Our top five suppliers in each year or period during the Track Record Period in aggregate accounted for 43.2%, 39.1%, 37.5% and 44.5% of our total purchases in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · p. 6
To the best of our Directors’ knowledge, none of our Directors or their respective close associates or any person who, to the knowledge of our Directors, owned more than 5% of our issued share capital, had any interest in any of our five largest suppliers in each year or period as of the Latest Practicable Date.
Business · p. 171
Our Directors confirmed our negotiations with these companies were on an arm’s length basis.
During the Track Record Period, purchase from our top five suppliers amounted to RMB59.2 million, RMB72.3 million, RMB91.6 million, and RMB59.5 million, accounting for 43.3%, 35.4%, 38.2%, and 40.2% of our total purchase in 2023, 2024, 2025, and in the six months ended June 30, 2026, respectively.
Business · p. 175
We believe that our stable relationships with suppliers will continue to ensure an adequate and steady supply of raw materials and help control future price fluctuations.
The aggregate purchases from our top five suppliers in 2023, 2024, 2025 and the four months ended April 30, 2026 were RMB172.9 million, RMB785.5 million, RMB514.1 million and RMB166.3 million, respectively, representing 13.5%, 27.1%, 20.9% and 22.5% of our total purchase amount in the same periods, respectively.
Business · p. 152
Our Directors confirmed 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.
Business · p. 152
For our E-mobility products and powersports products, the majority of core components, including frames, motors, battery packs and main cables, are manufactured in-house.
In 2023, 2024, 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers amounted to RMB43.7 million, RMB65.7 million, RMB89.3 million and RMB55.9 million, respectively, representing approximately 36.8%, 39.5%, 35.8% and 31.1% of our total purchases for the same periods.
Summary · p. 6
While we rely on certain core suppliers and partners in particular markets or service lines, we have established relationships with multiple alternative suppliers in key jurisdictions and plan to further broaden and optimize our supplier network.
Business · p. 138
We do not expect that the loss of any single supplier would have a material adverse impact on our business as a whole, although disruptions or changes in relationships with one or more important suppliers in a specific region or service line could affect our cost structure or service capacity in that area.
In FY2023, FY2024, FY2025 and 1H2026, purchases from our largest supplier in each year/period amounted to RMB563.7 million, RMB626.8 million, RMB882.3 million and RMB606.0 million, representing 20.1%, 17.5%, 15.5% and 15.4% of our total purchase amount, respectively, while purchases from our five largest suppliers in each year/period amounted to RMB1,328.3 million, RMB1,585.9 million, RMB2,327.4 million and RMB1,649.9 million, representing 47.4%, 44.4%, 40.9% and 42.0% of our total purchase amount, respectively.
Business · p. 125
In addition to maintaining strong ties with major suppliers, we proactively expand our supplier network to broaden sourcing channels for key components and enhance supply chain resilience.
Business · p. 122
Our Directors believe, and Frost & Sullivan has confirmed, that such alternative suppliers are generally available for the relevant products and services on similar terms and with comparable quality.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, purchases from our largest supplier in each period of the Track Record Period accounted for 17.3%, 14.2%, 13.0% and 15.9% of our total purchase, respectively, while our five largest suppliers in each period of the Track Record Period accounted for 56.4%, 49.0%, 50.2% and 49.8% of our total purchase, respectively.
Business · p. 153
The market for electronic components is characterized by high supplier concentration and strong supplier bargaining power.
Business · p. 153
To enhance the stability and resilience of our supply chain, we employ an “n+1” sourcing strategy for key components, which involves qualifying at least two suppliers for each component to mitigate the risk of supply disruptions and avoid dependence on any single supplier.
Our purchases from our five largest suppliers in each period during the Track Record Period were RMB2,384.8 million, RMB2,474.8 million, RMB2,104.6 million and RMB2,395.8 million, respectively, representing 94.9%, 89.9%, 54.6% and 61.7% of our total purchase amount in the same periods, respectively.
