For the years ended 2024 and 2025, our purchases from our five largest suppliers in aggregate amounted to RMB51.1 million and RMB53.9 million, accounting for 48.3% and 34.9% of our total purchases for the same period, respectively.
Business · 第 203 页
Nevertheless, we believe that adequate alternative sources for such supplies exist.
Business · 第 203 页
All of our five largest suppliers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year were RMB313.4 million, RMB236.6 million, and RMB243.9 million, respectively, accounting for 41.4%, 24.4% and 23.1% of our total purchase amounts for the same years, respectively.
Summary · 第 5 页
Our Directors confirmed that, during the Track Record Period, 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.
Business · 第 137 页
A cross-functional audit team composed of engineering, quality, and procurement personnel conducts on-site audits of potential suppliers to evaluate their production facilities, quality management systems, and supply chain practices.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
芯片主要依赖进口且部分为美国原产
While most of the chips that we procured and utilized were imported, some being of U.S. origin, to the best knowledge of our Directors, they are not subject to U.S. export controls restrictions because those chips should be classified as EAR99.
Business · 第 274 页
Considering that (i) we have identified domestic alternatives for the chips that we used on our HUD solutions; and (ii) we plan to increase the proportion of domestically sourced chips in future solution iterations, our Directors are of the view that our HUD solutions do not have a material reliance on imported chips.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
2024年前五大供应商采购占比升至33.5%
Purchases from our top five suppliers in each year/period during the Track Record Period accounted for 14.0%, 14.6%, 33.5% and 18.4% of our total purchases in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, and purchase from our largest supplier in each year/period during the Track Record Period accounted for 5.1%, 4.4%, 14.6% and 5.2% of our total purchases in the same years/period, respectively.
Business · 第 167 页
The designation of Supplier A by a customer for a specific project in 2024 resulted in higher procurement volume from this supplier.
Business · 第 168 页
Our Directors confirm that, none of our Directors, their respective associates or, to the best of their knowledge, any Shareholder holding more than 5% of our issued share capital, held any interest in any of our top five suppliers in each year or period during the Track Record Period.
During the Track Record Period, purchases from our five largest suppliers in FY2023, FY2024 and FY2025, represented approximately 32.8%, 28.0% and 41.0% of our total purchases in each period, and purchases from our largest supplier for the same periods represented approximately 7.7%, 6.2% and 14.9% of our total purchases in each period.
Business · 第 194 页
Our Directors confirm that, to their best knowledge, during the Track Record Period and up to the Latest Practicable Date, we had not experienced any material difficulties in obtaining supplies/services for our business in a timely manner and we did not have any material disputes with our major suppliers.
During the Track Record Period, our five largest suppliers for FY2023, FY2024 and FY2025 accounted for approximately 29.8%, 40.0% and 50.5% of our total purchases from suppliers, respectively.
Financial Information · 第 213 页
For FY2023, FY2024 and FY2025, approximately 6.8%, 10.7% and 26.6% of our total purchases were attributable to our largest supplier in each year, respectively.
Business · 第 153 页
All of our five largest suppliers in each year during the Track Record Period were Independent Third Parties, and none of our Directors or their respective close associates or any of our Shareholders holding more than 5% of the issued share capital of our Company had any interest in any of our five largest suppliers of our Company in each year during the Track Record Period.
In each year/period during the Track Record Period, our purchases from each of our five largest suppliers accounted for 56.3%, 41.7%, 44.3% and 53.4% of our total purchases in each of 2022, 2023 and 2024 and nine months ended September 30, 2025, respectively, while our purchase from the largest supplier in each year/period accounted for 30.0%, 15.3%, 12.7% and 14.5% of our total purchases, respectively, for the same year/period.
Business · 第 140 页
Our ability to maintain long-term stable business relationship with these major suppliers to provide us with quality and price competitive raw materials and services on a timely basis is crucial for our business development and results of operations.
Financial Information · 第 173 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 contracts on the part of our suppliers, or delay in delivery of our orders from our suppliers.
In each year/period of the Track Record Period, the total purchase amount from our five largest suppliers amounted to RMB668.3 million, RMB766.0 million, RMB1,222.3 million and RMB1,325.9 million, respectively, accounting for 53.7%, 58.2%, 63.1% and 59.8% of our total purchase amount in the same periods, respectively.
Summary · 第 5 页
All of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · 第 158 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.
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.
For the same periods, purchases from our top five suppliers amounted to RMB354.6 million, RMB286.1 million and RMB449.4 million, respectively, representing 29.6%, 26.0% and 51.6% of our total purchase amount during the respective period.
