During the Track Record Period, Customer A, a state-owned large memory manufacturer and one of our five largest customers, was also a supplier to us.
Business · 第 158 页
None of the sales to or purchases from this overlapping customer and supplier during the Track Record Period were inter-conditional, inter-related or otherwise regarded as a single transaction.
Business · 第 159 页
Revenue from Customer A in 2023, 2024, and 2025 was RMB24.1 million, RMB42.6 million and RMB52.6 million, respectively, accounting for 18.1%, 13.8% and 10.1% of our total revenue in the respective years.
During the Track Record Period, Customer E/Supplier B, one of our top customers in 2025, was also one of our top suppliers in 2024 and 2025.
Business · 第 109 页
In 2023, 2024 and 2025, our revenue from Supplier A amounted to RMB18.8 million, RMB36.7 million and RMB65.4 million, accounting for 1.5%, 2.4% and 3.7% of our total revenue, respectively.
Business · 第 109 页
Our sales to and purchases from Customer E/Supplier B and Supplier A were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
During the Track Record Period, we had three overlapping major customers and suppliers, namely Customer A (Supplier I), Customer B and Customer C.
Business · 第 188 页
We purchased the voice module products manufactured by Customer A (Supplier I) for integration into our intelligent cockpit domain controller solutions for sale to Customer A (Supplier I) as a whole.
Business · 第 188 页
Our Directors confirm that all our sales to and purchases from the overlapping customers and suppliers were conducted at arm’s length in the ordinary course of business, and under normal commercial terms.
In 2023, 2024 and 2025, Customer Group B/Supplier Group A and Customer Group D/Supplier Group B contributed 4.0%, 4.4% and 5.2% of our total revenue, respectively, and 58.5%, 47.9% and 40.9% of our total cost of sales, respectively.
Business · 第 182 页
According to Frost & Sullivan, such arrangements are common in the digital marketing industry that technology companies which operate media platforms may become customers of digital marketing service providers when they have marketing needs to promote their products or services.
During the Track Record Period, Customer J, one of our top five customers in 2025, was also our supplier of aluminum foils for the production process, namely, Supplier H.
Business · 第 154 页
Negotiations of the terms of our sales to and purchases from the overlapping customer/supplier were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · 第 154 页
In 2025, our revenue from Customer J was RMB78.7 million, accounting for approximately 13.6% of our total revenue in the same year.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
存在既是客户又是供应商的重叠主体
For the years ended December 31, 2023, 2024 and 2025, among our five largest customers for each year during the Track Record Period, one, two and one customer(s) in each year during the Track Record Period were also our suppliers in the corresponding year, from which we generated revenue of RMB298.3 million, RMB265.5 million and RMB97.9 million, accounting for 25.8%, 22.7% and 6.5% of our total revenue for the relevant years, respectively.
Business · 第 153 页
Our purchase amount from them amounted to nil, nil and RMB143.9 million, which accounted for nil, nil and 10.6% of our total purchase amount in the corresponding year, respectively.
Business · 第 153 页
According to CIC, due to the nature of the industry, it is a common practice in the lithium battery recycling and material recovery industry to have overlapping customers and suppliers, where we may purchase used batteries and production scraps from battery manufacturers and sell our products to them to serves as key raw materials for manufacturing batteries and where in limited occasions, we may procure processing services from lithium battery recycling and cascade utilization, and battery material recovery customers with metal salt production capabilities, or on customer’s behalf, we may purchase metal salts from lithium battery recycling companies which procure black mass from us for their production.
During the Track Record Period, certain of our customers also acted as our suppliers, resulting in an overlap between our customer and supplier relationships.
Business · 第 165 页
In particular, one of our five largest customers during the relevant periods, Customer E (or Supplier G), not only purchased our tower products but also supplied certain steel plates and flanges to us under the request of this customer to ensure progress and meet quality requirements.
Business · 第 165 页
In 2023, 2024 and 2025, revenue generated from transactions with this customer amounted to approximately RMB219.3 million, RMB240.8 million and RMB281.4 million, respectively.
(i) ZF ADAS BU, one of our five largest suppliers in 2023, was also one of our five largest customers in 2023.
Business · 第 153 页
Our revenue attributable to these customer-suppliers accounted for 26.2%, 6.6% and 5.7% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 153 页
The gross profit margins for sales to overlapping customer-suppliers during the Track Record Period were generally in line with the Group’s overall gross profit margins and comparable to those for sales to other customers of similar nature.
Our sales to Customer D amounted to RMB51.0 million, RMB47.4 million and RMB78.4 million in 2023, 2024 and 2025, representing 2.6%, 2.5% and 3.7% of our total revenue from continuing operations, respectively.
Business · 第 128 页
We sell gas instruments and integrated intelligent solutions to Customer F, one of the leading state-owned mobile telecommunications operators in the PRC, and in turn procure mobile data and bandwidth services from Customer F that are essential to certain of our products.
Business · 第 128 页
Primarily for this reason, certain of our five largest suppliers in each year of the Track Record Period have, from time to time, also procured products from us.
Our Directors confirmed that negotiations of the terms of our purchases from and sales to Shougang Jingtang were conducted separately and as a result, the purchases and sales were neither connected with nor conditional upon each other.
