上海摯達科技發展股份有限公司
Shanghai Zhida Technology Development Co., Ltd.

(A joint stock company incorporated in the People's Republic of China with limited liability)
Stock Code: 2650

GLOBAL
OFFERING

Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager

珈馨沱澗香港
SWHYHK

IMPORTANT

IMPORTANT: If you are in any doubt about any of the contents of this Prospectus, you should obtain professional independent advice.

Shanghai Zhida Technology Development Co., Ltd.

上海鼕達科技發展股份有限公司

(A joint stock company incorporated in the People's Republic of China with limited liability)

GLOBAL OFFERING

Number of Offer Shares under the Global Offering : 5,978,900 H Shares (subject to the Over-allotment Option)

Number of Hong Kong Offer Shares : 597,900 H Shares (subject to reallocation)

Number of International Offer Shares : 5,381,000 H Shares (subject to reallocation and the Over-allotment Option)

Maximum Offer Price : HK$83.63 per H Share, plus brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565% (payable in full on application in Hong Kong dollars and subject to refund)

Nominal value : RMB1.00 per Share

Stock code : 2650

Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager

Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus.

A copy of this Prospectus, having attached thereto the documents specified in the section headed "Documents Delivered to the Registrar of Companies in Hong Kong and Available on Display" in Appendix V, has been registered by the Registrar of Companies in Hong Kong as required by Section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Chapter 32 of the Laws of Hong Kong. The Securities and Futures Commission of Hong Kong and the Registrar of Companies in Hong Kong take no responsibility as to the contents of this Prospectus or any other documents referred to above.

The Offer Price is expected to be determined by agreement between the Overall Coordinators (for themselves and on behalf of the Underwriters) and the Company on the Price Determination Date. The Price Determination Date is expected to be on or before Wednesday, October 8, 2025 (Hong Kong time) and, in any event, not later than 12:00 noon on Wednesday, October 8, 2025 (Hong Kong time). The Offer Price will not be more than HK$83.63 per Offer Share and is currently expected to be not less than HK$66.92 per Offer Share. If, for any reason, the Offer Price is not agreed by 12:00 noon on Wednesday, October 8, 2025 (Hong Kong time) between the Overall Coordinators (for themselves and on behalf of the Underwriters) and us, the Global Offering will not proceed and will lapse.

The Overall Coordinators (on behalf of the Underwriters) may, with the consent of our Company, reduce the number of Hong Kong Offer Shares and/or the indicative Offer Price range below that stated in this Prospectus (which is HK$66.92 to HK$83.63 per Offer Share) at any time on or prior to the morning of the last day for lodging applications under the Hong Kong Public Offering. In such case, an announcement will be published on the websites of the Stock Exchange at www.hkexnews.hk and on the website of our Company at www.shzhida.com, and the offer will be cancelled and retouched at the revised number of Offer Shares and/or the revised Offer Price range and with the requirements under Rule 11.13 of the Listing Rules (which include the issue of a supplemental or a new prospectus (as appropriate)), as soon as practicable following the decision to make such reduction, and in any event not later than the morning of the day which is the last day for lodging applications under the Hong Kong Public Offering. Further details are set out in the section headed "Structure of the Global Offering" and "How to Apply for Hong Kong Offer Shares".

The obligations of the Hong Kong Underwriters (under the Hong Kong Underwriting Agreement) are subject to termination by the Sole Sponsor and the Overall Coordinators (on behalf of the Underwriters) if certain events occur prior to 8:00 a.m. on the Listing Date. Please refer to the section headed "Underwriting".

The Offer Shares have not been and will not be registered under the U.S. Securities Act or any state securities law in the United States and may not be offered, sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S), except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act. The Offer Shares may be offered, sold or delivered only outside the United States in offshore transactions in reliance on Regulation S.

ATTENTION

We have adopted a fully electronic application process for the Hong Kong Public Offering. We will not provide printed copies of this Prospectus to the public in relation to the Hong Kong Public Offering.

This Prospectus is available at the websites of the Stock Exchange (www.hkexnews.hk) and our Company (www.shzhida.com). If you require a printed copy of this Prospectus, you may download and print from the website addresses above.

September 30, 2025

IMPORTANT

IMPORTANT NOTICE TO INVESTORS:

FULLY ELECTRONIC APPLICATION PROCESS

This Prospectus is available at the website of the Stock Exchange at www.hkexnews.hk under the “HKEXnews > New Listings > New Listing Information” section, and our website at www.shzhida.com. If you require a printed copy of this Prospectus, you may download and print from the website addresses above.

To apply for the Hong Kong Offer Shares, you may:

(1) apply online via the White Form eIPO service at www.eipo.com.hk; or
(2) apply through the HKSCC EIPO channel by instructing your broker or custodian who is a HKSCC Participant to apply on your behalf through HKSCC’s FINI system.

We will not provide any physical channels to accept any application for the Hong Kong Offer Shares by the public. The contents of the electronic version of this Prospectus are identical to the printed Prospectus as registered with the Registrar of Companies in Hong Kong pursuant to Section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance.

If you are an intermediary, broker or agent, please remind your customers, clients or principals, as applicable, that this Prospectus is available online at the website addresses above.

Please refer to “How to Apply for Hong Kong Offer Shares” for further details on the procedures through which you can apply for the Hong Kong Offer Shares electronically.

IMPORTANT

Your application through the White Form eIPO service or the HKSCC EIPO channel must be for a minimum of 50 Hong Kong Offer Shares and in one of the numbers set out in the table.

If you are applying through the White Form eIPO service, you may refer to the table below for the amount payable for the number of Shares you have selected. You must pay the respective amount payable on application in full upon application for Hong Kong Offer Shares.

If you are applying through the HKSCC EIPO channel, your broker or custodian may require you to pre-fund your application in such amount as determined by the broker or custodian, based on the applicable laws and regulations in Hong Kong. You are responsible for complying with any such pre-funding requirement imposed by your broker or custodian with respect to the Hong Kong Offer Shares you applied for.

Shanghai Zhida Technology Development Co., Ltd.
(HK$83.63 per Hong Kong Offer Share)
NUMBER OF HONG KONG OFFER SHARES THAT MAY BE
APPLIED FOR AND PAYMENTS

No. of Hong Kong Offer Shares applied for	Amount payable(2) on application	No. of Hong Kong Offer Shares applied for	Amount payable(2) on application	No. of Hong Kong Offer Shares applied for	Amount payable(2) on application	No. of Hong Kong Offer Shares applied for	Amount payable(2) on application
	HK$		HK$		HK$		HK$
50	4,223.68	700	59,131.39	5,000	422,367.05	40,000	3,378,936.34
100	8,447.34	800	67,578.73	6,000	506,840.45	45,000	3,801,303.39
150	12,671.02	900	76,026.06	7,000	591,313.87	50,000	4,223,670.42
200	16,894.69	1,000	84,473.42	8,000	675,787.26	60,000	5,068,404.52
250	21,118.35	1,500	126,710.12	9,000	760,260.68	70,000	5,913,138.60
300	25,342.03	2,000	168,946.82	10,000	844,734.08	80,000	6,757,872.69
350	29,565.69	2,500	211,183.52	15,000	1,267,101.13	90,000	7,602,606.77
400	33,789.36	3,000	253,420.23	20,000	1,689,468.17	100,000	8,447,340.85
450	38,013.05	3,500	295,656.93	25,000	2,111,835.22	150,000	12,671,011.28
500	42,236.70	4,000	337,893.63	30,000	2,534,202.25	200,000	16,894,681.71
600	50,684.05	4,500	380,130.33	35,000	2,956,569.30	298,950(1)	25,253,325.49

Notes:
(1) Maximum number of Hong Kong Offer Shares you may apply for.
(2) The amount payable is inclusive of brokerage, SFC transaction levy, the Stock Exchange trading fee and AFRC transaction levy. If your application is successful, brokerage will be paid to the Exchange Participants (as defined in the Listing Rules) and SFC transaction levy, Stock Exchange trading fee and AFRC transaction levy are paid to the Stock Exchange (in the case of SFC transaction levy and in the case of AFRC transaction levy, collected by the Stock Exchange on behalf of the SFC and the AFRC respectively).

No application for any other number of the Hong Kong Offer Shares will be considered and any such application is liable to be rejected.

EXPECTED TIMETABLE

If there is any change in the following expected timetable⁽¹⁾ of the Hong Kong Public Offering, we will issue an announcement in Hong Kong to be published on our Company's website at www.shzhida.com and the website of the Stock Exchange at www.hkexnews.hk.

Hong Kong Public Offering commences 9:00 a.m. on Tuesday, September 30, 2025

Latest time for completing electronic applications under the White Form eIPO service through the designated website at www.eipo.com.hk 11:30 a.m. on Monday, October 6, 2025

Application lists open⁽³⁾ 11:45 a.m. on Monday, October 6, 2025

Latest time for completing payment of White Form eIPO applications by effecting internet banking transfer(s) or PPS payment transfer(s) and giving electronic application instructions to HKSCC⁽⁴⁾ 12:00 noon on Monday, October 6, 2025

If you are instructing your broker or custodian who is a HKSCC Participant to give electronic application instructions via FINI in accordance with your instruction to apply for the Hong Kong Offer Shares, you are advised to contact your broker or custodian for the latest time for giving such instructions which may be different from the latest time as stated above.

Application lists close⁽³⁾ 12:00 noon on Monday, October 6, 2025

Expected Price Determination Date⁽⁵⁾ by 12:00 noon on Wednesday, October 8, 2025

Announcement of the final Offer Price, the level of indications of interest in the International Offering, the level of applications in the Hong Kong Public Offering and the basis of allocation of the Hong Kong Offer Shares to be published on the website of the Stock Exchange at www.hkexnews.hk and on the website of our Company at www.shzhida.com⁽⁶⁾ no later than 11:00 p.m. on Thursday, October 9, 2025

EXPECTED TIMETABLE

The results of allocations in the Hong Kong Public Offering (with successful applicants' identification document numbers, where appropriate) to be available through a variety of channels, including:

in the announcement to be posted on the website of the Stock Exchange at www.hkexnews.hk and on the website of our Company at www.shzhida.com^(6) . . . . . . no later than 11:00 p.m. on Thursday, October 9, 2025
from the designated results of allocations website at www.iporesults.com.hk (alternatively: www.eipo.com.hk/eIPOAllotment) with a “search by ID” function from .11:00 p.m. on Thursday, October 9, 2025 to 12:00 midnight on Wednesday, October 15, 2025
from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00 a.m. and 6:00 p.m. on Friday, October 10, 2025, Monday, October 13, 2025, Tuesday, October 14, 2025 and Wednesday, October 15, 2025

H Share certificates in respect of wholly or partially successful applications to be dispatched or deposited into CCASS on or before^(7)(9) .Thursday, October 9, 2025

White Form e-Refund payment instructions/refund checks in respect of wholly or partially successful applications (if applicable) or unsuccessful applications to be dispatched/collected on or before^(8)(9) .Friday, October 10, 2025

Dealings in the H Shares on the Stock Exchange expected to commence at 9:00 a.m. on Friday, October 10, 2025

Notes:

(1) All dates and times refer to Hong Kong local dates and time, except as otherwise stated.

(2) You will not be permitted to submit your application under the White Form eIPO service through the designated website at www.eipo.com.hk after 11:30 a.m. on the last day for submitting applications. If you have already submitted your application and obtained an application reference number from the designated website prior to 11:30 a.m., you will be permitted to continue the application process (by completing payment of the application monies) until 12:00 noon on the last day for submitting applications, when the application lists close.

(3) If there is/are a tropical cyclone warning signal number 8 or above, a black rainstorm warning and/or Extreme Conditions in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Monday, October 6, 2025, the application lists will not open or close on that day. For further details, please see the section headed “How to Apply for Hong Kong Offer Shares — E. Severe Weather Arrangements” in this prospectus.

EXPECTED TIMETABLE

(4) Applicants who apply for Hong Kong Offer Shares by instructing your broker or custodian to give electronic application instructions to HKSCC via HKSCC EIPO channel should refer to the section headed “How to Apply for Hong Kong Offer Shares — A. Application for Hong Kong Offer Shares” in this prospectus.

(5) The Price Determination Date is expected to be on or before Wednesday, October 8, 2025. If, for any reason, the Offer Price is not agreed between the Overall Coordinators (for themselves and on behalf of the Underwriters) and us on or before 12:00 noon on Wednesday, October 8, 2025 the Global Offering will not proceed and will lapse.

(6) None of the websites or any of the information contained on the websites forms part of this prospectus.

(7) H Share certificates will only become valid evidence of title at 8:00 a.m. on the Listing Date provided that the Global Offering has become unconditional and the right of termination described in the section headed “Underwriting — Underwriting Arrangements and Expenses — Hong Kong Public Offering — Grounds for Termination” in this prospectus has not been exercised. Investors who trade H Shares on the basis of publicly available allocation details prior to the receipt of H Share certificates or prior to the H Share certificates becoming valid evidence of title do so entirely at their own risk.

(8) White Form e-Refund payment instructions/refund checks will be issued in respect of wholly or partially unsuccessful applications pursuant to the Hong Kong Public Offering and also in respect of wholly or partially successful applications in the event that the final Offer Price is less than the price payable per Offer Share on application. Part of the applicant’s identification document number, or, if the application is made by joint applicants, part of the identification document number of the first-named applicant, provided by the applicant(s) may be printed on the refund check, if any. Such data would also be transferred to a third party for refund purposes. Banks may require verification of an applicant’s identification document number before encashment of the refund check. Inaccurate completion of an applicant’s identification document number may invalidate or delay encashment of the refund check.

(9) Applicants being individuals who is eligible for personal collection may not authorize any other person to collect on their behalf. Applicants being corporations which is eligible for personal collection must attend through their authorized representatives bearing letters of authorization from their corporation stamped with the corporation’s chop. Both individuals and authorized representatives of corporations must produce evidence of identity acceptable to our H Share Registrar at the time of collection.

Applicants who have applied for Hong Kong Offer Shares through the HKSCC EIPO channel should refer to “How to Apply for Hong Kong Offer Shares — D. Dispatch/Collection of H Share Certificates and Refund of Application Monies” for details.

Applicants who have applied through the White Form eIPO service and paid their applications monies through single bank accounts may have refund monies (if any) dispatched to the bank account in the form of White Form e-Refund payment instructions. Applicants who have applied through the White Form eIPO service and paid their application monies through multiple bank accounts may have refund monies (if any) dispatched to the address as specified in their application instructions in the form of refund checks in favor of the applicant (or, in the case of joint applications, the first-named applicant) by ordinary post at their own risk.

Any uncollected H Share certificates and/or refund checks will be dispatched by ordinary post, at the applicants’ risk, to the addresses specified in the relevant applications.

Further information is set out in the section headed “How to Apply for Hong Kong Offer Shares — D. Dispatch/Collection of H Share Certificates and Refund of Application Monies” in this prospectus.

The above expected timetable is a summary only. You should see the sections headed “Structure of the Global Offering” and “How to Apply for Hong Kong Offer Shares” in this prospectus for details of the structure of the Global Offering, including its conditions, and the procedures for application for the Hong Kong Offer Shares.

If the Global Offering does not become unconditional or is terminated in accordance with its terms, the Global Offering will not proceed. In such case, we will make an announcement as soon as practicable thereafter.

CONTENTS

IMPORTANT NOTICE TO PROSPECTIVE INVESTORS

This Prospectus is issued by us solely in connection with the Hong Kong Public Offering and the Hong Kong Offer Shares and does not constitute an offer to sell or a solicitation of an offer to buy any security other than the Hong Kong Offer Shares offered by this Prospectus pursuant to the Hong Kong Public Offering. This Prospectus may not be used for the purpose of making, and does not constitute, an offer or invitation in any other jurisdiction or in any other circumstances. No action has been taken to permit a public offering of the Hong Kong Offer Shares in any jurisdiction other than Hong Kong and no action has been taken to permit the distribution of this Prospectus in any jurisdiction other than Hong Kong. The distribution of this Prospectus for purposes of a public offering and the offering and sale of the Hong Kong Offer Shares in other jurisdictions are subject to restrictions and may not be made except as permitted under the applicable securities laws of such jurisdictions pursuant to registration with or authorization by the relevant securities regulatory authorities or an exemption therefrom.

You should rely only on the information contained in this Prospectus to make your investment decision. The Hong Kong Public Offering is made solely on the basis of the information contained and the representations made in this Prospectus. We have not authorized anyone to provide you with information that is different from what is contained in this Prospectus. Any information or representation not contained nor made in this Prospectus must not be relied on by you as having been authorized by us, the Sole Sponsor, the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers and the Capital Market Intermediaries, any of our or their respective directors, officers, employees, agents, or representatives of any of them or any other parties involved in the Global Offering.

Expected Timetable ... iv
Contents ... vii
Summary ... 1
Definitions ... 32
Glossary of Technical Terms ... 47
Forward-Looking Statements ... 50
Risk Factors ... 52
Information about this Prospectus and the Global Offering ... 103

vii -

CONTENTS

Waivers ... 108
Directors, Supervisors and Parties Involved in the Global Offering ... 112
Corporate Information ... 122
Industry Overview ... 124
Regulations ... 153
History, Development and Corporate Structure ... 186
Business ... 213
Directors, Supervisors and Senior Management ... 338
Relationship with Our Controlling Shareholders ... 357
Substantial Shareholders ... 362
Share Capital ... 366
Financial Information ... 370
Future Plans and Use of Proceeds ... 442
Underwriting ... 448
Structure of the Global Offering ... 462
How to Apply for Hong Kong Offer Shares ... 472
APPENDIX I Accountant’s Report ... I-1
APPENDIX II Unaudited Pro Forma Financial Information ... II-1
APPENDIX III Summary of Articles of Association ... III-1
APPENDIX IV Statutory and General Information ... IV-1
APPENDIX V Documents Delivered to the Registrar of Companies in Hong Kong and Available on Display ... V-1

– viii –

SUMMARY

This summary aims to give you an overview of the information contained in this Prospectus and should be read in conjunction with the full text of this Prospectus. As this is a summary, it does not contain all the information that may be important to you. You should read the entire document before you decide to invest in the Offer Shares. There are risks associated with any investment. Some of the particular risks in investing in the Offer Shares are set out in the "Risk Factors" section in this Prospectus. You should read that section carefully before you decide to invest in the Offer Shares.

OVERVIEW

Our Business

We ranked first in terms of sales volume and sales value of home EV chargers in China during the Track Record Period, according to Frost & Sullivan. Our market share reached 13.6% in China and 9.0% globally in terms of the sales volume of home EV chargers during the Track Record Period. In terms of sales value of home EV chargers in China in 2024, we ranked the third, with a market share of approximately 6.6%. In terms of sales value of global home EV chargers in 2024, our market share was approximately 3.9%. The total sales value of the home EV chargers market amounted to RMB7.2 billion globally and RMB3.5 billion in China in 2024. Chinese companies are leading the way in providing EV home charging solutions with dominant market shares in terms of sales volume of home EV chargers during the Track Record Period. For the market shares of the world's and China's top five providers of EV home charging solutions, see "Industry Overview — EV Home Charging Solutions — Competitive Landscape of Global EV Home Charging Solutions."

We commenced business since 2010 and have been loss-making. During the Track Record Period, we incurred net losses of RMB25.1 million, RMB58.1 million and RMB235.9 million in 2022, 2023 and 2024, respectively. In the three months ended March 31, 2024 and 2025, we recorded net losses of RMB31.5 million and RMB17.1 million, respectively. For details, see "Business — Business Sustainability and Path to Profitability — Reasons for Historical Loss."

Starting with offering smart home EV chargers to both automakers and users, we have since developed a "three-in-one" EV home charging solution consisting of products, services, and a digital platform.

Products: During the Track Record Period, we delivered a cumulative number of 1.3 million home EV chargers globally and 1.2 million home EV chargers in China. Our market share reached 13.6% in China and 9.0% globally in terms of the sales volume of home EV chargers during the Track Record Period, according to Frost & Sullivan. We have also developed advanced products with higher gross profit margin and strong revenue potential, including EV charging robots and EMS solutions. We started generating revenue from sales of EV charging robots in 2024 and we delivered 24 units of EV charging robots, generating revenue of RMB4.1 million in 2024. In the three months ended March 31, 2025, we have delivered 10 units of EV

SUMMARY

charging robots, generating revenue of RMB1.9 million in the same period, representing a significant increase from revenue of RMB0.6 million generated in the three months ended March 31, 2024. Our EV charging robots achieved a gross profit margin exceeding 50% in 2024 and over 30% for the three months ended March 31, 2025, according to unaudited management accounts, as compared to the gross profit margin of our EV chargers of approximately 20%. Our EV charging robots are well positioned to serve a diverse range of customers, including autonomous driving solutions providers, energy station operators, specialty vehicle manufacturers, and public infrastructure management companies. As for EMS solutions, according to Frost & Sullivan, the global average gross profit margin for EMS solutions is projected to be approximately 30%, highlighting a significant opportunity to drive our profitability. As of the Latest Practicable Date, we did not generate any revenue from EMS solutions.

Services: To empower homes across the country with our smart home EV chargers and digital energy management services, we have established China's largest EV charger service network to provide door-to-door installation and after-sales services according to Frost & Sullivan, covering over 360 cities nationwide as of March 31, 2025. Such service offerings are provided through third-party service providers connected through our digital platform. During the Track Record Period, our gross profit margins for the provision of services have been relatively modest and subject to periodic fluctuations. During the Track Record Period, we fulfilled a total of 1.3 million installation and after-sales service tasks. We are also developing a variety of other services to further digitalize home energy management for our users.
Digital Platform: To connect our products and services as part of our integrated energy management solutions, we have constructed a digital platform. Our platform digitizes the management of our installation and after-sales network and support our community shared charging services.

We are a trusted partner for leading automakers in China. During the Track Record Period, we provided smart home EV chargers and accessories and/or services to seven of the top ten automakers in China in terms of sales volume of EVs in 2024, according to Frost & Sullivan. Through our partnerships with well-known automakers, we have established our brand reputation as an advanced provider of EV home charging solutions, while expanding into overseas markets alongside these major automakers. Today, our products and services serve 22 countries. In Thailand and Brazil, two fast-growing EV markets outside of China, we are one of the first movers that have established a presence as a recognized provider of smart home EV chargers and services, according to Frost & Sullivan.

SUMMARY

Drawing upon our brand influence and service capabilities we accumulated through our partnerships with leading automakers, we launched our own retail brand “拳達 (Zhida)” in 2020. Since its launch, we have efficiently and rapidly accumulated a vast user base, which lays a solid foundation for us to directly reach and better understand the needs of retail users. We cover retail users through multiple channels domestically and internationally. We operate e-stores on platforms such as Amazon, Tmall (天貓), Douyin (抖音) and Youzan (有贊), and we plan to expand our footprint on international e-commerce platforms. We are one of the top three brands in terms of retail sales of home EV chargers on e-commerce platforms in 2022, 2023 and 2024, according to Frost & Sullivan. In addition, we collaborate with distributors in 137 cities in China as of March 31, 2025, to further expand the customer base of our products.

For details, see “Business — Overview.”

Overview of Our Business Model

Our product portfolio, including smart home EV chargers and accessories, EV charging robots, EMS solutions, and pipeline products, serves as the key entry portals to digital home energy management. The delivery and use of these smart products are enabled by a digital platform that connects a vast network of third-party installation and after-sales service providers and supports our community shared charging services.

These products, platform, and services create an ecosystem that empowers automakers, energy companies, ultimately benefiting EV owners and their families as the users.

For details, see “Business — Overview — Overview of Our Business Model.”

The following table sets forth a breakdown of our revenues generated from sales of products and provision of services during the periods indicated. The amount of revenue generated from sales of smart home EV chargers represented 94.1%, 89.3%, 93.2%, 92.7% and 98.3% of revenue generated from sales of products in 2022, 2023, 2024, and the three months ended March 31, 2024 and 2025, respectively. The remaining revenue under sales of products represented accessories such as portable charging devices and electrical cables. The amount of revenue generated from provision of installation and after-sales services represented 96.5%, 96.7%, 95.9%, 96.5% and 96.6% of revenue generated from provision of services in 2022, 2023, 2024, and the three months ended March 31, 2024 and 2025, respectively. The remaining revenue under provision of services represented charging service and technology development service. Our technology development service mainly includes providing clients with system upgrades and optimization for pile installation, R&D of EV chargers, technical services for energy storage, site survey services, and software development services.

