Our international customers are located in Asia, North America, Europe and other regions.
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despite robust U.S. market demand, our industry has been facing geopolitical tensions and uncertainties surrounding the U.S. and China, which may also result in increasing operational challenges and compliance costs.
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The table below sets forth the expected timeframe for key stages of our new or expanded production facilities, subject to factors out of our control, including time for premises acquisition/leasing, regulatory approvals, construction progress, customer demand and geopolitical relationships, such as any unanticipated changes in U.S. tariff policies.
Subsequent to the Track Record Period up to the Latest Practicable Date, we had continued our business growth, with the continued ramping up of operational output and efficiencies of our clean waste-to-energy incineration project in Bishkek, Kyrgyzstan.
Summary · 第 13 页
Phase I of the Bishkek Project is a waste-to-energy facility developed under an agreement with a concession period from 2024 to 2059, which was signed in 2024 with the Bishkek City Government.
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Customer H is a state-owned company in the Kyrgyz Republic, primarily engaged in the supply and sale of electricity.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
海外销售占比逾四成并在越南设厂
Our overseas sales, which accounted for 55.1%, 48.2%, 40.8%, 44.3% and 42.8% of total revenue in the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively, are conducted predominantly through Tier-1 suppliers, reflecting the more entrenched Tier-1-supplier-led supply chain structures in overseas automotive markets, which are characterized by a traditional automotive industry system with a more clearly defined division of labor.
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As of the Latest Practicable Date, we operated two manufacturing bases in Yuyao, Zhejiang province, primarily focused on production of vehicle camera products and other vehicle optical products, and two manufacturing bases in Vietnam, which are located in Phu Tho and Nghe An provinces, respectively, dedicated to production of vehicle camera products, mainly serving our overseas customers.
We have been exploring overseas market since 2021 and have established relationship with potential customers and agents in Japan, South Korea and Southeast Asia, and conduct some pilot collaborations.
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In FY2025, we secured orders of 37 robots with a total contract value of approximately RMB1.4 million, and some products have completed the Korean KC certification.
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During the Track Record Period, we did not derive any revenue from products sold to the United States.
Revenue from overseas markets increased from RMB8,267.5 million in 2023 to RMB10,047.9 million in 2024 and remained broadly stable at RMB9,950.8 million in 2025, and increased from RMB3,986.7 million in the six months ended June 30, 2025 to RMB4,748.5 million in the six months ended June 30, 2026.
Financial Information · 第 165 页
In our intelligent electrical product business, we have maintained the No. 1 export position among Chinese low-voltage electrical product brands from 2023 to 2025, according to the F&S Report, and have achieved strong penetration in Europe and rapid growth in key markets.
Financial Information · 第 165 页
In addition, we operate an overseas manufacturing facility in Rayong, Thailand.
During the Track Record Period, substantially all our revenue was derived from Chinese Mainland. The proportion of our overseas revenue continued to increase during the Track Record Period, mainly due to the increasing demand for LFP cathode materials in overseas markets.
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We have started to supply products in volume to the overseas production facilities of domestic battery manufacturers and are conducting product qualification and validation with a number of leading overseas battery manufacturers.
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We are also accelerating our global manufacturing footprint, with our production base in Spain currently under construction, which is expected to further strengthen our overseas production capacity and support our long-term international expansion.
During the Track Record Period, we generated most of our revenue from commodity distribution in China. We also expanded our sales and distribution network globally, including to the Middle East, Europe, and North and South America.
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As of the Latest Practicable Date, we had 17 overseas subsidiaries and offices, with business activities spanning over 80 countries and regions worldwide during the Track Record Period.
Financial Information · 第 156 页
We employ foreign exchange forward contracts based on the expected settlement and/or sale timing and amount of the underlying transactions to lock in exchange rates and reduce the impact of future exchange rate fluctuations.
As of May 31, 2026, we operated 41 overseas stores, including 36 in Singapore, three in Thailand, one in Malaysia and one in the United Kingdom, taking Chinese dumplings and wontons to new segments of consumers.
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Specifically, as of the Latest Practicable Date, we had 43 Yuen Kee Dumpling stores in Singapore, eight in Thailand, one in Malaysia and one in the United Kingdom, as a further step of our overseas expansion.
Summary · 第 15 页
Compared with our operations within Chinese Mainland, our overseas stores generally achieve higher gross profit margins due to higher selling prices, while raw materials procurement costs account for a relatively low percentage of sales revenue as procurement costs are maintained at reasonable levels through our centralized supplier selection and pricing arrangements with approved local suppliers.
We have established a global footprint, supported by a network of five production bases, four R&D centers, and multiple branch offices strategically located around the world.
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As a testament to the ongoing strength and effectiveness of our global expansion strategy, our revenue from overseas markets contributed over 90% of our total revenue in the three months ended March 31, 2026.
Outside the PRC, we are pursuing a measured international development plan, which includes (i) the export of finished products, (ii) the export of bulk substances for local filling and finishing by overseas partners, and (iii) the potential out-licensing of certain product candidates.
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Subsequently, in January 2026, we officially received the Certificate of GMP Compliance from the Philippine Food and Drug Administration for our Adsorbed Tetanus Vaccine (for both pre-filled syringes and vials formulations).
