For each period during the Track Record Period, our purchases from our five largest suppliers accounted for 48.6%, 50.0%, 52.0% and 63.3% of our total purchases in 2023, 2024, 2025 and four months ended April 30, 2026, respectively, while our purchase from the largest supplier accounted for 13.9%, 11.4%, 14.5% and 15.5% of our total purchases, respectively, for the same periods.
Business · 第 199 页
our Directors believe that, although we have a degree of reliance on a group of major suppliers as an independent memory product enterprise, we do not rely on any single supplier or a single country or region, and the likelihood of the relationship with our major suppliers across different countries or regions to be collectively subject to a material adverse change or termination is low.
Business · 第 204 页
To address the risk of reliance on any major suppliers and to support our business sustainability, we have adopted, and will continue to adopt, several strategies to diversify our supplier base and mitigate supplier concentration risk, including pricing risk arising from limited bargaining power.
In FY2023, FY2024, FY2025 and 3M2026, the aggregate purchases from our five largest suppliers were RMB256.1 million, RMB140.4 million, RMB136.0 million and RMB48.1 million, representing 59.5%, 45.2%, 37.9% and 63.5%, respectively, of our total purchases in each year/period during the Track Record Period.
Business · 第 158 页
The aggregate purchases from our five largest suppliers increased significantly in 3M2026, primarily due to increased procurement of computing power and cloud computing-related services to support our AI-related projects.
Business · 第 158 页
We generally have alternative suppliers available and are not dependent on any particular supplier.
Purchases from our five largest suppliers for the years ended December 31, 2024 and 2025 and June 30, 2026 were RMB7.2 million, RMB12.7 million and RMB9.4 million, respectively, representing 23.5%, 28.5% and 35.7% of our total purchases for the same periods.
Business · 第 191 页
During the Track Record Period, we have not experienced major disputes, encountered difficulties in procuring raw materials or services, faced operational disruptions due to shortages or delayed supplies, or experienced significant price fluctuations for raw materials or services.
Business · 第 191 页
To the best of our knowledge, (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.
In 2023, 2024, 2025, and the six months ended June 30, 2026, our top five suppliers together accounted for approximately 39.0%, 30.3%, 35.0%, and 37.6% of our total purchases, respectively.
Business · 第 155 页
We have a broad supplier base and are not materially dependent on any single supplier.
Business · 第 152 页
To mitigate raw material price and supply risks, we (i) implement long-term framework agreements with major suppliers of bulk chemical raw materials; (ii) conduct dynamic tracking of price trends for raw materials and adjust procurement and inventory strategies in response; and (iii) continue to enhance our upstream integration for selected raw materials where commercially and technically justified.
The purchases from our top five suppliers in each period during the Track Record Period were RMB13,905.7 million, RMB7,789.8 million, RMB8,222.5 million and RMB4,520.8 million, respectively, representing 24.9%, 14.7%, 14.9% and 19.2% of our total purchase amount in the same periods, respectively.
Business · 第 141 页
The purchases from our largest supplier in each period during the Track Record Period were RMB7,921.3 million, RMB4,549.6 million, RMB4,485.6 million and RMB1,994.5 million, respectively, representing 14.2%, 8.6%, 8.1% and 8.5% of our total purchase amount in the same periods, respectively.
Business · 第 141 页
To the best of our knowledge, save for CHINT Group, all of our five largest suppliers in each period during the Track Record Period were independent third parties.
In 2024, 2025 and for the six months ended June 30, 2026, the aggregate purchases from our five largest suppliers were RMB8.6 million, RMB14.0 million and RMB8.6 million, representing 30.4%, 40.7% and 36.3% of our total purchases, respectively.
Business · 第 181 页
In each year during the Track Record Period, all of our five largest suppliers were Independent Third Parties.
Business · 第 184 页
To the best of our knowledge, as of the Latest Practicable Date, there was no information or arrangement that would lead to termination of our relationships with any of our major suppliers.