Summary · p. 7
Our commitment to quality is demonstrated by our disciplined approach to supplier relationships, where we maintain a diversified base of qualified suppliers to mitigate risk and ensure a consistent supply of high-purity raw materials, primarily cathode copper.
Business · p. 164
During the Track Record Period and up to the Latest Practicable Date, we had not experienced any shortage or delay in procuring our supplies.
Purchases from our five largest suppliers in 2024, 2025 and the six months ended June 30, 2026 were RMB43.7 million, RMB22.0 million and RMB14.1 million, respectively, representing 54.7%, 45.9% and 52.7% of our total purchases for the respective year/period.
Summary · p. 8
We believe that we maintain strong and stable relationships with our major suppliers.
Business · p. 204
All of our five largest suppliers in each year during the Track Record Period were Independent Third Parties.
For each period during the Track Record Period, our purchases from our five largest suppliers accounted for 48.6%, 50.0%, 52.0% and 63.3% of our total purchases in 2023, 2024, 2025 and four months ended April 30, 2026, respectively, while our purchase from the largest supplier accounted for 13.9%, 11.4%, 14.5% and 15.5% of our total purchases, respectively, for the same periods.
Business · p. 199
our Directors believe that, although we have a degree of reliance on a group of major suppliers as an independent memory product enterprise, we do not rely on any single supplier or a single country or region, and the likelihood of the relationship with our major suppliers across different countries or regions to be collectively subject to a material adverse change or termination is low.
Business · p. 204
To address the risk of reliance on any major suppliers and to support our business sustainability, we have adopted, and will continue to adopt, several strategies to diversify our supplier base and mitigate supplier concentration risk, including pricing risk arising from limited bargaining power.
We generally require at least two distinct sources for the same category of components except for high-power HPCR fuel injection pumps and high-power HPCR fuel injectors which are sourced from a single supplier.
Business · p. 121
Currently, we only source such components from Supplier B due to their high technical requirements and long development cycles.
Business · p. 122
We believe that alternative suppliers which can supply such components in comparable quantities, price and terms are available in the market, and we are working with certain domestic suppliers to develop such components.
In FY2023, FY2024, FY2025 and 3M2026, the aggregate purchases from our five largest suppliers were RMB256.1 million, RMB140.4 million, RMB136.0 million and RMB48.1 million, representing 59.5%, 45.2%, 37.9% and 63.5%, respectively, of our total purchases in each year/period during the Track Record Period.
Business · p. 158
The aggregate purchases from our five largest suppliers increased significantly in 3M2026, primarily due to increased procurement of computing power and cloud computing-related services to support our AI-related projects.
Business · p. 158
We generally have alternative suppliers available and are not dependent on any particular supplier.
Purchases from our five largest suppliers for the years ended December 31, 2024 and 2025 and June 30, 2026 were RMB7.2 million, RMB12.7 million and RMB9.4 million, respectively, representing 23.5%, 28.5% and 35.7% of our total purchases for the same periods.
Business · p. 191
During the Track Record Period, we have not experienced major disputes, encountered difficulties in procuring raw materials or services, faced operational disruptions due to shortages or delayed supplies, or experienced significant price fluctuations for raw materials or services.
Business · p. 191
To the best of our knowledge, (i) all of our five largest suppliers for each period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest suppliers for each period during the Track Record Period.
Purchases from our five largest suppliers in each year/period during the Track Record Period was RMB65.9 million, RMB42.5 million, RMB81.2 million and RMB94.9 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 45.2%, 56.1%, 63.5% and 56.3% of our total purchases for the same years/periods, respectively.
Summary · p. 10
We collaborate with multiple suppliers for each major product to ensure continuity of supply.
In the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers were RMB54.8 million, RMB40.0 million and RMB29.2 million, respectively, accounting for approximately 72.7%, 57.4% and 76.6%, respectively, of our total purchases for the respective periods.
Business · p. 213
In the same periods, purchases from our largest supplier were RMB17.9 million, RMB20.4 million and RMB15.7 million, respectively, accounting for approximately 23.7%, 29.3% and 41.1%, respectively, of our total purchases for the respective periods.
