During the Track Record Period, some of our major customers were also our suppliers as these major customers would procure comprehensive mechanical massage services solution from us as our Local Partners while they would also provide us with maintenance service as suppliers.
Business · 第 220 页
During the Track Record Period, Customer A, Customer B, Customer C, Customer D, Customer E and Customer F were our major customers and are also our suppliers.
Business · 第 220 页
Our Directors confirmed that all of our sales to and purchases from these overlapping major customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
安徽金岩高岭土新材料股份有限公司ANHUI JINYAN KAOLIN NEW MATERIALS CO., LTD.02693.HK
山东永安达同时为客户及供应商
Shandong Yonganda, one of our top five suppliers in 2024, was also our customer in 2024.
Business · 第 230 页
Our sales to Shandong Yonganda amounted to nil, nil, RMB5.8 million and RMB0.7 million for the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2024 and 2025, respectively, accounting for nil, nil, 2.2% and 0.6% of our total revenue in the same periods, respectively.
Business · 第 230 页
Negotiations of the terms of our sales to and purchases from Shandong Yonganda was conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
The number of overlapping clients and suppliers were three, one, one, one in 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively.
Business · 第 218 页
Our Directors confirmed that negotiations of the terms of our sales to and purchases from these companies were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · 第 218 页
Our Directors confirmed that all of our sales to and purchases from these companies were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
These overlapping roles arise because both us and the overlapping customer-suppliers sold commodities critical to each other’s operations.
Business · 第 256 页
In addition to the above, there were 32 overlapping customer-suppliers during the Track Record Period.
Business · 第 258 页
This arrangement with Customer F was not a bundled or back-to-back trading arrangement, but allowed us to ensure a stable supply of high-lithium salt alumina which enhances our aluminum smelting process by lowering melting points, improving electrical conductivity, ensuring thermal stability and prolonging the useful life of our electrolyzers.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
前五大客户与供应商存在重叠
In 2022, 2023 and 2024 and the six months ended June 30, 2025, two, three, three and four customers among our five largest customers in each year during the Track Record Period were also our suppliers in the corresponding year, and our procurement from them amounted to 0.2%, 0.2%, 2.6% and 14.9% of our total procurement amounts in the corresponding year, respectively.
Business · 第 219 页
In 2022, 2023 and 2024 and the six months ended June 30, 2025, three, two, four and five suppliers among our five largest suppliers in each year during the Track Record Period were also our customers in the corresponding year, and our sales to them amounted to 1.3%, 8.1%, 11.0% and 13.7% of our total revenue in the corresponding year, respectively.
Business · 第 220 页
The Company does not expect the magnitude of such overlap to increase.
Our sales to and purchases from our overlapping customers and suppliers were not related to or inter-conditional upon each other.
Business · 第 339 页
Our Directors confirmed that all of our sales to and purchases from these overlapping customers and suppliers were entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
The total revenue we generated from the overlapping customers and suppliers amounted to nil, US$3.9 million, US$7.0 million and nil in 2022, 2023, 2024 and for the six months ended June 30, 2025, respectively, and the purchases from the overlapping customers and suppliers amounted to nil, US$4.0 million, US$4.9 million and nil in the corresponding years/period, respectively.
Summary · 第 15 页
During the Track Record Period, we had two major overlapping customers and suppliers, namely Customer C (Supplier H) and Customer H (Supplier J).
Business · 第 386 页
The procurement and sales transactions are of different nature and were conducted independently based on our business and development needs.
During the Track Record Period, Tencent, a substantial shareholder of our Company, was both one of our top five customers (Customer A) and our top five suppliers (Supplier C).
Business · 第 318 页
We mainly provided marketing intelligence services and industry solutions to this overlapping customer-supplier, and we received technology services from this customer-supplier during the Track Record Period.
Business · 第 318 页
Accordingly to F&S, it is an industry norm to have overlapping customer-supplier relationship in the data intelligence application software industry.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30 2025, revenue generated from our largest customer amounted to RMB95.0 million, RMB154.8 million, RMB167.4 million and RMB83.0 million, accounting for 5.2%, 7.3%, 7.8% and 7.8%, respectively, of our total revenue, respectively, for the same periods.
Summary · 第 12 页
To the best knowledge and belief of our Directors, (i) one of our five largest customers in each period during the Track Record Period, Customer A, was also our supplier on a group basis during the same period; and (ii) none of our five largest suppliers in each period during the Track Record Period was our customer during the same period.
Business · 第 312 页
To the best knowledge and belief of our Directors, (i) negotiations of the terms of our sales to and purchases from Customer A and its subsidiaries were conducted on an individual basis and the sales and purchases were neither inter-connected with nor inter-conditional upon each other;
Customer E, one of our five largest customers in 2022, was also a supplier during the Track Record Period.
Business · 第 269 页
Supplier Q, one of our five largest suppliers in the six months ended June 30, 2025, was also a customer during the Track Record Period.
Business · 第 269 页
All of our sales to and purchases from Customer E, Customer K, Customer L and Supplier Q were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
During the Track Record Period, Sany International was both one of our top customers and five largest suppliers in each period.
Business · 第 275 页
In 2022, 2023, 2024 and the four months ended April 30, 2025, we primarily purchased steel plates, steel pipes, structural steel and hydraulic pumps, among others from Sany Group Co., Ltd. with the purchase amount of RMB1,880.6 million, RMB1,154.1 million, RMB1,748.0 million and RMB823.7 million, respectively, representing 4.1%, 3.3%, 4.5% and 5.3% of our total purchase amount in the same periods.
Business · 第 275 页
Negotiations of the terms of sales to the companies mentioned above and purchases from them were conducted separately, and the sales and purchases were neither connected nor conditional upon each other.
