In 2023, 2024, 2025 and three months ended March 31, 2025 and 2026, our subcontracting fee transaction amount (other than the transaction amount with Retained Zhen Ding Group) was RMB21.4 million, RMB42.5 million, RMB69.5 million, RMB11.3 million and RMB20.5 million, respectively.
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We maintain stable cooperation with core independent subcontractors with aligned production plans, delivery requirements and quality standards, and continuously expand our subcontractor base to diversify risk.
To enhance production flexibility and resource efficiency, we selectively outsourced certain standardized and non-core production processes, such as sandblasting process and stator welded assembly process of PM motors, to rigorously vetted contract manufacturers.
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These outsourcing contract manufacturers must strictly adhere to our technical specifications and quality standards, with all outsourced components undergoing our full inspection protocol before warehouse acceptance to guarantee performance parity with in-house productions.
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(iii) Quality Control: Prior to delivery, we conduct preliminary inspection regarding the condition of the products.
To facilitate the market penetration and academic promotion of our vaccine products, we have adopted a strategy of collaborating with a network of third-party marketing service providers.
Business · 第 178 页
During the years ended December 31, 2023, 2024 and 2025, the promotion service fees amounted to RMB217.9 million, RMB253.9 million, and RMB319.8 million, respectively.
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For each of the years ended December 31, 2023, 2024 and 2025, three, two and three of our top five suppliers, respectively, were third-party marketing service providers.
Our suppliers also include outsourcing agencies for product testing and R&D, office lessors, cloud service providers and suppliers of device and equipment.
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In addition, given our engagement of certain third parties for the delivery of some of our services, we have established or remediated policy and processes on procurement from all suppliers.
During the Track Record Period, we outsourced certain production processes for diagnostic tablets and certain products within our TPMS sensor series, including printed circuit board assembly and diagnostic wiring harness processing, to third-party manufacturers.
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We maintain stringent standards in selecting manufacturers, taking into consideration factors such as their qualifications, supply capabilities, management systems, production facilities and operational standards.
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Our manufacturers are required to meet our prescribed quality standards and are responsible for any liabilities arising from product defects.
We have adopted outsourcing arrangement for providing auxiliary services in connection with our printing services during the Track Record Period, to supplement internal capacity and support timely delivery.
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We retain control over final quality assurance and overall project delivery through established supplier selection, quality control and performance assessment procedures.
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All externally manufactured components are subject to our independent inspection upon delivery, and only qualified components are transferred to our facilities for subsequent assembly, installation and testing.
Technical services primarily comprise the outsourcing of non-core software modules and on-site technical services, as well as technical consultation services.
Business · 第 158 页
In order to enhance the focus of our core technical and management personnel on the design and on-site implementation of our products, we outsource certain non-core software modules (such as ERP, warehouse management systems, and database management systems) to companies with extensive experience in relevant fields for collaboration.
Business · 第 158 页
We also strictly supervise and evaluate the work quality and implementation effectiveness of outsourced personnel during project execution to ensure that our products can be delivered to our customers in a timely, stable, and efficient manner.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
一次性耗材于期内委聘第三方GMP厂商生产
We have commissioned GMP-compliant third parties for the production of disposables during the Track Record Period, and did not engage in any in-house production of such materials.
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After the Track Record Period and as of the Latest Practicable Date, we expanded a dedicated production cleanroom for the large-scale production of medical disposables, and had received approval for the expanded production facility.
In 2023, 2024 and 2025, our outsourced costs amounted to RMB2.6 million, RMB2.8 million and RMB3.6 million, respectively, accounting for 3.9%, 3.4% and 1.8% of our total cost of sales in the same respective periods.
Business · 第 152 页
There was no material delay in delivery of services by our manufacturing partners during the Track Record Period.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
内容制作及线下执行外聘第三方供应商
For certain campaigns, we engage third-party vendors to execute specific operational tasks, including content production such as photography, videography, graphic design, copywriting and video editing, as well as offline execution such as venue setup and production of promotional materials.
Business · 第 157 页
we manage the overall project plan and quality, while coordinating and overseeing the delivery of services by such third-party vendors
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
聘请第三方推广商补充营销
To supplement our in-house sales and marketing capabilities, we engage third-party promoters to market our products to medical institutions and target patient groups in selected cities or regions.
