Customer H, one of our five largest customers in 2024 and 2025, is also one of our suppliers in 2024 and 2025.
Business · 第 133 页
The reason for such overlap is that the customer-supplier is an industry participant with complementary needs, purchasing our medical consumables for its business and, separately, supplying us with certain materials, equipment and components in the ordinary course of business.
Business · 第 133 页
Our sales and purchases with the aforementioned customer-supplier were not inter-conditional with each other.
During the Track Record Period, we had 13, five and 11 customers that were also our suppliers, respectively, generating a revenue of RMB107.4 million, RMB384.2 million and RMB1,343.4 million, respectively, which represented 21.5%, 43.2% and 63.8% of our total revenue, respectively.
Business · 第 130 页
We also confirm that all products provided to and products received from overlapping customers/suppliers during the Track Record Period were conducted at arm’s length, under normal commercial terms, and in the ordinary course of business.
During the Track Record Period, certain of our top five suppliers were also our customers.
Business · 第 130 页
We purchased from Supplier H precious metal as fixed asset in 2025, which was in capital nature, with an amount of RMB406.1 million.
Business · 第 130 页
Our Directors have confirmed that none of our sales to and purchases from our overlapping customer and supplier during the Track Record Period were inter-conditional, inter-related or otherwise considered as one transaction.
Customer E was one of our five largest customers in 2024, and also a supplier of ours in 2024.
Business · 第 205 页
The relationship with Customer E is an example of a symbiotic industry-academia collaboration.
Business · 第 205 页
Negotiations of the terms of our sales to and purchases from Customer E were conducted on an individual basis, and the sales and purchases were neither inter-connected nor inter-conditioned with each other.
Company E, one of our five largest customers in 2023, was also our supplier in 2023.
Business · 第 162 页
Our aggregate sales to Company E, Company J and Company L amounted to RMB34.7 million, RMB36.3 million and RMB120.9 million in 2023, 2024 and 2025, respectively, representing 6.8%, 6.6% and 17.2% of our total revenue for the same years, respectively.
Business · 第 163 页
Our aggregate purchases from Company E, Company J and Company L amounted to RMB19.3 million, RMB20.1 million and RMB44.0 million in 2023, 2024 and 2025, respectively, representing 2.4%, 4.2% and 5.3% of our total purchases for the same years, respectively.
During the Track Record Period, among our top five customers and suppliers in each year, we had total seven overlapping customers and suppliers.
Business · 第 153 页
For those overlapping customers and suppliers, we sold to and also purchased from them mainly due to the following reasons: (1) for Customer A, chips provided by them possess proven reliability and performance characteristics, which meet our stringent technical requirements, and are widely adopted across the industry; (2) for a very limited number of overlapping customers and suppliers who purchased printing control system from us, we purchased their products to conduct in-house test of our printing control system before conducting on-site test at our customers’ places, where the working environment is more complex and different from our testing environment; and
Business · 第 154 页
According to Frost & Sullivan, it is an industry norm to have overlapping customers and suppliers relationship in the digital printing solutions industry.
Customer D and Supplier A are the same entity that operates an e-commerce marketplace globally.
Business · 第 142 页
In FY2023, FY2024 and FY2025, the revenue from Customer D was RMB13.1 million, RMB10.4 million and RMB22.4 million, respectively, accounting for 3.6%, 2.3% and 4.5%, respectively, of our total revenue in the same periods.
Business · 第 142 页
In FY2023, FY2024 and FY2025, our purchase from Supplier A was RMB46.2 million, RMB53.0 million and RMB60.8 million, respectively, accounting for 19.7%, 18.1% and 20.7%, respectively, of our total purchase in the same periods.
Our procurement from Supplier C amounted to RMB65.8 million, RMB28.1 million and RMB6.9 million for the years ended December 31, 2023, 2024 and 2025, respectively, accounting for 4.7%, 1.7% and 0.4% of our total procurement in the same years, respectively.
Business · 第 162 页
Our procurement from Yichang Lisheng amounted to nil, nil and RMB71.0 million for the years ended December 31, 2023, 2024 and 2025, respectively, accounting for nil, nil and 4.1% of our total procurement in the same years, respectively.
Business · 第 162 页
Negotiations of the terms of our sales to and purchases from Supplier C and Yichang Lisheng were conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
During the Track Record Period, Company C, a company primarily engaging in providing electronics manufacturing, technology services and solutions, was one of our five largest suppliers in 2023, 2024 and 2025.
Business · 第 136 页
Negotiations of the terms of our sales to and purchases from Company C were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · 第 137 页
According to Frost & Sullivan, it is in line with the industry norm that memory solutions providers sell memory solutions to customers while procuring wafers and memory chips from them.
The number of our overlapping customers and suppliers was 7, 4 and 8 in each of 2023, 2024 and 2025, respectively.
Business · 第 198 页
Our purchases from overlapping customers and suppliers in 2023, 2024 and 2025 were RMB23.6 million, RMB1.9 million and RMB18.5 million, respectively, accounting for 14.7%, 1.0% and 6.4% of our total purchases in the respective years.
Business · 第 198 页
Our Directors confirm that all transactions with these overlapping customers and suppliers were conducted in the ordinary course of business, on normal commercial terms, and were not inter-conditional.
上海拓璞数控科技股份有限公司Shanghai Top Numerical Control Technology Co., Ltd.07688.HK
存在主要客户与供应商重叠
During the Track Record Period, we had overlapping major customers and suppliers (the “Overlapping Customer(s) and Supplier(s)”), which are (i) two of our major customers, namely, Customer B (one of our top five customers during the Track Record Period) and Customer G (one of our top five customers in FY2024 and our largest customer in FY2025); and
Business · 第 175 页
For FY2024, Guangzhou Haozhi purchased compact general industrial five-axis machine tools for machining of its mechanical components.
