Hong Kong IPO disclosure precedents · 412 companies, 412 items
Disclosures that the five largest suppliers together account for a material share (roughly 20% or more) of total purchases, with amounts, percentages and supplier types set out.
Our aggregate purchases from our five largest suppliers in 2023, 2024 and 2025 were approximately RMB161.0 million, and RMB226.4 million and RMB256.4 million, accounting for 37.7%, 50.0% and 41.0% of our total costs of sales for the respective periods.
Summary · p. 4
Our aggregate purchases from our largest supplier in 2023, 2024 and 2025 were approximately RMB64.0 million, RMB109.6 million and RMB125.1 million, accounted for 15.0%, 24.2% and 19.2% of our total costs of sales for the respective periods.
Business · p. 147
Our operation is not dependent on any particular supplier or contract manufacturer, since: (i) during the Track Record Period, we maintained multiple suppliers to avoid over-reliance on any of suppliers; (ii) there were no significant difficulties to find suitable substitutes of our suppliers with pricing and other terms that are similar to those of our existing suppliers; and (iii) we have access to a diverse supplier base for the chip types we procure, allowing us the flexibility in identifying and engaging alternative suppliers who can offer commercially reasonable pricing and terms to meet our procurement requirements.
Purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB161.4 million, RMB294.2 million and RMB267.1 million in 2023, 2024 and 2025, respectively, representing 50.3%, 38.5% and 37.7% of our total purchases for the same respective periods.
Business · p. 176
During the Track Record Period and up to the Latest Practicable Date, we did not have any difficulty in obtaining adequate production raw materials and components, and we do not anticipate significant difficulties in obtaining alternative sources of supply if necessary.
Business · p. 168
We have established long-standing and stable business relationships with suppliers to ensure consistent access to critical parts. During the Track Record Period, we experienced no material disruptions in component supply.
In 2023, 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB32.4 million, RMB54.9 million and RMB83.1 million, respectively, representing 51.9%, 56.9% and 48.1% of our total purchases in the corresponding years.
Summary · p. 6
We have established a wide network of suppliers in China, Europe and Japan.
Business · p. 149
To minimize the risk of reliance on any single supplier and maintain sourcing stability and bargaining power, we generally retain multiple suppliers for our principal raw materials and equipment.
Purchases from our five largest suppliers in each year of the Track Record Period accounted for approximately 52.9%, 44.4% and 37.9% of our total procurement cost for materials used in production in 2023, 2024 and 2025, respectively, with our largest supplier in each year of the Track Record Period representing approximately 14.9%, 14.3% and 12.6% in the respective periods.
Summary · p. 3
In each year during the Track Record Period, our procurement amounts from our top five suppliers for 2023, 2024 and 2025, respectively, were RMB314.7 million, RMB719.8 million and RMB472.0 million, representing 52.9%, 44.4% and 37.9% of our total procurement of materials used in production, respectively.
Business · p. 159
We operate an asset-light model and procure key materials from a list of qualified and diversified suppliers.
In 2024 and 2025, purchase amount from our top five suppliers in each year of the Track Record Period represents 43.0% and 29.1% of our total purchase amount, respectively.
Summary · p. 7
In 2024 and 2025, purchase amount from our top five suppliers in each year of the Track Record Period in aggregate was RMB97.4 million and RMB43.1 million, representing 43.0% and 29.1% of our total purchase amount, respectively.
Business · p. 203
Purchase amount to our largest supplier in each year of the Track Record Period was RMB26.0 million and RMB17.2 million, representing 11.5% and 11.6% of our total purchase amount, respectively.
RMB67.4 million, RMB79.3 million, RMB90.9 million and RMB72.5 million for the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, representing 29.0%, 37.6%, 35.3% and 33.1% of our total purchase costs for the same year/period.
Summary · p. 6
For the year ended December 31, 2022, the purchase costs payable to our largest supplier accounted for approximately 10.0% of our total purchase costs, while the combined purchase costs attributable to our five largest suppliers amounted to approximately 29.0%.
