During the Track Record Period, purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB305.8 million, RMB367.5 million, RMB499.0 million and RMB397.1 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 48.3%, 44.7%, 47.1% and 55.9% of our total purchase costs for the respective periods.
Business · 第 165 页
During the Track Record Period, purchases from E Ink Holdings and its affiliates in 2023, 2024, 2025 and the six months ended June 30, 2026 amounted to RMB183.7 million, RMB230.7 million, RMB229.9 million and RMB91.6 million, respectively, accounting for 29.1%, 28.1%, 21.7% and 12.9% of our total purchase costs for the respective periods.
Business · 第 168 页
According to Frost & Sullivan, E Ink Holdings is a global leading electronic paper display supplier holding a dominant position in the global market for electronic ink materials used in e-paper displays, with a market share of approximately 90% in terms of revenue in 2025 and its technologies are widely adopted across the global electronic paper display industry.
Purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB334.4 million, RMB158.3 million, RMB174.2 million and RMB87.5 million, accounting for 33.2%, 37.8%, 43.5% and 45.0% of our total purchases in the respective year/period.
Summary · 第 6 页
Purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB109.5 million, RMB47.3 million, RMB81.2 million and RMB47.2 million, accounting for 10.9%, 11.3%, 20.3% and 24.3% of our total purchases in the respective year/period.
Summary · 第 6 页
We believe that we do not unduly rely on such supplier.
Our purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB1,340.8 million, RMB1,470.8 million, RMB1,705.2 million and RMB1,158.4 million, respectively, representing 52.4%, 51.5%, 45.5% and 51.1% of our total purchases for the corresponding years/periods.
Summary · 第 8 页
A significant portion of our wafer procurement is placed with Supplier A, which was our largest but not our sole foundry partner in each year/period of the Track Record Period.
Business · 第 150 页
Based on the foregoing, our Directors do not expect any material adverse change in our relationship with Supplier A.
Our top five suppliers in each year or period during the Track Record Period in aggregate accounted for 43.2%, 39.1%, 37.5% and 44.5% of our total purchases in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · 第 6 页
To the best of our Directors’ knowledge, none of our Directors or their respective close associates or any person who, to the knowledge of our Directors, owned more than 5% of our issued share capital, had any interest in any of our five largest suppliers in each year or period as of the Latest Practicable Date.
Business · 第 171 页
Our Directors confirmed our negotiations with these companies were on an arm’s length basis.
Purchases from our five largest suppliers in 2024, 2025 and the six months ended June 30, 2026 were RMB43.7 million, RMB22.0 million and RMB14.1 million, respectively, representing 54.7%, 45.9% and 52.7% of our total purchases for the respective year/period.
Summary · 第 8 页
We believe that we maintain strong and stable relationships with our major suppliers.
Business · 第 204 页
All of our five largest suppliers in each year during the Track Record Period were Independent Third Parties.
Purchases from our five largest suppliers in each year/period during the Track Record Period was RMB65.9 million, RMB42.5 million, RMB81.2 million and RMB94.9 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 45.2%, 56.1%, 63.5% and 56.3% of our total purchases for the same years/periods, respectively.
Summary · 第 10 页
We collaborate with multiple suppliers for each major product to ensure continuity of supply.
In the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers were RMB54.8 million, RMB40.0 million and RMB29.2 million, respectively, accounting for approximately 72.7%, 57.4% and 76.6%, respectively, of our total purchases for the respective periods.
Business · 第 213 页
In the same periods, purchases from our largest supplier were RMB17.9 million, RMB20.4 million and RMB15.7 million, respectively, accounting for approximately 23.7%, 29.3% and 41.1%, respectively, of our total purchases for the respective periods.
Business · 第 213 页
We maintain relationships with a diversified pool of qualified CRO and CDMOs and do not rely on any single such service provider.
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers, which were primarily CROs, CDMOs, other pharmaceutical companies and other service providers, in each year/period during the Track Record Period in aggregate accounted for 47.9%, 55.0%, 56.3% and 63.2% of our total purchases for the respective years/periods.
Business · 第 193 页
Our purchases from our largest supplier in each year/period during the Track Record Period accounted for 13.0%, 20.5%, 30.8% and 32.4% of our total purchases for the respective years/periods.
Business · 第 193 页
We generally contract with more than one supplier for each major type of material.
Our purchases from our five largest suppliers amounted to RMB30.4 million for 2024, RMB14.9 million for 2025 and RMB8.3 million for the six months ended June 30, 2026, representing 61.0%, 45.7% and 51.0% of our total purchases for the respective periods.
