Purchases from our five largest suppliers of each year/period of the Track Record Period amounted to RMB4,090.6 million, RMB3,081.9 million, RMB3,696.9 million and RMB2,007.8 million in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, accounting for 73.4%, 71.0%, 70.2% and 68.9% of our total purchases in the respective years/period.
Business · 第 218 页
As an IC design house adopting the fabless business model, we rely on third-party foundries for wafer fabrication and OSAT partners for testing and packaging.
Financial Information · 第 250 页
Except for Suppliers C and F as disclosed below, 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 of any year/period of the Track Record Period that is required to be disclosed under the Listing Rules.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, purchases from our five largest suppliers in each year/period during the Track Record Period amounted to US$4.5 million, US$49.8 million, US$149.0 million and US$143.6 million, representing 63.9%, 63.0%, 57.3% and 62.5% of our total purchases for the respective periods.
Summary · 第 12 页
Our procurement strategy emphasizes supplier diversification, competitive bidding, and the establishment of stable, long-term contractual arrangements, thereby ensuring business continuity and the quality of our technical infrastructure.
In 2022, 2023, 2024 and the six months ended June 30, 2025, our top five suppliers in each year/period contributed to 58.0%, 61.0%, 61.8% and 62.4% of our total purchases, respectively.
Summary · 第 6 页
We believe we have sufficient alternative suppliers that can provide us with substitutes of comparable quality and prices.
Business · 第 239 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any disruption to our business as a result of any significant shortage or delay in supply of the products we sourced from our suppliers.
Purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB28.3 million, RMB57.1 million, RMB296.7 million and RMB269.2 million, accounting for 6.1%, 10.5%, 21.2% and 36.3% of our cost of sales during the respective year/period.
Summary · 第 6 页
While we benefit from a concentrated supplier portfolio, we believe we are not reliant on any single or any group of suppliers, and we may engage alternative supplier as needed without significant difficulties.
Business · 第 194 页
The composition of our five largest suppliers during the Track Record Period underwent significant changes.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
五大供应商采购占比最高达52.9%
For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, our purchases from our five largest suppliers in each year/period amounted to RMB64.6 million, RMB45.4 million and RMB17.2 million, accounting for 52.9%, 45.4% and 42.0% of our total purchases for the same year/period, respectively, and our purchases from our largest supplier for each year/period amounted to RMB35.3 million, RMB20.2 million and RMB4.7 million, accounting for 28.9%, 20.2% and 11.5% of our total purchases for the same year/period, respectively.
Business · 第 354 页
Nevertheless, we believe that adequate alternative sources for such supplies exist.
Business · 第 354 页
To the best of our knowledge, 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 in each year/period during the Track Record Period.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
五大供应商采购占比约五成
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers accounted for 54.5%, 53.6%, 47.3% and 50.2% of our total purchases, respectively. In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our largest supplier accounted for 33.1%, 16.4%, 15.6% and 13.4% of our total purchases, respectively.
Business · 第 207 页
We have established a set of internal measures on selection of suppliers.
Business · 第 207 页
During the Track Record Period, we had not experienced 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.
Purchases from our largest supplier in each of 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 12.5%, 21.6%, 18.1% and 53.1% of our total purchases for the respective year/period, while that of our top five suppliers accounted for 58.2%, 56.2%, 44.6% and 67.2% of our total purchases for the respective year/period.
Summary · 第 5 页
The increase in purchases from Supplier A during this period was primarily to meet anticipated substantial growth in customer demand in the second half of the year, while ensuring buffer inventory.
Business · 第 217 页
During the Track Record Period, we did not rely on any single supplier for our critical materials, services, technologies or intellectual property.
During the Track Record Period, the aggregate purchases from our top five suppliers in each year/period amounted to RMB361.0 million, RMB286.3 million, RMB298.8 million and RMB566.2 million, which accounted for 56.1%, 56.4%, 58.9% and 64.1% of our total purchases, respectively.
Summary · 第 8 页
To manage our supply chain, we will focus on deepening our relationships with key supplier partners to secure future supply of raw materials and manufacturing capacity, and expanding our supplier base to avoid concentration and over-reliance on suppliers.
