During the Track Record Period, our sales on the five largest third-party pureplay digital platforms on which we offered our products amounted to approximately RMB62.6 million, RMB58.1 million, RMB94.1 million, and RMB139.6 million, respectively, representing approximately 99.1%, 98.4%, 98.1%, and 99.3% of our total revenue from D2C sales during the respective periods, while our sales on the largest third-party pureplay digital platform on which we offered our products amounted to approximately RMB29.3 million, RMB20.2 million, RMB50.4 million, and RMB79.8 million, respectively, representing approximately 46.4%, 34.2%, 52.5%, and 56.8% of our total revenue from D2C sales for the same periods.
Business · 第 199 页
To manage such risks, we have established a dedicated digital channel risk management team led by our Director, Mr. Zhou Jiahao and comprising key personnel from sales, marketing, and operations departments.
Business · 第 199 页
The digital channel risk management team reports directly to the Board on a half-year basis, providing assessments of channel performance and recommendations for strategic adjustments.
To accommodate consumers’ evolving shopping habits and provide a convenient multi-channel shopping experience, we directly sell our products through our self-operated online stores on major domestic third-party e-commerce platforms.
Business · 第 220 页
In 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, our revenue generated from online sales channels amounted to RMB529.1 million, RMB694.3 million, RMB1,179.8 million, RMB571.0 million and RMB933.2 million, respectively, accounting for 35.4%, 39.2%, 42.4%, 42.0% and 49.1% of our total revenue generated from the product sales of the same period.
Financial Information · 第 326 页
To support the operations of our online stores, we engaged third-party operators who possess extensive experience in platform operations and e-commerce marketing strategies to enhance the operational efficiency and performance of our online stores.
傲基（深圳）跨境商务股份有限公司AuGroup (SHENZHEN) Cross-Border Business Co., Ltd.02519.HK
主要依赖第三方电商平台尤其亚马逊销售
Our revenue generated from third-party e-commerce platforms amounted to RMB8,233.4 million, RMB5,878.0 million, RMB6,656.9 million, RMB1,933.1 million and RMB2,105.3 million in 2021, 2022, 2023 and the four months ended April 30, 2023 and 2024, respectively, accounting for 90.8%, 82.8%, 76.7%, 79.7% and 74.3%, respectively, of our total revenue in the same years.
Business · 第 218 页
Our Directors are of the view, and the Sole Sponsor concurs, that our reliance on Amazon does not have any material and adverse impact on our business operations and financial performance on the basis that (i) as confirmed by Frost & Sullivan, it is in line with industry norm for market participants to generate a majority of revenue from Amazon due to Amazon's leading position in the e-commerce industry worldwide; (ii) we have established an amicable relationship with Amazon for 12 years and have established viable communication channels and a dispute resolution mechanism should future disputes arise; (iii) we have established a risk control department, which directly reports to the Board, responsible for monitoring and ensuring compliance with rules of e-commerce platforms, including Amazon; (iv) our relationship with Amazon is unlikely to materially adversely change or terminate; and (v) we have also established stable relationships with other e-commerce platforms, including Walmart and Wayfair, from which we generated an increasing percentage of revenue during the Track Record Period.
荣利营造控股有限公司Wing Lee Development Construction Holdings Limited09639.HK
依赖中电集团主协议A及B贡献电缆工程收益
Our Group (as subcontractor) entered into the Master Agreement A and the Master Agreement B on a fixed-term contract basis with CLPe Solutions Limited and Kum Shing Construction (both as main contractor) for the provision of zonal cable trenching, laying and jointing works as well as emergency and cable fault repair, respectively.
Summary · 第 7 页
We are the only direct subcontractor of CLPe Solutions Limited and Kum Shing Construction (both as main contractor) for the scope of works set out in the Master Agreement A and the Master Agreement B (i.e. cable trenching, laying and jointing works as well as emergency and cable fault repair), respectively.
