In 2023, 2024, 2025 and the three months ended March 31, 2026, purchase from our five largest suppliers in each year/period amounted to RMB509.7 million, RMB284.2 million, RMB323.6 million and RMB212.9 million, respectively, accounting for 75.4%, 82.1%, 81.6% and 86.8% of our total purchase, respectively.
Business · 第 167 页
In 2023, 2024, 2025 and the three months ended March 31, 2026, our total purchases from Supplier A amounted to RMB184.7 million, RMB130.9 million, RMB116.0 million and RMB127.3 million, respectively, representing 27.3%, 37.8%, 29.2% and 51.9% of our total purchases for the same periods.
Business · 第 170 页
Our Directors believe that our relationship with Supplier A is unlikely to deteriorate or terminate, given that (i) we have maintained a stable and mutually beneficial collaboration; and (ii) we did not have material disputes with Supplier A during the Track Record Period and up to the Latest Practicable Date.
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers was RMB272.0 million, RMB285.2 million, RMB326.2 million and RMB101.2 million, representing 51.7%, 47.2%, 44.4% and 41.6% of our total purchases, respectively.
Business · 第 124 页
None of our Directors and their respective associates or our Shareholders who hold more than 5% of our total issued Shares had any interest in our five largest suppliers during the Track Record Period.
Business · 第 124 页
To ensure the stability of our supply chain, we generally maintain two or more qualified suppliers for each of our core raw materials.
In 2024, 2025 and the five months ended May 31, 2026, purchases from our five largest suppliers in aggregate accounted for 58.6%, 43.4% and 38.8% of our total purchases, respectively, for each year/period during the Track Record Period.
Business · 第 203 页
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
Business · 第 203 页
All of our five largest suppliers during the Track Record Period are Independent Third Parties.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
前五大供应商采购占比最高约25.7%
In 2023, 2024, 2025 and the three months ended March 31, 2026, purchases from our five largest suppliers amounted to RMB3,560.2 million, RMB3,241.4 million, RMB3,886.4 million and RMB1,405.4 million, accounting for 25.7%, 20.1%, 19.1% and 20.8% of our total purchases in the respective years/periods.
Summary · 第 6 页
During the Track Record Period, to the best knowledge of our Directors, none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest suppliers in any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Purchases from our largest supplier for the years/periods ended December 31, 2023, 2024 and 2025, and the four months ended April 30, 2026, accounted for 16.9%, 14.0%, 12.6% and 11.2% of our total purchase amount for the respective periods.
Business · 第 160 页
As we procured raw materials and certain services from a relatively small number of suppliers, we are subject to supplier concentration risk.
Business · 第 164 页
We operate a qualified-supplier system and multi-sourcing strategy for key materials to strengthen supply stability and cost competitiveness.
In 2023, 2024, 2025 and the four months ended April 30, 2026, purchases from our five largest suppliers amounted to RMB3,808.5 million, RMB4,182.5 million, RMB6,616.4 million and RMB4,310.2 million, respectively, representing 43.5%, 49.4%, 55.5% and 63.0% of our total purchases, respectively.
Business · 第 170 页
We have established deep collaboration with industry-leading companies across our supply chain, including (i) globally leading memory manufacturers and controller suppliers for our raw material supply, (ii) foundries such as United Semiconductor (Xiamen) Co., Ltd. (“USC”) for the wafer processing and (iii) OSAT providers such as Orient Semiconductor Electronics, Ltd. (“OSE”) and Payton Technology (Shenzhen) Co., Ltd. (“PTN”) for (a) assembly and testing, and (b) SMT and testing.
Business · 第 139 页
We have supplier management policy to ensure supply chain stability, cost efficiency, and quality compliance.
In 2024, 2025 and four months ended April 30, 2026, our purchases from our five largest suppliers in each year/period during the Track Record Period were RMB28.3 million, RMB13.9 million and RMB3.6 million, accounting for approximately 36%, 30% and 40% of our total purchases for the respective years/periods.
Business · 第 207 页
We have established stable relationships with qualified suppliers for raw materials and R&D services, and we are confident they can meet our needs.
Business · 第 206 页
Generally no exclusivity or minimum purchase obligations are stipulated
During the Track Record Period, purchases from our five largest suppliers were RMB299.1 million, RMB408.2 million, RMB712.0 million, and RMB275.3 million, representing 35.0%, 34.9%, 41.7%, and 46.6% of our total purchases in 2023, 2024, 2025 and three months ended March 31, 2026, respectively.
Summary · 第 4 页
All of our five largest suppliers were Independent Third Parties during the Track Record Period.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period were RMB6,862.5 million, RMB9,249.1 million and RMB12,718.6 million, respectively, accounting for 88.4%, 65.3% and 55.5% of our total purchase amount in the same year, respectively.
Business · 第 158 页
We work with strategic partners including Yinwang and CATL to supply our vehicles with intelligent vehicle solutions and batteries.
In 2023, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 21.3%, 24.9% and 32.3% of our total purchases, respectively, and purchases from our largest supplier accounted for 6.3%, 5.5% and 12.0% of our total purchases, respectively.
Business · 第 167 页
We believe that we would be able to find alternative suppliers if required, given the relatively homogeneous nature of our supplies, procurement capabilities and relatively large supplier base in the market.
During the Track Record Period, purchases from our five largest suppliers in each year amounted to RMB153.8 million, RMB235.9 million and RMB282.3 million, respectively, representing 83.2%, 93.1% and 90.6% of our total purchases, respectively.
