We are focusing on the research, design, and development of our products while outsourcing manufacturing to specialized partners.
Business · 第 154 页
For each year during the Track Record Period, our top 20 manufacturing partners are responsible for approximately 80% of the manufacturing and assembly tasks and they are primarily located in the PRC and Southeast Asia (such as Vietnam and Thailand).
Business · 第 154 页
Upon completion, all products undergo rigorous inspection by our quality control department before being approved for delivery.
During the Track Record Period and up to the Latest Practicable Date, we manufactured our smart parking hardware products through (1) our two production facilities in Xiamen, Fujian province and Chongqing, respectively, as well as (2) our contract manufacturing partners.
Business · 第 158 页
Core electronic components, such as ICs, are procured by us and outsourced to surface mount technology service providers for production in accordance with our design specifications.
Business · 第 163 页
When selecting contract manufacturing partners, we primarily consider production capacity, quality control, delivery capability, and process level.
We engage automotive OEMs for the manufacturing of our AiTruck and contract manufacturers for the production of certain components including intelligent driving domain controllers and sensors.
Business · 第 163 页
For the years ended December 31, 2023, 2024 and 2025, the aggregate transaction amounts with our top five OEMs were approximately RMB37.6 million, RMB112.4 million and RMB156.3 million, accounting for 95.8%, 99.5% and 91.2% of our total transaction amounts with OEMs, respectively.
Business · 第 164 页
Despite this delivery model, we maintain flexibility in our OEM partnerships and are not dependent on any single automotive OEM.
We collaborate with reliable OEM suppliers for the production of some of our plum jelly and other plum-based products to relieve the production capacity shortage caused by overwhelming market demand.
Business · 第 121 页
We have established and implemented internal control measures over our OEM suppliers to ensure that products manufactured under our OEM arrangements are produced in accordance with our quality standards and applicable regulatory requirements.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
以第三方代工补充产能的替代制造安排
When our internal production capacity reaches its designed limits or when additional flexibility is required to meet customer demand, we may adopt alternative manufacturing arrangements with selected third-party manufacturers to supplement our production capacity.
Business · 第 115 页
During the Track Record Period, production under such arrangements represented an insignificant portion of our total production volume.
Business · 第 115 页
Products manufactured under such arrangements are subject to our quality control procedures, including sample testing, on-site inspections and acceptance checks before shipment.
We adopt a hybrid manufacturing strategy, independently manufacturing core components while selectively outsourcing certain non-core components, enabling a clear allocation of production responsibilities and optimal utilization of our manufacturing capabilities.
Business · 第 109 页
We mandate that all suppliers comply with applicable local laws and ensure that outsourced parts meet regulatory requirements.
We engage automotive OEMs for the manufacturing of our autonomous mining trucks and contract manufacturers for the manufacturing of certain components, including those related to our solutions.
Business · 第 142 页
We collaborate with multiple automotive OEMs and have no dependence on any single automotive OEM.
Business · 第 143 页
We typically engage contract manufacturers when the hardware or components we require do not meet our quality or technical standards in the open market, or when customization is required for our solutions.
We outsource the production of certain products, including fiber optic assemblies and fiber optic connectivity infrastructure products. The outsourcing costs were RMB12.6 million, RMB23.3 million, and RMB23.8 million, representing 4.1%, 4.5%, and 1.9% of our total cost of sales, respectively.
Business · 第 122 页
We continuously monitor the performance of our external manufacturers and conduct in-process inspections as well as on-site audits, with finished products subject to rigorous sampling inspection.
We selectively collaborate with CMOs to outsource the manufacturing of a small portion of our mass-market products with low profit margins, such as certain infusion sets and venous blood collection needles, in order to maintain long-term relationships with our customers.
Business · 第 121 页
During the Track Record Period, revenue generated from products manufactured by CMOs on our behalf accounted for approximately 1% of our total revenue for the respective years.
Business · 第 121 页
In the event of any disruption, we retain the flexibility to transition production to alternative providers with comparable capabilities.
In order to focus our production resources, we strategically outsource the production of some of our products under our “Ciarra” brand to our contract manufacturers, which are all located in the PRC.
Business · 第 148 页
During the Track Record Period and up to the Latest Practicable Date, we have sourced from over 20 contract manufacturers, who are Independent Third Parties, to produce our products according to our specifications and designs.
Business · 第 148 页
Only those contract manufacturers that have passed our on-site inspections are considered for engagement.
During the Track Record Period, we outsourced certain production of SSDs and memory modules for PC storage to OSAT facilities during peak seasons.
Business · 第 123 页
Under the outsourcing arrangements, qualified third parties are responsible for manufacturing, assembly and testing, while we retain control over key materials, quality standards and delivery timelines.
Business · 第 123 页
In 2023, 2024 and 2025, revenue generated from the sales of products manufactured under outsourcing arrangements amounted to RMB509.1 million, RMB685.3 million and RMB1,258.0 million, respectively.