Summary · 第 6 页
Our purchases from our largest supplier alone accounted for 29.4%, 22.7% and 29.2% of our total purchases for 2024, 2025 and the six months ended June 30, 2026, respectively.
Summary · 第 6 页
Our purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB30.4 million, RMB14.9 million and RMB8.3 million, representing 61.0%, 45.7% and 51.0% of our total purchases for the respective periods, and our purchases from our largest supplier alone in each period during the Track Record Period accounted for 29.4%, 22.7% and 29.2% of our total purchases, respectively.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchase from our five largest suppliers in each period during the Track Record Period amounted to RMB5,272.8 million, RMB5,515.1 million, RMB6,948.9 million and RMB1,870.1 million, respectively, accounting for 88.0%, 85.9%, 86.8% and 84.7% of our total purchase in the same periods, respectively.
Business · 第 126 页
Purchases from our largest supplier in each period of the Track Record Period accounted for 51.6%, 47.6%, 47.4% and 47.6% of our total purchase, respectively.
Business · 第 126 页
All of our five largest suppliers during each year of the Track Record Period were Independent Third Parties.
Purchase amounts from our largest supplier in each year/period during the Track Record Period were RMB191.9 million, RMB128.0 million, RMB292.0 million and RMB165.8 million respectively, accounting for 38.1%, 31.1%, 41.6% and 45.8% of our total purchase amounts, respectively.
Business · 第 158 页
Our supplier base is concentrated because our key raw materials and services, particularly wafers and tape-out services, are capacity-driven and require suppliers with specific technology capabilities, stable delivery performance and qualification history.
Business · 第 160 页
According to F&S, high supplier concentration is common and considered an industry norm for fabless cellular IoT chip design companies like us, given the specialized nature of high technical thresholds, massive capital investment, and complex supply chain coordination required for semiconductor manufacturing.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
供应商集中度：2023年最大供应商占采购38.3%
Purchases from our single largest supplier (excluding suppliers of capital nature) in each period during the Track Record Period accounted for 38.3%, 15.5%, 16.4% and 9.5% of our total purchases in 2023, 2024, 2025 and the five months ended May 31, 2026, respectively, and purchases from our five largest suppliers (excluding suppliers of capital nature) in each period during the Track Record Period accounted for 51.7%, 22.7%, 32.5% and 28.1% of our total purchases in the same periods, respectively.
Summary · 第 5 页
Purchases from our single largest supplier (excluding suppliers of capital nature) in each period during the Track Record Period accounted for 38.3%, 15.5%, 16.4% and 9.5% of our total purchases in 2023, 2024, 2025 and the five months ended May, 31 2026, respectively, and purchases from our five largest suppliers (excluding suppliers of capital nature) in each period during the Track Record Period accounted for 51.7%, 22.7%, 32.5% and 28.1% of our total purchases in the same periods, respectively.
Business · 第 145 页
None of our Directors, their close associates, or any Shareholder, which to the best knowledge of our Directors owns more than 5% of the total number of issued Shares, had any interest in any of our five largest suppliers for each period during the Track Record Period.
Purchases from our largest supplier in each year/period during the Track Record Period were RMB855.0 million, RMB863.0 million, RMB916.8 million and RMB192.1 million, respectively, accounting for 21.7%, 22.3%, 20.2% and 16.1% of our total purchases for the respective years/periods.
Business · 第 159 页
Except for Haier Group, all of our top five suppliers in each year/period during the Track Record Period were Independent Third Parties.
Business · 第 160 页
To mitigate such risk exposure, we have implemented specific measures across sales, R&D and procurement, primarily including expanding independent third-party customer base and enhancing our procurement capabilities and supplier diversification.
In 2023, 2024 and 2025 and the four months ended April 30, 2026, our purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB1,612.2 million, RMB2,760.9 million, RMB2,345.5 million and RMB1,736.8 million, respectively, accounting for 38.1%, 39.6%, 32.3% and 37.5% of our total purchase, respectively, for the same years/periods, while our purchase from the largest supplier amounted to RMB1,111.1 million, RMB1,645.6 million, RMB759.4 million and RMB802.0 million, respectively, accounting for 26.3%, 23.6%, 10.5% and 17.3% of our total purchases, respectively, for the same years/periods.
Summary · 第 4 页
To minimize the risk of reliance on any single supplier and maintain sourcing stability and bargaining power, we generally retain multiple suppliers for our principal raw materials.