SUMMARY

	Year Ended December 31,						Three Months Ended March 31,
	2022		2023		2024		2024		2025
	RMB	%	RMB	%	RMB	%	RMB	%	RMB	%
	(in thousands, except for percentages) (unaudited)
By nature
Sales of products	407,434	58.5	320,943	47.8	304,537	51.3	76,365	49.0	145,521	67.0
Provision of services	289,626	41.5	349,790	52.2	288,871	48.7	79,337	51.0	71,581	33.0
Total	697,060	100.0	670,733	100.0	593,408	100.0	155,702	100.0	217,102	100.0

During the Track Record Period, we delivered 1.3 million EV chargers and completed 1.3 million installation and after-sales service tasks. The table below sets forth a breakdown by offering category of the average selling price and sales volume of sales of smart home EV chargers and installation and after-sales service tasks during the periods indicated.

	Year Ended December 31,						Three Months Ended March 31,				Total Number During the Track Record Period
	2022		2023		2024		2024		2025
	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume
By offering category
Sales of products	790.5	484,771	914.4	313,335	808.6	351,112	884.1	80,059	780.3	183,287	823.0	1,332,505
Provision of services	1,084.8	257,600	836.5	404,396	598.3	463,018	823.4	92,978	510.2	135,525	764.7	1,260,539

Note:
(1) The sales volume and calculation of average selling price of sales of products and provision of services excludes other ancillary products. Therefore, the results of multiplying average selling price and sales volume do not correspond to the total revenue generated during the periods indicated.

Our Product Offerings

Over the years, we have developed various models of smart home EV chargers and accessories catering to customer's EV home charging needs. We manufacture our smart home EV chargers either for sales by automakers as part of their vehicles sold to their customers, or under our own brand sold to users through our self-operated retail channels and third-party distributors. Based on our deep understanding of automakers' specifications, we are capable of customizing our smart home EV chargers to their specific requirements. In addition, we have launched advanced products with higher gross profit margin and strong revenue potential such as EV charging robots and EMS solutions. Substantially all of our revenues generated from our product offerings were derived from sales of smart home EV chargers during the Track Record Period. For details, see "Business — Integrated EV Home Charging Solutions — Our Product Offerings."

SUMMARY

Our Service Offerings

As part of our integrated EV home charging solutions and complementary to our products, we offer services to users to help them to unlock the full potential of our product offerings. Such service offerings include EV charger installation and after-sales services provided through third-party service providers connected through our digital platform. Through corporate service providers, we assist users in effortlessly setting up and maintaining their smart home EV chargers. In addition, we also provide a growing range of digital home energy management services, which encompass data analytics, safe charging, and other digital functions that enable users to manage their daily EV home charging and home energy management needs more effectively. These services also include providing users with community shared charging through our apps and mini-program. During the Track Record Period, substantially all of the revenues we generated from services were derived from providing users with EV charger installation and after-sales services. For details, see “Business — Integrated EV Home Charging Solutions — Our Service Offerings.”

Our Digital Platform

To seamlessly integrate our products and services and provide users with a digital home energy management solution, we have built and are continuously developing a digital platform that supports EV charger installation and community shared charging. Our customers, business partners and employees are connected through the digital platform for information exchange and service requests. This platform supports our “online-to-offline” installation and after-sales services by allowing us to deploy a nationwide network of service providers to provide reliable installation and after-sales services. Through deployment of reliable third-party service providers through this digital platform, we ensure the timely accessibility and sharing of information by and among us, automakers, users, and service providers, which significantly enhances service quality and efficiency. This digital platform also supports community shared charging which allows users to conveniently locate and share the use of smart home EV chargers. We currently do not generate any revenue from the digital platform. Leveraging platform-supported community shared charging service, we enable users to locate available EV chargers with ease and promote the sharing of charging resources, thereby optimizing the efficient use of existing infrastructure and contributing to a sustainable EV ecosystem. Our digital platform is strictly segregated for China and overseas markets in compliance with relevant laws and regulations in data security and privacy protection. For details, see “Business — Integrated EV Home Charging Solutions — Our Digital Platform.”

Our Diversified Sales and Distribution Channels

Our sales and distribution channels consist of direct sales and sales through distributors. Our direct sale channels comprise (i) sales to automakers, including automakers and their related customers who enjoy substantially identical price terms as automakers, and (ii) sales to retail customers, mainly through online stores operated by us on major e-commerce platforms. In addition to direct sale channels, we also sell a small portion of our products through partnering with third-party distributors who purchase and resell our products to retail customers. With these diversified sales channels and networks, we are able to expand our user reach across different geographic markets with enhanced operational efficiency. According to Frost & Sullivan, direct sales and distribution are generally in line with the industry norms.

SUMMARY

The following table sets forth a breakdown of our revenues by sales channel during the periods indicated.

	Year Ended December 31,						Three Months Ended March 31,
	2022		2023		2024		2024		2025
	RMB	%	RMB	%	RMB	%	RMB	%	RMB	%
	(in thousands, except for percentages) (unaudited)
By sales channel
Sales of products	407,434	58.5	320,943	47.8	304,537	51.3	76,365	49.0	145,521	67.0
Direct sales	362,280	52.0	262,866	39.2	252,903	42.6	65,928	42.3	97,970	45.1
Sales to automakers	308,630	44.3	210,015	31.3	177,679	29.9	52,451	33.7	61,579	28.4
Retail sales	53,650	7.7	52,851	7.9	75,224	12.7	13,477	8.6	36,391	16.7
Sales through distributors	45,154	6.5	58,077	8.6	51,634	8.7	10,437	6.7	47,551	21.9
Provision of services	289,626	41.5	349,790	52.2	288,871	48.7	79,337	51.0	71,581	33.0
Direct sales	282,129	40.4	341,443	50.9	286,505	48.3	78,973	50.8	71,335	32.9
Sales to automakers	261,124	37.4	316,597	47.2	257,988	43.5	71,707	46.1	62,475	28.8
Retail sales	21,005	3.0	24,846	3.7	28,517	4.8	7,266	4.7	8,860	4.1
Sales through distributors	7,497	1.1	8,347	1.3	2,366	0.4	364	0.2	246	0.1
Total	697,060	100.0	670,733	100.0	593,408	100.0	155,702	100.0	217,102	100.0

We generate revenue through sales of products and services used in China and overseas. During the Track Record Period, our overseas revenue mainly included sales of smart home EV chargers made for Chinese automakers in conformity with overseas product specifications in connection with sales of their EVs to overseas markets. The following table sets forth a breakdown of our revenue by geographic region in the periods indicated.

	Year Ended December 31,						Three Months Ended March 31,
	2022		2023		2024		2024		2025
	RMB	%	RMB	%	RMB	%	RMB	%	RMB	%
	(in thousands, except for percentages) (unaudited)
By geographic region
China	684,150	98.1	609,446	90.9	521,511	87.9	130,309	83.7	184,970	85.2
Overseas	12,910	1.9	61,287	9.1	71,897	12.1	25,393	16.3	32,132	14.8
Total	697,060	100.0	670,733	100.0	593,408	100.0	155,702	100.0	217,102	100.0

For details, see "Business — Sales and Marketing — Our Diversified Sales and Distribution Channels."

SUMMARY

The table below sets forth a breakdown by geographic region of the average selling price and sales volume of sales of smart home EV chargers and installation and after-sales service tasks during the periods indicated.

	Year Ended December 31,						Three Months Ended March 31,				Total Number During the Track Record Period
	2022		2023		2024		2024		2025
	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume
By geographic region
China
Sales of product .	776.2	477,274	972.8	232,472	788.7	294,066	869.2	56,265	723.7	154,909	811.8	1,158,721
Provision of service . . .	1,084.8	257,600	836.5	404,396	570.8	452,618	795.9	91,902	509.5	135,449	756.0	1,250,063
Overseas
Sales of product .	1,701.1	7,497	746.7	80,863	911.3	57,046	919.1	23,794	1,089.3	28,378	897.8	173,784
Provision of service . . .	-	-	-	-	1,796.7	10,400	3,172.9	1,076	1,826.3	76	1,796.9	10,476

The table below sets forth a breakdown by sales channel of the average selling price and sales volume of sales of smart home EV chargers and installation and after-sales service tasks during the periods indicated.

	Year Ended December 31,						Three Months Ended March 31,				Total Number During the Track Record Period
	2022		2023		2024		2024		2025
	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume
By sales channel
Sales of products . . .	790.5	484,771	914.4	313,335	808.6	351,112	884.1	80,059	780.3	183,287	823.0	1,332,505
Direct sales . . .	756.4	456,270	901.0	266,192	801.9	294,679	903.4	68,126	780.8	125,135	804.5	1,142,276
Sales to automakers . . .	711.6	430,808	839.1	243,910	697.9	248,691	845.2	60,660	721.9	84,930	739.9	1,008,339
Retail sales . . .	1,514.5	25,462	1,579.1	22,282	1,364.3	45,988	1,376.7	7,466	905.1	40,205	1,290.8	133,937
Sales through distributors . . .	1,337.4	28,501	990.3	47,143	843.7	56,433	773.3	11,933	779.3	58,152	934.3	190,229

SUMMARY

	Year Ended December 31,						Three Months Ended March 31,				Total Number During the Track Record Period
	2022		2023		2024		2024		2025
	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume	Average Selling Price	Sales Volume
Provision of services	1,084.8	257,600	836.5	404,396	598.3	463,018	823.4	92,978	510.2	135,525	764.7	1,260,539
Direct sales	1,092.4	248,966	839.6	392,984	599.7	458,084	829.0	91,934	510.8	134,889	765.6	1,234,923
Sales to automakers	1,092.0	237,621	832.0	379,846	586.9	435,276	819.5	87,079	476.6	130,897	754.7	1,183,640
Retail sales	1,101.0	11,345	1,060.8	13,138	842.9	22,808	999.8	4,855	1,633.3	3,992	1,017.4	51,283
Sales through distributors	867.8	8,634	729.2	11,412	475.3	4,934	328.7	1,044	382.7	636	718.4	25,616

Manufacturing and Supply Chain

We manufacture our products through our self-operated manufacturing facilities. Our integrated production process increases our production efficiency and reduces our dependence on manual labor. We believe that this vertical integration also enables us to adjust our production quickly to respond to changes in market demand for our products. We ensure quality and reliability by developing and producing core components in-house. We believe that our self-developed techniques and active participation in manufacturing equipment development result in innovative, cost-effective, and replicable solutions.

Our principal manufacturing facilities are located in Xuancheng city and Anqing city, Anhui Province, China, with an aggregate GFA of approximately 38,000 sq.m., which are primarily used for the production of smart home EV chargers and accessories. The utilization rate of our manufacturing facilities was 128.2%, 69.5%, 50.4% and 89.7% in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively. Since the initial establishment of our manufacturing facilities in Xuancheng city and Anqing city in Anhui, we have been continuously investing in upgrading our equipment and production lines to increase their efficiency, including by establishing an surface-mount technology ("SMT") and dual in-line package ("DIP") production line which adopted advanced technologies such as the latest Panasonic mounters and printers for ensuring production quality. Outside of China, leveraging our success and know-how in building and operating our factories in China, we began operations at our third factory in Thailand in April 2024 with an aggregate GFA of approximately 12,400 sq.m., in an effort to support our expansion across Southeast Asia, which underscores our ability to meet growing market demands through advanced technologies and localized expansion. Our Thailand factory which is dedicated to serving overseas sales only has a designed production capacity of 108 thousand EV chargers per year based on one eight hour shift per day and 25 working days per month, and we intend to continue to upgrade and expand

SUMMARY

its production lines depending on the market demand for our products. The utilization rate of our factory in Thailand was 3.3% and 15.4% in 2024 and three months ended March 31, 2025, respectively. The current low utilization rate of our Thai factory is due to its initial stage of production. Although the designed capacity is set high to support future growth and strategic initiatives, actual output remains limited as we ramp up operations.

Our inventories consist of raw materials, work in progress, finished goods and goods in transit. Our commitment to quality is embodied in our dedicated quality management department, which invests substantial resources into ensuring the quality of our products.

For details, see “Business — Manufacturing and Supply Chain.”

Our Customers and Suppliers

During the Track Record Period, our customers mainly include automakers, retail customers and distributors. Since our inception, we have fostered close partnerships with a growing, large base of leading automakers worldwide. We provide automakers with our smart home EV chargers and accessories, which empowers them to cater to the EV home charging requirements of their end customers effectively. We provide automakers with the option to customize their smart home EV chargers to their needs, including both product functions and exterior designs. Our sales to automakers also include sales to their related customers, who were designated by automakers to purchase products from us on their behalf, or recommended by automakers to purchase products from us, enjoying substantially identical price terms as such automakers. Beside the direct sales of smart home EV chargers and accessories to automakers, we also generate revenues from direct sales to retail customers under our own brand name. In 2022, 2023 and 2024, and the three months ended March 31, 2025, the aggregate revenues generated from our five largest customers in each period were RMB459.3 million, RMB466.9 million, RMB333.1 million and RMB116.2 million, representing 65.8%, 69.6%, 56.1% and 53.5% of our revenues, respectively. In the same periods, revenues generated from our largest customer in each period were RMB267.1 million, RMB214.6 million, RMB148.1 million and RMB36.9 million, representing 38.3%, 32.0%, 25.0% and 17.0% of our revenues, respectively. For details, see “Business — Our Customers.”

During the Track Record Period, our suppliers mainly include (i) raw material suppliers for production and (ii) service suppliers, mainly including third-party corporate installation and after-sales service providers. For the production of our products, our principal raw materials include outer casings, charging guns, electronic components and printed circuit boards (“PCBs”), and packaging and labeling materials. Our service suppliers provide services including installation and after-sales services to our users via our digital platform and service network. In 2022, 2023 and 2024 and the three months ended March 31, 2025, the aggregate purchase amount from our five largest suppliers in each period were RMB109.5 million, RMB171.1 million, RMB182.8 million and RMB40.8 million, representing 17.9%, 26.9%, 27.7% and 6.2% of our total purchase amount, respectively. In the same periods, the purchase amount from our largest supplier in each period were RMB24.3 million, RMB95.5 million, RMB90.7 million and RMB8.9 million, representing 4.0%, 15.0%, 13.7% and 1.3% of our total purchase amount, respectively. For details, see “Business — Our Suppliers.”

SUMMARY

OUR COMPETITIVE STRENGTHS

We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

Largest provider of EV home charging solutions;
Business model delivering end-to-end solutions;
Strong brand built upon rich product portfolio;
Strong manufacturing capabilities;
Multi-channel distribution enabling effective monetization;
Diversified digital energy management services enabled by technology; and
Insightful, and experienced management team.

For details, see “Business — Our Strengths.”

OUR STRATEGIES

To achieve our mission and further solidify our leadership, we intend to pursue the following strategies:

Accelerate global expansion for market leadership;
Strengthen retail sales to drive sustainable growth;
Innovate product development for enhanced profitability; and
Optimize cost structure to boost profit margins.

For details, see “Business — Our Strategies.”

RISK FACTORS

Our business and the Global Offering involve certain risks, which are set out in “Risk Factors.” You should read that section in its entirety carefully before you decide to invest in our Shares. Some of the major risks we face are relating to:

We have a history of losses and operating cash outflows, and we have experienced net current liabilities, during the Track Record Period. There is no guarantee that we can achieve and maintain profitability in the future.
10 -

SUMMARY

A limited number of customers accounted for a substantial portion of our revenue during the Track Record Period. Any decreases in our future sales to them could adversely affect our business, results of operations, financial condition and prospects.
During the Track Record Period, many of our major customers are automakers who have substantial bargaining power, which exposes us to significant pricing pressure.
We derived a significant portion of our revenue from a limited number of customers, including Customer B, and the loss of, or a significant reduction in, business from any major customer could materially and adversely affect our business, financial condition and results of operations.
We experienced rapid growth in the past, and we expect to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, results of operations, financial condition and prospects could be adversely affected.
Our future growth and success are dependent upon the continued acceptance and adoption of EVs.
We face competition as the EV home charging solution market develops and evolves.
We cannot guarantee that our business initiatives and strategies will be successfully implemented or will generate sustainable revenue or profit.
The EV home charging related technologies are rapidly evolving. If we cannot keep up with the latest development, our business, results of operations, financial condition and prospects may be materially and adversely affected.
If our products and services do not meet customer expectations in terms of quality, availability and user experience, or if we otherwise fail to increase sales of our products and services to our customers and expand our customer base, our business, results of operations, financial condition and prospects may be adversely affected.
We rely on distributors to expand our sales and distribution network. If we are unable to maintain, expand and manage our sales and distribution network successfully, our business, financial condition, results of operations and prospects would be materially and adversely affected.
Our nationwide service network relies on third-party service providers to deliver high-standard performance, and we may not be able to manage the expansion of such service network efficiently.
11 -

SUMMARY

COMPETITION

Depending on different application scenarios, EV charging solutions can be divided into EV home charging solutions and EV public charging solutions. EV home charging solution providers primarily focus on AC chargers, catering primarily to automakers and retail customers. On the other hand, EV public charging solution providers offer both AC and DC chargers, targeting charging point operators, fleets, public transport companies, among others. Within the EV home charging segment, there's a division between third-party providers and automakers. However, most automakers are gradually exiting this market due to their primary focus on EV manufacturing and sales, lacking nationwide service networks for home charging solutions. Globally, there are approximately 4,000 manufacturers of home EV chargers and 1,000 manufacturers of public EV chargers. Some manufacturers specialize in one type like us, while others offer both. Although some providers of EV public charging solutions may also enter the EV home charging market, competition dynamics between those specializing in public charging and those focusing on home charging are relatively mild due to differing customer bases and target markets.

EV home charging solutions mainly refer to charging solutions including product offerings and service offerings for EV home users, providing a safe charging experience as well as smart energy management. Specifically, the product offerings of EV home charging solutions mainly include smart home EV chargers and related accessories, whilst the service offerings mainly include installation and maintenance services of home EV chargers, and smart energy management services during charging process, such as smart remote control, safe charging, off-peak charging and data analytics. Our EV home charging solutions mainly use AC charging technology, while some of our pipeline products, including our EV charging robots, use DC charging technology. For more information on the technological advantages for AC and DC EV chargers, see "Industry Overview — EV Home Charging Solutions — Market Definition and Overview." For the technological advantages of our products, see "— Our Product Offerings."

12 -

SUMMARY

grew at a CAGR of 111.7%, 53.2%, 57.8%, 109.3%, 97.5% and 277.8%, respectively. The EV industry's growth is expected to drive the rapid growth in home EV charger demand. In 2029, the global sales volume of home EV chargers is expected to reach 14.4 million, representing a CAGR of 20.3% from 2024 to 2029. During the same period, the sales volume of home EV chargers in China, Europe, North America, South America, Middle East and Southeast Asia are expected to grow at a CAGR of 15.1%, 15.0%, 14.5%, 51.6%, 52.3% and 64.9%, respectively.

However, the EV home charging solutions market in China is developing rapidly and the competition landscape is constantly evolving, as driven by technological advancement and business model innovation. This results in the frequent introduction of new products and price competition from our competitors in the EV home charging solution industry. Further, some of our current or potential competitors have greater resources or may be acquired by third parties with greater resources. New competitors or alliances may emerge in the future that have greater market share, more widely adopted technologies, greater marketing expertise and greater financial resources, which could put us at a competitive disadvantage. Future competitors could also be better positioned to serve certain segments of our current or future target markets, which could create price pressure. For details, see "Risk Factors — Risks Related to Our Business and Industry — We face competition as the EV home charging solution market develops and evolves." For competitive landscape, see "Industry Overview — EV Home Charging Solutions — Competitive Landscape of Global EV Home Charging Solutions."

SUMMARY OF KEY FINANCIAL INFORMATION

Summary of Our Consolidated Statements of Comprehensive Loss

The table below sets forth our consolidated statements of comprehensive loss for the periods indicated derived from the Accountant's Report included in Appendix I.

	Year Ended December 31,			Three Months Ended March 31,
	2022	2023	2024	2024	2025
	(RMB in thousands) (unaudited)
Revenue	697,060	670,733	593,408	155,702	217,102
Cost of sales	(554,986)	(533,199)	(504,833)	(120,363)	(181,318)
Gross profit	142,074	137,534	88,575	35,339	35,784
Sales and marketing expenses	(67,615)	(90,462)	(114,655)	(23,432)	(20,687)
General and administrative expenses	(53,695)	(73,657)	(103,936)	(29,897)	(15,923)

SUMMARY

	Year Ended December 31,			Three Months Ended March 31,
	2022	2023	2024	2024	2025
	(RMB in thousands) (unaudited)
Research and development expenses	(34,099)	(41,102)	(55,577)	(11,775)	(13,594)
Net impairment (losses)/reversal on financial assets	(6,700)	205	(38,486)	1,888	(160)
Other income	3,150	6,713	6,089	808	3,123
Other gains/(losses) – net	757	(402)	(956)	172	(159)
Operating loss	(16,128)	(61,171)	(218,946)	(26,897)	(11,616)
Finance income	1,416	2,049	1,051	306	69
Finance costs	(14,338)	(10,104)	(14,021)	(3,095)	(3,869)
Finance costs – net	(12,922)	(8,055)	(12,970)	(2,789)	(3,800)
Loss before income tax	(29,050)	(69,226)	(231,916)	(29,686)	(15,416)
Income tax credit/(expense)	3,903	11,110	(3,981)	(1,814)	(1,662)
Loss for the year/period	(25,147)	(58,116)	(235,897)	(31,500)	(17,078)
Attributable to:
Owners of the Company	(26,306)	(58,538)	(238,842)	(31,440)	(17,050)
Non-controlling interests	1,159	422	2,945	(60)	(28)
	(25,147)	(58,116)	(235,897)	(31,500)	(17,078)
Loss per share attributable to the equity holders of the Company (in RMB)
Basic and diluted loss per share	(0.53)	(1.11)	(4.54)	(0.60)	(0.32)

Non-IFRS Financial Measure

To supplement our consolidated financial statements presented in accordance with IFRSs, we use adjusted loss for the year/period (Non-IFRS financial measure) as additional financial measure, which is not required by, or presented in accordance with IFRSs. We believe that the non-IFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of items. We believe that the non-IFRS measure provides useful information to investors in understanding and evaluating our consolidated results of operations in the same manner as they help our management. The use of the non-IFRS measure has limitations as an analytical tool, and investors should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRSs.

SUMMARY

We define adjusted loss for the year/period (Non-IFRS financial measure) as loss for the year/period adjusted by adding back share-based payment expenses, interest expenses on financial instruments with preferred rights at amortised cost and listing expenses. Such non-IFRS measure allows investors to consider metrics used by our management in evaluating our performance. Share-based payment expenses consist of share awards granted under our share incentive plans. Interest expenses on financial instruments with preferred rights at amortised cost refer to the interest costs associated with financial liabilities that arise from contracts obligating the Company to repurchase its equity instruments for cash or other financial assets. These liabilities are initially measured at the present value of the redemption amounts and subsequently measured at amortised cost, with interest charged to finance costs. Listing expenses are in relation to the Listing and the Global Offering. Therefore, by eliminating the impacts of such items in the calculation of adjusted loss (Non-IFRS financial measure), this measure could better reflect our underlying operating performance and could better facilitate the comparison of operating performance from year to year.

The following table reconciles our adjusted loss for the year (Non-IFRS financial measure) and presented in accordance with IFRSs, namely loss for the year/period:

	Year Ended December 31,			Three Months Ended March 31,
	2022	2023	2024	2024	2025
	(RMB in thousands) (unaudited)
Loss for the year/period	(25,147)	(58,116)	(235,897)	(31,500)	(17,078)
Adjustment:
Share-based payment expenses(1)	114	411	420	105	105
Listing expenses(2)	-	5,372	21,484	14,151	1,270
Interest expenses on financial instruments with preferred rights at amortised cost	6,194	-	-	-	-
Adjusted loss for the year/period (Non-IFRS financial measure)	(18,839)	(52,333)	(213,993)	(17,244)	(15,703)

Notes:
(1) Share-based payment is a non-cash expense arising from granting share-based awards to selected employees. Share-based payment is not expected to result in future cash payments. Share-based payment is recorded under our selling expenses, general and administrative expenses, and research and development expenses; and the share-based payment in the above table represents the sum of that recorded under each type of such expenses.
(2) Listing expenses relate to our Global Offering.

