In the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers amounted to HK$214.0 million, HK$745.7 million, HK$589.0 million and HK$178.6 million, respectively, accounting for 94.2%, 97.7%, 95.8% and 82.8% of our total purchases, respectively.
Business · p. 288
Purchases from our largest supplier for the same periods, CCECC, amounted to HK$202.6 million, HK$727.1 million, HK$575.8 million and HK$69.7 million, respectively, representing 89.2%, 95.2%, 93.6% and 39.0% of our total purchases, respectively.
Business · p. 288
During the Track Record Period, all of our suppliers and contractors were engaged through the public tender process as required under relevant Kazakhstan laws and regulations and the SSU Code where such requirements were applicable.
During the Track Record Period, purchase from our top five suppliers amounted to RMB1,273.1 million, RMB1,243.7 million, RMB1,541.4 million and RMB801.8 million, accounting for 42.3%, 43.8%, 47.9% and 50.3% of our total purchase in 2022, 2023 and 2024, and the five months ended May 31, 2025, respectively.
Business · p. 238
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.
Purchases from our five largest suppliers (excluding construction service providers) during each year in 2022, 2023, 2024 and the three months ended March 31, 2025, amounted to RMB553.0 million, RMB1,086.4 million, RMB750.2 million and RMB186.0 million, respectively, accounting for 39.1%, 35.9%, 45.6% and 49.9% of our total purchases, respectively, during the same periods.
Business · p. 206
To ensure stable supply of raw materials, during the Track Record Period, we maintained multiple suppliers to prevent overdependence and believe that suitable alternatives for our suppliers can be readily found.
Business · p. 205
In response to the potential price increases from major suppliers, we primarily conduct secondary source evaluations to mitigate the impact on our raw material costs.
In 2023, 2024 and the five months ended May 31, 2025, the aggregate purchases attributable to our five largest suppliers in each year/period during the Track Record Period amounted to RMB93.1 million, RMB75.0 million, and RMB85.4 million respectively, representing 65.0%, 71.8% and 69.8% of our total purchases, respectively.
Business · p. 333
Purchases attributable to our single largest supplier amounted to RMB62.8 million, RMB50.4 million and RMB59.6 million for the same year/period, accounting for 43.9%, 48.3% and 48.7% of our total purchases, respectively.
Business · p. 333
Our CDMO partner has established a set of GMP and cGMP-compliant biopharmaceutical R&D and production system which is recognized by the CDE, FDA and EMA. It can provide stable and sufficient supply for the future global development and marketing of Efsubaglutide Alfa.
Our purchases from our five largest suppliers in each year/period during the Track Record Period were RMB170.8 million, RMB199.0 million and RMB19.8 million in each year/period during the Track Record Period, respectively, accounting for approximately 28.0%, 44.5% and 22.1%, respectively, of our total purchases for the respective periods.
Business · p. 322
To the best of our knowledge, all of our five largest suppliers during each year/period of the Track Record Period are Independent Third Parties.
Purchases from our five largest suppliers were RMB58.1 million, RMB27.2 million and RMB13.0 million in each year/period during the Track Record Period, respectively, representing 34.6%, 26.0% and 33.5% of our total purchases for the same year/period, respectively.
Business · p. 424
We believe that we maintain strong and stable relationships with our major suppliers.
Business · p. 424
Our principal raw materials are generally readily available in the market through a number of suppliers.
Our purchases from the five largest suppliers in each year of the Track Record Period accounted for 49.9%, 44.9% and 42.4% of our total purchases during the same years, respectively, and our purchases from the largest supplier accounted for 20.8%, 16.2% and 14.6% of our total purchases, respectively.
Summary · p. 9
To ensure the stability of supplies while maintaining supply consistency, we typically source each type of supplies from selected suppliers with several alternative options for backup.
In 2022, 2023 and 2024, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB209.8 million, RMB182.2 million, and RMB220.8 million, respectively, representing 89.3%, 86.9%, and 80.4% of our total purchases, respectively.