Business · 第 149 页
Our Directors have confirmed that the terms of our purchases from and sales to the LanzaTech Group were negotiated independently and that the transactions were neither connected with nor conditional upon each other.
SAIC Motor was among both our five largest customers and our five largest suppliers in each year of the Track Record Period.
Business · 第 139 页
In each year of the Track Record Period, the purchases from these customers represented less than 0.2% of our total cost of sales for the respective year.
Business · 第 139 页
Our Directors are of the view that our sales to and purchases from the above-mentioned suppliers are conducted in the ordinary course of business under normal commercial terms on an arm’s-length basis after due and careful consideration.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
客户与供应商重叠交易及其定价独立性
During the Track Record Period, four, four and four of our top five customers were also our suppliers, but these overlapping customers contributed for only 3.3%, 0.1% and 1.1% of our total purchase for 2023, 2024 and 2025, respectively.
Business · 第 168 页
During the Track Record Period, one, two and two of our top five suppliers were also our customers, but revenue generated from these overlapping suppliers accounted for only 0.0%, 0.1% and 0.0% of our total revenue for 2023, 2024 and 2025, respectively.
Business · 第 169 页
Our Directors confirmed that negotiations of the terms of our sales to and purchases from these customers and suppliers were conducted independently, and these sales and purchases were independent from one another and the terms therein are similar to those transactions with our other customers and suppliers.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
部分五大客户同时为供应商的重叠交易
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.
Summary · 第 5 页
As a result, it is common for upstream and downstream enterprises within the digital human agent industry to engage in transactions with each other as both suppliers and customers.
Business · 第 152 页
For the years ended December 31, 2023, 2024 and 2025, our revenue from such overlapping customers and suppliers, which was among either our five largest customers or suppliers in each year during the Track Record Period, amounted to RMB201.7 million, RMB445.3 million and RMB344.8 million, respectively, accounting for 38.0%, 67.9% and 43.7% of our total revenue for the same years.
Customer A, one of our five largest customers in 2023 and 2025, was also a supplier in 2023 and 2024.
Business · 第 150 页
Customer B, one of our five largest customers in 2023, was also a supplier in 2024 and 2025.
Business · 第 150 页
All of our sales to and purchases from Customer A, Customer B, Customer C, Customer D, Customer E, Customer F and Customer J were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
CTG集团同为前五大客户及供应商
During the Track Record Period, CTG Group, one of our five largest customers in 2023, 2024 and 2025, respectively, was also a supplier.
Business · 第 114 页
In 2023, 2024 and 2025, our revenue generated from CTG Group amounted to HKD397.7 million, HKD302.4 million and HKD233.2 million, respectively, accounting for 18.2%, 13.5% and 10.6% of our total revenue, respectively, and our purchase from CTG Group amounted to HKD2.1 million, HKD3.4 million and HKD4.7 million, respectively accounting for 0.3%, 0.5% and 0.6% of our total purchase, respectively.
Business · 第 114 页
Our Directors confirmed that all aforementioned transactions were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
上海科梁信息科技股份有限公司Shanghai KeLiang Information Technology Co., Ltd.
往绩记录期间存在重叠客户兼供应商
During the Track Record Period, we had overlapping customer-suppliers, where an entity and/or its subsidiary(ies) was both (i) one of our five largest customers in any period and also a supplier, or (ii) one of our five largest suppliers in any period and also a customer.
Business · 第 153 页
In particular, none of the overlapping customers/suppliers simultaneously ranked among our five largest customers and five largest suppliers during any year of the Track Record Period.
Business · 第 153 页
Negotiations of the terms of our sales to and purchases from this overlapping customer/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, Customer A, our largest customer in each of 2023, 2024 and 2025, was also one of our five largest suppliers in the same years.
Business · 第 156 页
Customers A, B and C require suppliers, including us, to procure designated raw materials and components for their products from approved upstream vendors, including, in some cases, the customers themselves.
Business · 第 156 页
According to CIC, it is in line with industry practice for a company to have both sales to and purchases from the same customer/supplier, and the adoption of the buy-and-sell model is not a definitive determinant of pricing within the precision manufacturing industry.
During the Track Record Period, certain of our five largest suppliers during each year were also our customers, and certain of our five largest customers during each year were also our suppliers.
Business · 第 199 页
Customer A, one of our five largest customers in 2023, 2024 and 2025, was also our supplier in 2024.
Business · 第 196 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.
During the Track Record Period, we had three overlapping customer-suppliers who were one of our five largest customers and also served as our suppliers (the “overlapping customer-suppliers”).
Business · 第 186 页
Negotiations regarding the terms of our sales to and purchases from the overlapping customer-suppliers were conducted on a transaction-by-transaction basis.
Business · 第 187 页
Our Directors confirmed that the transactions with these overlapping customers and suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
The number of our overlapping customers and suppliers was 13, 12 and 23 in 2023, 2024 and 2025, respectively.
Business · 第 195 页
Our revenue from these overlapping customers and suppliers in 2023, 2024 and 2025 was RMB46.3 million, RMB57.4 million and RMB203.4 million, respectively.
Business · 第 195 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.