Summary · 第 2 页
During the Track Record Period, our annual average aggregate revenue derived from the Master Agreement A and the Master Agreement B relating to our electrical cable engineering works for the CLP Group was approximately HK$116.7 million.
Our revenue from sales through third-party e-commerce platforms amounted to RMB251.3 million, RMB503.2 million, RMB1,362.5 million, RMB240.3 million, and RMB435.7 million in 2021, 2022, 2023, and for the three months ended March 31, 2023 and 2024, respectively, accounting for 37.2%, 65.5%, 86.1%, 82.4%, and 86.6% of our total revenue for the same period, respectively.
Financial Information · 第 331 页
Our business, results of operations, and financial condition therefore rely substantially on, among other things, the strong and stable business relationship between us and such third-party e-commerce platforms.
Financial Information · 第 331 页
In 2021, 2022, 2023 and the three months ended March 31, 2024, our revenue generated through Amazon’s Seller Central program amounted to approximately RMB63.7 million, RMB159.8 million, RMB666.3 million, and RMB234.5 million, respectively, representing approximately 22.5%, 30.1%, 48.3%, and 52.1% of our total revenue from branded business.
Since the MOT started to publish the ranking of compliance rate for all ride-hailing platforms in November 2020, the orders placed to us from third-party mobility service platforms showed a continuous upward trend, which increased by 65.9% from the month before the publication to December 2020.
Business · 第 378 页
The decrease of the number of the average monthly active riders of our mobility services from 2022 to 2023 is primarily due to the significantly increasing number of orders from third-party mobility service platforms from 18.7 million in 2022 to 57.0 million in 2023, during which service costs of third- party mobility service platforms have been recognized in cost of revenue and we continuously optimized our cost structure, where we strategically reduced promotion and marketing expenses and incentives to riders with the aim of retaining a customer base that values the quality of our services, which resulted in an reduction of price-sensitive users on our platform.
We use U.S. cloud computing service providers that may be characterized as U.S. IaaS providers under the proposed regulations.
Summary · 第 38 页
Nevertheless, we have established relationships with several other leading cloud computing service providers in China, which are also competitive, competent and commonly used in the market according to Frost & Sullivan, and we can also engage other cloud computing service providers outside the U.S. and China.
Our precision marketing services primarily rely on Supplier A, a leading Chinese internet technology company operating the largest short video distribution platform in terms of average DAUs in China in 2023.
Business · 第 296 页
Our gross spending with Supplier A amounted to RMB3,769.8 million, RMB4,591.6 million and RMB5,372.6 million in 2021, 2022 and 2023, respectively, accounting for 82.8%, 79.4% and 86.4% of our total gross spending for the respective years.
Business · 第 296 页
According to Frost & Sullivan, it is common in the online advertisement industry for media platforms not to enter into long-term supply agreements with an obligation to provide advertising traffic, and our arrangements with Supplier A are in line with industry practice.
TPV contribution from circumstances where we provide a mix of pay-in, pay-out and acquiring services to Chinese cross-border merchants, including circumstances where we provided pay-in and pay-out services only to cross-border merchants as well as circumstances where we provide acquiring, pay-in and pay-out services to cross-border merchants (independent site sellers), represented 96.4%, 93.6%, 87.2% and 78.7% of our total TPV of global payment services in 2020, 2021, 2022 and for the nine months ended September 30, 2023, respectively.
Summary · 第 7 页
Maintaining a healthy collaborative relationship with diverse global business partners is critical for us to offer differentiated services and to improve our operating results.
Financial Information · 第 387 页
In particular, we witnessed a substantial growth in the number of active customers in 2023, primarily due to our partnership with new e-commerce platforms that enabled us to acquire new customers.
