Our purchases from our five largest suppliers in aggregate accounted for 33.1% and 40.9% of our total purchases for the years ended December 31, 2024 and 2025, respectively, and 38.3% for the six months ended June 30, 2026.
Summary · p. 9
Our purchases from our five largest suppliers in aggregate accounted for 33.1%, 40.8% and 38.3% of our total purchases for the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, respectively.
Business · p. 208
Given our arrangements with CROs are generally project-based and non-exclusive, and comparable service providers are readily available in the market, our collaboration with CROs does not constitute undue reliance on CROs.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchase from our five largest suppliers in each period during the Track Record Period amounted to RMB5,272.8 million, RMB5,515.1 million, RMB6,948.9 million and RMB1,870.1 million, respectively, accounting for 88.0%, 85.9%, 86.8% and 84.7% of our total purchase in the same periods, respectively.
Business · p. 126
Purchases from our largest supplier in each period of the Track Record Period accounted for 51.6%, 47.6%, 47.4% and 47.6% of our total purchase, respectively.
Business · p. 126
All of our five largest suppliers during each year of the Track Record Period were Independent Third Parties.
Our purchases from our five largest suppliers for each period during the Track Record Period amounted to RMB301.9 million, RMB249.9 million, RMB302.3 million and RMB124.2 million, respectively, accounting for 60.6%, 57.0%, 52.1% and 44.4% of our total purchases, respectively.
Business · p. 192
During the Track Record Period, our suppliers primarily consisted of suppliers of CRO services and CDMO services.
Business · p. 192
To the best of our knowledge, (i) all of our five largest suppliers for each period during the Track Record Period were Independent Third Parties; (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest suppliers for each period during the Track Record Period.
In 2024, 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in each year in aggregate amounted to RMB31.9 million, RMB32.8 million and RMB16.9 million, representing 38.5%, 31.6% and 42.1% of our total corresponding purchases in such period, respectively.
Business · p. 186
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Business · p. 186
None of our Directors, their respective associates or any Shareholders who, to the best knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest suppliers for each year during the Track Record Period.
For FY2023, FY2024, FY2025 and 6M2026, total purchases from our top five suppliers in each year/period during the Track Record Period amounted to RMB6.9 million, RMB9.0 million, RMB8.3 million and RMB3.9 million, respectively, representing 34.9%, 38.9%, 25.7% and 23.0% of our total purchase amount during the respective years/period.
Business · p. 159
We generally procure various services from suppliers through non-exclusive supply agreements and we have established long-term relationships with our suppliers with reliable supply channels.
Business · p. 159
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our top five suppliers in each year/period during the Track Record Period were Independent Third Parties.
The aggregate purchases from our five largest suppliers in each year/period during the Track Record Period was RMB652.3 million, RMB772.9 million, RMB1,451.4 million, and RMB876.7 million, representing 24.2%, 23.0%, 26.4%, and 26.3% of our total purchase amount for the respective year/period.
Summary · p. 4
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the purchases from our largest supplier in each year/period during the Track Record Period was RMB173.0 million, RMB222.0 million, RMB441.0 million, and RMB275.5 million, respectively, representing 6.4%, 6.6%, 8.0%, and 8.3% of our total purchase amount for the respective year/period.
Business · p. 174
We actively mitigate concentration risk among third-party manufacturing partners through a diversified “1+N” supplier strategy, under which each key category or process is supported by one primary supplier and multiple backup suppliers, with procurement volumes distributed across a broader supplier base to avoid over-reliance.
In 2023, 2024, 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period were RMB101.3 million, RMB138.1 million, RMB155.2 million and RMB139.1 million, respectively, accounting for 30.7%, 27.7%, 30.4% and 35.8% of our total purchases, respectively.
Business · p. 153
To address this, we have established a standardized procurement process and maintain multiple qualified suppliers for critical materials, enabling us to mitigate supply risks and avoid overreliance on any single source.
Financial Information · p. 202
We maintain safety stock and multiple supply routes for domestic and overseas deliveries to mitigate supply chain risks.
Purchase amounts from our largest supplier in each year/period during the Track Record Period were RMB191.9 million, RMB128.0 million, RMB292.0 million and RMB165.8 million respectively, accounting for 38.1%, 31.1%, 41.6% and 45.8% of our total purchase amounts, respectively.
Business · p. 158
Our supplier base is concentrated because our key raw materials and services, particularly wafers and tape-out services, are capacity-driven and require suppliers with specific technology capabilities, stable delivery performance and qualification history.
Business · p. 160
According to F&S, high supplier concentration is common and considered an industry norm for fabless cellular IoT chip design companies like us, given the specialized nature of high technical thresholds, massive capital investment, and complex supply chain coordination required for semiconductor manufacturing.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers in each period during the Track Record Period were RMB36.1 million, RMB43.4 million, RMB63.9 million and RMB20.4 million, respectively, accounting for 22.6%, 24.5%, 24.8% and 27.7% of our total purchase amounts for the same periods, respectively.
Business · p. 192
We also maintain a level of supplier diversification in key categories of materials and components to reduce overreliance on any single vendor and to enhance supply chain resilience.
In 2024 and 2025 and for the six months ended June 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB122.2 million, RMB117.2 million and RMB44.3 million, representing 59.9%, 58.3% and 29.7% of our total purchases for the respective year/period.
Summary · p. 7
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
In 2024, 2025, and the six months ended June 30, 2026, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB21.9 million, RMB47.2 million, and RMB34.5 million, representing 39.1%, 46.3% and 39.6% of our total purchases, respectively.