Financial Information · 第 353 页
We also proactively assess changes in market conditions and pre-store strategic raw materials in anticipation of potential supply shortage.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, the purchase amounts payable to the largest supplier for each during the Track Record Period amounted to approximately 8.8%, 8.1%, 12.5% and 17.4% of our total purchase amounts for the respective year/period, while the purchase amounts attributable to the five largest suppliers in aggregate for each of the same years/period amounted to approximately 26.0%, 25.6%, 31.0% and 35.0% of our total purchase amounts for the respective period.
Business · 第 254 页
If any of our suppliers are unable to supply due to certain reasons, we may approach alternative suppliers to provide the required products.
For the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate purchases from our top five suppliers in each year/period amounted to RMB68.6 million, RMB71.7 million, RMB106.0 million and RMB66.6 million, accounting for 34.7%, 20.5%, 22.0% and 36.1% of our total purchases in each corresponding period during the Track Record Period, respectively.
Summary · 第 3 页
We believe we do not have any material impediment to switch our third-party service providers as we have adequate alternative sources for such services, which are commonly accessible in the market.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
前五大供应商采购占比约37%至50%
In 2022, 2023, 2024 and the six months ended June 30, 2025, our five largest suppliers in aggregate accounted for 49.5%, 43.0%, 48.3% and 37.4%, respectively, of our total purchases in each year/period during the Track Record Period.
Business · 第 317 页
Our largest supplier in each year/period during the Track Record Period accounted for 24.0%, 17.2%, 16.9% and 15.1%, respectively, of our total purchases (including value-added tax).
Business · 第 317 页
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
前五大供应商采购占比最高达71.5%
Purchases from our five largest suppliers for each of the respective year/period in each of 2022, 2023 and 2024 and for the six months ended June 30, 2025 amounted to RMB46.5 million, RMB10.7 million, RMB34.4 million and RMB17.2 million, respectively, representing 63.9%, 41.9% and 32.7% and 71.5% of our total purchases in the same periods, respectively.
Summary · 第 4 页
Our purchases from our five largest suppliers of respective year/period in 2022 was relatively higher than in 2023 and 2024 primarily due to the significant procurement amount from Supplier A which accounted for approximately 43.4% of our total purchases in 2022.
Business · 第 243 页
To the best knowledge of our Directors, each of our five largest suppliers for each year/period during the Track Record Period is an Independent Third Party.
上海林清轩化妆品集团股份有限公司SHANGHAI FOREST CABIN COSMETICS GROUP CO., LTD.02657.HK
山茶花原料依赖独家供应种植基地
In particular, to secure a stable, high-quality supply of camellia flowers, we have entered into long-term supply agreements with nine camellia planting bases across Zhejiang and Jiangxi provinces as of the Latest Practicable Date, which collectively covered an area of over 20,000 mu (approximately 3,295 acres), including exclusive supply agreements with four camellia planting bases in Songyang, Dexing, Jizhai and Jinyun.
Business · 第 220 页
Among all nine long-term supply agreements which we have entered into with camellia planting bases as of the Latest Practicable Date, four contained exclusivity provisions, where the planting bases commit to supplying camellia flowers solely to us within the skincare industry based on agreed price over the duration of the contract.
Business · 第 221 页
Our Directors confirm that, during the Track Record Period and up to the Latest Practicable Date, there were no material fluctuations in the purchase price of camellia flowers from these camellia planting bases.
Purchase amount from our five largest suppliers in each year or period of the Track Record Period, which were mainly suppliers of hardware related components and equipment or software systems and modules, as well as data related service providers, amounted to RMB151.9 million, RMB142.1 million, RMB134.3 million, and RMB132.1 million, respectively, representing 60.9%, 70.9%, 50.8%, and 83.5% of our total purchase amount for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively;
Summary · 第 16 页
As the hardware components and software systems we procure are generally standardized hardware and softwares, and the relevant third-party services we outsource are typically non-core, non-sophisticated and labor intensive services, we believe there are ample alternative sources of hardware and software and relevant third-party services in the market for us to select and procure at comparable prices and it is unlikely for us to rely on any single supplier for any specific supply of products or services without a reasonable substitute.
