Revenue from direct-sales customers supported by sales agents was RMB3,171.4 million, RMB3,255.3 million, RMB3,366.7 million, RMB1,587.9 million and RMB1,303.3 million in 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively.
Business · 第 137 页
Our Directors are of the view that we do not have any material reliance on sales agents, taking into account the following: (1) customers place orders directly with, and make payments directly to, us, and the underlying commercial and contractual relationships remain between us and the customers; (2) sales agents generally do not purchase or resell our products, take title to them or participate as principals in pricing, order acceptance, manufacturing, delivery or collection, and we do not rely on them for order fulfillment, inventory management, delivery or collection; (3) we maintain our own sales and technical personnel who participate in customer development, technical discussions and product qualification, while our sales and quality teams coordinate customer feedback and quality claims; and (4) under our standard sales agency arrangements, customer resources are not exclusive to the agents, and, following termination of an agency agreement in accordance with its terms, we continue to serve the relevant customers directly or appoint another agent.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
通过销售代理实现逾一成收入
In addition, in 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, our revenue generated through sales agents was RMB487.6 million, RMB533.1 million, RMB537.0 million, RMB225.1 million, and RMB268.2 million, respectively, accounting for 20.6%, 22.2%, 15.3%, 17.0%, and 10.7% of our total revenue in the same periods, respectively.
Business · 第 138 页
In 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, we recorded sales agent service fees of RMB25.2 million, RMB46.2 million, RMB36.0 million, RMB14.8 million, and RMB17.1 million, respectively.
Business · 第 138 页
According to CIC, such sales arrangements are common practices in the shipping industry.
System integrators typically serve as our strategic partners because their business model is inherently complementary to ours and creates aligned incentives across the value chain.
Business · 第 156 页
Unlike our Company, system integrators do not manufacture robots themselves; they procure robotic products from us for their solutions.
We generally sell our products and services directly to customers introduced by sales partners and pay sales partners commission fees (the “commission model”). To a much lesser extent, we sell software licenses to our sales partners, who then sell them on a back-to-back basis to end users (the “resale model”).
Business · 第 146 页
To complete the transaction, the sales partner must file the end user service agreement with us and obtain a product key from us for end users’ activation of the software licenses.
Business · 第 146 页
We select sales and professional service partners based on their sales and delivery capabilities, local sales and marketing resources, among others. We provide ongoing training, certification, and marketing support to enhance their service capabilities.
In very limited circumstances, we sold to trading companies, particularly in overseas markets or in small batches, where we expect such sales to achieve broader customer coverage in terms of geographics and scale.
Business · 第 134 页
During each period of the Track Record Period, revenue from their purchases accounted for less than 5% of our total revenue.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
通过中介人促成销售并确认为客户
In facilitated sales transactions, intermediaries make payments to us in accordance with our policy of requiring advance payment.
Business · 第 139 页
As of December 31, 2023, 2024, 2025 and March 31, 2026, we had 40, 56, 64 and 59 intermediaries, respectively.
Business · 第 139 页
By selling to intermediaries who assume the payment obligations, we are able to collect payments from intermediaries in accordance with our preferred payment schedule, which is typically prior to shipment of our products, without compromising our standard credit policy to accommodate the credit terms of end customers.
Given our role in such transactions, we primarily provided procurement coordination services, instead of obtaining control of such raw materials, therefore, we accounted for the relevant revenue on a net basis under IFRS 15.
Business · 第 165 页
The gross profit margin of 100% in this table was primarily attributable to the net basis presentation.
The commercial rationale for entering into the Customer Supply Arrangement was to secure customer demand and sales volume, reduce our working capital requirements and exposure to wafer inventory risk and wafer price fluctuations, and enhance supply chain coordination with Customer G.
Business · 第 176 页
In 2024, 2025 and the four months ended April 30, 2026, the revenue generated from Customer G under the Customer Supply Arrangement was RMB317.7 million, RMB1,508.9 million and RMB786.1 million, respectively, representing 3.6%, 13.4% and 9.8% of our total revenue for the respective periods.