We design and outsource the manufacturing of various vehicles such as tractors, buses, trucks, and passenger cars/pickup trucks to vehicle manufacturers, and deploy vehicle brain hardware that is empowered with our proprietary autonomous driving system, U-Drive^®^, at our warehouse, assembly and testing center in Jiaxing, Zhejiang.
Summary · 第 6 页
We outsource the manufacturing of domain controllers to third parties where we provide product design and specifications and the third party manufacturers produce products that meet our standards.
Business · 第 194 页
According to Frost & Sullivan, outsourcing the manufacturing of domain controllers is in line with the industry norm.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
委聘制造伙伴及分包商生产零部件
We implement a structured procurement and production process which involves sourcing standard parts and components and engaging subcontractors in relation to manufacturing services to produce parts and components based on technical drawings and manufacturing process provided by us.
Business · 第 141 页
During the Track Record Period, we also engaged manufacturing partners to produce parts and components based on our proprietary designs. We maintain frequent and open communication with our manufacturing partners on project-related matters, particularly on the progress of work and project requirements. There was no material delay by our manufacturing partners during the Track Record Period.
Business · 第 171 页
We perform thorough due diligence on our suppliers, request samples before making purchase orders and regularly monitor and review their performance.
We also engage leading external feed suppliers in China to produce part of our feed according to our designed feed formulas and raw material standards.
Business · 第 162 页
We reserve the right to reject any products that do not meet these quality standards.
Our supply chain and customization model primarily comprises two parts: (i) vehicle customization, under which we rely on qualified vehicle customization partners, including JAC Motors and Shandong Reach, for final vehicle assembly; and (ii) the sourcing and production of raw materials and core components.
Business · 第 157 页
During the Track Record Period, we collaborated with our vehicle customization partners, including JAC Motors and Shandong Reach, and procured manufactured vehicles from them, in compliance with relevant laws and regulations.
Business · 第 157 页
From a financial perspective, the fees paid to customization partners represented a relatively small portion of total vehicle cost during the Track Record Period.
To ensure the product quality, we primarily relied on our in-house production capacity for our major skincare and personal care products during the Track Record Period, while engaging OEM/ODM partners to assist in producing certain makeup products and personal care products.
Business · 第 128 页
Meanwhile, we implement stringent production quality control measures over our OEM/ODM partners, including qualification check, onsite or remote inspection, unified production standard and final review of production and inspection results before releasing products so as to ensure controllable product quality and a stable supply chain.
Business · 第 128 页
Moreover, we had OEM/ODM expenses of RMB282.5 million, RMB369.9 million and RMB492.8 million in 2023, 2024 and 2025, respectively, accounting for 10.6%, 12.0% and 17.4% of our total cost of sales.
We engage third party independent contract manufacturers for the production of our self-developed switches, as well as optical transceivers and RDMA NICs.
Business · 第 175 页
During the Track Record Period, we engaged seven contract manufacturers.
Business · 第 175 页
For example, we generally require our contract manufacturers of switches to complete a series of pre-shipment tests, including functional testing, full-port stress testing and high-temperature burn-in testing, and to maintain comprehensive test records throughout the process.
We design the equipment in-house based on customer's specific requirements and engage third-party manufacturers for production, while our personnel assist with the installation and initial operation of such equipment as needed.
In 2023, 2024 and 2025, the procurement volume from third-party contract manufacturers was approximately 13.4 thousand tons, 19.8 thousand tons and 28.1 thousand tons, respectively.
Business · 第 124 页
To safeguard our proprietary product designs and formulas, we typically enter into confidentiality agreements with these third-party manufacturers before commencing any collaboration.
Business · 第 124 页
In addition, to rapidly scale our manufacturing capacity, we leverage qualified third-party OEM partners.
可孚医疗科技股份有限公司Cofoe Medical Technology Co., Ltd.01187.HK
自有品牌部分产品外包OEM/ODM生产
While we primarily rely on our in-house production capacity to manufacture our home care medical devices, we also engage OEM/ODM suppliers to produce select types of our branded medical products, particularly those do not carry sophisticated technology specifications and/or demand advanced manufacturing techniques, including walking aids, elbow crutches and canes under rehabilitation aids products; anti-decubitus mattresses, urine collectors, drainage tubes, drainage bags and irrigation devices under medical care products; mouth-closing orthotic patches under respiratory support products; as well as hot compress eye masks, acupuncture needles and cupping devices under TCM therapy and other products.
The procurement costs of our own-brand products produced by OEM/ODM suppliers continuous decreased from 2023 to 2024, primarily because (i) we progressively transitioned certain product lines, including wheelchairs, the infection control series, wound dressings/bandages, and oral care products, to in-house manufacturing, consistent with our strategic development goal of enhancing quality control and improving delivery efficiency; and (ii) following the adjustments to epidemic prevention and control policies, market demand for health protection products such as antigen rapid test kits, masks, and gloves gradually declined, which allowed us to commensurately reduce the procurement volume of these products.