In 2023, 2024, and 2025, our purchases from our five largest suppliers in each year during the Track Record Period in aggregate amounted to RMB1,944.7 million, RMB1,857.6 million and RMB2,079.4 million, representing 35.6%, 32.3% and 35.5% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year during the Track Record Period, accounted for 11.2%, 12.1% and 10.8% of our total corresponding purchases, respectively.
Business · p. 177
We consider our arrangements with suppliers to be conducted in the ordinary course of business and have not experienced any material adverse impact arising from such arrangements.
Business · p. 177
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
In 2023, 2024 and 2025, our purchases from the five largest suppliers were RMB370.9 million, RMB516.2 million and RMB481.1 million, respectively, accounting for 43.5%, 35.2% and 32.6% of our total purchase in the same periods, respectively.
Business · p. 158
In 2023, 2024 and 2025, our purchases from the single largest supplier amounted to RMB147.5 million, RMB141.6 million and RMB195.2 million, respectively, accounting for 17.3%, 9.6% and 13.2% of our total purchase in the same periods, respectively.
Business · p. 158
Our Directors confirm that we had not experienced any significant 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 the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in each year of the Track Record Period amounted to RMB44.5 million, RMB48.4 million and RMB50.7 million representing 30.0%, 33.6% and 36.6% of our total purchases* for the same years, respectively.
Summary · p. 7
Specifically, raw materials used in the drug coating process and structure of our stent products, including (i) sirolimus, (ii) degradable polymer, and (iii) cobalt-chromium alloy tube, are primarily sourced from overseas due to their outstanding quality, for which we have, or are developing domestic backup suppliers.
Business · p. 158
We have also maintained a list of backup suppliers to minimize the risks associated with shortage of raw materials.
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.
Purchases from our five largest suppliers amounted to RMB533.1 million, RMB702.5 million and RMB600.9 million, respectively, representing 59.9%, 58.0% and 44.7% of our total purchases for the same years/period, respectively.
Summary · p. 9
Due to the nature of mining operations and the importance of proximity, operational familiarity and local service availability, we selected suppliers and contractors primarily based on the location of our mining operations, particularly the Ying Project and the GC Mine.
Summary · p. 9
While we had a concentration of suppliers during the Track Record Period, we believe there are sufficient local suppliers of consumables and services offering comparable prices and terms.
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in each year in aggregate accounted for 49.8%, 61.1%, and 70.1% of our total purchases, respectively, and purchases from our single largest supplier in each year accounted for 13.3%, 39.5%, and 39.4% of our total purchases, respectively.
Business · p. 168
(i) our practice of maintaining multiple suppliers for key materials during the Track Record Period, with two to three suppliers typically engaged for each type of chip; (ii) the availability of suitable substitute suppliers offering comparable pricing and terms; and (iii) access to a diverse supplier base, as confirmed by CIC, providing us with flexibility to identify alternative suppliers that meet our procurement requirements under commercially reasonable terms.
Business · p. 172
We believe we have sufficient alternative suppliers for raw materials and components that can provide us with substitutes of comparable quality and prices.
Purchases from our five largest suppliers for each year during the Track Record Period accounted for 76.7%, 76.8% and 70.2% of our total purchases for the respective year.
Business · p. 148
We have also entered into a long-term supply arrangement with Shougang Jingtang to ensure a stable and uninterrupted supply of carbon-containing industrial off-gas for our production process. We believe such arrangement reflects our mutual benefits.
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.
For each of the Track Record Period, the aggregate purchases from our five largest suppliers accounted for approximately 48.6%, 48.7% and 50.1% of our total purchases, respectively, and the purchases from our largest supplier accounted for approximately 23.7%, 30.8% and 30.9% of our total purchases for the same periods.
Summary · p. 5
Our Directors believe our stable relationships with our suppliers will continue to ensure a sufficient and reliable supply of raw materials and components, while also helping to mitigate fluctuations in raw materials going forward.
Business · p. 127
For each type of major raw material, we ensure there are generally two to three approved suppliers.
In 2023, 2024 and 2025, our top five suppliers accounted for 70.0%, 62.0% and 51.8% of our purchases, and purchases from our largest supplier alone accounted for 26.3%, 16.1% and 14.7% of our total purchases during each of these years.
Summary · p. 5
According to Frost & Sullivan, Supplier A is the Chinese arm of one of the world’s largest pharmaceutical companies, and given its leading position in the out-of-hospital pharmaceutical market, it is not uncommon for marketing and supply chain solution providers (particularly those leading providers) in the market to have a relatively high level of reliance on Supplier A.
Business · p. 164
Considering the above, we believe the risk that Supplier A will terminate or otherwise materially and adversely change our cooperation relationship is low.
Purchase from our top five suppliers in each year/period during the Track Record Period accounted for 45.8%, 42.6% and 35.1% of our total purchases in 2023, 2024 and 2025, respectively, and purchase from our largest supplier in each year during the Track Record Period accounted for 14.2%, 10.1% and 12.4% of our total purchases in the same periods, respectively.
