Under our fabless model, we focus on R&D and sales while outsourcing wafer production, packaging and testing to third parties.
Business · 第 141 页
In particular, capacity allocation, reservation and production scheduling are inherent constrained by available resources from our suppliers.
Financial Information · 第 206 页
During cooperation, we provide suppliers with only essential chip layout information, without disclosing other core intellectual property such as circuit design documentation or source code.
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.
We outsource the development of certain software products to optimize our use of resources.
Business · 第 153 页
To ensure the software's compatibility with our products and solutions, we rigorously select software suppliers based on their industry-specific expertise, reputation and their technical capabilities.
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.
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.
依赖合同销售组织提供销售人员
As of December 31, 2025, we employed 476 sales personnel and 8,881 flexibly recruited sales personnel placed by Contract Sales Organizations (“CSOs”).
Business · 第 157 页
We implement strict internal procedures to select the CSOs based on factors such as the quality of talent pools, industry experience, credibility, and reputation.
We operate under a fabless business model, which means we focus primarily on the design, development, testing, and sales of CMOS image sensors while outsourcing the wafer manufacturing processes to world-class production partners.
Business · 第 125 页
In addition, we engage qualified testing service providers to conduct certain reliability and performance tests on our sensors, including failure analysis and reliability tests.
Business · 第 141 页
While most packaging are outsourced to our production partners, we have gradually taken some packaging capability in-house through our subsidiary Changguang Yuanxin since 2022.
During the Track Record Period, our outsourcing expenses were RMB18.0 million, RMB15.7 million and RMB18.2 million in 2023, 2024 and 2025, respectively, only accounting for 2.7%, 2.1% and 2.2% of our total revenue in the respective years.
Business · 第 161 页
Under these circumstances, the outsourced service providers were responsible for executing the work according to our specifications, while we retained oversight of their performance and progress.
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.
For our MEMS micro- and nanofabrication components, we outsource primarily surface electroplating processing, a surface treatment process for precision micro-components.
Business · 第 157 页
For the years ended December 31, 2023, 2024 and 2025, our outsourced processing costs amounted to approximately RMB22.4 million, RMB45.5 million and RMB66.6 million, representing approximately 9.9%, 9.5% and 9.4% of our total cost of sales, respectively.
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.
We outsource the production of certain components of our servers, mainly chassis and printed circuit boards, to qualified third-party service providers that fabricate these components based on our design plans and technical specifications.
Business · 第 142 页
We also conduct regular on-site inspections of our contract manufacturers and, when necessary, assign personnel to oversee critical production stages.
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.
The outsourcing service companies mainly assist us in conducting some of sales and production activities and the outsourced personnel employed by outsourcing service companies primarily undertake roles such as beauty advisors and production line workers in our production bases.
Business · 第 165 页
Pursuant to the service outsourcing agreements, the outsourcing service companies shall arrange for and manage their own employees to provide services to us, comply with applicable labor laws and regulations, and independently assume all statutory employer responsibilities and obligations, including those arising from non-compliance with relevant laws, while the service companies assume statutory employer responsibilities under applicable laws.
We engage industry-recognized CDMOs to manufacture our injectable products, such as Xiweina and Zuoyu, to supplement our in-house manufacturing capacity, enabling us to optimize resource allocation and maintain cost efficiency.
Business · 第 156 页
During the Track Record Period, we primarily outsourced the production activities of injectable products, such as Xiweina, Zuoyu, Weidagan and Pirui, and hormonal tablets, such as Dinuo’an, to CDMOs in China.
Business · 第 159 页
We conduct quality assurance audit programs to monitor and evaluate the services of our CDMOs.
In addition to our in-house R&D activities, we also collaborate with reputable CROs to manage, conduct, and support our preclinical research and clinical trials.
Business · 第 156 页
We closely supervise our CROs with an aim to ensure their performance in a manner that complies with our protocols and applicable laws, which in turn protects the integrity and authenticity of the data from our trials and studies.
We also work closely with distributors and third-party promoters to enhance the sales performance, brand recognition and market acceptance of our products.
Business · 第 160 页
For the years ended December 31, 2023, 2024 and 2025, we engaged 67, 30, and 15 third-party promoters, respectively.
Business · 第 165 页
The decrease in the number of our third-party promoters was primarily driven by our strategic decision to reduce reliance on external agents and strengthen our in-house sales and marketing capabilities.
In addition to our in-house R&D activities, we also collaborate with reputable CROs to support our preclinical research and clinical trials.
Business · 第 202 页
Under our oversight such as regular progress meetings, execution reviews, and periodic audits, CROs provide services including site identification, medical and scientific management, data operations and statistical analysis, trial implementation monitoring, regulatory communication, and record keeping and report preparation.
Business · 第 202 页
(iv) we own all intellectual property rights arising from clinical research projects conducted within the stipulated work scope
Based on our customers’ mass production chip orders, we procure wafers from foundries and packaging and testing services from packaging and testing service providers on an outsourced basis in order to complete the manufacturing of chips.
Business · 第 139 页
This involves engaging third-party wafer foundries for fabrication and OSAT partners for packaging and testing.
Financial Information · 第 158 页
Furthermore, we are foundry- and OSAT-neutral, which enables collaboration with all major global foundries and OSAT partners rather than being constrained by any single partner’s roadmap.
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.
We collaborate with CDMOs (including CMOs) to manufacture and supply raw materials and drug substances for our preclinical studies and clinical trials.
Business · 第 187 页
We retain all intellectual property rights and only grant our CDMO partners a limited right to use such rights for manufacturing and packaging activities during the contract period.
Business · 第 187 页
We do not share our intellectual property, know-how or trade secrets with CDMOs.