Business · 第 176 页
Such decrease was primarily attributable to the revenue recognition approach under the Customer Supply Arrangement, under which the revenue for embedded storage is calculated as the income from our embedded storage sold to Customer G less the cost of wafers provided by Customer G for manufacturing such embedded storage.
Our revenue generated from the sales to the customers introduced by these agents accounted for 33.0%, 21.5%, 1.9%, and 1.6% of our total revenue in 2023, 2024, 2025 and three months ended March 31, 2026, respectively.
Business · 第 136 页
These agents only provide sales support services such as customer referrals, business liaison and reconciliation assistance and we directly handled order placement, product delivery and settlement of payments with our customers.
According to the CIC Report, it is industry practice for these clients to engage intermediaries that provide different types of assistance in project implementation, such as managing construction and integrating the work products if different services are selected.
Business · 第 165 页
For example, when a client’s procurement requirements are complex and involve multiple types of products, or when greater control is needed, the client may initially appoint a state-owned enterprise as the general contractor, who may then subcontract specific tasks to us.
Instead, we act as a procurement supplier, selling our products to the selected system integrators through contract negotiation.
Business · 第 128 页
We primarily sell our intelligent civil aviation products to third-party system integrators, who gain legal ownership upon purchase and integrate our products into comprehensive solution offerings for airports.
As of December 31, 2025, we engaged five independent sales representatives in the U.S. who worked exclusively with us to provide customer liaison and coordination services for our retail customers in North America.
Business · 第 137 页
Neither these sales representatives act as our distributors, nor do they take title to our products bear any inventory or credit risk.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
CSO销售与推广安排并行、总额与净额确认收入
Where the supplier has no such presence and therefore lacks both a local entity to ship the products and a distribution network of its own, we tend to adopt a CSO sales arrangement, buying the products as principal, assuming legal title and inventory risk, and reselling them through our own distribution network.
Business · 第 147 页
Certain third-party products may be subject to both CSO sales and CSO promotion arrangements concurrently, including Tamiflu®.
During the Track Record Period, we primarily sold our solutions through agents to module manufacturers that integrate our solutions with other components into modules for delivery to smart device brands.
Summary · 第 6 页
As our agents typically assume the payment obligations to us, our exposure to customer credit risk is materially reduced.
Business · 第 142 页
As of April 30, 2026, all of our trade receivables as of December 31, 2025 had been subsequently collected.
In such arrangements, we act as an agent and recognize the related fees as revenue of RMB811.3 million, RMB543.2 million and RMB369.0 million in 2023, 2024 and 2025, respectively, on a net basis.
In 2023, 2024 and 2025, we cooperated with 16, 14 and 28 of system integrators, respectively.
Business · 第 167 页
Certain end users, particularly those in the internet industry, prefer to engage system integrators when selecting suppliers or service providers, so as to avoid negotiating with multiple suppliers and to benefit from the integrated services offered by such system integrators.
Business · 第 167 页
Accordingly, we do not consider the system integrators to be our distributors, and our business model does not give rise to concerns relating to inventory risk, channel cannibalization or recoverability of accounts receivables.
During the Track Record Period, we primarily adopted a direct-to-customer (“DTC”) marketing model for our enterprise growth AI applications and solutions.
Business · 第 159 页
For sales of our applications to small and medium-sized enterprises, we also engaged third-party sales intermediaries on a commission basis during the Track Record Period to supplement our direct sales efforts.
In 2023, 2024 and 2025, we engaged three, two and nine third-party sales agents, respectively, through whom we generated sales revenue of RMB65.2 million, RMB48.8 million and RMB134.6 million, respectively.
Business · 第 139 页
We directly enter into sales contracts with the end customers who were connected to us by the third-party sales agents.
Business · 第 139 页
Typically, we set different commission rates for third-party sales agents ranging from approximately 5% to 11% of the final contract amount of the relevant sales transaction.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
2023年经销售代理收入6.579亿元后转直销
In 2023, 2024 and 2025, our revenue generated through sales agents amounted to RMB657.9 million, RMB83.1 million and nil, respectively.
Business · 第 142 页
The transition to a direct sales model was driven by our strategic objective to deepen customer relationships, enhance service quality and responsiveness and improve our understanding of local market dynamics.