经销占比与经销商增减

During the Track Record Period, we primarily sell our NEVs through our distributors’ AITO stores.

We believe that we are not subject to material concentration risks with our distributors, as in each year/period during the Track Record Period, our distributors operated 10% or less of the respective total AITO User Centers.

To reduce the risk of channel stuffing, we have established a dealership management system (DMS) which enables us to monitor and track orders, recording information such as order details, customer details, store location, vehicle model and serial numbers, and delivery and payment status, providing comprehensive overview of the status of each vehicle sold through our distributors.

For the years ended December 31, 2022, 2023 and 2024, and the six months ended June 30, 2025, revenue generated from sales to franchisees represented 50.2%, 50.6%, 50.9% and 49.1% of our total revenue, respectively.

The number of our franchisees decreased during the six months ended June 30, 2025, primarily because (i) we took a more cautious approach in our invitation of collaboration with franchisees in light of our assessment of the offline market conditions and our business strategies, which led to higher standards on new franchisee candidates; and (ii) we terminated business relationships with certain franchisees with unsatisfactory performances.

We believe that our sales correspond to actual consumer demand and our products are at a low risk of channel stuffing in our sales network, primarily because (i) we generally require full payment before delivering products to our franchisees; (ii) we generally do not allow return, exchange or refund by our franchisees except for limited circumstances; and (iii) although there were minimum purchase requirements in the franchise agreements with franchisees, which usually ranged from RMB150,000 to RMB1,000,000 during the Track Record Period, (a) we maintain a seller-buyer relationship with our franchisees, under which we typically do not set minimum sales targets to specify the amount of products that the franchisees are obligated to sell; and (b) we shall adjust the requirements on a case-by-case basis, such as lowering the purchase requirements or extending the time limit for satisfying the purchase requirements, in the event that the franchisees are unable to meet the requirements.

In 2022, 2023, 2024 and the four months ended April 30, 2024 and 2025, the revenue from our distributors was RMB46,115.5 million, RMB32,979.4 million, RMB29,798.7 million and RMB10,205.4 million, respectively, representing 57.0%, 44.6%, 38.0% and 34.7% of our total revenue for the same respective periods.

To enhance collaboration with our distributors and maintain stability of our distribution network, we typically hold minority equity interests in most of our distributors in China.

We believe that our sales reflect actual demand from our end customers, thereby minimizing the risk of channel stuffing and inventory backlog within the distribution network, because: (i) we generally do not allow product returns from distributors, except for limited circumstances such as product defects; (ii) many of our construction machinery products require significant storage space, and some are customized according to customer needs, making it difficult to maintain excess inventory; (iii) we typically require our distributors to place orders cautiously and align their purchases with specific market demand; and (iv) we believe we can effectively monitor our distributors through our equity interests in them.

During the Track Record Period, revenue generated from direct sales as of percentage of our total revenue decreased from 94.5% in 2022 to 93.3% in 2023, and further to 91.4% in 2024, and from 90.3% in the four months ended April 30, 2024 to 88.5% in the four months ended April 30, 2025, while revenue generated from distributorship as a percentage of our total revenue increased from 5.5% in 2022 to 6.7% in 2023, and further to 8.6% in 2024, and from 9.7% in the four months ended April 30, 2024 to 11.5% in the four months ended April 30, 2025, primarily due to our expanded use of domestic and overseas distributors to strengthen market penetration in local regions.

Our distributors maintain a “buy-out” model with us.

To prevent cannibalization, we require distributors to report the information of end customers to us for record before entering into sales arrangements with such customers.

During the Track Record Period, our products were distributed primarily through our distributors, from whom we generated a substantial portion of our revenue.

We have adopted the current distribution work scheme primarily due to two considerations: (i) the “Two-Invoice System” requires pharmaceuticals that are selected in national or provincial VBP schemes to be sold to hospitals through qualified distributors; and (ii) the established distribution networks and local resources mastered by our distributors can facilitate a relatively rapid market penetration for our products across China and enable us to save enormous costs to rebuild a nationwide distribution network.

During the Track Record Period, we experienced fluctuations in the number of our distributors.

Our revenue generated from sales to distributors was RMB18.3 million, RMB15.7 million, RMB45.2 million, RMB9.8 million and RMB19.8 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively, accounting for 11.4%, 10.8%, 18.4%, 13.2% and 22.4% of our total revenue for the same periods.

As a result, 49 distributors transitioned to become sub-distributors under provincial-level distributors, leading to a decrease in the total number of distributors.

We believe that our sales correspond to actual consumer demand and therefore our products are at low risk of channel stuffing in our distribution network, because (i) other than provincial-level distributors upon which we impose minimum purchase amount requirement, our distributors typically initiate orders upon receiving requests from end users.

We primarily operate a seller-buyer model with our distributors, who then distribute our drugs to hospitals and pharmacies. As of June 30, 2025, we had over 90 distributors, covering a network of over 1,500 hospitals nationwide in China.

In the six months ended June 30, 2025, we terminated our collaboration with four distributors as certain sales targets were not met.

To ensure our sales to distributors reflect genuine market demand and an orderly sales and distribution market for our products, we primarily rely on our distribution agreements, policies, and monitoring measures to manage our distribution network.

As of December 31, 2022, 2023 and 2024, and March 31, 2025, we had a total of 51, 117, 185 and 203 distributors, respectively.

In 2022, 2023 and 2024, revenue generated through distributors accounted for 6.5%, 8.6% and 8.7% of our total revenue, respectively.

We believe we are subject to minimal risks of channel stuffing since we adopt sales control measures including reviews of distributors' inventory levels, sales amounts and marketing activities, as applicable and we recognize revenue when the control of the goods or services is transferred to distributors, and we generally do not accept return or exchange of our products except for verified product quality issues.

