In July 2025, we entered into an exclusive commercialization agreement with Hainan Kangzhe Vision Technology Co., Ltd. (“Kangzhe Vision Technology”), a subsidiary of CMS, for JZB05 in Chinese Mainland.
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While CMS leads the execution of marketing strategies to leverage its network, we retain full rights and control over the commercialization of JZB05.
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In July 2025, we entered into license and supply agreements with Rxilient Medical Pte. Ltd. (“Rxilient”), a subsidiary of CMS, to register and commercialize JZB30/JZB33 and JZB05 in certain territories.
In August 2024, we have agreed to license out our product JZB33 to enhance its international prospects to a publicly listed company, Nanjing King-Friend (603707.SH).
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As of the Latest Practicable Date, we had received the RMB5.0 million signing payment from Nanjing King-Friend.
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In the United States, Nanjing King-Friend has discretion over promotion, marketing, sales and pricing in accordance with the agreement, while we retain all intellectual property rights and PRC development, registration and commercialization rights.
As a result, certain core functions of our business rely on the continued cooperation of these Counterparties.
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CATL is our principal partner for the supply of power batteries and related system components integrated across our vehicle platforms.
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We collaborate with Huawei, primarily through Yinwang in which we acquired a ten percent equity interest, in the development and integration of assisted driving systems, in-cabin technologies and related software solutions.
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.
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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.
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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.
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Under our Robotaxi collaboration arrangements, mobility platforms generally undertake user acquisition, order dispatching, customer interface and fleet operations through their mobility applications.
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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.
Revenue derived from the Four JVs amounted to nil, RMB171.7 million and RMB57.1 million in 2023, 2024 and 2025, representing nil, 17.4% and 4.0% of the total revenue, respectively.
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In 2024, the revenue contribution was higher mainly because we recorded a larger amount of revenue derived from sales of autonomous mining trucks to Customer J and Customer L under customer-provided fleet model.
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.
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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.
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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.
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.
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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.
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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.
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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.
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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.
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Our arrangements with Amazon are non-exclusive and conducted on standard commercial terms generally applicable to all sellers on the Amazon platform.
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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.
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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.
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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.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
兽药在研管线向第三方非独占授权引进
In addition to our human pharmaceuticals, we have in-licensed the manufacturing and commercialization rights to a pipeline of veterinary anti-infective drugs, including bursal peptide injection, pig spleen transfer factor and rPoIFN-α, on a non-exclusive basis from Independent Third Parties.
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Upon receiving approval, we, together with two other licensees, will be the holders to the new veterinary drug registration certificate of this product candidate, with a new veterinary drug monitoring period of up to five years.
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We are in the process of building a new production line for pig spleen transfer factor in our veterinary drug manufacturing facility in Chifeng, which is expected to commence operations in June 2026.
Roche shall supply Mircera^®^ to us pursuant to an annual purchase schedule and price terms provided in the Roche Agreement.
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Roche shall obtain and maintain the drug registration certificate and its appendices of Mircera^®^ in China at its own expense.
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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.
In October 2023, we exercised the option, and we now own the global development and commercialization rights for AP306.
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In addition, if we exercise the option under the Chugai Agreement, Chugai shall receive from us an upfront license payment of a low double-digit million of U.S. dollars as well as milestone payments up to a low single-digit hundreds of millions of U.S. dollars based on achievement of certain predetermined milestones relating to regulatory approval and commercial sales, and royalty payment of a middle single-digit to teens percentage of annual net sales of AP306 after its expected launch.
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.
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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.
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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.
Notwithstanding that AP306 has demonstrated a higher serum phosphorus control rate than AP301, we believe that the out-licensing arrangement with R1 is in our commercial interests, because (i) the out-licensing arrangement is limited to regions outside of Greater China only; (ii) AP306 development remains at a relatively earlier stage and subject to more uncertainties; (iii) substantial capital commitment and resources are required for research and development and commercialization of outside Greater China and (iv) AP301 is more clinically advanced and certain with clearer path to maximize its value through self-led commercialization in China and a CSO-supported commercialization model in the U.S.
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As a result, R1 is accounted for as an associate rather than a subsidiary because we do not control R1 and do not have unilateral power to direct its relevant activities or its financial and operating policies, especially given other major shareholders have comparable amount of equity interests in R1.
Notably, in January 2026, we entered into a strategic collaboration and license agreement with AstraZeneca, pursuant to which we received an upfront payment of US$420 million in May 2026, and the Licensor Group as a whole will be eligible to receive milestone payments of up to US$17.3 billion, plus up to double-digit royalties.
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By granting development and commercialization rights to a third party, pharmaceutical companies like us can monetize pipeline candidates in a timely fashion, generating upfront payments, milestone fees, and royalties without incurring the substantial costs and risks of late-stage clinical trials and marketing.
Under this agreement, CSPC Ouyi agreed to provide Sumgen with an upfront payment of RMB55.0 million and potential development and regulatory milestone payments of up to RMB110.0 million.
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In May 2023, Megalith Biopharmaceutical, a subsidiary of our Company, entered into a rights transfer agreement with CSPC Ouyi, pursuant to which we obtained all of CSPC Ouyi’s rights to enlonstobart for a total consideration of RMB128.9 million.
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Under this agreement, CSPC Baike agreed to provide Synermore with an upfront payment of RMB10.0 million and potential development and regulatory milestone payments of up to RMB50.0 million.
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.
Given that the market for AS and RA disease is relatively dispersed, and that Simcere has established commercialization capabilities, an extensive distribution network and proven experience especially in the autoimmune field, including the rheumatology-focused sales and service team, which would otherwise require significant time and resources for us to build comparable capabilities to sell our products in the target markets, we believe this Collaboration with Simcere can be a more cost-effective and efficient way to achieve relative certainty in commercial prospects as well as expeditious market penetration, and is commercially reasonable and in the interest of our Company and its Shareholder as a whole.
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Under the Collaboration Agreement, Simcere paid an upfront consideration of RMB133 million and we will pay Simcere a tiered promotion-service-fee of 63%, 65% or 67% of the product sales depending on LNK01001’s actual market share.
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As of the Latest Practicable Date, Simcere had paid RMB133.0 million to us and we paid RMB97.9 million to Simcere.