Among our five largest customers for each period during the Track Record Period, only the Abiman Group was a connected person.
Business · 第 149 页
Tommy Go Co., Ltd. (昆山透迷購貿易有限公司) is an associate of Mr. Lee Sang Yeol Tommy, our executive Director and substantial shareholder, and is therefore a connected person of our Company.
Business · 第 157 页
Kiwon Superprecision and Magnet are presented together as they were both controlled by Mr. Lee Sang Yeol Tommy, our executive Director, and were therefore connected persons of our Company until we acquired them on March 31, 2026, since when they have been our subsidiaries and have ceased to be our suppliers.
A subsidiary of ESWIN Group indirectly owns less than 1% of Supplier C during the Track Record Period by holding 0.5149% of the interest of and serving as the general partner of a fund, whose remaining 99.4851% is held and controlled by an Independent Third Party.
Business · 第 180 页
In addition, during the Track Record Period, China IC Fund II, one of our Shareholders, held 1.49% of the interest of Supplier D and held less than 10% of the interest of Supplier G during the Track Record Period.
Business · 第 180 页
Save as aforementioned, to the best of our knowledge, as of the Latest Practicable Date, none of our Directors, Supervisors, their close associates or any of our Shareholders (who or which 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 January 2025, Customer A transferred its entire 42.32% equity interest in Chery Automobile, one of our connected persons, to Customer A's then shareholders on a pro rata basis.
Business · 第 156 页
To the best knowledge of our Directors, each of our five largest customers for each period during the Track Record Period is an Independent Third Party, except for Customer A and Customer B (i.e. Shanghai Yuzhou).
During the Track Record Period, to the best knowledge of our Directors, except for Supplier F (Junion Intelligent), none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest suppliers in any year/period during the Track Record Period that are required to be disclosed under the Listing Rules.
Business · 第 159 页
The terms of these related party transactions were mutually agreed following arm’s length negotiations.
广东微电新能源股份有限公司Guangdong Mic-Power New Energy Co., Ltd.
非执行董事于五大供应商山东睿思拥有权益
As of the Latest Practicable Date, Mr. Wang Minglun, our non-executive Director, is indirectly interested in 43.58% equity interest in Shandong Ruisi Precision Industry Co., Ltd.* (山東睿思精密工業有限公司) (“Shandong Ruisi”).
Business · 第 179 页
Save for Shandong Ruisi, to the best knowledge of our Directors, each of our five largest suppliers in each period during the Track Record Period was an Independent Third Party.
Our non-executive Director, Mr. Cai Jing, is currently also a director of one of our distributors. For the year of 2023, 2024 and 2025 and four months ended April 30, 2026, revenue from this distributor accounted for 0.7%, 1.0%, 1.4% and 2.0% of our total revenue.
To the best of our knowledge, other than Wuhan Healthgen Biotechnology Corp. and Hangzhou Astrocyte Technology Co., Ltd., (i) all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest suppliers in each year/period during the Track Record Period.
Business · 第 195 页
Our Directors are of the view that each of the related party transactions set forth in Note 32 to the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business and on an arm’s length basis and with normal commercial terms between the relevant parties.
Except for Hangzhou CoJourney, all of our five largest suppliers during the Track Record Period were Independent Third Parties.
Summary · 第 6 页
Save for Dr. Wu, Dr. Ye and Ms. Wang, each of whom is indirectly interested in the equity of Jiaxing CoJourney, none of our Directors, their respective associates nor any shareholder who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our five largest suppliers during the Track Record Period.
Summary · 第 6 页
For details, see “Relationship with Controlling Shareholders — Other Business or Interest of Controlling Shareholders” in this document.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
第二大客户浙江能源Atlas为控股股东关联平台
Zhejiang Energy Atlas commenced business relationship with us in 2023 and became our second largest customer in the same year, mainly because it is a dedicated procurement platform established by one of our shareholders and one of our major customers, and procured all of its green shipping equipment and systems from us during the year, resulting in a relatively large transaction amount.
Business · 第 156 页
Except for Zhejiang Energy Atlas, all our top five customers in each applicable period during the Track Record Period were Independent Third Parties.
Business · 第 157 页
Zhejiang Energy Atlas is also our connected person.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for Luxshare Precision, all of our five largest suppliers in each year/period during the Track Record Period were Independent Third Parties.
Business · 第 155 页
To the best of our Directors’ knowledge, except for Luxshare Precision, none of our Directors or their respective close associates or any person 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 suppliers in each year/period as of the Latest Practicable Date.
During the Track Record Period, a current director and owner (the “Relevant Individual”) of Customer A, one of our top five customers during the Track Record Period, was a director of our subsidiary in Germany from May 2023 to January 2026, which was established for the purpose of providing after-sale services in Germany and is not a significant subsidiary.
