Purchases from our five largest suppliers in each period during the Track Record Period were RMB318.0 million, RMB372.2 million, RMB349.4 million and RMB193.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing approximately 16.3%, 17.0%, 18.4% and 19.9% of our total purchases for the respective periods.
Business · 第 139 页
We select our suppliers by considering cost and their capability, quality, reputation, delivery and regulatory compliance.
In 2023, 2024 and 2025 and for the six months ended June 30, 2026, purchases from our five largest suppliers in each period during the Track Record Period were RMB158.2 million, RMB255.9 million, RMB298.3 million and RMB122.3 million, respectively, accounting for 16.5%, 19.0%, 18.7% and 14.1% of our total purchase amounts for the same periods, respectively.
Business · 第 157 页
Our Directors confirmed that, during the Track Record Period and up to the Latest Practicable Date, we have not experienced any significant material fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers or material delay in delivery of our orders from our suppliers.
Purchases from our five largest suppliers accounted for 19.1%, 12.1%, 9.0% and 6.7%, respectively, of our total purchases in 2023, 2024 and 2025 and the three months ended March 31, 2026. Purchases from our largest supplier accounted for 8.9%, 3.6%, 2.2% and 2.3%, respectively, of our total purchases in 2023, 2024 and 2025 and the three months ended March 31, 2026.
Business · 第 191 页
We do not rely on any of our current suppliers as there are viable substitutes available on the market to meet our needs at a comparable price and quality.
Business · 第 192 页
We believe we have alternative sources for the supply of principal raw materials with comparable quality and prices.
During the Track Record Period, the total amount purchased from our top five suppliers in each year or period during the Track Record Period amounted to RMB38.3 million, RMB29.1 million, RMB20.2 million and RMB15.1 million in 2023, 2024 and 2025 and the six months ended June 30, 2026, respectively, representing 28.6%, 25.4%, 18.3% and 20.5% of our total purchase amount for the respective periods.
Business · 第 157 页
We seek to manage supplier concentration and the impact of cost fluctuations through various measures, such as maintaining a diversified supplier pool, obtaining competitive quotations where appropriate, and negotiating commercial terms.
Business · 第 156 页
During the Track Record Period, all of our top five suppliers in each year or period during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025 and for the four months ended April 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB652.4 million, RMB779.6 million, RMB1,046.7 million and RMB608.0 million, respectively, accounting for 53.0%, 26.8%, 18.1% and 22.3% of our total purchases in the same periods, respectively.
Summary · 第 4 页
In 2023, 2024 and 2025 and for the four months ended April 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB652.4 million, RMB779.6 million, RMB1,046.7 million and RMB608.0 million, respectively, accounted for 53.0%, 26.8%, 18.1% and 22.3% of our total purchases in the same periods, respectively.
Business · 第 160 页
For critical product categories, we seek to maintain multiple sourcing options or contingency arrangements to mitigate supply concentration risk.
In 2023, 2024 and 2025, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB50.7 million, RMB71.0 million and RMB75.8 million, respectively, accounting for 40.1%, 38.7% and 32.6% of our total cost of sales, respectively.
Business · 第 163 页
Based on the foregoing, although our top five suppliers for each year during the Track Record Period accounted for a considerable portion of our total cost of sales for the same years, our Directors are of the view that we do not rely on any single supplier.
Business · 第 165 页
Our Directors confirm that we had not experienced any significant material fluctuation in prices set by our suppliers, material breach of contract on the part of our suppliers or delay in delivery of our orders from our suppliers during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in each period in aggregate amounted to RMB1,128.1 million, RMB1,058.4 million and RMB1,163.4 million, respectively, representing 14.0%, 11.3% and 13.2% of our total purchases in the corresponding periods.
Business · 第 160 页
For the same period, our purchases from our largest supplier amounted to RMB468.5 million, RMB296.0 million and RMB314.4 million, respectively, representing 5.8%, 3.2% and 3.6% of our total purchases in the corresponding periods.
Business · 第 160 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 and equipment.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB5,975.4 million, RMB6,214.4 million and RMB5,737.5 million, accounting for 25.8%, 26.1% and 21.9% of our total purchases in the respective years.