In 2022, 2023, 2024 and the three months ended March 31, 2025, approximately 98.8%, 99.5%, 99.3% and 99.2% of our revenue from sale of products was generated from sale to our distributors.

For example, we are gradually renegotiating distribution agreement terms with distributors, and aim to consolidate the responsibilities of sales and marketing and product delivery for more streamlined operations.

We normally require our distributors to make full payment before shipment, except that we may grant a credit term of 60 to 90 days to distributors that we consider crucial to our business.

Sales of our OBM products through our primary distributors accounted for 79.1%, 84.7%, 69.0% and 47.4% of our total revenue for FY2022, FY2023, FY2024 and 5M2025, respectively.

As at 31 December 2022, 2023 and 2024 and 31 May 2025, we had three, four, five and five primary distributors, respectively.

Based on these reports, our primary distributors’ inventory balances of our OBM watches were approximately 9,000 units, 7,000 units and 7,000 units as at 31 December 2022, 2023 and 2024, respectively.

Our dealers do not have the right to return any unsold passenger vehicles to us except for defects.

To reduce channel stuffing risks, we manage our dealers to ensure that they would maintain a reasonable inventory level.

The number of our dealership outlets in China and overseas increased from 3,901 as of December 31, 2022 to 6,621 as of March 31, 2025.

In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, we generated revenue of RMB55.8 million, RMB132.4 million, RMB199.0 million, RMB95.1 million and RMB137.5 million from distributors, respectively, representing 11.0%, 15.5%, 15.9%, 16.3% and 18.9% of our total revenue for the corresponding years/periods.

In 2022, 2023 and 2024 and the six months ended June 30, 2025, we terminated cooperation with 25, 21, 31 and six distributors, respectively.

We do not impose mandatory sales targets on our distributors, allowing purchases to reflect actual market demand rather than sales pressure.

We sell our LiDAR products primarily through direct offline sales, with only a minimal portion distributed via regional distributors.

We generated a minor portion of our revenue from our distributors of RMB30.8 million, RMB50.9 million, RMB96.4 million and RMB10.4 million, respectively, for the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025, representing approximately 2.6%, 2.7%, 4.6% and 2.0% of our total revenue for these periods.

Our sales and marketing department monitors, manages and supports the activities of our distributors to help ensure that they comply with our guidelines, policies and procedures.

In 2022, 2023 and 2024 and the four months ended April 30, 2024 and 2025, revenue generated from sales to domestic distributors was RMB155.8 million, RMB211.5 million, RMB307.1 million, RMB90.3 million and RMB128.4 million, respectively, representing 61.3%, 70.5%, 68.2%, 71.8% and 69.5% of our revenue from sales of products for the same periods.

Moreover, we strive to provide our distributors with operational supports to boost their development and have adopted several measures to prevent channel stuffing, which primarily include (i) our sales and marketing personnel review distributors’ sales plan and sales target, giving them advice to further improve sales performance and avoid inventory build-up;

The aggregated inventory of our bicycle products held by distributors and their respective sub-distributors as of April 30, 2025 represented approximately 57.8% of our total sales volume to distributors for the four months ended April 30, 2025.

During the Track Record Period, sales to our largest distributor in each year/period accounted for approximately 18.7%, 14.7%, 16.1%, 13.7% and 15.6% of our total distribution channel revenue in 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively, and sales to our five largest distributors in each year/period in aggregate accounted for approximately 32.9%, 29.7%, 27.3%, 26.5% and 18.0% of our total distribution channel revenue in 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively.

During the Track Record Period, the new distributors we had in each year/period were primarily due to the growth of our business and expansion of our sales network.

We do not impose minimum purchase thresholds on our distributors when they place orders with us, which allows our distributors to order products based on their actual sales capabilities, and prevents them from overstocking their inventory.

As of December 31, 2022, 2023 and 2024, we had 124, 114 and 106 distributors, respectively, which contributed to 10.4%, 13.8%, and 7.2% of our total revenues in 2022, 2023 and 2024, respectively.

As we maintain a buyer-seller relationship, rather than a principal-agent relationship with our distributors, our distributors place purchase orders from us based on their demand of our batteries in each year or period, which, under our definition, may classify them into new or terminated distributors.

We believe the risk of channel stuffing is remote in our distribution network.

We sell Efsubaglutide Alfa exclusively to third-party distributors, who are our direct customers and are responsible for distributing our products to hospitals, pharmacies and e-commerce platforms in China.

As of May 31, 2025, our distribution network comprised 20 distributors spanning 13 provinces, municipalities and autonomous regions across China.

Distributors are required to provide us with access to inventory and sales data of Efsubaglutide Alfa.

In 2022, 2023 and 2024, channel partner sales accounted for 34.3%, 26.0% and 33.0%, respectively, of our total revenue from sales of AMR solutions.

We engaged 71, 58 and 79 new channel partners in 2022, 2023 and 2024, respectively.

We believe the risk of channel stuffing is effectively mitigated due to factors inherent in our business model and channel partner relationships.

During the Track Record Period, substantially all of our revenue was generated from our distributors.

As of December 31, 2024, we had 109 distributors.

Our distributors maintain a “buy-out” model with us.

Our distribution channels include bancassurance, agency, brokerage/IFA and others, which include digital commerce and other distribution channels. These channels contributed 46.6%, 15.2%, 31.8% and 6.5% respectively, of our VNB in 2024.

As of the Latest Practicable Date, we had 32 ongoing bancassurance partnerships, including eight exclusive bancassurance partnerships in Southeast Asia.

In Thailand, our exclusive bancassurance partnership with SCB, a leading bank in Thailand, has been a key driver of our growth since 2019.