Customer A, representing a group of affiliated and/or associated companies, was one of our top five customers in 2023, 2024 and 2025, with sales revenue accounting for 18.1%, 15.5% and 7.4% of our total revenue in the periods, respectively.
Business · 第 156 页
In 2023, 2024 and 2025, procurement made by us from such member amounted to RMB0.7 million, RMB0.3 million and RMB0.3 million.
Business · 第 156 页
Our transactions with Customer A were conducted in the ordinary course of business at arm's length with reference to and in consistence with market prices and terms of comparable products and services.
Revenue from Customer H for the year ended December 31, 2024 and the year ended December 31, 2025 was RMB6.7 million and RMB113.2 million, accounting for 1.7% and 20.9% of our total revenue for the respective period, respectively.
Business · 第 171 页
our Directors confirmed that all of our sales to Customer H and purchases from UNT were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis
Business · 第 171 页
Our Directors have confirmed that (i) all of our revenue and purchases from the overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and were not inter-conditional on each other; and (ii) the terms of our agreements with these overlapping customers and suppliers are substantially the same as those with our other customers and suppliers.
To our best knowledge, Supplier C, one of our top five suppliers in 2023, is the wholly-owned subsidiary of Customer E, one of our top five customers in 2023.
Business · 第 125 页
Our sales to Customer E and purchases from Supplier C were conducted on individual basis and were not conditional on each other.
Business · 第 125 页
In 2025, as we had overstocked these electronic components, we sold part of these inventory to Supplier I at its request.
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
与同一电商平台集团同时构成客户及供应商
During the Track Record Period, our purchases from Supplier C amounted to approximately RMB4.7 million, RMB6.8 million, RMB7.1 million, and RMB5.6 million for the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, representing approximately 2.0%, 3.2%, 2.8% and 2.5% of our total purchase costs in the respective years/periods.
Business · 第 155 页
Our Directors confirm that these transactions were entered into on normal commercial terms and in the ordinary course of business.
Business · 第 155 页
Our Directors further confirm that there was no set-off arrangement in respect of receivables or payables between the overlapping customer and supplier, and all transactions were settled separately in accordance with their respective contractual terms.
During the Track Record Period, other than Supplier C, we did not have any overlapping customer and supplier.
Business · 第 138 页
Our purchases from Supplier C amounted to RMB63.3 million, RMB15.0 million and RMB45.4 million in 2023, 2024 and 2025, respectively, representing 8.4%, 1.6% and 4.3% of our total purchases for the corresponding years.
Business · 第 138 页
In 2025, we also sold the ViMo software system to a customer under common control with Supplier C, generating revenue of RMB37.6 million, which accounted for 3.5% of our total revenue for that year.
During the Track Record Period, we provided group physical examination services and property rental services to Qisda Group. We purchased (i) medical consumables and equipment, as well as (ii) legal and consulting services from it.
Business · 第 225 页
During the Track Record Period, Supplier C, one of our five largest suppliers in each of 2022, 2023, and 2024 and the six months ended June 30, 2025, who principally engages in construction contracting services was also a customer of us.
Business · 第 226 页
Our Directors confirm that our purchases from and provision of services to the each of Qisda Group and Supplier C were entered into after due consideration taking into account the prevailing market prices at the relevant times, conducted on an arm’s length basis and on normal commercial terms, and in line with our commercial interest.
河北海伟电子新材料科技股份有限公司Hebei Haiwei Electronic New Material Technology Co., Ltd.09609.HK
2022年供应商海伟石化与客户宁国海伟重合
To the best knowledge and belief of our Directors, in 2022, one of our major suppliers, Haiwei Petrochemical, and one of our major customers, Ningguo Haiwei, were both controlled by the same person.
Business · 第 207 页
In 2022, our purchases from Haiwei Petrochemical represented 73.7% of our total purchases, and our sales to Ningguo Haiwei represented 17.3% of our total revenue.
Business · 第 210 页
The negotiations of the terms of arrangements with Haiwei Petrochemical and Ningguo Haiwei were conducted separately, and our purchase from Haiwei Petrochemical and sales to Ningguo Haiwei were neither inter-connected nor inter-conditional with each other.