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Following product quality verification, we received a commercial order for 500 liters from the same partner in October 2025.
Our AI-led clinic in Saudi Arabia was established in May 2025.
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We chose to launch this project in Saudi Arabia because of its comparatively favorable social acceptance of AI-driven autonomous solutions and existing local partnerships, which allow rapid product deployment and testing, thereby positioning us for expansion into other markets.
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However, the commercialization of our L4-stage solution depends on various factors such as the social acceptance, geopolitical developments, and regulatory environment in the markets where we operate.
Beyond the PRC, we have established a core operational base in Iraq and expanded our business to key oil and gas producing regions along the Belt and Road Initiative, including the Middle East, Africa and Central Asia.
Summary · 第 1 页
In 2023, 2024 and 2025, our revenue generated from the PRC represents 84.0%, 83.6% and 79.7% of our total revenue for the same periods, respectively.
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We are also expanding our business operations overseas, with a particular focus on Iraq and other countries in Africa.
To efficiently serve our global customers, we have established four production and R&D bases, being the largest number among industry players worldwide as of the Latest Practicable Date according to CIC, together with multiple offices across China and overseas, which provide comprehensive customer service targeting markets in Europe, America, Asia, among others.
Summary · 第 4 页
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Vietnam amounted to RMB519.7 million, RMB417.3 million and RMB546.4 million, respectively, representing 50.7%, 36.2% and 31.9% of our total revenue, respectively; and gross profit margin for sales to Vietnam was 15.0%, 18.8% and 16.1%, respectively.
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Furthermore, products manufactured at our Vietnam production base are primarily sold to the local Vietnamese market, with only a negligible portion sold to China.
To address structural gaps in U.S. last-mile delivery, we launched local last-mile delivery services in the U.S. in March 2024 as part of our globalization strategy.
Summary · 第 1 页
Since its launch in March 2024 until December 31, 2025, through our U.S. service network, we processed an aggregate of approximately 46.8 million parcels.
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Our local last-mile delivery services generated revenue of RMB91.2 million and RMB385.3 million in 2024 and 2025, respectively.
During the Track Record Period, while the majority of goods produced at our HAM plant were later sold in the PRC, a small portion goods were sold directly to customers in Korea and Hong Kong.
Business · 第 139 页
During the Track Record Period and up to the Latest Practicable Date, we sold imported FSMP products through cross-border e-commerce platforms under the bonded import model, with declaration supervision method code 1210.
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(iii) infant-formula-grade base powder plant in Talavera de la Reina, Toledo, which is acquired in October 2024 and currently undergoing a technical upgrade.
苏州天孚光通信股份有限公司Suzhou TFC Optical Communication Co., Ltd.
中泰双引擎全球制造布局应对地缘政治
We adopt a direct sales model, providing products and services to customers in approximately 30 countries and regions worldwide, spanning Asia, North America, Europe, and other regions over the world.
Summary · 第 4 页
We have established a dual-engine global manufacturing system anchored in Gao'an, Jiangxi province, China and Chonburi, Thailand, ensuring efficient, stable and flexible delivery.
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Our production facilities in China leverage our mature supply chain and established capacity to support stable and large-scale delivery, while our Thailand production facility enhances our supply chain resilience and adaptability to geopolitical uncertainties.
During the Track Record Period, we had more than 20.0% of revenue generated from overseas markets, with products sold across major global automotive markets.
Summary · 第 3 页
We established production bases in Poland, Mexico, the United States, Brazil, Thailand and Malaysia, covering our key operating markets.
Summary · 第 2 页
We plan to further expand our manufacturing capacity and establish additional manufacturing facilities in the United States, Mexico and Thailand.
At the same time, we have undertaken preparatory work for the establishment of a production facility in Thailand as part of our longer-term capacity planning and overseas expansion strategy.
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While the Thailand facility did not contribute revenue during the Track Record Period, related preparatory activities influenced our operating expenses and reflected our efforts to build a more resilient and diversified manufacturing footprint.
We conduct business in Namibia, and Namibia is a Non-IOSCO MMOU Country and have not signed any regulatory cooperation agreement or memorandum of understanding with the SFC or the Stock Exchange.
Summary · 第 16 页
Hence, as of December 31, 2025, the gold resources and reserves of our Group’s operations in non-IOSCO MMOU countries (i.e. Namibia only) represented 46.7% and 45.0% of the total consolidated gold resources and reserves of our Group, respectively.
Summary · 第 17 页
For such reasons, we believe that we are compliant with Rule 8.02A of the Listing Rules as the CSRC, as the statutory securities regulator of the Company’s jurisdiction of incorporation and of the place of central management and control, is a full signatory to the IOSCO MMOU.
During the Track Record Period, our revenue from overseas sales amounted to RMB274.3 million, RMB307.6 million and RMB478.8 million in 2023, 2024 and 2025, respectively, with a CAGR of 32.1%.
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In particular, we face more competition in the global market compared to the domestic market.
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Our products are customized for local power grid standards, reaching customers in over 120 countries and regions across the Americas, Europe, Asia, Oceania and Africa.