For the years ended December 31, 2023, 2024 and 2025, our purchase from Customer B amounted to RMB890.1 thousand, RMB22.9 million and RMB52.2 million, accounting for 0.2%, 4.2% and 8.1% of our total purchase, respectively;
Business · 第 173 页
Negotiations of the terms of our sales to and purchases from these overlapping customer-suppliers/supplier-customers were conducted on an individual basis, and the sales and purchases were not related to or inter-conditional with each other.
Our procurement from Supplier F amounted to RMB139.5 million, accounting for 11.7% of our total procurement amount in the same year.
Business · 第 143 页
Supplier D was one of our top five suppliers in 2023, 2024 and 2025. Our procurement from Supplier D amounted to RMB129.3 million, RMB165.4 million and RMB131.5 million, accounting for 14.5%, 13.8% and 6.9%, respectively.
Business · 第 143 页
In addition, from a business perspective, the transactions that we entered into with the overlapping supplier-customers were on an arm’s length, mutually independent basis under normal commercial terms.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
主要客户与供应商身份重叠
Dongyi Yuan Petrochemical and Customer E, each being one of our five largest customers during at least one period of the Track Record Period, were also our suppliers during at least one period of the Track Record Period.
Business · 第 124 页
For the years ended December 31, 2023, 2024 and 2025, our revenue attributable to Customer E amounted to RMB81.4 million, RMB348.0 million and RMB885.6 million, respectively, accounting for 1.4%, 6.3% and 13.0% of our total revenue, respectively.
Business · 第 124 页
Supplier A and Befar Group Co., Ltd., each being one of our five largest suppliers during at least one period of the Track Record Period, were also our customers during at least one period of the Track Record Period.
In 2023, 2024 and 2025, revenue generated from Customer A amounted to approximately RMB10.2 million, RMB104.6 million and RMB131.2 million, representing 3.0%, 22.0% and 17.2% of our total revenue for the corresponding years, respectively; procurement amount from Customer A amounted to approximately nil, RMB17,000 and RMB610,000, respectively, representing nil, 0.01% and 0.13% of our total purchases for the corresponding years, respectively.
Business · 第 127 页
In 2023, 2024 and 2025, revenue generated from Customer D amounted to approximately RMB26.2 million, RMB59.4 million and RMB42.4 million, representing 7.7%, 12.5% and 5.6% of our total revenue for the corresponding years, respectively; procurement amount from Customer D amounted to RMB773,000, RMB1.4 million and RMB2.6 million, respectively, representing 0.4%, 0.5% and 0.6% of our total purchases for the corresponding years, respectively.
Business · 第 128 页
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.
During the Track Record Period, certain of our five largest customers in each year of the Track Record Period also acted as our suppliers, or vice versa.
Business · 第 155 页
All of our sales to and purchases from these overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm's length basis, and the terms were generally comparable to those with other suppliers and customers.
Business · 第 155 页
The revenue generated from the overlapping customers and suppliers were RMB90.9 million, RMB26.7 million and RMB35.2 million in 2023, 2024 and 2025, respectively, accounting for 23.3%, 6.8% and 6.8% of our total revenue for the same periods, respectively.
In 2023, 2024 and 2025, revenue from Customer C amounted to RMB4.9 million, nil and RMB8.4 million, respectively, representing 4.5%, nil and 2.5%, respectively, of our total revenue for the respective periods.
Business · 第 195 页
In 2023, 2024 and 2025, purchases from Supplier B amounted to RMB12.1 million, RMB12.8 million and RMB7.5 million, respectively, representing 6.8%, 6.3% and 2.7%, respectively, of our total purchases for the respective periods.
Business · 第 196 页
Our Directors are of the view that our sales to and purchases from Customer C, Customer L, Supplier B, Supplier F and Supplier K are conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis after due and careful consideration.
In 2023, 2024 and 2025, the revenue generated from Customer A amounted to RMB33.0 million, RMB11.3 million and RMB0.3 million, representing 11.5%, 2.3% and less than 0.1% of our total revenue, while our purchases from Customer A amounted to nil, nil and RMB0.01 million, accounting for nil, nil and less than 0.1% of our total purchases, respectively.
