In each year during the Track Record Period, the aggregate purchases from our five largest suppliers in each of such year accounted for approximately 67.8%, 70.3% and 67.3%, respectively, of our total purchases, and the purchases from our largest supplier in each of such year accounted for approximately 58.3%, 62.2% and 56.8%, respectively, of our total purchases.
Business · p. 133
To avoid supplier concentration, we diversify our supplier base by engaging multiple suppliers for the same goods or services and implementing strategic sourcing practices.
Business · p. 133
Transsion accounted for 58.3%, 62.2% and 56.8% of our total purchases, respectively.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB448.5 million, RMB807.4 million, and RMB1,434.3 million, respectively, accounting for 50.7%, 41.1% and 47.2% of our total purchases in the same periods, respectively.
Summary · p. 8
In 2023, 2024 and 2025, the purchases from our largest supplier in each year during the Track Record Period amounted to RMB149.7 million, RMB325.7 million, and RMB454.1 million, respectively, accounting for 16.9%, 16.6% and 14.9% of our total purchases in the same periods, respectively.
Summary · p. 8
During the Track Record Period, we did not experience any interruption of supply or early termination of supply agreements that had any material adverse impact on our business or results of operations.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB656.7 million, RMB803.8 million and RMB1,297.6 million, respectively, accounting for 73.6%, 67.2% and 67.7% of our total purchases in these respective years.
Summary · p. 6
We also adopt a foundry-neutral strategy, which allows us to manage our supply chain flexibly across multiple suppliers, diversify supply risks and enhance our overall resilience.
Business · p. 139
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material breaches by our suppliers.
In 2023, 2024 and 2025, the aggregate purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB1,703.3 million, RMB1,385.6 million and RMB1,324.2 million, respectively, which accounted for 35.4%, 28.3% and 23.3% of our total purchases for the corresponding periods.
Business · p. 115
We adopt a multi-supplier sourcing strategy to mitigate supply disruption risks and maintain long-term strategic partnerships with major suppliers to ensure stability in pricing and supply.
Business · p. 111
During the Track Record Period, our principal raw material suppliers were domestic large-scale chemical and energy enterprises, including several state-owned enterprises and listed companies with leading positions in the industry, extensive production experience and stable supply capabilities.
Purchases from our five largest suppliers in each year during the Track Record Period in aggregate accounted for 37.8%, 35.8% and 31.3% of our total purchases, respectively, for the corresponding years.
Summary · p. 5
For customized components such as mechanical parts, we generally maintain at least five suppliers to prevent supply shortage.
Business · p. 117
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material shortage of supply, quality issue, disruptions, disputes or delays in relation to the supply of suppliers, or any material breach of our contractual arrangements with suppliers.
During the Track Record Period, Supplier A remained our largest supplier, and we were exposed to a certain degree of supplier concentration risk.
Summary · p. 4
As of the Latest Practicable Date, we had entered into partnership agreements with other leading memory wafer suppliers for the purpose of diversifying our supplier bases and mitigating our reliance on Supplier A in the future.
Business · p. 169
In the event of any disruption to the supply from Supplier A, we would be able to source the required materials from other suppliers at prevailing market prices in a timely manner.
In 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB136.5 million and RMB105.6 million, representing 78.2% and 57.4% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year accounted for 52.2% and 41.4% of our total corresponding purchases, respectively.
Business · p. 190
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Business · p. 189
During the Track Record Period, Supplier A provided standard CRO services to support our clinical development activities in each of the IND stage, Phase 1 trial and Phase 2 trial. We have entered into a total of four agreements or memoranda with Supplier A.
In 2023, 2024, and 2025, our procurement amounts from the top five suppliers were RMB202.6 million, RMB186.0 million, and RMB362.0 million, respectively, accounting for 64.1%, 46.6%, and 42.4% of our total procurement.
Business · p. 166
In 2023, 2024 and 2025, we transacted with 176, 220 and 290 suppliers, respectively.
Business · p. 169
We secure favorable pricing by entering into long-term agreements with key suppliers and have not been adversely affected by significant price fluctuations during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, purchase from our largest supplier in each year contributed to 13.1%, 7.8% and 8.2% of our total purchases during the respective periods.
Summary · p. 8
For the same periods, purchase from our five largest suppliers in each year contributed to 33.2%, 23.2% and 19.4% of our total purchases, respectively.
Business · p. 192
To manage the impact of potential price fluctuations or shortages of key components and raw materials, we have adopted the following measures: (i) we maintain relationships with multiple qualified suppliers for key components, reducing reliance on any single source and ensuring alternative supply options in the event of regional or global shortages; (ii) we enter into long-term strategic agreements with core suppliers that incorporate pre-agreed price ranges or price-lock mechanisms, thereby mitigating volatility in key component costs; and (iii) we utilize our ERP system in conjunction with sales planning to conduct rolling demand forecasts, and maintain appropriate safety stock levels for high-risk materials through strategic pre-procurement to buffer against short-term supply disruptions.
In 2023, 2024 and 2025, the aggregate purchases from our five largest suppliers, in each respective year, amounted to RMB100.1 million, RMB127.0 million and RMB141.1 million, which accounted for 43.5%, 46.5% and 51.3% of our total purchases, respectively.
Business · p. 150
We do not believe we are exposed to concentration risk or reliant on any single supplier.
