乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
控股股东关联方Topsun集团为主要客户及供应商
During the Track Record Period, the sales revenue generated from sales of our products to Topsun Group amounted to RMB66.2 million, RMB50.3 million, RMB55.0 million and RMB50.4 million, representing approximately 8.1%, 10.9%, 9.6% and 11.0% of our revenue for the years ended December 31, 2022, 2023 and 2024 and the eight months ended August 31, 2025.
Summary · 第 23 页
While the expected caps under the Products Provision Framework Agreement is expected to increase, we expect that such revenue contribution from Topsun Group as a percentage of our total revenue will decline in the near to mid term.
Summary · 第 23 页
In particular, save for the transactions under the Products Provision Framework Agreement and the Products and Services Procurement Framework Agreement, Topsun Group is not engaged in manufacturing or sales of fishing gear in any kind and our Group is not engaged in investment, construction and operation of cultural and creative industry park, industrial financial investment and services, and cultural tourism.
During the Track Record Period and as of the Latest Practicable Date, save for Muyuan Group who was among our five largest suppliers for each period of the Track Record Period, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of the Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers for each period of the Track Record Period.
Business · 第 232 页
As of the Latest Practicable Date, our Controlling Shareholders Group, comprising Mr. Qin Yinglin, Ms. Qian Ying and Muyuan Group, collectively held approximately 54.91% of our total share capital and controlled 55.62% of the voting rights in our Company.
Summary · 第 26 页
Our Directors are of the view that each of the related party transactions set out in Note X to the Accountants’ Report in Appendix I to this prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
our five largest customers in each period during the Track Record Period were Independent Third Parties except for HashKey Fintech III, GDZ International Limited and HashKey Fintech II, which were among our five largest customers in 2022, 2023, 2024 and the six months ended June 30, 2025 and are among our Controlling Shareholders.
Summary · 第 8 页
GDZ International Limited is the ultimate controlling party of the Group.
The revenue generated by our Group from JD Group’s platforms, including service revenue and revenues generated from mro.jd.com, was RMB6,657.8 million, RMB7,520.2 million, RMB8,094.2 million and RMB3,697.1 million for each of the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, representing 47.1%, 43.4%, 39.7% and 36.1% of the revenue of our Group for the same periods.
Summary · 第 13 页
The abovementioned relationship achieves consistency and synergies between JD Group and our Group, ensures a consistent and superior customer experience, and leads to increased user growth and stickiness for both JD Group and our Group.
Summary · 第 13 页
The revenue generated by our Group from (i) and (ii) above without involving traffic from JD Group was RMB7,476.9 million, RMB9,815.7 million, RMB12,303.5 million and RMB6,553.3 million for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, representing 52.9%, 56.6%, 60.3% and 63.9% of the revenue of our Group for the same periods.
We have established long term business relationship with Geely Group, which is complimentary, mutually beneficial and non-exclusive.
Summary · 第 30 页
To the best of our knowledge, except for Geely Group, which mostly supplied vehicles used in our operations, during the Track Record Period and up to the Latest Practicable Date, our top five suppliers in each year during the Track Record Period were Independent Third Parties.
Business · 第 204 页
We leverage an expanding network of battery swap stations and auto servicing shops operated by Geely Group, which empowers our drivers, enhancing their net income.
Except for iFlytek Group, who was one of our five largest customers in 2021 and 2023 and one of our five largest suppliers in each year/period during the Track Record Period, none of our Directors and, to the knowledge of our Directors, their respective close associates or any Shareholders holding more than 5% of our issued share capital has had any interests in any of our five largest customers or suppliers in each year/period during the Track Record Period and as of the Latest Practicable Date.
Summary · 第 7 页
For Medical Device, we primarily sell to individual customers via e-commerce platforms, namely JD.com and Tmall, and also reach individual customers leveraging iFlytek Group’s broad offline coverage.
Business · 第 274 页
Our Directors believe that the principal businesses of our Group do not, and are not likely to, compete with the businesses of iFlytek Group.
We started our business in retail digitalization in collaboration with Wumei Group, a leading retailer in China, which was our largest customer during the Track Record Period.