SUMMARY

Selected Items from Consolidated Statements of Financial Position

The table below sets forth selected information from our consolidated statements of financial position as of the dates indicated, which has been extracted from the Accountant's Report included in Appendix I.

	As of December 31,			As of March 31,
	2022	2023	2024	2025
	(RMB in thousands)
Non-current assets	79,794	120,081	148,517	152,565
Current assets	909,403	797,582	687,921	796,660
Total assets	989,197	917,663	836,438	949,225
Non-current liabilities	14,046	10,648	13,012	18,900
Current liabilities	651,882	641,772	774,274	878,200
Total liabilities	665,928	652,420	787,286	897,100
Net current assets/(liabilities)	257,521	155,810	(86,353)	(81,540)
Net assets	323,269	265,243	49,152	52,125
Equity attributable to owners of the Company	309,911	251,463	45,860	48,861
Non-controlling interests	13,358	13,780	3,292	3,264
Total equity and liabilities	989,197	917,663	836,438	949,225

Our total equity decreased from RMB323.3 million as of December 31, 2022 to RMB265.2 million as of December 31, 2023, primarily due to the total loss of RMB58.1 million incurred. Our total equity further decreased to RMB49.2 million as of December 31, 2024, primarily due to the total loss of RMB235.9 million. Our total equity increased to RMB52.1 million as of March 31, 2025, primarily because we had capital contributions from equity holders of RMB20.0 million, partially offset by total loss of RMB17.1 million. For details, see Consolidated Statements of Changes in Equity on pages I-11 to I-15 of the Accountant's Report included in Appendix I.

SUMMARY

Current Assets and Current Liabilities

The following table sets forth our current assets and current liabilities as of the dates indicated.

	As of December 31,			As of March 31,	As of July 31,
	2022	2023	2024	2025	2025
	(RMB in thousands)
Current assets					(unaudited)
Inventories	138,023	153,154	165,711	179,173	160,672
Trade and notes receivables	516,440	424,912	306,369	393,877	419,843
Other current assets	17,762	22,945	61,765	58,273	65,595
Financial assets at fair value through profit or loss	31,983	1,506	-	-	-
Financial assets at fair value through other comprehensive income	-	-	12,126	18,579	23,428
Restricted cash	-	-	591	591	491
Cash and cash equivalents	205,195	195,065	141,359	146,167	76,188
Total current assets	909,403	797,582	687,921	796,660	746,217
Current liabilities
Trade payables	351,735	296,529	324,921	367,837	367,634
Other payables and accruals	17,101	35,134	28,379	25,500	19,300
Borrowings	253,282	274,311	390,321	450,583	430,209
Lease liabilities	7,286	7,186	7,420	10,054	9,930
Contract liabilities	5,375	10,526	12,829	10,225	9,171
Provisions	13,061	13,912	10,213	12,098	13,484
Current income tax liabilities	4,042	4,174	191	1,903	1,158
Total current liabilities	651,882	641,772	774,274	878,200	850,886
Net current assets/(liabilities)	257,521	155,810	(86,353)	(81,540)	(104,669)

We recorded net current liabilities of RMB104.7 million as of July 31, 2025, as compared to net current liabilities of RMB81.5 million as of March 31, 2025, primarily due to (i) a decrease in cash and cash equivalents from RMB146.2 million as of March 31, 2025 to RMB76.2 million as of July 31, 2025, primarily due to loan repayment and as revenue increases, the collection of accounts receivable lags behind the settlement of accounts payable, and (ii) an increase in provisions from RMB12.1 million as of March 31, 2025 to RMB13.5 million, primarily because the increase in product sales has led to a higher provision for warranty expenses; partially offset by (i) an increase in trade and notes receivables from RMB393.9 million as of March 31, 2025 to RMB419.8 million as of July 31, 2025, primarily due to the rate of accounts receivable collection lags behind the rate of revenue increase and (ii) an increase in financial assets at fair value through other comprehensive income from RMB18.6 million as of March 31, 2025 to RMB23.4 million as of July 31, 2025 primarily due to the rate of accounts receivable collection lags behind as our revenue grows.

SUMMARY

We recorded net current liabilities of RMB81.5 million as of March 31, 2025, as compared to net current liabilities of RMB86.4 million as of December 31, 2024, primarily due to (i) an increase in inventories from RMB165.7 million as of December 31, 2024 and RMB179.2 million as of March 31, 2025, due to the fluctuations in the ordinary course of business, (ii) an increase in trade and notes receivables from RMB306.4 million as of December 31, 2024 to RMB393.9 million as of March 31, 2025, primarily due to increased sales volume, (iii) an increase in financial assets at fair value through other comprehensive income from RMB12.1 million as of December 31, 2024 to RMB18.6 million as of March 31, 2025, primarily due to increase in revenue, (iv) an increase in cash and cash equivalents from RMB141.4 million as of December 31, 2024 to RMB146.2 million as of March 31, 2025, driven by increase in sales; partially offset by (i) an increase in trade payables from RMB324.9 million as of December 31, 2024 to RMB367.8 million as of March 31, 2025, due to the fluctuations in the ordinary course of business and (ii) an increase in borrowings from RMB390.3 million as of December 31, 2024 to RMB450.6 million as of March 31, 2025, primarily due to our adjustment based on operational needs.

We recorded net current liabilities of RMB86.4 million as of December 31, 2024, as compared to net current assets of RMB155.8 million as of December 31, 2023, primarily due to (i) an increase in borrowings from RMB274.3 million as of December 31, 2023 to RMB390.3 million as of December 31, 2024, because of our adjustment based on operational needs, (ii) an increase in trade payables from RMB296.5 million as of December 31, 2023 to RMB324.9 million as of December 31, 2024, primarily due to our preparation in anticipation of larger amount of sales, (iii) an increase in contract liabilities from RMB10.5 million as of December 31, 2023 to RMB12.8 million as of December 31, 2024, primarily due to advance payments for overseas pre-sale where products not yet shipped and (iv) a decrease in cash and cash equivalents from RMB195.1 million as of December 31, 2023 to RMB141.4 million as of December 31, 2024, primarily due to our overseas expansion and accelerated payment turnover to suppliers which has impacted our cash reserves; partially offset by (i) an increase in other current assets from RMB22.9 million as of December 31, 2023 to RMB61.8 million as of December 31, 2024, primarily due to an increase in deposits, (ii) an increase in inventories from RMB153.2 million as of December 31, 2023 to RMB165.7 million as of December 31, 2024, primarily due to our preparation in anticipation of larger amount of sales and (iii) a decrease in trade and notes receivables from RMB424.9 million as of December 31, 2023 to RMB306.4 million as of December 31, 2024, primarily due to a decrease in sales.

Our net current assets decreased from RMB257.5 million as of December 31, 2022 to RMB155.8 million as of December 31, 2023, primarily due to (i) a decrease in trade and notes receivables from RMB516.4 million as of December 31, 2022 to RMB424.9 million as of December 31, 2023, primarily due to our efforts in settlement of outstanding balance with relevant customers, (ii) a decrease in financial assets at fair value through profit or loss from RMB32.0 million as of December 31, 2022 to RMB1.5 million as of December 31, 2023, primarily due to the maturity of the wealth management products; partially offset by (i) a decrease in trade payables from RMB351.7 million as of December 31, 2022 to RMB296.5 million as of December 31, 2023, primarily due to our efforts in settlement of outstanding balance with relevant suppliers; (ii) an increase in borrowings from RMB253.3 million as of

18 -

SUMMARY

December 31, 2022 to RMB274.3 million as of December 31, 2023, primarily due to adjustment based on our operation need; and (iii) an increase in other payables and accruals from RMB17.1 million as of December 31, 2022 to RMB35.1 million as of December 31, 2023, primarily due to our business growth and the increase in the number of our employees, and payables related to long-term assets in relation to an one-off acquisition.

Selected Consolidated Statements of Cash Flow Data

The following table presents our consolidated cash flow data for the years presented.

	Years Ended December 31,			Three Months Ended March 31,
	2022	2023	2024	2024	2025
	(RMB in thousands) (unaudited)
Net cash used in operating activities	(133,215)	(27,071)	(115,574)	(52,300)	(67,924)
Net cash (used in)/generated from investing activities	(59,520)	14,802	(41,908)	(11,064)	(2,380)
Net cash generated from financing activities	283,003	1,975	102,510	97,051	74,253
Net increase/(decrease) in cash and cash equivalents	90,268	(10,294)	(54,972)	33,687	3,949
Cash and cash equivalents at the beginning of the year/period	114,940	205,195	195,065	195,065	141,359
Effects of foreign exchange rate changes on cash and cash equivalents	(13)	164	1,266	(1,014)	859
Cash and cash equivalents at the end of the year/period	205,195	195,065	141,359	227,738	146,167

Net cash used in operating activities was RMB67.9 million in the three months ended March 31, 2025. The difference between our loss for the period of RMB17.1 million and the net cash used in operating activities was mainly due to movements in working capital, including (i) an increase in trade and notes receivables of RMB105.5 million and (ii) an increase in inventories of RMB11.1 million; partially offset by (i) an increase in trade payables of RMB56.4 million and (ii) an increase in accruals and other payables of RMB4.1 million. The amount was further adjusted by non-cash items, primarily including (i) finance costs of RMB3.8 million and (ii) depreciation of property, plant and equipment of RMB3.0 million.

SUMMARY

Net cash used in operating activities was RMB115.6 million in 2024. The difference between our loss for the period of RMB235.9 million and the net cash used in operating activities was mainly due to movements in working capital, including (i) an increase in inventories of RMB14.3 million and (ii) an increase in prepayments, other receivables, and other assets of RMB40.3 million; partially offset by (i) a decrease in trade and notes receivables of RMB70.4 million and (ii) an increase in trade payables of RMB36.8 million. The amount was further adjusted by non-cash items, primarily including (i) impairment losses on financial assets of RMB38.5 million, (ii) finance costs of RMB13.0 million and (iii) depreciation of property, plant and equipment of RMB11.2 million.

Net cash used in operating activities was RMB27.1 million in 2023. The difference between our loss for the year of RMB58.1 million and the net cash generated from operating activities was mainly due to movements in working capital, including a decrease in trade and notes receivables of RMB92.3 million, primarily due to our efforts in settlement of outstanding balance with relevant customers; partially offset by a decrease in trade payables of RMB55.2 million, primarily due to our efforts in settlement of outstanding balance with relevant suppliers. The amount was further adjusted by non-cash items, primarily including depreciation of property, plant and equipment of RMB8.4 million; partially offset by income tax credit of RMB11.1 million.

Net cash used in operating activities was RMB133.2 million in 2022. The difference between our loss for the year of RMB25.1 million and the net cash used in operating activities was mainly due to movements in working capital, including (i) an increase in trade and notes receivables of RMB278.6 million, (ii) an increase in inventories of RMB43.5 million; partially offset by (i) an increase in trade payables of RMB161.2 million, and (ii) an increase in accruals and other payables of RMB14.1 million; all primarily due to our business growth and the large number of sales orders in the fourth quarter of 2022. The amount was further offset by non-cash items, primarily including (i) finance costs of RMB12.9 million, and (ii) depreciation of property, plant and equipment of RMB7.8 million.

As of March 31, 2025, our net cash used in operating activities was RMB67.9 million in the three months ended March 31, 2025. To improve our net operating cash outflow position, we have implemented various measures to reduce operating expenses. Our operating expenses as a percentage of revenue decreased from 41.8% in the three months ended March 31, 2024, to 23.1% in the same period of 2025. This improvement was due to our ability of leveraging economies of scale through expanded production volumes, which has allowed us to negotiate more favorable terms with suppliers and maximize facility utilization. For example, as our output has grown, fixed costs are spread over a larger base, reducing per-unit expenses and enhancing profitability while maintaining competitive pricing. Additionally, ongoing automation efforts at our Xuancheng factory enabled us to optimize staffing and eliminate 16 positions in the three months ended March 31, 2025, with plans to dynamically adjust headcount further as automation progresses.

20 -

SUMMARY

Our targeted cost-reduction initiatives also extend to research and development as well as customer support functions. We have strategically shifted R&D talent recruitment to lower-cost regions outside of Shanghai, including establishing a dedicated R&D team for home smart energy storage products in Wuxi, where compensation levels are significantly lower. This approach has helped us balance innovation with cost management. As for customer support, we are investing in digital transformation by integrating AI robot services with human agents, increasing automation for inter-system tasks, and relocating certain support roles to regions with lower compensation. These measures are designed to reduce manual workload, streamline administrative tasks, and control customer service costs without sacrificing service quality. Furthermore, to boost marketing efficiency, we are deploying AI tools to automate the creation of promotional materials and have implemented a budgeting, review, and tracking system to monitor campaign effectiveness.

We plan to enhance our budget management to control administrative expenses. By setting a reasonable budget plan and monitoring and adjusting the budget execution, costs can be kept within a reasonable range. We currently set the administrative budget at the beginning of each year, approved by management and the finance department, which can also adjust it periodically based on our operational situation to strictly prevent cost overruns.

KEY FINANCIAL RATIOS

The following table sets forth certain of our key financial ratios for the years indicated.

	Year Ended/As of December 31,			Three Months Ended/As of March 31,
	2022	2023	2024	2025
Gross profit margin(1)	20.4%	20.5%	14.9%	16.5%
Current ratio(2)	139.5%	124.3%	88.8%	90.7%
Gearing ratio(3)	82.2%	108.0%	821.1%	900.3%

Notes:
(1) Gross profit margin equals gross profit divided by revenue for the year.
(2) Current ratio equals current assets divided by current liabilities as of the end of the period.
(3) Gearing ratio equals total debt divided by our total equity as of the end of the period. Total debt includes lease liabilities and borrowings. For details, see Consolidated Statements of Changes in Equity on pages I-11 to I-15 of the Accountant's Report included in Appendix I.

Our gross profit margin reached 20.4%, 20.5%, 14.9% and 16.5% in 2022, 2023, 2024, and March 31, 2025, respectively. The gross profit in 2022 and 2023 remained relatively stable at 20.4% and 20.5%, respectively. The decrease from 20.5% in 2023 to 14.9% in December 31, 2024 was primarily due to price reduction pressures from the market, which we accepted to maintain our competitive position.

SUMMARY

Our current ratio reached 139.5%, 124.3%, 88.8% and 90.7% as of December 31, 2022, 2023, 2024, and March 31, 2025, respectively. Such decrease during the Track Record Period was mainly driven by increase in the borrowings adjusted based on our operation need.

Our gearing ratio reached 82.2%, 108.0%, 821.1% and 900.3% as of December 31, 2022, 2023 and 2024, and March 31, 2025, respectively. The increase was mainly driven by the decrease in our total equity and the increase in the borrowings as adjusted based on our operation need.

For details, see "Financial Information — Key Financial Ratios."

BUSINESS SUSTAINABILITY AND PATH TO PROFITABILITY

We were loss-making during the Track Record Period. The following table sets forth certain financial data during the periods indicated.

	Year Ended December 31,			Three Months Ended March 31,
	2022	2023	2024	2024	2025
	RMB	RMB	RMB	RMB	RMB
	(in thousands, except for percentages) (unaudited)
Revenue	697,060	670,733	593,408	155,702	217,102
Gross profit	142,074	137,534	88,575	35,339	35,784
Gross profit margin	20.4%	20.5%	14.9%	22.7%	16.5%
Operating expenses	(155,409)	(205,221)	(274,168)	(65,104)	(50,204)
Net loss	(25,147)	(58,116)	(235,897)	(31,500)	(17,078)
Net loss margin	(3.6)%	(8.7)%	(39.8)%	(20.2)%	(7.9)%
Adjusted loss (Non-IFRS financial measure)	(18,839)	(52,333)	(213,993)	(17,244)	(15,703)
Adjusted loss margin (Non-IFRS financial measure)	(2.7)%	(7.8)%	(36,1)%	(11.1)%	(7.2)%
Net cash used in operating activities	(133,215)	(27,071)	(115,574)	(52,300)	(67,924)

Reasons for Historical Loss

Our net losses incurred during the Track Record Period were primarily attributable to the following reasons:

Fluctuations in average selling prices and gross profit margin influenced by market dynamics.
Increased cost of sales and operating expenses.

SUMMARY

Path to Profitability

We are navigating a path to profitability, anchored in a dynamic revenue model and rigorous cost management that allows us to maximize profitability within the burgeoning EV home charging sector. Facing intense market competition, we are strategically reducing prices to expand our market share and maintain our leadership position. This approach has led to lower prices and higher sales volume, with our total revenue being influenced by these dynamics. As a key player in the market, our primary goal is to remain resilient through this phase, outlasting competitors and capturing a larger market share. Once the competitive landscape stabilizes, we will focus on improving our gross margins. We are pursuing higher gross profit margins by expanding into selected overseas markets and retail channels, as well as developing advanced products with higher gross profit margin and strong revenue potential. Specifically, we will focus our efforts to achieve profitability through the following:

Proactively seizing industry trends and capturing diversified revenue opportunities amid challenging market conditions
Rapid growth in retail sales of EV chargers. We have achieved significant growth in retail sales of EV chargers through effective marketing and multi-channel distribution, particularly via e-commerce platforms, and remain focused on driving revenue growth and improving gross profit margins through continued expansion domestically and internationally.
Rapid expansion in overseas markets. We are capitalizing on the growing global demand for EV chargers by expanding into selected overseas markets, with a focus on localized manufacturing, strategic collaborations, and establishing strong international sales and service networks. These efforts aim to accelerate overseas revenue growth and position us as a leader in rapidly growing EV markets worldwide.
Steady growth in sales volume to domestic automakers. Despite efforts to improve production efficiency and negotiate material prices, we face challenges in the domestic automaker market, including pricing pressure and in-house EV charger manufacturing, prompting us to diversify revenue sources and reduce reliance on domestic automaker sales. However, by leveraging long-term relationships with domestic automakers and offering quality products and reliable services, we aim to strengthen these partnerships and drive increased sales volume.
New products and services to drive long-term growth. We have introduced EV charging robots and Energy Management System (EMS) solutions to enhance EV home charging, driving growth and higher margins. These innovations will further increase efficiency, revenue, and profitability.
23 -

SUMMARY

Efficient Management of Cost of Sales
We are focusing on reducing the cost of sales by increasing automation, optimizing workforce flexibility, and sourcing cost-effective materials without compromising quality, all aimed at improving cost efficiency and supporting long-term profitability.
Efficient management of operating expenses
R&D investment to support long-term growth. We plan to increase R&D expenses to support the second growth curve and the long-term growth, but expect R&D expenses as a percentage of total revenue to decrease in the long run as a result of our cost management efforts.
Optimization of sales and marketing efficiency. Our substantial investments in sales and marketing have led to increased sales and market share in the past, and future efforts will focus on assessing the impact and efficiency of our sales and marketing activities, and taking rigorous improvement measures.
Reduction of general and administrative expenses. We anticipate a continued decrease in general and administrative expenses as a percentage of revenue, driven by economies of scale, where increased sales volume allows us to spread fixed overhead costs over a larger revenue base, and the digitization of operations, which improves efficiency and reduces administrative overhead.

For details, see “Financial Information,” and “Business — Business Sustainability and Path to Profitability.”

Working Capital

As of March 31, 2025, we had RMB146.2 million in cash and cash equivalents. Taking into account the estimated net proceeds from the Global Offering, cash and cash equivalents on hand, available banking facilities and cash flows from our operations, the Directors believe that our Group has sufficient working capital for our present requirements and for the next 12 months from the date of this Prospectus.

For details, see “Financial Information — Liquidity and Capital Resources — Working Capital.”

SUMMARY

GLOBAL OFFERING STATISTICS

All statistics in the following table are based on the assumptions that (i) the Global Offering has been completed and 5,978,900 H Shares are issued pursuant to the Global Offering; and (ii) the Over-Allotment Option is not exercised.

	Based on the Offer Price of HK$66.92 per Offer H Share	Based on the Offer Price of HK$83.63 per Offer H Share
Market capitalization of our Shares^{(1)}	HK$4,001 million	HK$5,000 million
Unaudited pro forma adjusted net tangible assets per Share^{(2)}	HK$6.56	HK$8.17

Notes:

(1) The calculation of market capitalization is based on 59,788,807 Shares expected to be in issue immediately after completion of the Global Offering (assuming the Over-Allotment Option is not exercised).

(2) The unaudited pro forma adjusted net tangible asset per H Share is arrived at after the adjustments referred to in Appendix II to this Prospectus.

OUR SHAREHOLDING STRUCTURE

Our Controlling Shareholders

Immediately prior to the Global Offering, our Company is owned by Dr. Huang (i) directly as to approximately 27.99%, and (ii) indirectly through Tongdu E-Commerce as to approximately 15.40%, Tongdu Intelligent as to approximately 4.03% and Tongdu Technology, the Employee Incentive Platform, as to approximately 0.28%. Dr. Huang, our Founder, chairman of the Board and Executive Director, is the sole general partner of each of Tongdu E-Commerce and Tongdu Intelligent, and controls the sole general partner of Tongdu Technology, namely Tongdu Enterprise. He is responsible for the day-to-day management and exercise of the voting rights attaching to the Shares held by each of Tongdu E-Commerce, Tongdu Intelligent and Tongdu Technology. As such, each of Tongdu E-Commerce, Tongdu Intelligent, Tongdu Technology and Tongdu Enterprise is a close associate of Dr. Huang. Ms. Liu is the spouse of Dr. Huang and is the other shareholder of Tongdu Enterprise. Therefore Dr. Huang, Ms. Liu and these entities controlled by Dr. Huang form a group of Controlling Shareholders of our Company for the purpose of the Listing Rules. As of the Latest Practicable Date, the group of Controlling Shareholders were in aggregate entitled to control the exercise of approximately 47.70% of the voting rights of our Company.

SUMMARY

Immediately following the completion the Global Offering, the group of Controlling Shareholders will be, in aggregate entitled to control the exercise of approximately 42.93% of the voting rights (assuming the Over-Allotment Option is not exercised) or approximately 42.30% of the voting rights (assuming the Over-Allotment Option is exercised in full) of our Company and thus remain as a group of Controlling Shareholders.

Pre-IPO Investments

We conducted multiple series of Pre-IPO Investments with the Pre-IPO Investors, including but not limited to, Anhui Zhongding, Jingzhou Zhida, Shanghai China Power Investment, Jintong Capital, BYD, etc. For further details of the identity and background of the Pre-IPO Investors and the principal terms of the Pre-IPO Investments, see “History, Development and Corporate Structure — Pre-IPO Investments.”

NO MATERIAL ADVERSE IMPACT OF COVID-19

The outbreak of COVID-19 impacted China and the world from early 2020 to early 2023. In order to contain the virus, precautionary and control measures were implemented in regions affected by the pandemic. As a result, the COVID-19 pandemic posed challenges in respect of our product and service offerings in China and overseas markets, as transportation restrictions and reduced mobility during this period indirectly affected our and certain of our business partners’ operations. Despite such impact, our corporate operations, product development, production and sales were not suspended and we achieved an increase in revenue by 94.9% from RMB357.6 million in 2021 to RMB697.1 million in 2022. Only our Shanghai headquarters operated remotely in compliance with government lockdown requirements, for approximately two months in 2022. Our factories in Anhui Province continued normal operations without interruption, and we experienced no supply chain shortages. We did not encounter any material adverse impact on our business operations caused by the COVID-19 pandemic during the Track Record Period, and we expect that our business will not be disrupted in the long run. Since December 2022, economic activities have begun to recover and returned to normal nationwide since January 2023. Based on the foregoing, our Directors are of the view that the COVID-19 pandemic did not have or is not expected to have any material adverse impact on our business and results of operations during the Track Record Period and up to the Latest Practicable Date.

APPLICATION FOR LISTING ON THE STOCK EXCHANGE

We have applied to the Stock Exchange for the granting of the listing of, and permission to deal in, the H Shares in issue and to be issued pursuant to the Global Offering (including any Shares which may be issued pursuant to the exercise of the Over-Allotment Option); and the H Shares to be converted from the Unlisted Shares. Our listing application is made on the basis that, among other things, we satisfy the market capitalization/revenue test under Rule 8.05(3) of the Listing Rules with reference to: (i) our revenue for the year ended December 31, 2024, which exceeded HK$500 million; and (ii) our expected market capitalization at the time of Listing, which, based on the low-end of the indicative Offer Price range, exceeds HK$4 billion.