泛远国际控股集团有限公司FAR International Holdings Group Company Limited02516.HK
通过阿里国际站及Yidatong开展业务
During the Track Record Period, we conducted sales promotion on Alibaba.com. The revenue generated from our provision of services to Alibaba.com amounted to approximately RMB37.1 million, RMB218.6 million, RMB153.3 million, RMB86.9 million and RMB85.5 million, which represented approximately 2.5%, 16.1%, 12.2%, 14.3% and 12.7% of our total revenue for FY2020, FY2021, FY2022, 6M2022 and 6M2023, respectively.
Financial Information · 第 417 页
For FY2021, we conducted sales promotion on an e-commerce platform, Alibaba.com, through our business relationship with Yidatong, resulting in a gross loss of approximately RMB21.5 million in this sub-segment.
Financial Information · 第 418 页
primarily attributable to the reduction of the intensity and discounts offered in our sales promotion during FY2022
Our cooperation with the Media Partner is on a non-exclusive basis and is subject to renewal each year.
Summary · 第 6 页
For FY2022, we generated revenue of approximately RMB24.9 million from the provision of advertisement placement services (including rebates from Media Partner), which represented approximately 12.0% of our total revenue.
Summary · 第 7 页
Therefore, the amount of rebates to be earned by us is solely determined by the Media Partner with reference to the aforesaid industry classification set by them internally and was not subject to negotiation between the Media Partner and us.
For the years ended 31 December 2020, 2021, 2022 and the six months ended 30 June 2023, our revenue generated from e-hailing operating lease from customers sourced from Didi Group was RMB3.3 million, RMB56.2 million, RMB33.8 million and RMB10.5 million, accounted for 2.8%, 42.3%, 29.2% and 19.9% of our revenue from e-hailing operating lease business, respectively.
Business · 第 200 页
The Business Cooperation Agreement was terminated on 21 May 2021 with the mutual consent of the parties to the agreement as a result of changes in the regulatory environment such as promulgation of ''the Anti-Monopoly Guidelines of the Anti-Monopoly Committee of the State Council on Platform Economy'' on 7 February 2021 by the Anti-Monopoly Committee of the State Council (the ''Anti-Monopoly Guidelines'') targeting Internet platforms which signaled a strengthening of antitrust enforcement against monopolistic behaviours in China's Internet platform sector.
Business · 第 197 页
Under the Business Cooperation Agreement, we were not restricted from sourcing drivers through other channels, such as our own sales outlets or automobile agents for our e-hailing operating lease business.
In Southeast Asia, a majority of our parcels directly came from e-commerce platforms during the Track Record Period, who have significant influence over the choice of delivery companies for the goods sold on these platforms.
Business · 第 214 页
In China, substantially all of our parcels originated from through e-commerce platforms, whose merchants have decision power over the choice of delivery companies for the goods sold on the platforms during the Track Record Period.
Business · 第 214 页
In China, we expect to increase our parcel volume and market share through (i) deeper collaboration with existing e-commerce clients and expanding partnerships with more e-commerce platforms, (ii) improved and consistent service quality driven by optimized management of network partners, (iii) diversified sources of parcels from merchants on a wide range of e-commerce platforms, and (iv) continued efforts in developing non e-commerce customers to further diversify source of parcels.
十月稻田集团股份有限公司Shiyue Daotian Group Co., Ltd.09676.HK
线上渠道收入占比约七成且依赖电商平台
During the Track Record Period, our revenue generated from online channels was RMB1,849.5 million, RMB2,716.6 million, RMB3,144.2 million and RMB777.5 million in 2020, 2021, 2022 and the three months ended March 31, 2023, respectively, representing 79.4%, 75.5%, 69.3% and 71.9% of our total revenue in the respective periods.
Financial Information · 第 279 页
We generate a big portion of our revenue from our cooperation with certain e-commerce platforms.
Business · 第 207 页
We not only maintain strong partnerships with, and have established leading positions on, prominent comprehensive e-commerce platforms, but also proactively explore new cooperation opportunities in emerging channels such as social e-commerce platforms and community group buying platforms.
We rely on certain collaborating media platforms in promoting our games and in acquiring new users.
