In 2023, 2024 and 2025 and for the six months ended June 30, 2026, the number of channel partners managed by our former employees was nil, nil, one and one, respectively.
Business · 第 151 页
During the Track Record Period, a limited number of channel partners were managed by our former employees, who became our channel partners based on their own independent commercial considerations, such as their familiarity with our ACR solutions and the industry, and not as a result of any requirement, inducement or solicitation by us.
To the best of our Directors’ knowledge, during the Track Record Period, one of our customers was ultimately controlled by a former director of our Company, who resigned in April 2021.
Business · 第 168 页
Revenue generated from such customer amounted to RMB0.6 million, RMB0.06 million, RMB0.7 million and nil in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, accounting for approximately 0.1%, 0.02%, 0.2% and nil of our total revenue in the corresponding periods.
广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
关联方及高管亲属控制的经销商
During the Track Record Period, three GYMCL Related Parties, which would become our connected persons upon [REDACTED], and one GY Entity, which is a Related Party, acted as our distributors.
Business · 第 130 页
Revenue attributable to such GYMCL Related Parties and GY Entity as our distributors accounted for 1.0%, 0.8%, 0.9%, 0.7% and 0.8% of our total revenue in FY2023, FY2024, FY2025, 1H2025 and 1H2026, respectively.
Business · 第 130 页
In addition, three distributors were controlled by a family member and/or relatives of the chief executive of an insignificant subsidiary of our Company during the Track Record Period.
To our best knowledge, as of June 30, 2026, we had 94 Former Employee Franchisees, operating 143 stores, none of whom were connected persons of our Company (“Connected Franchisees”).
Business · 第 138 页
The revenue contribution from our Former Employee Franchisees amounted to RMB313.3 million, RMB406.3 million, RMB421.3 million and RMB206.4 million, respectively, accounting for 2.7%, 3.4%, 3.7% and 4.1% of our total revenue for the respective period.
Business · 第 138 页
We applied the same selection criteria and procedures when considering these Former Employee Franchisees.
One of our distributors was founded by our former employee.
Business · 第 170 页
In 2024, 2025 and the six months ended June 30, 2026, it purchased high-payload cobots from us and contributed RMB0.3 million, RMB1.7 million and RMB0.4 million, respectively, to our revenue.
Business · 第 170 页
There is no material difference between the distributor agreements that we entered into with the distributor founded by our former employee and our other distributors.
During the Track Record Period, the aggregate revenue generated from distributors controlled by former employees amounted to RMB18.4 million, RMB28.8 million, RMB31.3 million and RMB6.0 million, respectively, representing 0.4%, 1.0%, 1.2% and 1.1% of our total revenue for the corresponding period, respectively.
Business · 第 142 页
To the best of our knowledge, the terms and conditions of our commercial arrangements with such distributors were substantially the same as those applicable to our other distributors, and no preferential treatment was granted.
During the Track Record Period, one of our distributors ("distributor A") was established and controlled by a former employee of ours, who left our Company in 2020.
Business · 第 157 页
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from distributor A amounted to RMB1.0 million, RMB2.7 million, RMB5.2 million and RMB2.1 million, respectively, accounting for less than 1% of our revenue in the respective period.
Business · 第 157 页
The terms and conditions of our commercial arrangement were substantially the same with those with other distributors.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our distributors were independent third parties with no other relationship with us, except for one distributor held by our former employee as to 30%.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for Customer H, which was controlled by a former director, all of our five largest customers in each year during the Track Record Period were Independent Third Parties.
Business · 第 188 页
Save for (i) Customer G hold less than 1% of shareholding of our Company, and (ii) Mr. Lu Wei (our executive Director) indirectly holds less than 0.1% of equity interest in Customer G, there was no past or present relationship (including business, employment, financing, family, trust or otherwise) between the five largest customers in each year during the Track Record Period and us, our Directors, shareholders or senior management, or any of their respective associates and none of our Directors and their respective close associates or any shareholder who, to the knowledge of our Directors, owns more than 5% of our issued share capital or has any interest in our five largest customers in each year during the Track Record Period and up to the Latest Practicable Date that required to be disclosed under the Listing Rules.
Business · 第 189 页
In 2023, 2024 and 2025, our total sales to Customer H were approximately nil, RMB26.0 million and RMB58.8 million, respectively, which accounted for approximately nil, 3.1% and 5.8% of our total sales, respectively, in 2023, 2024 and 2025.
