During the Track Record Period, Neura Robotics GmbH and Han’s Laser, two of our top five customers were also our suppliers for manufacturing materials.
Business · 第 180 页
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, our revenue from Neura Robotics was RMB11.6 million, RMB23.5 million, RMB116.1 million and RMB69.5 million, respectively, accounting for approximately 10.6%, 13.4%, 37.4% and 24.7% of our total revenue in the same period, respectively.
Business · 第 180 页
Negotiations of the terms of our sales to and purchases from the two overlapping customers/suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
In separate transactions, we also engaged Customer D on a one-off basis to provide conference arrangement and reception services for an academic seminar hosted by our Company in 2024, with the total transaction amount accounted for less than 0.03% of our total purchase in 2024.
Business · 第 200 页
Our Directors have confirmed that all revenue generated from and purchases made with Customer D were conducted in the ordinary course of business and on normal commercial terms.
During the Track Record Period, we had five major overlapping customers and suppliers.
Business · 第 167 页
The total revenue we generated from the overlapping customers and suppliers amounted to RMB357.9 million, RMB791.2 million, RMB180.5 million and RMB68.2 million in 2022, 2023 and 2024 and for the nine months ended September 30, 2025, respectively, and the purchases from the overlapping customers and suppliers amounted to RMB11.2 million, RMB16.6 million, nil and RMB0.1 million in the corresponding years/periods, respectively.
Business · 第 167 页
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Customer F/Supplier K, one of the three major telecommunications operators in the PRC, operates a stable and large-scale computing power center and is able to provide high-quality computing power rental services.
Business · 第 174 页
Our Directors confirm that all of our sales to and purchases from Customer C, Customer E, Customer F/Supplier K, Customer N, Supplier E and Supplier Q were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Our purchase from SAIC was RMB12.1 million, RMB13.7 million and RMB1.7 million, respectively, accounting for 2.5%, 2.7%, and 0.3% of our total purchase in the same periods, respectively.
Business · 第 176 页
In 2023, 2024 and 2025, our purchase from AGH was RMB280.8 million, RMB256.9 million and RMB213.1 million, representing 58.4%, 50.5% and 40.7% of our total purchase amount, respectively.
Business · 第 176 页
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier are conducted on a case-by-case basis and the purchases are neither interconnected nor inter-conditional with each other.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
多家五大客户或供应商同时互为客户与供应商
Customer I, Supplier A, Supplier C, Supplier H and Supplier K, each being one of our five largest customers or suppliers during at least one period of the Track Record Period, were also our supplier or customers during at least one period of the Track Record Period.
Business · 第 141 页
For the years ended December 31, 2023, 2024 and 2025, the amount of purchases we made under our procurement arrangements with Customer A amounted to RMB5.0 million, nil and RMB8.2 million, respectively, accounting for 0.1%, nil and 0.1% of our total purchases, respectively.
Business · 第 141 页
The terms and conditions of the procurement agreements with Customer I were negotiated on an arm’s length basis and were generally in line with the terms and conditions with other comparable suppliers.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
Customer G及三家供应商同时为公司与客户
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, to the best knowledge and belief of our Directors, one of our top five customers in each year/period during the Track Record Period, Customer G, was also our supplier in the respective years, and three of our top five suppliers in each year/period during the Track Record Period, Supplier A, Supplier B, and Supplier E, were also our customers in the respective years/period.
Business · 第 170 页
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, our sales to and purchases from such suppliers who were also our customers in the respective year/period comprised: (i) sales amounting to RMB43.7 thousand, RMB583.2 thousand, RMB4.9 million and RMB143.3 thousand, respectively, accounting for 0.0%, 0.1%, 0.7% and 0.0% of our total revenue in the respective year/period; and (ii) purchases amounting to RMB48.4 million, RMB46.6 million, RMB110.7 million and RMB19.5 million, respectively, accounting for 6.9%, 7.2%, 22.9% and 7.3% of our total purchases in the respective year/period.
