The rationale for purchasing these used machines from these overlapping customers was mainly to facilitate product upgrades, as our customers often traded in their used equipment when purchasing new products with higher processing efficiency and precision from us.
Business · 第 222 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.
Business · 第 223 页
Negotiations of the terms of our sales to and purchases from these overlapping supplier-customers were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditional with each other.
During the Track Record Period, one of our top five customers, Customer D, was also our supplier.
Business · 第 205 页
We entered into such arrangement to provide better quality assurance and more consistent supply to Overlapping Customers/Suppliers.
Business · 第 205 页
All of our sales to and purchases from all Overlapping Customers/Suppliers were conducted in the ordinary course of business under normal commercial terms and at arm’s length basis.
One of our five largest customers in 2022, which is our distribution partner, started to provide logistics services to us as well in 2023.
Business · 第 217 页
The revenue from such customer in 2022, 2023, 2024 and the nine months ended September 30, 2025 was RMB145.0 million, RMB77.9 million, RMB14.0 million and RMB9.0 million, respectively, representing 1.7%, 0.7%, 0.1% and 0.05% of our total revenue for the same periods, respectively.
Business · 第 217 页
The purchase amount attributable to such customer in 2022, 2023, 2024 and the nine months ended September 30, 2025 was nil, RMB5.5 million, RMB10.8 million and RMB7.0 million, respectively, representing nil, 0.1%, 0.1% and 0.1% of our total purchase amount for the same periods, respectively.
In particular, Customer G/Supplier I was among our top five customers and suppliers in 2024, while Customer F/Supplier K was among our top five customers in 2024 and among our top five customers and suppliers in 2025.
Business · 第 300 页
All such transactions were conducted on an arm’s length basis and at prevailing market rates.
Business · 第 300 页
According to CIC, our sales to and procurement from overlapping customers and suppliers during the Track Record Period is reasonable and in line with industry norms.
Due to the nature of our business, certain of our five largest suppliers, or their associates, were also our customers, which is an industry norm in the copper cathode and non-ferrous metal industries, as advised by Frost & Sullivan.
Summary · 第 6 页
In 2022 and 2023, three and two of our five largest customers, respectively, were also our suppliers, from whom we procured raw materials.
Business · 第 213 页
Our negotiations of the terms in the sales and purchase agreements in connection with the overlapping customers and suppliers were conducted on a case-by-case basis and were not inter-conditional with each other.
Supplier A among our five largest suppliers of each year/period of the Track Record Period was also our customer in the corresponding years/period, and our sales to them were RMB134,200, RMB9,840, RMB12,547 and RMB2,762 in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, which amounted to less than 0.1% of our total revenue in corresponding years/period.
Business · 第 221 页
In 2022, the Supplier C was also our customer in the corresponding year, and our sales to them were RMB2.3 million, which amounted to less than 0.1% of our total revenue in corresponding year.
Business · 第 221 页
Our procurement from Supplier A and Supplier C, as well as our sales to them, are not interdependent and are negotiated through separate processes.
Bridgex was one of our major customers and one of our subcontractors during the Track Record Period.
Business · 第 177 页
During the Track Record Period, the revenue derived from our services provided to Bridgex amounted to approximately RM4.9 million, RM13.8 million and RM0.8 million, respectively, representing approximately 6.3%, 10.4% and 1.1% of our total revenue for the respective years/period.
Business · 第 177 页
Our Directors confirm, and the Sole Sponsor concurs, that our transactions with Bridgex, whether as our customer or subcontractor, were entered into in the ordinary and usual course of business of our Group, on normal commercial terms, fair and reasonable to our Group, and in line with market norm, based on the following analysis.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
多名客户与供应商身份重叠
Customer A, our largest customer in the six months ended June 30, 2025, was also our supplier in 2024 and 2025.
Business · 第 209 页
Supplier E, our largest supplier in 2023 and 2024, was also our customer in 2024 and 2025.
Business · 第 209 页
Our Directors are of the view that each of our transactions with such overlapping customers and suppliers during the Track Record Period were conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Revenue generated from Customer K was RMB0.1 million, RMB35.6 million, nil and nil in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, representing 0.1%, 12.3%, nil and nil of our total revenue for the respective years/periods.
Business · 第 221 页
Revenue generated from sales of our AI computing solutions to Customer C was RMB21.2 million in the six months ended June 30, 2025, representing 6.6% of our total revenue for the period.
Business · 第 221 页
Negotiations of the terms of our sales to and purchases from this overlapping customer and supplier were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
During the Track Record Period, Supplier J and Supplier K were also our customers.
Business · 第 255 页
The gross profit margin of our sales to Supplier K in 2024 was 45%, which was relatively lower than our overall gross profit margin in 2024 primarily because the relevant transactions primarily include hardware components with relatively lower gross profit margin due to the customer's specific needs.
Business · 第 255 页
Our sales to and purchases from the above supplier-customers are not inter-conditional upon each other, and are conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
For the years ended December 31, 2022 and 2023, Customer B was both one of our top five customers and one of our suppliers.
