For one of our key culture media products, we currently source from a limited number of international suppliers; however, we have completed process validation studies for alternative suppliers and intend to maintain at least three qualified supplier options upon NDA/BLA approval.
Business · p. 194
Moreover, we generally maintain approximately three months of inventory for our principal raw materials.
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 57.0% and 46.4% of our total purchases, respectively.
Business · p. 198
Our purchases from our largest supplier in each year during the Track Record Period amounted to RMB110.5 million and RMB31.4 million, representing 21.9% and 11.2% of our total purchases for the respective year.
Business · p. 198
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
For FY2023, FY2024 and FY2025, the percentage of our total purchases from our top supplier for each year during the Track Record Period amounted to approximately 8.9%, 11.8% and 18.9% respectively, while the percentage of our total purchases from our top five suppliers for each year during the Track Record Period combined amounted to approximately 31.7%, 37.5% and 56.2%, respectively.
Business · p. 141
We also collaborate with multiple suppliers to ensure a stable supply.
Business · p. 146
We have not committed to any minimum purchase amount with any of our suppliers.
Purchases from our five largest suppliers for the years ended December 31, 2023, 2024 and 2025 amounted to RMB283.9 million, RMB317.2 million and RMB405.3 million, accounting for 72.9%, 77.3% and 74.6%, respectively, of our total purchase amount for the respective periods.
Business · p. 120
According to Frost & Sullivan, the relatively high concentration of five largest suppliers during the Track Record Period aligns with industry norms in China.
Business · p. 122
We apply a rigorous evaluation process, including initial assessment, sample testing and small-batch trials, and maintain a list of qualified backup suppliers to mitigate single-source disruption risks.
During the Track Record Period, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB3,567.8 million, RMB8,702.8 million and RMB9,404.3 million, respectively, accounting for 16.5%, 31.0% and 29.8% of our total purchase, respectively, in 2023, 2024 and 2025.
Summary · p. 7
The increase in supplier concentration during the Track Record Period was mainly driven by the growth in procurement volume associated with the expansion of our imaging and display business.
Business · p. 167
To ensure the stability of our supply chain and mitigate the risk of supply disruptions, we maintain multiple qualified suppliers for each major material or product category, except where suppliers are designated by customers.
Purchase costs from our largest supplier in each year or period during the Track Record Period accounted for 7.1%, 8.0% and 8.0%, respectively, of our total purchases for the respective year or period.
Summary · p. 9
Purchase costs from our five largest suppliers in each year or period during the Track Record Period accounted for 25.4%, 26.8%, and 24.0%, respectively, of our total purchases for the respective year or period.
Business · p. 184
As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
Purchases from our five largest suppliers in each year of the Track Record Period accounted for 92.4%, 92.3% and 91.0% of our total purchases, respectively.
Business · p. 151
As we source a significant portion of wafers and packaging and testing services from our major suppliers, if our relationships with our major suppliers are terminated, interrupted, or modified in any way adverse to us, there may be material interruptions to our operations and business.
Business · p. 153
We dynamically allocate order volumes among our major suppliers to avoid over-reliance on any single entity.
In 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB47.3 million and RMB56.3 million, representing 46.5% and 37.9% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year accounted for 27.3% and 25.1% of our total corresponding purchases, respectively.
Business · p. 188
In addition, we believe that adequate alternative sources exist for these services and supplies, and we have developed alternative sourcing strategies based on supply continuity risk assessments.
Business · p. 187
All of our five largest suppliers in each year during the Track Record Period are Independent Third Parties.
According to Frost & Sullivan, this supplier concentration is in line with prevailing industry practice.
Business · p. 135
We maintain qualified alternative suppliers for all significant procurement categories, ensuring that the discontinuation of any individual supplier relationship would not materially impact our product development or production operations.
Business · p. 131
In 2023, 2024, and 2025, aggregate purchases from our five largest suppliers in each year during the Track Record Period were RMB239.5 million, RMB258.7 million, and RMB371.6 million, accounting for 74.7%, 68.4%, and 61.1% of our total amount of goods purchased, respectively.
Purchases from the five largest suppliers in each year during the Track Record Period amounted to RMB32.2 million, RMB23.9 million and RMB21.5 million in 2023, 2024 and 2025, respectively, accounting for 60.2%, 53.6% and 41.8% of our total purchase amounts for each of the corresponding years, respectively.
Business · p. 143
For risks related to the concentration of suppliers, see “Risk Factors — Risks Relating to Our Business and Industry — Our reliance on a limited number of suppliers for certain essential solutions and services could adversely affect our ability to manage our business effectively and subsequently harm our business.”
Business · p. 143
Throughout supplier selection and cooperation, we assess suppliers based on qualifications, product reliability, cost optimization potential and market competitiveness, while maintaining diversified sourcing channels to strengthen supply chain resilience.
In 2023, 2024 and 2025, purchases from our five largest suppliers accounted for 54.1%, 66.3% and 51.9% of our total purchases, respectively, and purchases from our largest supplier accounted for 35.9%, 55.6% and 46.2% of our total purchases, respectively.