Business · p. 163
In 2022, 2023 and 2024, our aggregate purchases from Supplier A and Supplier B accounted for 75.5%, 69.3% and 59.1% of our total purchases, respectively.
Business · p. 166
Our Directors are of the view that our relationship with Supplier A and Supplier B is unlikely to materially adversely change or terminate, because (i) we have maintained a long-term and stable collaboration relationship with Supplier A and Supplier B for more than ten years, and (ii) during the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with Supplier A or Supplier B.
In 2022, 2023 and 2024, our purchases from our five largest suppliers in each year accounted for 38.1%, 50.4%, and 57.4% of our total cost of sales for the same year, respectively, with purchases from our largest supplier in each year accounting for 11.6%, 20.9%, and 29.0% of our total cost of sales for the same year, respectively.
Business · p. 221
According to F&S, it is common practice in the cloud-based communications services market for service providers to procure telecommunications services from other service providers.
Business · p. 222
In 2022, 2023 and 2024, the discount of average purchase costs of messaging services from purchases from service providers, as compared to the average purchase costs from purchases from telecommunications operators, ranged from more than 0.5% to less than 3%.
In 2022, 2023 and 2024, purchase of raw materials from our five largest suppliers amounted to RMB9,033.5 million, RMB17,224.6 million and RMB26,064.7 million, accounting for 23.7%, 37.4% and 43.6% of our total cost of sales in the respective periods.
Summary · p. 4
Our suppliers are mainly suppliers of raw materials and equipment. We have established and maintain stable and long-term relationships with these major suppliers.
Summary · p. 4
We have established rigorous processes for the selection, evaluation and management of our suppliers to ensure suppliers meet our quality and performance standards.
For the years ended 31 December 2022, 2023, and 2024, our purchases from our five largest suppliers were US$7.9 million, US$8.1 million, US$18.4 million, respectively, in each year accounted for 67.4%, 72.2% and 83.4% of our total purchases for the respective year.
Summary · p. 14
The purchases from our largest supplier were US$5.1 million, US$5.6 million and US$14.0 million in each year in the Track Record Period, respectively, in each year accounted for 44.0%, 50.2% and 63.5% of our total purchases for the respective year.
Business · p. 392
None of our Directors, their respective close associates and any Shareholder who, to the knowledge of our Directors, own more than 5% of the issued share capital of our Company have any interest in any of our top five suppliers.
In 2022, 2023 and 2024, purchases from our five largest suppliers in each year during the Track Record Period in aggregate amounted to RMB68.1 million, RMB57.3 million and RMB50.5 million, representing 43.6%, 40.4% and 32.5% of our total purchases for the same year, respectively, and purchases from our largest supplier in each year during the Track Record Period accounted for 17.0%, 13.1% and 10.7% of our total purchases for the same year, respectively.
Business · p. 254
For any given type of raw materials or supplies, we typically have multiple suppliers in order to obtain competitive prices from suppliers, maintain sourcing stability and avoid over-reliance risk.
Business · p. 258
Given that we have long-term supply collaboration in place with a majority of our key raw material suppliers, we believe our supply arrangements enable us to largely manage fluctuations of raw material prices, if any.
Charges from our largest supplier in 2022, 2023 and 2024 accounted for 20.8%, 18.0% and 12.6%, respectively, of our total purchase during those years.
Business · p. 232
Charges from our five largest suppliers in 2022, 2023 and 2024 accounted for 46.2%, 43.4% and 44.2%, respectively, of our total purchase during the same years.
Business · p. 232
To ensure the quality of our products, we strictly select suppliers to source and prioritize materials that meet industry standards.
In 2022, 2023 and 2024, purchases from our five largest suppliers amounted to RMB1,849.6 million, RMB3,689.0 million and RMB4,175.3 million, respectively, representing 79.9%, 89.2% and 88.9% of our total purchases, respectively.
Summary · p. 3
Accordingly, we believe our reliance on the Shanghai Gold Exchange for gold procurement is reasonable and aligns with the industry practice, and it is in our best interest to continue procuring gold from the Shanghai Gold Exchange.
