控股股东为主要客户/供应商

Retained Sunny Optical Technology Group was one of our five largest suppliers during each period in the Track Record Period.

As of the Latest Practicable Date, except for Retained Sunny Optical Technology Group, none of our Directors or their respective associates or any Shareholder holding more than 5% of our issued share capital held any interest in any of our five largest suppliers.

For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, the amount of purchases we made under our procurement arrangements with Retained Sunny Optical Technology Group were RMB459.9 million, RMB472.8 million, RMB545.2 million and RMB313.8 million, respectively, accounting for 16.9%, 14.2%, 13.0% and 15.9% of our purchase, respectively; and our revenue attributable to Retained Sunny Optical Technology Group amounted to RMB89.6 million, RMB151.3 million, RMB203.0 million and RMB104.0 million, respectively, accounting for 1.7%, 2.5%, 2.8% and 2.8% of our total revenue, respectively.

As of the Latest Practicable Date, Haier Corp was entitled to exercise approximately 78.04% of the voting rights in our Company

As such, there is a clear delineation of business between our Group and Haier Group.

During the Track Record Period, our revenue attributable to Haier Group amounted to approximately RMB3,607.4 million, RMB3,421.1 million, RMB3,468.8 million and RMB828.7 million, representing approximately 72.2%, 67.5%, 54.6% and 56.2% of our total revenue, respectively, while our purchases attributable to Haier Group amounted to approximately RMB855.0 million, RMB863.0 million, RMB916.8 million and RMB192.1 million, representing approximately 21.7%, 22.3%, 20.2% and 16.1% of our total purchases, respectively.

Our principal businesses and those of the JBM Group are clearly distinct from one another, primarily due to the disparate nature of products carried and services offered.

We also sell select products via cross-border e-commerce channels operated by the JBM Group, such as Tmall, as further described in the section headed “Continuing Connected Transactions — Fully Exempt Continuing Connected Transactions — 1. E-commerce Distribution Services.”

During the Track Record Period, we met our working capital needs primarily through advances and other funding from JBM Group, net cash generated from operating activities, and our cash and cash equivalents on hand.

On the other hand, the Retained Zhen Ding Group is principally engaged in (i) the research and development, production and sales of printed circuit board products and the offering of related integrated solutions spanning the research and development, design, manufacturing and sale of printed circuit board products; (ii) the production of IC substrates for our Group as an OEM; and (iii) other nonprincipal businesses that do not compete with our principal business, such as environmental protection and energy conservation services.

Zhen Ding is our Controlling Shareholder.

In 2023, 2024, 2025 and the three months ended March 31, 2026, revenue generated from our sales to Retained Zhen Ding Group amounted to RMB279.3 million, RMB1.5 million, RMB69.0 million and RMB46.8 million, respectively, representing 23.6%, 0.1%, 2.4% and 5.1% of our total revenue for the respective years or period.

During the Track Record Period, our procurement from Changan Automobile and its subsidiaries declined steadily, accounting for 36.0%, 21.4% and 13.3% of our total purchase in 2023, 2024 and 2025, respectively.

Our Directors are of the view that although Changan Automobile has been our only whole vehicle manufacturer during the Track Record Period, readily available alternatives exist in the market.

Our Directors are of the view that the business operations between our Group (premium and luxury NEPV) and Changan Automobile are clearly delineated, with distinct differences in branding, market positioning and technical features.

Ruili Auto Parts Supplier Group was our largest supplier, comprising several entities controlled by Ruili Company who is our connected person, during each year in the Track Record Period.

Our transactions with Ruili Auto Parts Supplier Group will become continuing connected transactions upon the [REDACTED].

In addition, we have secured exclusive distributorship rights with several major suppliers, including, multiple auto parts suppliers controlled by Ruili Company.

During the Track Record Period, the pricing of our procurement of healthcare products and other products from TRT Group was generally in line with (i) the pricing of our procurement of the same categories of products from Independent Third Party suppliers; and (ii) the pricing of TRT Group’s sale of the same categories of products to its Independent Third Party customers.

In particular, we are granted the rights by TRT Commerce to exclusively sell Tong Ren Tang branded Angong Niuhuang Pills (安宮牛黃丸) series (varied by materials) to retailers in Zhejiang province (excluding pharmacies and Resident TCM Institutions of TRT Group in Zhejiang province).

For the years ended December 31, 2023, 2024 and 2025, brand royalty expenses paid to TRT amounted to RMB0.4 million, RMB0.4 million and RMB0.5 million, respectively.

During the Track Record Period, the procurement amount of engines by us from Weichai Power Group accounted for approximately 69.8%, 83.1% and 80.3% of the total purchases of engines made by us.

Despite the relatively high procurement amount of engines from Weichai Power Group during the Track Record Period, we believe the business relationship between our Group and Weichai Power Group is mutually beneficial and the likelihood that our relationships with Weichai Power Group will materially adversely change or terminate is remote.

To the best of our knowledge, except for Shandong Heavy Industry India Pvt. Ltd., one of our five largest customers in 2025, and Shandong Heavy Industry, one of our five largest suppliers in each year during the Track Record Period, each of our five largest customers or suppliers in each year during the Track Record Period was an Independent Third Party

Hence, upon the Listing, we will remain a majority-owned subsidiary of MCG and MCG will be our Controlling Shareholder for the purposes of the Listing Rules.

To finance these operating and investment activities, the MGR Group primarily uses funding from new share issuances, related party loans, and bank loans.

During the Track Record Period and as of the Latest Practicable Date, except for (i) MMI and (ii) MCG, none of our Directors, Commissioners, or any of our shareholders (who or which to the knowledge of the Directors and Commissioners owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers, in each year of the Track Record Period and the top five suppliers are all independent third parties.