26 -

SUMMARY

DIVIDEND

No dividend was paid or declared by us or any of our subsidiaries since our incorporation. After the Track Record Period and up to the date of this Prospectus, we did not declare any dividends to our Shareholders.

We do not maintain a formal dividend policy or have a fixed dividend distribution ratio, and we may distribute dividends by way of cash or by other means that our Board considers appropriate. Any proposed distribution of dividends is subject to the discretion of our Board and the approval of our Shareholders. Pursuant to the Articles of Association, our Board may recommend a distribution of dividends in the future after taking into account our results of operations, financial condition, operating requirements, capital requirements, Shareholders' interests and any other conditions that our Board may deem relevant. We cannot assure you that we will be able to distribute dividends of the above amount or any amount, or at all, in any year. The declaration and payment of dividends may also be limited by legal restrictions and by loan or other agreements that our Company and our subsidiaries have entered into or may enter into in the future. Under PRC law, dividends may be paid only out of distributable profit, which is our profit as determined under PRC GAAP or IFRS, whichever is lower, less any recovery of accumulated losses and appropriations to statutory and other reserves that we are required to make. We may not have sufficient or any distributable profit to enable us to make dividend distributions to our Shareholders, including in years in which we are profitable. As advised by our PRC Legal Advisor, dividends may not be distributed while we have accumulated losses. For details, see "Risk Factors — Risks Related to Doing Business in the Country where We Mainly Operate in — Payment of dividends is subject to restrictions under PRC law." In addition, our ability to distribute dividends in the future also depends on whether we can receive dividends from our subsidiaries.

For details, see "Financial Information — Dividend."

FUTURE PLANS AND USE OF PROCEEDS

We estimate that we will receive net proceeds of HK$375.0 million after deducting underwriting fees and commissions and estimated offering expenses payable by us in the Global Offering, assuming no Over-allotment Option is exercised and based on the indicative offer price of HK$75.27 per Offer Share, being the mid-point of the offer price. Based on the same indicative offer price, the additional net proceeds that we would receive if the Over-allotment Option were exercised in full would be HK$65.5 million.

Approximately 38.0% (HK$142.5 million) of the net proceeds is expected to be used for our overseas expansion.
Approximately 36.5% (HK$136.9 million) of the net proceeds is expected to be used for research and development to enrich our product and service offerings, enhance our digital platform and research and development capabilities.
27 -

SUMMARY

Approximately 10.0% (HK$37.5 million) of the net proceeds is expected to be used for mergers or acquisitions activities to enhance our capabilities in providing energy management services.
Approximately 5.5% (HK$20.6 million) of the net proceeds is expected to be used for upgrading existing production facilities and equipment in our Xuancheng factory to accommodate products designed for new vehicle types and emerging use scenarios.
Approximately 10.0% (HK$37.5 million) of the net proceeds is expected to be used for general corporate purposes, including working capital needs.

For details, see “Future Plans and Use of Proceeds.”

LISTING EXPENSES

Based on the mid-point Offer Price of HK$75.27 (being the mid-point of our Offer Price range of HK$66.92 to HK$83.63 per Offer Share), the total listing expenses (including underwriting commissions) payable by our Company are estimated to be approximately HK$75.0 million (equivalent to approximately RMB68.7 million), assuming the Over-Allotment Option is not exercised, representing 16.3% of the gross proceeds from this Global Offering. These listing expenses mainly comprise professional fees paid and payable to the professional parties, and commissions payable to the Underwriters, for their services rendered in relation to the Listing and the Global Offering. The following table sets forth a breakdown of the listing expenses for the Global Offering based on the mid-point Offer Price of HK$75.27.

| Listing Expenses | Based on an Offer Price of HK$75.27
(HKD in thousands) |
| --- | --- |
| Underwriting related expense | 13,538 |
| Non-underwriting related expense | 61,505 |
| Legal and audit expenses | 40,990 |
| Other expenses | 20,514 |
| Total | 75,043 |

SUMMARY

accounting for 6.9% of our gross proceeds, will be further incurred by us, of which RMB22.3 million (equivalent to approximately HK$24.4 million) is expected to be charged to our consolidated statement of comprehensive (loss)/income and RMB8.8 million (equivalent to approximately HK$9.6 million) is expected to be charged against equity upon the Listing.

For details, see “Financial Information — Listing Expenses.”

NON-COMPLIANCE

During the Track Record Period and up to the Latest Practicable Date, we did not have any non-compliance incidents which our Directors believe would, individually or in the aggregate, have a material operational or financial impact on our business as a whole.

As advised by our PRC Legal Advisor, during the Track Record Period and up to the Latest Practicable Date, we had complied with the applicable laws and regulations in all material aspects.

During the Track Record Period and up to the Latest Practicable Date, we had not been subject to any material product recall and return.

For details, see “Business — Legal Proceedings and Non-Compliance” and “Business — Properties.”

RELIANCE ON A LIMITED NUMBER OF CUSTOMERS

29 -

SUMMARY

Substantially all of our top five customers during the Track Record Period are automakers, and all of them remain as our current customers. We generally do not enter into exclusive agreements with automakers for supplying EV home chargers. During the Track Record Period, the number of automakers that were our customers remained steady at 20, 19, 21 and 23 in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively. The customer retention rate was 100.0%, 80.0%, 100.0% and 95.2% in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively.

We believe our relationships with our top five customers are unlikely to experience any material adverse change or termination. According to Frost & Sullivan, EV automakers typically bundle home EV chargers as either standard or optional configurations, integrating charger providers like our company into their sales and service ecosystems. EV automakers maintain rigorous supplier selection standards, requiring bidding suppliers in the home EV charger industry to have at least two to five years of proven business operations in the EV home charging solution market, and only those meeting strict criteria in technical capability, product quality, production capacity, safety compliance, and service quality are selected. The number of charger suppliers admitted to the qualified supplier list of an EV brand rarely exceeds five. This integrated, selective partnership model strengthens our business ties and significantly reduces the risk of any material adverse changes or termination in our relationships with leading automaker customers. We believe that we have built long-standing, strategic partnerships with our top five customers, upheld by our product quality and service standards. Our products and services are integrated into customers' operations, resulting in significant switching costs and operational risks for customers seeking to replace us.

Despite a stable relationship with our top customers, we are broadening our customer base and lessening our dependency on a few key clients by diversifying into e-commerce and distribution since 2020 and developing new product categories like automatic EV charging robots and home smart energy storage products, aiming for revenue diversification and reduced customer concentration. See also "Business — Our Customers."

Mainly due to leading automakers' ability to negotiate for longer settlement period before we invoice them and longer credit period in practice as a result of their substantial purchase amounts and industry influence, our average trade receivable turnover days amounted to 194, 248, 231 and 163 days in 2022, 2023, 2024, and the three months ended March 31, 2025. For more information, please see "Financial Information — Discussion of Selected Items from the Consolidated Statements of Financial Position — Assets — Trade and Notes Receivables."

NO MATERIAL ADVERSE CHANGE

Our Directors confirm that up to the date of this Prospectus, there has been no material adverse change in our financial, operational, or trading position, indebtedness, mortgage, contingent liabilities, guarantees or prospects since March 31, 2025, being the end of the period reported on the Accountant's Report included in Appendix I; and there has been no event since March 31, 2025 which would materially affect the information shown in the Accountant's Report set out in Appendix I to this Prospectus.

SUMMARY

RECENT DEVELOPMENT

According to the unaudited management accounts, in the four months ended July 31, 2025 subsequent to the Track Record Period, we sold approximately 178.6 thousand EV home chargers and completed approximately 156.9 thousand installation and after-sales service tasks. Approximately 15% of our revenue were generated overseas during the same period. Meanwhile, the average selling price of our sales products and provision of services and our gross profit margin remained stable at around the same level as in the three months ended March 31, 2025. In addition, in the four months ended July 31, 2025 subsequent to the Track Record Period, we have secured orders for sales of our EV chargers to Thailand, Indonesia and Qatar. Our retail sales on Amazon overseas grew during the same period. Furthermore, for our EV charging robots, we obtained 10 additional contracts subsequent to the Track Record Period, with a total contract value of RMB5.5 million.

We expect to incur net losses and net operating cash outflows for the year ending December 31, 2025, mainly because we expect to continually ramp up our business in the year ending December 31, 2025 to further expand our sales channels and develop innovative products, and despite our continued efforts in improving our operational efficiency and gross margin during the Track Record Period, our net margins are expected to be adversely affected by a number of factors including: (i) we may continue to experience pricing pressure from EV automakers, who often possess greater bargaining power and may engage in price wars; (ii) significant sales and marketing expenses and research and development expenses and (iii) listing expenses. We have implemented a range of measures to enhance our profitability, including reducing our reliance on automakers, expanding our presence in retail and overseas markets, and focusing on the development of innovative, high-margin products such as EV charging robots. For details on underlying reasons for historical losses and our concrete plan for path to profitability, see "Business — Business Sustainability and Path to Profitability."

We lost a bid for sales of home EV chargers to Customer B in June 2023. Although we subsequently secured a new bid with Customer B in 2024, deliveries were postponed until 2025 due to changes within Customer B's tendering department, including personnel and planning adjustments. For the project awarded in 2024 (with delivery scheduled for 2025), a total of 81,434 units have been ordered, amounting to RMB22.0 million.

31 -

DEFINITIONS

In this Prospectus, unless the context otherwise requires, the following terms and expressions have the meanings set forth below. Certain other terms are explained in the section headed “Glossary of Technical Terms” in this Prospectus.

“affiliate”
with respect to any specified person, any other person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified person

“AFRC”
the Accounting and Financial Reporting Council of Hong Kong

“AIC”
Administration of Industry & Commerce (工商行政管理機關) of the PRC (now known as the Administration for Market Regulation (市場監督管理局)) or, where the context so requires, the State Administration for Industry & Commerce of the PRC (中華人民共和國工商行政管理總局) or its delegated authority at the provincial, municipal or other local level

“Anhui Zhongding”
Anhui Zhongding Sealing Parts Co., Ltd. (安徽中鼎密封件股份有限公司), a joint stock company established in the PRC on October 23, 1998, and our Pre-IPO Investor

“Anqing Zhida”
Anqing Zhida Intelligent Charging Equipment Co., Ltd.* (安慶摯達智能充電設備有限公司), a limited liability company incorporated under the laws of the PRC on August 18, 2021, and a directly wholly-owned subsidiary of our Company

“Articles of Association” or “Articles”
the articles of association of our Company, as amended, which shall become effective on the Listing Date, a summary of which is set out in Appendix III

“associate(s)”
has the meaning ascribed thereto under the Listing Rules

“Audit Committee”
the audit committee of the Board

“Board” or “Board of Directors”
the board of Directors

“Business Day”
a day on which banks in Hong Kong are generally open for normal business to the public and which is not a Saturday, Sunday or public holiday in Hong Kong

32 -

DEFINITIONS

“Capital Market Intermediaries” or “Capital Market Intermediary(ies)” or “CMI(s)”	the capital market intermediaries participating in the Global Offering and has the meaning ascribed thereto under the Listing Rules
“CCASS”	the Central Clearing and Settlement System established and operated by HKSCC
“China” or “PRC”	the People’s Republic of China which, for the purpose of this Prospectus and for geographical reference only, excludes Hong Kong, the Macao Special Administrative Region of the PRC and Taiwan
“close associate(s)”	has the meaning ascribed thereto under the Listing Rules
“Companies Ordinance”	the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) as amended, supplemented or otherwise modified from time to time
“Companies (Winding Up and Miscellaneous Provisions) Ordinance”	the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time
“Company,” “our Company” or “the Company”	Shanghai Zhida Technology Development Co., Ltd. (上海摯達科技發展股份有限公司), a joint stock limited liability company established in the PRC on September 29, 2022, or, where the context requires (as the case may be), its predecessor, Shanghai Zhida Technology Development Co., Ltd. (上海摯達科技發展有限公司), a company established in the PRC with limited liability on November 25, 2010
“connected person(s)”	has the meaning ascribed thereto under the Listing Rules
“connected transaction(s)”	has the meaning ascribed thereto under the Listing Rules
“Controlling Shareholder(s)”	has the meaning ascribed thereto under the Listing Rules and unless the context otherwise requires, refers to Dr. Huang, Ms. Liu, Tongdu E-Commerce, Tongdu Intelligent, Tongdu Technology and Tongdu Enterprise. See “Relationship with Our Controlling Shareholders”

33 -

DEFINITIONS

“Conversion of Unlisted Shares into H shares”	the conversion of 53,809,907 Unlisted Shares into H Shares on a one-for-one basis upon the completion of Global Offering, as described in further detail in “Share Capital”
“Corporate Governance Code”	the Corporate Governance Code set out in Appendix C1 to the Listing Rules
“CSDC”	China Securities Depositary and Clearing Corporation Limited (中國證券登記結算有限責任公司)
“CSRC”	the China Securities Regulatory Commission (中國證券監督管理委員會)
“Director(s)”	the director(s) of our Company
“Dr. Huang”	Dr. Huang Zhiming (黃志明), our founder, chairman of the Board, Executive Director, chief executive officer, and our Controlling Shareholder
“EAR”	the Export Administration Regulations administered by the U.S. Department of Commerce, Bureau of Industry and Security, which is codified at 15 C.F.R. §§ 730-774
“EIT”	enterprise income tax
“EIT Law”	Enterprise Income Tax Law of the PRC (中華人民共和國企業所得稅法)
“Exchange Participant”	a person (a) who, in accordance with the Rules of the Stock Exchange, may trade on or through the Stock Exchange; and (b) whose name is entered in a list, register or roll kept by the Stock Exchange as a person who may trade on or through the Stock Exchange
“Extreme Conditions”	any extreme conditions or events, the occurrence of which will cause interruption to the ordinary course of business operations in Hong Kong and/or that may affect the Global Offering

– 34 –

DEFINITIONS

“FINI”
“Fast Interface for New Issuance”, the online platform operated by HKSCC that is mandatory for admission to trading and, where applicable, the collection and processing of specified information on subscription in and settlement for the Listing

“General Rules of HKSCC”
the terms and conditions regulating the use of HKSCC’s services, as may be amended or modified from time to time and where the context so permits, shall include the HKSCC Operational Procedures

“Global Offering”
the Hong Kong Public Offering and the International Offering

“Group,” “our Group,” “we” or “us”
our Company and its subsidiaries, or any one of them as the context may require, and where the context requires, the businesses operated by our Company and/or its subsidiaries and their predecessors (if any)

“H Share(s)”
ordinary share(s) in the share capital of our Company with a nominal value of RMB1.00 each, which is/are to be subscribed for and traded in HK dollars and to be listed on the Stock Exchange

“H Share Registrar”
Computershare Hong Kong Investor Services Limited

“HKSCC”
Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited

“HKSCC EIPO”
the application for the Hong Kong Offer Shares to be issued in the name of HKSCC Nominees and deposited directly into CCASS to be credited to your designated HKSCC Participant’s stock account through causing HKSCC Nominees to apply on your behalf, including by instructing your broker or custodian who is a HKSCC Participant to give electronic application instructions via HKSCC’s FINI system to apply for the Hong Kong Offer Shares on your behalf

“HKSCC Nominees”
HKSCC Nominees Limited, a wholly-owned subsidiary of HKSCC

– 35 –

DEFINITIONS

"HKSCC Operational Procedures"
the operational procedures of HKSCC, containing the practices, procedures and administrative or other requirements relating to HKSCC's services and the operations and functions of CCASS, FINI or any other platform, facility or system established, operated and/or otherwise provided by or through HKSCC, as from time to time in force

"HKSCC Participant"
a participant admitted to participate in CCASS as a direct clearing participant, a general clearing participant or a custodian participant

"Hong Kong" or "HK"
the Hong Kong Special Administrative Region of the PRC

"Hong Kong dollars" or "HK dollars" or "HK$"
Hong Kong dollars, the lawful currency of Hong Kong

"Hong Kong Offer Shares"
the 597,900 H Shares offered by us for subscription at the Offer Price pursuant to the Hong Kong Public Offering (subject to reallocation as described in the section headed "Structure of the Global Offering")

"Hong Kong Public Offering"
the offering of the Hong Kong Offer Shares for subscription by the public in Hong Kong (subject to reallocation as described in the section headed "Structure of the Global Offering") at the Offer Price (plus brokerage, SFC transaction levy, Stock Exchange trading fee and AFRC transaction levy), on and subject to the terms and conditions described in the section headed "Structure of the Global Offering"

"Hong Kong Underwriters"
the underwriters listed in the paragraph headed "Hong Kong Underwriters" in the section headed "Underwriting," being the underwriters of the Hong Kong Public Offering

36 -

DEFINITIONS

“Hong Kong Underwriting Agreement”

the underwriting agreement dated September 29, 2025 relating to the Hong Kong Public Offering entered into by our Company, Dr. Huang, Ms. Liu, Tongdu Enterprise, the Sole Sponsor, the Overall Coordinators, the Joint Global Coordinators and the Hong Kong Underwriters, as further described in “Underwriting — Underwriting Arrangements and Expenses — Hong Kong Public Offering — Hong Kong Underwriting Agreement”

“Huangshan Zhida”

Huangshan Zhida Intelligent Equipment Co., Ltd.* (黄山摯達智能設備有限公司), a limited liability company incorporated under the laws of the PRC on May 20, 2025, and a directly wholly-owned subsidiary of our Company

“IFRS”

the International Financial Reporting Standards, which include standards, amendments and interpretations promulgated and issued by International Accounting Standards Board and the International Accounting Standards

“Independent Third Party(ies)”

any entity(ies) or person(s) which/who, to the best knowledge of our Directors having made due and careful enquiries, is/are not a connected person of our Company within the meaning of the Listing Rules

“International Offer Shares”

the 5,381,000 H Shares initially offered by our Company pursuant to the International Offering (subject to reallocation as described in the section headed “Structure of the Global Offering”) together with any additional H Shares which may be allotted and issued by our Company pursuant to the exercise of the Over-allotment Option

“International Offering”

the conditional placing of the International Offer Shares by the International Underwriters at the Offer Price outside the United States in offshore transactions in reliance on Regulation S on and subject to the terms and conditions of the International Underwriting Agreement, as further described in the section headed “Underwriting — International Offering”

“International Underwriter(s)”

the underwriter(s) who is/are expected to enter into the International Underwriting Agreement to underwrite the International Offering

37 -

DEFINITIONS

"International Underwriting Agreement"	the underwriting agreement relating to the International Offering expected to be entered into on or about October 8, 2025, by our Company, Dr. Huang, Ms. Liu, Tongdu Enterprise, the Sole Sponsor, the Overall Coordinators, the Joint Global Coordinators and the International Underwriters, as further described in "Underwriting — International Offering"
"Jingzhou Zhida"	Jingzhou Zhida Electric Vehicle Co., Ltd.* (荊州智達電動汽車有限公司), a company established in the PRC with limited liability on November 29, 2017, and our Pre-IPO Investor
"Joint Bookrunners"	the joint bookrunners as named in the section headed "Directors, Supervisors and Parties Involved in the Global Offering"
"Joint Global Coordinators"	the joint global coordinators as named in the section headed "Directors, Supervisors and Parties Involved in the Global Offering"
"Joint Lead Managers"	the joint lead managers as named in the section headed "Directors, Supervisors and Parties Involved in the Global Offering"
"Latest Practicable Date"	September 22, 2025 being the latest practicable date for the purpose of ascertaining certain information contained in this Prospectus prior to its publication
"Listing"	listing of the H Shares on the Main Board of the Stock Exchange
"Listing Committee"	the Listing Committee of the Stock Exchange
"Listing Date"	the date, expected to be on or about Friday, October 10, 2025, on which our H Shares are listed and from which dealings therein are permitted to take place on the Stock Exchange
"Listing Rules" or "Hong Kong Listing Rules"	the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time

38 -

DEFINITIONS

"Main Board"
the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operated in parallel with Growth Enterprise Market of the Stock Exchange

"MIIT"
Ministry of Industry and Information Technology of the PRC (中華人民共和國工業和信息化部)

"Ministry of Finance" or "MOF"
Ministry of Finance of the PRC (中華人民共和國財政部)

"MOFCOM"
Ministry of Commerce of the PRC (中華人民共和國商務部)

"Ms. Liu"
Liu Jing (劉靜), the spouse of Dr. Huang, and a Controlling Shareholder

"NDRC"
National Development and Reform Commission of the PRC (中華人民共和國國家發展和改革委員會)

"Nomination Committee"
the nomination committee of the Board

"Offer Price"
the final offer price per Offer Share (exclusive of brokerage fee of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%) at which the Offer Shares are to be subscribed for and issued pursuant to the Global Offering as described in the section headed "Structure of the Global Offering"

"Offer Share(s)"
the Hong Kong Offer Shares and the International Offer Shares, with any additional H Shares which may be allotted and issued pursuant to the exercise of the Over-allotment Option

"Overall Coordinators"
the overall coordinators as named in the section headed "Directors, Supervisors and Parties Involved in the Global Offering"

"Overseas Listing Trial Measures"
The Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (《境內企業境外發行證券和上市管理試行辦法》) promulgated by the CSRC on February 17, 2023 and effective from March 31, 2023, and the relevant supporting guidelines promulgated by the CSRC from time to time

– 39 –

DEFINITIONS

“Over-allotment Option” the option granted by us to the International Underwriter(s), exercisable by the Overall Coordinators (for themselves and on behalf of the International Underwriters) pursuant to the International Underwriting Agreement, to require our Company to allot and issue up to an aggregate of 896,800 additional H Shares at the Offer Price, representing approximately 15% of the Offer Shares initially available under the Global Offering, to cover, among other things, over-allocations in the International Offering, if any, exercisable at any time from the date of the International Underwriting Agreement up to (and including) the date which is the 30th day from the last day for lodging of applications under the Hong Kong Public Offering

“PBOC” People’s Bank of China (中國人民銀行), the central bank of the PRC

“PRC Company Law” Company Law of the People’s Republic of China (中華人民共和國公司法), as amended, supplemented or otherwise modified from time to time

“PRC GAAP” generally accepted accounting principles in the PRC

“PRC Government” or “State” the central government of the PRC, including all governmental subdivisions (including provincial, municipal and other regional or local government entities) and instrumentalities

“PRC Legal Advisor” Commerce & Finance Law Offices, our legal advisor as to PRC laws

“PRC Securities Law” Securities Law of the PRC (中華人民共和國證券法), as amended, supplemented or otherwise modified from time to time

“Pre-IPO Investments” the investments in our Company undertaken by the Pre-IPO Investors, the details of which are set out in the section headed “History, Development and Corporate Structure”

“Pre-IPO Investor(s)” the pre-IPO investors as described in “History, Development and Corporate Structure — Pre-IPO Investments”

– 40 –

DEFINITIONS

“Price Determination Agreement” the agreement to be entered into by the Overall Coordinators (for themselves and on behalf of the Underwriters) and our Company on the Price Determination Date to record and fix the Offer Price

“Price Determination Date” the date, expected to be on or before Wednesday, October 8, 2025 (Hong Kong time) on which the Offer Price is determined, or such later time as the Overall Coordinators (for themselves and on behalf of the Underwriters) and our Company may agree, but in any event not later than 12:00 noon on Wednesday, October 8, 2025

“Prospectus” this Prospectus being issued in connection with the Hong Kong Public Offering

“Province” each being a province or, where the context requires, a provincial-level autonomous region or municipality under the direct supervision of the central government of the PRC

“Regulation S” Regulation S under the U.S. Securities Act

“Remuneration Committee” the remuneration committee of the Board

“RMB” or “Renminbi” Renminbi, the lawful currency of the PRC

“SAFE” State Administration of Foreign Exchange of the PRC (中國國家外匯管理局)

“Sanming Xunda” Sanming Xunda New Energy Automobile City Operation Co., Ltd.* (三明訊達新能源汽車城市運營有限公司), a limited liability company incorporated under the laws of the PRC on March 30, 2016, and a non-wholly-owned subsidiary of our Company

“Sanming Zhida” Fujian Sanming Zhida Technology Co., Ltd.* (福建三明市摯達科技有限責任公司), a limited liability company incorporated under the laws of the PRC on January 27, 2022, and a directly wholly-owned subsidiary of our Company