Business · p. 203
We consider our arrangements with suppliers to be conducted in the ordinary course of business and have not experienced any material adverse impact arising from such arrangements.
Business · p. 203
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Our purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB18.7 million, RMB11.8 million, RMB15.7 million and RMB8.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 53.7%, 36.7%, 27.1% and 30.0% of our total purchase amount, respectively.
Summary · p. 7
Our purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB18.7 million, RMB11.8 million, RMB15.7 million and RMB8.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 53.7%, 36.7%, 27.1% and 30.0% of our total purchase amount, respectively.
Business · p. 162
(ii) the services provided by our suppliers are generally not exclusive in nature, and alternative suppliers are generally available in the market.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in each year/period amounted to RMB124.3 million, RMB97.4 million, RMB184.3 million and RMB127.6 million, respectively, representing 91.3%, 76.8%, 67.0% and 65.3% of our total purchase amounts for the same periods, respectively; our purchases from our largest suppliers in each respective period amounted to RMB56.3 million, RMB45.5 million, RMB84.4 million and RMB72.6 million, representing 41.3%, 35.9%, 30.7% and 37.1% of our total purchase amounts for the same periods, respectively.
Business · p. 146
Given the precious metal nature of silver, which has a relatively high unit price, such purchases contributed substantially to our total purchase amounts during the Track Record Period.
Business · p. 149
To enhance our supply chain resilience, we aim to diversify our supplier base and maintain strategic partnership with our suppliers to ensure stable supply of raw materials.
During the Track Record Period, the total amount purchased from our top five suppliers in each year or period during the Track Record Period amounted to RMB38.3 million, RMB29.1 million, RMB20.2 million and RMB15.1 million in 2023, 2024 and 2025 and the six months ended June 30, 2026, respectively, representing 28.6%, 25.4%, 18.3% and 20.5% of our total purchase amount for the respective periods.
Business · p. 157
We seek to manage supplier concentration and the impact of cost fluctuations through various measures, such as maintaining a diversified supplier pool, obtaining competitive quotations where appropriate, and negotiating commercial terms.
Business · p. 156
During the Track Record Period, all of our top five suppliers in each year or period during the Track Record Period were Independent Third Parties.
In 2023, 2024, 2025 and for the five months ended May 31, 2026, our purchases from our five largest suppliers in each year/period during the Track Record Period accounted for 26.1%, 14.3%, 33.5% and 34.0% of our total purchases for the same years/periods, respectively.
Summary · p. 3
We procure raw materials and components from third-party suppliers and manage supplier risk through multi-sourcing and ongoing evaluation.
Business · p. 129
We maintain multiple sources for our raw materials to minimize potential interruptions to our business operations and avoid over-reliance on any single supplier.
Our purchases from our five largest suppliers in each period during the Track Record Period were RMB23.6 million, RMB30.1 million, RMB28.5 million and RMB29.2 million, respectively, representing 24.4%, 22.0%, 23.3% and 28.2% of our total purchases, respectively.
Business · p. 175
The purchases from our largest supplier in each period during the Track Record Period were RMB6.5 million, RMB8.1 million, RMB6.6 million and RMB12.1 million, respectively, representing 6.7%, 5.9%, 5.4% and 11.6% of our total purchases, respectively.
Business · p. 175
As of the Latest Practicable Date, to our best knowledge, none of our Directors, their associates or any of our Shareholders (who or which, to the best knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in aggregate accounted for 34.5%, 37.3% and 40.9% of our total purchases, respectively, and our purchases from our largest supplier alone accounted for 12.2%, 15.0% and 22.9% of our total purchases, respectively.
Business · p. 204
All of our five largest suppliers during the Track Record Period are Independent Third Parties, and none of our Directors, their respective associates nor any shareholder who, to the knowledge of our Directors, 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 during the Track Record Period.
Business · p. 204
We believe that there are adequate alternative sources with comparable quality and prices for major supplies that we procure for our operations.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers were RMB23,911.4 million, RMB8,757.1 million, RMB9,114.1 million and RMB4,581.9 million, respectively, representing 75.5%, 48.1%, 34.9% and 37.0% of our total purchases, respectively.
Summary · p. 4
In addition, purchases from our largest supplier accounted for 36.4%, 18.9%, 12.0% and 8.8% of our total purchases in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Business · p. 137
To ensure the stability of our supply chain, we generally maintain two or more qualified suppliers for each of our core raw materials.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers amounted to RMB1,701.0 million, RMB1,423.3 million, RMB1,555.1 million and RMB430.4 million, respectively, accounting for 58.3%, 47.8%, 45.1% and 41.6% of our total purchases in the respective periods.
Summary · p. 3
2024 and 2025 and the three months ended March 31, 2026, purchases from our largest supplier amounted to RMB773.9 million, RMB350.4 million, RMB479.7 million and RMB126.6 million, accounting for 26.5%, 11.8%, 13.9% and 12.3% of our total purchases in the respective periods.
In 2023, 2024, 2025 and the five months ended May 31, 2026, purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB32,703.8 million, RMB36,723.3 million, RMB39,568.1 million and RMB17,795.9 million, respectively, representing 10.8%, 10.1%, 10.6% and 13.0% of our total purchases, respectively.
Business · p. 124
All of our five largest suppliers during each period of the Track Record Period were Independent Third Parties.