Our largest customer throughout the Track Record Period was Midea Group, which is also our Controlling Shareholder.

In return, Midea Group is a stable anchor customer, whose substantial volume base allows us to achieve economies of scale and refine our integrated solutions in complex scenarios, further empowering us to serve a diverse and expanding customer base.

While we serve as a critical logistics partner to Midea Group, our purchases from it were not significant, representing 0.6%, 0.6% and 0.6% of our total purchases for the same periods.

This is further reinforced by our end-to-end integration of R&D, stable radioisotope supply supported by our Controlling Shareholder, Dongcheng Biochem, and GMP manufacturing capabilities in Yantai, which together ensure continuity, scalability, and accelerated innovation in radiopharmaceuticals.

As of the Latest Practicable Date, Dongcheng Biochem held approximately 43.95% of the issued share capital of our Company.

Anticipating commercialization of our late-stage drug candidates within next two years in China, we have been well-positioned to establish commercialization infrastructure and market access by drawing on the extensive experience, industry connections, and vast network of our Controlling Shareholder, Dongcheng Biochem.

For FY2023, FY2024 and FY2025, our revenue attributable to our sales to the Remaining Unimicron Taiwan Group was RMB838.7 million, RMB616.0 million and RMB358.4 million, respectively, representing 30.0%, 16.8% and 9.9% of our revenue for the respective years;

our purchase from the Remaining Unimicron Taiwan Group for IC Substrate Related Materials was RMB79.8 million, RMB210.6 million and RMB347.5 million, respectively, representing 9.1%, 13.7% and 20.3% of our total purchase of IC Substrate Related Materials for the respective years

After the [REDACTED], except for the circumstances set out in the Deed of Noncompetition, the Remaining Unimicron Taiwan Group will not sell IC substrates to customers established in the Chinese Mainland and will not engage in any business which compete or are likely to compete with our business.

Since our establishment, we have operated as an intelligent mobility platform within the SAIC ecosystem.

Our Directors are of the view that our historical cooperation with SAIC has not resulted in, and our current operations do not exhibit, any material operational or financial dependence on SAIC or our Controlling Shareholders.

We have entered into a series of framework agreements with SAIC and/or its associates in respect of transactions.

We provide these services in Hong Kong under an arrangement with CTS (Holdings), under which we have been appointed as CTS (Holdings)’ exclusive agent to provide travel-document administration services in Hong Kong until June 30, 2047.

This arrangement provides us with a stable, long-term platform for the provision of travel-document administration services.

immediately after the Distribution, our Company will cease to be a subsidiary of China Travel HK, and the Controlling Shareholders of our Company will include CTG, CTS (Holdings), CTS Asset Management and Hongkong New Travel.

To address potential foreign investment regulatory risks in connection with the proposed H-share [REDACTED], we entered into asset transfer agreements with our Controlling Shareholders on December 20, 2025 to dispose of the assets relating to our Qingyuan Chicken and Changshun Green-eggshell Chicken breeds.

Following the disposals, we entered into genetic resource supply agreements with our Controlling Shareholders on January 5, 2026, pursuant to which our Controlling Shareholders undertake to provide us with the genetic resources necessary for our breeding operations.

Moreover, the expected transaction amounts under these arrangements are limited and are not expected to give rise to any material reliance on our Controlling Shareholders.

Revenue derived from MNC Group amounted to 81.2%, 74.4% and 66.8% of our total revenue for 2023, 2024 and 2025, respectively. Purchases derived from MNC Group amounted to 51.6%, 58.7% and 67.0% of our total purchases for 2023, 2024 and 2025, respectively.

Our Directors believe that we will be able to function independently from MNC Group upon [REDACTED] as we do not in any material respect rely on MNC Group in the day-to-day operation of our business.

MNC Group's content IP ownership and management activities are centralized within us, while MNC Group, in turn, provides large-scale distribution capabilities, nationwide audience reach and established broadcasting infrastructure through its FTA and Pay-TV networks and media platforms.

In the same years, revenue from the Carraro Group, our single largest customer, was RMB273.5 million, RMB220.8 million and RMB229.7 million, respectively, accounting for 37.2%, 25.4% and 26.3% of our total revenues, respectively.

Our Company primarily focuses on business opportunities within China, whereas the other entities within the Carraro Group primarily focus on business opportunities outside of China.

In addition, we manufacture certain components for entities within the Carraro Group, including machined parts and replacement components.

Among them, Sichuan JND, one of our Controlling Shareholders, was among our five largest suppliers in 2023, 2024 and 2025.

The purchase amount to Sichuan JND was RMB302.2 million, RMB404.4 million and RMB528.6 million in 2023, 2024 and 2025, respectively, accounting for 10.3%, 13.7% and 15.4% for our total purchase amount in the respective years.

During the Track Record Period, we purchased from our Controlling Shareholder, typically as its distributor.

As of the Latest Practicable Date, MINISO is interested in 880,000,000 Shares, representing approximately 86.9% of our total issued share capital.

MINISO Group was an overlapping supplier during the Track Record Period.

To the knowledge of our Directors, during the Track Record Period and up to the Latest Practicable Date, except for MINISO Group which was one of our five largest customers in 2023, 2024 and 2025, our five largest customers in each period during the Track Record Period were Independent Third Parties.

In particular, we have established a long-standing business relationship with SAIC that is mutually beneficial, strategically aligned, and supported by deep technology integration.

The substantial transaction volume with SAIC reflects not structural reliance, but rather the scale and breadth of our cooperation, as well as our ability to deliver stable and high-performance solutions across multiple mass production vehicle lines.

Due to our aligned strategic interests and complementary strengths, and as AGH is one of our Controlling Shareholders, we expect our cooperation to continue in the future.