Business · 第 170 页
Our Directors confirmed that negotiations of the terms of our sales to and purchases from Customer G, Supplier A, Supplier B, and Supplier E as both of our customers and suppliers were conducted on an individual basis and as a result, the sales and purchases were neither connected with nor conditional upon each other.
In each of the years ended December 31, 2022, 2023 and 2024, the revenue we generated from Customer E amounted to RMB33.0 million, RMB11.4 million and RMB5.3 million, respectively, and the purchases from Customer E amounted to RMB7.5 million, RMB4.3 million and RMB2.1 million in the same years, respectively.
Business · 第 149 页
Our Directors have confirmed that none of our sales to and purchases from our overlapping customers and suppliers during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Business · 第 149 页
We negotiate the transactions with our overlapping customers and suppliers on an arm’s-length basis with reasonable and fair pricing terms.
Customer A, a large-scale energy equipment manufacturing group in China, and Customer E, a leading transformer manufacturer in China, were also suppliers of us during the Track Record Period.
Business · 第 163 页
During the Track Record Period, our sales to Customer A accounted for 8.7%, 8.7% and 9.9% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 163 页
During the Track Record Period, our sales to Customer E accounted for 3.6%, 3.8% and 3.9% of our total revenue in 2023, 2024 and 2025, respectively.
For the Track Record Period, three of our top five customers, namely, Group A, Customer A and Customer C, were also our suppliers (the "Customers/Suppliers").
Business · 第 241 页
Our revenue derived from our services to Group A was in the amount of RMB18.1 million, RMB14.7 million, RMB6.1 million and RMB4.5 million, representing 2.8%, 1.9%, 0.7% and 0.8% of our total revenue in each year/period during the Track Record Period, respectively, and our purchase attributable to Group A amounted to RMB21.6 million, RMB46.8 million, RMB30.0 million and RMB13.0 million, representing 3.7%, 7.8%, 4.4% and 3.0% of our total purchase in each year/period during the Track Record Period, respectively.
Business · 第 241 页
During the Track Record Period, revenue generated from the remaining Customers/Suppliers accounted for 4.8%, 11.0%, 15.7% and 12.8% of our total revenue in each year/period during the Track Record Period.
During the Track Record Period, we provided HVAC electric drive solutions to HGC Group and Customer B, both of whom were among our major customers and also served as major suppliers.
Business · 第 140 页
This situation arises from our long-standing business relationships and complementary needs in the supply chain.
Business · 第 141 页
Our transactions with these overlapping customers and supplier were conducted on arm’s length, mutually independent basis under normal commercial terms.
Customer D, as one of our five largest customers in 2022 and 2024, from which we purchased core automation components. We integrate the core automation components with our own products.
Business · 第 234 页
In addition, four of our five largest suppliers in each period during the Track Record Period also procured robotic software and components from us, contributing revenue of RMB8.5 million, RMB44.2 thousand, RMB6.3 thousand and RMB54.8 thousand in 2022, 2023, 2024 and the first nine months of 2025, respectively.
Business · 第 235 页
According to Frost & Sullivan, this arrangement is common in the industrial robotic solutions market.
During the Track Record Period and up to the Latest Practicable Date, among our top five customers and suppliers in each year/period, we had a total of seven overlapping customers and suppliers.
Business · 第 152 页
Our Directors confirmed that negotiations of the terms of our sales to and purchases from the above overlapping customer and supplier were conducted independently, and these sales and purchases were independent from one another.
Business · 第 153 页
As advised by Frost & Sullivan, it is not uncommon to have overlapping customers/suppliers in the industry.
Among our five largest customers during the Track Record Period, Customer A, Customer B, Customer C, Customer D, Customer F and Customers G are also our suppliers.
Business · 第 170 页
Our aggregate sales amount to certain subsidiaries of Customer B was RMB1,308.1 million, RMB1,418.3 million and RMB861.0 million in 2023, 2024 and the ten months ended October 31, 2025, respectively, accounting for 10.3%, 9.2% and 7.6% of our total revenue for the corresponding periods.
