Most of construction activities for our facilities are carried out by independent contractors.
Business · 第 165 页
If a contractor fails to meet the agreed timeline or quality standards, resulting in project delays or deficiencies, they may be liable for penalties as stipulated in the contract.
Business · 第 165 页
In cases of material breach, we reserve the right to terminate the agreement and seek compensation for any resulting economic losses.
In 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, we incurred subcontracting charges of RMB1,619.3 million, RMB1,045.3 million, RMB531.3 million, RMB199.4 million and RMB148.1 million, respectively.
Business · 第 126 页
We adopt a range of measures to manage and monitor the performance of our subcontractors to ensure compliance with applicable progress, quality and safety requirements.
Business · 第 127 页
As of the Latest Practicable Date, we had 25 qualified subcontractors on our approved list, which we review and update on a periodic basis.
We generally do not directly carry out the labour works for installation or fitting out works and subcontract the labour works to one or more subcontractors, depending on the size and nature of the project.
Business · 第 108 页
During the Track Record Period, our purchases from top five subcontractors amounted to S$8.4 million, S$7.4 million, S$8.0 million and S$7.2 million in 2023, 2024, 2025 and the six months ended 30 June 2026, respectively, accounting for 40.8%, 23.8%, 19.7% and 24.5% of our total purchases, respectively.
Business · 第 134 页
We mitigate our exposure to rectification costs by allocating liability for defects to our subcontractors on a back-to-back basis.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
EPC施工及劳务主要通过分包外判
In terms of the number of subcontractors engaged, all independent third parties, to perform the aforementioned works, we have in total 432, 427 and 426 subcontractors for the years ended 31 December 2023, 2024 and 2025.
Business · 第 131 页
We take measures to manage our subcontracting costs and to ensure the quality of subcontracting work, as follows: (i) maintaining a list of preferred subcontractors which is regularly reviewed and updated, thereby maintaining long-term business relationships with our preferred subcontractors to secure availability of subcontracting business at reasonable prices, and (ii) engaging subcontractors through a tender and bidding process in which we typically solicit bids from at least three or more qualified potential subcontractors, primarily based on their qualifications, proposed subcontracting fees and track record.
Business · 第 136 页
Furthermore, we conduct quality control tests on the semi-finished or finished products processed by our subcontractors before accepting the finished products.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
逾十家分包商承揽工程建造劳务
During the Track Record Period, we engaged more than 10 major subcontractors to carry out certain engineering and construction, security, and cleaning works, allowing us to focus our time and resources on our energy management business.
Business · 第 154 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material delay in projects that were caused by subcontractors, nor did we have any material disputes with our subcontractors that had a significant impact on our business and financial performance, except for the First Litigation.
Business · 第 154 页
To ensure and maintain the quality of service provided by our subcontractors, we have established internal rules and procedures to monitor our selection of, cooperation with and inspections of the subcontractors, which are the same rules and procedures as selecting suppliers.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
EPC采购及施工工序外判予分包商
We do not, however, engage in material and equipment manufacturing or land and building construction. Accordingly, we source such items from suppliers, and/ or sub-contract such procurement and construction works to licenced service providers
Business · 第 122 页
For FY2023, FY2024, FY2025, purchase from our five largest sub-contactors amounted to RMB78.7 million, RMB50.4 million and RMB75.1 million, respectively, accounting for approximately 28.1%, 26.9% and 27.8% of our total purchase cost, respectively.
Business · 第 152 页
We generally select sub-contractors through open tenders or invited tenders.
Subcontractors are engaged in the installation of the equipment and components, while our technical and supervising personnel are responsible for debugging the energy management systems.
Business · 第 119 页
Typically, a lump sum price is specified in the subcontracting agreement, which is determined based on the agreement between our Company and our subcontractors.
Business · 第 128 页
To ensure and maintain the quality of service provided by our subcontractors, we have established internal rules and procedures to monitor our selection of, cooperation with and inspections of the subcontractors, which are the same as selecting suppliers.
During the Track Record Period, we entered into certain labor subcontracting arrangements with independent third-party labor subcontractor agencies to meet the need of our business operations.
Business · 第 149 页
We are responsible for inspecting and supervising the on-site work quality and verifying the completion status of the tasks performed by the subcontracted personnel.
Typically, the construction and building of power station projects are carried out by third-party contractors, with the supply chain management center overseeing the external bidding process for project construction.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
EPC服务外包予分包商并转向全外包模式
During the Track Record Period, we engaged subcontractors to carry out EPC service, allowing us to focus our time and resources on our DES asset development.
Business · 第 126 页
As our model matures and becomes validated gradually, we are pivoting toward a fully outsourced EPC model under which a third party serves as the general contractor.
Business · 第 100 页
To ensure and maintain the quality of service provided by our subcontractors, we have established internal rules and procedures to monitor our selection of, cooperation with and inspections of the subcontractors, which have the same rules and procedures as selecting suppliers.
In accordance with industry standards, we hire qualified contractors to outsource certain activities.
Business · 第 159 页
As we expand our production scale, we expect these outsourcing arrangements to adequately meet operational demands, reduce operating costs, and mitigate operational risks.
Business · 第 159 页
Our Directors are of the view that our contractors are in compliance with all material applicable laws and regulations and outsourcing will not be expected to have many material impacts for our control of our mining activities and daily operations.
北京⾼能时代环境技术股份有限公司Beijing GeoEnviron Engineering & Technology, Inc.
