For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in each period in aggregate amounted to RMB1,128.1 million, RMB1,058.4 million and RMB1,163.4 million, respectively, representing 14.0%, 11.3% and 13.2% of our total purchases in the corresponding periods.
Business · p. 160
For the same period, our purchases from our largest supplier amounted to RMB468.5 million, RMB296.0 million and RMB314.4 million, respectively, representing 5.8%, 3.2% and 3.6% of our total purchases in the corresponding periods.
Business · p. 160
To minimize the risk of reliance on any single supplier and maintain sourcing stability and bargaining power, we generally retain multiple suppliers for our principal raw materials and equipment.
In the years ended 31 December 2023, 2024 and 2025, purchases from our top five suppliers in each year amounted to RMB499.7 million, RMB715.4 million and RMB919.3 million, respectively, representing 47.5%, 44.2% and 48.0% of our total purchases of raw materials, respectively.
Business · p. 147
In addition, we have developed a supplier selection and evaluation procedure and maintain a list of qualified suppliers each year to ensure that the supply of main raw and auxiliary materials will not be affected by any unforeseeable circumstances.
Business · p. 151
Additionally, we maintain supply chain safety and stability through partnerships and long-term agreements with our suppliers.
Purchases from our largest supplier in 2024 and 2025 accounted for 10.3% and 17.2%, respectively, of our total purchase of those years. Purchases from our five largest suppliers in each year during the Track Record Period accounted for 38.8% and 37.0%, respectively, of our total purchases for each of the same periods.
Business · p. 224
A majority of our raw materials are widely available, and we are able to purchase them from numerous suppliers according to our product development plans.
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB3,817.6 million, RMB3,600.9 million and RMB7,726.3 million, respectively, accounting for 69.3%, 63.1% and 76.6% of our purchases for the same years.
Business · p. 149
For major raw materials such as cathode copper, we typically enter into annual purchase framework agreements with key suppliers to ensure cost efficiency and supply stability and enter into additional documents such as quality assurance agreements, integrity and anti-corruption undertakings and social responsibility commitment letters to support product quality and compliance.
Business · p. 147
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders (who owned or, to the knowledge of Directors, had 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.
Purchases from our largest supplier for each of the years ended 31 December 2023, 2024 and 2025 amounted to RMB40.8 million, RMB80.1 million and RMB85.6 million, representing 19.6%, 25.5% and 27.5% of our total purchases during the respective years.
Business · p. 138
Relevant suppliers are readily available in the market. Its position as our largest supplier does not result in material reliance risk to us.
We source substantially all of our raw materials and components from suppliers in China, though we procure a small quantity of chips originating from Germany for use in certain automotive ultrasonic distance sensors, we have completed validation of domestic alternatives for those chips.
Summary · p. 4
During the Track Record Period, the countries of origin for these chips included China and Germany.
During the Track Record Period, our purchases from the top five suppliers in each year accounted for 54.2%, 66.4% and 62.2% of our total purchases during the same years, respectively.
Business · p. 155
The significant change in the composition of our top suppliers during the Track Record Period, was primarily attributable to a shift in the composition of our customer base, particularly a surge in demand from our clients, including Customer F, for our Multispectral AI Modules and Multispectral AI Perception Terminals.
Business · p. 158
During the Track Record Period and up to the Latest Practicable Date, we have not experienced any significant supply chain disruptions.
For the years ended December 31, 2023, 2024, and 2025, purchases from our five largest suppliers in aggregate accounted for 52.2%, 48.5% and 49.2% of our total purchases, respectively.
Business · p. 172
Our operations are not dependent on any single supplier.
Business · p. 166
Throughout the Track Record Period, we have maintained a diversified supplier base to mitigate over-reliance risk.
In 2023, 2024 and 2025, our purchases from the five largest suppliers accounted for 57.3%, 55.9% and 55.8% of our total purchases, respectively.
Business · p. 141
During the same years, our single largest supplier accounted for 20.0%, 17.1% and 18.0% of our total purchases, respectively.
Business · p. 141
Such concentration was primarily attributable to: (i) the specific technical requirements of our products, which require raw materials and components with stable and consistent quality and reliable supply; (ii) the long-term cooperation established with these suppliers, which has enabled us to secure stable supply, pricing terms and delivery schedules that are critical to our manufacturing efficiency and product quality; and (iii) the limited number of qualified suppliers for certain specialized materials or products that meet our internal technical standards and customer requirements.
In 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 52.6%, 64.5% and 59.6% of our total purchase amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 13.8%, 21.9% and 18.0% of our total purchase amount in the same periods, respectively.
Business · p. 172
Our ability to maintain stable and virtuous business relationship with these suppliers, collaborate with them in a cohesive and efficient manner and secure their capacity on favorable or reasonable commercial terms that meet our requirements is essential to our fulfillment capabilities.
Financial Information · p. 219
Going forward, in order to strengthen our cost control, we intend to (1) maintain and strengthen our relationship with our existing suppliers to secure more favorable terms, including pricing term, and anchor stable production capacity; and (2) along with our business expansion, broaden, diversify and optimize our supply chain sources to retain other suppliers that can meet our needs in an efficient and satisfactory manner, including the introduction of domestic suppliers for certain components, such as MEMS components.
In 2024 and 2025, purchases from our largest supplier accounted for approximately 29.6% and 19.7%, respectively, of our total purchases.