Summary · 第 13 页
We incurred approximately 58.3%, 87.8%, 84.5% and 83.8% of our total selling and marketing expenses for 2020, 2021, 2022 and the four months ended April 30, 2023, respectively, to promote the game products we market and operate via our top five collaborating media platforms in each year/period of the Track Record Period, and 30.2%, 52.3%, 53.8% and 51.0% of our total selling and marketing expenses for 2020, 2021, 2022 and the four months ended April 30, 2023, respectively, to the largest collaborating media platform.
Pursuant to our business arrangements with collaborating distribution channels, the percentage of gross billings withheld by and attributable to them generally ranged between 40% and 92% of the total gross billings during the Track Record Period.
Summary · 第 5 页
Pursuant to our business arrangements with Supplier C, the percentage of gross billings withheld by and attributable to it during the Track Record Period was approximately 50% of the total gross billings that end users paid for the relevant game products in which Supplier C is involved.
Business · 第 288 页
Our cooperation with the distribution platforms are on a non-exclusive basis.
As disclosed in the table setting forth the breakdown of our advertising revenue by major media platforms which our Group operated on during the Track Record Period set out in the sub-section headed “Our Products and Services - Advertising Solutions”, our revenue generated through social media platforms operated by Supplier A accounted for approximately 66.7%, 68.4% and 62.4% of our total advertising revenue for each of the three financial years ended 31 December 2022 respectively.
Business · 第 159 页
Our Group has not entered into any service agreement with Supplier A in relation to the provision of the said boosting services.
Business · 第 159 页
Our Directors therefore believe that the growing popularity of our apps and websites ameliorates to a certain extent the Group’s reliance on third party social media platforms.
An example of noteworthy collaboration with independent chain health check providers is our relationship with Meinian, a leading health examination and health consulting service provider in China that we started cooperating with in April 2019.
Business · 第 171 页
Meinian shall use its best efforts to prioritize us when outsourcing their testing services, including testing items that are currently handled by Meinian itself with an intention to be outsourced to us going forward ("Meinian self-tested items"), and those already outsourced to third-party ICLs.
Business · 第 172 页
Besides such collaboration with Meinian, we have no other relationships in terms of business, financing, family, or management, with Meinian, its subsidiaries, shareholders, directors, senior management or close associates of such parties as of the Latest Practicable Date.
In the year ended December 31, 2022, we recorded total revenue of RMB9.2 million from sales of CUP-MNDE, 51.2% of which was derived from sales through the Tmall Global e-commerce platform.
Business · 第 300 页
During the Track Record Period, all of the sales of CUP-SFJH was generated on Tmall Global e-commerce platform (Cutia HK as the contracting party).
Business · 第 302 页
We directly sell our products, including CUP-MNDE, CUP-SFJH as well as certain skin care products, including facial masks, creams, toners, sprays, serums and gels (“Routine Skin Care Products”) to customers through online channels, including the Tmall e-commerce platform.
We have been cooperating with Media Publisher A since 2017 as its reseller, being a first-tier digital marketing agent for Media Publisher A in China.
Summary · 第 2 页
Media Publisher A was our largest media publisher for the Track Record Period and our gross spending with it was US$355.7 million, US$472.7 million, US$608.0 million and US$336.1 million for the years ended December 31, 2019, 2020 and 2021 and the nine months ended September 30, 2022, respectively, accounting for 99.6%, 99.2%, 99.6% and 99.6% of our total gross spending for the respective periods.
Business · 第 206 页
In particular, we have been a reseller in China for Media Publisher A since 2017 and Media Publisher A was our largest media publisher for the Track Record Period and our gross spending with it was US$355.7 million, US$472.7 million, US$608.0 million and US$336.1 million for the years ended December 31, 2019, 2020 and 2021 and the nine months ended September 30, 2022, respectively, accounting for 99.6%, 99.2%, 99.6% and 99.6% of our total gross spending for the respective periods.