Business · 第 176 页
All of our sales to and purchases from the Overlapping Customers and Suppliers were conducted in the ordinary course of business under normal commercial terms and in arm’s length basis.
Our purchase amounts attributable to these customer-suppliers accounted for 5.0%, 8.1% and 8.9% of our total purchase amount in 2023, 2024 and 2025.
Business · 第 154 页
One of our five largest suppliers in 2023, 2024 and 2025, was also our customer in 2023, 2024 and 2025.
Business · 第 155 页
Our Directors are of the view that these arrangements were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
During the Track Record Period, one of our top five customers in 2023 and 2025, a leading cloud computing service provider in the Chinese Mainland, was also a supplier to us, providing us with public cloud infrastructure services.
Business · 第 135 页
Our total procurement amount from these suppliers was RMB158.8 million, RMB152.9 million and RMB131.7 million during the Track Record Period, respectively, representing approximately 18.5%, 15.5% and 12.9% of our total cost of sales in the same years, respectively.
Business · 第 135 页
Our Directors confirmed that negotiations of the terms of our sales to and purchases from the customers and the suppliers mentioned above 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.
Customer Group A, one of our five largest customers in 2023, 2024 and 2025, was one of our suppliers in 2023.
Business · 第 153 页
Shanghai Tongye Trading Co.* (上海桐燁貿易商行), one of our five largest suppliers in 2024 and 2025, was one of our customers in 2024.
Business · 第 153 页
Our Directors confirm that our Group’s sales and purchases to/from such overlapping customers-suppliers were: (a) entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, (b) conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis, and (c) at prices that are no less favorable than from other independent third parties who are not customer-suppliers.
During the Track Record Period, certain of our top five customers were also our suppliers, and certain of our top five suppliers were also our customers.
Business · 第 154 页
In 2023, 2024 and 2025, our sales to Customer A amounted to RMB647.0 million, RMB912.4 million and RMB1,016.3 million, accounting for 14.6%, 16.7% and 15.3% of our total revenue, respectively.
Business · 第 155 页
Our Directors confirmed that all of our sales to and purchases from the customer-supplier 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.
To the best of our Directors’ knowledge and belief, during the Track Record Period, (i) Haichang Biotech was one of our top five suppliers in 2024 and 2025 and was also our customer in 2025, to which we provided validation and pilot production services in connection with paclitaxel for injection (albumin-bound); (ii) Customer A was one of our top five customers during in 2023, 2024 and 2025, and was also our supplier in the same periods, from which we purchased platform information services; (iii) Customer B was one of our top five customers during in 2023, 2024 and 2025, and was also our supplier in 2023 and 2025, from which we purchased materials including syringes and needles; (iv) Customer C was one of our top five customers in 2023 and 2024, and was also our supplier in 2025, from which we purchased human serum albumin; and (v) Mabtech was one of our top five customers in 2024 and 2025, and was also our supplier in 2024 and 2025, from which we purchased Reminton (類停^®^) Infliximab for Injection (collectively, the “Overlapping Customers and Suppliers”).
Business · 第 187 页
In 2023, 2024 and 2025, our sales to Customer A amounted to RMB266.6 million, RMB275.6 million and RMB252.3 million, respectively, representing 21.2%, 19.6% and 16.4% of our total revenue.
Business · 第 187 页
The terms of sales and purchases from Overlapping Customers and Suppliers are negotiated on a case-by-case basis, and the sales and purchases are not interrelated or conditional upon each other.
One of our customers in 2024 and 2025, Eikon Therapeutics, was also our supplier during the same years.
Business · 第 228 页
In 2024 and 2025, (i) our purchases of Eikon Therapeutics as pass-through payments for shared CRO services amounted to RMB1.3 million and RMB2.7 million, respectively, representing 0.8% and 2.1% of our total purchases in the same years, and (ii) our revenue from Eikon Therapeutics amounted to RMB33.5 million and RMB18.0 million, respectively, representing 100.0% and 47.1% of our total revenue in the same years.
Business · 第 228 页
All of our sales to and purchases from this supplier-customer were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
山东重工同时为前五大客户及前五大供应商
During the Track Record Period, Shandong Heavy Industry was both one of our top five customers and top five suppliers in each year.
Business · 第 156 页
Negotiations of the terms of sales to Shandong Heavy Industry mentioned above and purchases from it were conducted separately, and the sales and purchases were neither connected nor conditional upon each other.
Business · 第 156 页
Our Directors are of the view that such arrangements are mutually beneficial, given that we negotiated with Shandong Heavy Industry on an arm’s length basis.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
客户D及客户A同时位列主要客户与供应商
In 2023, 2024 and 2025, our revenue generated from Customer D amounted to RMB52.4 million, RMB80.3 million and RMB68.5 million, accounting for 4.6%, 6.4% and 5.1% of our total revenue, respectively.
Business · 第 174 页
Our revenue generated from Customer A amounted to approximately RMB108.6 million, RMB108.0 million and RMB71.1 million in 2023, 2024 and 2025, respectively, representing 9.5%, 8.6% and 5.3% of our total revenue for the corresponding periods.
Business · 第 174 页
Although on a consolidated basis, Customer D acted as our overlapping supplier and customer, we are transacting with different subsidiaries of Customer D and the sales and purchase transactions were not interrelated and were not negotiated at the same time.
For the years ended December 31, 2023, 2024 and 2025, we had one, one and one of our five largest customers that were also our suppliers, respectively.
Business · 第 174 页
During the Track Record Period, Customer G purchased sensors and algorithm modules from us for integration into its own products, and also served as our third-party contract manufacturer for the assembly of our robot lawn mower products.
Business · 第 175 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.