During the Track Record Period, we primarily rely on OEM/ODM facilities for the production of our smart devices.
Business · 第 147 页
As of December 31, 2023, 2024 and 2025, we had 23, 25, and 30 third-party manufacturers, respectively, to support our production needs.
Business · 第 147 页
Our Directors are of the view that, during the Track Record Period and as of the Latest Practicable Date, we have not been reliant on any single, or any group of, specific OEM(s) and ODM(s).
To ensure a flexible and secure supply of such core ingredients, particularly to meet peak season demand, we also engage in toll-processing arrangements where we provide selected sheep whey liquid to specialized partner for processing demineralized sheep whey powder under our specifications and quality control.
Business · 第 168 页
For the years ended December 31, 2023, 2024, and 2025, approximately 26.7%, 31.2% and 18.5% of our demineralized sheep whey powder were sourced through the toll-processing arrangements, respectively.
Business · 第 168 页
We protect such technology through a multi-dimensional protection mechanism including strict trade secret management, clear confidentiality and liability clauses in toll-processing cooperation agreements, strict supplier selection and supervision, and standardized internal employee confidentiality constraints (including signing confidentiality agreements and conducting regular confidentiality training) to prevent its leakage or infringement.
四川好医生云医疗科技集团股份有限公司GOOD DOCTOR CLOUD HEALTHCARE & TECHNOLOGY GROUP CO., LTD.
自有品牌药品委托第三方药企生产
They are manufactured by qualified third-party companies and labeled with our brand.
Business · 第 132 页
Before entering into any agreement, we perform due diligence by examining licenses, product certificates and public records.
Business · 第 133 页
As of December 31, 2025, we had collaborated with more than 2,000 pharmaceutical manufacturers, establishing effective communication channels to stay informed about their current manufacturing, logistics and inventory levels.
Our selection of OEM partners follows the same supplier evaluation process applied to our third-party suppliers, with additional emphasis on manufacturing precision, confidentiality protection, and production flexibility.
Business · 第 153 页
The largest OEM supplier accounted for approximately 9.4%, 8.3% and 7.2% of our total procurement costs incurred for the years ended 31 December 2023, 2024 and 2025, respectively. No single OEM supplier accounted for more than 10% of our total procurement costs in any of these years, reflecting a diversified OEM supplier base with no material concentration risk.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
部分智能终端及可穿戴产品外包生产
For certain smart terminal products and smart wearables products, we engage external manufacturing partners in other regions.
Business · 第 130 页
As of the Latest Practicable Date, we primarily cooperated with two external manufacturing partners which can meet our requirements and the demands for our operations.
Business · 第 130 页
Despite these outsourcing arrangements, we continue to maintain substantial in-house manufacturing capabilities, and majority of our production is conducted internally.
During the Track Record Period, an average of approximately 88% of our finished products were manufactured in-house, while an average of 10% and 2% were produced by ODM and OEM suppliers, respectively, based on production value.
Business · 第 143 页
To ensure ODM and OEM suppliers comply with manufacturing standards, we have established a comprehensive supplier management and quality control framework.
During the Track Record Period, we manufactured our diverse range of products and accessories through a combination of in-house production and third-party manufacturing.
Business · 第 139 页
As of December 31, 2025, we cooperated with three third-party manufacturing partners, all of which are companies with substantial experience in final product assembly.
Business · 第 140 页
We have established a comprehensive management system to secure the quality and reliability of third-party operations.
During the Track Record Period, we outsourced the manufacturing of our self-developed controllers to third-party manufacturers, with certain other components produced through OEM arrangements, including sheet metal parts, machined metal parts and plastic parts.
Business · 第 199 页
In 2023, 2024 and 2025, the cost we incurred for outsourced manufacturing amounted to RMB8.6 million, RMB6.5 million and RMB14.2 million, respectively.
Business · 第 199 页
Contract manufacturers conduct production and quality control based on the product technical specifications we provide (if any).
Approximately 90% of our total product output is fulfilled through a network of carefully selected OEM partners, with the remaining 10% produced in-house at our Dongguan production base.
Business · 第 168 页
Our outsourced manufacturing partners are responsible for the large-scale production of high-volume products, including those supplied to our major customers such as Xiaomi.
Business · 第 168 页
All products manufactured by OEM partners are subject to our proprietary Aqara quality management system, with each batch undergoing strict inspection protocols.