In 2022, 2023 and 2024 and the four months ended April 30, 2025, our revenue generated from sales of baby and feminine hygiene products to the Remaining Sunda Group amounted to US$3.4 million, US$78,000, US$16,000 and US$8,000, respectively, and our purchases of primarily raw materials, spare parts, and utilities and various services from the Remaining Sunda Group amounted to US$24.6 million, US$26.7 million, US$17.9 million and US$5.7 million, respectively.
Business · 第 230 页
Pursuant to the Reorganization, we adjusted the selling prices in respect of our sales to the Remaining Sunda Group to a level comparable to our sales to independent third-party customers, and our sales to the Remaining Sunda Group in 2023 recorded a gross profit margin of 29.5%, which was comparable to the gross profit margin of our products of the same SKUs sold to independent third-party customers in the same year, being 31.8%.
Business · 第 230 页
Our Directors have confirmed that our sales to and purchases from the Remaining Sunda Group during the Track Record Period were not inter-conditional, inter-related or otherwise considered as one transaction, and were conducted in the ordinary course of business and under normal commercial terms.
Geely Group was also one of our five largest customers in 2023.
Business · 第 204 页
In 2022, 2023, and 2024, the sales amount was RMB21.5 million, RMB104.5 million, and RMB35.9 million, respectively, as we provided ride hailing services to them and, in 2023, provided additional one-off services in connection with the Asian Games and Asian Para Games.
Business · 第 204 页
This group of companies was also one of our five largest customers in 2022, 2023, and 2024.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
无锡开富、无锡智联既为客户又与供应商关联
During the Track Record Period, we sold soybean oil and rice to Wuxi Kaifu and Wuxi Zhilian Agricultural. The revenue derived from Wuxi Kaifu and Wuxi Zhilian Agricultural amounted to nil, approximately RMB56.2 million, RMB61.2 million and RMB13.3 million, respectively, accounting for nil, approximately 4.2%, 4.4% and 1.3% of our total revenue for FY2021, FY2022, FY2023 and 9M2024, respectively.
Business · 第 275 页
During the Track Record Period, we purchased soybean oil from Jiangsu Huixiangfu. The purchases from Jiangsu Huixiangfu amounted to nil, nil, approximately RMB21.4 million and nil, respectively, accounting for nil, nil, approximately 1.9% and nil of our total purchases for FY2021, FY2022, FY2023 and 9M2024, respectively.
Business · 第 275 页
Out of the total revenue derived from Wuxi Kaifu and Wuxi Zhilian Agricultural for FY2023, there was one single sales transaction of soybean oil amounting to approximately RMB1.4 million and the relevant products were procured from Jiangsu Huixiangfu.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
与最大客户三间子公司存在客户供应商重叠
Our Directors confirmed that none of our major customers was our major supplier during the Track Record Period, save for three subsidiaries of Conch Cement, our largest customer for each year and period comprising the Track Record Period.
Business · 第 261 页
The items purchased from the subsidiaries of Conch Cement amounted to RMB82,199 and RMB4,772, respectively in FY2022 and FY2023.
Business · 第 261 页
Our Directors confirmed negotiations of the terms of our sales and purchases to the above entities were conducted on a case-by-case basis and that all of our sales to and purchases from the above entities were incidental transactions, were not inter-conditional, inter-related or otherwise considered as one transaction.
During the Track Record Period, Customer G, a leading battery manufacturer specialized in the R&D, production and sales of EVs power battery systems and energy storage systems, was one of our top five customers in 2023.
Business · 第 263 页
Supplier F, a subsidiary of Customer G, was one of our top five suppliers during the same period, providing testing and assembly services for our GaN modules.
Business · 第 263 页
Negotiations of the terms of our sales to Customer G and purchases from Supplier F were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
In 2021, 2022 and 2023, we recorded revenue from provision of city services, residential property management services and commercial property management services to Kingfar Holdings Group in the amount of RMB45.7 million, RMB52.9 million and RMB54.0 million, respectively.
Financial Information · 第 380 页
In 2021, 2022 and 2023, we recorded purchase of services in the amount of RMB4.4 million, RMB5.4 million and RMB14.8 million.
