For the years ended December 31, 2023, 2024 and 2025, our purchases from the five largest suppliers in each year of the Track Record Period accounted for 39.3%, 42.2% and 43.1% of our total purchases, respectively, and our purchases from the largest supplier in each year of the Track Record Period accounted for 9.3%, 17.4% and 20.7% of our total purchases, respectively.
Summary · p. 6
Our purchase amount of procurement of healthcare products and other products from TRT Group increased from RMB38.6 million in 2023 to RMB146.4 million in 2024, and further to RMB170.3 million in 2025, primarily due to the procurement of Tong Ren Tang branded Angong Niuhuang Pills series by SXT Pharmacies.
Summary · p. 6
In 2023, 2024 and 2025, our purchases from Zhejiang Sanxitang TCM amounted to RMB86.9 million, RMB39.6 million and RMB37.9 million, respectively, accounting for 9.3%, 4.2% and 4.0%, respectively, of our total purchases for the same years, primarily because (i) Zhejiang Sanxitang TCM had extensive product offerings of high quality, enjoying wide brand awareness and recognition in local markets;
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB689.7 million, RMB221.4 million and RMB947.2 million, accounting for 76.3%, 47.0% and 48.4% of our total purchases in the respective periods.
Summary · p. 4
Battery cells are a critical raw material for our ESS products, and we source them only from selected, industry-recognized suppliers that meet our stringent standards for quality, safety, consistency and long-term performance.
Business · p. 159
The relatively high concentration in 2023 was primarily attributable to the early stage of our business development.
During the Track Record Period, our purchases from our five largest suppliers in each year accounted for 71.3%, 64.4% and 63.0% of our total purchases in 2023, 2024 and 2025, respectively, while our purchase from the largest supplier in each year accounted for 39.7%, 33.8% and 31.9% of our total purchases, respectively, for the same year.
Business · p. 173
In 2023, 2024 and 2025, our total purchases from Supplier A were approximately RMB270.5 million, RMB284.0 million and RMB327.7 million, respectively, which accounted for approximately 39.7%, 33.8% and 31.9% of our total purchases, respectively.
Business · p. 190
This process requires high dependency on suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period were RMB130.7 million, RMB137.6 million and RMB119.0 million, respectively, accounting for 36.6%, 43.3% and 34.8% of our total purchases, respectively.
Summary · p. 5
We maintain multiple qualified suppliers for key materials and components to reduce supply chain risks and avoid over-reliance on any single supplier.
Business · p. 139
For certain core components and equipment, including imported items, we have progressively introduced alternative domestic suppliers and implemented dual-sourcing arrangements where feasible.
Purchases from our five largest suppliers in each year during the Track Record Period in aggregate amounted to RMB317.6 million, RMB230.6 million and RMB832.8 million, accounting for 65.4%, 61.9% and 81.1% of our total purchases for the respective years.
Business · p. 179
Pharmaceutical products are typically subject to exclusive rights arrangements — the supply of a given product is generally restricted to the relevant rights holder, marketing authorization holder, or its designated manufacturer, and accordingly, each product can typically only be procured from a single or very limited number of authorized sources.
Business · p. 179
Furthermore, we have entered into long-term supply arrangements with our major suppliers to ensure stable product supply, and we continue to expand our product portfolio and broaden our supplier base through ongoing business development efforts.
Our top five suppliers collectively accounted for 45.1%, 47.9% and 51.9% of our total purchase amount in 2023, 2024 and 2025 respectively.
Business · p. 151
To strengthen supply resilience and reduce exposure to price volatility, we have established a multi-supplier strategy for key raw materials, maintaining approximately 35 alternative suppliers in the PRC for each key raw material category.
Business · p. 150
We maintained a diversified pool of more than 50 raw material suppliers as of December 31, 2025, covering our principal inputs including resin, paint, and packaging materials.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB604.3 million, RMB680.8 million and RMB210.3 million, respectively, representing 92.2%, 84.6% and 41.7% of our total purchases in the corresponding years.