Our purchases from our five largest suppliers in aggregate accounted for 33.1% and 40.9% of our total purchases for the years ended December 31, 2024 and 2025, respectively, and 38.3% for the six months ended June 30, 2026.
Summary · 第 9 页
Our purchases from our five largest suppliers in aggregate accounted for 33.1%, 40.8% and 38.3% of our total purchases for the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, respectively.
Business · 第 208 页
Given our arrangements with CROs are generally project-based and non-exclusive, and comparable service providers are readily available in the market, our collaboration with CROs does not constitute undue reliance on CROs.
Our purchases from our five largest suppliers for each period during the Track Record Period amounted to RMB301.9 million, RMB249.9 million, RMB302.3 million and RMB124.2 million, respectively, accounting for 60.6%, 57.0%, 52.1% and 44.4% of our total purchases, respectively.
Business · 第 192 页
During the Track Record Period, our suppliers primarily consisted of suppliers of CRO services and CDMO services.
Business · 第 192 页
To the best of our knowledge, (i) all of our five largest suppliers for each period during the Track Record Period were Independent Third Parties; (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest suppliers for each period during the Track Record Period.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
前五大供应商采购集中
In 2024, 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in each year in aggregate amounted to RMB31.9 million, RMB32.8 million and RMB16.9 million, representing 38.5%, 31.6% and 42.1% of our total corresponding purchases in such period, respectively.
Business · 第 186 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 186 页
None of our Directors, their respective associates or any Shareholders who, to the best knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest suppliers for each year during the Track Record Period.
For FY2023, FY2024, FY2025 and 6M2026, total purchases from our top five suppliers in each year/period during the Track Record Period amounted to RMB6.9 million, RMB9.0 million, RMB8.3 million and RMB3.9 million, respectively, representing 34.9%, 38.9%, 25.7% and 23.0% of our total purchase amount during the respective years/period.
Business · 第 159 页
We generally procure various services from suppliers through non-exclusive supply agreements and we have established long-term relationships with our suppliers with reliable supply channels.
Business · 第 159 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our top five suppliers in each year/period during the Track Record Period were Independent Third Parties.
The aggregate purchases from our five largest suppliers in each year/period during the Track Record Period was RMB652.3 million, RMB772.9 million, RMB1,451.4 million, and RMB876.7 million, representing 24.2%, 23.0%, 26.4%, and 26.3% of our total purchase amount for the respective year/period.
Summary · 第 4 页
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the purchases from our largest supplier in each year/period during the Track Record Period was RMB173.0 million, RMB222.0 million, RMB441.0 million, and RMB275.5 million, respectively, representing 6.4%, 6.6%, 8.0%, and 8.3% of our total purchase amount for the respective year/period.
Business · 第 174 页
We actively mitigate concentration risk among third-party manufacturing partners through a diversified “1+N” supplier strategy, under which each key category or process is supported by one primary supplier and multiple backup suppliers, with procurement volumes distributed across a broader supplier base to avoid over-reliance.
浙江荣泰电工器材股份有限公司Zhejiang Rongtai Electric Material Co., Ltd.
往绩记录期间前五大供应商采购占比最高35.8%
In 2023, 2024, 2025 and the six months ended June 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period were RMB101.3 million, RMB138.1 million, RMB155.2 million and RMB139.1 million, respectively, accounting for 30.7%, 27.7%, 30.4% and 35.8% of our total purchases, respectively.
Business · 第 153 页
To address this, we have established a standardized procurement process and maintain multiple qualified suppliers for critical materials, enabling us to mitigate supply risks and avoid overreliance on any single source.
Financial Information · 第 202 页
We maintain safety stock and multiple supply routes for domestic and overseas deliveries to mitigate supply chain risks.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers in each period during the Track Record Period were RMB36.1 million, RMB43.4 million, RMB63.9 million and RMB20.4 million, respectively, accounting for 22.6%, 24.5%, 24.8% and 27.7% of our total purchase amounts for the same periods, respectively.
