Purchases from our five largest suppliers in each year during the Track Record Period accounted for 52.4%, 33.4%, 38.8% of our total purchases in 2023, 2024 and 2025, respectively, and purchase from our single largest supplier in each year during the Track Record Period accounted for 16.8%, 20.5%, 24.8% of our total purchases in the same years, respectively.
Summary · 第 5 页
We maintain stable relationships with our suppliers to ensure the stability of material supply and delivery.
Summary · 第 5 页
We believe we have alternative sources for the supply of principal components and raw materials with comparable quality and prices.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB899.2 million, RMB761.1 million and RMB787.8 million, accounting for 58.0%, 61.1% and 62.4% of our total purchases in the respective years.
Summary · 第 4 页
In 2023, 2024 and 2025, purchases from our largest supplier amounted to RMB325.8 million, RMB423.2 million and RMB506.0 million, accounting for 21.0%, 34.0% and 40.1% of our total purchases in the respective years.
Summary · 第 4 页
We have established and maintain stable long-term relationships with these major suppliers.
Our purchases from our five largest suppliers in each year during the Track Record Period was RMB2,222.4 million, RMB3,210.7 million and RMB3,206.6 million, respectively, accounting for 29.1%, 29.2% and 25.9% of our total purchases for the respective year.
Business · 第 151 页
Over the same period, purchases from our largest supplier in each year during the Track Record Period was RMB831.3 million, RMB1,006.4 million and RMB1,010.2 million, accounting for 10.9%, 9.1% and 8.1% of our total purchases for the respective year.
Business · 第 151 页
As of the Latest Practicable Date, all of our five largest suppliers are Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year during the Track Record Period.
In 2023, 2024 and 2025, we procured PCBAs and related R&D services in connection with its R&D activities on the PCBAs from Bosch, and the relevant purchase amount amounted to RMB2,217.8 million, RMB2,019.0 million and RMB1,664.1 million, respectively, which accounted for 82.9%, 80.3% and 62.4% of our total cost of revenue, respectively.
Business · 第 184 页
Our Directors believe that, despite our concentration of procurement from Bosch during the Track Record Period, our business is sustainable while we relied on Bosch to procure PCBAs during the Track Record Period:
Business · 第 184 页
As such, our Directors are of the view that Bosch’s PCBAs can be replaced by functionally equivalent PCBAs designed and produced either in-house or by other qualified suppliers without materially affecting the functionality or features of our intelligent cockpit domain controller products.
The purchases from our top five suppliers in each period during the three years ended December 31, 2025 amounted to approximately RMB475.9 million, RMB451.1 million and RMB754.2 million, representing approximately 88.6%, 76.2% and 68.7% of our total purchase amount for the respective periods.
Business · 第 163 页
We procure the majority of memory wafers and other key raw materials from a limited number of suppliers.
Financial Information · 第 226 页
As of the Latest Practicable Date, we had entered into a wafer fabrication agreement with an alternative foundry.
Purchase from our top five suppliers in each year of the Track Record Period in aggregate was RMB1,163.0 million, RMB935.9 million and RMB1,018.1 million, representing 82.4%, 77.2% and 69.6% of our total purchase amount, respectively.
Summary · 第 7 页
During the Track Record Period, except for our newly procured SoC samples, which accounted for less than 1% of our overall procurement costs in each year during the Track Record Period, all the smart cockpit domain control SoCs procured by us were chips from Supplier A.
Business · 第 169 页
To ensure sufficient supply, we maintain a supplier pool of at least two suppliers for each of key components of our solutions, such as chips and storage devices.
In 2023, 2024 and 2025, the aggregate purchases from our five largest suppliers for digital marketing business in each of such period accounted for approximately 74.7%, 63.7%, and 61.3%, respectively, of our total purchases, and the purchases from our largest supplier for digital marketing business in each year accounted for approximately 45.6%, 33.2% and 28.2%, respectively, of our total purchases.
Business · 第 178 页
We typically enter into framework agreements with leading media platforms stipulating estimated annual gross spending to secure advertising resources.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers accounted for 37.8%, 42.1%, and 33.5% of our total purchases, respectively, while our purchase from the largest supplier accounted for 11.3%, 11.7% and 9.5% of our total purchases, respectively, for the same periods.
Business · 第 138 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any significant 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.
We relied on PSMC, our main foundry partner, for the production of DRAM wafers during the Track Record Period.
Summary · 第 4 页
The cost of sales attributable to PSMC (including the cost of sales attributable to the purchase from PSMC through AP Memory) during the Track Record Period amounted to RMB336.4 million, RMB258.3 million and RMB282.8 million, accounting for 63.5%, 46.0% and 25.8% of our total cost of sales in the respective periods.
Business · 第 153 页
Our Directors believe, and the Sole Sponsor concurs, that there is no material risk of terminating our business relationship with PSMC, taking into account the following key factors:
Our purchases from our five largest suppliers in 2024 and 2025 were RMB84.5 million and RMB23.9 million, respectively, accounting for approximately 40.1% and 17.7%, respectively, of our total purchases for the respective years.
Business · 第 202 页
All of our five largest suppliers during the Track Record Period were Independent Third Parties.
龙丰集团控股有限公司Lung Fung Group Holdings Limited02290.HK
前五大供应商采购占比约两成且合作多年
For FY2023, FY2024, FY2025 and 8MFY2026, total purchases from our five largest suppliers for each year/period in aggregate accounted for approximately 22.8%, 21.6%, 21.7% and 22.4%, respectively, of our total purchase, and our largest supplier for each year/period accounted for approximately 5.3%, 4.9%, 5.4% and 6.0%, respectively, of our total purchases.
