During the Track Record Period and up to the Latest Practicable Date, we had supplier concentration on Supplier H, who had been the supplier of drive-by-wire-controlled mining trucks for several of our projects.
Business · 第 310 页
We believe that we do not have material reliance on Supplier H given that we are confident that we would be able to switch to alternatives suppliers in the event that we cease collaboration with Supplier H, as our intelligent driving software and hardware are adaptable to different models of drive-by-wire mining trucks from various automotive OEMs, and we have engaged other automotive OEMs for similar projects in the past.
In 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers were HK$198.5 million, HK$236.1 million, HK$302.1 million and HK$155.4 million, respectively, accounting for 39.1%, 32.4%, 19.2% and 29.4% of our total purchases for the same periods, respectively.
Summary · 第 7 页
In order to minimize dependency on any single supplier and enhance platform resilience, we maintain supplier diversification in key areas such as cloud infrastructure, cybersecurity services and blockchain-related technologies.
Our top five suppliers for each year/period during the Track Record Period accounted for 68.6%, 44.3%, 46.0% and 51.0% of our total purchases for the respective year/period.
Business · 第 248 页
We believe we have sufficient alternative suppliers for our business that can provide us with substitutes of comparable quality and prices.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
供应商集中:最大供应商占采购52.6%
Purchases from our five largest suppliers in each year/period during the Track Record Period were RMB123.2 million, RMB108.6 million and RMB74.5 million, respectively, representing 48.0%, 52.2% and 63.3% of our total purchases for the same years/period, respectively.
Summary · 第 21 页
Purchases from our single largest supplier in each year/period during the Track Record Period were RMB72.9 million, RMB76.0 million and RMB61.9 million, respectively, representing 28.4%, 36.5% and 52.6% of our purchases for the same years/period, respectively.
Summary · 第 21 页
All of our five largest suppliers in each year/period during the Track Record Period were Independent Third Parties.
上海卓越睿新数码科技股份有限公司SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD.02687.HK
最大供应商为云服务商，采购占比最高达35.6%
In 2022, 2023, 2024 and the six months ended June 30, 2025, purchases from our top five suppliers in each year or period of the Track Record Period in aggregate accounted for 50.8%, 37.3%, 32.2% and 46.8% of our total purchases for the respective periods, and purchases from our largest supplier in each year or period of the Track Record Period accounted for 35.6%, 21.7%, 16.3% and 26.6% of our total purchases for the respective periods.
Summary · 第 8 页
Our top suppliers are primarily cloud services provider, video and audio hardware suppliers and information technology services providers.
Business · 第 188 页
We have standardized procedures for selecting and vetting suppliers.
During the Track Record Period, purchases from our five largest suppliers in each year/period amounted to RMB1,049.0 million, RMB854.9 million, RMB952.5 million and RMB931.2 million, respectively, representing 90.5%, 86.8%, 82.3% and 86.4% of our total purchases, respectively.
Business · 第 219 页
In 2022, 2023, 2024 and the six months ended June 30, 2025, our purchases from Supplier A were RMB464.6 million, RMB393.3 million, RMB299.4 million and RMB369.0 million, respectively, representing 40.1%, 39.9%, 25.8% and 34.4%, respectively, of our total purchases for the same periods.
Business · 第 222 页
According to Frost & Sullivan, it is in line with industry practice for chip design companies to rely on a limited number of foundry partners and chip testing and packaging suppliers to ensure consistently quality products and centralized management of manufacturing demands.
Purchases from our five largest suppliers in each year/period comprising the Track Record Period amounted to RMB236.7 million, RMB937.6 million, RMB409.1 million and RMB58.0 million in 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively, representing 84.5%, 88.7%, 86.9% and 74.7% of our total purchases for the respective years/period.
Summary · 第 9 页
We do not believe there is material supplier reliance risk, considering (i) we have maintained multiple suppliers to avoid overreliance on any of the existing suppliers and each of our materials were procured from multiple supplier; and (ii) we have invested efforts into diversifying our supplier base, and commenced epitaxial wafer production verification and tape-out with new suppliers in recent years.
Summary · 第 9 页
Besides, Frost & Sullivan has advised us that albeit only a few, there are around 35 suppliers who are able to provide products and services of similar quality and similar price in the market from which we can easily procure raw materials, which helps reduce the potential supplier concentration risks.
