经销占比与经销商增减

In 2023, 2024, 2025, and for the six months ended June 30, 2026, total revenue generated from sales to offline distributors accounted for approximately 21.0%, 21.8%, 22.8%, and 26.3% of our total revenue for the same year/period, respectively.

We terminated or did not renew cooperation with 22, 26, 25, and 64 offline distributors in 2023, 2024, 2025, and for the six months ended June 30, 2026, respectively, primarily as part of our proactive channel optimization initiatives.

During the Track Record Period, revenue generated from our largest offline distributor was RMB62.6 million, RMB113.0 million, RMB183.1 million, and RMB148.2 million in 2023, 2024, 2025, and for the six months ended June 30, 2026, respectively, accounting for 1.3%, 1.8%, 1.9%, and 2.5% of our total revenue in the corresponding year/period.

In 2023, 2024 and 2025 and for the three months ended March 31, 2026, sales to system integrators accounted for 93.6%, 95.1%, 81.5% and 94.6% of our total revenue, respectively.

During the Track Record Period, the number of our cooperating system integrators continuously increased, reflecting the growing market demand, our expanding sales network and successful commercialization strategies.

We also maintain strict sales management protocols, including prohibiting inventory hoarding and requiring formal reporting of end-customer application scenarios in China under our internal policies.

In 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, revenue from sales to franchisees amounted to RMB11,091.6 million, RMB11,140.4 million, RMB10,812.6 million, RMB4,940.0 million and RMB4,840.3 million, respectively, accounting for 94.5%, 94.5%, 95.3%, 95.0% and 95.0% of our revenue for the same periods.

The number of franchisees decreased from 1,776 as of December 31, 2023 to 1,717 as of December 31, 2024, primarily due to the termination of certain underperforming franchisees.

In 2023, 2024, 2025 and the six months ended June 30, 2026, our franchisee retention rate, calculated as one minus the number of franchisees that exited during the relevant period (excluding franchisees that joined and exited within the same period) divided by the number of franchisees at the beginning of the period, was approximately 73.4%, 81.7%, 82.6% and 91.2%, respectively.

Our distributorship revenue was RMB232.0 million, RMB278.0 million, RMB299.6 million and RMB175.1 million, accounting for 6.4%, 6.0%, 5.7% and 6.6% of our total revenue in the same respective years.

The material turnover and movement relating to our distributor customers remained stable during the Track Record Period.

To reduce inventory pressure on distributors, we have adopted a small-batch, high-frequency delivery model that shifts away from bulk inventory pushing toward a demand-driven distribution approach based on actual customer orders.

Revenue generated through our channel partners accounted for 16.1%, 19.4%, 22.8% and 25.2% of our total revenue in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.

Our cooperation agreements with channel partners are generally non-exclusive. We do not require our channel partners to meet any minimum purchase commitments or minimum sales targets.

Accordingly, we do not consider our channel partners to be distributors, and we do not believe their involvement as our direct customers raises any concerns relating to inventory risk or the recoverability of accounts receivable.

Revenue from our distribution channels amounted to RMB13,053.6 million, RMB14,276.0 million, RMB13,736.3 million, RMB6,829.1 million and RMB7,022.3 million in 2023, 2024 and 2025, and for the six months ended June 30, 2025 and 2026, respectively, representing 74.4%, 72.0%, 67.4%, 68.6% and 66.2% of our total revenue for the same periods.

We maintain a buyer-seller relationship with our distributors under a buy-out model, and as confirmed by Frost & Sullivan, such distribution arrangement is in line with industry practice.

The higher number of terminations in 2024 was primarily attributable to our streamlining of the distributor network by discontinuing cooperation with smaller-volume distributors whose monthly sales fell below our expected standards.

Distributor sales represented the majority of our product sales revenue during the Track Record Period, accounting for 90.8%, 88.1%, 80.9% and 78.4% in 2023, 2024, 2025 and for the five months ended May 31, 2026.

We believe the risk of channel stuffing in our distribution network is low and recommended retail prices are strictly followed across our channels.

In particular, the increase in the number of terminated online distributors from 17 in 2023 to 41 in 2024 was primarily due to our evaluation and consolidation of online distributors in accordance with our policies and strategies.

We began building our distributor network in 2024, and strategically engaged eight, 15 and 25 distributors, respectively, in 2024, 2025 and the six months ended June 30, 2026 to broaden our customer reach and amplify our market presence.

To prevent cannibalization and channel stuffing, we designate predetermined distribution areas for our distributors as defined in the distribution agreements.

We increased the number of distributors that we engaged from eight as of December 31, 2024 to 25 as of June 30, 2026, primarily to support the launch of our SCARA robots and the strong sales momentum of our high-payload cobots.

Our products are primarily sold through distributors; however, we also accommodate direct sales to certain customers upon request.

Under the consignment model, products are stored at the distributor but title remains with us until the distributor sells to the end customer, at which point revenue is recognized.

We do not set sales targets or minimum purchase requirements on our distributors.

Our revenue was mainly generated through distribution channels, accounting for 82.8%, 73.7% and 68.5% of total revenue in 2023, 2024 and 2025, respectively, and 70.7% and 64.4% for the six months ended June 30, 2025 and 2026, respectively.

In 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, the number of new distributors that joined us was 13,814, 10,226, 8,467, 4,504 and 4,236, respectively, while the number of distributors that ceased to distribute our products was 9,187, 9,182, 8,864, 10,910 and 11,581, respectively.

We primarily adopt a Cash-On-Delivery ("COD") model for our distributors.

