In 2023, 2024 and 2025, our revenue derived from the finance lease arrangements was RMB2,068.0 million, RMB2,289.3 million and RMB1,865.7 million, respectively, which accounted for 20.9%, 19.0% and 18.4% of our total revenue, respectively, in the same years.
Summary · 第 10 页
The finance lease companies involved in such arrangements comprised independent third-party finance lease companies and Chentai Finance Lease, a subsidiary of Lingong Group while the finance lease provided to customers by independent third-party finance lease companies accounted for approximately 70% during the Track Record Period.
Summary · 第 10 页
Finance lease arrangements encompass both direct lease and sale-leaseback options.
We cooperated with 10, nine and 18 intermediaries under the indirect sales model in 2023, 2024 and 2025, respectively.
Summary · 第 4 页
Revenue generated from our trading company customers accounted for 20.0%, 14.2% and 7.8% of our total revenue in 2023, 2024 and 2025, respectively, while revenue generated from our end customers accounted for 80.0%, 85.8% and 92.2% of our total revenue in the respective years, reflecting an increasing contribution from end customers over the Track Record Period.
Summary · 第 6 页
For selling prices of the same product model which was sold through both direct sales and indirect sales, the selling price for indirect sales was relatively lower than that for direct sales, which reflects a reasonable profit margin of 10-15% maintained by Smart Digital Media Co., Limited as a trader.
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.
As part of our direct sales of some of our electronic fabric products, in relation to one of our customers, we adopt a consignment-based model to supply products directly to the customer’s designated warehouse upon the customer’s request.
Business · 第 123 页
During the Track Record Period, our revenue derived from consignment sales accounted for less than 5% of our total revenues in the relevant years.
In 2025, one of our customers (“Customer L”) acquired ten AI computing satellites from us through a finance lease arrangement in order to better manage its capital expenditures and align payment obligations with its operational needs.
Business · 第 156 页
Pursuant to our sales agreement with Customer L, as of the Latest Practicable Date, we had delivered ten satellites and had received 77.8% of the proceeds pursuant to the sales agreement with Customer L, with the remaining proceeds expected to be received by the end of 2026.
Business · 第 156 页
According to Frost & Sullivan, the use of finance leasing arrangements for satellite acquisitions is not uncommon in our industry.
We design and manufacture primarily cooker hoods and hobs according to our customers’ requirements for sale under their brands under our ODM business.
Business · 第 133 页
Our revenue from ODM business remained significant during the Track Record Period, which increased from RMB173.6 million in FY2023 to RMB241.6 million in FY2024, and further to RMB245.9 million in FY2025, representing a CAGR of 19.0%.
Summary · 第 2 页
We have entered into framework agreements with most of our ODM customers, including most of our five largest customers in each year during the Track Record Period for the sales of our products.
For the years ended December 31, 2023, 2024 and 2025, we generated revenue of RMB1,506.1 million, RMB1,608.7 million and RMB1,827.3 million, respectively, from direct sales in the PRC and overseas, representing 100.0%, 99.1% and 98.3% of our total revenue for the respective periods.
Business · 第 152 页
For the years ended December 31, 2023, 2024 and 2025, we transacted with 145, 148 and 126 trading companies, respectively.
Business · 第 153 页
According to Frost & Sullivan, it is an industry norm for fertilizer product companies to sell products through trading companies.
During the Track Record Period, we recorded third-party sales partners commission expense of RMB9.1 million, RMB11.4 million and RMB12.8 million, respectively, representing approximately 1.3%, 1.6% and 1.7% of our total selling and distribution expenses, respectively.
Business · 第 126 页
We do not sell products to sales partners, and our ability to acquire customers and drive business growth is not dependent on sales partners.
Business · 第 126 页
Revenue generated from new customers introduced to us by our sales partners is recognized as direct sales revenue, as we enter into the relevant sales agreements directly with such customers.
Through such partnerships, we sell new energy heavy-duty trucks to end-customers and the corresponding battery packs to battery operating leasing companies, which subsequently lease such battery packs to truck buyers under separate leasing agreements.
Business · 第 169 页
Accordingly, the battery operating leasing companies are recognized as our direct customers for accounting purposes, while the end users pay recurring leasing fees to these companies pursuant to their respective leasing contracts.
Business · 第 169 页
We do not receive any income, commission or profit sharing from the leasing fees collected by the battery operating leasing companies.
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.
As of the Latest Practicable Date, we had served approximately 74 ODM customers, including leading retailers and other prominent consumer brands.
Business · 第 117 页
The third-party branded product portfolio under our ODM business model is strategically confined to product categories and flavor profiles that do not directly compete with our proprietary brands.
Business · 第 117 页
exclusively supply the relevant products to ODM customers, who then distribute and sell such products under their own brands through their respective sales channels.
Our revenue attributable to transactions involving the Customs Brokers amounted to RMB100.1 million, RMB238.4 million and RMB222.4 million for 2023, 2024 and 2025, respectively, representing 41.4%, 35.8% and 26.0% of our total revenue for the corresponding years.
Business · 第 178 页
Despite the legal form of sales and purchase agreements, for accounting purposes at the Group level, the Customs Brokers were assessed only as agents to the Group.
Business · 第 178 页
The Customs Brokers earn service fees, which is typically calculated based on the value of the goods being exported, for handling the logistic arrangements, customs clearance, and do not assume inventory or market risk in connection with these arrangements.
可孚医疗科技股份有限公司Cofoe Medical Technology Co., Ltd.01187.HK
OEM/ODM代工业务收入增至8.4%
During the Track Record Period, we are engaged by clients to provide OEM/ODM services in recognition of our strong manufacturing capability with stringent quality control measures.
We acquired Shanghai Huazhou in line with our business strategy to establish and enhance a vertically integrated business structure that allows us to enjoy strong quality and cost-efficiency control, a key foundation to ensure our sustainable development, particularly for successful development of home care medical devices where good quality, quick iteration and great value-for-money plays a vital role to win consumer loyalty.
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.
In Europe, the United States and Japan, we also serve leading brand owners as an original design and manufacturing partner, supplying products under the customer's own brand specifications in Europe, the United States and Japan.
Such end users typically lay out the goals they plan to achieve and the budget for their projects and engage third-party system integrators, instead of engaging us directly.
Business · 第 139 页
When we enter into a contract with a system integrator, we recognize such system integrator, instead of the relevant end user, as our customer.
Business · 第 139 页
As such, we do not believe that the system integrators are our distributors, and we do not believe that our business relationship with them raises any concern in relation to inventory risk, cannibalization or recoverability of accounts receivables.
In 2023, 2024 and 2025, revenue generated from sales through designated intermediaries were RMB18.1 million, RMB48.4 million and nil, respectively, representing 1.1%, 2.4% and 0.0% of our total revenue in the same years, respectively.
Business · 第 131 页
During the Track Record Period, we had four designated intermediaries, which are mainly companies engaged in trading activities.
Business · 第 132 页
To the best of our knowledge, during the Track Record Period, all the intermediaries were Independent Third Parties.
Under ODM sales, we design and manufacture customized products that meet the specific specifications of global smart garden equipment brand and channel owners, who then market and sell the products under their own brands.