Among them, our purchases were primarily attributable to Supplier A, amounting to RMB149.7 million, RMB363.7 million and RMB239.9 million in 2022, 2023 and 2024, respectively, accounting for 53.4%, 34.4% and 51.0% of our total purchases in the respective years.
Business · 第 278 页
Our purchase of a substantial amount of SiC substrates from Supplier A, especially those in 2023, has adversely affected our cash flow utilization and inventory level in 2024.
Business · 第 279 页
We have secured domestically produced alternative in China, and we do not rely on such U.S.-originated raw material.
Purchases from our five largest suppliers in each year/period during the Track Record Period accounted for 28.7%, 30.1%, 30.5% and 33.1% of our total purchases for the respective year/period.
Business · 第 210 页
We typically have multiple suppliers for each of our main food ingredients to minimize any potential disruption in our operations, maintain sourcing stability, avoid over-reliance risk, and secure competitive prices from suppliers.
安徽金岩高岭土新材料股份有限公司ANHUI JINYAN KAOLIN NEW MATERIALS CO., LTD.02693.HK
前五大供应商采购占比约七成
Purchases from our top five suppliers for the years ended December 31, 2022, 2023, 2024 and for the five months ended May 31, 2025 amounted to RMB72.6 million, RMB68.9 million, RMB90.2 million and RMB43.9 million, representing 74.5%, 68.0%, 66.9% and 73.0% of our total purchases for the same periods, respectively.
Business · 第 224 页
We typically enter into annual agreements with the natural gas suppliers, five-year agreements with electricity suppliers as well as monthly or annual agreements with coal suppliers.
Business · 第 219 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material shortage of power or disruption in our utilities supply that caused a material adverse impact on our production.
河北海伟电子新材料科技股份有限公司Hebei Haiwei Electronic New Material Technology Co., Ltd.09609.HK
前五大供应商采购占比最高达90.4%
In 2022, 2023, 2024 and the five months ended May 31, 2025, purchases from our five largest suppliers in each year or period of the Track Record Period amounted to RMB195.9 million, RMB165.1 million, RMB290.7 million and RMB167.5 million, respectively, representing 90.4%, 78.6%, 89.9% and 74.4% of our total purchases for the respective years or periods, respectively.
Business · 第 197 页
Save as in 2022 when we procured polypropylene through our connected person, Haiwei Petrochemical Co., Ltd. (海偉石化有限公司, “Haiwei Petrochemical”), all of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · 第 197 页
To minimize potential interruptions to our raw material supply chain, especially electrical grade polypropylene, we have implemented measures including (i) monitoring raw material inventory based on our analysis of the demand and supply of products in the market; (ii) maintaining reasonable level of inventory of main raw materials, including procuring raw materials in advance in the event of price fluctuations; and (iii) maintaining long-term and stable partnership with major raw material suppliers, in particular the suppliers of electrical grade polypropylene.
Our top five suppliers in each year/period of the Track Record Period accounted for 53.6%, 64.5%, 68.0% and 69.8% of our total purchase amounts for the years ended December 31, 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively, and our largest supplier in each year/period of the Track Record Period accounted for 22.5%, 22.4%, 20.4% and 24.0% of our total purchase amounts for the years ended December 31, 2022, 2023 and 2024 and for the five months ended May 31, 2025, respectively.
Summary · 第 7 页
See “Risk Factors — Risks Relating to Our Business and Our Industry — Our purchase amounts were concentrated among a limited number of suppliers during the Track
Business · 第 212 页
We generally sign contracts with our suppliers, which generally may be terminated by one party by giving an average of 30 days of prior notice to the other party.
Purchases from our five largest suppliers in each year/period during the Track Record Period amounted to RMB4,349.1 million, RMB3,459.7 million, RMB3,928.4 million and RMB2,503.0 million, respectively, and accounted for 42.2%, 36.0%, 39.9% and 41.8% of our total purchases for the same respective periods.
Business · 第 252 页
Purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB1,259.7 million, RMB914.0 million, RMB1,069.1 million and RMB984.6 million, respectively, and accounted for 12.2%, 9.5%, 10.9% and 16.4% of our total purchases for the same respective periods.
Business · 第 252 页
We maintain long-term collaborative relationships with our suppliers and typically enter into annual framework procurement agreements for the purchase of raw materials to guarantee a stable supply.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
前五大供应商采购占比最高达36.6%
In 2022, 2023 and 2024 and the six months ended June 30, 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB14,662.7 million, RMB13,734.0 million, RMB10,454.1 million and RMB5,116.3 million, respectively, accounting for 36.5%, 36.6%, 24.9% and 25.7% of our total purchases in the respective periods.
