The use of such system integrators by end users is an industry norm, according to Frost & Sullivan.
Business · 第 207 页
One of our top five customers in the six months ended June 30, 2025 was a system integrator, accounting for 13.7% of our total revenue in the six months ended June 30, 2025.
Business · 第 207 页
The profit margin generated from sales to system integrators is generally lower than those to end users.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
51Aes主要透过系统集成商开展业务
Specifically, among the customers with multiple project commissions in 2024 for 51Aes, only one was an end-user customer while the others were system integrators.
Business · 第 262 页
We have established partnerships with system integrators, creating mutually beneficial relationships where both parties complement each other's strengths and collectively expand business boundaries.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, our revenue generated from sales to system integrators was RMB150.3 million, RMB131.1 million, RMB19.3 million and RMB6.4 million, respectively, representing 59.5%, 36.0%, 4.8%, and
Business · 第 260 页
According to CIC, such back-to-back payment arrangements with system integrators are in line with industry norm for our sales to these customers.
Business · 第 259 页
Based on the foregoing, we do not believe that system integrators are our distributors, and we do not believe that our business relationships with them raise any concern in relation to inventory risk, channel stuffing or cannibalization.
In 2022, 2023, 2024 and the six months ended June 30, 2025, we engaged seven, 14, 19, and 17 marketing agents to facilitate insurance product sales for our Insurance-related Services.
Business · 第 190 页
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, the amount of insurance premium sold through the marketing agents was RMB58.1 million, RMB72.6 million, RMB77.9 million, RMB19.2 million and RMB16.3 million, respectively, and our direct revenue attributable to such marketing agents was RMB12.1 million, RMB19.0 million, RMB25.3 million, RMB8.4 million and RMB5.0 million in the same years, respectively.
Business · 第 191 页
Based on the above, as advised by our PRC Legal Advisor, our engagement of marketing agents for our insurance brokerage services does not violate applicable PRC laws and regulations regarding internet insurance and insurance brokerage in any material respects.
As of June 30, 2025, we had 363 in-house personnel and 12 introducing brokers.
Business · 第 225 页
Introducing brokers are independently liable for the civil responsibilities arising from their intermediary services and are compensated by us according to the agreed terms for their services.
Business · 第 225 页
We have established a management system for Introducing Brokers, including guidelines for their rights and obligations, mobility management, file handling, breach procedures, and notification systems.
In line with market practice, we sell our products to traders, who in turn resell our products to downstream aluminum product manufacturers or other traders.
Business · 第 241 页
Our relationships with these traders were buyer and seller relationships rather than principal-andagent relationships.
Although a portion of our customers are system integrators, not end users, we do not believe our business model is a distributorship model.
Business · 第 249 页
This practice of engaging system integrators selected by end users to implement projects is an industry norm in the AI industry and not considered as a distributorship model, according to Frost & Sullivan.
Business · 第 249 页
Regardless of whether our contracts were entered into directly with our end users or with system integrators, there is no material disparity in contract terms and the scope of our services.
During the Track Record Period, we also engaged two third-party sales agents in Fujian province and Jinhua city in Zhejiang province.
Business · 第 227 页
Our revenue generated from customers reached by the sales agents accounted for approximately 18.8%, 17.7%, 18.1% and 17.7% of our total revenue in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
Business · 第 227 页
In the two regions where we engage sales agents, our sales agents are contractually prohibited from serving any businesses similar to ours, and we are contractually prohibited from engaging other sales agents in the respective region.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
向主机厂指定或推荐的关联客户销售
Our sales to automakers also include sales to their related customers, who were designated by automakers to purchase products from us on their behalf, or recommended by automakers to purchase products from us, enjoying substantially identical price terms as such automakers.
Business · 第 278 页
According to Frost & Sullivan, direct sales and distribution are generally in line with the industry norms.
As of December 31, 2022, 2023 and 2024 and March 31, 2025, we engaged 14, 14, 15 and 8 third-party promoters.
Business · 第 307 页
In 2022, 2023, 2024 and the three months ended March 31, 2025, we incurred RMB95.8 million, RMB169.6 million, RMB185.7 million and RMB28.2 million in business development expenses, primarily including service fees we paid to third party promoters.
Business · 第 310 页
In line with the 2025 VBP Scheme inclusion of CF017, we strategically decided to streamline our sales and marketing practice, by consolidating the functions of third-party promoters to our distributors.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
主要客户为转售云通信服务的科技服务商
Our CPaaS and Contact Center SaaS services may be provided to direct customers, which are privy to us.
Summary · 第 5 页
We are generally unable to ascertain the specific value added services provided by our direct customers to downstream customers as the number and identity of downstream customers are not privy to us.