Business · 第 156 页
In 2023, 2024 and 2025, purchases from our largest supplier amounted to RMB2,034.5 million, RMB1,674.4 million and RMB1,463.8 million, accounting for 8.8%, 7.0% and 5.6% of our total purchases in the respective years.
Business · 第 156 页
Our suppliers are mainly suppliers of raw materials and equipment. We have established and maintain stable and long-term relationships with these major suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB91.4 million, RMB75.2 million and RMB63.2 million, respectively, representing 21.7%, 18.7% and 17.7% of our total purchases, respectively.
Summary · 第 5 页
In addition, purchases from our largest supplier accounted for 5.1%, 5.0% and 5.3% of our total purchases in 2023, 2024 and 2025, respectively. All of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · 第 130 页
Additionally, we did not experience any material disputes with our suppliers during the Track Record Period.
In 2023, 2024 and 2025, purchase from our top five suppliers in each period during the Track Record Period accounted for 20.3%, 21.8% and 22.4% of our total purchases for such period, respectively, and purchase from our largest supplier in each period during the Track Record Period accounted for 5.6%, 7.1% and 7.1% of our total purchases for such period, respectively.
Summary · 第 4 页
In 2023, 2024 and 2025, purchase from our top five suppliers in each period during the Track Record Period accounted for 20.3%, 21.8% and 22.4% of our total purchases for such period, respectively, and purchase from our largest supplier in each period during the Track Record Period accounted for 5.6%, 7.1% and 7.1% of our total purchases for such period, respectively.
Business · 第 143 页
Although we have not encountered any material price fluctuation in key raw materials that may impact our capability to timely deliver products and solutions during the Track Record Period, to mitigate risks related to raw material prices and supply, we have deployed a hybrid procurement model that dynamically balances order-driven requirements with safety stock buffers, managed through a centralized procurement platform overseeing material needs of the entire Group.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
前五大供应商采购占比由36.0%降至20.6%
In each year during the Track Record Period, purchases from our five largest suppliers accounted in aggregate for approximately 36.0%, 23.3% and 20.6% of our total purchases in 2023, 2024 and 2025. In each year during the Track Record Period, our single largest supplier accounted for approximately 11.9%, 7.2% and 6.1% of our total purchases in 2023, 2024 and 2025.
Business · 第 171 页
To secure a stable supply of raw materials and reduce our risk of supply disruption, we have strategically selected our raw material suppliers and sourced our raw materials from a diversified mix of suppliers in different geographic regions in the PRC.
Business · 第 171 页
To the best knowledge of our Directors, none of our Directors or their associates or any person who owned 5% or more of our issued share capital as at the Latest Practicable Date had any interest in any of our five largest suppliers during the Track Record Period, and all our suppliers during the Track Record Period were Independent Third Parties.
Purchases from the five largest suppliers in each year during the Track Record Period accounted for approximately 23.2%, 21.8% and 26.0% of our total purchases for the respective year.
Summary · 第 7 页
We source different raw materials from multiple suppliers in mitigating the risk of single supplier reliance and ensuring the timely delivery of our products.
Purchase from our top five suppliers accounted for 51.5%, 44.8% and 44.2% of our total purchases in 2023, 2024 and 2025, respectively, and purchase from our largest supplier accounted for 35.7%, 26.6% and 24.3% of our total purchases in the same periods, respectively.
Summary · 第 5 页
under which we purchased operational support services from Supplier A, including order fulfillment, storage, and customer services, among others. In general, we are required to pay a commission to Supplier A, which is typically a certain percentage rate of our sales revenue generated through our online stores on the same E-commerce marketplace.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
前五大供应商采购占比及多源采购策略
In 2023, 2024 and 2025, the aggregate purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB1,703.3 million, RMB1,385.6 million and RMB1,324.2 million, respectively, which accounted for 35.4%, 28.3% and 23.3% of our total purchases for the corresponding periods.
Business · 第 115 页
We adopt a multi-supplier sourcing strategy to mitigate supply disruption risks and maintain long-term strategic partnerships with major suppliers to ensure stability in pricing and supply.
