Tranquil Management is a company owned as to 35% by Mr. Fung, 35% by Ms. Yeung, and 30% by Ms. Fung who are our Controlling Shareholders, and is therefore our connected person.
Business · 第 197 页
To the best knowledge of our Directors, except for Tranquil Management (a company owned as to 35% by Mr. Fung, 35% by Ms. Yeung and 30% by Ms. Fung, who are our Controlling Shareholders), each of our five largest suppliers for each year during the Track Record Period is an Independent Third Party.
During the Track Record Period, one of our distributors, Han’s Laser, was one of our connected persons, which procured our products primarily due to the preferences of their downstream customers.
Business · 第 208 页
In 2022, 2023, 2024 and the ten months ended October 31, 2024 and 2025, our revenue generated from Han’s Laser who was one of our distributors was approximately RMB7.2 million, RMB2.1 million, RMB0.7 million, RMB0.7 million and RMB3.6 million, respectively, representing approximately 0.3%, 0.1%, 0.0%, 0.0% and 0.1% of our total revenue in the same periods.
Business · 第 208 页
Our Directors are of the view that the transactions that we entered into with Han’s Laser were on an arm’s-length, mutually independent basis under normal commercial terms.
Except for Qisda Group, being our Controlling Shareholder and the largest customer in each year during the Track Record Period, as of the Latest Practicable Date, none of our Directors or any Shareholder, who to the knowledge of our Directors, owns more than 5% of our issued share capital immediately following completion of the Global Offering (but without taking into account the exercise of the options granted under the Pre-IPO Share Option Plan) nor any of their respective associates had any interest in any of our five largest customers in each year during the Track Record Period.
Business · 第 213 页
During the Track Record Period, Qisda Group, our Controlling Shareholder group and the largest customer in each year/period during the Track Record Period, was also a supplier of us.
For each year during the Track Record Period, purchases from our largest supplier, JD Group, accounted for less than 10.0% of our total purchases.
Business · 第 171 页
To the best of our knowledge, except JD Group and its associate, all of the other largest suppliers during the Track Record Period were Independent Third Parties as of the Latest Practicable Date.
Business · 第 171 页
We believe we have sufficient alternative suppliers for industrials products that can provide us with substitutes of comparable quality and prices.
安徽金岩高岭土新材料股份有限公司ANHUI JINYAN KAOLIN NEW MATERIALS CO., LTD.02693.HK
控股股东淮北矿业集团曾位列前五大供应商
During the Track Record Period and as of the Latest Practicable Date, our five largest suppliers, other than Huaibei Mining Group and Huaibei China Resources Gas Co., Ltd., were Independent Third Parties.
Business · 第 228 页
For the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025, purchases from Huaibei Mining Group were RMB21.9 million, RMB9.3 million, RMB0.6 million and nil, respectively, representing 22.5%, 9.2%, 0.5% and nil of our total purchases for the same periods, respectively.
Business · 第 228 页
For the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025, purchases from Huaibei China Resources Gas Co., Ltd. were RMB35.2 million, RMB31.2 million, RMB23.1 million and RMB10.1 million, respectively, representing 36.1%, 30.8%, 17.1% and 16.9% of our total purchases for the same periods, respectively.
安徽金岩高岭土新材料股份有限公司ANHUI JINYAN KAOLIN NEW MATERIALS CO., LTD.02693.HK
控股股东子公司Trader A为贸易商客户
Trader A is a subsidiary of Huaibei Mining Group and it purchased raw coke and raw powder from us during the Track Record Period.
Business · 第 213 页
The transaction was conducted on normal commercial terms and at prevailing market prices.
Business · 第 213 页
Trader A contributed nil, nil, 0.7%, nil and nil of our total revenue in 2022, 2023, 2024 and the five months ended May 31, 2024 and 2025, respectively.
Innovation New Material, a company controlled by Mr. Cui, therefore our connected person, is listed on the Shanghai Stock Exchange (stock code: 600361.SH) and was our largest customer in 2023, 2024 and the five months ended May 31, 2025.
Summary · 第 3 页
To the best of our knowledge, except for Innovation New Material, each of our five largest customers in each year/period during the Track Record Period was an Independent Third Party.
Business · 第 251 页
To the best of our knowledge, except for Shandong Suotong, our related party, none of our Directors, their associates or any shareholders of our Company, who or which to the knowledge of the Directors owned more than 5% of our Company’s issued share capital, had any interest in any of our five largest suppliers in each year/period during the Track Record Period.
Sunda Group consists of our Group and the Remaining Sunda Group, both of which are ultimately controlled by Mr. Shen and Ms. Yang.
Business · 第 215 页
Save for the Remaining Sunda Group, all of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
Business · 第 218 页
Save for the Remaining Sunda Group, all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties.
As of the Latest Practicable Date, except for Sany International, none of our Directors, Supervisors or their respective close associates or any of our shareholders (who, to the knowledge of our Directors, owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year/period during the Track Record Period.
Business · 第 269 页
As of the Latest Practicable Date, except for Sany International and Sany Group Co., Ltd., none of our Directors, Supervisors or their respective close associates or any of our shareholders (who, to the knowledge of the Directors, owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year/period during the Track Record Period.
During each year/period of the Track Record Period and up to the Latest Practicable Date, none of our Directors or their respective close associates or any of our shareholders, to the knowledge of our Directors, owned more than 5% of our issued shares, had any interest in any of our five largest customers (except for Chery Holding).
