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.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers in each year/period of the Track Record Period were RMB1,159.9 million, RMB962.3 million, RMB1,720.7 million and RMB1,513.9 million, respectively, representing 57.8%, 53.3%, 63.8% and 56.7% of our total purchase, respectively.
Business · p. 254
In addition, purchases from our largest supplier in each year/period of the Track Record Period accounted for 37.6%, 26.5%, 34.1% and 34.9% of our total purchases in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Business · p. 254
We primarily use chips based on mature process technologies that are available from multiple suppliers, which reduces dependency on any single supplier.
Purchase from our top five suppliers in each year during the Track Record Period accounted for 26.2%, 22.1% and 20.4% of our total purchases of such products and services in 2023, 2024 and 2025, respectively, and purchase from our largest supplier in each year during the Track Record Period accounted for 6.7%, 7.5% and 7.4% of our total purchases in the same years, respectively.
Business · p. 175
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their close associates or any shareholders which, to the best knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our top five suppliers in each year during the Track Record Period.
Business · p. 178
We have established a rigorous supplier evaluation system, selecting multiple qualified suppliers for key raw materials to serve as long-term vendors.
Purchases from our five largest suppliers in each year/period during the Track Record Period were RMB33.3 million, RMB31.9 million, RMB25.1 million and RMB39.6 million, respectively, representing 39.3%, 33.5%, 19.6% and 48.7% of our total purchases for the same respective periods.
Business · p. 279
In the nine months of 2025, the increase in our supplier concentration was primarily due to the need to meet tight project delivery schedules and our strategic focus on flexible, product-oriented delivery.
Business · p. 285
We are able to easily source alternative suppliers in the market.
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers for each year/period amounted to RMB217.1 million, RMB116.0 million, RMB385.9 million and RMB509.9 million, respectively, accounting for 78.1%, 43.0%, 64.2% and 66.4% of our total purchases for the corresponding year/period, respectively.
Summary · p. 6
We proactively adopt supplier management policies including maintaining an adequate pool of suppliers, securing alternative suppliers to safeguard our supply chain.
Summary · p. 6
As advised by CIC, there are over 150 alternative foundries, assembly and testing contractors available in the AI inference chip industry.
Purchases from our five largest suppliers in each year or period during the Track Record Period represented 30.9%, 27.2%, 31.7% and 34.9% of our total purchases in the same respective periods.
Summary · p. 11
During the Track Record Period, we did not experience any delay in or shortage of supply, price fluctuation on products sourced or product delivery issues which would have had a material impact on our business, financial condition or results of operations.
Business · p. 187
To mitigate raw material price fluctuations, we regularly analyze market conditions, utilize digital tools for real-time price tracking, establish long-term supplier relationships and sign long-term contracts.
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate purchase amounts from our five largest suppliers of each year/period of the Track Record Period were RMB2,341.6 million, RMB910.9 million, RMB1,512.8 million and RMB1,783.2 million, representing 89.4%, 68.0%, 77.8% and 81.8% of our total purchase amount in the respective years/period.
Business · p. 208
The purchase amounts from our single largest supplier of each year/period of the Track Record Period were RMB939.5 million, RMB325.3 million, RMB511.5 million and RMB806.9 million in 2022, 2023, 2024, and the nine months ended September 30, 2025, representing 35.9%, 24.3%, 26.3% and 37.0% of our total purchase amount in the respective years/period.
Summary · p. 8
According to Frost & Sullivan, high supplier concentration is common and considered an industry norm for fabless IC design companies like us, given the specialized nature of high technical thresholds, massive capital investment, and complex supply chain coordination required for semiconductor manufacturing.
Purchases from our five largest suppliers of each year/period of the Track Record Period amounted to RMB4,090.6 million, RMB3,081.9 million, RMB3,696.9 million and RMB2,007.8 million in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, accounting for 73.4%, 71.0%, 70.2% and 68.9% of our total purchases in the respective years/period.
Business · p. 218
As an IC design house adopting the fabless business model, we rely on third-party foundries for wafer fabrication and OSAT partners for testing and packaging.
Financial Information · p. 250
Except for Suppliers C and F as disclosed below, during the Track Record Period, to the best knowledge of our Directors, none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest suppliers of any year/period of the Track Record Period that is required to be disclosed under the Listing Rules.
In 2022, 2023, 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 US$4.5 million, US$49.8 million, US$149.0 million and US$143.6 million, representing 63.9%, 63.0%, 57.3% and 62.5% of our total purchases for the respective periods.
Summary · p. 12
Our procurement strategy emphasizes supplier diversification, competitive bidding, and the establishment of stable, long-term contractual arrangements, thereby ensuring business continuity and the quality of our technical infrastructure.
In 2022, 2023, 2024 and the six months ended June 30, 2025, our top five suppliers in each year/period contributed to 58.0%, 61.0%, 61.8% and 62.4% of our total purchases, respectively.
Summary · p. 6
We believe we have sufficient alternative suppliers that can provide us with substitutes of comparable quality and prices.
Business · p. 239
During the Track Record Period and up to the Latest Practicable Date, we did not experience any disruption to our business as a result of any significant shortage or delay in supply of the products we sourced from our suppliers.
Purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB28.3 million, RMB57.1 million, RMB296.7 million and RMB269.2 million, accounting for 6.1%, 10.5%, 21.2% and 36.3% of our cost of sales during the respective year/period.
Summary · p. 6
While we benefit from a concentrated supplier portfolio, we believe we are not reliant on any single or any group of suppliers, and we may engage alternative supplier as needed without significant difficulties.
Business · p. 194
The composition of our five largest suppliers during the Track Record Period underwent significant changes.
