In 2023, 2024 and 2025, the aggregate purchase amounts from our five largest suppliers for each year were RMB3,859.4 million, RMB2,355.9 million and RMB3,375.8 million, representing 57.0%, 35.2% and 39.2% of our total purchase amount, respectively.
Summary · 第 4 页
The purchase amounts from our largest supplier in the same years were RMB3,386.9 million, RMB1,963.4 million and RMB2,647.5 million, representing 50.1%, 29.3% and 30.8% of our total purchase amount, respectively.
Business · 第 152 页
As our self-owned NEV production facilities continue to ramp up, we expect to gradually reduce our reliance on Geely Group as a supplier and increase the proportion of production in-house.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
2024年最大供应商采购占比达24.1%
Purchase from our five largest suppliers in each year of 2023, 2024 and 2025 was RMB38.2 million, RMB96.8 million and RMB44.5 million, respectively, accounting for 28.4%, 44.8% and 25.2% of our total purchases for the same year, respectively.
Business · 第 137 页
During the Track Record Period, we purchased UHMWPE through Supplier C.
Business · 第 136 页
In the event we face supply chain disruption, we are capable of sourcing UHMWPE from domestic suppliers at comparable quality and sufficient quantity.
For the same periods, purchases from our largest supplier in each period during the Track Record Period (namely Supplier A) accounted for 54.8%, 48.7% and 65.2%, respectively, of our total procurement amount for the respective periods.
Summary · 第 6 页
For the years ended December 31, 2023, 2024 and 2025, purchases from our top five suppliers in each period during the Track Record Period amounted to RMB4,116.4 million, RMB5,426.1 million and RMB6,926.8 million, respectively, representing 67.3%, 65.6% and 75.9%, respectively, of our total purchase amount for the respective periods.
Business · 第 144 页
Our Directors are of the view that the business ties between Supplier A and us are bilateral and our businesses are sustainable despite such supplier concentration after taking into account the following factors:
Our largest supplier in each year of the Track Record Period, Supplier A, is a PRC related entity of this U.S. genetic sequencing provider.
Business · 第 159 页
During the Track Record Period, our procurement from Supplier A amounted to RMB78.1 million, RMB113.0 million and RMB112.2 million in 2023, 2024 and 2025, respectively.
Business · 第 159 页
After consulting with our PRC Legal Advisor, our Directors believe that our procurement of raw materials and sequencing equipment components from Supplier A will not be affected by the Sanction, as our procurement merely constitutes domestic trade.
In addition, purchases from our largest supplier amounted to RMB1,776.8 million, RMB1,844.7 million and RMB2,374.2 million, respectively, representing 54.6%, 49.8% and 41.6% of our total purchases in 2023, 2024 and 2025, respectively.
Summary · 第 3 页
According to Frost & Sullivan, it is in line with industry practice for IC design companies to rely on a limited number of foundry partners to ensure consistent quality products and centralized management of manufacturing demands.
Business · 第 145 页
Our Directors are of the view that our relationship with Supplier A is unlikely to materially adversely change or terminate, because (i) we have maintained a long-term and stable collaboration relationship with Supplier A, and (ii) during the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with Supplier A.
The purchases from our top five suppliers in each year for the three years ended December 31, 2025, amounted to approximately RMB240.5 million, RMB120.6 million and RMB274.7 million, representing approximately 74.7%, 63.7% and 70.5% of our total purchase amount for the respective periods.
Summary · 第 4 页
Nevertheless, to mitigate our risks exposure to any material adverse changes to, or termination of, the relationship with Tower, we have been cooperating with DB HiTek since late 2022, with several products already in stable mass production.
Business · 第 141 页
Over the Track Record Period, we continued to procure from both the Israel and Japan wafer fabrication plants of Supplier Group A, with approximately 81.7% of the total number of dies purchased from Supplier Group A during the Track Record Period from its Japan plant.
Our five largest suppliers in each year during the Track Record Period accounted for approximately 77.9%, 83.0% and 75.8% of our total purchase in the respective years; and our largest supplier in each year during the Track Record Period accounted for approximately 61.6%, 65.3% and 55.4% of our total purchase in the respective year.
