关联集团双重身份

During the Track Record Period, 14 major counterparty groups acted as both our customers and suppliers (the ''Major Overlapping Counterparties'').

Our sales to, and purchases from, Major Overlapping Counterparties were not reciprocal in nature, and we did not enter into any arrangement under which a sale was conditional upon a corresponding purchase, or vice versa.

The relevant sales and purchase transactions were conducted in the ordinary and usual course of business, on normal commercial terms and on an arm's length basis.

Our largest customer, Fosun International Group, was also one of our suppliers in 2024, 2025 and the six months ended June 30, 2026.

In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from Fosun International Group amounted to EUR27.5 million, EUR37.5 million, EUR24.4 million and EUR17.5 million, respectively, representing 1.5%, 2.0%, 1.3% and 1.6% of our total revenue for the respective periods.

During the Track Record Period, some of our other major customers, primarily comprising resort owners, also acted as our suppliers that provide resort resources for resort operation and vacation scenario services.

Two of our five largest customers during each period of the Track Record Period, namely Customer Group A and Customer Group B, were also the parent companies of certain of our suppliers.

During the Track Record Period, we procured warehousing and logistics services, as well as R&D laboratory consumables and related materials, from Customer Group A.

Our Directors confirm that the pricing and transaction terms of our sales to Customer Group A and Customer Group B, as well as our purchases from their groups’ supplier entities were negotiated and conducted separately on an arm’s length basis and in the ordinary course of business.

During the Track Record Period, one of our major customers, Customer A, and one of our major suppliers, Supplier G, customers and one of our suppliers were entities within the same corporate group.

According to CIC, it is common for pharmaceutical groups in China to conduct multiple pharmaceutical-related activities through different group entities as part of their ordinary business operations.

The relevant transactions were entered into in the ordinary course of business and on normal commercial terms under separate agreements.

Haier Group, our largest customer in each year/period during the Track Record Period, was also our largest supplier during the respective year/period, providing us primarily raw materials and intelligent hardware.

In 2023, 2024, 2025 and the three months ended March 31, 2026, our purchase amounts from entities in the Haier Group who were both our customer and supplier in the respective year/period were RMB846.7 million, RMB804.1 million, RMB852.9 million and RMB186.9 million, respectively, representing approximately 21.5%, 20.7%, 18.8% and 15.6% of our total purchase amounts in the same years/periods.

Our Directors are of the view that the transactions with the overlapping supplier customers were conducted at arm’s length, mutually independent and under normal commercial terms.

Retained Zhen Ding Group is our customer and also our supplier.

In 2023, we sold certain products to Retained Zhen Ding Group for onward sale to our end customers, solely because we, as a business unit of Zhen Ding Group at the time, had not yet completed the relevant customer validation process.

Our Directors confirmed that all of our sales to and purchases from the overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis.

Customer F was among our five largest customers in 2025, and was also among our five largest suppliers, indicated as Supplier E, in 2023.

Anton Oilfield Group was among our five largest customers in 2023, 2024 and 2025, and was also among our five largest suppliers in 2024.

Our sales to such customer/supplier above were not conditional upon purchases from it, and vice versa.

Customer C, one of our five largest customers in 2023, 2024 and 2025, was ultimately under common control with Supplier Group G, one of our five largest suppliers in 2023.

According to Frost & Sullivan, customer and supplier overlap is common among participants in the smart device supply chain, particularly where different affiliates or business divisions within the same group engage in different transactions depending on product requirements, project arrangements and supply chain coordination needs.

Negotiations of the terms of our sales to and purchases from these customers and suppliers were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.

all of our distribution partners were independent third parties, save that (i) in China, two subsidiaries of Shandong Heavy Industry Group had began sourcing relevant products from us in June 2025 and August 2025, respectively; the revenue generated therefrom was insignificant in 2025, and (ii) for overseas sales, four subsidiaries of Weichai Power Group had been sourcing relevant products and components from us for resale overseas, and the revenue generated therefrom accounted for less than 1.6% of our total revenue for each period during the Track Record Period

the pricing of our transactions with such distribution partner is determined through arm’s-length negotiations with the aforementioned entities, with reference to the prices offered to other independent third parties in the ordinary course of business.

During the Track Record Period and up to the Latest Practicable Date, all of our direct sales customers were independent third parties, save for Weichai Power Group and Shandong Heavy Industry Group.

In 2023, 2024, and 2025, our total purchases from this group amounted to RMB551.7 million, RMB157.1 million, and RMB178.7 million, respectively, accounting for 24.7%, 8.0%, and 3.5% of our total purchase amount for these respective years.

According to Frost & Sullivan, such overlapping arrangements are common across the industries we are focused on, where supply chain integration and technology and service exchanges are prevalent practices.

Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on a transaction-by-transaction basis.

For each of FY2023, FY2024 and FY2025, China Mobile Group procured decision intelligence solutions from our Group and contributed RMB16.4 million, RMB14.5 million and RMB31.6 million, representing 5.8%, 5.2% and 8.3% of our total revenue, respectively.

During the Track Record Period, we also procured telecommunications data from China Mobile Group.

According to the Industry Report, telecommunications data is only assessed and controlled by a limited number of authorized suppliers in the PRC.

During the Track Record Period and as of the Latest Practicable Date, except for MCG and ANTAM, none of our customers were also our suppliers.

