In 2023, 2024 and 2025, our purchases from Geely related Group amounted to RMB6 thousand, RMB1.5 million and RMB83.8 million, accounting for 0.001%, 0.2% and 2.2% of our total purchase in the same years, respectively.
Summary · 第 6 页
Our Directors confirmed that all aforementioned transactions including the procurement transactions with Geely Related Group (in its capacity as a supplier) and the sales transactions with Geely Related Group (in its capacity as a customer) were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
Revenue generated from Customer A was RMB36.2 million, RMB26.2 million and RMB162.4 million in 2023, 2024 and 2025, respectively, representing 8.0%, 6.0% and 33.6% of our total revenue for the respective years.
Business · 第 165 页
In 2024, we purchased certain production equipment from Customer A for our ordinary manufacturing line construction needs, which was one-off in nature.
Business · 第 165 页
Our Directors confirmed that all of our sales to and purchases from Customer A 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 an arm’s length basis.
During the Track Record Period, we mainly provided six-axis industrial robots to Customer B, which was among our major customers and also served as a supplier. Customer B provided robot bases to us.
Business · 第 173 页
During the Track Record Period, we purchased RV reducers and RV input shafts from Supplier A, servo motors from Supplier B and welding machines from Supplier D, all of which were among our major suppliers and also served as customers.
Business · 第 173 页
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier were conducted on a case-by-case basis and purchases were neither interconnected nor inter-conditional with each other.
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.
Customer A, being our largest customer in 2023, was also our supplier in the same year.
Business · 第 170 页
In 2023, 2024 and 2025, the revenue contribution of Customer C amounted to RMB130.6 million, RMB323.7 million and RMB145.3 million, respectively, accounting for 8.6%, 22.8% and 9.7% of our total revenue in the same periods, respectively.
Business · 第 170 页
Negotiations of the terms of our sales to and purchases from the overlapping customer and supplier are conducted on a case-by-case basis and the purchases are neither interconnected nor inter-conditional with each other.
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, Supplier A and Supplier H were also our customer.
Business · 第 138 页
We entered into separate agreements with Supplier A and Supplier H on an arm’s-length basis in the ordinary course of business, and we negotiated terms with Supplier A and Supplier H using independent business teams.
Business · 第 139 页
During the Track Record Period, revenue generated from Customer C represented 12.2%, 6.4% and 7.0% of our total revenue, respectively, and the amount of procurement we incurred represented 0.3%, 0.6% and 0.2% of our procurement in relation to Customer C.
Under the previous business model, we sold DRAM chips to ADATA which would process the DRAM chips into DRAM modules before selling the DRAM modules back to us.
Financial Information · 第 247 页
The delayed payment due from ADATA was settled as of the Latest Practicable Date.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
部分批发客户同为供应商但非主要客户
During the Track Record Period, some of our Wholesale Customers were also our suppliers.
Business · 第 154 页
None of such Wholesale Customers, however, was a major customer of our Group as sales to such Wholesale Customers represented an insignificant amount of our total revenue due to our diverse customer base and none of them were our major supplier during the Track Record Period.
Business · 第 154 页
For FY2023, FY2024, FY2025 and 8MFY2026, we recorded HK$22.2 million, HK$23.6 million, HK$26.2 million and HK$16.6 million, respectively, from wholesale sales, representing 2.0%, 1.2%, 1.1% and 0.8% of our total revenue for the respective periods.
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.
江苏零一汽车科技股份有限公司Jiangsu Zeron Automobile Technology Company Limited
多家前五大客户同时为公司供应商
During the Track Record Period, certain of our major suppliers also acted as our customer and vice versa, resulting in an overlap between our customer and supplier relationships in certain cases.
Summary · 第 8 页
During the Track Record Period, certain of our major customers, namely Customer A, Customer B, Customer C and Customer E, Customer F and Customer G also acted as our suppliers.
Business · 第 152 页
Accordingly, we generated a small amount of revenue from Supplier A of nil, RMB17.9 thousand and RMB66.9 thousand in 2023, 2024 and 2025, respectively, representing less than 1% of our total revenue for the same years.
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.
In each year during the Track Record Period, the total revenue contributed by customers who were also our suppliers accounted for 19.9%, 23.1% and 19.2% of our total revenue, respectively.
Business · 第 164 页
The agreements for sales of goods and provision of services were performed independently, and the negotiation, execution, and renewal of one type of agreement was not conditional upon the other.
Business · 第 164 页
Our Directors confirm that all of the Group’s sales to and purchases from these overlapping customer-suppliers were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis, and are common in the digital retail solutions industry in China, as advised by our industry consultant.
(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.