Summary · p. 4
As our bargaining power arising from our large volume of purchase and our long-term relationships with such suppliers, we had been able to obtain a sufficient supply of NHPs at reasonable prices and had not experienced any major shortages that materially and adversely affected our operations during the Track Record Period.
Business · p. 161
We also entered into framework procurement agreements with certain research animal suppliers during the Track Record Period to ensure a stable supply and procurement price range of the relevant research animals.
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers for each year during the Track Record Period amounted to RMB2,615.5 million, RMB2,059.2 million, and RMB2,789.3 million respectively, representing 61.0%, 51.0% and 55.1% of our total purchases for the same periods, respectively.
Summary · p. 5
Purchases from our largest supplier for each year during the Track Record Period represented 23.5%, 29.3% and 31.6% of our total purchases for the same periods, respectively.
Business · p. 146
To mitigate our supplier concentration, we had established business relationships with more than 20 rare earth suppliers as of the Latest Practicable Date.
In 2023, 2024 and 2025, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB50.7 million, RMB71.0 million and RMB75.8 million, respectively, accounting for 40.1%, 38.7% and 32.6% of our total cost of sales, respectively.
Business · p. 163
Based on the foregoing, although our top five suppliers for each year during the Track Record Period accounted for a considerable portion of our total cost of sales for the same years, our Directors are of the view that we do not rely on any single supplier.
Business · p. 165
Our Directors confirm 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.
To mitigate single-source risk, we develop alternative suppliers early in the process of API procurement and, for other critical intermediates, maintain at least two backup suppliers.
Business · p. 197
As such, we did not encounter any material quality problems or receive defective products, nor did we experience any supply shortages that materially and adversely affected our business, financial condition or results of operations during the Track Record Period.
Business · p. 197
All of our top five largest suppliers in each year during the Track Record Period were Independent Third Parties.
For the years ended December 31, 2024 and 2025, the aggregate purchases attributable to our five largest suppliers in each year during the Track Record Period amounted to RMB31.3 million and RMB26.8 million, respectively, representing 39.5% and 27.6% of our total purchases for the respective periods.
Business · p. 207
We believe that we maintain stable relationships with our major suppliers.
Business · p. 207
All of our five largest suppliers in each year during the Track Record Period are independent third parties.
Purchases from our five largest suppliers in each year during the Track Record Period were RMB99.3 million, RMB81.6 million and RMB80.2 million, respectively, representing 19.3%, 14.9% and 14.0% of our total purchases for the same respective years.
Business · p. 116
To the best of our knowledge, our five largest suppliers in each year during the Track Record Period were all Independent Third Parties.
Business · p. 119
During the Track Record Period and up to the Latest Practicable Date, we did not experience any supply shortages that had a material adverse impact on our business, financial condition, or operating results.
Our purchases from the five largest suppliers in each year during the Track Record Period amounted to RMB16.0 million, RMB48.2 million and RMB78.4 million, representing 30.9%, 36.4% and 23.0% of our total purchases, respectively, and our purchases from the largest supplier in each year during the Track Record Period amounted to RMB5.7 million, RMB13.1 million and RMB20.3 million, representing 11.0%, 9.9% and 5.9% of our total purchases for the same year.
Business · p. 122
All of our five largest suppliers were Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders 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.
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB189.9 million and RMB131.8 million, respectively, representing 68.2% and 54.0% of our total purchases for the respective years; purchases attributable to our single largest supplier, Dongcheng Biochem, our Controlling Shareholder, in each year during the Track Record Period were RMB99.9 million and RMB94.3 million, respectively, accounting for 35.9% and 38.7% of our total purchases for the respective years.
Summary · p. 10
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB189.9 million and RMB131.8 million, representing 68.2% and 54.0% of our total purchases for the respective years.
Business · p. 207
To the best of our knowledge, other than Dongcheng Biochem, all of our five largest suppliers for each year during the Track Record Period are independent third parties, and 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 year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, charges from our five largest suppliers in each year for our key business operations accounted for 39.6%, 54.3% and 43.2% respectively, of our total purchase amount during those periods.
Business · p. 161
A substantial portion of our purchase amount of radar, LiDAR and cameras was attributed to limited number of suppliers during the Track Record Period, the main reason being that we have established relatively stable cooperative relationships with these suppliers, and these suppliers are industryleading in terms of price, technology and other aspects.
Business · p. 163
We do not rely on any single or limited number of suppliers for our critical components.
For the years ended December 31, 2023, 2024 and 2025, cost of sales from our five largest suppliers accounted for 99.1%, 88.4% and 95.4% of our total cost of sales, respectively, while our procurement of media resources from our largest supplier for each year of the Track Record Period accounted for 88.7%, 66.6% and 63.3%, respectively.
Summary · p. 5
For the years ended December 31, 2023, 2024 and 2025, media costs attributable directly to supplier A and supplier F accounted for 88.7%, 72.3% and 89.2% of our total cost of sales, respectively.
Business · p. 152
Our Directors believe that supplier A and supplier F terminating the complementary and mutually beneficial cooperation with us would not only lose China’s cross-border e-commerce industry customers and be detrimental to supplier A and supplier F’s advertising business expansion in China, but is also undesirable from a commercial perspective.