In 2023, 2024 and 2025 and the five months ended May 31, 2026, we collaborated with 47, 31, 31 and 11 CROs, respectively. During the same periods, the costs attributable to CROs amounted to RMB53.5 million, RMB24.7 million, RMB20.5 million and RMB4.0 million, respectively.
Business · 第 174 页
We maintain close supervision of our CRO partners to ensure their performance fully complies with our protocols and all applicable regulations. We hold regular meetings with CROs to keep track of project progress and execution details and conduct periodic audits on them.
We maintain a network of more than 1,200 professional service partners, which is essential in strengthening our product delivery capacity.
Business · 第 154 页
We exclusively own and are entitled to use all the rights and interests, including but not limited to intellectual property rights, in the work product produced during the course of implementation by our professional service partners.
Business · 第 148 页
Our obligation of making each payment is conditional upon receipt of corresponding payment from customers.
We focus on the design, R&D and sales of our products while outsourcing a majority of wafer manufacturing, packaging and testing processes to trusted third-party partners.
Business · 第 128 页
Prior to the commencement of operation of our Zhuhai factory, our WLCSP products were manufactured in an outsourced manner.
Business · 第 129 页
Unlike fabless companies that typically outsource all packaging and testing processes, we possess in-house packaging and testing capabilities for our WLCSP products, allowing us to achieve cost optimization and performance improvement.
We operate a dual-sourcing manufacturing strategy that combines in-house production with OEM manufacturing.
Business · 第 144 页
During the Track Record Period, we engaged one OEM service provider in Changzhou, Malaysia and Vietnam, respectively, which have been integrated into our overall production and supply system.
Business · 第 146 页
To maintain thorough control over product integrity, we procure and supply the critical raw materials directly to the OEM supplier for production.
In addition, we also source a portion of finished products from qualified third-party manufacturers and engage contract manufacturers to produce a portion of our products.
Business · 第 141 页
For all third-party sourced products or products produced by the contract manufacturers, we maintain stringent supplier qualification and quality oversight processes to ensure full compliance with our requirements.
During the Track Record Period, our suppliers are mainly comprised of CROs and CDMOs for our R&D activities.
Business · 第 203 页
In the United States, we have initiated the Phase III clinical trials for MHB018A with trial operations being outsourced to an experienced CRO.
Business · 第 203 页
The team is responsible for overseeing the end-to-end production and quality management of our drug candidates, with functions spanning drug substance manufacturing, ADC conjugation, and drug product formulation, as well as quality system management, process governance, and in-process and release testing to ensure product consistency, safety, and compliance with applicable GMP standards.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
主要委托全球第三方合作工厂生产
We research and develop our products in-house and primarily engage specialized third-party partner factories around the world to produce them according to our proprietary designs and standard operating procedures (“SOPs”).
These services were primarily used to supplement our manpower on a temporary or project basis and to enhance operational flexibility in response to fluctuations in production demand.
Business · 第 163 页
During the Track Record Period, the number of personnel arranged by Supplier D and Supplier G to provide services to us as of December 31, 2023, 2024 and 2025, and April 30, 2026, amounted to 1,341, 1,628, 1,886 and 1,823, respectively, representing approximately 66.0%, 38.6%, 41.2%, and 43.2% of the aggregate number of our in-house employees and workforce services staff provided by Supplier D and Supplier G as of the same dates, respectively.
We operate an asset-light model under which we primarily outsource wafer processing, packaging and testing to third-party foundries and OSAT service providers, rather than making substantial capital investments in in-house packaging and testing facilities like certain peers, i.e., independent memory product enterprises.
Business · 第 139 页
At the same time, compared with peers that conduct packaging and testing in-house, our asset-light model may provide us with less direct control over certain packaging and testing processes, and we may be more exposed to third-party capacity allocation, lead-time fluctuations, quality control coordination and supply chain disruptions.
Business · 第 139 页
We operate under a fabless business model and do not directly engage in wafer fabrication or packaging activities, and only undertake partial testing work internally.
During the Track Record Period, we engaged a CMO in China to produce development and clinical trial materials for JZB30 while we calibrated and tested our self-operated facility in preparation of commercial production.