Summary · 第 1 页
Dr. Zhang Wenzhong, our founder, senior advisor and our Controlling Shareholder, is the controlling shareholder of Wumei Technology Group, Inc., the holding company of Wumei Group.
Summary · 第 1 页
During the Track Record Period, we recognized a substantial portion of our revenue from our cooperation with the Related Parties.
Revenue attributable or relating to Haier Group accounted for approximately 25.3%, 32.0%, 25.5%, 18.8% and 23.1% of our total revenue for the years ended 31 December 2021, 2022 and 2023 and the four months ended 30 April 2023 and 2024, respectively.
Summary · 第 1 页
Immediately following the completion of the Global Offering (assuming the Over-allotment Option is not exercised), Haier Group will hold an aggregate of approximately 45.33% of the voting rights of our Company through Qingdao Haichuanghui IoT.
Summary · 第 19 页
For FY2021, FY2022 and FY2023, three subsidiaries of Haier Group were our strategic channel partners, which referred over 300, 400 and 600 corporate insurance clients to us to purchase insurance products, respectively, out of the total of over 6,500, 9,100 and 11,100 corporate insurance clients referred by all of our strategic channel partners.
GAIG, directly and indirectly through GAC and China Lounge, will be interested in approximately 35.58% of the issued share capital of our Company immediately before the Global Offering.
Summary · 第 11 页
GAIG was among both our five largest customers and our five largest suppliers in each year of the Track Record Period.
Business · 第 339 页
Our relationship with GAIG is mutually beneficial, due to our highly aligned development plans.
Throughout the Track Record Period, Kingfar Holdings Group was our second largest customer.
Summary · 第 12 页
In 2021, 2022 and 2023, the revenue that we derived from properties developed by Kingfar Holdings Group amounted to RMB224.2 million, RMB242.3 million and RMB253.4 million, respectively, accounting for 37.8%, 34.3% and 29.4% of our total revenue, respectively.
Summary · 第 12 页
The decrease in our retention rate for properties developed by Kingfar Holdings Group in 2023 was primarily attributable to our voluntary withdrawal from four resettlement housing projects.
泓盈城市运营服务集团股份有限公司HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD02529.HK
对控股股东CSUD集团项目来源的依赖
During the Track Record Period, revenue of projects sourced from CSUD Group and its associates continued to decrease, which accounted for 70.2%, 66.0% and 64.4%, respectively, of our total revenue in the respective years, primarily due to the increase in revenue derived from urban service projects sourced from Independent Third Parties.
Summary · 第 9 页
During the Track Record Period, all of our commercial operation service projects were sourced from CSUD Group and its associates.
Summary · 第 9 页
We maintain a well-established and ongoing business relationship with CSUD Group and its associates, the diverse property portfolio of which provides us with a large potential pipeline of quality projects.
In 2020, 2021, 2022 and the six months ended June 30, 2023, revenue derived from Changjiu Industrial, our related party and second largest customer in 2022 and the six months ended June 30, 2023, and its subsidiaries amounted to RMB0.7 million, RMB8.7 million, RMB81.1 million and RMB49.5 million, respectively, accounting for 0.2%, 1.8%, 14.8% and 16.0% of our total revenue, respectively.
Summary · 第 18 页
Given that we commenced this business line relatively recently and additional time is required for us to promote our operation management services to broader industry participants, automobile dealerships owned by Changjiu Group have accounted for substantially all of our customers for this business line.
Summary · 第 1 页
As of October 31, 2023, we had also entered into 144 non-legally binding letters of intent for our automobile dealership operation management services with automobile dealerships owned by Independent Third Parties.
Our Listing will constitute a spin-off from Jinma Energy, our Controlling Shareholder.
Summary · 第 1 页
We do not operate a captive business model. We have been sourcing crude benzene from a diversified number of third-party suppliers and substantially all of the crude coking coal gas from the Jinma Group.
Business · 第 207 页
Our sales and purchase transactions with the Jinma Group were conducted on normal commercial terms and the pricing policy and contract terms were comparable to those of the transactions with Independent Third Parties, or the prices are within the range in the respective industry.
In 2022 and the six months ended June 30, 2023, Tsingshan Group, our Controlling Shareholder, was one of our five largest customers, accounting for 5.9% and 12.7% of our total revenue, respectively.