Business · 第 156 页
During the Track Record Period, our cost paid to Shanghai Gold Exchange through Company Y amounted to RMB2,412.1 million, RMB2,969.1 million and RMB4,406.5 million for FY2023, FY2024 and FY2025, respectively, representing 61.6%, 65.3% and 55.4% of our total purchase in the corresponding period.
Business · 第 150 页
In the event of a disruption in our procurement of gold from the member of Shanghai Gold Exchange, given that gold is a commonly traded commodity, our Directors are of the view that we can shift to other procurement sources.
During the Track Record Period, we experienced a high level of supplier concentration.
Business · 第 134 页
Supplier E contributed to 0.6%, 0.0% and 0.3% of our revenue in 2023, 2024 and 2025, respectively, and 3.9%, 31.8%, and 41.1% of our purchase amounts in the same years.
Business · 第 139 页
Throughout our business operations, we have maintained strong and stable relationships with our suppliers, which has enabled us to secure more favorable terms and maintain a healthy level of bargaining power.
For the years ended December 31, 2024 and 2025, our purchases from our five largest suppliers in each period in aggregate accounted for 59.9% and 44.1% of our total purchases for the respective period. Our purchases from our largest supplier in each period accounted for 39.6% and 33.0% of our total purchases for the respective period.
Business · 第 207 页
To monitor the quality of supplies, we implement rigorous supplier qualification and selection standards. We have established a comprehensive supplier management policy, and maintain yearly procurement plans.
Business · 第 208 页
(i) all of our five largest suppliers for each period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest suppliers for each period during the Track Record Period.
During the Track Record Period, Supplier A remained our largest supplier, and we were exposed to a certain degree of supplier concentration risk.
Summary · 第 4 页
As of the Latest Practicable Date, we had entered into partnership agreements with other leading memory wafer suppliers for the purpose of diversifying our supplier bases and mitigating our reliance on Supplier A in the future.
Business · 第 169 页
In the event of any disruption to the supply from Supplier A, we would be able to source the required materials from other suppliers at prevailing market prices in a timely manner.
In 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB136.5 million and RMB105.6 million, representing 78.2% and 57.4% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year accounted for 52.2% and 41.4% of our total corresponding purchases, respectively.
Business · 第 190 页
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Business · 第 189 页
During the Track Record Period, Supplier A provided standard CRO services to support our clinical development activities in each of the IND stage, Phase 1 trial and Phase 2 trial. We have entered into a total of four agreements or memoranda with Supplier A.
In 2023, 2024 and 2025, purchases from our five largest suppliers accounted for 99.7%, 98.8% and 98.4%, respectively, to of our total purchases.
Summary · 第 6 页
During the Track Record Period, we primarily procured wafer fabrication service from UNT, which sources raw materials and performs wafer fabrication based on our design specifications and technical requirements.
Business · 第 166 页
For instance, we commenced procurement of wafers from a supplier in Shanghai, as a potential substitute for UNT starting in 2022.
In 2023, 2024 and 2025, purchases from our largest supplier in each year during the Track Record Period amounted to RMB265.4 million, RMB274.0 million and RMB388.1 million, respectively, accounted for 46.8%, 48.0% and 54.3% of our total purchases in the same years, respectively.
Summary · 第 4 页
Our Directors believe the risk of material adverse changes or termination of our cooperations with Supplier A is low.
Summary · 第 5 页
We believe our relationship with Supplier A is both stable and mutually beneficial.
Purchases from our largest supplier for each of the years ended December 31, 2023, 2024 and 2025 accounted for 26.7%, 48.2% and 44.9%, respectively, of our total purchases during those years.
Summary · 第 4 页
During the Track Record Period, we maintained multiple suppliers to avoid over-reliance on any of suppliers and we believe there is no significant difficulty to find suitable substitutes for our suppliers.
