The purchases attributable to our five largest suppliers for each year during the Track Record Period were RMB725.2 million, RMB801.1 million and RMB874.7 million, respectively, accounting for 18.3%, 15.5% and 14.5% of our total purchases, respectively.
Summary · p. 4
The purchases attributable to our largest supplier for each year during the Track Record Period were RMB189.0 million, RMB257.9 million and RMB515.6 million, respectively, accounting for 4.8%, 5.0% and 8.5% of our total purchase.
Business · p. 152
During the Track Record Period, we have not experienced any significant fluctuation in prices set by our suppliers or material breach of contract on the part of our suppliers.
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.
Purchases from our five largest suppliers in 2024 and 2025 were RMB92.6 million and RMB67.8 million, respectively, representing 57.1% and 53.2% of our total purchases for the same years.
Summary · p. 8
Purchases from our single largest supplier in 2024 and 2025 were RMB31.8 million and RMB36.5 million, respectively, representing 19.6% and 28.5% of our total purchases for the same years.
Summary · p. 8
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
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.
Purchases from our five largest suppliers for each year during the Track Record Period accounted for approximately 22.40%, 25.06% and 33.87%, respectively, of our total purchases for the respective year.
Business · p. 144
Purchases from our largest supplier for each year during the Track Record Period accounted for approximately 6.12%, 7.88% and 13.33% of our total purchases for the respective year.
Business · p. 144
During the Track Record Period, we maintained stable business relationships with our five largest suppliers in each year which we believe will continue to ensure an adequate and steady supply of raw materials and help control future price fluctuations, and there have been no quality issues with our raw materials that significantly impacted our operations nor shortages or delay in the supply of raw materials that led to production disruptions.
Our top five suppliers in each year during the Track Record Period in the aggregate accounted for 20.8%, 20.1% and 24.2% of our total cost of services in each year during the Track Record Period, respectively.
Summary · p. 8
All of our five largest suppliers in each year during the Track Record Period are Independent Third Parties.
Business · p. 196
As of the Latest Practicable Date, none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors 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.
In each year during the Track Record Period, purchases from our five largest suppliers accounted in aggregate for approximately 36.0%, 23.3% and 20.6% of our total purchases in 2023, 2024 and 2025. In each year during the Track Record Period, our single largest supplier accounted for approximately 11.9%, 7.2% and 6.1% of our total purchases in 2023, 2024 and 2025.
Business · p. 171
To secure a stable supply of raw materials and reduce our risk of supply disruption, we have strategically selected our raw material suppliers and sourced our raw materials from a diversified mix of suppliers in different geographic regions in the PRC.
Business · p. 171
To the best knowledge of our Directors, none of our Directors or their associates or any person who owned 5% or more of our issued share capital as at the Latest Practicable Date had any interest in any of our five largest suppliers during the Track Record Period, and all our suppliers during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025, our top five suppliers in each period accounted for 71.0%, 76.5% and 79.7% of our total purchase, respectively, and our largest supplier in each period accounted for 34.7%, 39.8% and 38.4% of our total purchase, respectively.
Summary · p. 6
According to Frost & Sullivan, given the highly concentrated nature of the digital advertising and social media landscape in China, where major platforms command a significant portion of user traffic, and it is an industry norm for content marketing solution providers to maintain a relatively high supplier concentration.
Business · p. 155
To mitigate the risk of supplier deterioration, we prioritize a resilient procurement strategy.
Purchases from our five largest suppliers in each year during the Track Record Period were RMB627.5 million, RMB641.4 million and RMB689.6 million, respectively, representing 23.4%, 20.8% and 24.3% of our total purchases for the respective year.
Summary · p. 7
All of our five largest suppliers in each year during the Track Record Period were located in the PRC.
Business · p. 134
To the best of our knowledge, each of our five largest suppliers in each year during the Track Record Period was an Independent Third Party.
The aggregate purchases from our five largest suppliers in each year during the Track Record Period amounted to HK$87.1 million, HK$108.8 million and HK$145.5 million, respectively, accounting for 40.0%, 37.3% and 31.7% of our total cost of sales for the respective periods.
Summary · p. 4
The aggregate purchases from our five largest suppliers in each year during the Track Record Period amounted to HK$87.1 million, HK$108.8 million and HK$145.5 million, respectively, accounting for 40.0%, 37.3% and 31.7% of our total cost of sales for the respective periods.
Business · p. 142
We maintain close relationships with our major suppliers to ensure stability of supply. During the Track Record Period, we did not experience any interruption in our supplies that had any material adverse impact on our business or results of operations.
Our transaction amounts with our five largest suppliers in 2023, 2024 and 2025 accounted for 35.3%, 42.5% and 22.8%, respectively, of our total purchase.