Business · p. 222
To ensure a stable supply of gold, we chose to work with both members, mitigate potential risks associated with relying on a single member, fostering healthy competition while broadening our resources and procurement options.
Procurement from our five largest suppliers in each year of the Track Record Period represented 24.8%, 20.4%, and 26.4% of our total procurement, respectively, and procurement from our largest supplier in each year of the Track Record Period represented 7.1%, 5.9%, and 10.5% of our total procurement, respectively.
Summary · p. 9
We formulate our room reservation strategy for each center on a case-by-case basis including (i) the flexible arrangement which we mostly rely on to rapidly scale the business of individual centers; and (ii) the fixed-term hotel room reservation arrangement we enter into to obtain better rates.
Summary · p. 9
Our Directors confirm that our five largest suppliers during the Track Record Period were all Independent Third Parties and that none of our Directors, their respective close associates or any Shareholder (which to the knowledge of our Directors owned more than 5% of our share capital as of the Latest Practicable Date) had any interest, directly or indirectly in any of our five largest suppliers during the Track Record Period.
In each year during the Track Record Period, the aggregate purchases from our five largest suppliers in each of such year accounted for approximately 13.0%, 13.8% and 15.5%, respectively, of our total purchases, and the purchases from our largest supplier in each of such year accounted for approximately 4.8%, 3.7% and 4.0%, respectively, of our total purchases.
Business · p. 217
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. 217
The Directors confirm that we did not experience any material shortage of supply, raw material quality issue, disruptions, disputes or delays in relation to the supply of suppliers, or any material breach or early termination of our contractual arrangements with suppliers during the Track Record Period and up to the Latest Practicable Date.
For each year during the Track Record Period, purchases from our five largest suppliers collectively accounted for 34.4%, 39.0% and 46.6% of our total purchases, respectively, and for each year during the Track Record Period, purchases from our largest supplier accounted for 12.6%, 16.3% and 15.3% of our total purchases, respectively.
Summary · p. 14
To obtain favorable and stable purchase prices, we actively strengthen the communication with our suppliers, increase the purchase volume, so as to establish and maintain long-term and stable cooperative relations with those suppliers.
Financial Information · p. 549
As of the Latest Practicable Date, all of our five largest suppliers in each year during the Track Record Period were Independent Third Parties, and to the best of the knowledge of our Directors, none of our Directors, their respective associates or any shareholder who 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.
For the years ended December 31, 2023 and 2024, our purchases from our five largest suppliers in each year/period during the Track Record Period in aggregate accounted for 48.4% and 60.9% of our total purchases for the respective year, respectively, and our purchases from our largest supplier in each year during the Track Record Period alone accounted for 19.0% and 37.6% of our total purchases for the respective year, respectively.
Business · p. 394
In addition, we believe that adequate alternative sources for such supplies exist and we have developed alternative sourcing strategies for these supplies.
Business · p. 394
Other than the agreements with certain CROs, CMO or CDMOs, we order supplies and services on a purchase order basis and do not enter into long-term dedicated capacity or minimum supply arrangements.
The total purchase of our top five suppliers in each year amounted to approximately RMB79.3 million, RMB70.4 million and RMB55.9 million for FY2022, FY2023 and FY2024, respectively, representing approximately 26.1%, 26.7% and 22.3% of our total cost of sales during the same period.
Business · p. 244
We have developed stable relationships with our top five suppliers for the Track Record Period ranging from four to seven years.
Business · p. 244
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.
During the Track Record Period, purchases from our top five suppliers in each year amounted to RMB174.3 million, RMB216.3 million and RMB234.8 million, respectively, accounting for 33.1%, 20.0% and 27.4% of our total purchases in the respective year.
Summary · p. 7
We proactively take preventive measures including regularly monitoring the activities of promotional service providers and reviewing articles prepared by promotional service providers before the articles are posted.
Summary · p. 7
During the Track Record Period and up to the Latest Practicable Date, we had not experienced any significant fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers, or delay in delivery from our suppliers.