广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
与劳斯莱斯合资及mtu品牌销售依赖
MTU Yuchai is a 50–50 joint venture established pursuant to the joint venture agreement between our parent and immediate Controlling Shareholder GYMCL and Rolls-Royce, a subsidiary of Rolls-Royce Power Systems AG, in 2017 for the production, under license from Rolls-Royce and subject to the terms and conditions of such license, of mtu branded diesel engines in China.
Business · 第 155 页
For FY2023, FY2024, FY2025, 1H2025 and 1H2026, revenue generated by Yuchai Deyou amounted to RMB200.6 million, RMB259.2 million, RMB307.8 million, RMB189.7 million and RMB215.9 million, representing 6.2%, 6.5%, 5.0%, 6.3% and 4.8% of our total revenue, respectively.
Business · 第 156 页
Through this dual-brand strategy, we are able to address the differentiated needs and preferences of customers.
Garsorasib used in the combination therapy clinical trial is supplied by Zhengda Tianqing for free under the combination therapy development agreement.
Summary · 第 4 页
Osimertinib used in the combination therapy clinical trial is supplied by AstraZeneca for free under the clinical supply collaboration agreement.
Summary · 第 4 页
Notwithstanding these, our IP Legal Advisers and Directors are of the view, and the Sole Sponsor concur, that we have full and independent R&D capabilities to continue the development and commercialisation of GH21 without reliance on our partners
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales of channel exclusive products under our general self-operated business amounted to RMB60.2 million, RMB57.9 million and RMB184.0 million, respectively, representing 5.6%, 5.6% and 13.1%, respectively, of our total revenue during the same years.
Business · 第 147 页
During the term, the brands and manufacturers undertake not to directly or indirectly appoint other distributors, nor engage in the sale of the authorized brands or products through other channels.
Business · 第 148 页
We are able to obtain designated channel arrangements from family care and nutrition product brands and manufacturers mainly based on (i) our leading position and solid reputation in China’s family care and nutrition product industry in lower-tier market, which can enhance the influence of their brands along the distribution process, (ii) the vast offline retail network we organized that deeply penetrates into counties and villages in China, providing efficient distribution channels for their products, and (iii) our dedicated category operation team and effective retail sales monitoring to ensure the appropriate distribution of their products.
Roche shall supply Mircera^®^ to us pursuant to an annual purchase schedule and price terms provided in the Roche Agreement.
Business · 第 186 页
Roche shall obtain and maintain the drug registration certificate and its appendices of Mircera^®^ in China at its own expense.
Business · 第 186 页
The Roche Agreement shall remain in force for ten years, unless terminated earlier, and shall be automatically renewed for another five-year period, unless either party notices the other party in writing of its intent not to renew in advance.
Sintilimab will be the exclusively designated PD-1 agent in our future standard-of-care treatment regimens.
Business · 第 164 页
(2) Innovent shall supply Innovent Compound, while Henan Genuine shall supply azvudine for the R&D activities of the azvudine + anti-PD-1 combination therapy.
Business · 第 190 页
Innovent has the right to immediately terminate the R&D plan and all related R&D activities upon written notification to Henan Genuine if any R&D activities conducted in accordance with this plan raise safety concerns.
We operate the Adidas Future City Concept (“FCC”) business exclusively in Chinese mainland and hold the HEAD apparel license for Chinese mainland, Hong Kong, Macau and Taiwan.
Financial Information · 第 180 页
Revenue from our international sports brands had increased rapidly throughout the Track Record Period, amounting to RMB20.6 million, RMB1,070.2 million and RMB1,617.7 million in 2023, 2024 and 2025, respectively.
Our revenue growth and overall business success depend significantly on our ability to maintain stable relationships with existing brand partners and attract new brand partners.
Financial Information · 第 188 页
During the Track Record Period, we derived a substantial portion of our revenue from providing brand management and e-commerce operation solutions to our brand partners.
Financial Information · 第 188 页
As of the Latest Practicable Date, we were in collaboration with 37 brand partners, five of which had worked with us for over five years.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
前五大品牌伙伴贡献收入逾五成
For the years ended December 31, 2023, 2024 and 2025, RMB820.6 million, RMB762.8 million and RMB900.7 million, or approximately 51.5%, 55.3% and 56.0% of our total revenue for the respective years were related to the top five brand partners in terms of revenue contribution we served in each year, and RMB286.6 million, RMB240.0 million and RMB273.1 million, or approximately 18.0%, 17.4% and 17.0% of our total revenue for the respective years were related to the largest brand partners in terms of revenue contribution.
Business · 第 124 页
We believe we have established long-term, mutually beneficial relationships with the brands we serve by consistently delivering value, and have maintained cooperative relationships with many of these brands for several years.
Business · 第 124 页
Our performance is closely linked to the strategic decisions of our brand partners. Changes in global or regional strategies—such as market exits, ownership changes, or shifts in channel priorities—may affect the scope and scale of our cooperation.
We collaborate with Intel for our Jintide products, which accounted for approximately 7.7% and 5.4% of our total revenue in 2024 and the nine months ended September 30, 2025, respectively.
Business · 第 208 页
We purchase Intel’s standard CPU cores on an arm’s length basis and consolidate them with our proprietary PrC (Pre-Check) or DSC (dynamic security check) features.
We have engaged the Supply Chain Service Group for the procurement of food ingredients since 2019.
Business · 第 213 页
Our Directors are of the view that we are not materially reliant on the Supply Chain Service Group as there are readily available alternative suppliers of similar services in the market and we maintain a pool of alternative supplier candidates, allowing us to procure similar services from other suppliers in the market without materially and adversely affecting our business and results of operations should we decide to do so.
We collaborate with Panasonic regarding the research and production of compressor, which is a core component for our products.
Summary · 第 18 页
As the essential components of our air conditioners, this initiative will allow us to establish a robust foundation for delivering high-quality products while effectively mitigating risks associated with material supply uncertainties.
We have the exclusive right to set up and operate Domino’s Pizza stores, as well as to use and license the Domino’s Pizza and associated trademarks in the operation of pizza stores in the China mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China (the “Territory”).
Business · 第 217 页
The initial term of the Master Franchise Agreement will expire on June 1, 2027.
Business · 第 217 页
We do not foresee any material impediment to meeting these growth targets for the remainder of the term of the Master Franchise Agreement, which requires that we maintain 1,000 stores by the end of 2026.