Meanwhile, revenue from reselling externally sourced PV conductive pastes amounted to RMB0.4 million, RMB12.3 million, RMB26.3 million and RMB21.5 million, accounting for 1.1%, 21.7%, 18.8% and 17.7% of total revenue from sale of PV conductive pastes for the same respective periods.
Business · 第 145 页
We primarily adopted such arrangements for PV conductive paste under the following circumstances: (i) to ensure stable and consistent supply to our customers amid rapid shifts in their demand, when we were temporarily unable to adjust our product portfolio and achieve mass production in a timely manner; and (ii) the in-house production of certain product models was uneconomical given their specific technical requirements, and we therefore sourced such products externally for resale.
Business · 第 145 页
To guarantee the quality of our externally sourced PV cell additives and PV conductive paste, we have established a standardized supplier quality management procedure.
During the Track Record Period, in addition to focusing on the R&D of our pipeline products, we have also carried out Contract Research Organization (CRO) services and Marketing Authorization Holder (MAH) business relating to high-end drug formulations in parallel.
Business · 第 186 页
We believe that the conduct of such business activities not only helps supplement our cash flow to support the R&D of our innovative drug formulations pipeline, but also enables us to accumulate valuable experience in both R&D and commercialization.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
外购兽用破伤风抗毒素转售
We purchased veterinary tetanus antitoxin from third-party suppliers during the Track Record Period, mainly because we have suspended the production of this product and this interim procurement strategy was essential to ensure uninterrupted supply to our customers, thereby maintaining customer relationships.
Business · 第 183 页
We recorded a gross profit for sales of other products of RMB0.9 million in 2025, with a gross profit margin of 28.7%, primarily attributable to a decrease in our inventory allowance as the market value of pregnant horse plasma increased in 2025.
While we have not yet generated revenue from the commercial sale of our drug candidates, our results of operations during the Track Record Period were also affected by our ability to generate and grow revenue from the provision of research and development services and the sales of NGP raw material products.
Financial Information · 第 237 页
Most of our orders to date have been relatively small and sporadic, and we have not yet realized significant economies of scale.
Financial Information · 第 237 页
While we expect revenue from these businesses to continue growing as we expand our customer base and increase order volumes, our period-to-period revenue may continue to fluctuate, and there can be no assurance that such growth will materialize or be sustained.
Others mainly represent our occasional wholesale business in 2025, which was conducted on an opportunistic basis in response to customer demand. We have not allocated, and do not intend to allocate, substantial resources to expand this channel or develop it into our principal business in the future.
Summary · 第 3 页
Our trade receivables, net of loss allowance, arising from our occasional wholesale business were US$1.7 million as of December 31, 2025, and had been fully settled as of the Latest Practicable Date.
Our commodity sales business involves the sale of selected products through trading and retail activities in which we act as a principal.
Business · 第 135 页
During the Track Record Period, revenue from our commodity sales business amounted to RMB6,791.6 million, RMB9,257.2 million and RMB9,984.0 million in 2023, 2024 and 2025, respectively.
Business · 第 135 页
Across these trading models, we act as the transaction principal and assume title ownership and inventory risk.
During the Track Record Period, we primarily sold our products to smelting companies for their further production, which typically accounted for around 90% of our revenue; and to a lesser extent, we also sold our products to mineral products trading companies which resell our products.
Business · 第 174 页
Our Directors are of the view that our sales to mineral trading companies, which resell our products, are not subject to material risk of channel stuffing, having considered: (i) that our relationship with mineral trading companies is a seller-buyer relationship and we generally require payment before delivery; and (ii) we generally do not allow mineral trading companies to return or rotate their stock to us.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
期货交易商及背对背锁价销售占比大增
There had been an overall increasing trend in the revenue contribution from futures traders and a decreasing trend in the revenue contribution from battery material manufacturers during the Track Record Period primarily due to our venture into transactions with futures traders since 2023 and the increasing sales volume to futures traders.
Business · 第 172 页
Revenue from sales with price-locking mechanisms increased from RMB209.8 million (7.3% of total revenue) in 2023 to RMB785.7 million (36.4% of total revenue) in 2024 and further to RMB1,310.2 million (59.5% of total revenue) in 2025.
Financial Information · 第 200 页
Our procurement of semi-finished products increased in 2024 and 2025 primarily because we had strategically targeted to increase the sales to futures traders as part of our mitigation measures against market price fluctuations of battery materials, enabling us to secure profit margins in the transactions.
In the course of providing our plating services, we may, from time to time and upon our customers' requests, sell certain equipment to our customers, primarily to facilitate the timely deployment of their required mass production capacity.
Business · 第 136 页
Customers under this business line are primarily our existing plating chemicals and/or plating services customers, and these sales are intended to support their production capacity expansion.
In addition, our media agency business provides integrated media services such as media strategy and planning, media purchasing, campaign execution, and performance optimization, as well as bulk media inventory trading, where revenue is derived from the spread between the purchase cost and resale price of media inventory.
Business · 第 148 页
During the Track Record Period, revenue from our media inventory trading business generally increased period by period. Our ability to continue to grow this business depends on a number of factors, including the scale and terms on which we are able to procure media inventory, our ability to maintain and deepen relationships with advertisers and agencies, and our ability to manage pricing and margins.