Summary · 第 5 页
As we determine our unit price based on the expected and historical usage of our customers, whether the direct customer is a service provider or not does not impact our unit price determination.
In 2022, 2023 and 2024, we collaborated with 11, 11 and 10 franchisees (the “Marketing Service Providers”), who referred 37, 43 and 76 franchisees (the “Referred Franchisees”) to open 76, 92 and 152 franchised stores, respectively.
Business · 第 175 页
In 2022, 2023 and 2024, revenue from the Referred Franchisees was RMB188.2 million, RMB225.5 million and RMB211.6 million, accounting for 8.6%, 6.7% and 6.4% of our total revenue, respectively.
Business · 第 175 页
During the Track Record Period, our top five customers included Marketing Service Providers who were our franchisees.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
家电代客采购业务按净额法确认收入
On behalf of our wholesale customers including distributors and retailers, we source household appliances from brand owners in wholesale quantities.
Business · 第 232 页
In respect of sale of household appliances, our Group recognises revenue on net basis. In determining our commission income, we generally take into account factors including the volume and amount of sales orders and the costs of sourcing the goods. During the Track Record Period, our commission percentage ranged from approximately 0.2% to 1.0%.
上海汇舸环保科技集团股份有限公司CONTIOCEAN ENVIRONMENT TECH GROUP CO., LTD.02613.HK
较大比例销售依赖销售代理协助推广
We also engage sales agents to market and promote our equipment and systems to shipowners in their own channels.
Business · 第 219 页
In 2021, 2022, 2023, and for the six months ended June 30, 2023 and 2024, we incurred sales commissions in this regard amounting to RMB6.2 million, RMB8.8 million, RMB17.5 million, RMB6.9 million and RMB14.8 million, respectively.
Business · 第 228 页
We engage sales agents in addition to our in-house sales and marketing team because through sales agents, we can gain timely insights into market needs and expedite the contract signing process.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
透过贸易公司销售占总收入约13.9%
During the Track Record Period, our revenue derived from sales to trading companies amounted to RMB104.5 million, RMB194.2 million, RMB320.2 million and RMB153.4 million, respectively, representing 6.8%, 13.7%, 13.4% and 13.9% of our total revenue for the corresponding year/period.
Business · 第 251 页
According to Frost & Sullivan, it is in line with market practice as the trading companies can integrate small and medium-sized orders from small and medium-sized companies in the industry.
Business · 第 251 页
Our customers, which are trading companies, are not considered as distributors given that: (i) we do not enter into distributorship agreement with these customers and our relationship is a buyer and seller relationship;
Although we mostly obtain contracts for the sale of our products and services in the capacity of a main contractor, we had undertaken three projects in the capacity of a subcontractor during the Track Record Period and up to the Latest Practicable Date.
Business · 第 278 页
Where, in limited cases, technology companies purchased ICV testing products from our Group to integrate such products with their own solutions for further sale, they generally only obtained the right to use our Group’s products but the IP rights and underlying code of our Group’s ICV simulation testing software still belonged to our Group.
In addition, our customers also include intermediaries engaged by certain of our end users, who are primarily regional healthcare administrators and hospitals.
Business · 第 280 页
According to Frost & Sullivan, it is industry practice for the end user to engage intermediaries which provide different types of assistance in project implementation, such as advising on selecting suppliers, managing construction and integrating the work products if different services are selected, and the decisions as to which supplier to choose are primarily made by end users.
Business · 第 280 页
We do not believe our relationship with such intermediaries is one of distributorship.
傲基（深圳）跨境商务股份有限公司AuGroup (SHENZHEN) Cross-Border Business Co., Ltd.02519.HK
2023年起经Amazon Vendor Central销售
Our revenue from Amazon Vendor Central was nil, nil and RMB200.2 million in 2021, 2022 and 2023, respectively.
Business · 第 225 页
In the four months ended April 30, 2024, the revenue from Amazon Vendor Central was RMB269.2 million, accounting for 12.0% of our total revenue from sales of goods.
Business · 第 225 页
Unlike our Seller Central accounts, where we decide the prices of our products sold to consumers, Amazon has the discretion to determine the list prices of our products sold through Amazon Vendor Central.
As we are in the early stage of commercialization, we still need to accumulate commercialization experience and our marketing team is limited in size and reach. Therefore, we have collaborated with some leading CSOs to leverage their marketing expertise and extensive coverage on pharmacies and hospitals in China.
Business · 第 354 页
As of December 31, 2022 and 2023 and May 31, 2024, we had zero, 15, and 14 CSOs, respectively, all of whom were pharmaceutical promotion companies and independent third parties.
Business · 第 356 页
The total amount of sales attributable to the top five CSOs was RMB17.8 million for the year ended December 31, 2023.