“SAT” State Administration of Taxation of the PRC (國家稅務總局)

“Securities and Futures Ordinance” or “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time

– 41 –

DEFINITIONS

"SFC"
Securities and Futures Commission of Hong Kong

"Shanghai China Power Investment"
Shanghai China Power Investment Ronghe New Energy Investment Management Center (Limited Partnership)* (上海中電投融和新能源投資管理中心(有限合夥)), a limited partnership established in the PRC on October 16, 2015, and our Pre-IPO Investor

"Shanghai-Hong Kong Stock Connect"
a securities trading and clearing links program developed by the Hong Kong Stock Exchange, Shanghai Stock Exchange, HKSCC and CSDC for the establishment of mutual market access between Hong Kong and Shanghai, including Southbound Trading and Northbound Trading

"Shanghai Zhida Auto Supply"
Shanghai Zhida Automotive Supply Sales Co., Ltd.* (上海摯達汽車用品銷售有限公司), a limited liability company incorporated under the laws of the PRC on June 5, 2025, and a directly wholly-owned subsidiary of our Company

"Shanghai Zhuangdaojia"
Shanghai Zhuangdaojia Network Technology Co., Ltd. (上海樁到家網絡科技有限公司), formerly known as Shanghai Zhida New Energy Automobile Public Supporting Development Co., Ltd. (上海摯達新能源汽車公共配套發展有限公司), a limited liability company incorporated under the laws of the PRC on September 15, 2015, and a directly wholly-owned subsidiary of our Company

"Share(s)"
ordinary share(s) in the share capital of our Company with a nominal value of RMB1.00 each

"Shareholder(s)"
holder(s) of the Share(s)

"Shenzhen-Hong Kong Stock Connect"
a securities trading and clearing links program to be developed by the Stock Exchange, Shenzhen Stock Exchange, HKSCC and CSDC for the establishment of mutual market access between Hong Kong and Shenzhen

"Shiji Guanghua"
Beijing Shiji Guanghua Management Consulting Co., Ltd. (北京世紀光華管理諮詢有限公司), a company established in the PRC with limited liability on November 17, 2023, and our Pre-IPO Investor

"Sole Sponsor"
the sole sponsor as named in the section headed "Directors, Supervisors and Parties Involved in the Global Offering"

42 -

DEFINITIONS

“Stabilizing Manager”	Shenwan Hongyuan Securities (H.K.) Limited
“State Council”	the State Council of the PRC (中華人民共和國國務院)
“Stock Exchange” or “Hong Kong Stock Exchange”	The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited
“subsidiary(ies)”	has the meaning ascribed thereto under the Listing Rules
“substantial shareholder(s)”	has the meaning ascribed thereto under the Listing Rules
“Supervisor(s)”	member(s) of our Supervisory Committee
“Supervisory Committee”	the supervisory committee of our Company
“Takeovers Code”	the Codes on Takeovers and Mergers and Share Buy-backs issued by the SFC, as amended, supplemented or otherwise modified from time to time
“Tongdu E-Commerce”	Shanghai Tongdu Electronic Commerce Center (Limited Partnership)* (上海同築電子商貿中心(有限合夥)), a limited partnership established in the PRC on September 14, 2015, one of our Controlling Shareholders
“Tongdu Enterprise”	Shanghai Tongdu Enterprise Management Co., Ltd.* (上海同築企業管理有限責任公司), a company established in the PRC with limited liability on June 27, 2022, the general partner of Tongdu Technology, and one of our Controlling Shareholders
“Tongdu Intelligent”	Shanghai Tongdu Intelligent Technology Partnership (Limited Partnership) (上海同築智能技術合夥企業(有限合夥), formerly known as Shanghai Tongdu Intelligent IoT Technology Partnership (General Partnership) (上海同築智能網聯技術合夥企業(普通合夥)), a limited partnership established in the PRC on February 23, 2018, and one of our Controlling Shareholders
“Tongdu Technology” or “Employee Incentive Platform”	Shanghai Tongdu Technology Partnership (Limited Partnership)* (上海同築科技合夥企業(有限合夥)), a limited partnership established in the PRC on September 5, 2022, the pre-IPO employee incentive platform of our Group, and one of our Controlling Shareholders

– 43 –

DEFINITIONS

"Track Record Period" the financial years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025

"treasury shares" has the meaning ascribed thereto under the Listing Rules

"Underwriters" the Hong Kong Underwriters and the International Underwriters

"Underwriting Agreements" the Hong Kong Underwriting Agreement and/or the International Underwriting Agreement, as the context may require

"Unlisted Share(s)" ordinary share(s) issued by our Company, with a nominal value of RMB1.00 each, which is/are not listed on any stock exchange

"U.S." or "United States" the United States of America, its territories, its possessions and all areas subject to its jurisdiction

"U.S. dollar" or "US$" or "USD" United States dollar, the lawful currency of the United States

"U.S. Securities Act" the United States Securities Act of 1933, as amended and supplemented or otherwise modified from time to time, and the rules and regulations promulgated thereunder

"White Form eIPO" the application for Hong Kong Offer Shares to be issued in the applicant's own name by submitting applications online through the designated website of the White Form eIPO Service Provider at www.eipo.com.hk

"White Form eIPO Service Provider" Computershare Hong Kong Investor Services Limited

"Wuxi Zhida" Wuxi Zhida IOT Technology Co., Ltd.* (無錫摯達物聯科技有限公司), a limited liability company incorporated under the laws of the PRC on September 29, 2017, and a directly wholly-owned subsidiary of our Company

"ZD Energy" ZD Energy (Thailand) Co., Ltd., a limited liability company incorporated under the laws of Thailand on July 27, 2023, and a non-wholly owned subsidiary of our Company

– 44 –

DEFINITIONS

“ZD HK”
ZD Energy (Hong Kong) Limited, a limited liability company incorporated in Hong Kong on May 27, 2024 and a wholly-owned subsidiary of our Company

“ZD Singapore”
ZD Energy Pte. Ltd., a limited liability company incorporated under the laws of Singapore on July 7, 2022, and a wholly-owned subsidiary of our Company

“ZD Trading”
ZD Trading (Thailand) Co., Ltd., a limited liability company incorporated under the laws of Thailand on August 23, 2023, and a non-wholly owned subsidiary of our Company

“Zhida Chepin”
Wuxi Zhida Automotive Products Co., Ltd.* (無錫摯達車品有限公司), a limited liability company incorporated under the laws of the PRC on March 5, 2025, and an indirectly wholly-owned subsidiary of our Company

“Zhida Energy (Jiaxing)”
Zhida Smart Energy Technology (Jiaxing) Co., Ltd.* (摯達智慧能源科技(嘉興)有限公司), a limited liability company incorporated under the laws of the PRC on December 17, 2024, and a directly wholly-owned subsidiary of our Company

“Zhida Jidian”
Shanghai Zhida Mechanical and Electrical Engineering Co., Ltd.* (上海摯達機電工程有限公司), a limited liability company incorporated under the laws of the PRC on October 22, 2014, and a directly wholly-owned subsidiary of our Company

“Zhida Smart Trade”
Zhida Smart Trade (Jiaxing) Co., Ltd.* (摯達智慧貿易(嘉興)有限公司), a limited liability company incorporated under the laws of the PRC on April 3, 2025, and an indirectly wholly-owned subsidiary of our Company

“Zhida Technology”
Shanghai Zhida Technology Service Co., Ltd.* (上海摯達技術服務有限公司), a limited liability company incorporated under the laws of the PRC on July 7, 2008, and a directly wholly-owned subsidiary of our Company

“Zhida Zhongding”
Anhui Zhida Zhongding Automobile Charging Equipment Co., Ltd* (安徽摯達中鼎汽車充電設備有限公司), a limited liability company incorporated under the laws of the PRC on January 26, 2015, and a wholly-owned subsidiary of our Company

45 -

DEFINITIONS

“Zhuhai Zhidingli”

Zhuhai Chongneng Zhidingli Equity Investment Partnership Enterprise (Limited Partnership)* (珠海充能拳鼎立股權投資合夥企業(有限合夥)), a limited partnership established in the PRC on October 21, 2024, and one of our Pre-IPO Investors

For ease of reference, the names of Chinese laws and regulations, governmental authorities, institutions, natural persons or other entities (including our subsidiary) have been included in this Prospectus in both the Chinese and English languages and in the event of any inconsistency, the Chinese versions shall prevail.

For identification purposes only
46 -

GLOSSARY OF TECHNICAL TERMS

This glossary contains definitions of certain terms used in this Prospectus in connection with us and our business. Some of these may not correspond to standard industry definitions.

“AC” alternating current, an electric current which periodically reverses direction and changes its magnitude continuously with time

“CAGR” compound annual growth rate

“DC” direct current, an electric current which flows only in one direction

“EV” electric passenger vehicles

“EV home charging solutions” EV home charging solutions provided to households, including both product offerings and service offerings, providing a safe charging experience as well as efficient energy management

“GBT 31950” Integrity management system of enterprise, which prepared by State Administration for Market Regulation, Standardization Administration of the People’s Republic of China

“GBT 39604” Social responsibility management systems, which prepared by State Administration for Market Regulation, Standardization Administration of the People’s Republic of China

“GFA” gross floor area

“IATF16949” International technical specification of automotive industry quality management system, which prepared by IATF (International Automotive Task Force) and ISO (International Organization for Standardization)

“IoT” internet of things, the extension of internet connectivity into physical devices and everyday objects

“ISO 20000” International standard for information technology service management, which prepared by ISO (International Organization for Standardization)

– 47 –

GLOSSARY OF TECHNICAL TERMS

“ISO 20400”	International standard focuses on sustainable procurement, guiding organizations to incorporate sustainability into their procurement processes, which prepared by ISO (International Organization for Standardization)
“ISO 22301”	International standard for business continuity management systems, which prepared by ISO (International Organization for Standardization)
“ISO 27001”	International standard for information security management systems, which prepared by ISO (International Organization for Standardization)
“ISO 27701”	International standard providing guidance on establishing, implementing, maintaining and continually improving a Privacy Information Management System, which prepared by ISO (International Organization for Standardization)
“ISO 37001”	International standard for anti-bribery management systems, which prepared by ISO (International Organization for Standardization)
“smart home EV chargers”	EV chargers used in households incorporating technologies like the IoT, which can be controlled via dedicated mobile apps, allowing users to monitor and manage their EV home charging in real time. The benefits include convenience, efficiency, and enhanced safety for home charging. According to Frost & Sullivan, smart home EV charger is an industry term
“TILVA”	TILVA Certification Technology (Shanghai) Co., LTD, an independent third-party certification body, registered by the State Administration for Industry and Commerce, approved by the National Certification and Accreditation Administration Committee (Approval Number: CNCA-R-2014-170), and accredited by the China National Accreditation Service for Conformity Assessment (Certificate Number: CNAS C167-P)
“PCB”	printed circuit board, a medium used to connect or “wire” components to one another in a circuit

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GLOSSARY OF TECHNICAL TERMS

"V2E"
vehicle-to-energy, the diversified digital energy services provided based on the business scenarios of bidirectional interaction between EV and energy sources, which effectively leverages the flexibility of EV power batteries connected to EV chargers as both controllable loads and mobile energy storage systems, and also integrates the energy sources of EV home users to establish a digital home energy ecosystem

"V2H"
vehicle-to-home, a technology that allows EVs to power homes by using the EV power batteries to store and transmit energy supplied from the grid or from renewable energy sources, such as photovoltaics, solar or wind power, which can then be used to power homes when needed, such as during a blackout or when electricity prices are high

"ZQHX"
ZQHX Certification Center Co., Ltd, a comprehensive certification service organization, approved by the China National Accreditation Service for Conformity Assessment and the Certification and Accreditation Administration of the People's Republic of China

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FORWARD-LOOKING STATEMENTS

We have included in this Prospectus forward-looking statements. Statements that are not historical facts, including but not limited to statements about our intentions, beliefs, expectations or predictions for the future, are forward-looking statements.

This Prospectus contains forward-looking statements and information relating to us and our subsidiary that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this Prospectus, the words “aim,” “anticipate,” “believe,” “could,” “expect,” “going forward,” “intend,” “may,” “ought to,” “plan,” “project,” “seek,” “should,” “will,” “would,” “vision,” “aspire,” “target,” “schedules,” and the negative of these words and other similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. Such statements reflect the current views of our management with respect to future events, operations, liquidity and capital resources, some of which may not materialize or may change. These statements are subject to certain risks, uncertainties and assumptions, including the risk factors as described in this Prospectus, some of which are beyond our control and may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. The risks and uncertainties facing us which could affect the accuracy of forward-looking statements include, but are not limited to, the following:

our operations and business prospects;
our ability to maintain relationship with, and the actions and developments affecting, our major customers and suppliers;
future developments, trends and conditions in the industries and markets in which we operate or plan to operate;
general economic, political and business conditions in the markets in which we operate;
changes to the regulatory environment in the industries and markets in which we operate;
our ability to maintain the market positions;
the actions and developments of our competitors;
our ability to effectively contain costs and optimize pricing;
the ability of third parties to perform in accordance with contractual terms and specifications;
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FORWARD-LOOKING STATEMENTS

our ability to retain senior management and key personnel and recruit qualified staff;
our business strategies and plans to achieve these strategies, including our service and geographic expansion plans;
our ability to defend our intellectual rights and protect confidentiality;
the effectiveness of our quality control systems;
change or volatility in interest rates, foreign exchange rates, equity prices, trading volumes, commodity prices and overall market trends; including those pertaining to the PRC and the industry and markets in which we operate; and
capital market developments.

By their nature, certain disclosures relating to these and other risks are only estimates and should one or more of these uncertainties or risks, among others, materialize, actual results may vary materially from those estimated, anticipated or projected, as well as from historical results. Specifically but without limitation, sales could decrease, costs could increase, capital costs could increase, capital investment could be delayed and anticipated improvements in performance might not be fully realized.

Subject to the requirements of applicable laws, rules and regulations, we do not have any and undertake no obligation to update or otherwise revise the forward-looking statements in this Prospectus, whether as a result of new information, future events or otherwise. As a result of these and other risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Prospectus might not occur in the way we expect or at all. Accordingly, you should not place undue reliance on any forward-looking information. All forward-looking statements in this Prospectus are qualified by reference to the cautionary statements in this section as well as the risks and uncertainties discussed in the section headed "Risk Factors".

In this Prospectus, statements of or references to our intentions or those of our Directors were made as of the date of this Prospectus. Any such information may change in light of future developments.

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RISK FACTORS

An investment in our Shares involves significant risks. You should carefully consider all of the information in this Prospectus, including the risks and uncertainties described below, before making an investment in our Shares. The following is a description of what we consider to be our material risks. Any of the following risks could have a material adverse effect on our business, results of operations, financial condition and prospects. In any such case, the market price of our Shares could decline, and you may lose all or part of your investment. These factors are contingencies that may or may not occur, and we are not in a position to express a view on the likelihood of any such contingency occurring. The information given is as of the Latest Practicable Date unless otherwise stated, will not be updated after the date hereof, and is subject to the cautionary statements in the section headed "Forward-looking Statements" in this Prospectus.

RISKS RELATED TO OUR BUSINESS AND INDUSTRY

We have a history of losses and operating cash outflows, and we have experienced net current liabilities, during the Track Record Period. There is no guarantee that we can achieve and maintain profitability in the future.

We have a history of losses. We incurred net losses of RMB25.1 million, RMB58.1 million and RMB235.9 million in 2022, 2023 and 2024, respectively. In the three months ended March 31, 2024 and 2025, we recorded net losses of RMB31.5 million and RMB17.1 million, respectively. Our net losses may continue or increase, and we may not be able to achieve or maintain profitability in the future. Our revenues may not increase sufficiently to offset the increase in our expenses as we continuously develop our products and services, conduct marketing and sales activities to increase our brand awareness, broaden our customer base and expand overseas. Moreover, as a public company, we may incur certain legal, accounting and other expenses that we did not previously incur as a private company. These efforts may be more costly than we expect. We may continue to incur losses in the future, and we cannot assure you that we will eventually achieve profitability in a sustainable manner.

We also experienced significant cash outflows from operating activities. We had net cash used in operating activities of RMB133.2 million, RMB27.1 million and RMB115.6 million in 2022, 2023 and 2024, respectively. In the three months ended March 31, 2024 and 2025, we had net cash used in operating activities of RMB52.3 million and net cash used in operating activities of RMB67.9 million, respectively. We cannot guarantee that we will improve our cash position in the future. If our cost of continuing operations increases in the future or our cash generated from operating activities does not meet our expectation, our operating cash position could worsen, and our business, results of operations, financial condition and prospects could be adversely affected because of the limited amount of cash available to meet the cash needs for operating our business and to fund our investments in our business expansion.

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RISK FACTORS

We recorded net current assets of RMB257.5 million, RMB155.8 million and net current liabilities of RMB86.4 million as of December 31, 2022, 2023 and 2024, respectively. We recorded net current liabilities of RMB81.5 million as of March 31, 2025. As of July 31, 2025, we recorded net current liabilities of RMB104.7 million. If our operating cash outflow position continues or worsens, we could have a net current liabilities position in the future, which would expose us to liquidity risk. Our future liquidity and ability to make additional capital investments necessary for our operations and business expansion will depend primarily on our ability to maintain sufficient cash generated from operating activities and to obtain adequate external financing. There can be no assurance that we will be able to renew existing bank facilities or obtain other sources of financing.

A limited number of customers accounted for a substantial portion of our revenue during the Track Record Period. Any decreases in our future sales to them could adversely affect our business, results of operations, financial condition and prospects.

A substantial portion of our revenue during the Track Record Period was derived from a limited number of customers. In 2022, 2023 and 2024, and the three months ended March 31, 2025, the aggregate revenue generated from our five largest customers were RMB459.3 million, RMB466.9 million, RMB333.1 million and RMB116.2 million, respectively, representing 65.8%, 69.6%, 56.1% and 53.5% of our revenue, respectively. Sales to our largest automaker customer for the same periods were RMB267.1 million, RMB214.6 million, RMB148.1 million and RMB36.9 million, representing 38.3%, 32.0%, 25.0% and 17.0% of our revenue, respectively.

It is likely that we will continue to be dependent upon a limited number of customers for a meaningful portion of our revenues in the foreseeable future and we can not guarantee that they will not terminate or maintain their business relationship with us. For more information, see "Business — Our Customers." The loss of one or more major customers or a reduction in purchase from any major customer would reduce our revenues, and adversely affect our business, results of operations, financial condition and prospects.

During the Track Record Period, many of our major customers are automakers who have substantial bargaining power, which exposes us to significant pricing pressure.

During the Track Record Period, many of our largest customers are automakers that possess significant bargaining power in price negotiations and our revenue from sales to automakers accounted for a major portion of our total revenue. With relatively stronger bargaining power in price negotiations, EV automakers pushed part of this pricing pressure upstream, weighing on the home EV charger industry and related service providers. Such pricing pressure affected our average selling prices to automakers. During the Track Record Period, our average selling price to automakers for EV chargers was RMB711.6, RMB839.1, RMB697.9, RMB845.2 and RMB721.9 in 2022, 2023, 2024, the three months ended March 31, 2024 and the three months ended March 31, 2025, respectively, reflecting fluctuations and downward pressure on pricing. As a result, our gross margins and financial performance may be adversely affected by further pricing pressure or changes in the procurement strategies of

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RISK FACTORS

automakers. In addition, we cannot assure you that we will always be able to negotiate favorable terms with these automaker customers, or that our business initiatives will successfully mitigate these risks. Their execution may require significant investments and may face implementation challenges, potentially leading to delays or cost overruns. If these initiatives fail to meet our estimates, it may adversely affect our profit margin and financial performance. Any adverse developments in our relationships with automakers could materially and adversely affect our business, financial condition and results of operations.

We derived a significant portion of our revenue from a limited number of customers, including Customer B, and the loss of, or a significant reduction in, business from any major customer could materially and adversely affect our business, financial condition and results of operations.

We have been and expect to continue to be subject to customer concentration risk. A significant portion of our revenue in each year during the Track Record Period and up to the Latest Practicable Date was derived from a relatively small number of customers, including Customer B, which was one of our largest customers in each of 2022, 2023, 2024 and the three months ended March 31, 2025. In 2022, 2023 and 2024, and the three months ended March 31, 2025, the aggregate revenues generated from our five largest customers in each period were RMB459.3 million, RMB466.9 million, RMB333.1 million and RMB116.2 million, representing 65.8%, 69.6%, 56.1% and 53.5% of our revenues, and revenue from Customer B, accounted for approximately 38.3%, 32.0%, 25.0% and 17.0% of our total revenue for the same periods.

This high level of customer concentration exposes us to the risk that the loss of, or a significant decrease in, sales to any one of our major customers could materially and adversely affect our business. For instance, in 2022, revenue generated from Customer B was RMB267.1 million, accounting for 38.3% of our total revenue. In mid-2023, amid intensified price competition among Chinese EV automakers, we lost a bid with Customer B, which led to a decline in sales volume of our EV chargers to Customer B from 84,685 units to 2,706 units and to nil from 2023 to 2024 and three months ended March 31, 2025. In 2023, 2024 and three months ended March 31, 2025, our revenue generated from Customer B were RMB214.6 million, RMB148.1 million and RMB36.9 million, representing 32.0%, 25.0% and 17.0% of our revenues, respectively. For details, see "Business — Reasons for Historical Loss." There is no assurance that Customer B or any other major customer will continue to place orders with us at current or historical levels, or that they will not reduce or cease their use of our products and services due to changes in strategic direction, internal R&D capabilities, product roadmaps, cost considerations, or operational or financial performance. EV automakers, including Customer B, may also choose to substitute our products and services with internally developed alternatives or work with competing suppliers for future vehicle models, particularly as competition in the EV charging sector intensifies and as more suppliers emerge with cost-competitive offerings.

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RISK FACTORS

Furthermore, the nature of the home EV charging industry, particularly in China, is rapidly evolving, with increasingly compressed product lifecycles, intensifying competition, and fast-changing consumer demands. There can be no assurance that we will be successful in acquiring or retaining new customers on commercially favorable terms. Any inability to diversify our customer base, reduce reliance on major customers, or expand into new products could limit our growth trajectory and make us more vulnerable to adverse developments affecting our key customers.

In light of the above, any reduction, delay, or termination of business from Customer B or other major customers — whether due to strategic shifts, pricing changes, project reallocations, or adverse developments in their own operations — could materially and adversely affect our business, financial condition and results of operations.

We experienced rapid growth in the past, and we expect to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, results of operations, financial condition and prospects could be adversely affected.

We experienced rapid growth in our revenue in the past. Our revenue increased from RMB357.6 million in 2021 to RMB697.1 million in 2022, decreased from RMB697.1 million in 2022 to RMB670.7 million in 2023, and further decreased to RMB593.4 million in 2024. Our revenue increased from RMB155.7 million in the three months ended March 31, 2024 to RMB217.1 million in same period in 2025. We may not be able to grow at the historical rate or as expected, or at all. Our future operating results depend to a large extent on our ability to manage our expansion and growth successfully. Risks that we face in effectively managing our growth include, among others:

executing our strategies and business initiatives successfully;
establishing or expanding design, manufacturing, sales and service facilities as well as service network;
managing a larger organization with a growing number of employees;
controlling expenses and investments in anticipation of expanded operations;
implementing and enhancing administrative infrastructure, systems and processes;
improving our operational, financial and management controls, compliance programs and reporting systems; and
addressing new market and potentially unforeseen challenges as they arise.

If we fail to manage our growth effectively, our revenue may decline or fail to grow, our industry leadership position, our business, results of operations, financial condition and prospects may be adversely affected.

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RISK FACTORS

Our future growth and success are dependent upon the continued acceptance and adoption of EVs.