Business · 第 111 页
During the Track Record Period, our principal raw material suppliers were domestic large-scale chemical and energy enterprises, including several state-owned enterprises and listed companies with leading positions in the industry, extensive production experience and stable supply capabilities.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
前五大供应商采购占比为15.8%至22.6%
In each year during the Track Record Period, our purchases from our five largest suppliers in each year/period during the Track Record Period accounted for 21.9%, 22.6%, 18.0% and 15.8% of our total purchases for the respective year/period respectively, while our purchase from the largest supplier in each year/period during the Track Record Period accounted for 8.3%, 7.1%, 6.6% and 4.5% of our total purchases for the respective year/period.
Business · 第 170 页
We believe that our operation is not dependent on any particular supplier. During the Track Record Period, we maintained multiple suppliers to avoid overreliance on any of suppliers and we believe there is no significant difficulty to find suitable substitutes for our suppliers.
Our top five suppliers for FY2022, FY2023, FY2024 and 10MFY2025 together accounted for 42.5%, 35.3%, 35.5% and 23.7%, respectively, of our total purchases during the same year/period.
Summary · 第 4 页
Purchases from our top five suppliers in FY2022, FY2023, FY2024 and 10MFY2025 amounted to RMB5,052.3 million, RMB5,642.3 million, RMB6,145.5 million and RMB3,769.5 million, which accounted for 42.5%, 35.3%, 35.5% and 23.7%, respectively, of our total purchases of the corresponding year/period.
Business · 第 200 页
Purchases from our single largest supplier amounted to RMB1,882.5 million, RMB2,170.5 million, RMB1,868.3 million and RMB1,047.3 million for FY2022, FY2023, FY2024 and 10MFY2025, representing 15.8%, 13.6%, 10.8% and 6.6% of our total purchases respectively during the corresponding year/period.
In 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers were HK$198.5 million, HK$236.1 million, HK$302.1 million and HK$155.4 million, respectively, accounting for 39.1%, 32.4%, 19.2% and 29.4% of our total purchases for the same periods, respectively.
Summary · 第 7 页
In order to minimize dependency on any single supplier and enhance platform resilience, we maintain supplier diversification in key areas such as cloud infrastructure, cybersecurity services and blockchain-related technologies.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
前五大供应商采购占比最高达36.6%
In 2022, 2023 and 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB14,662.7 million, RMB13,734.0 million, RMB10,454.1 million and RMB5,116.3 million, respectively, accounting for 36.5%, 36.6%, 24.9% and 25.7% of our total purchases in the respective periods.
Business · 第 207 页
As of June 30, 2025, we achieved a nickel primary smelting capacity of 165,000 metal tons, sufficient to meet all the nickel-based raw material needs for our new energy battery materials and new energy metal products production for the six months ended June 30, 2025.
Business · 第 206 页
Given our continuous efforts to expand our production capacity in the upstream and midstream resources, we expect the continuous increase in the self-supply rate of our key raw materials for new energy materials in the foreseeable future.
In 2023, 2024 and the four months ended April 30, 2025, our purchases from our five largest suppliers in each year/period during the Track Record Period in aggregate accounted for 36.5%, 15.3% and 11.7% of our total purchases in the respective year/period, respectively, and purchases from our largest supplier alone in each year/period during the Track Record Period accounted for 16.5%, 7.8% and 4.7% of our total purchases in each respective year/period, respectively.
Business · 第 389 页
In addition, we believe that we have adequate alternative sources for such suppliers, and we have developed alternative sourcing strategies to decrease our reliance on existing suppliers.
Purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB134.0 million, RMB92.6 million, RMB73.8 million, RMB42.0 million and RMB34.1 million, respectively, representing approximately 20.5%, 15.6%, 13.9%, 16.5% and 13.3% of our total purchases in the same periods, respectively.
Summary · 第 11 页
Purchases from our largest supplier accounted for 10.1%, 4.7% and 5.5% of our total purchases in 2022, 2023 and 2024, respectively.
Business · 第 319 页
This approach allows us to focus on our core business activities while leveraging the expertise and efficiency of specialized service providers.