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.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
最大供应商采购占比最高达43.6%
The purchase from our largest supplier amounted to approximately RMB46.2 million, RMB245.2 million and RMB270.1 million, representing approximately 9.4%, 43.6% and 42.6% of our total purchase amount for the respective year.
Summary · 第 2 页
Our Directors believe that supplier concentration is not uncommon for the power engineering industry, and our business model remains sustainable despite such concentration, as confirmed by Frost & Sullivan.
Business · 第 139 页
To mitigate concentration risks, we maintain a list of alternative suppliers with similar levels of experience and track record to provide the equipment, materials, and construction services as currently supplied by our major suppliers, with certain variations in prices and specifications to achieve similar functions under reasonable commercial terms.
During the Track Record Period, we experienced certain constraints in the supply of materials for our functional film products.
Business · 第 159 页
To address potential supply bottlenecks and reduce our reliance on external suppliers, we have implemented an approach to progressively internalize the development and production of core materials for our functional film business.
Business · 第 159 页
In the meantime, we have continued to expand our list of qualified alternative suppliers and to optimize and automate our production processes to enhance capacity utilization and improve the overall operating efficiency of our functional film business.
We typically procure hog plum directly from local farmers who collect hog plums from the ground in uncultivated mountain areas and we typically do not establish formal contractual agreements with them.
Business · 第 132 页
(ii) the fact that the collection of hog plum is part of Chongyi County’s initiatives to increase farmers’ income and develop the local hog plum-related industry; and (iii) according to CIC, the presence of approximately 20,000 active local farmers in the region, we believe that there are sufficient sources and therefore a stable supply of hog plums despite absence of any written collaboration arrangement with local farmers.
Business · 第 132 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any disruptions in the supply of raw materials.
We rely on designated suppliers for critical ingredients such as whey powder, milk powder and functional additives, and any disruption caused by geopolitical tensions, trade disputes, logistics bottlenecks or quality issues could materially affect production and delivery.
Financial Information · 第 175 页
In addition, our logistics team, in collaboration with our R&D, quality and production teams, is working to expand the number of suppliers to reduce our reliance on any single source and to strengthen our bargaining position.
Business · 第 148 页
Furthermore, to ensure stable supply and timely production, we maintain sufficient stock and enter into annual framework agreements with our key suppliers.
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:
Purchases from our five largest suppliers accounted for 11.0%, 10.0%, 10.6% and 12.1% of our total cost of revenue, for the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, respectively. Our largest supplier accounted for 6.5%, 6.7%, 7.6% and 8.8% of our total cost of revenue for the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, respectively.
Business · 第 167 页
Alibaba Group was our top supplier in each period of the Track Record Period. Please see "Risk Factors — Our ride-hailing services business depends on our collaboration with a limited number of aggregation platforms". Alibaba Group will become our connected person as defined under the Listing Rules.
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.
During the Track Record Period, purchases from our five largest suppliers in each year amounted to RMB253.8 million, RMB456.4 million, and RMB532.2 million, respectively, representing 37.3%, 42.5%, and 35.6% of our total purchases, respectively.
Business · 第 148 页
In addition, during the Track Record Period, purchases from our largest supplier in each year accounted for 11.9%, 16.8%, and 16.9% of our total purchases in the same years, respectively.
Business · 第 148 页
We continuously evaluate and adjust our supplier mix to diversify sourcing channels and reduce dependence on individual suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB690.1 million, RMB761.9 million, and RMB1,174.9 million, respectively, representing 90.2%, 78.4% and 78.9% of our total purchases, respectively.
Business · 第 147 页
During the Track Record Period, our purchases from E Ink Holdings were RMB379.0 million, RMB478.1 million and RMB783.9 million, respectively, representing 49.5%, 49.2% and 52.7%, respectively, of our total purchases for the same periods.
Business · 第 151 页
During the Track Record Period and up to the Latest Practicable Date, we sourced all e-ink films directly or indirectly from E Ink Holdings.
In each of 2023, 2024, and 2025, the aggregate purchase amounts from our five largest suppliers in each year during the Track Record Period were RMB253.4 million, RMB382.1 million and RMB596.8 million, representing 33.6%, 37.2% and 40.4% of our total purchase amount, respectively.
Business · 第 191 页
During the Track Record Period, we have not experienced any significant fluctuation in prices set by our suppliers or material breach of contract on the part of our suppliers.
Business · 第 194 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest suppliers during the Track Record Period were Independent Third Parties.
The purchases from our five largest suppliers in each year during the Track Record Period accounted for 43.3%, 68.7% and 73.7% of our total purchase amount for 2023, 2024 and 2025, respectively.
Summary · 第 2 页
To achieve cost efficiency, procurement was concentrated with a single supplier (i.e. Supplier J), who accounted for 17.6% of total purchase for 2025.
Business · 第 184 页
To mitigate supplier concentration risk, we continue to maintain stable and long-term relationships with high-performing key suppliers, while also actively identifying and developing additional suppliers that meet our technical, quality, and commercial requirements.
Purchases from our five largest suppliers amounted to RMB383.5 million, RMB834.5 million and RMB1,085.7 million during each year of the Track Record Period, representing 62.7%, 54.3% and 60.0% of our total purchases, respectively.
Summary · 第 3 页
The purchase amounts from our single largest supplier in the same periods were RMB260.5 million, RMB443.8 million, and RMB604.0 million, representing 42.6%, 28.9%, and 33.4% of our total purchase amount, respectively.
Business · 第 161 页
To mitigate risk and enhance flexibility, we actively manage supplier concentration and lead the design of key system components, standardizing interfaces and protocols from 2021 to 2024 to reduce customization needs.
Purchases from our largest supplier in each year during the Track Record Period accounted for 20.2%, 26.5% and 21.0%, respectively, of our total purchase amount during those periods.
Business · 第 176 页
Purchases from our five largest suppliers in each year during the Track Record Period accounted for 52.4%, 43.9% and 38.2% of our total purchases in the respective years.
Business · 第 176 页
To ensure competitive sourcing, we generally maintain a policy of having at least two suppliers for each raw material.
For each year during the Tract Record Period, purchases from our five largest suppliers amounted to RMB1,972.9 million, RMB2,100.8 million and RMB1,849.8 million, representing 77.7%, 76.5% and 74.2% of our total purchase amounts, respectively.
Summary · 第 4 页
Purchase amounts from our largest supplier in each year during the Track Record Period were RMB1,650.0 million, RMB1,772.0 million and RMB1,597.4 million, respectively, accounting for 65.0%, 64.6% and 64.0% of our total purchase amounts, respectively.
Business · 第 118 页
We have secured exclusive distributorship rights with multiple entities of Ruili Auto Parts Supplier Group, representing a mutually cooperative relationship rather than one-sided reliance from our side.