Summary · 第 3 页
During the Track Record Period, three of the five largest suppliers for each of FY2023, FY2024 and FY2025 were suppliers which we have collaborated for over 15 years.
Summary · 第 3 页
Our Directors believe that our diversified network of suppliers gives us an edge in maintaining a quality, trendy and broad product mix at competitive prices which in turn strengthens our leverage in the market.
Purchases from our respective five largest suppliers in each year during the Track Record Period were RMB1,068.7 million, RMB1,191.6 million and RMB1,079.9 million, respectively, representing 48.8%, 52.6% and 48.4% of our total purchases for that respective year, respectively.
Summary · 第 4 页
Purchases from our respective largest supplier were RMB449.0 million, RMB538.2 million and RMB418.7 million in each year during the Track Record Period, respectively, representing 20.5%, 23.8% and 18.8% of our total purchases for that respective year.
Summary · 第 4 页
During the Track Record Period, we did not experience any material disputes with suppliers, difficulties in the procurement, interruptions in our operations due to a shortage or delay of supplies or significant fluctuations in prices.
In 2023, 2024 and 2025, purchases from the five largest suppliers in each year during the Track Record Period were RMB44.1 million, RMB254.4 million and RMB438.6 million, respectively, accounting for 75.6%, 74.0% and 78.3% of our total purchases, respectively.
Summary · 第 5 页
All of our key suppliers are independent third parties.
Business · 第 149 页
We maintain a dedicated supply chain team responsible for enforcing quality standards, strengthening supplier relationships and mitigating procurement risks.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
前五大供应商采购占比2023年达49.5%
In 2023, 2024 and 2025, purchases from our five largest suppliers for each year during the Track Record Period amounted to RMB651.6 million, RMB294.7 million, and RMB289.7 million, respectively, representing approximately 49.5%, 27.0% and 21.3% of our total purchase amount during the respective year.
Summary · 第 5 页
For the years ended December 31, 2023, 2024 and 2025, procurement from our five largest suppliers for each year during the Track Record Period represented approximately 49.5%, 27.0% and 21.3% of our total purchase for the same years, respectively, and procurement from our largest supplier for each year during the Track Record Period represented approximately 16.1%, 6.8% and 6.6% of our total purchase for the same years, respectively.
Business · 第 149 页
We consider it important to maintain good business relationships with our suppliers and where possible, to diversify our supplier base so as to avoid any disruptions of our operations.
Purchases from our five largest suppliers in each year of the Track Record Period amounted to RMB114.9 million, RMB116.0 million and RMB140.4 million, representing 72.6%, 34.9% and 23.6% of our total purchases for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 4 页
For each category of services or products procured, there are typically multiple qualified suppliers in the market, and we select suppliers based on pricing, quality and technical capabilities through price comparisons.
Business · 第 149 页
We believe we have sufficient alternative suppliers for our business that can provide us with substitutes of comparable quality and prices.
江苏零一汽车科技股份有限公司Jiangsu Zeron Automobile Technology Company Limited
前五大供应商采购占比升至49.6%
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers in each year during the Track Record Period in aggregate amounted to RMB18.2 million, RMB135.6 million and RMB422.6 million, respectively, representing 33.3%, 48.6% and 49.6% of our total purchases in the corresponding years.
Summary · 第 7 页
Our purchases from our largest supplier in each year during the Track Record Period amounted to RMB4.9 million, RMB67.4 million and RMB98.1 million, respectively, representing 8.9%, 24.2% and 11.5% of our total purchases in the corresponding years.
Business · 第 148 页
We have established a structured supplier qualification and management framework, and we will establish necessary relationships with alternative sources based on supply continuity risk assessment.
In the same periods, the purchases from our largest supplier in each year during the Track Record Period amounted to RMB552.2 million, RMB665.3 million and RMB464.8 million, representing approximately 17.4%, 19.9% and 12.7% of our total purchases for the corresponding year, respectively.
Business · 第 162 页
We have established long-term and stable cooperative relationships with our major suppliers.
Business · 第 162 页
We have also enhanced communication and strategic cooperation with our suppliers to, wherever possible, lock in the raw material procurement costs for order fulfillment and stabilize our supply channels.
In 2024 and 2025, our purchases from our five largest suppliers in each year in the aggregate accounted for 51.65% and 41.15% of our total purchases in the respective year, respectively, and purchases from our largest supplier in each year accounted for 25.99% and 15.45% of our total purchases in the respective year, respectively.
Business · 第 192 页
To the best of knowledge of our Directors, all of our five largest suppliers in each year during the Track Record Period are Independent Third Parties.
Business · 第 193 页
Nevertheless, we believe there are sufficient alternative sources for such supplies.
In 2024 and 2025, our purchases from our five largest suppliers in each period in aggregate amounted to RMB42.4 million and RMB30.5 million, representing 44.1% and 36.1% of our total corresponding purchases in each period during the Track Record Period, respectively.
Business · 第 186 页
In the same period, our purchases from the largest supplier amounted to RMB28.2 million and RMB15.7 million, representing 29.3% and 18.5% of our total corresponding purchases in each period during the Track Record 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.
2025, our purchases from our largest supplier accounted for 12.1%, 21.9% and 32%, respectively, of our total purchases during the same years or period, and purchases from our five largest suppliers in the aggregate accounted for 35.2%, 48.1% and 63.6%, respectively, of our total purchases during the same years or period.
Summary · 第 11 页
All of our five largest suppliers are Independent Third Parties.
Business · 第 242 页
To mitigate the interruptions or terminations of critical component parts of our percutaneous puncture surgical robots from our suppliers, we typically maintain a safety inventory level of two months.