Business · 第 144 页
During the Track Record Period, all of our five largest suppliers in each period were Independent Third Parties.
In 2023, 2024, 2025 and the three months ended March 31, 2026, the aggregate purchase amounts from our five largest suppliers in each year/period during the Track Record Period were RMB3,439.8 million, RMB8,763.5 million, RMB12,796.8 million and RMB6,638.6 million, representing 52.0%, 53.6%, 51.5% and 52.4% of our total purchase amount, respectively.
Business · 第 178 页
We maintain a diversified supply base comprising no fewer than three qualified suppliers for each category of key raw materials, with comparable commercial terms available to mitigate concentration risk.
Business · 第 178 页
We believe that alternative suppliers from other locations are available to us on comparable commercial terms.
Purchases from our largest supplier in each year/period during the Track Record Period accounted for 51.1%, 47.9%, 68.7%, and 75.1% of our total amount of purchase, respectively, while our five largest suppliers in each year/period during the Track Record Period accounted for 97.7%, 98.3%, 98.3%, and 99.8% of our total amount of purchase during the respective years.
Business · 第 138 页
Lanzhou Jinchuan (蘭州金川), Zhejiang Hongda (浙江宏達), Jiangsu Jinji (江蘇金集), Shanghai Zhebo (上海浙鉑), and Tongbai Hongxin (桐 柏泓鑫) were our primary supplies of silver nitrate from 2023 to 2024 and Lanzhou Jinchuan (蘭州金川) and Hunan Zhongwei Xinyin Material Technology Co., Ltd.* (湖南中偉新銀材料科技有限公司) (''Zhongwei Xinyin'') were our main suppliers of silver nitrate for 2025 and the five months ended 31 May 2026.
Silver nitrate supply is inherently concentrated in China, according to Frost & Sullivan. Therefore, we believe that the concentration level of our suppliers of silver nitrate is primarily due to the structural characteristics of the industry.
For the years ended December 31, 2023, 2024, 2025 and the five months ended May 31, 2026, purchases from our five largest suppliers amounted to RMB359.8 million, RMB397.3 million, RMB493.3 million and RMB218.8 million, respectively, representing 80.5%, 81.1%, 71.3% and 70.1% of our total purchases, respectively.
Business · 第 151 页
In 2023, 2024, 2025 and the five months ended May 31, 2026, our purchases from Supplier A were RMB131.9 million, RMB233.6 million, RMB82.7 million and RMB2.6 million, respectively, representing 29.5%, 47.7%, 12.0% and 0.8%, respectively, of our total purchases for the same periods.
Business · 第 153 页
As we source a significant portion of foundry-manufactured wafers from these suppliers, if our relationship with any of these suppliers is terminated, interrupted, or modified in any way adverse to us, there may be material interruptions to our operations and business.
During the same years, purchases from our largest supplier, Hanmi Group, amounted to USD141.2 million, USD112.6 million and USD112.9 million, respectively, equivalent to 57.5%, 52.6%, and 58.6% of our total purchases during the respective years.
Business · 第 150 页
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in each year amounted to USD168.1 million, USD137.3 million and USD126.0 million, respectively, equivalent to 68.5%, 64.1% and 65.5% of our total purchases during the respective years.
Business · 第 150 页
We have implemented, and intend to continue to implement, measures to diversify our product portfolio, supplier base, business partners, channels and revenue streams in order to reduce reliance on Hanmi Group and other entities in which Mr. Lim and his close associates have interests.
In 2023, 2024 and 2025, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB2.2 million, RMB11.4 million and RMB117.3 million, accounting for 100.0%, 87.6% and 70.8% of our total purchase for the respective years.
Summary · 第 10 页
The significant growth in procurement reflects our rapid expansion in computing resource consumption to support increasing service demand.
Summary · 第 10 页
Our heterogeneous compatibility also reduces our dependence on any single computing resource provider, improving supply chain resilience and our ability to manage input cost volatility.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
前五大供应商采购占比最高达74.4%
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year of the Track Record Period amounted to approximately RMB518.7 million, RMB875.3 million and RMB547.3 million, respectively, accounting for approximately 56.7%, 74.4% and 48.5%, respectively, of our total purchases for the same years.
Summary · 第 3 页
During the Track Record Period, we made significant purchases from Supplier A, our largest supplier for each year of the Track Record Period.
Business · 第 175 页
according to Frost & Sullivan, it is common in the data center energy management solutions industry to have relatively high concentration of suppliers, primarily because the supply of core equipment such as liquid cooling equipment and diesel generators is relatively concentrated;