Our future growth is dependent upon the continued acceptance and adoption of EVs by households. The market for EVs is still rapidly evolving, characterized by rapidly evolving technologies, competitive pricing, evolving industry standards and changing user demands and behaviors, changing levels of concern related to environmental issues, and governmental initiatives related to climate change and the environment generally. Although the demand for EVs has grown in recent years, there is no guarantee of continuing growth for future demand. Demand for EVs is volatile, being affected by numerous factors, such as:

perceptions about EV features, quality, safety, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs;
perceptions about the limited range over which EVs may be driven on a single battery charge, and concerns about running out of power while in use;
government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, subsidies related to EVs, EV home charging stations or de-carbonization generally;
competition, including from other types of alternative fuel vehicles and high fuel-economy internal combustion engine vehicles ("ICE"), and development in alternative energies such as hydrogen and other new technologies;
volatility in the cost of oil and gasoline;
concerns regarding the stability of the electrical grid and availability of public charging facilities;
development of EV battery, including the potential decline of EV battery's ability to hold a charge over time;
development of EV home charging technologies;
concerns regarding the convenience and cost of charging EVs as well as availability of other services for EVs;
users' environmental consciousness;
increases in fuel efficiency;
conditions in the automotive industry in general;
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RISK FACTORS

macroeconomic factors;
relaxation of government mandates or quotas regarding the sale of EVs; and
concerns about the future viability of EV manufacturers and their ability to maintain the cost-efficiency and competitiveness of EVs.

Although China is currently one of the world's major automotive markets, there have been fluctuations in terms of year-over-year growth in sales volume recently for passenger vehicles in general as well as for EVs. It cannot be predicted how the demand for EVs will develop in the future. General economic factors, such as decrease of household income or China's economic growth, may adversely affect such demand. Certain EV manufacturers operating in China have suffered declining performance or financial difficulties as a result of the market slowdown. If the EV market evolves at a slower pace than anticipated, or if there is a decline in the demand for EVs, or if the driving and charging behaviors of EV drivers do not align with our expectations, the demand for EV chargers and home charging solutions, including ours, will be affected. As a result, our business, results of operations, financial condition and prospects would be harmed.

In addition, our revenues are driven in large part by EV drivers' driving and charging behavior. Potential shifts in behavior may include but are not limited to changes in annual vehicle miles traveled, preferences for public or private charging or use of battery swapping stations, demand from ride share or urban delivery fleets, and the emergence of autonomous vehicles or new forms of mobility. For example, the possibility of a transition to public charging or battery swap as the primary mode of charging, following a change in end user preference, technology improvements, legislative initiatives or otherwise, cannot be ignored. Such industry change, if realized, will adversely and materially affect our business. We may not be able to timely forecast such shifts and promptly adapt our products and services. If we fail to do so, our business, results of operations, financial condition and prospects will be adversely affected.

We face competition as the EV home charging solution market develops and evolves.

The EV home charging solution market in China is developing rapidly and the competition landscape is constantly evolving. This results in the frequent introduction of new products and price competition from our competitors in the EV home charging solution industry. Further, some of our current or potential competitors have greater resources or may be acquired by third parties with greater resources. New competitors or alliances may emerge in the future that have greater market share, more widely adopted technologies, greater marketing expertise and greater financial resources, which could put us at a competitive disadvantage. Future competitors could also be better positioned to serve certain segments of our current or future target markets, which could create price pressure.

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RISK FACTORS

In addition, some of our customers, including automakers, have established or may establish in the future their own EV home charging products and services that are competitive with ours. Such customers may have significant development resources, which may allow them to acquire or develop independently, or partner with others on developing, competitive products and services. As a result, some of our customers may choose to not work with us unless our products and services are significantly better than the products developed by them internally or that we offer our products and services at a competitive price. If our competitors could provide similar products and services with similar quality, convenience and price as we do, we may have to lower prices for our products and services, all of which could lead to reduced revenues and profitability.

We cannot guarantee that our business initiatives and strategies will be successfully implemented or will generate sustainable revenue or profit.

We are committed to making our products, platform, and services more global and more digitized. For details, see “Business — Our Strategies.” The success of our growth initiatives, strategies and operating plans depends on various factors, such as market conditions, competition, regulatory requirements, technological changes, economic conditions and customer preferences. These factors may be difficult to predict or control, and if they do not develop as we expect, our growth initiatives, strategies and operating plans may not be successful in enhancing our business as anticipated. Furthermore, the execution of these plans may require significant investments of capital, resources and management time, and we may face challenges in implementing them effectively or within the expected time frame. As a result, we may experience delays, cost overruns or other obstacles that may limit our ability to realize the full benefits of these initiatives. If we are unable to successfully execute our growth initiatives, strategies and operating plans, or if the benefits we realize are less than our estimates, our business, results of operations, financial condition and prospects may be adversely affected.

The EV home charging related technologies are rapidly evolving. If we cannot keep up with the latest development, our business, results of operations, financial condition and prospects may be materially and adversely affected.

The EV home charging solution industry is subject to rapid technological changes and is evolving quickly in terms of technological innovation. Our technological capabilities and development of products and services are critical to our success. As EV and EV home charging technologies progress, we need to upgrade our technologies, products, and services to ensure compatibility with new EV and EV home charging technologies.

We need to keep investing resources, including financial and human resources, in research and development to lead technological advances in order to make our products and services competitive in the market. Our research and development expenses were RMB34.1 million, RMB41.1 million, RMB55.6 million, RMB11.8 million and RMB13.6 million in 2022, 2023 and 2024, and the three months ended March 31, 2024 and 2025, respectively. We expect to continue to incur research and development expenses in the foreseeable future as part of our efforts to design, develop, and market new solutions and enhance future products and services

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such as smart charging hardware products and V2H/V2E energy management services. For details, see “Business — Our Strategies — Innovate Product Development for Enhanced Profitability” and “Future Plans and Use of Proceeds — Use of Proceeds.” However, our capital and operating expenditure invested in research and development may not yield the expected results. New technologies in our industry could render our technologies or our solutions obsolete or unattractive, thereby limiting our ability to recover related development costs, which could result in a decline in our revenues, profitability, and market share. If we are unable to keep up with advances in EV home charging technology, we may suffer a decline in our competitive position.

Moreover, our future growth will be affected by our ability to penetrate new markets, adapting existing solutions to new applications and customer requirements, and introduce new solutions that are accepted by the market. Any delays in our development and adoption of new technologies could make our solutions less competitive in the market, adversely affecting market acceptance of our products and services. We cannot guarantee that we will be able to launch new products and services with advanced technologies in a timely manner, or at all, or achieve market acceptance. If we are unable to devote adequate resources to innovate our technologies and introduce new products and services to meet customer requirements on a timely basis or to remain competitive with technological alternatives, we could lose our market share, our revenue will decline, and our reputation and our business, results of operations, financial condition, and prospects could be adversely affected.

If our products and services do not meet customer expectations in terms of quality, availability and user experience, or if we otherwise fail to increase sales of our products and services to our customers and expand our customer base, our business, results of operations, financial condition and prospects may be adversely affected.

We may fail to provide quality products and services if we fail to continue to innovate on product design, maintain a widespread service network, handle customer complaints properly or offer appropriate after-sale services, or if there are technical errors or other incidents affecting our solutions, among others. If we do not quickly resolve such issues, our ability to retain customers or sell additional products and services to existing customers could suffer, and our brand and reputation could be harmed, which in turn could adversely affect our business, results of operations, financial condition and prospects. Moreover, we believe EV home charging is highly scenario-specific, and our ability to offer functions that tailor to different charging needs is highly critical in our ability to attract and retain customers. If we cannot offer functions that cater to our customers' evolving demand, or our competitors are better at addressing these requirements, we may lose our customers and our business, results of operations, financial condition and prospects may be adversely affected. In addition to failing to provide satisfactory products and services to our customers, we may not be able to maintain our relationship with them for various other reasons and factors, which include, but not limited to, the customers' own business model and the change thereof, the availability of comparable solutions from competitors at a lower cost, and any macroeconomic factors. Any adverse development in these respects may adversely affect our customer base, and in turn affect our business, results of operations, financial condition and prospects.

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RISK FACTORS

Our ability to achieve broader market acceptance, increase revenue and market share, and achieve and sustain profitability will depend, to a significant extent, on our ability to effectively increase sales of our products and services to our customers and expand our customer base. Sales and marketing expenses represent a significant percentage of our total revenue. In 2022, 2023 and 2024, and the three months ended March 31, 2024 and 2025, our sales and marketing expenses amounted to RMB67.6 million, RMB90.5 million, RMB114.7 million, RMB23.4 million and RMB20.7 million, respectively. Our operating results will suffer if sales and marketing expenditures do not contribute significantly to increasing revenue as we anticipate. Additionally, our brand promotion and marketing activities may not be well received by customers and may not result in the levels of sales that we anticipate. If we fail to conduct our sales and marketing activities in a cost-effective way, we may incur considerable marketing expenses, which could adversely affect our business, results of operations, financial condition and prospects. We may need to enhance our marketing approaches and experiment with new marketing methods to keep pace with industry developments and customer preferences. Failure to introduce new marketing approaches in a cost-effective manner and to retain existing customers or attract new ones to our products and services could reduce our market share and materially and adversely affect our business, results of operations, financial condition and prospects.

We rely on distributors to expand our sales and distribution network. If we are unable to maintain, expand and manage our sales and distribution network successfully, our business, financial condition, results of operations and prospects would be materially and adversely affected.

We rely on distributors to expand our sales and distribution network for sales of our products. In 2022, 2023 and 2024, our revenue from sales of products generated through distributors was RMB45.2 million, RMB58.1 million and RMB51.6 million, respectively, accounting for 6.5%, 8.6% and 8.7%, respectively, of our total revenue during the same periods. In the three months ended March 31, 2024 and 2025, our revenue from sales of products generated through distributors was RMB10.4 million and RMB47.6 million, respectively, accounting for 6.7% and 21.9%, respectively, of our total revenue during the same periods. See "Business — Sales and Marketing — Distributorship" for details. Given their revenue contribution, any decrease in sales from, or loss of, one or more of our distributors without a corresponding increase in sales from other distributors due to the changes of nature in the distributors' business models or for any other reasons would adversely affect our business, results of operations, financial condition and prospects.

In particular, our sales volumes would be influenced by the performance of our distributors in marketing our products. The effectiveness of our distributors in selling and distributing our products may be affected by a number of factors, many of which are out of our control, including:

the availability of suitable distributors;
the existence and availability of suitable regions and locations for expansion of our sales and distribution network;
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the ability to negotiate favorable cooperation terms with our distributors;
our ability to maintain and expand our distribution network;
our distributors’ strategies in promoting our products;
our distributors’ own business and financial performance;
our distributors’ abilities to expand their customer base and penetrate into new markets with reduced risk of channel stuffing;
our distributors’ strategies to extend geographical coverage of our products; and
our distributors’ willingness to maintain relationships with us.

We are also exposed to the risk that distributors may seek to impose unfavorable terms on us in the future, such as longer credit periods. Credit arrangement with our distributors adds pressure on our working capital and exposes us to the risks of default and bad debts. Any disruption in our relationships with our distributors could affect our ability to maintain and grow our sales volume, which could materially and adversely affect our business, results of operations and financial position. We cannot give assurance that we will be able to achieve our expansion goals or effectively integrate any new distributors into our existing sales and distribution network. If we encounter difficulties in maintaining, expanding or optimizing our sales and distribution network, our growth prospects may be limited, which could in turn adversely affected our business, financial condition, results of operations and prospects.

Our nationwide service network relies on third-party service providers to deliver high-standard performance, and we may not be able to manage the expansion of such service network efficiently.

We rely on third-party service providers and the professionals engaged by them to deliver high-standard performance across our nationwide installation and after-sales service network. We may not be able to identify, attract and retain sufficient service providers with the requisite experience and resources to provide service that meet our quality standard. Our service providers may face various challenges during service provision, including but not limited to technical issues, management problems, and poor customer service quality. Although we implement service standards and quality control measures, we may not have effective control over the operations of the service providers. Despite our efforts in quality control, we cannot assure you that our service providers consistently provide such quality services. Any failure of our installation and after-sales service providers to provide high-standard performance may adversely affect our reputation, and in turn adversely affect our business, results of operations, financial condition and prospects.

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RISK FACTORS

As of March 31, 2025, our service network consisted of 104 installation and after-sales service providers covering over 360 cities in China. We plan to expand our service network in overseas markets through collaboration with local service providers. The expansion may not have the desired effect of increasing sales and enhancing our brand recognition in a cost-efficient manner. We may need to invest significant capital and management resources to manage existing installation and after-sales service providers and enter into collaboration with new ones, and there can be no assurance that we will be able to improve the operational efficiency of our installation and after-sales service network.

Higher labor costs and inflation may adversely affect our provision of installation and after-sales services, and therefore adversely affect our business, results of operations, financial condition and prospect.

Rising labor costs driven by factors such as inflation, changes in minimum wage regulations, labor market dynamics, or increased competition for skilled labor in the industry, could exert upward pressure on the fees that our installation and after-sales service providers charge us, which may increase our cost in the provision of services such as the installation and after-sales service, and therefore adversely affect our business, results of operations, financial condition, and prospects.

While we strive to manage and mitigate the impact of these rising labor costs through operational efficiencies, process improvements, or technological innovations, these measures may not be sufficient to maintain our competitiveness and financial performance. There is no guarantee that we will succeed in effectively managing the impact of rising labor costs. Furthermore, the increased costs for labor might necessitate adjustments in our service pricing, potentially making our services less competitive in the market. If we attempt to pass on these increased labor costs to our customers through higher service fees, we may experience reduced demand or loss of market share.

Our services are subject to safety risks, and any accidents that occur during the performance of our services may expose us to civil, labor, environmental and criminal liabilities and adversely affect our business, results of operations, financial condition and prospects.

The provision of EV charger installation and after-sales services to our customers involves operational risks such as equipment defects or malfunctions and misconduct by installation and after-sales service providers. The professionals engaged by our installation and after-sales service providers may work in potentially dangerous conditions, which exposes us to potential liability, in line with applicable occupational safety standards, for personal injury and other accidents, business interruptions and the damage or destruction of property. During the Track Record Period and up to the Latest Practicable Date, there were no material accidents and personal injuries in our operations. However, the safety protocols and training of our installation and after-sales service providers may not be adequate to prepare the professionals to perform the necessary activities during the provision of service without causing damage or accidents. According to our contracts with service providers, our service providers assume all safety responsibilities and risks during the installation process for any personal and property

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damages in relation to the installation of our products. We require third-party installation service providers to purchase personal accident insurance policies for their installation professionals and we conduct spot checks from time to time on the situation of accident insurance purchased by the installation service providers. However, such insurance coverage may not be adequate to cover all of the potential liability if there were safety accidents during the installation process. Although our agreements stipulate that the service providers will assume safety risks and responsibilities, we cannot guarantee that we will not become entangled in legal proceedings in relation to personal and property damages in relation to the installation of our products. In addition, any accidents involving our products and services can cause our reputation to be questioned and subject us to the filing of lawsuits and administrative proceedings and launch of regulatory investigations against us, with possible imposition of fines or other penalties. Further, a major safety accident, even if we are not at fault, may bring enhanced scrutiny and regulation of our business, with a corresponding increase in operating expense. Any accidents that occur during the performance of our services may damage our reputation and result in significant costs and, consequently, adversely affect our business, results of operations, financial condition and prospects.

We may be liable for personal and property damages caused by the use of our products. Any quality issues related to our products could result in a loss of customers and may subject us to product liability claims and reputational risks.

During the Track Record Period and up to the Latest Practicable Date, we did not experience personal or property damage claims caused by the use of our products. However, we may be liable for personal and property damages due to damages by the use of our products. We may incur significant time and expenses to respond to customers' claims against us, and we may not be able to successfully obtain indemnification from upstream suppliers for all, or any, claims from customers. We currently do not maintain insurance policy covering personal and property damages caused by the use of our products, and if we purchase such insurance policies in the future, insurance coverage might be insufficient to fully cover all damages sought and the claim process might be prolonged. As a result, any material product liability claim or litigation could have a material and adverse effect on our business, results of operations, financial condition and prospects. Even unsuccessful claims could result in the expenditure of funds and managerial efforts in defending them and could have a negative impact on our reputation.

If any products sold by us are alleged to be unsafe or defective, we may experience reduced sales of the relevant products and may have to recall them from the market. During the Track Record Period and up to the Latest Practicable Date, we had not been subject to any material product recall, nor had we experienced any material product liability claim. Nevertheless, we cannot assure that such recalls will not occur, or such claims will not be filed against us in the future. Any claims made against us could have a material adverse effect on our reputation, business, financial condition and results of operations. Any product recalls or any claims against us, regardless of merit, can strain our financial resources, hurt our reputation and consume the time and attention of our management. If any claims against us are successful, we may incur liabilities, and our reputation may be severely damaged.

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Our provisions for warranties may be insufficient to cover future warranty claims, which could adversely affect our business, results of operations, financial condition and prospects.

We generally provide a warranty period ranging from 12 months to 36 months for our EV chargers and accessories. We accrue provisions for warranties for products still under warranty period at the end of each reporting period, which includes our best estimate of the projected costs to repair or replace items that fail to perform satisfactorily under warranties. The amount of provisions for warranties is estimated based on the sales volume and industry experience of the level of repairs and returns. The estimation is reviewed on an ongoing basis and is revised when appropriate. We have limited experience with warranty claims regarding our products or with estimating provisions for warranties. In 2022, 2023 and 2024, and the three months ended March 31, 2024 and 2025, we recorded provisions for warranties of RMB26.0 million, RMB17.9 million, RMB18.6 million, RMB2.6 million and RMB6.5 million, respectively. We cannot assure you that such provisions will be sufficient to cover future claims. We could, in the future, become subject to significant and unexpected warranty claims, resulting in significant expenses, which would in turn materially and adversely affect our business, results of operations, financial condition and prospects.

Maintaining the trusted brand image of our products and services is critical to our success, and any failure to do so could severely damage our reputation and brand, which would have a material adverse effect on our business, results of operations, financial condition and prospects.

We believe that maintaining and enhancing our reputation and brand recognition is critical to our relationships with our customers and other participants within the EV home charging ecosystem. Any loss of trust in our products and services could harm the value of our brand, which could reduce our revenue and profitability. Our ability to maintain our position as a trusted brand for EV home charging products and services is based in large part upon the quality of our products and services, users' satisfaction with our products and services, and the increasing brand awareness through marketing and brand promotion activities. Any public perception that our products and services are defective or otherwise unsatisfactory, even if factually incorrect or based on isolated incidents, could damage our reputation, diminish the value of our brand, undermine the trust and credibility we have established and have a negative impact on our ability to attract new users or retain our current users. If we are unable to maintain our reputation, enhance our brand recognition or increase positive awareness of our products and services, it may be difficult to maintain and grow our user base and customer base, and our business and growth prospects may be materially and adversely affected.

Our business, results of operations, financial condition and prospects could be adversely affected if we are unable to adequately manage our inventory.

Our inventories consist primarily of raw materials, work in progress, finished goods and goods in transit. As of December 31, 2022, 2023 and 2024, and March 31, 2024 and 2025, we had inventories of RMB138.0 million, RMB153.2 million, RMB165.7 million, RMB152.8 million and RMB179.2 million, respectively.

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We assess impairment to inventories at each period during the Track Record Period and may make provision to write down our inventories to the net realizable value if they become obsolete, out-of-season or are damaged or their prices went down and their net realizable value is lower than the costs. In 2022, 2023 and 2024, we recognized allowance for impairment of inventory of RMB4.6 million, RMB7.4 million and RMB9.1 million, respectively. In the three months ended March 31, 2024 and 2025, we recorded allowance for impairment of inventory of RMB11.6 million and RMB6.7 million. However, we cannot assure you that we will not experience material write-offs in the future. In 2022, 2023 and 2024 and the three months ended March 31, 2025, our average inventory turnover days were 80, 104, 121 and 90 days, respectively. The fluctuation and extension of inventory turnover may have a material and adverse effect on our cash flow and liquidity position. It is crucial that we monitor these metrics closely to ensure the financial health of our organization. See "Financial Information — Discussion of Selected Items from the Consolidated Statements of Financial Position — Assets — Inventories" for details.

In addition, it may be difficult to accurately forecast demand and determine appropriate levels of inventory we should maintain. Any change in customer demand for our products or the occurrences of catastrophic events may have an adverse impact on our product sales, which may in turn lead to decline in inventory value or inventory write-off. In the case of overestimation of customer demand, we may be subject to overstock, resale of the inventories at less favorable terms, or even write-downs of inventories. In addition, if we are required to lower sale prices to boost demand for our product sales to reduce inventory level, our profit margins might be negatively affected. In the case of underestimation of customer demand, we may not be able to fulfill all the orders we receive to maximize our revenue. Any of the above may adversely affect our business, results of operations, financial condition and prospects.

Our cash conversion cycle is long and our cash flow may fluctuate due to customers' payment practice.

During the Track Record Period, we experienced prolonged cash conversion cycle. Our overall cash conversion cycle was 96 days, 130 days, 127 days and 81 days as of December 31, 2022, 2023, 2024, and March 31, 2025. In 2022, 2023 and 2024 and the three months ended March 31, 2025, our average inventory turnover days were 80, 104, 121 and 90 days, respectively. In 2022, 2023 and 2024, and the three months ended March 31, 2025, our average trade receivable turnover days were 194, 248, 231 and 163 days, respectively. The decrease in our cash conversion cycle from 127 days as of December 31, 2024 to 81 days as of March 31, 2025 was primarily attributable to the substantial growth in sales in the three months ended March 31, 2025 led to a reduction in inventory turnover days to 90 days as of March 31, 2025 and the decrease in our average trade receivable turnover days to 163 days as of March 31, 2025 since we strengthened our management of accounts receivable and enhanced our collection efforts. The prolonged cash conversion cycle was primarily due to the relatively stronger bargaining power in pricing term and credit period negotiations of EV automakers as a result of their substantial purchase amounts and industry position. Given our cash conversion cycle is relatively long and the exact timing of payment by our customers may be uncertain, if we take up a large number of significant orders at a particular point of time and all the

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suppliers require promptly payment from us or reduce their credit terms, we may not have sufficient and timely cash inflow from other sales to cover the position. We rely on prompt settlement of our invoices to meet our payment obligations to suppliers. If there is a material mismatch in time between receipt of payments from our customers and payment to suppliers and we fail to manage the fluctuation of our cash flow, our corresponding cash flow position and, in turn, our business, results of operations and financial conditions could be materially and adversely affected.

We are exposed to credit risks related to our trade and notes receivables.

Our trade and notes receivables primarily represent amounts due from customers for goods sold or services performed in the ordinary course of business. We face credit risks attributable to our trade and notes receivables due from our customers. We generally allow a credit period to our automaker customers ranging from 15 to 90 business days after invoicing them, who contributed a substantial portion of our revenue during the Track Record Period. Our trade and notes receivables as of December 31, 2022, 2023 and 2024, and March 31, 2025 amounted to RMB516.4 million, RMB424.9 million, RMB306.4 million and RMB393.9 million, respectively. In 2022, 2023 and 2024, and the three months ended March 31, 2025, our average trade receivable turnover days were 194, 248, 231 and 163 days, respectively. The fluctuation and extension of trade receivable turnover may have a material and adverse effect on our cash flow and liquidity position. See "Financial Information — Discussion of Selected Items from the Consolidated Statements of Financial Position — Assets — Trade and Notes Receivables" for details. Our senior management regularly reviews the recoverability of overdue balances for trade and notes receivables and may provide for impairment when appropriate. As there is limited financial or public information on many of our counterparties, we cannot assure you that all of our counterparties are creditworthy and reputable and will not default on us in the future, despite our efforts to conduct credit assessments on them. As a result, we are exposed to risks that our counterparties may fail to fulfill their obligations to us under our contracts.

We rely on a limited number of suppliers for our production. A significant interruption in the operations of our suppliers could potentially affect our operations and any material misconduct or disputes involving our suppliers could adversely affect our business, results of operations, financial condition and prospects.

We rely on suppliers for certain equipment and other materials which we use in our operations. In 2022, 2023 and 2024, and the three months ended March 31, 2025, purchases from our five largest suppliers in aggregate accounted for $17.9\%$ , $26.9\%$ , $27.7\%$ and $6.1\%$ of our total purchases, respectively, and purchases from our largest supplier accounted for $4.0\%$ , $15.0\%$ , $13.7\%$ and $1.3\%$ of our total purchases for the same periods, respectively. For details, see "Business — Our Suppliers." Certain of our suppliers are subject to various regulations and are required to obtain and maintain various qualifications, government licenses and approvals. If any of these suppliers loses its qualification or eligibility because of its failure to comply with regulatory requirements, we may not be able to find alternative suppliers in a timely manner or at all. As we continue to expand overseas, some of our suppliers may be located

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outside China or may import certain equipment and materials from manufacturers located outside China and resell to us. As a result, trade or regulatory embargoes imposed by foreign countries or China could also result in delays or shortages that could adversely our business. Moreover, general economic conditions could also adversely affect the financial viability of our suppliers, resulting in their inability to provide materials and services used in our operations. In addition, suppliers may fail to supply products that meet our quality standards. If we are unable to identify alternative materials or suppliers and secure approval for their use in a timely manner, our business, results of operations, financial condition and prospects could be adversely affected. Any change in suppliers could require significant effort or investment in circumstances where the items supplied are integral to product performance or incorporate unique technology, and the loss of any existing supply contract could have an adverse effect on us.