Business · 第 117 页
In 2023, 2024 and 2025, our aggregate purchases from Supplier A and Supplier B accounted for 61.6%, 72.1% and 67.9% of our total purchases, respectively.
Business · 第 118 页
Our Directors are of the view that our relationship with Supplier A and Supplier B is unlikely to materially adversely change or terminate, because (i) we have maintained a long-term and stable relationship with Supplier A and Supplier B for around ten years, and (ii) during the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with Supplier A or Supplier B.
Purchases from our five largest suppliers in each period of the Track Record Period represented 19.0%, 17.7% and 18.0% of our total purchases, respectively.
Summary · 第 5 页
We maintain a list of qualified suppliers for raw materials and typically engage multiple suppliers for each major raw material to reduce reliance on any single supplier.
Business · 第 127 页
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their respective associates, nor any shareholders of our Company (who or which to the knowledge of the Directors owned more than 5% of the Company’s issued share capital) had any interest in any of our five largest suppliers.
Our purchases from our five largest suppliers in each year of the Track Record Period accounted for 45.7%, 34.3% and 30.9% of our total purchases in 2023, 2024 and 2025, respectively, while our purchase from the largest supplier in each year of the Track Record Period accounted for 18.0%, 14.0% and 11.2% of our total purchases, respectively, for the same periods.
Business · 第 139 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.
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers in aggregate were RMB295.3 million, RMB329.5 million and RMB493.9 million, accounted for 41.1%, 34.6% and 36.8% of our total purchases, respectively, and purchases from our largest supplier accounted for 14.7%, 11.0% and 12.5% of our total purchases for the respective years.
Business · 第 160 页
None of our Directors or any Shareholder who, to the knowledge of our Directors, owns more than 5% of our issued share capital immediately following completion of the Global Offering (but without taking into account the exercise of the Offer Size Adjustment Option) nor any of their respective associates had any interest in any of our five largest suppliers during the Track Record Period.
Business · 第 162 页
In response to the potential raw material price increases, we primarily mitigate the impact by building long-term relationships with our suppliers, maintaining close communication and conducting secondary source evaluations.
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB1,395.3 million, RMB1,528.6 million and RMB1,864.8 million, respectively, accounting for 39.9%, 34.9% and 35.1% of our total purchases for the respective year.
Summary · 第 8 页
During the Track Record Period and up to the Latest Practicable Date, we generally maintained multiple suppliers for key raw materials and manufacturing equipment to avoid over-reliance on any single source.
Business · 第 127 页
To mitigate potential impact from increases in raw material costs, we entered into long-term agreements with some suppliers of key raw materials.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
前五大供应商采购占比最高达65.2%
Purchases from our five largest suppliers for each year during the Track Record Period amounted to RMB115.3 billion, RMB131.2 billion and RMB132.0 billion in 2023, 2024 and 2025, respectively, representing 65.2%, 62.3% and 53.0% of our total purchases, respectively.
Business · 第 149 页
This is commonly referred to in the industry as the buy-and-sell model, where certain of our major customers require their suppliers, including us, to purchase raw materials and components manufactured or procured from themselves to exert overall control over the procurement process.
Business · 第 146 页
To cope with supplier price fluctuations, we sign framework agreements with long-term suppliers to lock in prices and reduce costs by bulk purchasing.
The purchases from our top five suppliers in each year during the Track Record Period was RMB59.5 million, RMB69.9 million and RMB126.3 million, respectively, representing 25.1%, 27.5% and 31.0% of our total cost of sales in the same year, respectively.
Business · 第 162 页
We typically obtain quotations from multiple suppliers, in order to ensure supply stability and optimal procurement cost control, whereas we may source those components which we believe substitute suppliers can be easily identified.
Business · 第 162 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.
Purchases from the Group’s five largest suppliers in 2023, 2024 and 2025 amounted to KZT 283,732 million, KZT 288,435 million and KZT 445,898 million, respectively, representing 38.5%, 38.9% and 48.8% of total purchase amount for the respective year.
Summary · 第 3 页
Purchases from the Group’s largest supplier in 2023, 2024 and 2025 represented 13.0%, 10.8% and 22.0% of total purchase amount for the respective year.
Business · 第 151 页
These procedures establish principles and methods for supplier selection, including open tenders, requests for quotations, procurement through an electronic store and single-source procurement.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
前五大供应商采购占比高企，2023及2024年逾七成
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB46.4 million, RMB45.4 million and RMB43.7 million for the years ended 31 December 2023, 2024 and 2025, respectively, representing 75.8%, 76.3% and 67.5% of our total purchases for years ended 31 December 2023, 2024 and 2025, respectively.
Summary · 第 4 页
We experienced high supplier concentration during the Track Record Period.
Summary · 第 4 页
Our Directors are of the view that we are not overly reliant on any single supplier or group of suppliers and such concentration would not impact our business sustainability based on the following reasons:
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
企业赋能业务前五大供应商采购占比80.8%至93.4%
For the financial years ended 31 December 2023, 2024, and 2025, our top five suppliers for our enterprise empowerment business collectively accounted for 80.8%, 83.5% and 93.4% of our total operating purchase amount, respectively.
Summary · 第 2 页
Our largest supplier accounted for approximately RMB1.1 million, RMB1.7 million and RMB1.7 million of our total purchase amount in 2023, 2024 and 2025 respectively.
Business · 第 148 页
To the best knowledge of our Directors, all of our five largest suppliers during the Track Record Period were Independent Third Parties and none of our Directors or their close associates or any Shareholders (which to the best knowledge of our Directors beneficially own more than 5% of our Shares) had any interests in any of our five largest suppliers during the Track Record Period.