Business · 第 207 页
As of June 30, 2025, we achieved a nickel primary smelting capacity of 165,000 metal tons, sufficient to meet all the nickel-based raw material needs for our new energy battery materials and new energy metal products production for the six months ended June 30, 2025.
Business · 第 206 页
Given our continuous efforts to expand our production capacity in the upstream and midstream resources, we expect the continuous increase in the self-supply rate of our key raw materials for new energy materials in the foreseeable future.
Purchases from our five largest suppliers in each period during the Track Record Period were RMB111.5 million, RMB165.2 million, RMB217.2 million and RMB228.8 million in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, representing 16.2%, 16.8%, 15.8% and 24.4% of our total purchases for the corresponding periods.
Summary · 第 12 页
To the best of our knowledge, (i) all of our five largest suppliers for each year/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 year/period during the Track Record Period.
The purchases attributable to our five largest suppliers for each year/period during the Track Record Period were RMB261.1 million, RMB210.1 million, RMB246.1 million (US$34.4 million) and RMB258.2 million (US$36.0 million) for 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, representing 41.4%, 40.4%, 37.2% and 34.5% of our total purchase for the corresponding year/period.
Business · 第 330 页
However, some of the key components used to manufacture our L4 autonomous driving vehicles were from limited sources of supply, we may therefore be subject to the risk of shortages and long lead times in the supply of these components and the risk that our suppliers discontinue or modify components used in our vehicles.
Business · 第 336 页
Besides, we have been maintaining an alternative list of competitive suppliers capable of providing comparable key components and raw materials, to mitigate risks associated with capacity constraints and other supply chain challenges such as intensified international trade tensions.
In 2023, 2024 and the four months ended April 30, 2025, our purchases from our five largest suppliers in each year/period during the Track Record Period in aggregate accounted for 36.5%, 15.3% and 11.7% of our total purchases in the respective year/period, respectively, and purchases from our largest supplier alone in each year/period during the Track Record Period accounted for 16.5%, 7.8% and 4.7% of our total purchases in each respective year/period, respectively.
Business · 第 389 页
In addition, we believe that we have adequate alternative sources for such suppliers, and we have developed alternative sourcing strategies to decrease our reliance on existing suppliers.
In each of 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate purchase amounts from our five largest suppliers in each year/period during the Track Record Period were US$16.2 million, US$21.0 million, US$29.6 million and US$16.7 million, representing 25.0%, 32.8%, 31.6% and 24.5% of our total purchase amount, respectively.
Business · 第 381 页
The purchase amounts from our largest supplier in each year/period during the Track Record Period were US$5.1 million, US$6.0 million, US$8.7 million and US$5.9 million, representing 7.9%, 9.4%, 9.3% and 8.6% of our total purchase amount, respectively.
Business · 第 381 页
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 and 2024 and for the six months ended June 30, 2025, the aggregate purchases from our top five suppliers in each year/period during the Track Record Period amounted to RMB13.9 billion, RMB15.4 billion, RMB72.2 billion and RMB35.2 billion, which accounted for 34.7%, 36.9%, 51.9% and 57.9% of our total purchases for the respective years/periods.
Summary · 第 9 页
For the same periods, purchases from our largest supplier in each year/period during the Track Record Period amounted to RMB5.8 billion, RMB7.2 billion, RMB42.0 billion and RMB20.0 billion, which accounted for 14.5%, 17.4%, 30.2% and 33.0% of our total purchases for the respective years/periods.
Business · 第 230 页
To mitigate supply chain risks, we have established stable relationships with multiple suppliers, and are able to source our key raw materials and components through multiple high-quality suppliers selected through our standardized evaluation system, taking into account factors such as the supplier’s product quality, technical strength, corporate reputation and other such commercial and technical factors.
Purchases from our five largest suppliers in each period during the Track Record Period amounted to RMB134.0 million, RMB92.6 million, RMB73.8 million, RMB42.0 million and RMB34.1 million, respectively, representing approximately 20.5%, 15.6%, 13.9%, 16.5% and 13.3% of our total purchases in the same periods, respectively.
Summary · 第 11 页
Purchases from our largest supplier accounted for 10.1%, 4.7% and 5.5% of our total purchases in 2022, 2023 and 2024, respectively.
Business · 第 319 页
This approach allows us to focus on our core business activities while leveraging the expertise and efficiency of specialized service providers.