港股IPO招股书披露先例 · 172 家公司，193 项
此类事项指发行人通过寄售、代理商或中介人、ODM贴牌、附营贸易业务、品牌客户指定采购及外购转售等特殊安排确认收入的情形。招股书通常在概要、风险因素、业务及财务资料章节披露，内容包括该等模式的收入金额及占比、交易安排与结算条款，并常以行业惯例说明、收入确认依据、内控及风险管控措施解释其商业合理性。
We sell a small portion of our products to other PCB manufacturers.
Business · 第 151 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Business · 第 151 页
During the Track Record Period, revenue attributable from VMI arrangements was RMB155.8 million, RMB238.0 million, RMB350.9 million and RMB328.0 million respectively, accounting for 13.5%, 19.7%, 23.0% and 26.1% for the same periods, respectively.
Business · 第 164 页
We have implemented internal control measures governing the management of our VMI arrangements (the “VMI Management Measures”), to ensure proper supervision and safeguard our interests.
Business · 第 164 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The VMI Management Measures stipulates that the maximum days of inventories for our customers is 60 days, after which the customers shall complete account reconciliation and invoicing procedures with us.
Business · 第 164 页
During the Track Record Period, such business consulting partners assisted us with (a) securing orders from certain customers engaged in the POS machine business, as well as (b) increasing sales of our products in overseas markets.
Summary · 第 13 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看According to Frost & Sullivan, engaging such business consultant partners to expand overseas markets is in line with industry practice.
Summary · 第 13 页
During the Track Record Period, we primarily derived our revenue from the OEM/ODM model, which accounted for 94.1%, 90.2%, 92.3% and 93.1% of our total revenue in 2022, 2023, 2024 and the eight months ended August 31, 2025, respectively.
Summary · 第 1 页
Through continuous development, organic growth and strategic acquisitions, we have evolved from a company primarily focused on OEM/ODM operations into a vertically integrated player with a complementary OBM model.
Business · 第 153 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看(1) Others mainly include the sales of raw materials, material processing and rental income.
Business · 第 155 页
During the Track Record Period, we have strategically engaged third-party sales agents to leverage their expertise and market presence in local market.
Business · 第 207 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看If the gross profit margin is not less than 30% (inclusive), we will pay the sales agent a commission of 8.0% of the product price (exclusive of tax and after deduction of equipment modification, expansion and warranty costs).
Business · 第 207 页
In limited cases, as requested by customers by typically considering different regional trade policies for components and finished products, we also support customers through component and semi-finished product sales.
Summary · 第 4 页
While this model offers flexibility for specific regulatory or logistical needs, it remains a supplementary solution offered by us.
Business · 第 196 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In addition, to enhance the utilization and efficiency of our manufacturing facilities, particularly in our Huizhou and Nanchang manufacturing centers, we also undertake EMS engagements with select brand customers.
Business · 第 197 页
In addition, our manufacturing facility in Tianjin, China, operated through our subsidiary Azemidite, is responsible for the production of phosphoramidite and nucleoside products, the key components in the synthesis of nucleotide strands.
Business · 第 344 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The facility is designed to support our clinical development programs and future marketed products while also generating revenue through external commercial sales.
Business · 第 344 页
To support the execution of these purchases and to enhance capital efficiency, Jinxun Peru would first procure products from suppliers (the “Procurement”), then the Group would sell the products procured from suppliers to third-party trading agents (the “Sale”), who then sell the same products to subsidiaries of the Group (the “Onward Sale”), typically in the PRC.
Business · 第 199 页
The primary purpose of engaging trading agents is to leverage the supply chain financing capabilities of these trading agents, rather than to comply with relevant laws or regulations in Peru.
Business · 第 200 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In 2022, 2023, 2024 and the six months ended June 30, 2025, the purchase amount through the use of trading agents in relation to the non-ferrous metal trading business amounted to RMB59.4 million, RMB90.9 million, RMB127.1 million and RMB95.3 million, respectively, accounting for approximately 12.7%, 16.7%, 9.1% and 12.9% of our cost of sales.
Business · 第 201 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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;
Financial Information · 第 274 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看The profit margin generated from sales to system integrators is generally lower than those to end users.
Business · 第 209 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看We have established partnerships with system integrators, creating mutually beneficial relationships where both parties complement each other's strengths and collectively expand business boundaries.
Business · 第 263 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 self-operated stores.
Business · 第 217 页
Under consignment agreements, we recognize revenue when end customers confirm acceptance of our products on the relevant e-commerce platform.
Business · 第 217 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看E-commerce platforms can only return defective, customer-returned, or unsold products to us.
Business · 第 217 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Business · 第 260 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Business · 第 191 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Business · 第 286 页
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.
Business · 第 241 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Traders | 10,481.4 | 77.7 | 1,563.3 | 11.3 | 1,589.5 | 10.5 | 218.5 | 3.7 | 1,014.0 | 14.1
Business · 第 243 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Summary · 第 12 页
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
公司的解释、律师意见及原文页码定位：在 Matters 中查看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%.
Business · 第 208 页
Moreover, benefiting from our strong R&D and production capabilities, we also provide contract manufacturing services to our customers from time to time since 2017.
Summary · 第 3 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Customers who have access to upstream raw material resources may choose to engage us for contract manufacturing services for our advanced technology, quality of products and large-scale production capacity of new energy battery materials, rather than purchasing new energy battery materials directly from us, when it more cost-effective for them.
Summary · 第 3 页
We supply leading cathode companies directly and act either as a direct supplier or an indirect supplier (by providing products to the designated cathode companies) to world-renowned battery companies and top automotive brands.
Summary · 第 4 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The sales volume of nickel-based materials decreased to a lesser extent from 42,900 metric ton in 2022 to 36,700 metric ton in 2024, primarily because Customer A engaged certain third-party cathode manufacturers to procure a portion of the nickel-based materials from us, rather than purchasing directly from us.
Business · 第 217 页