Revenue from sales of our in-house-developed transfer-printing machines and related equipment amounted to approximately RMB114.0 million, RMB115.0 million and RMB77.2 million in 2023, 2024 and 2025, respectively, with a gross margin of approximately 20.0%.
Business · 第 166 页
Our equipment sales business is conducted independently by a subsidiary with a dedicated equipment marketing unit, while technical coordination is supported at the Group level.
Through CassChoice, we guide auto parts manufacturers on "flexible production" informed by downstream demand aggregated on our platform, make bulk procurement from these manufacturers, and resell such products to auto parts distributors, from which we recognize the full sale price as revenue.
Financial Information · 第 193 页
In 2023, 2024 and 2025, the gross profit margin of CassMall was 88.6%, 89.3% and 92.0%, respectively, compared to gross profit margin of 1.4%, 3.7% and 3.1% for CassChoice over the same periods, respectively.
Business · 第 176 页
In 2023, 2024 and 2025, the gross profit margin of branded parts was 5.0%, 11.6% and 9.6%, respectively, compared to gross profit margin of 0.8%, 1.0% and 0.9% for OEM parts over the same periods, respectively.
In addition, based on our understanding of market trends and actual market demand, we also procure hygienic disposable materials with overseas origin for sale if we consider this profitable.
Business · 第 150 页
As a result, we sourced a number of hygienic disposable materials from overseas suppliers during the Track Record Period and such purchases were denominated in USD.
Business · 第 150 页
For FY2025, our raw material purchase amount from overseas suppliers was approximately RMB6.3 million, representing 1.7% of our total purchases.
For the year ended December 31, 2023, 2024 and 2025, revenue generated from trading operations accounted for 43.7%, 56.9% and 58.4% of our total revenue, respectively. Despite the significant contribution to revenue, the gross profits derived from trading activities remained minimal.
Financial Information · 第 221 页
For paper-based settlement trades for which we are not responsible for physical delivery, account for approximately 96% of our trading transactions, we either purchase in paper form from upstream suppliers and downstream buyers take delivery of physical metals or acquire physical metals from upstream suppliers and convert them into paper form for sale to downstream buyers.
Business · 第 154 页
Sales are made on a payment-before-delivery basis with no credit extension to customers, and we mainly cooperate with institutional clients and large-scale traders with good credit.
We sell a small portion of our products to other PCB manufacturers.
Business · 第 151 页
Although such sales to PCB manufacturers may be loss-making on a standalone basis, we believe they could enable us to utilize idle production capacity, improve overall utilization rates, and reduce per-unit fixed manufacturing costs such as depreciation and amortization for manufacturing equipment.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
代客户采购硬件的代理交易
We facilitated one of our customers in technology industry for the procurement of certain hardware.
Financial Information · 第 274 页
Under this transaction, we acted as solely an agent in the delivery of the hardware.
Financial Information · 第 274 页
As of October 31, 2025, RMB192.8 million, or 100% of other receivables in such nature were settled. There were no recoverability issue regarding payment collection for such transaction;
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
金属贸易业务收入大幅波动
Leveraging our expertise in the market, we engaged in metals trading to better inform our core business and broaden our connections and reach in the industry since 2022.
Summary · 第 2 页
Our revenue from metals trading increased significantly from RMB9.9 million in 2022 to RMB4,355.9 million in 2024, primarily due to the increase in trading volume of nickel products.
Summary · 第 12 页
Our revenue from metals trading decreased from RMB1,969.9 million in the six months ended June 30, 2024 to RMB546.5 million in the six months ended June 30, 2025, primarily due to a decrease in trading volume of nickel products.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
外购镍原材料转售业务
Since 2017, we from time to time resold externally sourced nickel raw materials, such as nickel matte, to maintain an optimal inventory level in response to the raw material price fluctuations.
Summary · 第 2 页
With the supplies of raw materials from our upstream resources, we expect to have less proportion of resold materials depending on the market condition in the foreseeable future.
Business · 第 182 页
The revenue from resales of raw materials to Supplier B in 2022 was RMB381.5 million, with a negative gross profit margin of 0.9%.
We do not consider sales of chips as our core business, and our revenue from this source significantly reduced from 2022 to 2024.
Summary · 第 4 页
We plan to further reduce sales of chips over the next five years.
Summary · 第 4 页
(3) Consist primarily of revenue generated from our sales of automotive-grade chips, either for commissioning by OEMs or for our own trade purpose based on market conditions and chip inventory levels.
Revenue recorded from our e-commerce sales for the year ended December 31, 2021 of RMB1,608.3 million was higher than that in 2022 and 2023, mainly due to our sales of gold bullion to Vipshop, for a promotional event.
Business · 第 331 页
In 2021, we sold a large batch of gold bullion to a leading online discount retailer, Vipshop.
Business · 第 335 页
We generally do not allow the return of gold bullion, and during the Track Record Period, we received only a de minimis amount of gold bullion returns from the online discount retailers we sold to, including Vipshop in 2021.