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.
During the Track Record Period, our purchases from the top five suppliers in each year accounted for 54.2%, 66.4% and 62.2% of our total purchases during the same years, respectively.
Business · p. 155
The significant change in the composition of our top suppliers during the Track Record Period, was primarily attributable to a shift in the composition of our customer base, particularly a surge in demand from our clients, including Customer F, for our Multispectral AI Modules and Multispectral AI Perception Terminals.
Business · p. 158
During the Track Record Period and up to the Latest Practicable Date, we have not experienced any significant supply chain disruptions.
For the years ended December 31, 2023, 2024, and 2025, purchases from our five largest suppliers in aggregate accounted for 52.2%, 48.5% and 49.2% of our total purchases, respectively.
Business · p. 172
Our operations are not dependent on any single supplier.
Business · p. 166
Throughout the Track Record Period, we have maintained a diversified supplier base to mitigate over-reliance risk.
In 2023, 2024 and 2025, our purchases from the five largest suppliers accounted for 57.3%, 55.9% and 55.8% of our total purchases, respectively.
Business · p. 141
During the same years, our single largest supplier accounted for 20.0%, 17.1% and 18.0% of our total purchases, respectively.
Business · p. 141
Such concentration was primarily attributable to: (i) the specific technical requirements of our products, which require raw materials and components with stable and consistent quality and reliable supply; (ii) the long-term cooperation established with these suppliers, which has enabled us to secure stable supply, pricing terms and delivery schedules that are critical to our manufacturing efficiency and product quality; and (iii) the limited number of qualified suppliers for certain specialized materials or products that meet our internal technical standards and customer requirements.
In 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 52.6%, 64.5% and 59.6% of our total purchase amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 13.8%, 21.9% and 18.0% of our total purchase amount in the same periods, respectively.
Business · p. 172
Our ability to maintain stable and virtuous business relationship with these suppliers, collaborate with them in a cohesive and efficient manner and secure their capacity on favorable or reasonable commercial terms that meet our requirements is essential to our fulfillment capabilities.
Financial Information · p. 219
Going forward, in order to strengthen our cost control, we intend to (1) maintain and strengthen our relationship with our existing suppliers to secure more favorable terms, including pricing term, and anchor stable production capacity; and (2) along with our business expansion, broaden, diversify and optimize our supply chain sources to retain other suppliers that can meet our needs in an efficient and satisfactory manner, including the introduction of domestic suppliers for certain components, such as MEMS components.
In 2024 and 2025, purchases from our largest supplier accounted for approximately 29.6% and 19.7%, respectively, of our total purchases.
Business · p. 205
For the same periods, purchases from our five largest suppliers accounted for approximately 47.5% and 52.4%, respectively, of our total purchases.
Business · p. 205
We have established relationships with preferred suppliers of raw materials for our manufacturing activities who we believe have sufficient capacity to meet our demands.
Purchases from our five largest suppliers in each year/period for the years ended December 31, 2024 and 2025 and the three months ended March 31, 2026 were RMB35.9 million, RMB47.6 million and RMB16.3 million, respectively, representing 34.8%, 35.4% and 51.5% of our total purchases for the respective periods.
Business · p. 210
We believe that we maintain strong and stable relationships with our major suppliers.
Business · p. 211
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
Purchase from our five largest IC Substrate Related Materials suppliers for FY2023, FY2024 and FY2025 was RMB346.2 million, RMB610.4 million and RMB788.7 million, representing 39.5%, 39.5% and 46.1% of our total purchase amount for IC Substrate Related Materials for the respective years.
Business · p. 142
Purchases from our largest IC Substrate Related Materials supplier for FY2023, FY2024 and FY2025 was RMB83.0 million, RMB210.6 million and RMB347.5 million, accounting for 9.5%, 13.7% and 20.3% of our total purchases for the respective years.
Business · p. 142
To ensure stable supply of raw materials, we generally seek to maintain more than one supplier for raw material to prevent overdependence on any single supplier to the possible extent.
In 2023, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 16.4%, 20.4% and 14.9% of our total purchase in each year during the Track Record Period, respectively, and purchases from our largest supplier accounted for 5.0%, 8.5% and 4.6% of our total purchase for the same years, respectively.
Summary · p. 4
To avoid reliance on a few suppliers for our key raw materials and components, we generally maintain a larger pool of suppliers for our key raw materials and components.
Business · p. 160
During the Track Record Period, with the exception of some standardized sensor components, all of the hardware components related to our proprietary core technologies are self-designed and self-produced.
In 2023, 2024 and 2025, purchases from our top five suppliers in each year during the Track Record Period accounted for 89.0%, 96.4% and 95.4% of our total purchases, respectively; and purchases from our largest supplier in each year during the Track Record Period accounted for 53.1%, 82.0% and 83.8% of our total purchases in the same periods, respectively.
Summary · p. 7
During the Track Record Period, although our largest suppliers accounted for more than 30% of our total purchases in each of the relevant periods, the products we procured from such suppliers comprised standardised hardware products that are commonly available in the market and are highly substitutable.
Summary · p. 7
We have established an alternative supplier list covering multiple mainstream brand authorized distributors.