Business · 第 272 页
During each year/period of the Track Record Period and up to the Latest Practicable Date, none of our Directors or their respective close associates or any of our shareholders, to the knowledge of our Directors, owned more than 5% of our issued shares, had any interest in any of our five largest suppliers (except for Chery Holding).
Shenzhen Xiejin was controlled as to 40% by Dr. Hon through Dahon Technology before June 2022.
Business · 第 165 页
In 2023 and 2024, our purchase from Shenzhen Xiejin amounted to RMB5.1 million and RMB9.1 million, respectively, accounted for 2.6% and 2.9%, respectively, of our total purchase amount for the respective periods.
Business · 第 165 页
Save for Shenzhen Xiejin, during the Track Record Period and as of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year/period during the Track Record Period.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
与控股股东关联方江西铜业香港订立销售协议
As of the Latest Practicable Date, we had entered into scheelite sales agreements with (i) Jiangxi Copper Hong Kong Company Limited, which is our connected person, and (ii) Jiangxi Tungsten Corporation Limited, which is an Independent Third Party, with respect to the sales of scheelite concentrate in 2025 and 2026.
Business · 第 282 页
Jiangxi Copper Hong Kong Company Limited is our connected person, our transactions with them would constitute non-exempt continuing connected transactions under Chapter 14A of the Listing Rules after the Listing, see “Connected Transactions—Non-exempt continuing connected transactions subject to reporting, annual review, announcement and independent shareholders’ approval requirements—Scheelite sales agreement” for details.
Daide Power Machinery, one of our five largest suppliers in both 2021 and 2022, is an affiliate of Daide Longtree, mainly engaging in trading business.
Summary · 第 14 页
Shangqiu Jishun, one of our five largest suppliers for the six months ended June 30, 2024, is an indirect subsidiary of Daide Longtree and a connected person of our Company, mainly engaging in RV parts manufacturing.
Summary · 第 14 页
Shangqiu Jishun, one of our five largest suppliers for the six months ended June 30, 2024, is an indirect subsidiary of Daide Longtree and a connected person of our Company, mainly engaging in RV parts manufacturing.
As of the Latest Practicable Date, Huadong Medicine, through its wholly-owned subsidiary Zhongmei Huadong, held approximately 21.06% of our total issued share capital and was our single largest Shareholder.
Summary · 第 14 页
Sales to Huadong Medicine and its subsidiaries for 2021, 2022, 2023 and the six months ended June 30, 2024 were RMB97.0 million, RMB91.2 million, RMB131.2 million and RMB81.2 million, respectively, representing 7.4%, 8.1%, 10.2% and 11.6% of our revenue for the respective period.
Summary · 第 10 页
Purchases from Huadong Medicine and its subsidiaries for 2021, 2022, 2023 and the six months ended June 30, 2024 were RMB11.7 million, RMB6.7 million, RMB7.5 million and RMB3.3 million, respectively, representing 2.9%, 2.7%, 3.3% and 3.3% of our purchase cost for the respective period.
华润饮料(控股)有限公司China Resources Beverage (Holdings) Company Limited02460.HK
最大供应商CR Chemical为控股股东关联方
CR Chemical, our largest supplier in each period during the Track Record Period, will become our connected person (as defined under Chapter 14A of the Listing Rules) upon Listing.
Business · 第 229 页
As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of the Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers, except for CR Chemical, details of which are disclosed in “Connected Transactions.”
Business · 第 233 页
We also maintain cooperation with various qualified PET materials suppliers, other than CR Chemical, to manage price fluctuations more effectively.
During the Track Record Period, save for Customer-Supplier Group D, being an associate of Taobao China (our substantial shareholder), all of our other five largest customers were Independent Third Parties.
Summary · 第 4 页
Customer-Supplier Group D was our fifth largest customer in 2021 and our largest supplier in 2021 and 2022.
Business · 第 309 页
During the Track Record Period, we made substantial sales to Customer-Supplier Group D in 2021 and 2022 mainly because of some projects of Customer-Supplier Group D which required procurement of audiovisual PaaS services from us. Our sales to Customer-Supplier Group D had diminished gradually.
CAIGA Group (excluding our Group) was our largest customer in each of 2021, 2022, and was one of our five largest customers in 2023, with our revenue from CAIGA Group amounting to US$41.1 million, US$21.8 million and US$11.5 million, which accounted for 5.6%, 2.4% and 1.1% of our total revenue in 2021, 2022 and 2023, respectively.
Business · 第 251 页
The three entities within CAIGA Group (namely, AG Huanan, AG Zhejiang and AG Services) that we had transactions with during the Track Record Period are wholly-owned subsidiaries of CAIGA, our Controlling Shareholder, and therefore associates of our Controlling Shareholders and our connected persons.
Business · 第 251 页
Save for the aforementioned connected persons, as of the Latest Practicable Date, to the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties, and none of our Directors, their respective associates or any shareholder who, to the knowledge of our Directors, owned more than 5% of our issued share capital, had any interest in any of our five largest customers in each year during the Track Record Period.
Among our five largest suppliers in each year during the Track Record Period, Continental is our connected person.
Summary · 第 9 页
The purchases from Continental in each year during the Track Record Period accounted for approximately 8.7%, 8.2% and 9.6% of our total purchases for the respective years.