We secure computing capacity primarily through long-term arrangements rather than by building and owning facilities ourselves.
Summary · 第 2 页
Our partners, including facility owners and computing infrastructure funds, fund facility construction, while we provide the full suite of technical and operational capabilities spanning hardware procurement, architectural design, system deployment and ongoing operational management.
Summary · 第 2 页
In addition to the arrangements with our AI Computing Infrastructure Solutions customers and our owned computing resources, we obtain computing power by managing computing power generated from the AIDCs of third parties under cooperation arrangements, pursuant to which we carry out technical upgrades and standardization of the leased facilities, thereby maintaining a diversified computing power pool that is not exclusively dependent on any single source.
Since the launch of this business in 2021, we have collaborated with food delivery platforms to deploy and operate our Yogel series for the provision of on-demand delivery services within enclosed campuses.
Business · 第 114 页
For our on-demand delivery services, services provided to a major customer, which accounted for a substantial portion of the revenue from such services, generated negative gross profit margins throughout the Track Record Period, principally reflecting pricing pressure from such large platform customer, together with the deployment, operation and maintenance costs incurred in providing such services.
Business · 第 147 页
Revenue generated from Customer E amounted to approximately RMB9.4 million, RMB8.5 million, RMB22.2 million and RMB4.3 million in FY2023, FY2024, FY2025 and 3M2026, respectively, representing 3.8%, 3.2%, 7.0% and 5.6% of our total revenue for the respective periods.
Our aggregate cost of sales attributable to our media procurement costs accounted for 97.6%, 97.4%, 97.6%, 97.5% and 97.9%, respectively of our total cost of sales in each year or period during the Track Record Period.
Financial Information · 第 140 页
If we fail to maintain or expand our relationships with major media platforms, or if our cooperation with any major media platform is suspended, restricted or terminated, our ability to obtain media resources and traffic, execute customers’ marketing campaigns, generate revenue and maintain profitability may be materially and adversely affected.
Financial Information · 第 140 页
Since 2013, we have consistently been one of the largest domestic advertising agencies for leading video platforms, including Youku, iQIYI and Tencent Video.
In 2023, 2024, 2025, and the six months ended June 30, 2026, our revenue generated from the sales through online channels amounted to RMB3,590.1 million, RMB4,630.9 million, RMB7,038.1 million, and RMB4,147.2 million, respectively, accounting for 74.8%, 75.1%, 74.2%, and 71.4% of our total revenue, respectively.
Business · 第 157 页
We operate our online direct sales business primarily through third-party e-commerce platforms, such as Amazon, Tmall, and Shopee.
Business · 第 157 页
Under these arrangements, we maintain a service procurement relationship with the e-commerce platforms, while retaining control over product pricing, inventory management and fulfillment through our self-operated or platform warehouses.
We maintain an active online e-commerce presence by operating Shopee and Tokopedia official brand stores on major Southeast Asian e-commerce platforms.
Business · 第 177 页
In 2023, 2024 and 2025 and the six months ended June 30, 2026, our average commission fee rates were 8.7%, 11.3%, 14.9% and 16.8%, respectively, which were calculated by dividing the commission fees incurred during the Track Record Period by the corresponding GMV generated for the same period.
Business · 第 177 页
To mitigate the impact of increasing commission fee rates charged by third-party e-commerce platforms, we have implemented a number of operational measures.
Under our online DTC arrangements, the relevant platforms provide online store space, technical support, system maintenance and related platform services, while we operate the stores independently and remain subject to the platforms’ supervision and rules.
Business · 第 136 页
Within our DTC channels, revenue from online direct sales amounted to RMB204.6 million, RMB291.5 million, RMB368.0 million, RMB68.5 million and RMB138.0 million in 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, respectively, representing 19.1%, 20.5%, 22.8%, 20.2% and 28.0% of our total revenue for the respective periods.
Business · 第 136 页
Changes in consumer purchasing behavior, competitive dynamics, platform policies, logistics expenses, or the performance of any of our key sales channels may affect our ability to maintain revenue growth and profitability.
We generated RMB478.2 million, RMB645.9 million and RMB767.9 million, RMB178.4 million and RMB208.1 million in 2023, 2024 and 2025, and three months ended March 31, 2025 and 2026 through our online sales on Douyin, Tmall and other e-commerce platforms, representing 46.4%, 57.4%, 58.0%, 60.8% and 61.8% of the total revenue from the same periods.
Financial Information · 第 174 页
Under our online wholesale model, we collaborate with major e-commerce platforms to sell our products. These platforms directly purchase products from us on a buy-out basis and resell them to users through their own online platforms.
Business · 第 147 页
Under our online retail sales model, we sell our products directly to customers primarily through our self-operated flagship stores on third-party e-commerce and social media platforms, such as Douyin, Kuaishou, and Pinduoduo.
For our ride-hailing service business, our suppliers are mainly drivers, car partners, aggregation platforms and SaaS technical service provider which matches demand from passengers on aggregation platforms to drivers on our platform.
Business · 第 167 页
For our ride-hailing services business, Gaode, a subsidiary of Alibaba Group, possesses one of China's top aggregation platforms. Its vast network consistently provided us with a significant influx of passenger traffic, thereby bolstering our market presence.
Business · 第 168 页
Please see "Risk Factors — Our ride-hailing services business depends on our collaboration with a limited number of aggregation platforms".
During the Track Record Period, revenue from Solutions for Robotaxi Services was primarily derived from our share of ride fares, calculated as a fixed percentage specified in the relevant agreements, generated from robotaxi operations in collaboration with mobility platforms.