Summary · 第 2 页
The significant increase in our sales to Tsingshan Group in 2022 and the six months ended June 30, 2023 was primarily due to the arrangements between Yongqing Technology, the U.S. EV manufacturer and us, under which we supplied battery components to Yongqing Technology which then supplied the same to the U.S. EV manufacturer.
Summary · 第 2 页
The prices for sales made to Tsingshan Group were negotiated on an arm’s length basis and we believe the gross profit margin for such sales would be similar had Tsingshan Group not also been our supplier.
山西省安装集团股份有限公司Shanxi Installation Group Co., Ltd.02520.HK
控股股东山西建投兼具前五大客户及供应商
During the years ended December 31, 2020, 2021 and 2022 and the six months ended June 30, 2023, the revenue attributable to connected parties controlled by Shanxi CIG, our controlling shareholder, amounted to 3.0%, 4.9%, 6.6% and 7.4%, respectively; whereas the revenue attributable to entities controlled by SSCO (excluding Shanxi CIG and its associates) amounted to 5.1%, 4.8%, 5.4% and 7.1%, respectively.
Summary · 第 7 页
Accordingly, Shanxi CIG is one of our largest overlapping customers/suppliers at group level in terms of both revenue derived from overlapping customers/suppliers and costs paid to them.
Business · 第 318 页
Our Directors believe that our Group is capable of carrying out its businesses independently of our Controlling Shareholder and its associates.
In years ended December 31, 2020, 2021 and 2022 and the six months ended June 30, 2023, our five largest direct customers (i.e., customers directly contracted with us) for each year/period together accounted for 98.0%, 91.1%, 61.2% and 53.3%, respectively, of our total revenue, and our largest direct customer, the Remaining WXB Group, for each year/period accounted for 84.1%, 81.1%, 37.9% and 13.8%, respectively, of our total revenue.
Business · 第 207 页
The significant decrease of the Remaining WXB Group’s contribution to our revenue is largely due to our gradual entry into direct contractual relationship with our customers.
Business · 第 207 页
During the Track Record Period, part of our bioconjugate CRDMO services were provided to customers that had formally contracted with the Remaining WXB Group.
众安智慧生活服务有限公司Zhong An Intelligent Living Service Limited02271.HK
最大客户为控股股东的剩余集团及其合营联营企业
During the same period, revenue derived from sales to our single largest customer, the Remaining Group and its joint ventures and associates, amounted to approximately RMB73.0 million, RMB103.9 million and RMB109.8 million, respectively, accounting for approximately 31.6%, 35.1% and 34.3% of our total revenue, respectively.
Summary · 第 11 页
In 2020, 2021 and 2022, the overall revenue in the sum of approximately RMB182.4 million, RMB229.7 million, and RMB247.0 million was generated from properties developed by the Remaining Group and its joint ventures and associates, representing approximately 79.0%, 77.5%, and 77.2% of our overall revenue during the respective years;
Summary · 第 1 页
Having considered the mutuality and complementarity of ongoing business between the Remaining Group and our Group, we consider that we have a competitive advantage that distinguishes us from our competitors and believe that our current relationship with the Remaining Group and our Group is unlikely to change adversely or be terminated.
中天建设（湖南）集团有限公司Zhongtian Construction (Hunan) Group Limited02433.HK
控股股东关联集团为最大客户兼前五大供应商
Zhongtian Holdings Group represented four companies which Zhongtian Holdings had interests, namely Hengji Real Estate, Wuguang Investment, Hangxiao Technology and Fangge Intelligence, our deemed connected persons.
Business · 第 287 页
Save for the indirect interest of the shareholders of ZT (A) in Hengji Real Estate, Wuguang Investment, Hangxiao Technology and Fangge Intelligence, none of our Directors and their respective close associates or any of the Shareholders (owns more than 5% of the issued share capital of our Company as at the Latest Practicable Date) had any interest in any of our five largest customers during the Track Record Period.
Business · 第 289 页
The salient terms of the transactions our Group entered into with Hangxiao Technology are similar to those with our other customers and suppliers, which our Directors consider are on normal commercial terms.