In 2023, 2024, and 2025, purchases from our top five suppliers in each applicable year accounted for 65.2%, 85.7%, and 65.1% of our total purchases, respectively, and purchases from our largest supplier in each applicable year accounted for 28.1%, 48.7%, and 22.9% of our total purchases, respectively.
Business · p. 121
We select our suppliers based on evaluation criteria including pricing, product quality, technical capability, and delivery performance, and maintain an approved supplier list to ensure consistent standards and supply stability.
Business · p. 121
In addition, we will continue to strengthen long-term collaborations with core suppliers to build a stable and reliable supply system.
In the years ended December 31, 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 31.2%, 36.8% and 34.0% of our cost of sales amount of such period, respectively.
Summary · p. 14
In the year ended December 31, 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 31.2%, 36.8%, and 34.0% of our cost of sales amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 10.3%, 13.7%, and 8.1% of our total purchase amount in the same periods, respectively.
Business · p. 156
We do not anticipate difficulty in securing substitute suppliers offering similar products on comparable terms to our current suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB959.1 million, RMB1,209.0 million and RMB1,558.0 million, respectively, representing 77.8%, 82.3% and 80.0% of our total purchases, respectively.
Summary · p. 4
To minimize the risk of reliance on any single supplier and maintain sourcing stability and bargaining power, we retain multiple suppliers for wafer fabrication, memory wafer and packaging and testing services.
Business · p. 157
In addition, purchases from our largest supplier in each year during the Track Record Period accounted for 20.6%, 29.8% and 24.2% of our total purchases in 2023, 2024 and 2025, respectively.
During FY2023, FY2024 and FY2025, purchases from our five largest suppliers in each year accounted for approximately 98.2%, 89.1% and 68.7%, respectively, of our total purchases during those periods, and purchases from our largest supplier in each year accounted for approximately 58.5%, 67.1% and 27.8%, respectively, of our total purchase during those periods.
Summary · p. 6
We maintain a database of qualified suppliers for each major categories of services and consider that, where necessary, we would be able to procure comparable products and services from alternative suppliers on similar terms and quality.
Business · p. 160
Our suppliers for our online marketing solutions business are advertising agencies engaged for arranging traffic acquisition.
Purchases from our five largest suppliers in each year during the Track Record Period accounted for approximately 18.0%, 16.2% and 22.4% of our total purchases for the respective year.
Summary · p. 6
Purchases from our largest supplier in each year during the Track Record Period accounted for approximately 7.2%, 5.0% and 7.2% of our total purchases for the respective year.
Summary · p. 6
We procure different raw materials and services from multiple suppliers in mitigating the risk of single supplier reliance and ensuring the timely delivery of our products, thereby enhancing customer satisfaction.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year of the Track Record Period amounted to RMB5,594.1 million, RMB8,185.4 million and RMB10,954.9 million, respectively, accounting for 79.7%, 83.7% and 82.3% of our total purchase amount of traffic for the respective year.
Summary · p. 2
With few alternatives available for massive media traffic, procuring most of our media traffic from our major suppliers is in line with industry practice.
Business · p. 123
Our Directors are of the view that our relationship with our major suppliers is unlikely to materially adversely change or terminate, because (i) we have maintained a long-term and stable collaboration relationship with our major suppliers since 2018 and (ii) during the Track Record Period, we did not have any disputes with our major suppliers.
Our aggregate purchases from our five largest suppliers in 2023, 2024 and 2025 were approximately RMB161.0 million, and RMB226.4 million and RMB256.4 million, accounting for 37.7%, 50.0% and 41.0% of our total costs of sales for the respective periods.
Summary · p. 4
Our aggregate purchases from our largest supplier in 2023, 2024 and 2025 were approximately RMB64.0 million, RMB109.6 million and RMB125.1 million, accounted for 15.0%, 24.2% and 19.2% of our total costs of sales for the respective periods.