Business · 第 306 页
To allow more flexibility for our procurement and to in part mitigate risks arising from any concentration of suppliers, we generally keep at least two to three suppliers on the approved supplier list for our simultaneous consideration and selection with respect to each type of product or service we purchase.
Purchase from our top five suppliers accounted for 42.0%, 36.1%, 70.1% and 77.4% of our total purchases in each year/period during the Track Record Period, respectively, and purchase from our largest supplier accounted for 11.3%, 9.9%, 41.1% and 37.7% of our total purchases in the same periods, respectively.
Business · 第 194 页
The reasons for the substantial increase in purchases from Supplier H is because our revenues of market education services and digital medical research assistance increase significantly in 2024, and we paid the expenses of such services through Supplier H to medical professors or doctors that provide relevant scientific content and research support.
Business · 第 196 页
All of our top five suppliers in each year/ period during the Track Record Period are independent third parties.
For the years ended December 31, 2023 and 2024 and the eight months ended August 31, 2025, the aggregate purchases attributable to our five largest suppliers amounted to approximately RMB16.3 million, RMB28.6 million and RMB23.3 million, respectively, representing approximately 51.8%, 37.4% and 45.5% of our total purchases, respectively.
Summary · 第 17 页
We believe that adequate alternative sources for such supplies exist and we will establish necessary relationships with alternative sources based on supply continuity risk assessment.
Our five largest suppliers in each year/period during the Track Record Period together accounted for 39.4%, 47.6%, 45.0% and 47.7% of our total purchases, in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, and our single largest supplier in each year/period during the Track Record Period accounted for 17.1%, 20.1%, 19.0% and 21.4% of our total purchases during the same years/periods, respectively.
Business · 第 216 页
Our five largest suppliers in each year during the Track Record Period were Independent Third Parties.
Business · 第 221 页
To sufficiently guarantee the stability in price and supply of our various kinds of procured medical materials, in addition to one major supplier of a certain procured item, we generally have two to three back-up suppliers so that to resort to alternative channels should we suffer interruptions in supply from our major supplier.
In 2023, 2024 and the nine months ended September 30, 2025, our purchases from our five largest suppliers in each period during the Track Record Period in the aggregate accounted for 50.4%, 39.0% and 35.7% of our total purchases in the respective periods, respectively, while purchases from our largest supplier in each period accounted for 17.3%, 17.9% and 11.0% of our total purchases in the respective periods, respectively.
Business · 第 389 页
All of our five largest suppliers in each period during the Track Record Period were Independent Third Parties, and as of the Latest Practicable Date, none of our Directors, their respective associates or any Shareholder who, to the knowledge of our Directors, owned more than 5% of our issued share capital, had any interest in any of our five largest suppliers in each period during the Track Record Period.
Business · 第 392 页
In addition, we believe that adequate alternative sources for such supplies exist, and we have developed alternative sourcing strategies for these supplies.
For the years ended 31 December 2022, 2023, 2024 and the seven months ended 31 July 2025, purchases from our top five suppliers in each year/period accounted for approximately 73.4%, 69.8%, 73.2% and 55.0% of our total purchases for the relevant year.
Summary · 第 8 页
Our largest supplier in each year/period accounted for approximately 22.8%, 30.6%, 30.1% and 22.0% of our total purchases.
Business · 第 209 页
Our Directors believe, and the Joint Sponsors concur, that the concentration of suppliers during the Track Record Period will not result in a material adverse impact on our business operations.
Charges from our five largest suppliers of each of the year/period during the Track Record Period for our key business operations for the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 35.6%, 47.9%, 59.2% and 84.1%, respectively, of our total purchase amount during those periods.
Summary · 第 12 页
Given (i) the project-based nature of our business, (ii) the high average order value for the corresponding intelligent driving projects, which resulted in a significant proportion of our annual purchase amount being attributed to certain major projects, and (iii) our practice of engaging the same suppliers for the same project to maintain consistency in the quality of our products and solutions, as they are selected based on the specific needs of each project, our supplier concentration increased during the Track Record Period, with a substantial portion of our purchase amount attributed to our largest suppliers of each of the year/period during the Track Record Period.