In 2022, 2023, 2024 and the ten months ended October 31, 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 89.1%, 91.9%, 93.9% and 93.5% of our total purchase amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 31.5%, 62.0%, 52.7% and 33.7% of our total purchase amount in the same periods, respectively.
Business · 第 168 页
In 2022, 2023, 2024 and the ten months ended October 31, 2025, our purchases from Supplier A were RMB52.1 million, RMB89.6 million, RMB183.5 million and RMB71.1 million, respectively, representing 31.5%, 62.0%, 52.7% and 30.1%, respectively, of our total purchases for the same periods.
Business · 第 171 页
Our Directors are of the view that we are able to procure wafers from alternative suppliers with similar level of technical knowledge at comparable terms as compared to those offered by Supplier A.
In 2023, 2024 and 2025, purchase amount to our top five suppliers for each of the years accounted for 73.7%, 68.7% and 56.6% of our total purchase amount, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025, purchase amount to our largest supplier for each of the years was RMB280.8 million, RMB256.9 million and RMB213.1 million, representing 58.4%, 50.5% and 40.7% of our total purchase amount, respectively.
Business · 第 171 页
During the Track Record Period, we have procured from AGH: (i) public cloud computing services, certain cloud related products and technical services, recording approximately RMB59.4 million, RMB58.1 million and RMB63.4 million for the years ended December 31, 2023, 2024 and 2025, respectively, (ii) software license from Amap and Tmall Genie, which allow us to apply software and applications developed by AGH and its associates at automobile and integrate with the automotive operating system developed by us, such as navigation software, Amap, and others, recording approximately RMB159.7 million, RMB146.3 million and RMB120.0 million for the years ended December 31, 2023, 2024 and 2025, respectively
In 2023 and 2024 and the nine months ended September 30, 2025, purchases from our largest supplier in each period accounted for 65.5%, 41.1% and 30.9%, respectively, of our total purchase amount for the respective periods.
Summary · 第 4 页
We believe that we have sufficient alternative suppliers for our business that can provide substitutes of comparable quality and prices.
Business · 第 120 页
In 2023, 2024 and the nine months ended September 30, 2025, our purchase from Leonis Group amounted to €37.0 million, €24.7 million and €1.0 million, respectively, accounted for 65.5%, 41.1% and 3.4% of our total purchase amount for the respective periods.
Purchases from our five largest suppliers in each year/period during the Track Record Period was RMB38.0 million, RMB33.9 million, RMB37.2 million and RMB15.8 million, respectively, accounting for 78.1%, 89.2%, 86.4% and 90.6% of our total purchases for the respective year/period.
Summary · 第 3 页
We believe we have sufficient alternative suppliers for our business that can provide us with substitutes of comparable quality and prices.
Business · 第 123 页
To mitigate potential power shortages, we maintain backup generators capable of providing uninterrupted 24/7 power supply, subject to fuel availability.
Purchases from our largest supplier in each of 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 12.5%, 21.6%, 18.1% and 53.1% of our total purchases for the respective year/period, while that of our top five suppliers accounted for 58.2%, 56.2%, 44.6% and 67.2% of our total purchases for the respective year/period.
Summary · 第 5 页
The increase in purchases from Supplier A during this period was primarily to meet anticipated substantial growth in customer demand in the second half of the year, while ensuring buffer inventory.
Business · 第 217 页
During the Track Record Period, we did not rely on any single supplier for our critical materials, services, technologies or intellectual property.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
供应商集中:最大供应商占采购52.6%
Purchases from our five largest suppliers in each year/period during the Track Record Period were RMB123.2 million, RMB108.6 million and RMB74.5 million, respectively, representing 48.0%, 52.2% and 63.3% of our total purchases for the same years/period, respectively.
Summary · 第 21 页
Purchases from our single largest supplier in each year/period during the Track Record Period were RMB72.9 million, RMB76.0 million and RMB61.9 million, respectively, representing 28.4%, 36.5% and 52.6% of our purchases for the same years/period, respectively.
Summary · 第 21 页
All of our five largest suppliers in each year/period during the Track Record Period were Independent Third Parties.