Business · p. 151
Purchases are made through rolling purchase orders based on actual production needs, with no binding minimum purchase obligations.
During the Track Record Period, our purchases from our five largest suppliers in each year in aggregate amounted to RMB287.7 million and RMB125.1 million, representing 87.5% and 66.7% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year, which is a CRO headquartered in the U.S. we engaged for the conduct of our U.S. clinical trials, accounted for 56.8% and 28.1% of our total corresponding purchases, respectively.
Business · p. 211
The temporary concentration with this supplier resulted from the large sample size, longer dosing period and higher overseas clinical costs associated with the ongoing trial, and such concentration is expected to diminish upon completion of the trial.
Business · p. 214
CRO services are generally substitutable, and we are not dependent on any single supplier, as alternative qualified service providers are readily available on comparable terms.
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB36.1 million, RMB44.5 million, RMB65.6 million and RMB50.3 million, respectively, representing 38.1%, 35.4%, 32.3% and 28.8% of our cost of sales for the respective year/period.
Business · p. 177
During the Track Record Period and up to the Latest Practicable Date, we did not have any material disputes with our suppliers, nor did we experience any significant fluctuation in prices set by our suppliers, any material breach of contract on the part of our suppliers, or any shortage or delay in delivery of supplies from our suppliers.
For the years ended December 31, 2023 and 2024 and for the nine months ended September 30, 2025, our purchases from our largest supplier in each year/period accounted for 12.8%, 12.3% and 15.3%, respectively, of our total purchases during the corresponding periods, and purchases from our five largest suppliers in each year/period in the aggregate accounted for 37.3%, 34.2% and 31.2% respectively, of our total purchases during the corresponding periods.
Business · p. 193
Our purchases from them were commercially justified and consistent with market practice.
Business · p. 195
In selecting suppliers, we adopt cautious approach to ensure service quality and mitigate risks associated with creditability, concentration and/or reliance.
Our purchase from the five largest suppliers in each year/period during the Track Record Period were RMB430.3 million, RMB1,342.8 million, RMB376.5 million and RMB220.5 million, respectively, and accounted for 65.4%, 72.1%, 83.3% and 79.1% of the total cost of revenues for the respective years/periods.
Business · p. 162
According to CIC, given the technical barrier of SiC substrate manufacturing and the limited number of suppliers that are able to deliver substrates with quality and stability, it is industry norm for foundries like us to have relatively high supplier concentration.
Business · p. 162
Furthermore, we are promoting domestic substitution for our core production equipment such as epitaxial growth equipment, epitaxial inspection equipment, and cleaning equipment, thereby reducing dependence on imported equipment.
Our purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB30.0 million, RMB66.0 million, RMB77.0 million and RMB57.0 million, respectively, accounting for 49.7%, 63.3%, 51.4% and 63.2% of our total purchases, respectively.
Business · p. 168
In the later stage of the Track Record Period, as we increased our internal R&D investment, our procurement from R&D-based suppliers became higher than that from project-based suppliers.
For the years ended 2024 and 2025, our purchases from our five largest suppliers in aggregate amounted to RMB51.1 million and RMB53.9 million, accounting for 48.3% and 34.9% of our total purchases for the same period, respectively.
Business · p. 203
Nevertheless, we believe that adequate alternative sources for such supplies exist.
Business · p. 203
All of our five largest suppliers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year were RMB313.4 million, RMB236.6 million, and RMB243.9 million, respectively, accounting for 41.4%, 24.4% and 23.1% of our total purchase amounts for the same years, respectively.
Summary · p. 5
Our Directors confirmed that, during the Track Record Period, 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.
Business · p. 137
A cross-functional audit team composed of engineering, quality, and procurement personnel conducts on-site audits of potential suppliers to evaluate their production facilities, quality management systems, and supply chain practices.