BOT项目建设及工程分包予第三方承包商
We would engage third-party contractors for design, construction, and supervision, while equipment suppliers handle manufacturing, delivery, and commissioning.
Business · 第 138 页
In addition, we also follow a structured process in selecting subcontractors, which typically involves competitive tendering, qualification review, and technical and safety assessments.
We further monitor their performance through ongoing on-site supervision, periodic evaluations and strict quality-control measures to ensure that subcontracted works comply with our engineering, safety and environmental standards.
For FY2023, FY2024 and 6M2025, we incurred subcontracting costs of approximately RM46.0 million, RM77.9 million and RM37.9 million, respectively, representing approximately 70.0%, 72.6% and 65.1% of our total cost of services, respectively, for the corresponding years/period.
Business · 第 169 页
Hence, we usually engage subcontractors to perform labour-intensive works such as reinforced concrete structure works, beam casting works and road furniture works; and other works that require niche technical expertise, such as bored piling works, soil investigation works, environmental works, earthworks and geotechnical works where it would be cost prohibitive for us to maintain in-house capabilities.
Business · 第 167 页
Though our contracts with customers do not prohibit delegation of works to subcontractors, we remain contractually liable for our subcontractors’ performance and quality of their subcontracted works.
During the Track Record Period, all of the on-site installation work of our projects in the PRC and overseas were performed by labor subcontractors.
Business · 第 259 页
As advised by our PRC Legal Advisers, our Directors confirmed that the labor subcontracting agreements had complied with all applicable PRC laws, rules and regulations in material respects during the Track Record Period and up to the Latest Practicable Date.
金叶国际集团有限公司GOLDEN LEAF INTERNATIONAL GROUP LIMITED08549.HK
约65%服务成本为分包费用
For FY2023/24 and FY2024/25, we incurred subcontracting fees of approximately HK$64.0 million and HK$80.6 million, representing approximately 64.5% and 65.4% of our total cost of services, respectively.
Summary · 第 4 页
Depending on our capability, resources level, cost effectiveness and the complexity of the project, we may subcontract works, such as works related to building management systems, to our subcontractors when the availability of our own labour resources is limited or the subcontracted works require specialised skills or expertise.
Business · 第 186 页
During the Track Record Period, a water leakage incident occurred in one of our work sites at a commercial property in Central after our subcontractor performed the works, and our customer complained about the damage allegedly caused in the incident.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
建设及采矿外包予EPC承包商CCECC
To ensure an efficient and smooth process of our constructions, we have adopted the engineering, procurement and construction (EPC) model and engaged CCECC (including its local branch in Kazakhstan) as our EPC contractor for construction activities through an open tender based on evaluation and selection procedures conducted by a committee comprising of four experts selected by a third party and a representative from our Company.
Summary · 第 19 页
The total contract sum payable by us to CCECC under the EPC contract is RMB1,091.6 million.
Summary · 第 19 页
On October 17, 2024, we have entered into a mining services procurement agreement with a local subsidiary of CCECC in Kazakhstan (the “Mining Services Procurement Agreement”), pursuant to which Subsidiary ZV will procure stripping and mining work in the open pit mining from CCECC’s subsidiary in Kazakhstan in the production phase of the Boguty Project.
In the PRC, we outsource a portion of our exploration and shaft construction/engineering work to qualified contractors.
Summary · 第 32 页
In Laos, we outsource third-party contractors, especially mining and processing work in our projects in Laos.
Summary · 第 32 页
During the Track Record Period and up to the Latest Practicable Date, we did not encounter any material disputes with our contractors in PRC, Laos and Ghana or experience any suspension or delay in our operations as a result of misconduct of our contractors.
荣利营造控股有限公司Wing Lee Development Construction Holdings Limited09639.HK
部分工序分包予分包商并实施监控
Depending on our capability, resources level, cost effectiveness and the complexity of the project, we may subcontract specific parts of the project, such as jointing and trenching, to our subcontractors when the availability of our own labour resources is limited or the subcontracted works require specialised skills or expertise.
Business · 第 225 页
We remain accountable to our customers for the performance and quality of work rendered by our subcontractors.
Business · 第 226 页
We have implemented the following measures to monitor the quality and progress of works outsourced to our subcontractors so as to ensure compliance with our contract specifications:
中赣通信(集团)控股有限公司Zhonggan Communication (Group) Holdings Limited02545.HK
现场劳务外包予劳务供应商
The Group’s labour procurement costs represented the largest component of the its cost of sales for the years ended 31 December 2021, 2022 and 2023 accounting for approximately 78.4%, 91.5% and 89.5% respectively.
Financial Information · 第 319 页
As advised by the PRC Legal Advisers, the engagement of labour suppliers by the Group does not constitute subcontracting in nature, and the labour suppliers are not considered as the Group’s subcontractors.
Business · 第 235 页
As at the Latest Practicable Date, the Group maintained a list which contained over 60 approved labour suppliers whom the Group would engage from time to time.
泓盈城市运营服务集团股份有限公司HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD02529.HK
劳务及专业服务外包予分包商
We outsource certain services, mainly including labor services and specialized services subcontracting.
Business · 第 261 页
We keep a list of qualified subcontractors based on our series of evaluation requirements, including the period of existence, the scope of overall activities, industry credentials, and technical capabilities, in order to assure the general quality of our subcontractors.
Business · 第 261 页
In the event that our subcontractors fail to adhere to our performance standards, we reserve the right to claim the rescission right, impose liquidated damages or deduct subcontracting fees.