广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
约六至八成收入经寄售安排确认
For FY2023, FY2024, FY2025, 1H2025 and 1H2026, revenue generated from such consignment arrangements amounted to approximately RMB2,577.6 million, RMB3,061.9 million, RMB4,088.3 million, RMB1,841.2 million and RMB3,349.6 million, representing approximately 79.6%, 76.6%, 66.5%, 61.8% and 74.5% of our revenue for the respective periods.
Business · 第 133 页
As at December 31, 2023, 2024 and 2025 and June 30, 2026, the amount of our inventories under consignment arrangements (i.e., delivered to customers' designated warehouses but pending acceptance) was RMB469.3 million, RMB576.8 million, RMB1,097.7 million and RMB1,187.5 million, respectively.
Business · 第 133 页
According to Frost & Sullivan, (i) consignment arrangements are common in the engine industry, (ii) the average time lapse levels of our consignment arrangements align with the industry range, and (iii) the revenue contribution percentages of our consignment arrangements align with the industry range.
During the Track Record Period, we had VMI consignment arrangements with four customers.
Business · 第 138 页
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, we generated revenue on VMI basis of RMB52.8 million, RMB48.3 million, RMB72.2 million and RMB41.5 million, respectively, accounting for approximately 16.5%, 13.6%, 11.6% and 11.4% of our total revenue for the corresponding period.
For our online sales channels, we typically adopt a consignment-based model under which our products are stored in third-party logistics warehouse (“US Warehouse”) and displayed on retailer customers’ online platforms.
Business · 第 159 页
As a result, we bear the risk of unsold inventory prior to the placement of purchase orders.
Business · 第 159 页
In particular, we do not replenish inventory at US Warehouse until existing consignment stock at such location has been sold, thereby limiting inventory build-up and exposure to slow-moving products.
We enter into our standardized framework distribution agreements with our online distributors, which are consignment agreements in nature.
Business · 第 125 页
For our sales to e-commerce platforms and online distributors, we have primarily adopted a consignment sales model, under which we recognize revenue upon confirmation of receipt by the end consumer.
Business · 第 157 页
We also have consignment arrangements with certain offline distributors during the Track Record Period.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
2025年起与海外客户采用VMI安排
Our finished goods increased from RMB162.9 million in 2024 to RMB336.6 million in 2025, was primarily due to (i) the expansion of our production capacity which resulted in a higher volume of finished goods on hand at year end, all of which were manufactured against specific customer orders; and (ii) the commencement of vendor-managed inventory (''VMI'') arrangements with certain overseas customer in 2025, under which a pre-agreed quantity of finished goods, jointly determined with the relevant customer by reference to its near-term demand forecasts and consumption schedules, was stored in proximity to customer's production facilities to ensure continuity of supply for customer's production operations, with revenue recognised only upon formal customer acceptance.
In 2024 and 2025, we entered into consignment arrangements with certain existing established and creditworthy customers, primarily at their request.
Business · 第 142 页
During the Track Record Period, revenue generated from such consignment arrangements amounted to approximately nil, RMB0.2 million and RMB25.8 million, representing approximately nil, 0.1% and 3.8% of our revenue for the respective years.
We maintain a consignment-based partnership with store partners and recognize revenue from our sales to store partners when products are sold to end consumers.
Business · 第 120 页
Under our partnership model, with our assistance on daily operations, our store partners are responsible for rent and daily operating expenses. We settled with store partners based on actual sell-through.
In 2023, 2024 and 2025, the total revenue generated from our sales to online retailers amounted to RMB787.4 million, RMB1,542.2 million and RMB1,688.6 million, respectively, accounting for 3.8%, 7.6% and 8.0% of our total revenue of the same respective years.
Business · 第 124 页
In line with market practice, we primarily enter into standard sales and purchase arrangements with retailers who operate online stores on e-commerce platforms, or consignment arrangements with e-commerce platforms including Vipshop and JD.com’s directly-operated stores.
Business · 第 124 页
E-commerce platforms can return defective, customer-returned, or unsold products to us. Retailers who operate online stores on e-commerce platforms are generally only allowed to return defective products.
As part of our direct sales of some of our electronic fabric products, in relation to one of our customers, we adopt a consignment-based model to supply products directly to the customer’s designated warehouse upon the customer’s request.
Business · 第 123 页
During the Track Record Period, our revenue derived from consignment sales accounted for less than 5% of our total revenues in the relevant years.
During the Track Record Period, we sold products under the VMI consignment model to six customers, which in aggregate contributed RMB35.9 million, RMB53.7 million and RMB74.2 million in 2023, 2024 and 2025, respectively, representing 12.6%, 9.5% and 8.6% of our total revenue for the respective years.
Business · 第 164 页
We typically require our customers who adopt the VMI consignment model to provide us with periodic demand forecasts for a specified timeframe.
Business · 第 164 页
For general purpose materials, the customer does not bear inventory responsibility, and we are required to retrieve excess inventory within a specified period upon notice.
Under these arrangements, we do not take title to the consigned inventory until it is sold to our retail customers through our self-operated stores or wholesale to our franchised stores.