Purchases from our top five suppliers in each year/period during the Track Record Period accounted for 14.0%, 14.6%, 33.5% and 18.4% of our total purchases in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, and purchase from our largest supplier in each year/period during the Track Record Period accounted for 5.1%, 4.4%, 14.6% and 5.2% of our total purchases in the same years/period, respectively.
Business · p. 167
The designation of Supplier A by a customer for a specific project in 2024 resulted in higher procurement volume from this supplier.
Business · p. 168
Our Directors confirm that, none of our Directors, their respective associates or, to the best of their knowledge, any Shareholder holding more than 5% of our issued share capital, held any interest in any of our top five suppliers in each year or period during the Track Record Period.
During the Track Record Period, purchases from our five largest suppliers in FY2023, FY2024 and FY2025, represented approximately 32.8%, 28.0% and 41.0% of our total purchases in each period, and purchases from our largest supplier for the same periods represented approximately 7.7%, 6.2% and 14.9% of our total purchases in each period.
Business · p. 194
Our Directors confirm that, to their best knowledge, during the Track Record Period and up to the Latest Practicable Date, we had not experienced any material difficulties in obtaining supplies/services for our business in a timely manner and we did not have any material disputes with our major suppliers.
During the Track Record Period, our five largest suppliers for FY2023, FY2024 and FY2025 accounted for approximately 29.8%, 40.0% and 50.5% of our total purchases from suppliers, respectively.
Financial Information · p. 213
For FY2023, FY2024 and FY2025, approximately 6.8%, 10.7% and 26.6% of our total purchases were attributable to our largest supplier in each year, respectively.
Business · p. 153
All of our five largest suppliers in each year during the Track Record Period were Independent Third Parties, and none of our Directors or their respective close associates or any of our Shareholders holding more than 5% of the issued share capital of our Company had any interest in any of our five largest suppliers of our Company in each year during the Track Record Period.
In each year/period during the Track Record Period, our purchases from each of our five largest suppliers accounted for 56.3%, 41.7%, 44.3% and 53.4% of our total purchases in each of 2022, 2023 and 2024 and nine months ended September 30, 2025, respectively, while our purchase from the largest supplier in each year/period accounted for 30.0%, 15.3%, 12.7% and 14.5% of our total purchases, respectively, for the same year/period.
Business · p. 140
Our ability to maintain long-term stable business relationship with these major suppliers to provide us with quality and price competitive raw materials and services on a timely basis is crucial for our business development and results of operations.
Financial Information · p. 173
During the Track Record Period and up to the Latest Practicable Date, we did not experience any significant fluctuation in prices set by our suppliers, material breach of contracts on the part of our suppliers, or delay in delivery of our orders from our suppliers.
In each year/period of the Track Record Period, the total purchase amount from our five largest suppliers amounted to RMB668.3 million, RMB766.0 million, RMB1,222.3 million and RMB1,325.9 million, respectively, accounting for 53.7%, 58.2%, 63.1% and 59.8% of our total purchase amount in the same periods, respectively.
Summary · p. 5
All of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · p. 158
None of our Directors and their respective associates or our Shareholders who hold more than 5% of our total issued Shares had any interest in our five largest suppliers during the Track Record Period.
For the same periods, purchases from our top five suppliers amounted to RMB354.6 million, RMB286.1 million and RMB449.4 million, respectively, representing 29.6%, 26.0% and 51.6% of our total purchase amount during the respective period.
Business · p. 146
We believe that we have a good cooperation relationship with our key suppliers.
Business · p. 146
For the same periods, purchases from our top five suppliers amounted to RMB354.6 million, RMB286.1 million and RMB449.4 million, respectively, representing 32.8%, 27.7% and 41.9% of our total purchase amount during the respective period.
Our purchases from the five largest suppliers in each period during the Track Record Period accounted for 15.0%, 19.2%, 18.3% and 19.0% of our total purchases in 2022, 2023, 2024 and the first nine months of 2025, respectively.
Business · p. 228
In addition, we strategically enter into long-term collaboration agreements with major suppliers to secure their favorable pricing.