Business · 第 196 页
This engagement has concluded as we submitted the change of manufacturing site filing for JZB30 in December 2025 to directly transition to full in-house commercial manufacturing of JZB30 at our Chengdu facility from the start of commercialization, as our Chengdu facility has been purpose-built with dedicated commercial-scale production lines capable of meeting JZB30’s manufacturing demands, making in-house production a more cost-effective and supply-stable alternative to continued reliance on a third-party CMO.
Business · 第 196 页
In addition, to maintain strict quality and consistency oversight, we implement an on-site (resident) QA arrangement to perform spot checks and supervision and conduct initial and annual audits of the CMO’s laboratory management and testing procedures.
We engaged 38, 30 and 11 CROs in 2024, 2025 and the four months ended April 30, 2026, respectively, at the clinical stage.
Business · 第 191 页
We incurred expenses for services provided by CROs of approximately RMB19.8 million in 2024, RMB13.5 million in 2025 and RMB2.4 million in the four months ended April 30, 2026, which are included in our R&D expenses.
Business · 第 191 页
We require CROs to comply with our quality control and anti-corruption/anti-bribery policies and monitor compliance through internal quality control and third-party audits in accordance with our Audit Procedures and Quality Control Procedures.
In 2023, 2024, 2025 and three months ended March 31, 2025 and 2026, our subcontracting fee transaction amount (other than the transaction amount with Retained Zhen Ding Group) was RMB21.4 million, RMB42.5 million, RMB69.5 million, RMB11.3 million and RMB20.5 million, respectively.
Business · 第 142 页
We maintain stable cooperation with core independent subcontractors with aligned production plans, delivery requirements and quality standards, and continuously expand our subcontractor base to diversify risk.
To enhance production flexibility and resource efficiency, we selectively outsourced certain standardized and non-core production processes, such as sandblasting process and stator welded assembly process of PM motors, to rigorously vetted contract manufacturers.
Business · 第 149 页
These outsourcing contract manufacturers must strictly adhere to our technical specifications and quality standards, with all outsourced components undergoing our full inspection protocol before warehouse acceptance to guarantee performance parity with in-house productions.
Business · 第 149 页
(iii) Quality Control: Prior to delivery, we conduct preliminary inspection regarding the condition of the products.
To facilitate the market penetration and academic promotion of our vaccine products, we have adopted a strategy of collaborating with a network of third-party marketing service providers.
Business · 第 178 页
During the years ended December 31, 2023, 2024 and 2025, the promotion service fees amounted to RMB217.9 million, RMB253.9 million, and RMB319.8 million, respectively.
Business · 第 184 页
For each of the years ended December 31, 2023, 2024 and 2025, three, two and three of our top five suppliers, respectively, were third-party marketing service providers.
In order to optimise the allocation of our production resources towards our main products while diversifying our product portfolio as well as to assess the market potential of jelly products before committing further capital to expand production capacity, we engaged OEM suppliers for the production of our hog plum jelly in October 2024.
Business · 第 127 页
During the Track Record Period, the procurement amount from our OEM suppliers was nil, RMB68,277.9 and RMB0.5 million respectively, accounting for nil, approximately a minimal percentage and 0.3% of our cost of sales for the years indicated respectively.
Business · 第 127 页
Our OEM suppliers provide services for our hog plum jelly product so that we can expand customer choices without incur additional costs for a new production line.
The production of our chips is carried out through outsourcing to wafer foundries and assembly and testing companies.
Business · 第 115 页
We manage and monitor outsourced chip production through the following measures: optimizing production parameters and monitoring yield data to continuously improve product yield, requiring foundries to follow standard control plans for comprehensive quality management, and marking each chip for traceability to wafer fabrication and assembly and testing information.
Business · 第 115 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience quality issues or shortages with our procurement that materially affected our operations.
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.
Our suppliers also include outsourcing agencies for product testing and R&D, office lessors, cloud service providers and suppliers of device and equipment.
Business · 第 167 页
In addition, given our engagement of certain third parties for the delivery of some of our services, we have established or remediated policy and processes on procurement from all suppliers.
During the Track Record Period, we outsourced certain production processes for diagnostic tablets and certain products within our TPMS sensor series, including printed circuit board assembly and diagnostic wiring harness processing, to third-party manufacturers.
Business · 第 123 页
We maintain stringent standards in selecting manufacturers, taking into consideration factors such as their qualifications, supply capabilities, management systems, production facilities and operational standards.
Business · 第 123 页
Our manufacturers are required to meet our prescribed quality standards and are responsible for any liabilities arising from product defects.
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.