We sell all of our products to third-party distributors, who are our direct customers and are responsible for selling and delivering our products to hospitals, other medical institutions and pharmacies.

We have a seller-buyer relationship with our distributors.

We specify the designated distribution area for which our distributors are responsible in our distribution agreements with them.

In 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, revenue generated from distributors accounted for 56.6%, 60.4%, 57.8%, 74.0% and 45.1% of total revenue under Yuen Kee Taste, respectively.

As of December 31, 2023, 2024, 2025 and May 31, 2026, we had 9, 19, 46 and 57 distributors for our Yuen Kee Taste offerings.

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) we closely monitor the inventory level of distributors and require them to report to us regularly on, and to maintain a reasonable level of, their inventory; (ii) we generally require certain prepayment amount before delivering products to distributors and generally do not set minimum purchase requirements as we believe such arrangements encourage distributors order products based on actual sales forecasts; and (iii) we generally do not allow returns of products sold to distributors except for quality issues.

Revenues from sales of our products and solutions to our distributors represented approximately 68.7%, 54.0%, 51.4% and 60.2% of our revenues in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.

During the Track Record Period, the amount of returns accounted for less than 1% of our total sales to distributors.

We monitor and manage our distributors through a reporting mechanism, under which our distributors are required to provide a monthly report of their sales, including sales volume and product categories.

As of December 31, 2023, 2024, 2025 and April 30, 2026, we collaborated with 956, 866, 881 and 569 distributors, respectively.

In 2023, 2024, 2025 and the four months ended April 30, 2026, we entered business relationships with 543, 446, 428 and 189 new distributors, respectively, reflecting our continuous business developments in new regions.

During the Track Record Period, our total number of distributors recorded a net decrease of 8, 90 and 15 in 2023, 2024 and 2025, respectively.

We are not involved in the R&D and manufacturing of Esomeprazole Magnesium Delayed-Release Capsules and Propofol Injectable Emulsion, we acquired the listing rights of the products from independent third parties and engage CMOs to manufacture the products, and distributed our Esomeprazole Magnesium Delayed-Release Capsules products via our distributor in the U.S., and our Propofol Injectable Emulsion products via our distributors in the PRC.

During the Track Record Period, we entered into one distribution agreement with our MAH Business customer for the distribution of esomeprazole magnesium delayed-release capsules in the U.S. and service agreements with our CRO Services customers for the provision of CRO Services.

The key contractual terms under our esomeprazole magnesium delayed-release capsules distribution agreement are as follows: (i) the distributor is restricted to sales of the product within the U.S. only; (ii) the distributor shall be solely responsible for establishing its selling prices for the product throughout the U.S.; (iii) the distributor submits purchase orders for its requirements with three months prior notice; (iv) we manufacture (through contract manufacturer) and supply the product to the distributor on a mutually exclusive basis at a fixed price; (v) both parties share the net profits based on a predetermined percentage; and (vi) unless terminated for cause, the term is for a period of seven years and renewed automatically thereafter annually unless either party terminates.

In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, our total sales to distributors amounted to RMB299.2 million, RMB361.3 million, RMB501.0 million, RMB66.9 million and RMB288.5 million, respectively, accounting for 2.8%, 1.5%, 1.3%, 1.0% and 1.5%, respectively, of our revenue for the corresponding periods.

We have in place internal control policies (including our “Distributor Management Policy” (《經銷商管理制度》)) to manage risks relating to distributor inventory.

We have adopted various measures to avoid channel stuffing.

Revenue from our distribution channels amounted to RMB711.3 million, RMB800.9 million, RMB803.2 million, RMB188.8 million and RMB211.1 million in 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, respectively, representing 66.3%, 56.4%, 49.8%, 56.0% and 42.9% of our total revenue for the respective periods.

Under the seller-and-buyer model, control and risk of loss transfer to distributors upon product delivery and receipt, at which point we recognize revenue.

We have established a dedicated market order management system to prevent channel stuffing and cross-regional sales.

Revenue from sales to distributors is recognized upon delivery of products to the distributors and the transfer of control in accordance with our revenue recognition policies.

Given the immaterial revenue contribution from distributors during the Track Record Period, we believe our exposure to channel-related risks is limited.

To mitigate such risks, we have implemented internal control measures, including demand-driven inventory management, monitoring of inventory turnover and sell-through performance, defined territorial and product authorizations, and standardized compliance requirements supported by ongoing communication and reporting mechanisms.

In 2023, 2024 and 2025, and for the four months ended April 30, 2026, revenue from our distributors amounted to RMB363.4 million, RMB391.6 million, RMB480.7 million, and RMB247.3 million respectively, representing 22.2%, 24.9%, 24.6% and 29.6% of the total revenue for the respective years/period.

We had 32, 32, 54 and 48 distributors as of December 31, 2023, 2024 and 2025, and as of April 30, 2026, respectively.

We recognize that managing the risks of channel stuffing and cannibalization among distributors is essential to ensuring the authenticity of sales and maintaining a healthy distribution network.

Distributors | 61,969 | 18.3 | 75,931 | 21.1 | 161,192 | 34.8

The above procedures, combined with our policies that we generally do not accept product returns unless the products are defective, help to ensure that our sales to distributors reflect genuine market demand and mitigate the risk of inventory pile-up in the distribution channels.

Under the distribution agreements with our Hong Kong distributor, we have a seller-buyer relationship with our Hong Kong distributor and we do not have any contractual relationship with or impose any control or oversight over any of its downstream customers.