Business · 第 146 页
We believe that we have a good cooperation relationship with our key suppliers.
Business · 第 146 页
For the same periods, purchases from our top five suppliers amounted to RMB354.6 million, RMB286.1 million and RMB449.4 million, respectively, representing 32.8%, 27.7% and 41.9% of our total purchase amount during the respective period.
Our purchases from the five largest suppliers in each period during the Track Record Period accounted for 15.0%, 19.2%, 18.3% and 19.0% of our total purchases in 2022, 2023, 2024 and the first nine months of 2025, respectively.
Business · 第 228 页
In addition, we strategically enter into long-term collaboration agreements with major suppliers to secure their favorable pricing.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers in each year/period of the Track Record Period were RMB1,159.9 million, RMB962.3 million, RMB1,720.7 million and RMB1,513.9 million, respectively, representing 57.8%, 53.3%, 63.8% and 56.7% of our total purchase, respectively.
Business · 第 254 页
In addition, purchases from our largest supplier in each year/period of the Track Record Period accounted for 37.6%, 26.5%, 34.1% and 34.9% of our total purchases in 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively.
Business · 第 254 页
We primarily use chips based on mature process technologies that are available from multiple suppliers, which reduces dependency on any single supplier.
Purchase from our top five suppliers in each year during the Track Record Period accounted for 26.2%, 22.1% and 20.4% of our total purchases of such products and services in 2023, 2024 and 2025, respectively, and purchase from our largest supplier in each year during the Track Record Period accounted for 6.7%, 7.5% and 7.4% of our total purchases in the same years, respectively.
Business · 第 175 页
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their close associates or any shareholders which, 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 top five suppliers in each year during the Track Record Period.
Business · 第 178 页
We have established a rigorous supplier evaluation system, selecting multiple qualified suppliers for key raw materials to serve as long-term vendors.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
前五大供应商采购占比升至48.7%
Purchases from our five largest suppliers in each year/period during the Track Record Period were RMB33.3 million, RMB31.9 million, RMB25.1 million and RMB39.6 million, respectively, representing 39.3%, 33.5%, 19.6% and 48.7% of our total purchases for the same respective periods.
Business · 第 279 页
In the nine months of 2025, the increase in our supplier concentration was primarily due to the need to meet tight project delivery schedules and our strategic focus on flexible, product-oriented delivery.
Business · 第 285 页
We are able to easily source alternative suppliers in the market.
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.
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers for each year/period amounted to RMB217.1 million, RMB116.0 million, RMB385.9 million and RMB509.9 million, respectively, accounting for 78.1%, 43.0%, 64.2% and 66.4% of our total purchases for the corresponding year/period, respectively.
Summary · 第 6 页
We proactively adopt supplier management policies including maintaining an adequate pool of suppliers, securing alternative suppliers to safeguard our supply chain.
Summary · 第 6 页
As advised by CIC, there are over 150 alternative foundries, assembly and testing contractors available in the AI inference chip industry.
乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
前五大供应商采购占比约27%至35%
Purchases from our five largest suppliers in each year or period during the Track Record Period represented 30.9%, 27.2%, 31.7% and 34.9% of our total purchases in the same respective periods.
Summary · 第 11 页
During the Track Record Period, we did not experience any delay in or shortage of supply, price fluctuation on products sourced or product delivery issues which would have had a material impact on our business, financial condition or results of operations.
Business · 第 187 页
To mitigate raw material price fluctuations, we regularly analyze market conditions, utilize digital tools for real-time price tracking, establish long-term supplier relationships and sign long-term contracts.
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate purchase amounts from our five largest suppliers of each year/period of the Track Record Period were RMB2,341.6 million, RMB910.9 million, RMB1,512.8 million and RMB1,783.2 million, representing 89.4%, 68.0%, 77.8% and 81.8% of our total purchase amount in the respective years/period.
Business · 第 208 页
The purchase amounts from our single largest supplier of each year/period of the Track Record Period were RMB939.5 million, RMB325.3 million, RMB511.5 million and RMB806.9 million in 2022, 2023, 2024, and the nine months ended September 30, 2025, representing 35.9%, 24.3%, 26.3% and 37.0% of our total purchase amount in the respective years/period.
Summary · 第 8 页
According to Frost & Sullivan, high supplier concentration is common and considered an industry norm for fabless IC design companies like us, given the specialized nature of high technical thresholds, massive capital investment, and complex supply chain coordination required for semiconductor manufacturing.
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.
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.