Summary · p. 5
For the same years, our purchases from our largest supplier amounted to RMB529.1 million, RMB616.5 million and RMB122.3 million, respectively, representing 80.8%, 76.6% and 24.3% of our total purchases in the corresponding years.
Summary · p. 5
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB604.3 million, RMB680.8 million and RMB210.3 million, respectively, representing 92.2%, 84.6% and 41.7% of our total purchases in the corresponding years.
Our top five suppliers in each year during the Track Record Period in aggregate accounted for 52.1%, 43.5% and 38.7% of our total purchases in 2023, 2024 and 2025, respectively.
Summary · p. 9
Our largest supplier provides cloud services on which our e-commerce secure operation products are premised.
Summary · p. 9
During the Track Record Period, our two largest suppliers were Supplier A and Supplier B, both of which are independent third parties that provide cloud services to us.
In 2023, 2024 and 2025, purchases from our five largest suppliers for each year amounted to RMB154.6 million, RMB214.5 million and RMB197.4 million, respectively, accounting for 90.9%, 84.8% and 84.0% of our total purchases for the corresponding year, respectively.
Business · p. 147
Such concentration was largely attributable to the concentrated scope of qualified companies in the semiconductor industry, brought by entry barriers such as high capital investment and high technical thresholds for semiconductor manufacturing.
Business · p. 149
We do not believe there is material supplier reliance risk, considering that (i) each of our materials was procured from, or backed up by, multiple suppliers to avoid over-reliance on any single supplier; and (ii) we have diversified our supplier base, including by commencing wafer production verification and tape-out with new foundries in recent years.
Purchases from our five largest suppliers in aggregate were RMB39.8 million and RMB48.3 million for 2024 and 2025, respectively, representing 43.5% and 35.4% of our total purchases for the respective years.
Summary · p. 9
During the Track Record Period, 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.
Business · p. 221
During the Track Record Period, none of our five largest suppliers was a related party to us.
During the Track Record Period, purchases from our five largest suppliers in each year amounted to RMB127.6 million, RMB143.1 million and RMB486.8 million, respectively, representing 75.3%, 68.6% and 71.0% of our total purchases, respectively.
Summary · p. 5
All of our five largest suppliers during each year of the Track Record Period were Independent Third Parties during the Track Record Period.
Business · p. 126
According to Frost & Sullivan, there are a large number of trading companies supplying the relevant raw materials in the industry, such that our procurement from such trading companies does not give rise to any reliance on any single supplier, and our practice of selecting among different trading companies based on commercial considerations is in line with industry practice.
Our aggregate purchases from our five largest suppliers in 2023, 2024 and 2025 amounted to RMB1,008.9 million, RMB943.7 million and RMB1,035.4 million, respectively, representing 76.2%, 79.7% and 82.8% of our total purchases, respectively.
Summary · p. 7
We maintain stable and long-term relationships with major social media platforms, enabling us to support customers’ marketing needs in a multi-platform and diversified environment.
Financial Information · p. 202
Our Directors confirm that we have not experienced any significant fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers or material delay in delivery of our orders from our suppliers during the Track Record Period.
During the Track Record Period, purchases attributable to our five largest suppliers amounted to RMB139.9 million, RMB511.6 million and RMB474.8 million in 2023, 2024 and 2025, respectively, representing 22.6%, 45.4% and 47.8% of our total purchases for the corresponding periods.
Business · p. 171
During the Track Record Period, the purchase amount attributable to our largest supplier was RMB45.1 million, RMB351.5 million and RMB333.0 million in 2023, 2024 and 2025, respectively, representing 7.3%, 31.2% and 33.5% of our total purchases for the corresponding periods.
Business · p. 171
Such key partners include but are not limited to our major customers such as leading online music platforms and major suppliers such as third-party music copyright suppliers from whom we acquired or licensed music copyrights to enrich our music catalogue.