For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, our purchases from our five largest suppliers in each year/period amounted to RMB64.6 million, RMB45.4 million and RMB17.2 million, accounting for 52.9%, 45.4% and 42.0% of our total purchases for the same year/period, respectively, and our purchases from our largest supplier for each year/period amounted to RMB35.3 million, RMB20.2 million and RMB4.7 million, accounting for 28.9%, 20.2% and 11.5% of our total purchases for the same year/period, respectively.
Business · p. 354
Nevertheless, we believe that adequate alternative sources for such supplies exist.
Business · p. 354
To the best of our knowledge, none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest suppliers in each year/period during the Track Record Period.
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers accounted for 54.5%, 53.6%, 47.3% and 50.2% of our total purchases, respectively. In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our largest supplier accounted for 33.1%, 16.4%, 15.6% and 13.4% of our total purchases, respectively.
Business · p. 207
We have established a set of internal measures on selection of suppliers.
Business · p. 207
During the Track Record Period, we had not experienced any significant 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, the aggregate purchases from our top five suppliers in each year/period amounted to RMB361.0 million, RMB286.3 million, RMB298.8 million and RMB566.2 million, which accounted for 56.1%, 56.4%, 58.9% and 64.1% of our total purchases, respectively.
Summary · p. 8
To manage our supply chain, we will focus on deepening our relationships with key supplier partners to secure future supply of raw materials and manufacturing capacity, and expanding our supplier base to avoid concentration and over-reliance on suppliers.
Financial Information · p. 353
We also proactively assess changes in market conditions and pre-store strategic raw materials in anticipation of potential supply shortage.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, the purchase amounts payable to the largest supplier for each during the Track Record Period amounted to approximately 8.8%, 8.1%, 12.5% and 17.4% of our total purchase amounts for the respective year/period, while the purchase amounts attributable to the five largest suppliers in aggregate for each of the same years/period amounted to approximately 26.0%, 25.6%, 31.0% and 35.0% of our total purchase amounts for the respective period.
Business · p. 254
If any of our suppliers are unable to supply due to certain reasons, we may approach alternative suppliers to provide the required products.
For the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate purchases from our top five suppliers in each year/period amounted to RMB68.6 million, RMB71.7 million, RMB106.0 million and RMB66.6 million, accounting for 34.7%, 20.5%, 22.0% and 36.1% of our total purchases in each corresponding period during the Track Record Period, respectively.
Summary · p. 3
We believe we do not have any material impediment to switch our third-party service providers as we have adequate alternative sources for such services, which are commonly accessible in the market.
In 2022, 2023, 2024 and the six months ended June 30, 2025, our five largest suppliers in aggregate accounted for 49.5%, 43.0%, 48.3% and 37.4%, respectively, of our total purchases in each year/period during the Track Record Period.
Business · p. 317
Our largest supplier in each year/period during the Track Record Period accounted for 24.0%, 17.2%, 16.9% and 15.1%, respectively, of our total purchases (including value-added tax).
Business · p. 317
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Purchases from our five largest suppliers for each of the respective year/period in each of 2022, 2023 and 2024 and for the six months ended June 30, 2025 amounted to RMB46.5 million, RMB10.7 million, RMB34.4 million and RMB17.2 million, respectively, representing 63.9%, 41.9% and 32.7% and 71.5% of our total purchases in the same periods, respectively.
Summary · p. 4
Our purchases from our five largest suppliers of respective year/period in 2022 was relatively higher than in 2023 and 2024 primarily due to the significant procurement amount from Supplier A which accounted for approximately 43.4% of our total purchases in 2022.
Business · p. 243
To the best knowledge of our Directors, each of our five largest suppliers for each year/period during the Track Record Period is an Independent Third Party.
Purchase amount from our five largest suppliers in each year or period of the Track Record Period, which were mainly suppliers of hardware related components and equipment or software systems and modules, as well as data related service providers, amounted to RMB151.9 million, RMB142.1 million, RMB134.3 million, and RMB132.1 million, respectively, representing 60.9%, 70.9%, 50.8%, and 83.5% of our total purchase amount for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively;
Summary · p. 16
As the hardware components and software systems we procure are generally standardized hardware and softwares, and the relevant third-party services we outsource are typically non-core, non-sophisticated and labor intensive services, we believe there are ample alternative sources of hardware and software and relevant third-party services in the market for us to select and procure at comparable prices and it is unlikely for us to rely on any single supplier for any specific supply of products or services without a reasonable substitute.
Business · p. 306
To allow more flexibility for our procurement and to in part mitigate risks arising from any concentration of suppliers, we generally keep at least two to three suppliers on the approved supplier list for our simultaneous consideration and selection with respect to each type of product or service we purchase.
Purchase from our top five suppliers accounted for 42.0%, 36.1%, 70.1% and 77.4% of our total purchases in each year/period during the Track Record Period, respectively, and purchase from our largest supplier accounted for 11.3%, 9.9%, 41.1% and 37.7% of our total purchases in the same periods, respectively.
Business · p. 194
The reasons for the substantial increase in purchases from Supplier H is because our revenues of market education services and digital medical research assistance increase significantly in 2024, and we paid the expenses of such services through Supplier H to medical professors or doctors that provide relevant scientific content and research support.
Business · p. 196
All of our top five suppliers in each year/ period during the Track Record Period are independent third parties.
For the years ended December 31, 2023 and 2024 and the eight months ended August 31, 2025, the aggregate purchases attributable to our five largest suppliers amounted to approximately RMB16.3 million, RMB28.6 million and RMB23.3 million, respectively, representing approximately 51.8%, 37.4% and 45.5% of our total purchases, respectively.
Summary · p. 17
We believe that adequate alternative sources for such supplies exist and we will establish necessary relationships with alternative sources based on supply continuity risk assessment.