Business · p. 147
Our operation is not dependent on any particular supplier or contract manufacturer, since: (i) during the Track Record Period, we maintained multiple suppliers to avoid over-reliance on any of suppliers; (ii) there were no significant difficulties to find suitable substitutes of our suppliers with pricing and other terms that are similar to those of our existing suppliers; and (iii) we have access to a diverse supplier base for the chip types we procure, allowing us the flexibility in identifying and engaging alternative suppliers who can offer commercially reasonable pricing and terms to meet our procurement requirements.
Purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB161.4 million, RMB294.2 million and RMB267.1 million in 2023, 2024 and 2025, respectively, representing 50.3%, 38.5% and 37.7% of our total purchases for the same respective periods.
Business · p. 176
During the Track Record Period and up to the Latest Practicable Date, we did not have any difficulty in obtaining adequate production raw materials and components, and we do not anticipate significant difficulties in obtaining alternative sources of supply if necessary.
Business · p. 168
We have established long-standing and stable business relationships with suppliers to ensure consistent access to critical parts. During the Track Record Period, we experienced no material disruptions in component supply.
In 2023, 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB32.4 million, RMB54.9 million and RMB83.1 million, respectively, representing 51.9%, 56.9% and 48.1% of our total purchases in the corresponding years.
Summary · p. 6
We have established a wide network of suppliers in China, Europe and Japan.
Business · p. 149
To minimize the risk of reliance on any single supplier and maintain sourcing stability and bargaining power, we generally retain multiple suppliers for our principal raw materials and equipment.
Purchases from our five largest suppliers in each year of the Track Record Period accounted for approximately 52.9%, 44.4% and 37.9% of our total procurement cost for materials used in production in 2023, 2024 and 2025, respectively, with our largest supplier in each year of the Track Record Period representing approximately 14.9%, 14.3% and 12.6% in the respective periods.
Summary · p. 3
In each year during the Track Record Period, our procurement amounts from our top five suppliers for 2023, 2024 and 2025, respectively, were RMB314.7 million, RMB719.8 million and RMB472.0 million, representing 52.9%, 44.4% and 37.9% of our total procurement of materials used in production, respectively.
Business · p. 159
We operate an asset-light model and procure key materials from a list of qualified and diversified suppliers.
Purchases from our largest supplier for each of the years ended December 31, 2023, 2024 and 2025 accounted for 26.7%, 48.2% and 44.9%, respectively, of our total purchases during those years.
Summary · p. 4
During the Track Record Period, we maintained multiple suppliers to avoid over-reliance on any of suppliers and we believe there is no significant difficulty to find suitable substitutes for our suppliers.
In 2022, 2023, 2024 and the ten months ended October 31, 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 89.1%, 91.9%, 93.9% and 93.5% 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 31.5%, 62.0%, 52.7% and 33.7% of our total purchase amount in the same periods, respectively.
Business · p. 168
In 2022, 2023, 2024 and the ten months ended October 31, 2025, our purchases from Supplier A were RMB52.1 million, RMB89.6 million, RMB183.5 million and RMB71.1 million, respectively, representing 31.5%, 62.0%, 52.7% and 30.1%, respectively, of our total purchases for the same periods.
Business · p. 171
Our Directors are of the view that we are able to procure wafers from alternative suppliers with similar level of technical knowledge at comparable terms as compared to those offered by Supplier A.
In 2024 and 2025, purchase amount from our top five suppliers in each year of the Track Record Period represents 43.0% and 29.1% of our total purchase amount, respectively.
Summary · p. 7
In 2024 and 2025, purchase amount from our top five suppliers in each year of the Track Record Period in aggregate was RMB97.4 million and RMB43.1 million, representing 43.0% and 29.1% of our total purchase amount, respectively.
Business · p. 203
Purchase amount to our largest supplier in each year of the Track Record Period was RMB26.0 million and RMB17.2 million, representing 11.5% and 11.6% of our total purchase amount, respectively.
RMB67.4 million, RMB79.3 million, RMB90.9 million and RMB72.5 million for the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, representing 29.0%, 37.6%, 35.3% and 33.1% of our total purchase costs for the same year/period.
Summary · p. 6
For the year ended December 31, 2022, the purchase costs payable to our largest supplier accounted for approximately 10.0% of our total purchase costs, while the combined purchase costs attributable to our five largest suppliers amounted to approximately 29.0%.