Business · p. 150
Our Directors confirmed that, during the Track Record Period, 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 material delay in delivery of our orders from our suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers accounted for 25.0%, 22.6% and 20.5% of our total purchases, respectively.
Summary · p. 5
In 2023, 2024 and 2025, purchases from our largest supplier accounted for 12.4%, 9.4% and 7.3% of our total purchases, respectively.
Business · p. 139
By implementing differentiated management, assessment and monitoring measures for suppliers in different tiers, we seek to reduce our dependence on any single supplier and ensure the stability and reliability of our supply chain.
Our five largest suppliers in each year during the Track Record Period accounted for approximately 58.3%, 55.4% and 56.1% of our total purchases, respectively, while the largest supplier accounted for approximately 19.0%, 18.2% and 13.2%, respectively of our total purchases for the corresponding periods.
Business · p. 152
A majority of our five largest suppliers had over 5 years of business relationship with us as at the Latest Practicable Date.
Business · p. 152
None of our Directors or their respective close associates or any Shareholder (whom to the knowledge of our Directors owns more than 5% of the issued Shares) had any interest in any of our Group’s five largest suppliers in each year during Track Record Period and as at the Latest Practicable Date.
In 2023, 2024 and 2025, purchases from our five largest suppliers accounted for 99.7%, 98.8% and 98.4%, respectively, to of our total purchases.
Summary · p. 6
During the Track Record Period, we primarily procured wafer fabrication service from UNT, which sources raw materials and performs wafer fabrication based on our design specifications and technical requirements.
Business · p. 166
For instance, we commenced procurement of wafers from a supplier in Shanghai, as a potential substitute for UNT starting in 2022.
Purchase from our top five suppliers in each year during the Track Record Period accounted for 82.1%, 52.1% and 49.1% of our total purchases in 2023, 2024 and 2025, and purchase from our largest supplier in each year during the Track Record Period accounted for 36.7%, 19.7% and 16.4% of our total purchases in the same years, respectively.
Summary · p. 3
As of the Latest Practicable Date, we were not aware of any material fluctuations of the price of our supplies as we manage price volatility through the competitive bidding and negotiation process.
Purchases from our five largest suppliers for each year ended December 31, 2023, 2024 and 2025 accounted for 47.7%, 57.8% and 51.4%, respectively, of our total purchase amount during the same year. Purchases from our largest supplier for each year ended December 31, 2023, 2024 and 2025 accounted for 16.1%, 14.5% and 14.9%, respectively, of our total purchase amount during the same year.
Summary · p. 5
Our major suppliers are generally brand partners or their authorized distributors operating in the consumer goods sectors as well as major e-commerce platforms for their platform, promotion and technical services. Purchases from our five largest suppliers for each year ended December 31, 2023, 2024 and 2025 accounted for 47.7%, 57.8% and 51.4%, respectively, of our total purchase amount during the same year.
Business · p. 135
Save for the aforementioned, during the Track Record Period, none of our Directors, their close associates or any shareholders of our Company (who or which to the knowledge of the Directors owned more than 5% of our Company's issued share capital) had any interest in any of our five largest suppliers for each year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in each period amounted to RMB242.6 million, RMB226.7 million and RMB616.6 million, representing 21.0%, 14.2% and 20.2% of our total purchase amount for the respective periods.
Summary · p. 4
We had 226, 287 and 386 suppliers for the production of pop toy products in 2023, 2024 and 2025, respectively. We currently have 16 back-up suppliers.
Business · p. 164
We believe our suppliers are generally ready to increase production capacity for our products as we primarily engage them through purchase orders based on real time demand rather than binding annual volume contracts.
In 2023, 2024 and 2025, purchases from our largest supplier in each year during the Track Record Period amounted to RMB265.4 million, RMB274.0 million and RMB388.1 million, respectively, accounted for 46.8%, 48.0% and 54.3% of our total purchases in the same years, respectively.
Summary · p. 4
Our Directors believe the risk of material adverse changes or termination of our cooperations with Supplier A is low.
Summary · p. 5
We believe our relationship with Supplier A is both stable and mutually beneficial.
For the three years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in aggregate accounted for approximately 56.9%, 84.1% and 59.1% of our total purchases for each period, respectively; and our purchases from our largest supplier accounted for approximately 28.8%, 49.4% and 28.7% of our total purchases for each period, respectively.
Summary · p. 4
Our purchases from our largest supplier in each period accounted for approximately 28.8%, 49.4% and 28.7% of our total purchases for the same period, respectively.
Business · p. 157
We typically have three to five suppliers for each category of suppliers to minimize any potential disruption in our operations, maintain sourcing stability, avoid over-reliance risk and secure competitive prices from suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB314.1 million, RMB324.8 million and RMB440.8 million representing 59.8%, 57.2%, and 60.5% respectively, of our total purchases for the same periods.
Business · p. 163
To reduce volatility and procurement risks, we maintain multiple qualified suppliers for key categories.
Although most raw materials and components essential to our in-house products are generally available from multiple sources, a few components are currently sourced from a single or limited number of high quality suppliers in the industry.
Business · p. 169
There is limited single-source procurements for urgent or non-substitutable components.
Business · p. 169
To reduce the price and purchasing risks on the procurement side, we rely in particular on long-term supply contracts, a competitive bidding process among suppliers and the continuous optimization of our supplier portfolio, as well as on establishment of raw material reserves and strategic acquisitions of raw materials when increases in the raw material prices are expected.