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, details of which are explained below.
Business · 第 154 页
In 2023, 2024 and 2025, our purchases from Supplier A/Customer E amounted to RMB3,351.3 million, RMB4,026.8 million and RMB5,954.2 million, which accounted for 54.8% 48.7% and 65.2% of our total purchases, respectively.
Business · 第 154 页
In connection with providing Customer B such solutions, Customer B mandates that certain system testing and certification services must be procured directly from them.
The sales to these customers-suppliers amounted to RMB132.4 million, representing 66.3% of our total revenue in 2024, and the purchase from them amounted to RMB9.9 million, representing 1.1% of our total purchase in 2024.
Business · 第 217 页
The sales to these customers-suppliers amounted to RMB172.8 million, representing 26.2% of our total revenue in 2025, and the purchase from them amounted to RMB6.4 million, representing 0.6% of our total purchase in 2025.
Business · 第 217 页
Our sales to and purchases from our customers-suppliers were not related to or inter-conditional upon each other.
During the Track Record Period, Customer I (Supplier L) was the only party that was both a top five customer and a top five supplier.
Business · 第 176 页
We procured products and services from these customers primarily for the purposes of purchasing necessary components for our projects to be delivered to end customers, research and development and the manufacture of our products.
Business · 第 176 页
All such transactions were conducted on an arm’s length basis and at prevailing market rates.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
部分前五大客户同时为原材料供应商
The number of our overlapping customers and suppliers which were among either our five largest customers or five largest suppliers was 2, 1 and 2 in 2023, 2024 and 2025, respectively.
Summary · 第 7 页
Revenue generated from Customer C amounted to RMB62.8 million, RMB21.7 million in 2023 and 2024, respectively, accounting for 12.0%, 4.3%, respectively, of our total revenue in the same periods.
Business · 第 134 页
Our Directors confirmed 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.
During the Track Record Period, (i) Customer D, one of our top five customers for FY2023, was also our supplier; and (ii) Supplier J, one of our top five suppliers for FY2025, was also our customer.
Business · 第 145 页
Hence, Supplier J started to purchase our production line testing equipment in 2024.
Business · 第 146 页
Our Directors confirm that our sales to and purchases from each of Customer D and Supplier J were (i) entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times, (ii) conducted in the ordinary course of business on an arm's length basis under normal commercial terms and similar to those transactions with other customers and suppliers and (iii) negotiated separately, and the sales to and purchases from each of Customer D and Supplier J were neither interconnected nor conditional upon each other.
Customer/Supplier Group A, one of our top five suppliers in 2023, 2024 and 2025, was also one of our top five customers in the same years.
Business · 第 168 页
The purchase from the leading player in such market was inevitable in the production of optical modules.
Business · 第 168 页
During the Track Record Period, our sales to and purchases from Customer/Supplier Group A were conducted in the ordinary course of business and on commercial terms negotiated on an arm’s length basis.
ZhongAn Online, our largest customer in 2023, 2024 and 2025, was also our supplier in the same years.
Business · 第 161 页
Sales to the Overlapping Customers-Suppliers
Business · 第 162 页
Our Directors confirm that our sales to and our purchases from the Overlapping Customers- Suppliers were (i) entered into after due consideration taking into account the prevailing purchase and selling prices at the relevant times and (ii) conducted in the ordinary course of business on an arm’s length basis and under normal commercial terms.
Among our five largest suppliers in each year of the Track Record Period, Supplier F was also our customer in 2025. Our sales to Supplier F were RMB34.3 million in 2025, which amounted to 0.1% of our total revenue of the corresponding year.
Business · 第 133 页
The transactions are conducted in the ordinary course of business and on commercial terms negotiated at arm’s length.
苏州天孚光通信股份有限公司Suzhou TFC Optical Communication Co., Ltd.
存在兼具客户与供应商身份的重叠主体
Our purchases from these top five customers accounted for 4.8%, 2.5% and 8.1%, respectively, of our total purchases in 2023, 2024 and 2025.
Business · 第 121 页
Our revenue generated from these top five suppliers accounted for 8.9%, 6.3% and 4.1%, respectively, of our total revenue in 2023, 2024 and 2025.
Business · 第 121 页
Our transactions with the above overlapping customer-suppliers were primarily attributable to the following reasons: (i) certain market participants operate across multiple segments of the industrial chain and simultaneously act as our upstream suppliers and downstream customers; and (ii) during the sample development stage, we may procure from the relevant customer a limited quantity of parts and assemblies; after commencing mass production, we typically procure these parts and assemblies directly from third-party suppliers.
四川好医生云医疗科技集团股份有限公司GOOD DOCTOR CLOUD HEALTHCARE & TECHNOLOGY GROUP CO., LTD.