Business · 第 135 页
As of the Latest Practicable Date, the Relevant Person was no longer a director of our German subsidiary.
Business · 第 135 页
To the best of our knowledge, all of our distributors during the Track Record Period are Independent Third Parties, and except as disclosed above, none of our distributors has any other past or present family, employment or financial relationships with us.
Except for Customer I and one of our Shareholders belong to the same group, none of our Directors, their close associates or any Shareholders which, to the knowledge of our Directors, own more than 5% of our share capital as of the Latest Practicable Date, or have any interest in any of our five largest customers.
Business · 第 160 页
Our Directors confirm that the transactions with Customer I were conducted on an arm's length basis.
To the best of our knowledge, (i) save for Supplier B, all of our five largest suppliers in each year or period during the Track Record Period were Independent Third Parties, and (ii) as of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of our Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year or period during the Track Record Period.
Business · 第 143 页
(2) Supplier B: An entity controlled by Mr. Ma Jiajun (馬佳軍), a connected person of our Company at subsidiary level. See “Continuing Connected Transactions — Connected Person.”
Business · 第 144 页
Accordingly, instead of transporting such milk to our dairy production facility, our subsidiary sold the raw milk to Supplier B, with an aggregate amount of RMB101,700 in 2024.
One of our distributors during the Track Record Period became beneficially owned by a shareholder of one of the Company's minority shareholders in February 2026 following a change in our shareholding structure.
Business · 第 157 页
In 2023, 2024, 2025 and five months ended May 31, 2026, revenue generated from such distributor was nil, RMB9.7 million, RMB6.8 million and RMB1.9 million, respectively, accounting for nil, 1.6%, 0.8% and 0.6% of our total revenue in the respective periods.
Business · 第 157 页
Such distributor is subject to all of our Group's internal rules and policies in connection with the distributorship without preferential treatment.
Supplier F, one of our five largest suppliers in 2024 and 2025, is an associate of our Company.
Business · 第 161 页
Our Directors confirm that the transactions with Supplier F were conducted in the ordinary and usual course of business as normal commercial arrangements, the terms of such transactions were fair and reasonable, and that such arrangements did not have any adverse impact on the operational independence, pricing mechanism or business arrangements of our Group.
Except for Supplier D, all of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · 第 170 页
Our transaction with Supplier D was conducted in the ordinary course of business and carried out on commercial terms that were negotiated at arm’s length.
Business · 第 170 页
The gross profit margins of our sales to Supplier D in 2023, 2024 and 2025 were higher than our overall gross profit margins for the respective periods, primarily because we mainly provided technical services to such customer, which generally carried higher gross profit margins.
To the best of our knowledge, except for Supplier A and Supplier I, all of our five largest suppliers in each year during the Track Record Period were independent third parties.
Summary · 第 10 页
As of the Latest Practicable Date, except for Supplier A and Supplier I, none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our top five suppliers in each year during the Track Record Period.
Supplier E was one of our five largest suppliers in 2023 and 2024. One of our Shareholders held less than 30% equity interest in Supplier E.
Business · 第 117 页
Such Shareholder, acting in concert with another Shareholder, owned more than 5% of our issued share capital until July 12, 2024, after which their holdings in our Company were reduced to less than 5%.
Except for one distributor which is owned by the spouse of our executive Director, Mr. Zhu Fangyong, which generated revenue of RMB1.3 million, RMB1.0 million and RMB0.9 million for FY2023, FY2024 and FY2025, respectively, accounting for approximately 0.5%, 0.3% and 0.3% of our total revenue, respectively (the ‘‘Historical Connected Distributor’’), for the same years, as confirmed by our Directors, all of our distributors are Independent Third Parties and there was no any other past or present relationships or dealings (including, without limitation, business, employment, family, trust, financing, shareholding or otherwise) between (i) our Company, Shareholders, Directors or senior management or any of their respective associates; and (ii) our distributors, and to the best of our knowledge, we are not aware of any business relationship among our distributors.
Business · 第 123 页
As at Latest Practicable Date, we have terminated our business relationship with the Historical Connected Distributor.
Mr. Lim, our founder, executive Director and Controlling Shareholder, was also a non-executive director and a shareholder of Dx & Vx Co., Ltd.
Business · 第 151 页
In addition, Beijing Leye is wholly owned by Mr. Lim.
Business · 第 151 页
We have implemented, and intend to continue to implement, measures to diversify our product portfolio, supplier base, business partners, channels and revenue streams in order to reduce reliance on Hanmi Group and other entities in which Mr. Lim and his close associates have interests.