One of the controllers of Smart Digital Media Co., Limited is a brother of a member of our senior management.
Summary · 第 7 页
Our revenue generated from sales to Smart Digital Media Co., Limited was RMB14.1 million, RMB251.3 million and RMB574.9 million in 2020, 2021 and 2022, respectively.
Business · 第 181 页
Other than the sales transactions set out above, there was not any other transactions or fund flows or sharing of resources between our Group and Smart Digital Media Co., Limited.
During the Track Record Period and as of the Latest Practicable Date, except for Yichang Lisheng, a company ultimately controlled by Mr. Huang Bin's brother-in-law, being a connected person of the Company under Chapter 14A of the Listing Rules, other five largest suppliers were Independent Third Parties.
Business · 第 161 页
Yichang Lisheng, a company mainly engaged in sales of building materials and mineral products, supplies us with high-grade phosphate rock, which we use in the production of our ammonium phosphate products.
To our best knowledge, there was no employment, financing or family relationship between our distributors and us during the Track Record Period, save for one distributor who is controlled by our former employee.
Business · 第 127 页
Our collaboration with such distributor began in 2024.
Business · 第 127 页
The transaction terms with this distributor are comparable to other distributors.
To the best of our knowledge and after reasonable inquiry, all of our distributors during the Track Record Period were Independent Third Parties.
Business · 第 144 页
As of the Latest Practicable Date, we had nine distributors operated by seven former employees. The aggregate revenue from these distributors accounted for less than 1.0% of our revenue in each year during the Track Record Period.
Supplier I, our largest supplier for FY2025, was controlled by our former employee, Mr. X, who, by virtue of being a shareholder and being a general partner of a partnership which is a shareholder, collectively hold 51% of voting rights of Supplier I as at the Latest Practicable Date.
Business · 第 143 页
For FY2025, the total purchase amount from Supplier I accounted for approximately RMB78.7 million, representing 12.8% of our total purchase during the same period.
Business · 第 144 页
By subcontracting assembly works to Supplier I, we can streamline our internal workflow and increasing our management efficiency, which allows us to focus our resources and business efforts on cultivating and enhancing our R&D capabilities.
During the Track Record Period, the shareholders or key personnel of a few of our distributors were our employees and former employees during their employment or after their employment relations were terminated with our company.
Business · 第 155 页
During the Track Record Period, a small number of our connected persons and/or their relatives being shareholders or key personnel of certain distributors.
Business · 第 156 页
In addition, we have adopted the policy that our employees are not permitted to act as our distributors, and we require new hires to submit independence declarations and conduct background checks to identify any links between distributors and our employees.
To our best knowledge, during the Track Record Period, eight of our distributors were controlled by our former employees (“former employee-distributor(s)”), and one of our distributors is a relative of our Directors (“connected distributor”).
Business · 第 136 页
We applied the same selection criteria and procedures when considering cooperation with the aforementioned distributors, and did not enter into preferential agreements with any of these distributors.
During the Track Record Period, a shareholder holding 22% stake and one director of Customer C were formerly our employees, who had left us as of the Latest Practicable Date.
Business · 第 152 页
Additionally, our former Director, Mr. Sun Mingyong, served as a part-time advisor for Customer C, and had left Customer C in April 2025.
Business · 第 152 页
We confirm that the transactions with Customer C were conducted on an arm’s length basis, with terms comparable to similar transactions with other customers and pricing generally in line with the average selling prices of comparable products sold to comparable customers.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
部分经销商由前雇员控制
To the best of our Directors’ knowledge, in 2022, 2023, 2024 and the nine months ended September 30, 2025, 25, 30, 26 and 26 distributors were controlled by our former employees, respectively.
Business · 第 169 页
During the Track Record Period, revenue generated from distributors controlled by our former employees represented 0.6%, 0.7%, 0.7% and 0.7% of our revenue, respectively.
乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
前五大供应商Supplier E实益拥有人为前雇员
The ultimate beneficial owner of Supplier E is our former employee who worked with us for many years.
Business · 第 190 页
All transactions with Supplier E are conducted on an arm’s length basis.
Business · 第 190 页
Our purchase amount from Supplier E increased from RMB9.9 million in 2023 to RMB42.1 million in 2024, primarily due to our increased procurement need which aligned with our increased sales, driven by the expansion of our sales channel and upgrade of our products, as well as the market’s recovery.