Business · p. 205
For the same periods, purchases from our five largest suppliers accounted for approximately 47.5% and 52.4%, respectively, of our total purchases.
Business · p. 205
We have established relationships with preferred suppliers of raw materials for our manufacturing activities who we believe have sufficient capacity to meet our demands.
Purchases from our five largest suppliers in each year/period for the years ended December 31, 2024 and 2025 and the three months ended March 31, 2026 were RMB35.9 million, RMB47.6 million and RMB16.3 million, respectively, representing 34.8%, 35.4% and 51.5% of our total purchases for the respective periods.
Business · p. 210
We believe that we maintain strong and stable relationships with our major suppliers.
Business · p. 211
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
Purchase from our five largest IC Substrate Related Materials suppliers for FY2023, FY2024 and FY2025 was RMB346.2 million, RMB610.4 million and RMB788.7 million, representing 39.5%, 39.5% and 46.1% of our total purchase amount for IC Substrate Related Materials for the respective years.
Business · p. 142
Purchases from our largest IC Substrate Related Materials supplier for FY2023, FY2024 and FY2025 was RMB83.0 million, RMB210.6 million and RMB347.5 million, accounting for 9.5%, 13.7% and 20.3% of our total purchases for the respective years.
Business · p. 142
To ensure stable supply of raw materials, we generally seek to maintain more than one supplier for raw material to prevent overdependence on any single supplier to the possible extent.
In 2023, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 16.4%, 20.4% and 14.9% of our total purchase in each year during the Track Record Period, respectively, and purchases from our largest supplier accounted for 5.0%, 8.5% and 4.6% of our total purchase for the same years, respectively.
Summary · p. 4
To avoid reliance on a few suppliers for our key raw materials and components, we generally maintain a larger pool of suppliers for our key raw materials and components.
Business · p. 160
During the Track Record Period, with the exception of some standardized sensor components, all of the hardware components related to our proprietary core technologies are self-designed and self-produced.
In 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 83.7%, 83.6% and 69.1% of our total purchase amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 49.4%, 65.6% and 32.6% of our total purchase amount in the same periods, respectively.
Business · p. 151
In 2023, 2024 and 2025, our purchases from Supplier A amounted to RMB74.9 million, RMB122.5 million and RMB114.2 million, representing 49.4%, 65.6% and 32.6% of our total purchase amount in the same respective periods.
Business · p. 155
Our Directors are of the view that our relationship with Supplier A is unlikely to materially adversely change or terminate, because (1) we have maintained a long-term and stable collaboration relationship with Supplier A, and (2) during the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with Supplier A.
In 2023, 2024 and 2025, purchases from our top five suppliers in each year during the Track Record Period accounted for 89.0%, 96.4% and 95.4% of our total purchases, respectively; and purchases from our largest supplier in each year during the Track Record Period accounted for 53.1%, 82.0% and 83.8% of our total purchases in the same periods, respectively.
Summary · p. 7
During the Track Record Period, although our largest suppliers accounted for more than 30% of our total purchases in each of the relevant periods, the products we procured from such suppliers comprised standardised hardware products that are commonly available in the market and are highly substitutable.
Summary · p. 7
We have established an alternative supplier list covering multiple mainstream brand authorized distributors.
In each year/period during the Track Record Period, purchases from our five largest suppliers in each relevant year/period were RMB2,179.0 million, RMB3,936.1 million, RMB5,972.7 million and RMB2,179.4 million, representing 41.3%, 40.5%, 42.2% and 41.6% of our total purchases, respectively.
Business · p. 154
All of our five largest suppliers in each year/period during the Track Record Period and up to the Latest Practicable Date were Independent Third Parties.
Business · p. 154
(v) entering into framework agreements with key suppliers to secure stable supplies.
Purchases from our five largest suppliers during the Track Record Period amounted to RMB169.2 million, RMB176.2 million and RMB226.8 million, respectively, representing 29.6%, 30.2% and 41.9% of our total purchases for the same years.
Summary · p. 6
For risks relating to our major suppliers, see “Risk Factors — Risks Relating to our Business and Industry — Our supplier concentration may expose us to supply chain risks.”
Business · p. 155
We also maintain a diversified sourcing model under which multiple qualified suppliers may provide the same type of raw material, strengthening supply assurance and resilience.
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB286.7 million, RMB439.2 million and RMB162.4 million in 2023, 2024 and 2025, respectively, representing 33.6%, 48.8% and 32.5% of our total purchases for the respective years.
Business · p. 161
We maintained a list of qualified suppliers.
Business · p. 164
These raw materials are generally readily available in the market through multiple suppliers.
In 2023, 2024 and 2025, our purchase amounts from the five largest suppliers in each respective year were RMB60.4 million, RMB51.1 million and RMB87.2 million, respectively, accounting for 48.5%, 40.7% and 37.9% of our total purchase amounts for the same years, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024 and 2025, purchase amounts from our largest supplier in each respective year were RMB28.5 million, RMB22.9 million and RMB46.4 million, respectively, accounting for 22.8%, 18.2% and 20.2% of our total purchase amounts for the same years, respectively.
Business · p. 169
we maintain a multi-supplier strategy that ensures that we are not dependent on a single source, enhancing the resilience and stability of our supply chain;