Summary · 第 3 页
Under our Robotaxi collaboration arrangements, mobility platforms generally undertake user acquisition, order dispatching, customer interface and fleet operations through their mobility applications.
Business · 第 152 页
We have also established cooperation frameworks with global mobility platforms including Uber and Grab and plan to launch international commercial robotaxi services in Abu Dhabi and Munich in 2026, followed by expected expansion into additional cities in the Middle East, Europe and Southeast Asia, such as Dubai and Singapore, as well as selected cities in Germany.
In the AI computing infrastructure sector, we are one of the recommended suppliers of data center power solutions within the ecosystem of a leading global graphics processing unit (“GPU”) and AI computing infrastructure company.
Summary · 第 1 页
During the Track Record Period, the majority of AIDC-related projects remained in the development, validation, testing and initial delivery stages, and therefore their contribution to our revenue remained relatively limited.
Financial Information · 第 192 页
As one of the recommended suppliers of data center power solutions within the ecosystem of a leading global GPU and AI computing infrastructure company, we have continued to strengthen our technical capabilities and customer relationships in the AI power supply sector.
We interact with a wide range of participants along the e-commerce value chain, including sellers, e-commerce platforms and other e-commerce service providers, which we view as interconnected participants in a single operational ecosystem anchored by our products.
Summary · 第 9 页
As of the Latest Practicable Date, our products connect to over 140 mainstream e-commerce marketplaces, reflecting the breadth and depth of our technical integration capabilities.
Summary · 第 9 页
Cross-border e-commerce operations require stable and reliable access to relevant e-commerce platform systems.
During the Track Record Period, revenue generated from sales through Amazon were RMB9,996.3 million, RMB13,417.7 million, and RMB15,955.4 million, representing 57.1%, 54.3% and 52.3% of our total revenue for 2023, 2024 and 2025, respectively.
Summary · 第 7 页
Our arrangements with Amazon are non-exclusive and conducted on standard commercial terms generally applicable to all sellers on the Amazon platform.
Business · 第 150 页
To reduce channel concentration risk, we have implemented and continue to pursue the following measures:
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
业务透过主要社交媒体平台执行
Our services are typically executed through Chinese major social media platforms, which serve as the primary channels for campaign coordination and media execution.
Business · 第 157 页
Any significant change in the business environment or policies of major social media platforms may affect our ability to deliver campaigns, manage media resource costs, obtain platform support and maintain our revenue growth and profitability.
Financial Information · 第 201 页
We have established collaborations with major social media platforms in China since their early stages of development, and have maintained such relationships to date, building long-standing and stable partnerships over time.
The number of end insureds and insurance policies contributed by the mobility-ecosystem scenario-based partner decreased from 152.7 million and 1.9 billion in 2023 to 116.1 million and 914.6 million in 2024 and further to 90.3 million and 450.9 million in 2025, respectively.
Summary · 第 5 页
To the best knowledge of our Directors, the policy was a one-off event and no similar policy was adopted by other scenario-based partners during the Track Record Period.
Summary · 第 5 页
The gross profit contribution from this mobility ecosystem scenario-based partner only accounted for approximately 1.0% or less of our total gross profit during the Track Record Period and did not have any material adverse impact to our financial performance.
We sell tickets to individual visitors and corporate customers (including travel agencies) through direct sales channels and third-party sales channels such as OTA platforms.
Instead, we primarily rely on collaboration with international partners to reach and serve overseas customers.
Business · 第 107 页
In particular, we are generally responsible for the content rights and authorization status of the content we license to international partners, while such partners are generally responsible for their own distribution activities and customer relationships in the relevant overseas markets, in each case subject to the terms of the relevant agreements.
Business · 第 107 页
Our revenue from overseas remained relatively stable at RMB48.4 million, RMB47.2million and RMB45.0 million in 2023, 2024 and 2025, respectively.
We work with major international digital media platforms, including Google and TikTok for Business, to secure cost-effective and high-quality user traffic.
Financial Information · 第 210 页
We receive rebates from international digital media platforms, which directly impact our cost structure and gross profit margin.
Financial Information · 第 210 页
If we lose our agent status for supplier A or supplier F, our operating results and financial condition would be severely and adversely affected.
During the Track Record Period, our distributorship in China primarily comprised distribution through a centralized procurement platform designated by a large-scale grid group, which is the end customer of our smart power distribution and utilization equipment.
Business · 第 141 页
Our revenue generated from this sales model gradually decreased during the Track Record Period due to the internal arrangements of such large-scale grid group, which subsequently shifted to direct sales with us.
This online sales channel is crucial to our business growth, helping us nimbly adapt to the fast-changing market landscape while enabling precise and timely responses to consumer needs.
Business · 第 144 页
We have entered into agreements with e-commerce platforms and social media platforms to operate and manage our online stores.
Business · 第 144 页
During the Track Record Period, the e-commerce platforms and social media platforms we cooperate with did not materially breach our contract terms, and we did not have any material disputes with those e-commerce platforms and social media platforms.
RMB1,461.8 million, RMB1,411.4 million and RMB1,483.0 million, representing 84.8%, 83.1% and 84.4% of our revenue was related to our five largest e-commerce platforms ranked by revenue in each year during the Track Record Period, respectively.
Business · 第 156 页
During the Track Record Period, a substantial portion of our revenue were related to our largest e-commerce platform ranked by revenue, i.e., Tmall.
Business · 第 157 页
Furthermore, the reliance on Tmall is mitigated by our diversified multi-channel strategy.