In 2022, 2023, and 2024, and the six months ended June 30, 2025, we had three, one, one, and one of our five largest customers during the Track Record Period that were also our suppliers, generating a revenue of RMB1,753.4 million, RMB1,114.7 million, RMB1,525.8 million, and RMB848.9 million, which represented 46.3%, 36.1%, 41.8%, and 41.7% of our total revenue, respectively.
Business · 第 256 页
For the same periods, the purchases from such overlapping customers/suppliers amounted to RMB416.4 million, RMB130.3 million, RMB235.4 million, and RMB168.5 million, which represented 12.6%, 6.5%, 8.4%, and 9.9% of our total purchases, respectively.
Business · 第 256 页
Our Directors affirm that the prices of transactions with overlapping customers/suppliers are comparable to those of similar transactions conducted with other customers/suppliers of our Group.
During the Track Record Period, some of our top five customers were also our suppliers, and certain of our top five suppliers were also our customers, details of which are explained below.
Business · 第 231 页
Our sales to Customer B during the Track Record Period were neither conditional upon nor related to our purchases from them in the same periods.
Business · 第 231 页
Our purchases from Supplier A during the Track Record Period were neither conditional upon nor related to our sales to them in the same periods.
In 2022, 2023, 2024 and the five months ended May 31, 2025, to the best knowledge and belief of our Directors, one, nil, nil and nil of our top five customers were also our suppliers in the respective years/period.
Business · 第 318 页
In 2022, 2023, 2024 and the five months ended May 31, 2025, to the best knowledge and belief of our Directors, one, nil, two and two of our top five suppliers were also our customers.
Business · 第 318 页
Our Directors confirmed that negotiations of the terms of our purchases from and sales to these distributors and partners as both of our suppliers and customers were conducted separately and as a result, the purchases and sales were neither connected with nor conditional upon each other.
The revenue generated from the overlapping customers and suppliers were RMB9.3 million, RMB6.9 million, RMB5.0 million and RMB2.0 million in 2022, 2023, 2024 and the first five months of 2025, respectively, accounting for 5.7%, 4.7%, 2.0% and 2.3% of our total revenue for the same periods, respectively.
Business · 第 302 页
Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · 第 301 页
Our Directors confirm that 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 arm’s length basis.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
一家前五大客户兼为供应商，六家前五大供应商兼为客户
During the Track Record Period, to the best knowledge of our Directors, one of our top five customers in 2022, 2023, 2024 and for the three months ended March 31, 2025 was also our supplier who provided us with EV cables and accessories compatible with their customized products, and six of our top five suppliers in 2022, 2023, 2024 and for the three months ended March 31, 2025 were also our customers who purchased smart home EV chargers and accessories from us for their after-sales purposes.
Business · 第 301 页
Negotiations of the terms of our sales to and purchases from the overlapping customers and suppliers were conducted on a transaction-by-transaction basis.
Business · 第 304 页
Our Directors confirmed that all of our sales to and purchases from these overlapping customers and suppliers were entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
金叶国际集团有限公司GOLDEN LEAF INTERNATIONAL GROUP LIMITED08549.HK
与五大供应商Supplier A的重叠交易
Supplier A was one of our five largest suppliers for each of FY2023/24 and FY2024/25.
Business · 第 183 页
During the Track Record Period, we mainly purchased air-cooled chillers from Supplier A for our projects, and also provided minor ancillary works for Supplier A, including installation of power supply and control circuits and minor alteration and addition works and recognised insignificant amount of revenue for FY2024/25.
In 2022 and 2023, our sales to Customer E amounted to RMB86.9 million and RMB102.2 million, accounting for 7.1% and 6.8% of our total revenue, respectively, and our purchases from Customer E amounted to RMB14.8 million and RMB26.3 million, accounting for 1.5% and 2.7% of our total purchases, respectively.
Business · 第 287 页
Customer I, being our fourth-largest customer for the year ended December 31, 2024, was also our supplier in 2024.
Business · 第 287 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.
紫金黄金国际有限公司ZIJIN GOLD INTERNATIONAL COMPANY LIMITED02259.HK
紫金矿业集团既是最大客户又是最大供应商
In practice, distinctive subsidiaries of the Zijin Mining Group (in their capacity as distinctive business units) acted as the centralized sales and procurement entities for the entire Zijin Mining Group (as a whole and including our Group), and therefore, the Zijin Mining Group was accounted for both our Group’s customers and suppliers for such reasons.
Business · 第 355 页
During the Track Record Period, Zijin Mining was our largest customer and primary supplier. As of June 30, 2025, the Group’s net amount due to Zijin Mining is US$643.4 million.
In 2022, 2023 and 2024 and the three months ended March 31, 2025, our sales to Supplier A amounted to RMB1,577 million, RMB2,133 million, RMB3,959 million and RMB989 million, respectively, accounting for 1.7%, 1.3%, 1.5%, and 1.4% of our total revenue for the same periods, respectively.
Business · 第 276 页
In 2022, 2023 and 2024 and the three months ended March 31, 2025, our purchases from Supplier A amounted to RMB2,529 million, RMB5,976 million, RMB4,107 million and RMB603 million, accounting for 3.3%, 4.9%, 2.1%, and 1.2% of our total purchases of raw materials for the same periods.
Business · 第 276 页
In each period during the Track Record Period, (i) our purchases of products from Chery Holding, primarily including battery pack, amounted to RMB3,124 million, RMB3,415 million, RMB2,426 million and RMB858 million in 2022, 2023 and 2024 and the three months ended March 31, 2025, respectively, accounting for 4.1%, 2.8%, 1.2%, and 1.7% of our total purchase of raw materials amounts in the same periods, respectively;