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.
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.
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.
Our Group supplies products to such retailer customers pursuant to customer-specific contract manufacturing arrangements, under which product designs, specifications and branding are developed to meet each customer’s respective merchandising strategies and brand requirements.
Business · 第 139 页
We primarily sell our products to our overseas retailer customers on an FOB basis.
Business · 第 136 页
Based on the historically no physical product return amounts and our regular commercial communications with these customers, our Directors believe that there is no risk of channel stuffing in our dealings with them.
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.
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.
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.
We have maintained steady growth in overseas sales to customers that market our products under third-party brands during the Track Record Period.
Business · 第 157 页
Our overseas customers market our caviar products using third-party brands or our own caviar brand KALUGA QUEEN (卡露伽), which is in line with the industry norm in the global caviar market, according to CIC.
Business · 第 158 页
The customers that market our products under third-party brands generally repackage and relabel our caviar products in accordance with their respective brand positioning, local consumer preferences and market strategies.
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.
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.
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.
Such downstream customers are primarily large-scale retail enterprises in the Chinese mainland principally engaged in supermarket and department store operations.
Business · 第 122 页
These partnerships drive scale, strengthen our association with recognized enterprises, and enhance our brand visibility.
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.
Under the ODM model, we design and manufacture products based on customer’s specifications and requirements, while the final products are marketed and sold under the customer’s own brands.
Summary · 第 3 页
For instance, since 2022, we have collaborated with a leading global interconnect solutions provider, which is both one of our top five customers and top five suppliers during the Track Record Period.
Summary · 第 3 页
Our revenue generated from ODM model decreased from RMB94.2 million in 2024 to RMB49.5 million in 2025 primarily attributable to the shift in our business model mix during the year.
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.