In 2023, 2024 and 2025, the aggregate purchases from our top five suppliers in each year during the Track Record Period amounted to RMB124.5 million, RMB179.3 million and RMB198.7 million, respectively, which accounted for 66.6%, 61.2% and 54.0% of our total purchases for the same periods, respectively.
Summary · p. 6
To mitigate our supplier concentration, we have adopted a disciplined and diversified procurement strategy to ensure supply stability and cost efficiency.
Business · p. 152
In addition to our major suppliers, we have also established long-term and stable cooperation with other feed and sturgeon suppliers through annual and multi-year framework agreements.
Purchases from our five largest suppliers in each year, calculated on the group level with entities controlled by the same group combined together, amounted to RMB26.2 million, RMB15.1 million and RMB14.2 million in 2023, 2024 and 2025, respectively, representing 35.7%, 22.8% and 21.3% of our total purchases for the corresponding periods.
Business · p. 182
We produce immunized equine plasma used in the manufacturing of our Human TAT in-house, which is our primary source of raw materials.
Business · p. 167
Our principal raw materials are generally readily available in the market through multiple suppliers. We believe we have alternative sources for these materials that offer comparable quality and pricing.
In 2023, 2024 and 2025, the total purchase amount from our top five contractual manufacturers for each year during the Track Record Period (together, the “Major Contractual Manufacturers”) amounted to RMB66.8 million, RMB122.4 million and RMB105.7 million, respectively, accounting for 78.0%, 50.5% and 38.8% of our contractual manufacturing costs for the same year.
Business · p. 144
This strategic approach enables us to secure reliable production capacity, ensuring consistency in production processes and thereby enhancing our overall product quality control.
In 2023, 2024, 2025, and for the three months ended March 31, 2026, purchases from our five largest suppliers accounted for 46.6%, 41.3%, 36.8%, and 33.7% of our total purchases, respectively, and purchases from our largest supplier accounted for 17.2%, 11.3%, 17.5%, and 12.3% of our total purchases, respectively.
Summary · p. 7
In 2023, 2024, 2025, and for the three months ended March 31, 2026, purchases from our five largest suppliers amounted to RMB84.4 million, RMB95.6 million, RMB145.6 million, and RMB19.0 million, respectively, representing 46.6%, 41.3%, 36.8%, and 33.7% of our total purchases, respectively.
Business · p. 156
We have adopted a structured supplier management mechanism which includes supplier admission, periodic evaluation, price benchmarking, conflict checks and documentation management.
During the Track Record Period, purchases from our five largest suppliers amounted to RMB16.9 million and RMB16.0 million in 2024 and 2025, accounting for 42.7% and 41.5% of our total purchases for the same years, respectively.
Business · p. 191
Purchases from our single largest supplier amounted to RMB6.8 million and RMB6.7 million in 2024 and 2025, accounting for 17.1% and 17.3% of our purchases for the same years, respectively.
Business · p. 191
To the best of our knowledge, the top five largest suppliers in each year during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB157.3 million, RMB683.3 million and RMB864.3 million, respectively, representing 62.6%, 72.5%, and 56.6% of our total purchases, respectively.
Business · p. 154
During the Track Record Period and up to the Latest Practicable Date, to the best of our knowledge, all of our five largest suppliers were Independent Third Parties, and none of our Directors, their respective associates, or any shareholders of our Company (who or which to the knowledge of our Directors owned more than 5% of our Company’s issued share capital) had any interest in any of our five largest suppliers.
Purchases from our five largest suppliers during the Track Record Period amounted to RMB265.3 million, RMB304.8 million and RMB341.7 million, respectively, representing 40.6%, 34.0% and 28.2% of our total purchases, respectively.
Business · p. 199
We rely on channel partners to expand consumer base and market footprints.
Business · p. 176
In addition, we have strengthened our internal compliance requirements and enhanced our supplier selection process mechanism.