During the Track Record Period, our transactions with MCG primarily involved (i) our rental of heavy equipment to MCG in the amounts of US$1.4 million and US$0.1 million, representing 97.5% and 100% of our total sales in 2023 and 2025, respectively, and (ii) our purchasing management consulting services, share service, construction service, technical consulting services and renting equipment from MCG in the amounts of US$12.0 million, US$10.4 million and US$24.5 million, representing 14%, 8% and 15% of our total procurement in 2023, 2024 and 2025.

Both refining costs charged and sale prices paid by ANTAM are determined on an arms-length basis.

For the years ended December 31, 2023, 2024 and 2025, we made arm’s-length purchases of electrical components amounting to approximately RMB21,239, RMB53,097 and RMB8,850, respectively, from a subsidiary of Customer A. Such amounts were immaterial and did not render it a top five supplier during the Track Record Period.

For the years ended December 31, 2023, 2024 and 2025, our sales to Supplier B amounted to approximately RMB0.1 million, RMB4.6 million and RMB7.0 million, respectively.

Furthermore, during the Track Record Period, there was no overlap between our top five customers and our top five suppliers.

In 2024 and 2025, Supplier G which was responsible for processing and manufacturing our orders, was also our customer.

As certain designs included in our orders are exclusive to us, the color films and other raw materials required for such designs were required to be supplied directly by us to Supplier G.

During the Track Record Period, our sales to Supplier G accounted for approximately 1.1% and 0.5% of our total revenue for the years ended December 31, 2024 and 2025, respectively.

In each year during the Track Record Period, to the best knowledge of our Directors, Geely Holding Group, one of our five largest customers in each year during 2023, 2024 and 2025, respectively, was also a supplier.

Following a last-minute change by an OEM under Geely Holding Group that is separately listed on a stock exchange in the designated automotive-grade chip, the project required an accelerated development and production schedule.

All transactions with Geely Holding Group (in its capacity as a supplier) were conducted on an arm's length basis and on normal commercial terms.

We sold automotive components and parts to them, and our purchases from them were primarily related to reimbursements for after-sales warranty services.

In 2025, our purchase amount from Chery amounted to RMB59.0 million, representing 0.7% of our total purchases for the same year.

Our Directors confirm that, with respect to the overlapping customers and suppliers, sales and procurement transactions between us and such counterparties are not mutually incidental or conditional, and all sales and procurement transactions between us and such overlapping customers and suppliers are conducted in the ordinary course of business, based on our genuine business needs and on an arm’s length basis and in accordance with normal commercial terms.

In 2024, our sales to the subsidiary of Johnson Controls International Plc amounted to RMB0.9 million, accounting for 0.1% of our total revenue for the same year. In 2023, 2024 and 2025, our purchases from Johnson Controls International Plc amounted to RMB255.6 million, RMB38.6 million and RMB110.6 million, respectively, accounting for 27.2%, 6.1% and 19.1% of our total purchases for the respective years.

In 2023 and 2024, our sales to Customer B amounted to RMB89.3 million and RMB117.3 million, respectively, accounting for 13.9% and 15.9% of our total revenue for the same years, respectively.

Our Directors are of the view that the transactions that we entered into with the overlapping supplier-customers were on an arm’s-length, mutually independent basis under normal commercial terms.

Our purchases from Supplier A were RMB56.7 million, RMB139.2 million and RMB176.3 million in 2023, 2024 and 2025, respectively, accounting for 8.7%, 10.8% and 8.5% of our total purchase in the respective year.

Customer E was our fifth largest customer in 2024 and 2025, from which we recognized revenue of RMB17.0 million and RMB33.8 million, respectively, accounting for 0.9% and 1.2% of our total revenue in the same years, respectively.

Our Directors confirmed that negotiations of the terms of our purchases from Supplier A and the terms for sales to Customer E were conducted individually on an arm's length basis.

In each year during the Track Record Period, Geely and its affiliates, on an aggregate basis, have been our largest supplier and our largest customer.

The aggregate purchase amounts from Geely Group in 2023, 2024 and 2025 were RMB3,386.9 million, RMB1,963.4 million and RMB2,647.5 million, representing 50.1%, 29.3% and 30.8% of our total purchase amount, respectively.

These arrangements are not inter-conditional or linked in any contractual or de facto manner: we are under no obligation to purchase from Geely Group in order to sell to Geely Group, or vice versa, and there are no cross-default, volume linkage or set-off arrangements between our procurement and sales contracts.

These overlapping relationships arise from the nature of our integrated media ecosystem, whereby we provide content, advertising and digital services while also procuring various operational services from the same parties.

Revenue derived from MNC Group amounted to Rp2,358,933 million, Rp2,409,662 million and Rp2,558,817 million in 2023, 2024 and 2025, respectively, representing 81.2%, 74.4% and 66.8% of our total revenue for the corresponding periods. Our purchases from MNC Group amounted to Rp962,379 million, Rp1,112,761 million and Rp1,654,306 million in 2023, 2024 and 2025, respectively, representing 51.6%, 58.7% and 67.0% of our total purchases for the corresponding periods;

Revenue derived from Customer A amounted to Rp100,127 million, Rp92,467 million and Rp80,459 million in 2023, 2024 and 2025, respectively, representing 3.4%, 2.9% and 2.1% of our total revenue for the corresponding periods.