客户与供应商重叠

These overlapping relationships arise from the nature of our integrated media ecosystem, whereby we provide content, advertising and digital services while also procuring various operational services from the same parties.

Revenue derived from MNC Group amounted to Rp2,358,933 million, Rp2,409,662 million and Rp2,558,817 million in 2023, 2024 and 2025, respectively, representing 81.2%, 74.4% and 66.8% of our total revenue for the corresponding periods. Our purchases from MNC Group amounted to Rp962,379 million, Rp1,112,761 million and Rp1,654,306 million in 2023, 2024 and 2025, respectively, representing 51.6%, 58.7% and 67.0% of our total purchases for the corresponding periods;

Revenue derived from Customer A amounted to Rp100,127 million, Rp92,467 million and Rp80,459 million in 2023, 2024 and 2025, respectively, representing 3.4%, 2.9% and 2.1% of our total revenue for the corresponding periods.

Customer C started to provide raw materials and R&D services to us in 2024, and our purchase from Customer C amounted to RMB6.4 million and RMB1.6 million in 2024 and 2025, respectively, representing 3.4% and 1.2% of our total purchase amount in the respective year.

Our procurement of products and services from Customer C was primarily due to its quality and cost efficiency for offering such products and services.

Negotiations of the terms of our sales to and purchases from the overlapping customer/supplier were conducted with different entities in its group on an individual basis by responsible personnel from different departments of our Group, and the sales of our pharmaceutical intermediates to it and our purchases of services and products from it were neither inter-connected nor inter-conditional with each other.

In 2023, 2024 and 2025, our revenue from top five customers who were also our suppliers was RMB5.3 million, RMB8.1 million and RMB26.4 million, respectively, representing 2.0%, 2.1% and 5.5% of our total revenue in the same years.

During the same years, our purchases from Supplier C amounted to RMB10.3 million, RMB4.7 million and RMB2.7 million, accounting for 8.0%, 2.1% and 1.1% of our total purchase amount, respectively.

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 an arm's length basis, and these overlapping customers and suppliers are Independent Third Parties.

During the Track Record Period, Customer A, Customer B, Customer G, Customer I, Customer K and Customer M were also our suppliers.

During the Track Record Period, Supplier A, Supplier F, Supplier J, Supplier K, Supplier L and Supplier M were also our customers.

All of our sales to and purchases from these companies were conducted in the ordinary course of business under normal commercial terms and on an arm’s length basis.

During the Track Record Period, we had one overlapping customer and supplier, the Carraro Group purchased our products and supplied certain materials.

For the same periods, our purchase amounts from the Carraro Group amounted to approximately RMB58.4 million, RMB73.6 million and RMB46.8 million respectively, amounting to 10.0%, 11.0% and 7.6% of our total purchases.

The products we purchased from the Carraro Group primarily comprise specialized components, such as clutches, that are not readily available from local suppliers in China due to technical implementation barriers or low volume requirements.

In 2023, 2024 and 2025, the revenue from Customer B was RMB26.4 million, RMB39.8 million and RMB71.7 million, respectively, accounting for 7.0%, 7.3% and 8.8%, of our total revenue in the same periods, respectively.

In 2023, 2024 and 2025, our purchase from Supplier A was RMB81.9 million, RMB135.4 million and RMB179.5 million, respectively, accounting for 35.7%, 26.6% and 24.3% of our total purchase in the same periods, respectively.

Our Directors confirm that all transactions with our overlapping customers and suppliers were conducted in the ordinary course of business and were based on normal commercial terms and at arm's length, and the sales to and purchases from these entities were neither interconnected nor conditional upon each other.

In 2023, 2024, and 2025, our purchases from Supplier F were RMB7.1 million, RMB60.5 million, and RMB5.2 million, which accounted for 3.1%, 12.3%, and 1.2% of our total purchases in the respective years, and our sales attributable to Supplier F were RMB3.2 million, RMB0.8 million, and nil, which accounted for 1.8%, 0.6%, and nil of our total sales in the respective years.

The transactions that we entered into with the Supplier F were on an arm's-length, mutually independent basis under normal commercial terms. The sales and purchases were neither interconnected nor inter-conditional.

According to CIC, such an overlap is not uncommon in the industry where we operate.

One of our major customers, eKontrol, was also our supplier during the Track Record Period.

Our Directors have confirmed that all of our sales to and purchases from eKontrol were conducted in the ordinary course of business under normal commercial terms.

The revenue contribution of sales to eKontrol was relatively higher in 2023 primarily because we received a substantial one-off order for industrial machinery components from the eKontrol Group in 2023, driven by relatively strong order demand for its products that year.

Supplier A was among our five largest suppliers and our five largest customers in each year of the Track Record Period.

In 2025, we procured fleet capacity services from Supplier I to supplement our service capacity in certain regions, while Supplier I also purchased ride-hailing services from us to supplement its own transportation capacity, thereby forming a reciprocal commercial relationship.

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.

During the Track Record Period, some entities of certain top customer groups also sold pharmaceutical products to us. The total amount of purchase paid to these entities was RMB280.3 million, RMB311.7 million and RMB28.3 million, accounting for 3.2%, 3.4% and 0.3% of our total purchase for 2023, 2024 and 2025, respectively.

The total amount of sales to these entities was RMB303.1 million, RMB203.0 million and RMB55.1 million, accounting for 3.1%, 2.0% and 0.5% of our total revenue for 2023, 2024 and 2025, respectively.

Negotiations of the terms of our sales to and purchases from these customers were conducted on an individual basis and the sales were neither inter-connected nor inter-conditional with each other.

During the Track Record Period, one of our five largest customers in 2025, namely Customer I, was also a supplier during the Track Record Period.

In 2023, 2024 and 2025, our procurement from Customer I accounted for approximately 0.0%, 0.1% and 0.1% of our total procurement for the respective years.

Our Directors have confirmed that all of our sales to and purchases from the aforementioned overlapping customer and supplier were conducted in the ordinary course of business under normal commercial terms.

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.

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.

In connection with providing Customer B such solutions, Customer B mandates that certain system testing and certification services must be procured directly from them.

Customer A, one of our five largest customers in 2023, 2024 and 2025, was also a supplier.

Customer F, one of our five largest customers in 2024 and 2025, was also a supplier.

The overlap between certain of our customers and suppliers is primarily attributable to our needs to (i) purchase samples from suppliers for the purpose of equipment testing and calibration; (ii) construct photovoltaic power stations at our own facilities and (iii) retrieve used equipment from customers for upgrading and renovation, where participants are often engaged in both upstream material supply and downstream application or module manufacturing.

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.

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.

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.

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.

All such transactions were conducted on an arm’s length basis and at prevailing market rates.

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.

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.

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.

Hence, Supplier J started to purchase our production line testing equipment in 2024.

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.

During the Track Record Period, certain of our five largest customers in each period were also our suppliers, and certain of our five largest suppliers in each period were also our customers.

Our sales to and purchases from such customers were conducted in the ordinary course of business and on normal commercial terms negotiated on an arm’s length basis.

For transactions conducted under the Buy & Sell model, we separately account for and settle procurement payables and sales receivables, with distinct payment terms for each transaction.

Supplier B, one of our largest suppliers in 2023 and 2024, was also a customer in 2023 and 2024.

Berry Genomics Co., Ltd., one of our largest suppliers in 2023, was also a customer in 2024 and 2025.

Beijing Emei Tongde Technology Development Co., Ltd., one of our largest suppliers in 2024 and 2025, was also a customer in 2023, 2024 and 2025.

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.

The purchase from the leading player in such market was inevitable in the production of optical modules.

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.