In 2023, 2024 and 2025, our sales generated from Customer E were RMB20.2 million, RMB14.9 million and RMB14.9 million, respectively, accounting for 3.0%, 1.9% and 1.7% of our total revenues for these periods.
Business · 第 135 页
Our Directors consider Customer E to be our direct customer, primarily because (i) it generally purchases our products on a purchase order basis, establishing a seller-buyer relationship and we recognize the revenue once products are delivered to their designated locations; and (ii) the title and risks of damage to these products are typically transferred to them once we have delivered the products to their designated locations.
Overseas, we adopt a back-to-back order fulfillment model.
Business · 第 103 页
Third, customers confirm and accept our quotations to place formal orders, with deposits or advance payments required only where applicable, generally ranging from 30% to 50% of the total order value.
Business · 第 103 页
Fourth, we arrange production with selected suppliers after order confirmation.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
平台及达人返利冲减成本,部分服务净额确认
We enter into rebate arrangements with both social media platforms and MCNs or individual influencers.
Business · 第 154 页
Substantially all rebates are provided in the form of cash rebates and are recognized as a reduction of cost of sales.
Business · 第 154 页
Accordingly, we recognize revenue on a net basis, representing the service fees we earn for arranging such placements, rather than the gross amounts paid to media platforms.
(i) alignment with customers’ supply chain structure: we sold our products to bonded zones as instructed by our customers; sales to bonded zones accommodate customers’ preferred logistics models and global supply chain structures;
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As a result, our sales of products into bonded zones qualify as exports for PRC customs purposes and are eligible for export tax rebates upon customs declaration as well as the zero export tariff treatment.
During the Track Record Period, our deliveries of wind foundation structures to overseas markets were primarily conducted under the DAP model in terms of contract value.
Summary · 第 2 页
The DAP model simplifies customer supply chain management, strengthens customer retention, and enhances the added value of our products.
Summary · 第 2 页
During the Track Record Period, we strategically expanded our service offerings by adopting the DAP model in addition to the FOB model.
In 2023, 2024 and 2025, our revenue derived from the finance lease arrangements was RMB2,068.0 million, RMB2,289.3 million and RMB1,865.7 million, respectively, which accounted for 20.9%, 19.0% and 18.4% of our total revenue, respectively, in the same years.
Summary · 第 10 页
The finance lease companies involved in such arrangements comprised independent third-party finance lease companies and Chentai Finance Lease, a subsidiary of Lingong Group while the finance lease provided to customers by independent third-party finance lease companies accounted for approximately 70% during the Track Record Period.
Summary · 第 10 页
Finance lease arrangements encompass both direct lease and sale-leaseback options.
In 2025, one of our customers (“Customer L”) acquired ten AI computing satellites from us through a finance lease arrangement in order to better manage its capital expenditures and align payment obligations with its operational needs.
Business · 第 156 页
Pursuant to our sales agreement with Customer L, as of the Latest Practicable Date, we had delivered ten satellites and had received 77.8% of the proceeds pursuant to the sales agreement with Customer L, with the remaining proceeds expected to be received by the end of 2026.
Business · 第 156 页
According to Frost & Sullivan, the use of finance leasing arrangements for satellite acquisitions is not uncommon in our industry.
Through such partnerships, we sell new energy heavy-duty trucks to end-customers and the corresponding battery packs to battery operating leasing companies, which subsequently lease such battery packs to truck buyers under separate leasing agreements.
Business · 第 169 页
Accordingly, the battery operating leasing companies are recognized as our direct customers for accounting purposes, while the end users pay recurring leasing fees to these companies pursuant to their respective leasing contracts.
Business · 第 169 页
We do not receive any income, commission or profit sharing from the leasing fees collected by the battery operating leasing companies.
四川好医生云医疗科技集团股份有限公司GOOD DOCTOR CLOUD HEALTHCARE & TECHNOLOGY GROUP CO., LTD.
向直接批发客户及经销商的批发销售
In addition to supplying pharmaceuticals and other healthcare products directly to primary healthcare terminals, we also sell products under third-party brands to (i) direct wholesale customers; and (ii) distributors (together, the “wholesale customers”).
We believe the risk of channel stuffing as a result of our sales to these direct wholesale customers is low, considering that (i) we maintain a contractual buyer-seller relationship with direct wholesale customers; and (ii) we typically do not allow direct wholesale customers to return products to us unless there are product quality issues caused by us.
We also provide tolling services for lithium compound products on a fee-for-service basis for certain customers.
Business · 第 117 页
During the Track Record Period, we provided tolling services to the PRC subsidiaries of Company D as their production lines were commissioned and at ramp-up stages, while we procured lithium concentrate from them in 2024 and 2025.
The resulting products are then sold either (i) through our own sales network; or (ii) to the partner on a buy-out basis for resale to end consumers.
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(iii) the development of customized AR eyewear for NIO's in-cabin entertainment system, delivering a 200-inch immersive viewing experience with an industry-first AI dynamic stabilization algorithm designed to prevent motion sickness during travel, under which NIO bears the corresponding development fees and we produce and sell the finished products to NIO on a buy-out basis.
