For the years ended March 31, 2024, 2025 and 2026, our five largest suppliers accounted for 84.8%, 85.9% and 84.5% of our total purchases, respectively.
Summary · p. 4
We believe we have sufficient alternative suppliers that can provide us with substitutes of comparable quality and prices.
Business · p. 146
In order to reduce dependence on any single supplier, we may choose from multiple suppliers for our raw materials.
In 2023, 2024 and 2025 and the five months ended May 31, 2026, our purchases from our five largest suppliers in each year/period in aggregate accounted for 64.4%, 58.3%, 51.9% and 48.9% of our total purchases for the respective period. Our purchases from our largest supplier in each year/period accounted for 26.1%, 28.4%, 23.5% and 19.5% of our total purchases for the respective period.
Business · p. 184
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.
Business · p. 187
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material disputes with our suppliers, difficulties in the procurement of raw materials or services, disruptions to our operations due to a shortage of or delay in supply of raw materials or services, or significant fluctuations in raw material and/or service prices.
Purchases from our largest supplier in each year/period during the Track Record Period accounted for 51.1%, 47.9%, 68.7%, and 75.1% of our total amount of purchase, respectively, while our five largest suppliers in each year/period during the Track Record Period accounted for 97.7%, 98.3%, 98.3%, and 99.8% of our total amount of purchase during the respective years.
Business · p. 138
Lanzhou Jinchuan (蘭州金川), Zhejiang Hongda (浙江宏達), Jiangsu Jinji (江蘇金集), Shanghai Zhebo (上海浙鉑), and Tongbai Hongxin (桐 柏泓鑫) were our primary supplies of silver nitrate from 2023 to 2024 and Lanzhou Jinchuan (蘭州金川) and Hunan Zhongwei Xinyin Material Technology Co., Ltd.* (湖南中偉新銀材料科技有限公司) (''Zhongwei Xinyin'') were our main suppliers of silver nitrate for 2025 and the five months ended 31 May 2026.
Silver nitrate supply is inherently concentrated in China, according to Frost & Sullivan. Therefore, we believe that the concentration level of our suppliers of silver nitrate is primarily due to the structural characteristics of the industry.
For the years ended December 31, 2023, 2024, 2025 and the five months ended May 31, 2026, purchases from our five largest suppliers amounted to RMB359.8 million, RMB397.3 million, RMB493.3 million and RMB218.8 million, respectively, representing 80.5%, 81.1%, 71.3% and 70.1% of our total purchases, respectively.
Business · p. 151
In 2023, 2024, 2025 and the five months ended May 31, 2026, our purchases from Supplier A were RMB131.9 million, RMB233.6 million, RMB82.7 million and RMB2.6 million, respectively, representing 29.5%, 47.7%, 12.0% and 0.8%, respectively, of our total purchases for the same periods.
Business · p. 153
As we source a significant portion of foundry-manufactured wafers from these suppliers, if our relationship with any of these suppliers is terminated, interrupted, or modified in any way adverse to us, there may be material interruptions to our operations and business.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchase from our five largest suppliers in each year/period amounted to RMB509.7 million, RMB284.2 million, RMB323.6 million and RMB212.9 million, respectively, accounting for 75.4%, 82.1%, 81.6% and 86.8% of our total purchase, respectively.
Business · p. 167
In 2023, 2024, 2025 and the three months ended March 31, 2026, our total purchases from Supplier A amounted to RMB184.7 million, RMB130.9 million, RMB116.0 million and RMB127.3 million, respectively, representing 27.3%, 37.8%, 29.2% and 51.9% of our total purchases for the same periods.
Business · p. 170
Our Directors believe that our relationship with Supplier A is unlikely to deteriorate or terminate, given that (i) we have maintained a stable and mutually beneficial collaboration; and (ii) we did not have material disputes with Supplier A during the Track Record Period and up to the Latest Practicable Date.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers was RMB272.0 million, RMB285.2 million, RMB326.2 million and RMB101.2 million, representing 51.7%, 47.2%, 44.4% and 41.6% of our total purchases, respectively.
Business · p. 124
None of our Directors and their respective associates or our Shareholders who hold more than 5% of our total issued Shares had any interest in our five largest suppliers during the Track Record Period.
Business · p. 124
To ensure the stability of our supply chain, we generally maintain two or more qualified suppliers for each of our core raw materials.
In 2024, 2025 and the five months ended May 31, 2026, purchases from our five largest suppliers in aggregate accounted for 58.6%, 43.4% and 38.8% of our total purchases, respectively, for each year/period during the Track Record Period.
Business · p. 203
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
Business · p. 203
All of our five largest suppliers during the Track Record Period are Independent Third Parties.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers amounted to RMB3,560.2 million, RMB3,241.4 million, RMB3,886.4 million and RMB1,405.4 million, accounting for 25.7%, 20.1%, 19.1% and 20.8% of our total purchases in the respective years/periods.
Summary · p. 6
During the Track Record Period, to the best knowledge of our Directors, none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest suppliers in any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Purchases from our largest supplier for the years/periods ended December 31, 2023, 2024 and 2025, and the four months ended April 30, 2026, accounted for 16.9%, 14.0%, 12.6% and 11.2% of our total purchase amount for the respective periods.
Business · p. 160
As we procured raw materials and certain services from a relatively small number of suppliers, we are subject to supplier concentration risk.