Reflecting this approach, we have established strategic partnerships with carefully selected contract manufacturing providers in both the United States and Germany, who are all independent third parties.
Business · 第 149 页
For the years ended December 31, 2023, 2024 and 2025, production volumes attributable to overseas contract manufacturing providers accounted for less than 1.0%.
Our cost structure is generally determined by, among other things, R&D expenses, raw material costs, third-party software procurement costs, costs of production conducted by third-party contract manufacturers, certification, licensing, packaging and logistics and management costs.
Business · 第 147 页
We carry out performance assessments to ensure the product quality and service of our suppliers on a quarterly basis and inform the suppliers of our assessment result and rectification requirements.
Business · 第 151 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience quality and delivery issues with our raw materials and components that materially affected our operations.
In terms of production, we operate under an asset-light model that combines in-house design with external procurement and outsourced manufacturing.
Business · 第 150 页
During the Track Record Period, we engaged less than 20 subcontractors.
Business · 第 150 页
During the Track Record Period, we focused our internal capacity on design, specification development, and quality control, while its production and manufacturing were primarily outsourced to suppliers.
In 2023, 2024 and 2025, revenue contribution from the products manufactured by the Shenzhen Contract Manufacturer amounted to RMB41.5 million, RMB27.4 million and RMB31.1 million, respectively.
Business · 第 171 页
Besides, we have included confidentiality clauses in our agreement with the Shenzhen Contract Manufacturer, setting forth, among others, that the proprietary technology and IPs are protected, the ownership of which will not be transferred in the manufacturing process.
Business · 第 171 页
Following the commencement of operations at our Shenzhen production facility, we progressively phased out the use of the Shenzhen Contract Manufacturer and formally terminated our agreement with the Shenzhen Contract Manufacturer in May 2025.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
部分标准化产品委聘第三方制造商外包生产
To ensure flexibility in meeting market demand and optimizing resource allocation, we also engage third-party manufacturers for certain product categories requiring standardized processes or urgent capacity expansion.
Business · 第 122 页
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, our outsourcing costs accounted for 3.7%, 4.1%, 4.8%, 5.2% and 5.1% of our cost of sales, respectively.
During the Track Record Period, substantially all of our e-bikes were produced by OEM partners, although in 2024 we produced a limited number of e-bikes at our in-house facilities in the Chinese mainland for the U.S. market.
Business · 第 116 页
We subsequently transitioned to a full OEM production model, which offers asset-light operations, flexibility, scalability and cost efficiency.
Business · 第 116 页
The research and development for these proprietary technologies is completed by our in-house product development team, and all related intellectual property and know-how are owned by us.
In addition, we experienced production capacity shortage for certain types of specialized PCB production equipment during the Track Record Period due to sudden spikes in demand.
Business · 第 215 页
In 2022, 2023, 2024 and the ten months ended October 31, 2024 and 2025, we engaged a total of 142, 170, 169, 157 and 186 manufacturing contractors, with manufacturing fees of RMB58.6 million, RMB39.7 million, RMB63.1 million, RMB51.4 million and RMB92.7 million, respectively.
Business · 第 217 页
Conducting regular assessments, on-site inspections and performance reviews to monitor our manufacturing contractors’ compliance with our quality standards and their contractual obligations
In India, we currently collaborate with a related party, DBG Technology (India) Private Limited, a subsidiary of DBG Technology Co., Ltd., as our EMS partner primarily serving the Indian market.
Business · 第 222 页
Pursuant to the Press Note No.3 (2020 Series) by the Ministry of Commerce & Industry of India, prior governmental approvals for FDI would be required if such investment is from India's neighboring countries, including China.
Business · 第 223 页
The EMS partner is responsible for assembling the finished products in the India manufacturing center in accordance with our specified quality standards and technical requirements, and for delivering the completed units to us within the agreed timelines.
上海林清轩化妆品集团股份有限公司SHANGHAI FOREST CABIN COSMETICS GROUP CO., LTD.02657.HK
与瑞士Naturalps合作研发及知识产权安排
Naturalps undertakes the R&D process, which includes formulation creation, product development and testing.
Business · 第 194 页
However, upon full payment of the agreed fees, on February 10, 2025 we acquire exclusive ownership of the accepted formulations and all related documentation.
Business · 第 194 页
While these technical advancements have not yet been applied in any launched products, they are intended to support future product R&D and we have no ongoing dependency on Naturalps' contributions.