Business · 第 166 页
The terms of our purchases from and sales to such overlapping customer and supplier were negotiated separately, and such purchases and sales were neither inter-connected nor interconditional.
In 2023, 2024 and 2025, our sales to MINISO Group amounted to RMB781.4 million, RMB922.8 million and RMB1,671.4 million, accounting for 53.5%, 48.3% and 46.6% of our revenue during the same periods, respectively, and our purchases from MINISO Group amounted to RMB9.1 million, RMB15.6 million and RMB5.5 million, accounting for 0.8%, 1.0% and 0.2% of our total purchases in the same periods, respectively.
Business · 第 174 页
Our largest supplier in 2025, was also our customer during the Track Record Period ("Customer-Supplier Y").
Business · 第 174 页
The sales to and purchases from such overlapping customers and suppliers were neither inter-connected nor inter-conditional with each other, and were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
若干主要客户与供应商身份重叠
During the Track Record Period, certain of our major customers were also our suppliers, or vice versa. Such overlapping relationships arise primarily because (i) our brand partners act as suppliers when we procure goods from them for resale, and as customers when we provide brand operation services to them; and (ii) certain major e-commerce platforms to which we sell goods in B2B sales also serve as suppliers, providing us with platform services such as technical support, marketplace access, software functionality, and warehousing and logistics, etc.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
七名客户同时为供应商及2025年毛损
The total revenue from these seven overlapping customers and suppliers amounted to RMB209.7 thousand, RMB412.5 thousand and RMB146.6 thousand in 2023, 2024 and 2025, accounting for approximately 0.2%, 0.4% and 0.1% of our total revenue for the relevant periods, respectively.
Business · 第 159 页
The gross profits from these overlapping customers and suppliers amounted to RMB200.9 thousand and RMB332.4 thousand in 2023 and 2024, and the gross loss from these overlapping customers and suppliers amounted to RMB9,955.1 thousand in 2025, accounting for approximately 0.2%, 1.7% and 12.1% of our total gross profits the relevant periods, respectively.
Business · 第 159 页
Negotiations of the terms of our boat ticket sales or the provision of management services and advertising services to and purchases from those customers were conducted on an individual basis and the sales and provision of management services were neither inter-connected nor interconditional with each other.
During the Track Record Period, revenue generated from Xiaomi represented 32.8%, 33.7% and 32.4% of our total revenue, respectively, and the amount of procurement we incurred represented 2.8%, 3.8% and 4.9% of our procurement, respectively.
Business · 第 179 页
We entered into separate agreements with Xiaomi on an arm’s-length basis in the ordinary course of business, and we negotiated terms with Xiaomi using independent business teams.
Business · 第 179 页
In 2023, 2024 and 2025, Customers I was also our supplier.
During the Track Record Period, among the five largest customers in each year, Customer A, Customer B, Customer C and Customer F were also our suppliers.
Business · 第 136 页
According to Frost & Sullivan, it is an industry norm for consumer goods companies to engage in such dual relationships, purchasing marketing-related services and simultaneously selling products to the same counterparties.
Business · 第 136 页
In 2023, 2024 and 2025, our purchase amount from Customer A amounted to RMB25.1 million, RMB34.2 million and RMB65.3 million, accounting for 2.6%, 2.7% and 3.0% of our total purchase amount during the same periods, respectively.
Group A, Customer B, Customer C, Customer E and Customer G, each being one of our five largest customers during at least one period of the Track Record Period, were also our suppliers during at least one period of the Track Record Period.
Business · 第 167 页
In such instances, we typically negotiate pricing with the relevant suppliers directly, and any price fluctuations in respect of raw materials are reflected in the final pricing of products supplied to Group A, in accordance with our pricing mechanism.
Business · 第 160 页
The terms and conditions of the procurement agreement with Group A were negotiated on an arm’s length basis and were generally in line with the terms and conditions with other comparable suppliers.