Financial Information · 第 380 页
Our Directors confirm that the related party transactions were conducted on normal commercial terms at arm's length and were fair and reasonable as a whole.
泓盈城市运营服务集团股份有限公司HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD02529.HK
CSUD集团同时为前五大客户及供应商
In each year during the Track Record Period, among our top five customers and suppliers, we had one overlapping customer and supplier, CSUD Group and its associates.
Business · 第 260 页
Such arrangement was in place mainly due to the reasons that (i) we were a major player in Changsha in the supply of urban services and property management services, and (ii) CSUD Group and its associates provided resources such as fuel oil, water, and rental services for individuals and entities in Changsha, and it was common for companies based in Changsha to purchase from it.
Business · 第 260 页
Our Directors confirm that negotiations of the terms of our sales to and purchases from CSUD Group and its associates were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Xunruida Technology (Beijing) Co., Ltd. is a wholly-owned subsidiary of Changjiu Industrial, which was our second largest customer in 2022.
Business · 第 203 页
Such services were provided by our related party in 2022 and were one-off in nature.
Financial Information · 第 318 页
As of the Latest Practicable Date, save for Xunruida Technology (Beijing) Co., Ltd., none of our Directors, their close associates or any Shareholders who, to the knowledge of our Directors, owned more than 5.0% of our issued share capital had any interest in any of our five largest suppliers during the Track Record Period.
厦门燕之屋燕窝产业股份有限公司XIAMEN YAN PALACE BIRD’S NEST INDUSTRY CO., LTD.01497.HK
一电商平台客户的关联方同时为公司营销服务供应商
During the Track Record Period, an affiliate within the group of one e-commerce platform customer also provided marketing services to us.
Business · 第 196 页
Negotiations of the terms of our sales to such customers and purchase from such marketing service supplier were conducted on an individual basis and the sales and purchases were neither connected with nor conditional upon each other.
In the three months ended March 31, 2023, Neusoft Corporation was our largest customer, accounting for 4.0% of our total revenue, and Neusoft Medical Systems Co., Ltd. (a company in which Neusoft Corporation held 29.94% of equity interests and Neusoft Holdings, the single largest shareholder of Neusoft Corporation, held 15.51% of equity interests) was the second largest customer, accounting for 3.2% of our total revenue.
Business · 第 291 页
Both Neusoft Corporation and Neusoft Medical Systems Co., Ltd. are also our suppliers. In particular, in 2020, 2021 and 2022, Neusoft Corporation was among our top five largest suppliers.
Business · 第 291 页
In 2020, 2021 and 2022, Neusoft Corporation was among our five largest suppliers. In the three months ended March 31, 2023, Neusoft Corporation and Neusoft Medical Systems Co., Ltd. (a company in which Neusoft Corporation held 29.94% of equity interests and Neusoft Holdings, the single largest shareholder of Neusoft Corporation, held 15.51% of equity interests) were among our five largest customers.
One of our five largest clients in each year/period of the Track Record Period, Client C, and one of our five largest suppliers in 2020, Supplier D, belong to the same group which primarily engages in the development of computer and network technologies and provision of related goods and services, including online games and mobile games.
Business · 第 289 页
For the years ended December 31, 2020, 2021 and 2022 and the four months ended April 30, 2023, revenue we generated from Client C amounted to RMB288.7 million, RMB1,342.4 million, RMB2,796.3 million and RMB578.4 million, respectively, accounting for 10.1%, 23.4%, 31.7% and 23.6% of our total revenue, respectively.
Business · 第 289 页
Our Directors confirmed that all of our sales to Client C and purchases from Supplier D were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
中天建设（湖南）集团有限公司Zhongtian Construction (Hunan) Group Limited02433.HK
杭萧科技同为集团客户及供应商
During the Track Record Period, Hangxiao Technology acted as our supplier for steel construction products or processing services.
Summary · 第 5 页
During the Track Record Period, our Group provided building construction services to Hangxiao Technology and also purchased steel construction products or processing services from Hangxiao Technology, which is in accordance with the terms of the relevant contracts with Hangxiao Technology.
Business · 第 294 页
The terms of our sales to and purchases from Hangxiao Technology were determined on a project-by-project basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.