前五大客户与供应商存在重合
We sell pharmaceuticals and other healthcare products to companies engaged in the circulation of pharmaceuticals or other healthcare products, from whom we may also procure pharmaceuticals and other healthcare products.
Business · 第 162 页
In 2023, 2024 and 2025, the sales to these overlapping customersuppliers amounted to RMB61.4 million, RMB158.5 million and RMB335.5 million, respectively, and accounted for 2.0%, 4.9% and 8.8% of our total revenue in the respective years.
Business · 第 162 页
All of our sales to and purchases from these overlapping customer-suppliers were conducted in the ordinary course of business under normal commercial terms and on an arm’s-length basis.
To the best knowledge and belief of our Directors, three of our major customers during the Track Record Period were also our suppliers.
Business · 第 164 页
In 2023, 2024 and 2025, revenue from our overlapping customers and suppliers, in aggregate, accounted for 25.2%, 15.2% and 16.5% of our total revenue, respectively.
Business · 第 164 页
The terms and conditions of the sales agreements with Customer and Supplier E, Customer Group A, Customer Group H and Customer I were generally in line with the terms and conditions with other comparable customers.
During the Track Record Period, certain of our top five customers were also among our suppliers, and certain of our top five suppliers were also among our customers.
Business · 第 158 页
The overlap between customers and suppliers primarily arose because certain counterparties had business dealings with us in both directions.
Business · 第 158 页
Our Directors have confirmed that none of our sales to and purchases from the above overlapping customers/suppliers during the Track Record Period was inter-conditional, inter-related or otherwise considered as one transaction.
Company F was both one of our major suppliers and major customers during the Track Record Period.
Business · 第 154 页
In 2023, 2024, and 2025, our purchases from the three major overlapping customer-suppliers amounted to RMB314.2 million, RMB301.6 million and RMB203.0 million, respectively, representing 9.5%, 8.2% and 4.9% of our total purchases for the same respective periods.
Business · 第 154 页
Terms for sales to and purchases from these overlapping customer-suppliers were negotiated individually, and the transactions were not inter-conditional.
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, in the respective years, which is in conformity with the industry norm according to Frost & Sullivan, including: (i) Customer C.
Business · 第 171 页
Our Directors confirm that all transactions with the overlapping customers and suppliers were conducted in the ordinary course of business, on normal commercial terms, and were not inter-conditional.
During the Track Record Period, certain of our five largest customers in certain years during the Track Record Period also acted as our suppliers, or vice versa.
Business · 第 135 页
In 2023, 2024 and 2025, our revenue generated from Liu entities was RMB100.3 million, RMB129.1 million and RMB157.2 million, respectively, accounting for 0.9%, 1.2% and 1.4% of our total revenue in the same periods, respectively.
Business · 第 136 页
One of our subsidiaries procured sugar from a subsidiary of Customer F in 2023, 2024 and 2025.
During the Track Record Period, we sold our jewellery and handbags to Customer B and we also procured marketing and promotion services as well as usage of their platform for our self-operated online stores.
Business · 第 159 页
The Directors confirm that the sales and purchases to/from Customer B are arm's length transaction in the ordinary course of business.
Customer A contributed to 22.2%, 4.0%, and 1.5% of our revenue in 2023, 2024 and 2025, respectively, and 3.1%, 1.1%, and 1.8% of our purchase amounts in the same periods, respectively.
Business · 第 137 页
The overlap between our customers and suppliers arises from the different business functions performed by our customers’ separate entities and is supported by genuine needs for both procurement and sales.
Business · 第 139 页
All of our sales to and purchases from Customer A, Customer C (Supplier D), Customer G, Customer H (Supplier J), Customer I, Customer K, Customer L, Supplier A, Supplier B, Supplier E and supplier L were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
传音为最大客户兼最大供应商，客户供应商重叠
Certain of our five largest customers in each year of the Track Record Period also acted as our supplier and certain of our five largest suppliers in each year of the Track Record Period also acted as our customers.
Business · 第 142 页
Second, Transsion has also become one of our suppliers since 2020.
Business · 第 143 页
Our Directors confirmed that all of our sales to and purchases from Transsion, Supplier C and Supplier H were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.
Due to the nature of the lithium industry, where procurement, processing, conversion and distribution activities are closely interconnected and many market participants operate in more than one segment of the value chain, it is not uncommon for the same counterparty to transact with us on both sides of the supply chain.
Business · 第 126 页
Company A, one of our five largest customers in 2023, 2024 and 2025, was also our supplier in 2024.
Business · 第 126 页
During the Track Record Period, 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.