Business · 第 156 页
This model allows us to offer a broader product selection while minimising inventory holding risks and associated carrying costs, with the sales of consigned products representing approximately 11.8%, 14.6% and 15.4% of our revenue for the years ended 31 December 2023, 2024 and 2025, respectively.
Business · 第 156 页
As at 31 December 2023, 2024 and 2025, we had consignment agreements with 30, 33 and 33 suppliers, primarily for mid-end frames and sunglasses, and all such arrangements were entered into on normal commercial terms.
Under consignment agreements, we recognize revenue when products are sold to end customers.
Business · 第 121 页
For the consignment agreements, we generally retain ownership of the products and bear the risk of loss until sales to end customers.
Business · 第 122 页
For consignment agreements, distributors are permitted to return excessive products unsold as we retain ownership of products until sales to end consumers.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
寄售代销渠道收入占比上升至4.9%
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, revenue derived from consignment sales amounted to RMB3.5 million, RMB14.1 million, RMB15.9 million, RMB8.6 million and RMB21.9 million, respectively, representing approximately 0.8%, 2.8%, 2.8%, 2.2% and 4.9% of our total revenue for the respective years/periods.
Business · 第 143 页
For consignment arrangements, revenue is recognized when control of the goods is transferred to the end customers.
Business · 第 143 页
Consignment partners typically charge standardized service fees for traffic placement, warehousing, and order fulfillment, generally calculated as a percentage of the gross merchandise value, ranging from approximately 10% to 12%.
During the Track Record Period, revenue attributable from VMI arrangements was RMB155.8 million, RMB238.0 million, RMB350.9 million and RMB328.0 million respectively, accounting for 13.5%, 19.7%, 23.0% and 26.1% for the same periods, respectively.
Business · 第 164 页
We have implemented internal control measures governing the management of our VMI arrangements (the “VMI Management Measures”), to ensure proper supervision and safeguard our interests.
Business · 第 164 页
The VMI Management Measures stipulates that the maximum days of inventories for our customers is 60 days, after which the customers shall complete account reconciliation and invoicing procedures with us.
上海林清轩化妆品集团股份有限公司SHANGHAI FOREST CABIN COSMETICS GROUP CO., LTD.02657.HK
与电商平台的寄售代销安排
In line with market practice, we primarily enter into standard sales and purchase arrangements with retailers who operate online stores on e-commerce platforms, or consignment arrangements with e-commerce platforms including Vipshop and JD.com's self-operated stores.
Business · 第 217 页
Under consignment agreements, we recognize revenue when end customers confirm acceptance of our products on the relevant e-commerce platform.
Business · 第 217 页
E-commerce platforms can only return defective, customer-returned, or unsold products to us.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
为客户提供代工（合同制造）服务
Moreover, benefiting from our strong R&D and production capabilities, we also provide contract manufacturing services to our customers from time to time since 2017.
Summary · 第 3 页
Customers who have access to upstream raw material resources may choose to engage us for contract manufacturing services for our advanced technology, quality of products and large-scale production capacity of new energy battery materials, rather than purchasing new energy battery materials directly from us, when it more cost-effective for them.
In addition, we engage JD.com to distribute our products through its own online stores to further expand our online presence under a consignment model. Under this consignment model, revenue is recognized at a point in time upon the receipts of the goods by consumers.
Business · 第 179 页
In 2022, 2023, 2024 and the four months ended April 30, 2025, the return rates of our products sold under the unconditional seven-day return policy were 2.0%, 2.3%, 2.9% and 2.3%, respectively.
Business · 第 179 页
The consignment selling model with JD.com further mitigates our risk from channel stuffing, as we recognize revenue at a point in time upon the receipts of the goods by consumers.
During the Track Record Period, revenue from sales to key accounts amounted to RMB973.5 million, RMB843.0 million and RMB822.5 million in 2022, 2023 and 2024, respectively, representing 8.0%, 6.0% and 5.5% of our total revenue for the same periods.
Business · 第 186 页
The second model operates on a consignment basis. We deliver goods according to the terms of the consignment contracts.
Business · 第 186 页
We recognize revenue after the goods were sold to end consumers by our key accounts and when we have verified against the key accounts’ sales records.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
专柜销售按佣金模式经营，佣金率升至18.2%
We also receive sales amounts for concessionaire sales at our Retail Stores and Malls and charge the concessionaires certain percentage of gross sale amounts or the agreed sales target, whichever is the higher, as commissions.
Summary · 第 4 页
During the Track Record Period, our commissions as a percentage of concessionaire sales increased from approximately 14.9% for FY2021 to approximately 16.4% for FY2022, and further increased to approximately 18.0% and 18.2% for FY2023 and 9M2024, respectively.
Business · 第 246 页
The increasing commissions as a percentage of concessionaire sales was due to the combined effect of (i) the decreasing gross sale amounts from concessionaire sales, in particular from FY2021 to FY2022 mainly due to COVID-19 pandemic; and (ii) the stable trend of our commission income mainly due to the profit guarantee by the concessionaires.