Business · p. 157
In the second half of 2024, Supplier B ceased its pharmaceutical supply business.
Business · p. 160
We believe centralized procurement allows us to achieve economies of scale and to better control the quality of our procurements.
For 2023, 2024 and 2025, purchase amount from our five largest suppliers was RMB147.7 million, RMB173.8 million, and RMB209.9 million, accounting for 63.7%, 60.5%, and 62.1% of our total purchases, respectively, while purchase amount from our single largest supplier, Supplier A, accounted for 51.6%, 48.0% and 53.2% of our total purchases, respectively.
Business · p. 151
Furthermore, even with respect to the real-time simulation software function served by Supplier A within our HIL Simulation System, we have independently developed SimuLab as our own proprietary alternative, demonstrating our technical self-sufficiency and further underscoring that Supplier A’s products are not irreplaceable within our overall solution architecture.
Business · p. 151
With a view to further strengthening our business cooperation with Supplier A, we made a strategic equity investment in Supplier A in 2021 and currently hold 13.06% of its ownership.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB46.3 million, RMB85.5 million and RMB88.1 million, representing 18.5%, 31.0%, 33.2% of our total purchases, respectively.
Summary · p. 4
Although we engage multiple third party service providers, in certain regions our reliance on a limited number of providers may give rise to concentration risk.
Business · p. 152
To mitigate such risk, we regularly assess the provider mix within each service region, review their financial standing and maintain standby providers that can be mobilized when needed.
Charges from our largest supplier in 2023, 2024 and 2025 accounted for 32.2%, 29.7% and 44.8%, respectively, of our total purchase amount during same periods.
Summary · p. 4
Charges from our five largest suppliers in 2023, 2024 and 2025 accounted for 60.0%, 54.3% and 84.0%, respectively, of our total purchase amount during same periods.
Summary · p. 4
During the Track Record Period, our supplier concentration was primarily attributable to our selective procurement strategy, under which we prioritized leading OEMs and key component suppliers with proven track records in product quality, reliability and system integration to support the performance and stability requirements of our solutions.
In 2023, 2024 and 2025, our purchases from our five largest suppliers in aggregate amounted to HKD288.8 million, HKD315.6 million and HKD309.7 million, respectively, representing 40.1%, 42.3% and 39.9% of our total purchases in the corresponding periods.
Summary · p. 4
For the same periods, our purchases from our largest supplier amounted to HKD218.3 million, HKD210.9 million and HKD220.0 million, respectively, representing 30.3%, 28.3% and 28.3% of our total purchases in the corresponding periods.
Business · p. 111
To the best of our knowledge, all of our five largest suppliers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchase from our top five suppliers in each period during the Track Record Period accounted for 62.6%, 64.7% and 66.1% of our total purchases for such period, respectively, and purchase from our largest supplier in each period during the Track Record Period accounted for 41.7%, 39.2% and 43.6% of our total purchases for such period, respectively.
Summary · p. 5
This substantial purchase is mitigated by our multi-cloud strategy, which involves engagements with other major cloud providers.
Summary · p. 12
Our agreements with such Tencent-affiliated entities for cloud and WeChat services are based on standard renewable terms, and are neither exclusive nor irreplaceable.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB5,975.4 million, RMB6,214.4 million and RMB5,737.5 million, accounting for 25.8%, 26.1% and 21.9% of our total purchases in the respective years.
Business · p. 156
In 2023, 2024 and 2025, purchases from our largest supplier amounted to RMB2,034.5 million, RMB1,674.4 million and RMB1,463.8 million, accounting for 8.8%, 7.0% and 5.6% of our total purchases in the respective years.
Business · p. 156
Our suppliers are mainly suppliers of raw materials and equipment. We have established and maintain stable and long-term relationships with these major suppliers.
In 2024 and 2025, purchase amount from our top five suppliers in each year of the Track Record Period in aggregate was RMB18.2 million and RMB15.6 million, representing 53.7% and 58.1% of our total purchase amount, respectively.
Summary · p. 6
In 2024 and 2025, purchase amount to our largest supplier was RMB7.4 million and RMB4.1 million, representing 21.7% and 15.3% of our total purchase amount, respectively.
Business · p. 186
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest suppliers were Independent Third Parties.
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.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers for each year amounted to RMB193.4 million, RMB161.0 million, and RMB383.5 million, respectively, accounting for 27.3%, 23.2% and 39.2% of our total purchases for the respective years, and our purchases from our largest supplier for each year amounted to RMB89.0 million, RMB43.9 million, and RMB268.4 million, respectively, accounting for 12.6%, 6.3% and 27.5% of our total purchases for the respective years.
Business · p. 197
The increase in purchases from Supplier A in 2025 was mainly attributable to the concurrent advancement of multiple clinical studies for BGM0504 and other R&D projects, which resulted in higher milestone-based service fees and clinical trial expenditures such as subject costs and site fees incurred within the period.
Business · p. 199
Having considered the substitutable nature of CRO services, the availability of qualified alternative providers, and the stage-specific nature of the elevated procurement concentration, our Directors are of the view that we do not have material reliance on Supplier A.