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According to the promotion agreements, our third-party promoters are generally prohibited from promoting any other products that compete with, or have any conflict of interest with, our products.
Business · 第 172 页
There was no material breach of the promotion agreements by any third-party promoters during the Track Record Period.
In delivering our solutions, we procure external marketing resources and services during marketing execution, such as content creation, media placement and KOL and KOC promotion.
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We also procure external technical services, including computing power, specialized data and outsourced ancillary development support, primarily to support the iteration and customized deployment of our solutions.
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We have established internal procurement and supplier management policies to ensure service quality, compliance, cost efficiency and operational continuity.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
非核心技术研发外包予第三方
In 2023, 2024 and 2025, our third-party service fees in relation to outsourced R&D arrangements with such technical service providers were RMB10.4 million, RMB15.5 million, and RMB49.0 million, respectively, accounting for 5.8%, 11.8%, and 26.1% of our total R&D expenses in the respective periods.
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- Intellectual Property: All the resulting intellectual properties of the project belong to us.
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We typically assign our employees as project representatives to participate in the project implementation, and to oversee and coordinate the working process to ensure quality.
Core production processes, including the assembly of key modules, physical calibration, and system integration, are completed in-house to maintain strict quality standards.
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For certain non-core processes, such as PCB soldering and specific sub-assemblies, we may engage external third-party manufacturing contractors.
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In 2023, 2024 and 2025, we engaged 19, 25 and 24 manufacturing contractors, with manufacturing fees of RMB9.2 million, RMB24.5 million and RMB35.3 million, respectively.
We engage these subcontractors primarily to (i) access specific manufacturing processes or technologies that are currently not available in-house, and (ii) supplement our production capacity during peak periods to meet high delivery demands. We retain ownership of these materials during the processing period and pay processing fees upon completion.
During the Track Record Period, we engaged eight independent third-party manufacturers to provide outsourced PCBA production services, including two located in Huizhou and one located in Shenzhen.
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Approximately 62% of our PCBA production was outsourced to these third-party manufacturers due to the high utilization of our in-house PCBA production lines.
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We maintain quality control procedures over outsourced production and conduct inspections on outsourced components before they are used in our products to ensure that they meet our technical specifications and quality standards.
As at the Latest Practicable Date, we cooperated with 43 independent third-party performance companies and art troupes, the total number of external performers engaged by us amounted to 1,229.
Business · 第 160 页
For FY2023, FY2024 and FY2025, we paid service fees to those third-party performance companies and art troupes in the amount of RMB16.4 million, RMB25.0 million, and RMB48.8 million respectively.
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Meanwhile, to ensure performance quality, we designate personnel to conduct weekly reviews of the performance quality of contracted performance troupes, with inspection criteria covering aspects such as backstage preparation, performance timing, number of performers, costumes, props and stage setup, makeup, exit procedures, and daily professional conduct.
In connection with our content customization business, we have established relationships with a diversified network of external production and service providers.
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Through this approach, we are able to maintain an asset-light and scalable operating model while ensuring timely delivery and flexibility in meeting customer requirements.
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This margin profile reflects the project-based nature of content customization services, which typically require third-party production and content suppliers in addition to our internal costs, resulting in a relatively higher cost base than content licensing services.
None of them involved our core technologies, critical material systems or key manufacturing steps.
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During the Track Record Period, our purchase amount of outsourced labour services amounted to RMB42.7 million, RMB81.4 million and RMB86.2 million.
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We also maintain a reserve pool of alternative suppliers with comparable processing capabilities, ensuring substitutability and supply flexibility for outsourced procedures.
During the Track Record Period, we have outsourced certain processes such as drilling and predelivery inspection to third-party contractors specialised in such processes from time to time when our capacity for the relevant processes was relatively fully occupied at the particular time.
Business · 第 142 页
For FY2023, FY2024 and FY2025, our subcontracting fee transaction amount was RMB66.6 million, RMB99.4 million and RMB94.9 million, respectively.
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We generally select our subcontractors based on their company background, financial status, holding of relevant licenses, production capability, and passing of our testing and verification.