In line with industry practice, we engage experienced and well-qualified third parties to carry out chip tape-out and packaging processes in accordance with our proprietary specifications and process requirements allowing us to maintain strict standards of product consistency and system compatibility, while balancing cost and efficiency, thereby enhancing the overall flexibility and competitiveness of our production.
Business · 第 138 页
In accordance with industry practice, the chip tape-out process is carried out by qualified third-party.
Business · 第 151 页
In line with industry practices, we engage qualified and experienced third-party service providers in the semiconductor industry to carry out packaging strictly according to our proprietary standards and process requirements, ensuring product consistency, reliability, and system sustainability.
Our production model is centered on design-driven, outsourced manufacturing.
Business · 第 158 页
We currently do not own or operate major production facilities; instead, we rely on a carefully selected and managed network of qualified third-party suppliers for component processing and final assembly.
Business · 第 158 页
These agreements explicitly prohibit suppliers from disclosing, copying, or reverse-engineering our technical documents, designs, and specifications.
Under virtual IDM business model, we focus on R&D and the sales of our products, while outsourcing all wafer production, IC packaging and testing to third parties.
Business · 第 165 页
Comprehensive supplier management and regular audits are conducted to maintain high standards across the entire production process.
In terms of production, we provide design molds, engage in close collaboration with a network of qualified manufacturing partners, and implement rigorous quality control and supply chain management systems to improve manufacturing process and ensure our standards are consistently met.
Summary · 第 2 页
We source finished toy products and molds from pop toy and mold factories.
Business · 第 164 页
Our procurement agreements with suppliers usually include terms to ensure that any commissioned production conducted by suppliers will be previously confirmed by us in writing.
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).
In 2023, 2024 and 2025, our outsourcing cost amounted to RMB28.8 million, RMB77.7 million and RMB114.1 million, respectively, accounting for 9.6%, 22.0%, and 30.8% of our cost of sales for the same years.
Business · 第 149 页
As of the Latest Practicable Date, we primarily cooperated with 5 outsourced service providers which can meet our requirements and the demands for our operations.
Operating under a fabless business model, we concentrate our resources on IC design, platform development and market-driven innovation, while partnering with leading foundries and outsourced semiconductor assembly and test (“OSAT”) providers to transform our designs into high-quality, scalable products.
Business · 第 109 页
As a semiconductor company operating under a fabless model, we depend on third-party foundries for wafer fabrication and OSAT partners for packaging and testing.
Financial Information · 第 185 页
We typically place purchase orders based on rolling demand forecasts extending up to 12 months, which may be updated from time to time with reference to historical demand trends, market dynamics, and our management team’s industry insights.
For instance, we rely on third-party manufacturers to produce our private label offerings.
Business · 第 151 页
In addition, we collaborate with upstream manufacturers to develop private-label products, which allow us to respond quickly to ever-evolving consumer preferences with agility, and deliver products that are either priced with affordability or differentiated in quality and features.
Financial Information · 第 226 页
We implement strict supplier selection criteria and thorough vetting procedures, which demonstrate our dedication to food safety and product quality. We also engage third-party institutions to conduct quality control assessment of the suppliers’ manufacture factories.
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%.
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.
To ensure optimal efficiency and uphold stringent quality control standards, we selectively partnered with reliable OEM providers and also a factory in which we hold minority equity interests for the production of our products throughout the Track Record Period.
Business · 第 131 页
In 2023, 2024, and 2025, we engaged 15, 14, and 10 OEM providers for the production of our main products.
Business · 第 131 页
In addition, we adjust production volume by certain OEM providers from time to time, which reduces our reliance on any single provider.
北京⾼能时代环境技术股份有限公司Beijing GeoEnviron Engineering & Technology, Inc.
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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.
During the Track Record Period, the revenue from products manufactured by external manufacturers in each year accounted for approximately 0.6%, 0.4% and 0.3% of our total revenue in each respective year.
Business · 第 129 页
Under very few circumstances, we may outsource the manufacturing of certain products that involve relatively simpler manufacturing processes to external manufacturers due to cost consideration.
Business · 第 129 页
Subcontracting is generally prohibited without our prior written consent, and suppliers remain responsible for the performance of approved subcontractors.
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.
During the Track Record Period, for portions of our laser chips, we primarily engaged qualified third parties for the packaging process to meet customers' specific requirements, which is in line with the general market practice.
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 terms of the involvement and contributions of each of the major CDMOs (including CMOs) to the development of our product candidates, we collaborate with our CDMOs to manufacture a portion of our product candidates to supply for preclinical studies and clinical trials.
Business · 第 195 页
We are entitled to inspect and audit our CDMOs manufacturing process.
Business · 第 195 页
We believe it is more cost efficient to leverage the existing production facilities of the available CDMOs, which could potentially drive down the unit costs of our drug candidates.
We operate under the fabless model and focus on the design of chips. We outsource wafer fabrication and chip packaging and testing activities for mass production to third-party business partners.
Business · 第 146 页
To ensure ongoing quality control during mass production, our suppliers are required to provide monthly reports to our quality center, including wafer, packaging, and testing yield reports.
Business · 第 172 页
To ensure quality and supply chain resilience, we will build an in-house ATE testing platform with specialized equipment, talent, and systems integration to reduce reliance on third-party testing, improve yield rates, and accelerate time-to-market.