Business · p. 151
Purchases are made through rolling purchase orders based on actual production needs, with no binding minimum purchase obligations.
During the Track Record Period, our purchases from our five largest suppliers in each year in aggregate amounted to RMB287.7 million and RMB125.1 million, representing 87.5% and 66.7% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year, which is a CRO headquartered in the U.S. we engaged for the conduct of our U.S. clinical trials, accounted for 56.8% and 28.1% of our total corresponding purchases, respectively.
Business · p. 211
The temporary concentration with this supplier resulted from the large sample size, longer dosing period and higher overseas clinical costs associated with the ongoing trial, and such concentration is expected to diminish upon completion of the trial.
Business · p. 214
CRO services are generally substitutable, and we are not dependent on any single supplier, as alternative qualified service providers are readily available on comparable terms.
In 2022, 2023 and 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 RMB36.1 million, RMB44.5 million, RMB65.6 million and RMB50.3 million, respectively, representing 38.1%, 35.4%, 32.3% and 28.8% of our cost of sales for the respective year/period.
Business · p. 177
During the Track Record Period and up to the Latest Practicable Date, we did not have any material disputes with our suppliers, nor did we experience any significant fluctuation in prices set by our suppliers, any material breach of contract on the part of our suppliers, or any shortage or delay in delivery of supplies from our suppliers.
For the years ended December 31, 2023 and 2024 and for the nine months ended September 30, 2025, our purchases from our largest supplier in each year/period accounted for 12.8%, 12.3% and 15.3%, respectively, of our total purchases during the corresponding periods, and purchases from our five largest suppliers in each year/period in the aggregate accounted for 37.3%, 34.2% and 31.2% respectively, of our total purchases during the corresponding periods.
Business · p. 193
Our purchases from them were commercially justified and consistent with market practice.
Business · p. 195
In selecting suppliers, we adopt cautious approach to ensure service quality and mitigate risks associated with creditability, concentration and/or reliance.
Our purchase from the five largest suppliers in each year/period during the Track Record Period were RMB430.3 million, RMB1,342.8 million, RMB376.5 million and RMB220.5 million, respectively, and accounted for 65.4%, 72.1%, 83.3% and 79.1% of the total cost of revenues for the respective years/periods.
Business · p. 162
According to CIC, given the technical barrier of SiC substrate manufacturing and the limited number of suppliers that are able to deliver substrates with quality and stability, it is industry norm for foundries like us to have relatively high supplier concentration.
Business · p. 162
Furthermore, we are promoting domestic substitution for our core production equipment such as epitaxial growth equipment, epitaxial inspection equipment, and cleaning equipment, thereby reducing dependence on imported equipment.
Our purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB30.0 million, RMB66.0 million, RMB77.0 million and RMB57.0 million, respectively, accounting for 49.7%, 63.3%, 51.4% and 63.2% of our total purchases, respectively.
Business · p. 168
In the later stage of the Track Record Period, as we increased our internal R&D investment, our procurement from R&D-based suppliers became higher than that from project-based suppliers.
In 2023, 2024 and 2025, purchase amount to our top five suppliers for each of the years accounted for 73.7%, 68.7% and 56.6% of our total purchase amount, respectively.
Summary · p. 5
In 2023, 2024 and 2025, purchase amount to our largest supplier for each of the years was RMB280.8 million, RMB256.9 million and RMB213.1 million, representing 58.4%, 50.5% and 40.7% of our total purchase amount, respectively.
Business · p. 171
During the Track Record Period, we have procured from AGH: (i) public cloud computing services, certain cloud related products and technical services, recording approximately RMB59.4 million, RMB58.1 million and RMB63.4 million for the years ended December 31, 2023, 2024 and 2025, respectively, (ii) software license from Amap and Tmall Genie, which allow us to apply software and applications developed by AGH and its associates at automobile and integrate with the automotive operating system developed by us, such as navigation software, Amap, and others, recording approximately RMB159.7 million, RMB146.3 million and RMB120.0 million for the years ended December 31, 2023, 2024 and 2025, respectively