Business · 第 134 页
During the Track Record Period, revenue from services and others amounted to RMB35.0 million, RMB6.0 million and RMB40.3 million for each of the years ended December 31, 2023, 2024 and 2025, respectively, accounting for 9.0%, 1.5% and 7.8% of our total revenue for the corresponding periods.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
天津基地对外销售磷酰胺及核苷产品
In addition, our manufacturing facility in Tianjin, China, operated through our subsidiary Azemidite, is responsible for the production of phosphoramidite and nucleoside products, the key components in the synthesis of nucleotide strands.
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The facility is designed to support our clinical development programs and future marketed products while also generating revenue through external commercial sales.
During the Track Record Period, we provide CRO services in order to optimize the resource allocation of our experimental facilities and equipment and supplement our cash flow.
Business · 第 383 页
In February 2025, we entered into an agreement with Customer J to transfer three invention patents relating to the preparation methods of key intermediates of certain APIs.
In addition, since 2018, we have carried out 14 out-licensing transactions with global partners, involving 17 molecular entities.
Summary · 第 4 页
Relatedly, our licensing revenue increased substantially from RMB268.4 million in 2023 to RMB2,700.4 million in 2024.
Financial Information · 第 350 页
The duration of our collaboration and licensing agreements is typically until we or our collaboration partners have fulfilled all payment obligations under the relevant agreements.
In 2022 and 2023 and for the six months ended June 30, 2024, we delivered an aggregate of 51, 331 and 48 RVs that were covered by the floor-plan finance arrangements, with the corresponding recognized total revenue of RMB12.7 million, RMB83.0 million and RMB11.2 million, respectively.
Business · 第 231 页
Our revenue generated from sales of RVs through financing model decreased from RMB36.8 million for the six months ended June 30, 2023 to RMB11.2 million for the six months ended June 30, 2024, primarily because one large dealer of ours chose to explore other financing institutions, which resulted in the reduced utilization of our floor-plan financing arrangements.
Business · 第 217 页
Compared to the direct seller-buyer model, our financing model has a relatively lower gross profit margin primarily due to (i) the additional expenses we incurred under the financing model that were recognized as a reduction in revenue, and (ii) the higher proportion of retail sales for direct seller-buyer model.
纽曼思健康食品控股有限公司Numans Health Food Holdings Company Limited02530.HK
直接销售予电商公司转售的线上模式
For FY2021, FY2022, FY2023, 6M2023 and 6M2024, the majority of our revenue was derived from (i) sales attributable to online sales channels (including direct sales to e-commerce companies and sales through online shopping platforms to our customers), such revenue amounted to approximately RMB216.4 million, RMB243.2 million, RMB311.5 million, RMB132.4 million and RMB117.9 million, respectively, representing approximately 64.1%, 66.3%, 73.0%, 68.9% and 80.7% of our total revenue, respectively
Business · 第 175 页
We adopt the business strategy of selling our nutritional products to e-commerce companies and through online shopping platforms despite certain online shopping platforms are operated by the same group of e-commerce companies (e.g. Customer A and Customer B).
Business · 第 176 页
To the best of our Directors’ knowledge, the e-commerce companies usually place orders with us only when the quantity of products at their warehouse is insufficient to satisfy the forecast demands from their customers.
They normally settle payment with us by bank transfer and/or by way of gold trade-in settlement.
Summary · 第 10 页
During the Track Record Period, all of our gold material was procured from the PRC, and we mainly source our gold through two means, namely (i) gold obtained from the Shanghai Gold Exchange and its members and (ii) obtaining used gold by way of accepting gold trade-in (including franchisee trade-in and consumer trade-in) as a settlement method to offset the amount of gold which our customers purchase from us.
Business · 第 224 页
For the years ended December 31, 2021, 2022 and 2023 and the six months ended June 30, 2024, the proportions of sales settled by traded-in gold by Provincial-dealer B were 49.7%, 35.3%, 28.5% and 22.8%, respectively which are generally in line with the proportion of settlement by trade-in gold by provincial-dealers and franchisees of 49.1%, 37.7%, 33.7% and 27.5% out of our total revenue generated from the sales of gold jewellery and other gold products for respective year/ period.
Total revenue from sales of products by distributors and direct sales accounted for less than 100.0% of our total revenue during the Track Record Period, as we also generated revenue from pharmaceutical services which accounted for 3.0%, 1.8%, 5.4% and 8.1% of our total revenue in 2021, 2022, 2023 and the six months ended June 30, 2024, respectively.
Business · 第 353 页
During the Track Record Period, we also entered into collaboration agreements with Zhongmei Huadong to provide R&D and manufacturing services, which further diversifies our revenue streams.
Summary · 第 6 页
In exchange, Zhongmei Huadong is obligated to pay RMB80.0 million transfer fee for T2DM indication and RMB25.0 million for obesity indication by installments.
In 2021, 2022, 2023 and the period from January 1, 2024 to the Latest Practicable Date, nil, nil, 486 and nil vehicles were purchased from GAIG and/or its associates, which are automobile manufacturers, and were then sold to other associates of GAIG, which are our car partners, respectively, for the following reasons:
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Leveraging our unique industry resources and close relationships with automobile manufacturers, including GAC Group, we undertake centralized vehicle procurement for our car partners and drivers.
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Such collective deals are typically priced at a discount from prevailing market prices, and offer more streamlined delivery;