Business · 第 245 页
Our Directors confirmed that all of our sales and purchase to Customer B were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
During the Track Record Period and up to the Latest Practicable Date, Supplier F acted as both our supplier and our customer.
Business · 第 214 页
The sales and purchase transactions with Supplier F were not interlinked or otherwise related during the Track Record Period and up to the Latest Practicable Date.
Business · 第 215 页
All transactions were conducted on normal commercial terms and in the ordinary course of business, with independent pricing and separate contractual arrangements for sales and purchases.
To the best knowledge and belief of our Directors, for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, we sourced certain services from Amazon, which was our largest customer in each period during the Track Record Period.
Business · 第 297 页
As confirmed by our Directors, (i) negotiations of the terms of our sales to and purchases from the overlapping customer and supplier were conducted on an individual basis and the sales and purchases were neither inter-connected with nor inter-conditional upon each other; and (ii) the major terms of transactions with the overlapping customer and supplier were similar to those with our other customers and suppliers and were in line with normal commercial terms.
Business · 第 297 页
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, our total purchases from Amazon for such services amounted to RMB52.7 million, RMB57.9 million, RMB84.3 million, RMB38.7 million and RMB44.8 million, respectively.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
部分客户与供应商身份重叠
During the Track Record Period, some of our customers were also our suppliers.
Business · 第 249 页
In 2022, 2023 and 2024 and for the six months ended June 30, 2025, the sales amount was approximately RMB6.5 million, RMB1.4 million, RMB 0.03 million and nil, respectively, and the procurement amount was nil, nil, approximately RMB0.9 million and nil, respectively.
Business · 第 249 页
Our purchases and sales with these overlapping customers and suppliers were not interconditional with each other.
During the Track Record Period and in addition to our procurement from Supplier A, one of our top five suppliers in 2023 and 2024, we also entered into a sales contract with Supplier A in 2024 for the provision of Technology Services for Supplier A’s AI algorithms training purposes.
Business · 第 312 页
Negotiation of the terms of our contracts with Supplier A with respect to such overlapping transactions were conducted on an individual basis and the relevant products and solutions procured and offered were neither inter-connected nor inter-conditional with each other.
Business · 第 313 页
Our Directors confirmed that all of such transactions with Supplier A during the Track Record Period and up to the Latest Practicable Date were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, one of our top five customers, i.e., Customer E, was among our top five suppliers, i.e., Supplier E.
Business · 第 194 页
Negotiations of the terms of our sales to and purchases from Customer E/Supplier E were conducted on an individual basis and the sales and purchases were neither inter-connected nor interconditional with each other.
Business · 第 194 页
In 2022, 2023, 2024 and the six months ended June 30, 2025, the revenue from Customer E/Supplier E was RMB22.6 million, RMB16.2 million, RMB37.3 million and RMB25.4 million, respectively, accounting for 5.8%, 3.3%, 3.9% and 3.9% of our total revenue in the same periods, respectively.
Customer C, one of our five largest customers in 2022, was also a supplier during the Track Record Period.
Business · 第 310 页
Since Customer C uses these raw materials for its business, we sold these raw materials to Customer C at a premium to our original purchase price to recover our costs.
Business · 第 311 页
Customer L, one of our five largest customers in 2024, was also a supplier in 2023 and 2024.
During the Track Record Period, to the best knowledge and belief of our Directors, we had five major suppliers who are also our customers (the “Suppliers/Customers”)
Business · 第 255 页
Our Directors confirmed that the negotiation of the salient terms of our sales and purchase from the Suppliers/Customers were conducted separately, and they were not inter-conditional, inter-related or otherwise considered as one transaction, except for the transactions with CALB, which our Directors confirm are inter-conditional and inter-related.
Business · 第 261 页
The Sole Sponsor is of the view that the transactions entered into with overlapping customers and suppliers were on normal commercial terms and comparable to those with other customers and suppliers of the Group.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
客户集团B及ABLINK同时为客户与供应商
Customer Group B, being one of our four largest customers in 2023 and one of our five largest customers in 2024 and the six months ended June 30, 2025, was also our supplier in 2023 and 2024.
Business · 第 384 页
ABLINK Biotech, being one of our five largest customers in 2024, was also our supplier during the Track Record Period.
Business · 第 384 页
Negotiations of the terms of our sales to and purchases from Customer Group B and ABLINK Biotech were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
The total revenue we generated from these overlapping customers and suppliers amounted to RMB211.1 million, RMB196.4 million, RMB258.9 million and RMB71.6 million in 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively, representing 48.3%, 16.8%, 49.8% and 27.9%, respectively, of our total revenue for the same years/period.
Business · 第 284 页
During the Track Record Period, three top five customers, namely Customer F, Customer G and Customer L, were also our suppliers, and two top five suppliers, namely Supplier E and Supplier F, were also our customers.
Business · 第 284 页
In particular, our transactions with overlapping suppliers and customers are commercially independent and not inter-conditional.