & Sullivan, it is in line with industry practice for chip design companies to rely on a limited number of foundry partners and chip testing and packaging suppliers to ensure consistently quality products and centralized management of manufacturing demands.