For the years ended December 31, 2023, 2024 and 2025, we had one, one and one major customers (i.e. being among our top five customers in each period during the Track Record Period), that were also suppliers to our Group.
Business · 第 161 页
As advised by our Industry Consultant, overlapping customers and suppliers is an industry norm in the non-ferrous metals industry, and it is also commonplace for commodities trading companies to engage in both the purchase and sale of the same type of metals with their counterparts.
Business · 第 161 页
We also confirm that all products provided to or products received from such overlapping customers/suppliers were conducted at arm’s length, under normal commercial terms, and in the ordinary course of business.
北京⾼能时代环境技术股份有限公司Beijing GeoEnviron Engineering & Technology, Inc.
四家实体于往绩期间同时为客户及供应商
In 2023, 2024 and 2025, our sales to Customer B amounted to RMB1,035.1 million, RMB1,714.8 million and RMB877.4 million, respectively, accounting for 9.8%, 11.8% and 6.0% of our total revenue for the same years, respectively.
Business · 第 154 页
We primarily sold electricity generated by our waste-to-energy incineration projects to Customer E and primarily use electricity supplied by Customer E to support our operations.
Business · 第 154 页
In 2023, 2024 and 2025, our purchases from Supplier B amounted to RMB779.2 million, RMB548.3 million and RMB720.5 million, respectively, accounting for 7.2%, 4.3% and 5.4% of our total purchases for the same years, respectively.
Revenue generated from our sales to Customer A in each year during the Track Record Period amounted to RMB828.5 million, RMB1,314.9 million and RMB1,432.9 million, and accounted for 20.0%, 26.8% and 26.1% of our total revenue for the respective year.
Business · 第 142 页
The total purchases from our overlapping customers and suppliers, which were also one of our five largest customers during the Track Record Period amounted to RMB34.6 million, RMB44.9 million and RMB51.2 million, accounted for approximately 1.3%, 1.4% and 1.4% of our total purchase for each period of the Track Record Period, respectively.
Business · 第 143 页
Our Directors are of the view that the transactions with the overlapping customers and suppliers were conducted at arm's-length and under normal commercial terms.
During the Track Record Period, certain of our five largest customers were also among our suppliers, while certain of our five largest suppliers were also among our customers.
Summary · 第 3 页
During the Track Record Period, Customer A, Customer E and Customer I were also our suppliers.
Business · 第 124 页
During the Track Record Period, Supplier B and Supplier C were also our customers.
For the years ended December 31, 2023, 2024 and 2025, our sales to SeeWay.ai amounted to approximately RMB221.9 million, RMB228.8 million and RMB315.2 million, accounting for approximately 46.5%, 47.8% and 44.6% of our total revenue, respectively, and our purchases from SeeWay.ai amounted to approximately RMB33.5 million, RMB109.6 million and RMB125.1 million, respectively, accounting for approximately 7.9%, 24.2% and 19.2% of our total purchases, respectively.
Business · 第 152 页
According to Frost & Sullivan, it is common for enterprises in the automotive intelligence industry to operate across multiple segments across the entire value chain, and it is a norm in the automotive intelligence industry that upstream and downstream enterprises along the value chain transact with each other as suppliers and customers.
Business · 第 152 页
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier were conducted on a project-by-project basis and purchases were neither interconnected nor inter-conditional with each other.
Our purchase of packaging services from Supplier A amounted to RMB10.7 million, RMB11.7 million and RMB7.0 million in 2023, 2024 and 2025, respectively, representing 17.2%, 12.1% and 4.1% of our total purchase amount for the same years.
Business · 第 160 页
In these arrangements, they procure our laser chips for their own business needs while, at the same time, leveraging their in-house packaging capabilities to provide us with packaging services and therefore act as our suppliers in that respect.
Business · 第 161 页
During the Track Record Period, we procured business development services from Customer I, which amounted to RMB8.4 million and RMB7.6 million in 2024 and 2025, respectively.
During the Track Record Period, Customer-Supplier E acted as both our customer and supplier. See "Business – Suppliers – Overlapping Customers and Suppliers".