Increases in costs, shortage of raw materials, disruption of supply or manufacturing could have an adverse impact on our sales of products, and therefore adversely affect our business, results of operations, financial condition and prospects.

We incur costs related to procuring raw materials required to manufacture our EV chargers and accessories. We may experience cost increases, supply interruption and/or shortages relating to raw materials, which could adversely affect our business, results of operations, financial condition and prospects. For example, in 2021, we faced challenges related to shortages of imported chips and electronic components, as well as rising prices of such raw materials. To address this challenge, we implemented a strategy of substituting imported chips and electronic components with domestically produced ones and we absorbed the increased costs in raw materials internally. Since 2022, with significant improvements in domestic chip manufacturing capabilities, the prices of domestically produced chips have been consistently decreasing, leading to a reduction in raw material costs. This shift has allowed us to navigate the landscape more effectively and maintain cost competitiveness. In addition, we use various raw materials in our production, such as outer casings, charging guns, electronic components and PCBs. The prices for these raw materials fluctuate, and their available supply may be unstable, depending on market conditions and global demand for these materials, including as a result of increased production of EV chargers by our competitors, and could adversely affect our business, results of operations, financial condition and prospects.

In addition, as we continue to increase our production, we may experience shortage of certain raw materials or other bottlenecks in our supply chain. We are exposed to multiple risks relating to raw materials, including but not limited to an increase in the cost, or decrease in the available supply, of materials used in our production; disruption in the supply of raw materials due to quality issues or recalls by suppliers; and the inability or unwillingness of our current suppliers to manufacture such raw materials required to support the growth of the EV industry as demand for EV chargers increases.

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Furthermore, changes in economic conditions may result in significant increases in freight charges and material costs. Substantial increases in the prices for our raw materials would increase our operating costs and could reduce our margins if we cannot recoup the increased costs through increasing EV charger prices. Any attempts to increase product prices in response to increased material costs could result in decrease in sales and therefore adversely affect our brand, and our business, results of operations, financial condition and prospects.

In addition, we may experience disruptions in our manufacturing facilities due to factors such as equipment failures, labor shortages, or natural disasters, which may delay our production and delivery, leading to sales loss, increased costs, and damaged customer relationships. Furthermore, limitations in our production capacity may pose a risk to our ability to meet order demands and growth. As product demand increases, our facilities may struggle to scale production accordingly, which may result in longer lead times, lost sales, and customer dissatisfaction. Any such events may adversely affect our business, results of operations, financial condition, and prospects.

We rely on the service of certain key members of our executive management team, qualified executive management, technical, engineering and sales personnel, and other key employees. The loss of any of them may adversely affect our business, results of operations, financial condition and prospects.

Our continued success is and will continue to depend to a significant extent on the efforts and abilities of us to retain the key members of our executive management team, and to make sure each of them is and will continue to be actively engaged in our management and determines our strategic direction. The departure of any of the key individuals from or their reduced attention to us could have a material adverse effect on our business, results of operations, financial condition and prospects.

We are and will continue to be dependent upon the services of members of our executive management team. Our future performance will also depend on their continued services and continuing contributions to formulate and execute our business plan and to identify and pursue new opportunities and service innovations. The loss of services of any of these individuals, or the ineffective management of any leadership transitions, could significantly delay or prevent the achievement of our development and strategic objectives, which could adversely affect our business, results of operations, financial condition and prospects.

Our success also depends, in part, on the continuing ability to identify, hire, attract, train and develop and retain highly qualified personnel. Competition for employees can be intense and the ability to attract, hire and retain them will depend on our ability to provide competitive compensation. We may not be able to attract, assimilate, develop or retain qualified personnel in the future. The inability to recruit and retain qualified personnel in the future could have an adverse effect on our business, results of operations, financial condition and prospects.

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The EV market in China has benefited from the availability of rebates, tax credits and other incentives from governments, and any reduction, modification, or elimination of such benefits could cause reduced demand for EVs and EV home charging products and services, which would adversely affect our financial results and business operations.

The PRC government has been implementing strict vehicle emission standards for ICE vehicles. Certain municipal governments in China impose quotas and lottery or bidding systems to limit the number of license plates issued to ICE vehicles but exempt qualified EVs from these restrictions to incentivize the development of the EV market. The PRC government also provides incentives to end users and purchasers of EVs and EV home charging stations in the form of tax exemptions, subsidies, other financial incentives and preferential utility rates for charging facilities. The EV market relies on these governmental rebates, tax credits and other financial incentives to significantly lower the effective price of EVs and EV home charging services to end-users. However, these incentives may expire on a particular date when the allocated funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. For example, the PRC central government has recently implemented a phase-out schedule for the subsidies provided for purchasers of certain EVs. On December 31, 2021, the Ministry of Finance, the Ministry of Industry and Information Technology (the "MIIT"), the Ministry of Science and Technology and the National Development and Reform Commission jointly issued the Notice on the Promotion and Application of Financial Subsidy Policies for New Energy Vehicles in 2022. According to the notice, the subsidy for new energy vehicle purchases terminated on December 31, 2022, and vehicles registered after December 31, 2022 will no longer be entitled to any government subsidy. The termination or scaling back of any governmental support or incentive could adversely affect the growth of the EV market and our business, results of operations, financial condition and prospects.

Any of our expansion into international markets will expose us to additional tax, compliance, market and other risks and there can be no assurance that any such expansion will be successful.

We have expanded and plan to continue to expand our operation into international markets. Our operations in international markets are expected to expose us to various risks, including but not limited to those arising from:

operating our business across a significant distance, in different languages and among different cultures;
differing demand dynamics for our products and services;
competition with local competitors which may have greater resources and more favorable market positions;
establishing relationships with local automobile enterprises, regulators and commercial partners;
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building manufacturing facilities in overseas markets;
establishing service networks in overseas markets;
compliance with applicable laws and regulations, including laws and regulations with respect to privacy, intellectual property, data protection, consumer protection, anti-corruption, trade barriers and economic sanctions, and the risk of penalties if our practice is deemed to be noncompliant;
obtaining required government approvals, licenses or other authorizations;
varying levels of internet adoption and infrastructure;
foreign exchange controls and exchange rate fluctuations;
public health emergencies and containment measures;
potentially adverse tax consequences;
higher costs of doing business internationally, including increased accounting, travel, infrastructure, and legal compliance costs;
the effectiveness of training, motivation and management of our employees;
the diversity of customers preferences and demand and our ability to anticipate or respond to such preferences and demand;
changes in the political and economic environments in the countries where we operate, and the imposition of new duties or other protectionist measures; and
the occurrence of acts of terrorism or similar events, conflicts, civil unrest or situations of political instability.

These or other factors may deter our international expansion plans, distract our management attention, or cause us to incur significant costs in these markets, which could have an adverse effect on our business, results of operations, financial condition and prospects.

The current tensions in international trade and rising geopolitical tensions involving China may adversely impact our plan to expansion into overseas markets.

We plan to further expand our business into overseas markets. However, such expansion plan could be materially and adversely affected by the tensions in international trade involving China in recent years. Changes to international trade policies could adversely affect the global economic conditions. Furthermore, tensions between the United States and China have heightened due to various factors, including trade disagreements, the COVID-19 pandemic,

RISK FACTORS

and regulatory actions taken by U.S. authorities. For example, the U.S. government imposed economic and trade restrictions directly or indirectly affecting China-based companies. Since February 2025, the U.S. administration has cumulatively imposed additional 145% tariffs on Chinese imports. On April 11, 2025, China has responded by hiking its levies on U.S. imports to 125%, although the U.S. and China agreed in May to roll back most of these higher tariffs for 90 days. On August 12, 2025, the US-China tariff truce got extended for another 90 days until November 10, 2025. According to our Legal Advisor on U.S. tariffs and export control laws, as of the Latest Practicable Date, the cumulative U.S. duty rate applicable to Zhida's home EV chargers under HTS Subheading 8537.10.91 is approximately 57.7%, consisting of (i) 2.7% MFN rate, (ii) 25% Section 301 tariffs, (iii) 20% fentanyl-related tariffs, and (iv) 10% reciprocal tariffs (with a higher rate temporarily suspended). As of the date hereof, it remains unclear what additional actions, if any, will be taken by the U.S. or other governments. However, our Legal Advisor on U.S. tariffs and export control laws is of the opinion that the current U.S. tariff regime does not have a material adverse impact on the Group's overseas expansion strategy, as we remain primarily focused on non-U.S. markets and maintain minimal exposure to the U.S. market. For detail, please see "Business - Impact of the Tariffs." Historically, tariffs have led to increased trade and political tensions, between the U.S. and China, as well as between the U.S. and other countries. Political tensions as a result of trade policies could reduce trade volume, cross-border investment, technological exchange, and other economic activities between major economies, resulting in a material adverse effect on global economic conditions and the stability of global financial and stock markets. In addition, the European Commission has formally launched an anti-subsidy investigation into the imports of battery EV from China in October 2023, which may adversely affect the sales volume of EVs of automakers in China to the European markets and in turn affect our business expansion plan in such area. Rising political tensions could reduce levels of trades, investments, technological exchanges, and other economic activities between each of the United States and Europe and China. Such tensions involving China, and any escalation thereof, may negatively affect our plan to expansion into overseas markets, which may, in turn, adversely impacting our business, results of operations, financial condition and prospects.

Our overseas operations may subject us to governmental economic sanctions and export controls laws, which could subject us to liability and impair our ability to compete in overseas markets.

Our overseas operations may subject us to various applicable sanctions and export controls regulations. We have sold our products to Chinese automakers in connection with their EV sales to foreign countries and regions. In the event that any of these countries or regions imposes economic sanctions or enforces import restriction or tariffs in relation to our products, our business, results of operations, financial condition and prospects may be adversely affected. In the event that any of the countries or regions where we procure materials from imposes export controls, tariffs, trade restrictions or other trade barriers on any of the raw materials or components supplied to us, we may not be able to obtain a steady supply of necessary components or raw materials at competitive prices, and our business, results of operations, financial condition and prospects may be materially and adversely affected.

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Exports of our products must be made in compliance with various economic sanctions and export controls laws in different jurisdictions. For example, U.S. economic sanctions prohibit the provision of products and services to certain countries or regions, governments, and persons targeted by U.S. sanctions. European Union sanctions also have similar regime to prohibit the provision of products and services to countries or regions, governments and persons on their respective target list. We take precautions to prevent our products from being provided to any target of these sanctions. During the Track Record Period and up to the Latest Practicable Date, we have not been subject to any sanctions. For details, see “Business — Legal Proceedings and Non-Compliance — Non-Compliance” for details. However, we cannot assure you that our products and services would not be provided to those targets through independent distributors despite such precautions. Any such provision could have negative consequences, including government investigations, penalties and reputational harm. We could be subject to future enforcement action with respect to compliance with governmental economic sanctions and export controls laws that result in penalties and costs that could have a material effect on our business, results of operations, financial condition and prospects.

Further, applicable sanctions and export controls laws and regulations may be revised, and potential national security and foreign policy concerns may prompt governments to impose trade or other restrictions. If new sanctions and export controls measures were to include a complete or more restrictive ban on products sales to certain entities, it could impact not only our ability to continue supplying our products to affected customers, but could also negatively affect our customers' demand for our products, and could even lead to changes in supply chains of our products, to the extent they involve the use of items subject to the EAR or other applicable regulations.

We may need to raise additional funds and these funds may not be available when needed on favorable terms, if at all.

We may need to raise additional capital in the future to further scale and expand our business. We may raise additional funds through the issuance of equity or debt related securities, or through obtaining credit from government or financial institutions. There is no certainty that additional funds will be available on favorable terms when required, or at all. If additional funds cannot be obtained when needed or on favorable terms, our business, results of operations, financial condition and prospects could be adversely affected. If we raise funds through the issuance of debt securities or through loan arrangements, the terms of which could require significant interest payments, contain covenants that restrict our business, or other unfavorable terms. In addition, to the extent we raise funds through the sale of additional equity securities, our shareholders would experience additional dilution.

We may not be able to repay our debts, and we may incur more debts.

As of December 31, 2022, 2023 and 2024, and March 31, 2025, we have recorded borrowings under current liabilities of RMB253.3 million, RMB274.3 million, RMB390.3 million and RMB450.6 million, respectively. This in turn may require us to seek adequate financing from sources such as external debt, which may not be available on terms favorable or commercially reasonable to us or at all. Any difficulty or failure to repay our debts and incurring more debts can have a material adverse effect on our prospects.

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As of July 31, 2025, we had significant borrowings to fund our operations. Our bank borrowings amounted to RMB430.2 million, all of which were classified as current liabilities and fully committed. Our gearing ratio was 852.6% as of the same date. The borrowings bear interest rates range from 2.55% to 3.60%. In addition, as of July 31, 2025, we had committed but unutilized banking facilities totaling RMB170 million. The bank loan agreements contain customary covenants and standard events of default such as the occurrence of a change of control, bankruptcy and an event that has a material adverse effect. Any breach of, or adverse changes to, these key terms could lead to the acceleration of our repayment obligations or loss of access to financing, which could materially and adversely impact our liquidity, financial condition, and overall financial viability.

A large balance of indebtedness may require that we devote our financial resources to servicing such debt rather than funding our operating activities, which constrains our capital flexibility and may in turn adversely affect our business growth. It may also be a challenge for us to service our interest and principal repayments in a timely manner or at all, which could trigger cross-defaults with other debt, as applicable, as well as limit our ability to obtain further debt financing. Given our historical reliance on external financing, such developments could have a material adverse effect on our business, results of operations, financial condition and prospects.

We are subject to risks related to properly and timely obtaining and maintaining the requisite licenses, permits, registrations and filings applicable to our business according to evolving legal requirements.

Under mainland China laws and regulations, we are required to obtain or complete a number of licenses, approvals, registrations, filings and other permissions for our operation, including without limitation, the Business License, Construction Enterprise Qualification Certificate and Safety Production License. As of the Latest Practicable Date, we had obtained all requisite licenses, approvals and permits from relevant authorities that are material to our operations, and there is no legal impediment to the renewal of such licenses, approvals and permits. For details, see "Business — Licenses and Permits". As a fast-growing company that is continuously exploring new approaches to conduct our business and capture growth opportunities, we may become subject to additional license, approval and other requirements as we develop and expand our business scope and engage in different business activities. Compliance with such requirements is essential to avoid administrative penalties and to ensure our ability to expand our business and sustain our growth is not adversely affected.

In addition, certain licenses, permits or registrations we hold are subject to periodic renewal. If one or more of our licenses and certificates are not properly or timely renewed when their current term expires, or are revoked, our operations could be disrupted. Furthermore, due to the evolving interpretation and implementation of existing laws and the adoption of additional laws and regulations, the licenses, permits, registrations or filings we hold may be deemed insufficient by the PRC government, which may restrain our ability to expand our business scope and may subject us to fines or other regulatory actions. If any of these risks materializes, our business, results of operations, financial condition and prospects may be adversely affected.

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Moreover, as we expand our business internationally, we may encounter additional requirements with respect to permits and licenses in the countries in which we operate. For example, we began operations in Thailand in April 2024. If our Thai factory is deemed under applicable Thai laws as certain types, we would be subject to certain compliance requirements, such as filing of notification and obtaining permission. See “Regulations — Laws and Regulations in Relation to Our Business in Thailand — Regulation on Factory Operation.” Despite our commitment to obtaining and maintaining the requisite licenses, permits, registrations and filings applicable to our business, complying with local license, permit, registration and filing requirement applicable to us requires continuous efforts and could be costly, and delays in obtaining these licenses and permits may hinder our ability to expand, which may adversely affect our business and results of operations.

We may not be able to adequately establish, maintain, protect and enforce our intellectual property and proprietary rights or prevent others from unauthorized use of our technology and intellectual property rights. Any such events could harm our competitive position and also subject us to litigations brought by third parties, which could adversely affect our business, results of operations, financial condition and prospects.

Our intellectual property is an essential asset of our business, and such intellectual property forms an essential part of our asset. Failure to adequately protect such intellectual property rights could result in our competitors offering similar services, potentially resulting in the loss of our competitive advantage and a decrease in our revenue, which would adversely affect our business, results of operations, financial condition and prospects. Our success depends on the ability to protect our core technology and intellectual property. During the Track Record Period and up to the Latest Practicable Date, we have not encountered any material intellectual property infringements. We expect to rely on a combination of intellectual property rights, such as patents, trademarks, copyrights and trade secrets (including know-how), in addition to employee and third-party nondisclosure agreements, intellectual property licenses and other contractual rights, to establish, maintain, protect and enforce our rights in our technology, proprietary information and processes. Intellectual property laws and our procedures and restrictions will provide only limited protection and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed or misappropriated. If we fail to protect our intellectual property rights adequately, we may lose an important advantage in the markets in which we compete. While we are expected to take measures to protect our intellectual property, such efforts may be insufficient or ineffective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. Other parties may also independently develop technologies that are substantially similar or superior. We may also be forced to bring claims against third parties, or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property. However, the measures we will take to protect our intellectual property from unauthorized use by others may not be effective and there can be no assurance that our intellectual property rights will be sufficient to protect against others offering products, services or technologies that are substantially similar or superior to those of ours and that compete with our business.

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Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property. Any litigation initiated concerning the violation by third parties of our intellectual property rights is likely to be expensive and time-consuming and could lead to the invalidation of, or render unenforceable, our intellectual property, or could otherwise have negative consequences for us. Furthermore, it could result in a court or governmental agency invalidating or rendering unenforceable our patents or other intellectual property rights upon which the suit is based. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we fail to detect unauthorized use of our intellectual property. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management's attention and resources, could delay the introduction and implementation of new technologies. Moreover, policing unauthorized use of technologies, trade secrets and intellectual property may be difficult, expensive and time-consuming. If we fail to meaningfully establish, maintain, protect and enforce our intellectual property and proprietary rights, our management's attention could be distracted and our business, results of operations, financial condition and prospects could be adversely affected.

We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive.

From time to time, the holders of intellectual property rights may assert their rights and urge us to take licenses, and may bring suits alleging infringement, misappropriation or other violation of such rights. There can be no assurance that we will be able to mitigate the risk of potential suits or other legal demands by competitors or other third parties. Accordingly, we may consider entering into licensing agreements with respect to such rights, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur, and such licenses and associated litigation could significantly increase our operating expenses. In addition, if we are determined to have or believe there is a high likelihood that we have infringed upon, misappropriated or otherwise violated a third party's intellectual property rights, we may be required to cease making, selling or incorporating certain key components or intellectual property into the service and solution we offer, to pay substantial damages and royalties, to redesign our services, and to establish and maintain alternative branding. In addition, to the extent that our customers and business partners become the subject of any allegation or claim regarding the infringement, misappropriation or other violation of intellectual property rights related to our services, we may be required to indemnify such customers and business partners. If we were required to take one or more such actions, our business, results of operations, financial condition and prospects could be adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial costs, negative publicity and diversion of resources and management attention.

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We rely on unpatented proprietary technology, trade secrets, processes and know-how.

We rely on proprietary information (such as trade secrets, know-how and confidential information) to protect intellectual property that may not be patentable, or that we believe is best protected by means that do not require public disclosure. We expect to protect this proprietary information by entering into confidentiality agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants, contractors, scientific advisors and third parties. However, there is no guarantee that we will enter into such agreements with each party that has or may have had access to our trade secrets or proprietary information and, even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. We will have limited control over the protection of trade secrets used by our third-party suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that our employees, consultants, contractors and other third parties use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could adversely affect our competitive business position. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that trade secret. If any of our trade secrets were to be disclosed (whether lawfully or otherwise) to or independently developed by a competitor or other third party, our business, results of operations, financial condition and prospects will be adversely affected.

Our technologies could have undetected defects, errors or bugs in hardware or software, which could reduce market adoption, damage our reputation with current or prospective customers and drivers, and expose us to legal claims that could adversely affect our business, results of operations, financial condition and prospects.

We may be subject to claims that our products have malfunctioned, and persons were injured or purported to be injured due to latent defects. Any insurance that we carry may not be sufficient or it may not apply to all situations. Similarly, to the extent that such malfunctions are related to components or services obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions. Any of these events could adversely affect user experience. As a result, our brand and reputation could be adversely affected, which could in turn adversely affect our business, results of operations, financial condition and prospects.

Our platform is intricate and may contain latent defects or errors that may be difficult to detect and remediate. Our platform may not operate smoothly at all times. For example, it could encounter failure of or delay in payment processing on the internet. Our platform also may not interoperate with the various mobile operating systems and internet platforms. We are continuing to evolve the features and functionality of our platform through updates and

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enhancements, and as we do so, we may introduce additional defects or errors that may not be detected until after deployment to customers. In addition, if our services, including any updates or patches, are not implemented or used correctly or as intended, inadequate performance and disruptions in service may result.

Any defects or errors in our products and services, or the perception of such defects or errors, or other performance problems could result in any of the following, each of which could adversely affect our business, results of operations, financial condition and prospects:

expenditure of significant financial and product development resources, including recalls, in efforts to analyze, correct, eliminate or work around errors or defects;
loss of existing or potential customers or business partners;
interruptions or delays in sales;
delayed or lost revenue;
delay or failure to attain market acceptance;
delay in the development or release of new functionality or improvements;
negative publicity and reputational harm;
sales credits or refunds;
exposure of confidential or proprietary information;
diversion of development and customer service resources;
breach of warranty claims;
legal claims under applicable laws, rules and regulations; and
the expense and risk of litigation.

We also face the risk that any contractual protections we seek to include in our agreements with customers are rejected, not implemented uniformly or may not fully or effectively protect us from claims by customers, business partners or other third parties. In addition, any insurance coverage or indemnification obligations of suppliers or other upstream parties for our benefit may not adequately cover all such claims or cover only a portion of such claims. A successful product liability, warranty, or other similar claims could have an adverse effect on our business, results of operations, financial condition and prospects. In addition, even claims that ultimately are unsuccessful could result in expenditure of funds in litigation, divert management's time and other resources and cause reputational harm.

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Computer malware, viruses, ransomware, hacking, phishing attacks and other network disruptions could result in security and privacy breaches, loss of proprietary information and interruption in service, which would adversely affect our business, results of operations, financial condition and prospects.

Computer malware, viruses, physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking, phishing attacks or denial-of-service attacks, against online networks have become more prevalent and may occur on our systems. Any attempts to disrupt our services or systems could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be expensive to remedy, result in fines, penalties or other liabilities and damage our reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related to cyber-attacks and similar disruptions. Even with the security measures implemented by us, such as managed security services that are designed to detect and protect against cyber-attacks and similar disruptions, and any additional measures we may implement or adopt in the future, our facilities and systems, and those of our third-party service providers, could be vulnerable to security breaches, computer viruses, lost or misplaced data, programming errors, scams, burglary, human errors, acts of vandalism, or other events. Efforts to prevent cyberattacks and similar disruptions are expensive to implement and, as the regulatory framework for data privacy and security worldwide continues to evolve and develop, we may incur additional significant costs to comply with new or existing laws, regulations and other obligations, and we may not be able to cause the implementation or enforcement of such preventions or compliance with such laws and regulations with respect to our third-party vendors. Though it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, an inability to maintain performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability to attract customers.

We may experience service disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes, third-party service providers, human or software errors and capacity constraints. We rely on data carrier networks to support reliable operation, management and maintenance of our charger network, charging session management, driver authentication, and payment processing, all of which depend on reliable connections with wireless communications networks. As a result, our operations depend on a handful of public carriers and are exposed to disruptions related to network outages and other communications issues on the carrier networks. If our services are unavailable when users attempt to access them, they may seek other services, which could reduce demand for our solutions from customers.