Business · 第 170 页
According to CIC, overlap between customers and suppliers is not uncommon in the power industry.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
多家前五大客户与供应商身份重合
During the Track Record Period, two entities (Entity C1 and Entity C2) that are controlled by Customer C — one of our five largest customers — acted as both our customers and our suppliers.
Business · 第 286 页
All of our sales to and purchases from these supplier-customers were conducted in the ordinary course of business under normal commercial terms, consistent with those applied to our other suppliers and on an arm's length basis.
Business · 第 288 页
In 2022, 2023, 2024 and the nine months ended September 30, 2025, (i) the revenue that we derived from our overlapping customer-suppliers amounted to RMB2.7 million, RMB34.6 million, RMB34.0 million and RMB17.7 million, respectively, amounting to 0.9%, 9.2%, 6.8% and 7.1% of our total revenue, respectively;
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
客户B及客户F同为前五大客户兼供应商
In 2022, 2023, 2024 and the nine months ended September 30, 2025, our sales amount attributable to these suppliers amounted to RMB148.5 million, RMB217.8 million, RMB426.7 million and RMB629.4 million, which accounted for 2.8%, 3.8%, 6.2% and 10.4% of our sales amount, respectively; and our purchase amount attributable to these customers amounted to RMB8.7 million, RMB1.3 million and RMB2.7 million and RMB0.3 million, which accounted for 0.3%, 0.0%, 0.1% and 0.0% of our purchases, respectively.
Business · 第 169 页
Our Directors confirm that all transactions with Customer B and Customer F were conducted in the ordinary course of business, on normal commercial terms, and were not interconditional.
Business · 第 169 页
According to F&S, the overlapping of our customers and suppliers is common in the highspeed data communication and electrical power transmission industry, where companies often operate multiple business lines across various parts of the value chain.
During the Track Record Period, certain of our five largest customers were also our suppliers, details of which were explained as below:
Business · 第 215 页
Customer J, one of our five largest customers in 2022, was also Supplier J, one of our five largest suppliers for each of 2022 and 2023.
Business · 第 215 页
The overlapping of certain customers and suppliers during the Track Record Period arises from the nature of our customer base and the semiconductor industry ecosystem.
乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
Topsun集团及Customer B同时为客户与供应商
Topsun Group, one of our five largest customers in each year or period during the Track Record Period, was also one of our five largest suppliers in each respective periods.
Summary · 第 11 页
These purchases amounted to RMB83.1 million, RMB33.7 million, RMB48.1 million and RMB20.9 million in 2022, 2023, 2024 and the eight months ended August 31, 2025, respectively, representing 14.2%, 12.8%, 11.2% and 7.8% of our total purchase amounts in the same periods.
Business · 第 191 页
All of our sales to and purchases from Topsun Group were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
During the Track Record Period, we had three overlapping customers and suppliers within our top five customers and suppliers of each year/period of the Track Record Period.
Business · 第 218 页
The total revenue we generated from the overlapping customers and suppliers amounted to RMB1,596.3 million, RMB716.9 million, RMB1,086.7 million and RMB1,120.3 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively, and the purchases from the overlapping customers and suppliers amounted to RMB939.6 million, RMB109.8 million, RMB214.3 million and RMB151.2 million in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Business · 第 218 页
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Our largest customer in 2022, 2024 and the nine months ended September 30, 2025, and one of our top five customers in 2023 (the “Customer X”), was also among our top five suppliers in 2022.
Business · 第 233 页
The revenue from sales to Company X in 2022, 2023, 2024 and the nine months ended September 30, 2025 was RMB3.4 billion, RMB3.2 billion, RMB5.2 billion and RMB2.9 billion, respectively, accounting for 2.7%, 2.9%, 3.8% and 2.6% of our total revenue for the respective periods.
Business · 第 233 页
Negotiations of the terms of our sales to and purchases from Company X were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.