Business · p. 213
We maintain relationships with a diversified pool of qualified CRO and CDMOs and do not rely on any single such service provider.
In 2023, 2024, 2025, and the six months ended June 30, 2026, our top five suppliers together accounted for approximately 39.0%, 30.3%, 35.0%, and 37.6% of our total purchases, respectively.
Business · p. 155
We have a broad supplier base and are not materially dependent on any single supplier.
Business · p. 152
To mitigate raw material price and supply risks, we (i) implement long-term framework agreements with major suppliers of bulk chemical raw materials; (ii) conduct dynamic tracking of price trends for raw materials and adjust procurement and inventory strategies in response; and (iii) continue to enhance our upstream integration for selected raw materials where commercially and technically justified.
The purchases from our top five suppliers in each period during the Track Record Period were RMB13,905.7 million, RMB7,789.8 million, RMB8,222.5 million and RMB4,520.8 million, respectively, representing 24.9%, 14.7%, 14.9% and 19.2% of our total purchase amount in the same periods, respectively.
Business · p. 141
The purchases from our largest supplier in each period during the Track Record Period were RMB7,921.3 million, RMB4,549.6 million, RMB4,485.6 million and RMB1,994.5 million, respectively, representing 14.2%, 8.6%, 8.1% and 8.5% of our total purchase amount in the same periods, respectively.
Business · p. 141
To the best of our knowledge, save for CHINT Group, all of our five largest suppliers in each period during the Track Record Period were independent third parties.
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers, which were primarily CROs, CDMOs, other pharmaceutical companies and other service providers, in each year/period during the Track Record Period in aggregate accounted for 47.9%, 55.0%, 56.3% and 63.2% of our total purchases for the respective years/periods.
Business · p. 193
Our purchases from our largest supplier in each year/period during the Track Record Period accounted for 13.0%, 20.5%, 30.8% and 32.4% of our total purchases for the respective years/periods.
Business · p. 193
We generally contract with more than one supplier for each major type of material.
Our purchases from our five largest suppliers amounted to RMB30.4 million for 2024, RMB14.9 million for 2025 and RMB8.3 million for the six months ended June 30, 2026, representing 61.0%, 45.7% and 51.0% of our total purchases for the respective periods.
Summary · p. 6
Our purchases from our largest supplier alone accounted for 29.4%, 22.7% and 29.2% of our total purchases for 2024, 2025 and the six months ended June 30, 2026, respectively.
Summary · p. 6
Our purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB30.4 million, RMB14.9 million and RMB8.3 million, representing 61.0%, 45.7% and 51.0% of our total purchases for the respective periods, and our purchases from our largest supplier alone in each period during the Track Record Period accounted for 29.4%, 22.7% and 29.2% of our total purchases, respectively.
In 2024, 2025 and for the six months ended June 30, 2026, the aggregate purchases from our five largest suppliers were RMB8.6 million, RMB14.0 million and RMB8.6 million, representing 30.4%, 40.7% and 36.3% of our total purchases, respectively.
Business · p. 181
In each year during the Track Record Period, all of our five largest suppliers were Independent Third Parties.
Business · p. 184
To the best of our knowledge, as of the Latest Practicable Date, there was no information or arrangement that would lead to termination of our relationships with any of our major suppliers.
Purchases from our five largest suppliers accounted for 19.1%, 12.1%, 9.0% and 6.7%, respectively, of our total purchases in 2023, 2024 and 2025 and the three months ended March 31, 2026. Purchases from our largest supplier accounted for 8.9%, 3.6%, 2.2% and 2.3%, respectively, of our total purchases in 2023, 2024 and 2025 and the three months ended March 31, 2026.
Business · p. 191
We do not rely on any of our current suppliers as there are viable substitutes available on the market to meet our needs at a comparable price and quality.
Business · p. 192
We believe we have alternative sources for the supply of principal raw materials with comparable quality and prices.