Business · p. 164
We operate a qualified-supplier system and multi-sourcing strategy for key materials to strengthen supply stability and cost competitiveness.
In 2023, 2024, 2025 and the four months ended April 30, 2026, purchases from our five largest suppliers amounted to RMB3,808.5 million, RMB4,182.5 million, RMB6,616.4 million and RMB4,310.2 million, respectively, representing 43.5%, 49.4%, 55.5% and 63.0% of our total purchases, respectively.
Business · p. 170
We have established deep collaboration with industry-leading companies across our supply chain, including (i) globally leading memory manufacturers and controller suppliers for our raw material supply, (ii) foundries such as United Semiconductor (Xiamen) Co., Ltd. (“USC”) for the wafer processing and (iii) OSAT providers such as Orient Semiconductor Electronics, Ltd. (“OSE”) and Payton Technology (Shenzhen) Co., Ltd. (“PTN”) for (a) assembly and testing, and (b) SMT and testing.
Business · p. 139
We have supplier management policy to ensure supply chain stability, cost efficiency, and quality compliance.
In 2024, 2025 and four months ended April 30, 2026, our purchases from our five largest suppliers in each year/period during the Track Record Period were RMB28.3 million, RMB13.9 million and RMB3.6 million, accounting for approximately 36%, 30% and 40% of our total purchases for the respective years/periods.
Business · p. 207
We have established stable relationships with qualified suppliers for raw materials and R&D services, and we are confident they can meet our needs.
Business · p. 206
Generally no exclusivity or minimum purchase obligations are stipulated
During the Track Record Period, purchases from our five largest suppliers were RMB299.1 million, RMB408.2 million, RMB712.0 million, and RMB275.3 million, representing 35.0%, 34.9%, 41.7%, and 46.6% of our total purchases in 2023, 2024, 2025 and three months ended March 31, 2026, respectively.
Summary · p. 4
All of our five largest suppliers were Independent Third Parties during the Track Record Period.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period were RMB6,862.5 million, RMB9,249.1 million and RMB12,718.6 million, respectively, accounting for 88.4%, 65.3% and 55.5% of our total purchase amount in the same year, respectively.
Business · p. 158
We work with strategic partners including Yinwang and CATL to supply our vehicles with intelligent vehicle solutions and batteries.
During the same years, purchases from our largest supplier, Hanmi Group, amounted to USD141.2 million, USD112.6 million and USD112.9 million, respectively, equivalent to 57.5%, 52.6%, and 58.6% of our total purchases during the respective years.
Business · p. 150
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in each year amounted to USD168.1 million, USD137.3 million and USD126.0 million, respectively, equivalent to 68.5%, 64.1% and 65.5% of our total purchases during the respective years.
Business · p. 150
We have implemented, and intend to continue to implement, measures to diversify our product portfolio, supplier base, business partners, channels and revenue streams in order to reduce reliance on Hanmi Group and other entities in which Mr. Lim and his close associates have interests.
In 2023, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 21.3%, 24.9% and 32.3% of our total purchases, respectively, and purchases from our largest supplier accounted for 6.3%, 5.5% and 12.0% of our total purchases, respectively.
Business · p. 167
We believe that we would be able to find alternative suppliers if required, given the relatively homogeneous nature of our supplies, procurement capabilities and relatively large supplier base in the market.
In 2023, 2024 and 2025, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB2.2 million, RMB11.4 million and RMB117.3 million, accounting for 100.0%, 87.6% and 70.8% of our total purchase for the respective years.
Summary · p. 10
The significant growth in procurement reflects our rapid expansion in computing resource consumption to support increasing service demand.
Summary · p. 10
Our heterogeneous compatibility also reduces our dependence on any single computing resource provider, improving supply chain resilience and our ability to manage input cost volatility.
During the Track Record Period, purchases from our five largest suppliers in each year amounted to RMB153.8 million, RMB235.9 million and RMB282.3 million, respectively, representing 83.2%, 93.1% and 90.6% of our total purchases, respectively.
Business · p. 117
In 2023, 2024 and 2025, our aggregate purchases from Supplier A and Supplier B accounted for 61.6%, 72.1% and 67.9% of our total purchases, respectively.
Business · p. 118
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 relationship with Supplier A and Supplier B for around 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.
Purchases from our five largest suppliers in each period of the Track Record Period represented 19.0%, 17.7% and 18.0% of our total purchases, respectively.
Summary · p. 5
We maintain a list of qualified suppliers for raw materials and typically engage multiple suppliers for each major raw material to reduce reliance on any single supplier.
Business · p. 127
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their respective associates, nor any shareholders of our Company (who or which to the knowledge of the Directors owned more than 5% of the Company’s issued share capital) had any interest in any of our five largest suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year of the Track Record Period amounted to approximately RMB518.7 million, RMB875.3 million and RMB547.3 million, respectively, accounting for approximately 56.7%, 74.4% and 48.5%, respectively, of our total purchases for the same years.
Summary · p. 3
During the Track Record Period, we made significant purchases from Supplier A, our largest supplier for each year of the Track Record Period.
Business · p. 175
according to Frost & Sullivan, it is common in the data center energy management solutions industry to have relatively high concentration of suppliers, primarily because the supply of core equipment such as liquid cooling equipment and diesel generators is relatively concentrated;