Business · p. 170
We have established and maintained stable and good relationships with our five largest suppliers for each year during the Track Record Period, having a relationship of five years or above with a majority of them.
In 2023, 2024 and 2025, the aggregate purchases from our top five suppliers in each year during the Track Record Period amounted to RMB51.4 million, RMB76.5 million and RMB75.8 million, respectively, which accounted for 24.6%, 28.0% and 23.3% of our total purchases for the same years, respectively.
Business · p. 145
During the Track Record Period, we did not experience any material difficulty in the timely procurement of materials at prices acceptable to us.
Business · p. 145
As of the Latest Practicable Date, to the best of our knowledge, none of our Directors, their associates or any other Shareholder which, to the knowledge of our Directors, owned more than 5% of our share capital had any interest in any of our five largest suppliers.
In 2023, 2024 and 2025, purchase from our top five suppliers in each period during the Track Record Period accounted for 34.3%, 31.4% and 35.8% of our total purchases for such period, respectively, and purchase from our largest supplier in each period during the Track Record Period accounted for 9.4%, 9.1% and 14.0% of our total purchases for such period, respectively.
Summary · p. 6
The software and other technology services procured from our suppliers serve as supporting components to our R&D activities and do not form part of our core technologies.
Our purchases from our five largest suppliers in each year during the Track Record Period in 2023, 2024 and 2025 were RMB195.0 million, RMB234.9 million and RMB277.9 million, respectively, accounting for 48.5%, 47.0% and 47.6% of our total purchases in the respective years.
Business · p. 161
Our purchases from our largest supplier in each year during the Track Record Period in 2023, 2024 and 2025 were RMB53.7 million, RMB111.9 million, and RMB133.2 million, respectively, accounting for 13.3%, 22.4% and 22.8% of our total purchases in the respective years.
Business · p. 161
We implement a strict supplier access mechanism, establish and maintain a supplier list, and conduct regular evaluation and optimization of suppliers that encourage the use of environmentally friendly materials, the formulation of fair labor policies, and compliance with business ethics.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB842.3 million, RMB1,094.3 million and RMB1,031.4 million, respectively, accounting for 79.6%, 80.6% and 85.5% of our total purchases in the respective years.
Summary · p. 6
In 2023, 2024 and 2025, our purchases from Supplier A amounted to RMB386.1 million, RMB619.5 million and RMB595.3 million, respectively, representing 36.5%, 45.6% and 49.4%, respectively, of our total purchases for the same years.
Business · p. 135
As of December 31, 2025, we had three foundry suppliers and seven packaging and testing suppliers.
In 2023, 2024 and 2025, the purchases from our five largest suppliers in each period/year during the Track Record Period amounted to RMB47.1 million, RMB254.8 million and RMB284.7 million, respectively, representing approximately 90.7%, 75.5% and 54.2% of our total purchases for the corresponding period/year, respectively.
Business · p. 176
The relatively high supplier concentration in 2023 and 2024 was primarily attributable to our decision to source from reputable suppliers to ensure consistent product quality during the early stage of our business.
Business · p. 181
Multiple alternative suppliers in China are available for the products and services that we procure, therefore, we do not consider ourselves to be dependent on any single supplier.
Purchases from our five largest suppliers for the years ended December 31, 2024 and 2025 were US$15.2 million and US$20.4 million, respectively, representing 79.6% and 69.2% of our total purchases for the same periods.
Business · p. 212
We believe that we maintain strong and stable relationships with our major suppliers.
Business · p. 212
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
During the Track Record Period, purchases from our five largest supplier amounted to RMB83.7 million, RMB155.5 million and RMB263.0 million in 2023, 2024 and 2025, respectively, accounting for 63.2%, 67.2% and 71.2% of our total purchases for the same years, respectively.
Summary · p. 5
We have established stable relationships with our suppliers, enabling us to secure a consistent supply of raw materials at competitive prices.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each of the years during the Track Record Period amounted to RMB292.5 million, RMB639.8 million and RMB529.5 million, respectively, accounting for 90.4%, 89.7% and 83.1% of our total purchases in the same years.
Summary · p. 5
During the Track Record Period, we maintained multiple suppliers to avoid overreliance on any of the existing suppliers.
Business · p. 175
Our Directors believe that the risk of supply chain disruption in packaging and testing is low.
In 2023, 2024 and 2025, the aggregate purchase amounts from our five largest suppliers were RMB141.4 million, RMB264.3 million and RMB628.4 million, representing 24.7%, 30.6% and 45.0% of our total purchases for the same years, respectively.
Business · p. 127
In 2023, 2024 and 2025, the purchase amounts from our largest suppliers were RMB30.5 million, RMB81.4 million and RMB243.1 million, representing 5.3%, 9.4% and 17.4% of our total purchases for the same years, respectively.
Summary · p. 4
As of the Latest Practicable Date, none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.