In each year/period during the Track Record Period, purchases from our five largest suppliers in each relevant year/period were RMB2,179.0 million, RMB3,936.1 million, RMB5,972.7 million and RMB2,179.4 million, representing 41.3%, 40.5%, 42.2% and 41.6% of our total purchases, respectively.
Business · p. 154
All of our five largest suppliers in each year/period during the Track Record Period and up to the Latest Practicable Date were Independent Third Parties.
Business · p. 154
(v) entering into framework agreements with key suppliers to secure stable supplies.
Purchases from our five largest suppliers during the Track Record Period amounted to RMB169.2 million, RMB176.2 million and RMB226.8 million, respectively, representing 29.6%, 30.2% and 41.9% of our total purchases for the same years.
Summary · p. 6
For risks relating to our major suppliers, see “Risk Factors — Risks Relating to our Business and Industry — Our supplier concentration may expose us to supply chain risks.”
Business · p. 155
We also maintain a diversified sourcing model under which multiple qualified suppliers may provide the same type of raw material, strengthening supply assurance and resilience.
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB286.7 million, RMB439.2 million and RMB162.4 million in 2023, 2024 and 2025, respectively, representing 33.6%, 48.8% and 32.5% of our total purchases for the respective years.
Business · p. 161
We maintained a list of qualified suppliers.
Business · p. 164
These raw materials are generally readily available in the market through multiple suppliers.
In 2023, 2024 and 2025, our purchase amounts from the five largest suppliers in each respective year were RMB60.4 million, RMB51.1 million and RMB87.2 million, respectively, accounting for 48.5%, 40.7% and 37.9% of our total purchase amounts for the same years, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024 and 2025, purchase amounts from our largest supplier in each respective year were RMB28.5 million, RMB22.9 million and RMB46.4 million, respectively, accounting for 22.8%, 18.2% and 20.2% of our total purchase amounts for the same years, respectively.
Business · p. 169
we maintain a multi-supplier strategy that ensures that we are not dependent on a single source, enhancing the resilience and stability of our supply chain;
Purchases from our five largest suppliers in each year during the Track Record Period accounted for 52.4%, 33.4%, 38.8% of our total purchases in 2023, 2024 and 2025, respectively, and purchase from our single largest supplier in each year during the Track Record Period accounted for 16.8%, 20.5%, 24.8% of our total purchases in the same years, respectively.
Summary · p. 5
We maintain stable relationships with our suppliers to ensure the stability of material supply and delivery.
Summary · p. 5
We believe we have alternative sources for the supply of principal components and raw materials with comparable quality and prices.
Our purchases from our five largest suppliers in each year during the Track Record Period was RMB2,222.4 million, RMB3,210.7 million and RMB3,206.6 million, respectively, accounting for 29.1%, 29.2% and 25.9% of our total purchases for the respective year.
Business · p. 151
Over the same period, purchases from our largest supplier in each year during the Track Record Period was RMB831.3 million, RMB1,006.4 million and RMB1,010.2 million, accounting for 10.9%, 9.1% and 8.1% of our total purchases for the respective year.
Business · p. 151
As of the Latest Practicable Date, all of our five largest suppliers are Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year during the Track Record Period.
The purchases from our top five suppliers in each period during the three years ended December 31, 2025 amounted to approximately RMB475.9 million, RMB451.1 million and RMB754.2 million, representing approximately 88.6%, 76.2% and 68.7% of our total purchase amount for the respective periods.
Business · p. 163
We procure the majority of memory wafers and other key raw materials from a limited number of suppliers.
Financial Information · p. 226
As of the Latest Practicable Date, we had entered into a wafer fabrication agreement with an alternative foundry.
In 2023, 2024 and 2025, the aggregate purchases from our five largest suppliers for digital marketing business in each of such period accounted for approximately 74.7%, 63.7%, and 61.3%, respectively, of our total purchases, and the purchases from our largest supplier for digital marketing business in each year accounted for approximately 45.6%, 33.2% and 28.2%, respectively, of our total purchases.
Business · p. 178
We typically enter into framework agreements with leading media platforms stipulating estimated annual gross spending to secure advertising resources.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers accounted for 37.8%, 42.1%, and 33.5% of our total purchases, respectively, while our purchase from the largest supplier accounted for 11.3%, 11.7% and 9.5% of our total purchases, respectively, for the same periods.
Business · p. 138
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 contract on the part of our suppliers, or delay in delivery of our orders from our suppliers.
Our purchases from our five largest suppliers in 2024 and 2025 were RMB84.5 million and RMB23.9 million, respectively, accounting for approximately 40.1% and 17.7%, respectively, of our total purchases for the respective years.
Business · p. 202
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
For FY2023, FY2024, FY2025 and 8MFY2026, total purchases from our five largest suppliers for each year/period in aggregate accounted for approximately 22.8%, 21.6%, 21.7% and 22.4%, respectively, of our total purchase, and our largest supplier for each year/period accounted for approximately 5.3%, 4.9%, 5.4% and 6.0%, respectively, of our total purchases.
Summary · p. 3
During the Track Record Period, three of the five largest suppliers for each of FY2023, FY2024 and FY2025 were suppliers which we have collaborated for over 15 years.
Summary · p. 3
Our Directors believe that our diversified network of suppliers gives us an edge in maintaining a quality, trendy and broad product mix at competitive prices which in turn strengthens our leverage in the market.