Business · 第 192 页
We also maintain a level of supplier diversification in key categories of materials and components to reduce overreliance on any single vendor and to enhance supply chain resilience.
In 2024 and 2025 and for the six months ended June 30, 2026, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB122.2 million, RMB117.2 million and RMB44.3 million, representing 59.9%, 58.3% and 29.7% of our total purchases for the respective year/period.
Summary · 第 7 页
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
In 2024, 2025, and the six months ended June 30, 2026, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB21.9 million, RMB47.2 million, and RMB34.5 million, representing 39.1%, 46.3% and 39.6% of our total purchases, respectively.
Business · 第 203 页
We consider our arrangements with suppliers to be conducted in the ordinary course of business and have not experienced any material adverse impact arising from such arrangements.
Business · 第 203 页
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
Our purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB18.7 million, RMB11.8 million, RMB15.7 million and RMB8.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 53.7%, 36.7%, 27.1% and 30.0% of our total purchase amount, respectively.
Summary · 第 7 页
Our purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB18.7 million, RMB11.8 million, RMB15.7 million and RMB8.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 53.7%, 36.7%, 27.1% and 30.0% of our total purchase amount, respectively.
Business · 第 162 页
(ii) the services provided by our suppliers are generally not exclusive in nature, and alternative suppliers are generally available in the market.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in each year/period amounted to RMB124.3 million, RMB97.4 million, RMB184.3 million and RMB127.6 million, respectively, representing 91.3%, 76.8%, 67.0% and 65.3% of our total purchase amounts for the same periods, respectively; our purchases from our largest suppliers in each respective period amounted to RMB56.3 million, RMB45.5 million, RMB84.4 million and RMB72.6 million, representing 41.3%, 35.9%, 30.7% and 37.1% of our total purchase amounts for the same periods, respectively.
Business · 第 146 页
Given the precious metal nature of silver, which has a relatively high unit price, such purchases contributed substantially to our total purchase amounts during the Track Record Period.
Business · 第 149 页
To enhance our supply chain resilience, we aim to diversify our supplier base and maintain strategic partnership with our suppliers to ensure stable supply of raw materials.
In 2023, 2024, 2025 and for the five months ended May 31, 2026, our purchases from our five largest suppliers in each year/period during the Track Record Period accounted for 26.1%, 14.3%, 33.5% and 34.0% of our total purchases for the same years/periods, respectively.
Summary · 第 3 页
We procure raw materials and components from third-party suppliers and manage supplier risk through multi-sourcing and ongoing evaluation.
Business · 第 129 页
We maintain multiple sources for our raw materials to minimize potential interruptions to our business operations and avoid over-reliance on any single supplier.
Our purchases from our five largest suppliers in each period during the Track Record Period were RMB23.6 million, RMB30.1 million, RMB28.5 million and RMB29.2 million, respectively, representing 24.4%, 22.0%, 23.3% and 28.2% of our total purchases, respectively.
Business · 第 175 页
The purchases from our largest supplier in each period during the Track Record Period were RMB6.5 million, RMB8.1 million, RMB6.6 million and RMB12.1 million, respectively, representing 6.7%, 5.9%, 5.4% and 11.6% of our total purchases, respectively.
Business · 第 175 页
As of the Latest Practicable Date, to our best knowledge, none of our Directors, their associates or any of our Shareholders (who or which, to the best knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, our purchases from our five largest suppliers in aggregate accounted for 34.5%, 37.3% and 40.9% of our total purchases, respectively, and our purchases from our largest supplier alone accounted for 12.2%, 15.0% and 22.9% of our total purchases, respectively.
Business · 第 204 页
All of our five largest suppliers during the Track Record Period are Independent Third Parties, and none of our Directors, their respective associates nor any shareholder who, to the knowledge of our Directors, 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 during the Track Record Period.
Business · 第 204 页
We believe that there are adequate alternative sources with comparable quality and prices for major supplies that we procure for our operations.