Among our five largest suppliers during each year of the Track Record Period, (i) Zhejiang Sanxitang TCM, being an associate of Mr. Zhu; and (ii) TRT Group controlled by our Ultimate Controlling Shareholder are connected persons of our Group.
Business · 第 169 页
Among our five largest customers during each year of the Track Record Period, (i) Sanxitang Food controlled by Ms. Pan; (ii) Mr. Zhu, being a Shareholder of our Company, a substantial shareholder and director of San Xi Tang; and (iii) TRT Group controlled by our Ultimate Controlling Shareholder, are connected persons of our Group.
Summary · 第 7 页
Pricing of the supplies of Zhejiang Sanxitang TCM is determined on an arm’s length basis and is comparable to that of similar products that we procured from independent suppliers during the Track Record Period.
Among our distributors during the Track Record Period, Customer C is controlled by our current employee and uses our brand name to facilitate business operations.
Business · 第 110 页
We ceased product sales to this distributor in June 2026.
Business · 第 110 页
The revenue generated from the two distributors contributed to less than 4.0% in aggregate of our total revenue for each year of the Track Record Period.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
一名投资者持有前五大供应商J约41.6%股权
One of our [REDACTED] investors holds approximately 41.6% equity interest in supplier J.
Business · 第 159 页
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB689.7 million, RMB221.4 million and RMB947.2 million, accounting for 76.3%, 47.0% and 48.4% of our total purchases in the respective periods.
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.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
公司持有2025年前五大客户C间接权益
We hold an approximately 44.4% equity interest in an investment fund as a limited partner, which in turn holds an approximately 3.9% equity interest in Distributor C.
Business · 第 153 页
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB515.2 million, RMB211.3 million and RMB609.7 million, accounting for 71.3%, 28.8% and 24.1% of our total revenue in the respective years.
无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
主要客户Customer A及E持有公司不足5%股权
As of the Latest Practicable Date, although Customer A and Customer E, being two of our five largest customers during the Track Record Period, held, directly or indirectly, equity interests in our Company, each of them held less than 5% of our total issued share capital.
Business · 第 129 页
Purchase from Customer A and Customer E from us are in line with industry practice and all transactions with Customer A and Customer E were conducted on an arm’s length basis and on normal commercial terms.
Business · 第 129 页
To the best knowledge of our Directors, none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
两名经销商为公司小股东
Two of our distributors were our minority shareholders, each holding 0.19% of our total issued share capital as of the date of this prospectus, collectively contributing around 2.0% of our total revenue during the Track Record Period.
Business · 第 173 页
Our Directors confirm that all sales to these distributors were conducted in the ordinary course of business under normal commercial terms.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
2023年五大供应商含控股股东控制实体
(2) These companies are a group of entities controlled by Ms. Jing and/or her associates during the Track Record Period.
Business · 第 183 页
To the best knowledge of our Directors, save as disclosed above, all of our five largest suppliers in each year during the Track Record Period are Independent Third Parties, and none of our Directors, their respective close associates or 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 in each year during the Track Record Period.
To the best knowledge of our Directors, except for certain subsidiaries (including two members of our Controlling Shareholder Group) and certain connected persons of CSPC Pharmaceutical, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Business · 第 172 页
To the best knowledge of our Directors, except for certain subsidiaries (including two members of the Controlling Shareholder Group) and certain connected persons of CSPC Pharmaceutical, each of our five largest suppliers in each year during the Track Record Period was an Independent Third Party.
During the Track Record Period, Dr. Xu was a director of Supplier A. As of the Latest Practicable Date, we held an approximately 16.0% interest in Supplier A. During the Track Record Period, we conducted all transactions with Supplier A on normal commercial terms.
Summary · 第 7 页
Except for Supplier A, to the best knowledge of our Directors, none of our Directors, their close associates, or any of our Shareholders (who, to the knowledge of our Directors, own more than 5% of the number of our issued shares (excluding treasury shares)) had any interest in any of our five largest suppliers for any year/period during the Track Record Period that is required to be disclosed under the Listing Rules.
Save for Customer G, none of our Directors, their close associates, or any Shareholder who, to the best knowledge of our Directors, owns more than 5% of the issued share capital of our Company as of the Latest Practicable Date had any interest in any of our five largest customers for each year during the Track Record Period.
Business · 第 197 页
primarily focused on the field of individual microbiome.
Supplier H is a private company based in Shenzhen, providing customized tape and protective film solutions for the electronics industry.
Business · 第 169 页
As of the Latest Practicable Date, except for Supplier H, a subsidiary of our shareholder, 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.
During the Track Record Period and up to the Latest Practicable Date, save for Beijing Tao Niang, who was one of our connected persons and who was among our top five largest corporate customers in 2023 and 2024, all of our five largest corporate customers in each period during the Track Record Period were Independent Third Parties, and none of our Directors, their close associates or any Shareholder which, to the knowledge of our Directors, owns more than 5% of the issued share capital of our Company, had any interest in any of our five largest corporate customers in each period during the Track Record Period.
Business · 第 144 页
After the 2022 Disposal, we continued to sell food ingredients to Beijing Tao Niang for its operation to facilitate such party in improving its operational and financial performance, with the expectation to enhance its ability to repay the outstanding loans due to us.
Save for the equity interests previously held by one of our executive Directors, in Supplier E and Supplier B, which were fully divested in 2022 and 2023, respectively, none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest suppliers in each year during the Track Record Period.
During the Track Record Period, Customer A was historically owned by, among others, eWTP Innovation Fund and Mr. Wang Cheng, our controlling shareholder, who indirectly held approximately 37.3% of the equity interests in Customer A.
Business · 第 138 页
During the Track Record Period, Customer F was historically owned as to 40.0% by eWTP Innovation Fund, one of our substantial shareholders. eWTP Innovation Fund ceased to hold any equity interest in Customer F in 2024.
Business · 第 138 页
As of the Latest Practicable Date, Customer A was no longer owned by, and no interest was held by, our Company, our Controlling Shareholders or any of our connected persons.
Customer A is a subsidiary wholly and directly held by Beward (one of our Shareholders during the Track Record Period).
Business · 第 152 页
Based on our Directors’ knowledge, Ms. Tan Qiongli (談瓊莉), the executive director and legal representative of Customer B, was a former limited partner of Zhongcheng Tianying LP, one of the Controlling Shareholders.
Business · 第 152 页
Transactions between our Group and Customer A during the Track Record Period were conducted on an arm’s length basis, with terms consistent with those offered to our independent third-party customers, as confirmed by our Directors.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
控股股东持有前五大客户G少量股权
As of the Latest Practicable Date, one of our Controlling Shareholders, Huayou Holdings, held less than 0.1% of the issued share capital of Customer G.
Business · 第 146 页
As of the Latest Practicable Date, save as Customer G, none of our Directors, their close 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 customers in each year during the Track Record Period.
Furthermore, to the best knowledge of our Directors, during the Track Record Period, none of our five largest customers had any relationship with our Company, its connected persons or their respective associates, except for: (i) Customer H, our second largest customer in the year ended 31 December 2025, was a shareholder of the Company.
The revenue attributable to our largest customer for each year during the Track Record Period was RMB39.7 million, RMB31.0 million and RMB26.4 million, respectively, accounting for 3.2%, 1.9% and 1.3% of our total revenue for the corresponding year, respectively.
Business · 第 131 页
Except for Customer A, all of our five largest customers in each year during the Track Record Period are independent third parties and none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers in each year during the Track Record Period.