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.
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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.
In particular, depending on the specific requirements of our customers and the relevant projects, we may procure certain necessary components or equipment that are not manufactured in-house and integrate them into our overall solutions for delivery to customers as a whole.
Business · 第 114 页
Certain of our customers reserve the rights to require us to purchase certain key raw materials and components used in products manufactured for the customer from designated suppliers, in order to exert control over the quality of the raw materials and components.
Business · 第 124 页
According to Frost & Sullivan, this is a common practice in the new electricity system solutions industry.
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.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
2025年起与海外客户采用VMI安排
Our finished goods increased from RMB162.9 million in 2024 to RMB336.6 million in 2025, was primarily due to (i) the expansion of our production capacity which resulted in a higher volume of finished goods on hand at year end, all of which were manufactured against specific customer orders; and (ii) the commencement of vendor-managed inventory (''VMI'') arrangements with certain overseas customer in 2025, under which a pre-agreed quantity of finished goods, jointly determined with the relevant customer by reference to its near-term demand forecasts and consumption schedules, was stored in proximity to customer's production facilities to ensure continuity of supply for customer's production operations, with revenue recognised only upon formal customer acceptance.
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.
During the Track Record Period, our customers primarily comprised the following two types: (i) system integrators that integrated our products and services into their offerings to enterprise-level users; and (ii) enterprise-level users that used our products and services directly.
Summary · 第 4 页
According to Frost & Sullivan, it is an industry norm for enterprise-level users to engage system integrators to implement their projects.
Business · 第 148 页
Their expertise lies in hardware engineering, system integration, and project-specific enhancements, with minimal reliance on significant software customisation for hardware-focused integrations or emphasis on software-driven designs for solution-oriented projects.
In 2024 and 2025, we entered into consignment arrangements with certain existing established and creditworthy customers, primarily at their request.
Business · 第 142 页
During the Track Record Period, revenue generated from such consignment arrangements amounted to approximately nil, RMB0.2 million and RMB25.8 million, representing approximately nil, 0.1% and 3.8% of our revenue for the respective years.
During the Track Record Period, revenue derived from direct customers accounted for 89.6%, 96.1% and 97.4% of our revenue, respectively, and revenue derived from trading company customers accounted for 10.4%, 3.9% and 2.6% of our revenue, respectively.
(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;
Business · 第 148 页
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.
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.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
ODM模式收入占比升至87.9%
We primarily operate under an Original Design Manufacturer (''ODM'') model, supplemented by an Original Brand Manufacturer (''OBM'') model, allowing us to leverage diverse market opportunities.
Summary · 第 2 页
Customer-owned trademarks, branding and proprietary designs remain the property of the customer, while we retain ownership of our pre-existing manufacturing know-how and technology.
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.
浙江晶通新材料集团股份有限公司Zhejiang Kingdom New Material Group Co., Ltd.
主要通过ODM及OEM模式按客户品牌销售
We design, manufacture and sell a variety of flooring and wall panel products primarily through ODM and OEM business model, catering to the diverse needs of global customers for application scenarios across residential, commercial and public spaces.
Summary · 第 4 页
We then initiate production and package the finished products with our customers’ brand or neutral packaging.
Summary · 第 4 页
Under the OEM model, we focus on manufacturing products strictly in line with customers’ pre-defined standards.
Besides our sales to direct customers, we also sell sensor and instrument products to trading partners which are generally companies in sensor and instrument industries.
Business · 第 118 页
We consider these customers as our end customers and not our distributor partners, primarily because (i) we enter into sales and purchase agreements with them in the same way as our direct customers, rather than distribution agreements, (ii) we generally have no control over any of these customers or on their sales, pricing policies, and marketing activities, (iii) similar to our pricing strategy for our products sold to our direct customers, we typically determine the prices of our products selling to trading partners based on the costs of raw materials, the price of comparable products in the market and other costs and expenses, and (iv) we have no restrictions or requirements on these customers regarding their geographical coverage, sales target, minimum purchase requirements or channels.
We maintain a consignment-based partnership with store partners and recognize revenue from our sales to store partners when products are sold to end consumers.
Business · 第 120 页
Under our partnership model, with our assistance on daily operations, our store partners are responsible for rent and daily operating expenses. We settled with store partners based on actual sell-through.
In 2023, 2024 and 2025, the total revenue generated from our sales to online retailers amounted to RMB787.4 million, RMB1,542.2 million and RMB1,688.6 million, respectively, accounting for 3.8%, 7.6% and 8.0% of our total revenue of the same respective years.
Business · 第 124 页
In line with market practice, we primarily enter into standard sales and purchase arrangements with retailers who operate online stores on e-commerce platforms, or consignment arrangements with e-commerce platforms including Vipshop and JD.com’s directly-operated stores.
Business · 第 124 页
E-commerce platforms can return defective, customer-returned, or unsold products to us. Retailers who operate online stores on e-commerce platforms are generally only allowed to return defective products.
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.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
转售为主并代药企运营其品牌旗舰店
Under this model, we mainly generate revenue from reselling pharmaceutical products.
Business · 第 138 页
In this capacity, we are authorized to use their trade names and trademarks while retaining ownership of the stores.
Business · 第 139 页
As confirmed by Frost & Sullivan, our commercial arrangements with customers (including the key contract terms and the relevant revenue recognition policies we adopted) are in line with the industry norm used in the out-of-hospital pharmaceutical market.
南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
渠道伙伴介绍客户贡献约四成收入并收取服务费
In 2023, 2024 and 2025, we had 252, 58 and 43 customers introduced by our channel partners, respectively, with a revenue contribution of RMB198.2 million, RMB429.2 million and RMB309.3 million, representing 37.3%, 45.2% and 39.2% of our total revenue for the same years, respectively.
Business · 第 145 页
In turn, channel partners receive service fees based on a percentage of the contract value signed between us and the customers.
Business · 第 145 页
To the best of our knowledge, during the Track Record Period, our channel partners and their ultimate beneficial owners have no past or present relationships (including, without limitation, family, business, employment, financing, trust and shareholding) with each of (i) our customers introduced by them or their ultimate beneficial owners; or (ii) our Company and subsidiaries, Single Largest Shareholder Group, Directors and senior management, or any of their respective associates.