There are a variety of factors ranging from human error to data corruption that could materially impact the efficacy of any processes and procedures designed to enable us to recover from a disaster or catastrophe, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular cyber-attack, disaster or catastrophe or other disruption, especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which would adversely affect our business, results of operations, financial condition and prospects.

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We rely on third-party cloud service providers to operate certain aspects of our service. Interruptions, delays in service or inability to increase capacity with our cloud service providers could impair the use of our services and subject us to liability, which could adversely affect our business, results of operations, financial condition and prospects.

We currently serve customers from third-party cloud service providers. All our services are housed in third-party data centers operated in China and Singapore, and we employ redundant backup cloud service providers for all services. Any outage or failure of such cloud service providers could negatively affect our product connectivity and performance. Furthermore, we depend on connectivity from our products to our cloud service providers through cellular service and virtual private networking providers. Any incident affecting the cloud service providers' or cellular and/or virtual private networking services providers' infrastructure or operations, whether caused by fire, flood, storm, earthquake, power loss, telecommunications failures, breach of security protocols, computer viruses and disabling devices, failure of access control mechanisms, natural disasters, war, criminal act, military actions, terrorist attacks and other similar events could negatively affect the use, functionality or availability of our products and services.

Any damage to, or failure of, our systems, or those of our third-party cloud service providers, could interrupt or hinder the use or functionality of our solutions. Impairment of or interruptions in our solutions may reduce revenue, subject us to claims and litigation, cause customers to terminate their subscriptions, and adversely affect renewal rates and our ability to attract new customers. Our brand and reputation will also be harmed if customers and potential customers believe our services are unreliable. Any such events could adversely affect our business, results of operations, financial condition and prospects.

Our sales and results of operations are subject to seasonal variations.

Our product sales are dependent on EV sales. In China, the automotive industry typically promotes sales in the fourth quarter of the year, leading to an increase in EV purchases during this period, according to Frost & Sullivan. Consequently, the demand for our products and services is higher in the fourth quarter of the year. We expect the impact of seasonality on our business to remain in the future, although by leveraging our adjustments in production capacity and inventory, we generally do not experience material seasonal fluctuations with respect to our results of operations and financial conditions for our Group as a whole. As a result of these seasonal variations, we believe that comparisons of our operational results between different quarters within a single fiscal year or across different fiscal years are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of our future performance.

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We are subject to risks relating to litigation and disputes, which could adversely affect our business, results of operations, financial condition and prospects.

We may be subject to claims, litigation and disputes and various legal and administrative proceedings, and, as a result, penalties and new claims may arise in the future. In addition, agreements we entered into sometimes include indemnification provisions which may subject us to costs and damages in the event of a claim against an indemnified third party. Regardless of the merit of particular claims, legal and administrative proceedings, such as litigations, injunctions and governmental investigations, may be expensive, time consuming or disruptive to our operations and distracting to management.

Our Directors have confirmed that, during the Track Record Period and up to the Latest Practicable Date, there were no legal or administrative proceedings pending or threatened against us or any of our Directors that could, individually or in the aggregate, have a material effect on our business, financial condition or results of operations. However, new legal or administrative proceedings and claims may arise in the future and the current legal or administrative proceedings and claims we face are subject to inherent uncertainties. If one or more legal or administrative matters were resolved against us or an indemnified third party for amounts in excess of our management's expectations, our business, results of operations, financial condition and prospects could be materially and adversely affected. Further, such an outcome could result in significant compensatory or punitive monetary damages, disgorgement of revenue or profits, remedial corporate measures, injunctive relief or specific performance against us that could materially and adversely affect our business, results of operations, financial condition and prospects. For further details regarding our legal proceedings and compliance matters, see "Business — Legal Proceedings and Compliance."

We depend on the information systems of our own and those of third parties for the effective delivery and performance of our products and services, and the overall effective and efficient functioning of our business. Failure to maintain or protect our information systems and data integrity effectively could adversely affect our business, results of operations, financial condition and prospects.

We depend on our information systems for the effective and efficient functioning of our business, as well as for accounting, data storage, compliance, purchasing and inventory management. Our and our business partners' information systems may be subject to computer viruses, ransomware or other malware, attacks by computer hackers, failures during the process of upgrading or replacing software, databases or components thereof, damage or interruption from fires or other natural disasters, hardware failures, telecommunication failures and user errors, among other malfunctions and other cyber-attacks. We and our business partners could be subject to an unintentional event that involves a third-party gaining unauthorized access to our systems, which could disrupt our operations, corrupt our data or result in release of confidential information. Any attempts by cyber attackers to disrupt our or our business partners' services or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be expensive to remedy, subject us to substantial fines, penalties, damages and other liabilities under applicable laws and regulations,

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lead to a loss of protection of our intellectual property or trade secrets and damage our reputation. Additionally, theft of our intellectual property or proprietary business information could require substantial expenditures to remedy and even then may not be able to be remedied in full. We may have been and going forward will continue to be the target of events of this nature as cybersecurity threats have been rapidly evolving in sophistication and becoming more prevalent in the industry. Third parties upon whom we rely or with whom we have business relationships, including our customers, collaborators, suppliers, and others are subject to similar risks that could potentially have an adverse effect on our business.

In the event we or our business partners experience significant disruptions, we may, despite having developed emergency plans for security incidents, be unable to repair such systems in an efficient and timely manner. Accordingly, such events may disrupt or reduce the efficiency of our entire operation and harm our business, results of operations, financial condition and prospects. Insurance may not be sufficient to cover significant expenses and losses related to cyber-attacks. Our information systems require an ongoing commitment of significant resources to maintain, protect and enhance. Efforts to prevent cyber attackers from entering computer systems are expensive to implement, and we may not be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability to attract customers.

If our services are unavailable due to information system errors when our customers and end users attempt to access them, they may seek other services, which could reduce demand for our service and offerings. Processes and procedures designed to enable quick recovery from a disaster or catastrophe and continued business operations and with tested capability under controlled circumstances, are in place. However, there are several factors ranging from human error to data corruption that could materially impact the efficacy of such processes and procedures, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster or catastrophe, especially during peak periods, which could cause additional reputational damages, or loss of revenue, any of which could adversely affect our business, results of operations, financial condition and prospects.

We may be unable to detect, deter and prevent all instances of fraud or other illegal actions and misconducts committed by our employees, suppliers, distributors or other third parties.

We may be exposed to fraud, bribery or other misconduct committed by our employees, suppliers, distributors or any other third parties that could subject us to financial losses, liabilities and sanctions imposed by governmental authorities, which may adversely affect our reputation. During the Track Record Period and up to the Latest Practicable Date, we were not aware of any instances of fraud, bribery, and other misconduct involving employees, suppliers, distributors and other third parties that had a material and adverse impact on our business,

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results of operations, financial condition and prospects. However, we cannot assure you that there will not be any such instances in the future and we may be unable to prevent, detect or deter all such instances of misconduct. Any such misconduct committed against our interests, which may include undetected past acts or future acts, may have a material and adverse effect on our business, results of operations, financial condition and prospects.

If we need to recognize significant impairment losses on other receivables, our results of operations and financial condition may be adversely affected.

As of December 31, 2022, 2023 and 2024, and March 31, 2025, we recorded other receivables of RMB9.8 million, RMB7.9 million, RMB7.9 million and RMB10.1 million, respectively. We may be subject to impairment losses on other receivables if the actual recoverability is lower than the expected level, which could adversely affect our cash flow and our ability to meet our working capital requirements, thereby adversely affecting our business, results of operations, financial condition and prospects.

We are exposed to changes in the fair value of our financial assets at fair value though profit or loss ("FVPL") and valuation of uncertainty due to the use of unobservable inputs.

Our results of operations are affected by changes in the fair value of our financial assets at FVPL. As of December 31, 2022, 2023 and 2024, and March 31, 2025, our financial assets measured at FVPL were RMB32.0 million, RMB1.5 million, nil and nil, respectively. In 2022, 2023 and 2024, and in the three months ended March 31, 2024 and 2025, the net fair value gains on financial assets at FVPL recognized in other gains were RMB0.8 million, RMB0.4 million, RMB0.1 million, RMB0.1 million and nil, respectively.

Fair values of financial assets measured at FVPL are determined based on valuation of uncertainty due to the use of unobservable inputs. Judgement and estimation are required in establishing the relevant valuation techniques and inputs, which are unobservable and inherently involve a certain degree of uncertainty. Changes in assumptions relating to these factors could result in the material adjustments to the fair value of the financial assets, which may in turn have a material adverse effect on our financial position and results of operations.

We may be subject to impairment losses relating to intangible assets, which may affect our financial condition and results of operations.

As of December 31, 2022, 2023 and 2024, and March 31, 2025, our intangible assets were approximately RMB6.3 million, RMB16.3 million, RMB16.5 million and RMB17.2 million, respectively. Our intangible assets consist primarily of (i) software and (ii) non-patented technology and others. Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the greater of fair value less costs of disposal and the value in use. Our intangible assets are tested for impairment with a limited useful life using straight-line method over different periods. Intangible asset exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the greater of fair value less costs of disposal and the value in use. Estimating the value in use

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requires us to make an estimate of the expected future cash flows from the cash-generating units and a suitable discount rate to calculate the present value of cash flows. There are inherent uncertainties related to these factors and our judgment in applying these factors to the assessment of our intangible assets recoverability. In the event that our intangible assets are impaired, the amount of the impairment will constitute a non-cash expense to the profit or loss. A slowdown in revenue growth, our inability to maintain our business activities or a decrease in profit margins could result in an impairment to our intangible assets. We cannot assure that we will continue to maintain the same level of revenue growth, development and manufacturing activities and/or profit margins. Moreover, a change in the assumptions used in the impairment testing of intangible assets may lead to significant impairment losses. If our intangible assets are impaired, or there is a change in the assumptions used in the impairment testing of our intangible assets, our results of operations could be adversely affected.

We may face risk regarding the recoverability of deferred income tax.

In the application of our accounting policies, our management is required to make judgments, estimates and assumptions about the carrying amounts of certain assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore, actual results may differ from these accounting estimates. As of December 31, 2022, 2023 and 2024, we recorded deferred income tax assets of RMB24.0 million, RMB44.3 million and RMB48.3 million, respectively. In 2022, 2023 and 2024, and three months ended March 31, 2025, we recognized deferred income tax of RMB7.9 million, RMB20.3 million, RMB4.1 million and RMB0.4 million, respectively. Based on our accounting policies, deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the historical financial information. Deferred income tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where we are able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. The realization of deferred tax assets mainly depends on our management's judgment as to whether future taxable amounts will be available to utilize those temporary differences and losses. Management will continuously conduct review and additional deferred tax assets are recognized if it becomes probable that future taxable profits will allow the deferred income tax assets to be recovered. If sufficient profits or taxable temporary differences are not expected to be generated or are less than expected, a material reversal of deferred income tax assets may arise in future periods.

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We are subject to online payment processing related risks.

We accept payments through major third-party online payment channels in China such as Alipay and WeChat pay, as well as bank transfers and credit cards. We may also be susceptible to fraud, user data leakage and other illegal activities in connection with the various payment methods we offer. In addition, our business depends on the billing, payment and escrow systems of the third-party payment service providers to maintain accurate records of payments by customers and collect such payments. If the quality, utility, convenience or attractiveness of these payment processing and escrow services declines, or if we have to change the pattern of using these payment services for any reason, the attractiveness of our products and services could be adversely affected. We are also subject to various rules, regulations and requirements, regulatory or otherwise, governing electronic funds transfers which could change or be reinterpreted to make our current acceptance of payment through major third-party online payment channels a violation of relevant rules, regulations or requirements. If we fail to comply with these rules or requirements properly or timely, we may be subject to fines and higher transaction fees and become unable to accept payments from our customers through the online payment methods that we currently adopt, and our business, results of operations, financial condition and prospects could be adversely affected.

Some of our leased properties have title defects and did not complete registration procedures at relevant authorities.

As of the Latest Practicable Date, with respect to two of our leased properties used as non-headquarter office space in the PRC, the lessor has not provided valid title certificate, valid title certificate for commercial purpose or relevant authorization document evidencing right to lease the property to us. As a result, we cannot assure you that we will not be subject to any challenges, lawsuits or other actions taken against us with respect to the property defect and property leased by us for which the relevant lessor does not hold valid title certificate. If such property was successfully challenged, it may be subject to suspension of use and the lease may be void and no more binding, and we may be forced to relocate our operation on the affected property. In addition, under the relevant PRC law, all lease agreements are required to be registered and filed with the relevant land and real estate administration bureaus. However, as of the Latest Practicable Date, the lease agreements with respect to 18 of our leased properties had not been registered or filed with the relevant land and real estate administration bureaus in the PRC because the relevant lessors failed to provide necessary documents for us to register or file the leases with the local government authorities. As advised by our PRC Legal Advisor, failure to complete the registration and filing of lease agreements will not affect the validity of the lease agreements or result in us being required to vacate the leased properties. However, the relevant PRC authorities may impose a fine ranging from RMB1,000 to RMB10,000 for each of such lease agreements. See "Business — Properties" for details.

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Acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our business, results of operations, financial condition and prospects.

As part of the business strategy, we expect to make acquisitions of, or investments in, businesses, services or technologies that are complementary to our business. The process of identifying and consummating acquisitions, investments, and the subsequent integration of new assets and businesses into our own business, requires attention from our management and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on our operations. Acquired assets or businesses may not generate the expected financial results. Acquisitions or investments could also result in the use of cash, potentially dilutive issuances of equity securities, the occurrence of goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business or investment. We may also incur costs and management time on transactions that are ultimately not completed. In addition, our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product, technology or investment, including issues related to intellectual property, product quality or product architecture, regulatory compliance practices, revenue recognition or other accounting practices or issues with employees or customers.

Our future acquisitions or investments may not ultimately strengthen our competitive position or achieve our goals and business strategy. We may be subject to claims or liabilities assumed from an acquired company, product, or technology. Acquisitions or investments we complete could be viewed negatively by our customers, investors, and securities analysts. We may incur costs and expenses necessary to address an acquired company's failure to comply with laws and governmental rules and regulations. Additionally, we may be subject to litigation or other claims in connection with the acquired company, including claims from terminated employees, former shareholders or other third parties, which may differ from or be more significant than the risks its business faces. An acquired company may also need to implement or improve its controls, procedures and policies, and we may face associated risks if any of those controls, procedures or policies are insufficiently effective. We may also face retention or cultural challenges associated with integrating employees from the acquired company into our organization. If we are unsuccessful at integrating acquisitions or investments, in a timely manner, our business, results of operations, financial condition and prospects could be adversely affected. Any integration process may require significant time and resources, which may disrupt our ongoing business and divert management's attention, and we may not be able to manage the integration process successfully or in a timely manner. We may not successfully evaluate, integrate or utilize the acquired technology or personnel, realize anticipated synergies from the acquisition or investment, or accurately forecast the financial impact of an acquisition or investment transaction or the related integration of such acquisition or investment, including accounting charges and any potential impairment of goodwill and intangible assets recognized in connection with such transaction. We may have to pay cash, incur debt, or issue equity or equity-linked securities to pay for any acquisitions or investments, each of which could adversely affect our financial condition. Furthermore, the sale of equity or issuance of equity-linked debt to finance any such transaction could result in dilution to our shareholders. The occurrence of any of these risks could adversely affect our business, results of operations, financial condition and prospects.

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Complying strictly, properly or timely with the current and evolving environmental protection, fire protection, drainage or health and safety laws and regulations requires continuous efforts and could be costly, we could become subject to fines and penalties or incur costs that could have an adverse effect on our business, results of operations, financial condition and prospects.

We are subject to numerous environmental protection, fire protection, drainage or health and safety laws and regulations, including the Environmental Protection Law and of the PRC and Fire Protection Law of the PRC. As advised by our PRC counsel, we have been compliant with such laws and regulations in all material aspects. However, the cost of compliance with such laws and regulations is substantial. In addition, as we continue to expand our charging network and business scale, we cannot assure you that there will not be suspected violations in the charging terminals that result in us becoming subject to governmental investigations or penalties, which may include cessation of operation, fines, and confiscation of illegal gains. Despite our commitment to being law-abiding and rule compliant, any complying with environmental, fire protection, drainage or health and safety laws and regulations requires continuous efforts and could be costly.

Our risk management and internal control systems may not cover all aspects of our operations, which may adversely affect our business, results of operations, financial condition and prospects.

We seek to establish risk management and internal control systems consisting of an organizational framework, policies, procedures and risk management methods that are appropriate for our business operations and seek to continue to improve these systems. Our risk management and internal controls depend on their effective implementation by our employees. Due to the significant size of our operations, we cannot assure you that such implementation will not involve any human errors or mistakes, which may adversely affect our business and results of operations. As we are likely to offer a broader and more diverse range of products and services in the future, the diversification of our products and service offerings will require us to continue to enhance our risk management capabilities. If we fail to timely adapt our risk management policies and procedures to our changing business, our business, results of operations, financial condition and prospects could be adversely affected.

We may be adversely affected by any negative publicity concerning us and our business, shareholders, affiliates, directors, officers, other employees, business partners, other third parties as well as the industry in which we operate, regardless of its accuracy, that could harm our reputation and in turn adversely affect our business, results of operations, financial condition and prospects.

Our ability to attract and retain customers is highly dependent upon the public perceptions of our products and services, trustworthiness and business practices. Negative perceptions or publicity about us and our business, shareholders, affiliates, directors, officers, employees, business partners, other third parties as well as the industry in which we operate, even if related to isolated incidents, could erode trust and confidence and damage our reputation among

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existing and potential customers. In turn, this could decrease the demand for our products and services, increase regulatory scrutiny and detrimentally effect our business. In addition to traditional media, there has been an increasing use of social media platforms and similar devices in China, including instant messaging applications, social media websites and other forms of internet-based communications that provide individuals with access to a broad audience of consumers and other interested persons. Negative publicity concerning these parties could be related to a wide variety of matters, including, but are not limited to:

alleged misconduct or other improper activities committed by our directors, officers, and employees, as well as our business partners;
false or malicious allegations or rumors about us or our directors, shareholders, affiliates, officers and employees;
complaints by our customers about our products and services;
security breaches of private customer or transaction data;
employment-related claims relating to alleged employment discrimination, wage and hour violations; and
governmental and regulatory investigations or penalties upon us.

The availability of information on instant messaging applications and social media platforms is virtually immediate as is its impact without affording us an opportunity for redress or correction. The opportunity for dissemination of information, including inaccurate information, is seemingly limitless and readily available. Information concerning our company, shareholders, directors, officers and employees may be posted on such platforms at any time. The risks associated with any such negative publicity or incorrect information cannot be completely eliminated or mitigated and may materially harm our reputation, business, financial condition and results of operations.

Furthermore, our brand name and our business may be harmed by aggressive marketing and communication strategies by competitors and third parties. We may be subject to government or regulatory investigation or third-party claims as a result and we may be required to spend significant time and incur substantial costs to react to and address these consequences. There is no assurance that we will be able to effectively refute each of the allegations within a reasonable period of time, or at all. Additionally, public allegations, directly or indirectly, against us or our business partners, may be posted online by anyone on an anonymous basis. The availability of information on social media platforms is virtually immediate, as is its impact. Social media platforms may not necessarily filter or check the accuracy of information before publishing them and we are often afforded little or no time to respond. As a result, our reputation may be adversely affected and our ability to attract and retain customers and maintain our market share and our financial conditions may suffer.

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Any discontinuation, reduction or delay of any government grants or preferential tax treatments would have a material and adverse impact on our business.

During the Track Record Period, we benefited from government grants and preferential tax treatments, many of which are non-recurring in nature or are subject to periodic review. We recorded government grants under other income of RMB3.2 million, RMB6.7 million and RMB6.1 million, respectively, in 2022, 2023 and 2024. In the three months ended March 31, 2024 and 2025, we recorded government grants under other income of RMB0.8 million and RMB3.1 million, respectively. The subsidy income was mainly related to incentives provided by governments in the PRC based on the amounts of value added tax paid, and subsidies provided by local governments for economic recovery. For details, see Note 6 to the Accountant's Report set forth in Appendix I. In addition, we receive preferential tax treatment. Our subsidiaries in the PRC are generally subject to PRC corporate income tax, which is calculated based on the applicable tax rate of 25% on the assessable profits of the subsidiaries in accordance with PRC tax laws and regulations during the Track Record Period. During the Track Record Period, several of our subsidiaries in the PRC were qualified as small and micro enterprises under the PRC corporate income tax regime, which enjoyed a 50% to 87.5% reduction in certain statutory taxable income, with a preferential income tax rate of 20%. In addition, we and one of our subsidiaries in the PRC were qualified as high and new technology enterprise during the Track Record Period, and were subject to a reduced preferential enterprise income tax rate of 15% for a three-year period starting from the year in which they obtained such qualification. For details, see Note 12 to the Accountant's Report set forth in Appendix I. There can be no assurance we will continue to receive preferential tax treatment. Any discontinuation, reduction or delay of any government grants or preferential tax treatments would have a material and adverse impact on our business.

We are subject to various risks relating to third-party settlement arrangements by our customers in the past.

During the Track Record Period, a small number of customers settled transactions with us through the accounts of third parties (the "Third-Party Settlement Arrangement"). In 2021, 2022 and 2023, the aggregate amount of payment from designated third parties to us represented less than 0.2% of our total revenue in each of period. Starting in 2024, there have been no payments received from designated third parties. See "Business — Risk Management and Internal Control — Third-Party Settlement Arrangement" for details. We are subject to various risks relating to such Third-party Settlement Arrangements during the Track Record Period, such as (i) possible claims from third-party payors for return of funds as they were not contractually indebted to us and possible claims from liquidators of third-party payors; and (ii) potential money laundering risks as we have limited knowledge about the source and purpose of the funds utilized by the third-party payors. In the event of any claims from third-party payors or their liquidators, or legal proceedings (whether civil or criminal) instituted or brought against us in respect of third-party settlements or for violation or non-compliance of laws and regulations, we will have to spend significant financial and managerial resources to defend against such claims and legal proceedings, and our business, results of operations, financial condition and prospects may as a result be adversely affected.

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We currently have limited business insurance coverage.

We currently have limited business insurance coverage. If we are held liable for amounts and claims exceeding the limits of our insurance coverage or outside the scope of our insurance coverage, our business, results of operations, financial condition and prospects may be adversely affected. Even if the amounts and claims are within the limits and scope of our insurance coverage, the insurance provider may not be able to make the compensation payment to us in a timely manner.

Any occurrence of a natural disaster, widespread health epidemic or other outbreaks beyond our control could have an adverse effect on our business, results of operations, financial condition and prospects.

Our business could be adversely affected by natural disasters, such as snowstorms, earthquakes, fires or floods, the outbreak of a widespread health epidemic, or other events, such as wars, acts of terrorism, environmental accidents, power shortage or communication interruptions. The outbreak of any severe epidemic disease, such as avian flu, H1N1 flu, SARS or, most recently, COVID-19, may disrepute our business operations, which could negatively affect our supply chain management, and our business, results of operations, financial condition and prospects.

Share-based payment may cause shareholding dilution to our existing Shareholders and have a material and adverse effect on our financial condition.

We adopted an employee incentive scheme in October 2022. In 2022, 2023 and 2024, we incurred share-based compensation of RMB114 thousand, RMB411 thousand and RMB420 thousand, respectively. In the three months ended March 31, 2024 and 2025, we incurred share-based compensation of RMB105 thousand and RMB105 thousand, respectively. As of the Latest Practicable Date, all Shares subject to the employee incentive scheme have been granted to, vested and subscribed for by the participants thereof, and no further Shares will be granted under such scheme following the Listing. For details, see "History, Development and Corporate Structure — Corporate Development and Major Shareholding Changes."

To further incentivize our employees and non-employees to contribute to us, we may grant additional share-based compensation in the future. Issuance of additional Shares with respect to such share-based payment may dilute the shareholding percentage of our existing Shareholders. Expenses incurred with respect to such share-based payment may also increase our operating expenses and therefore have an adverse effect on our financial condition.

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RISKS RELATED TO DOING BUSINESS IN THE COUNTRY WHERE WE MAINLY OPERATE IN

Adverse changes in economic, political and social conditions could have a material adverse effect on our business, results of operations, financial condition and prospects.

Substantially all of our revenue is derived from our businesses in the PRC. Accordingly, our business, results of operations, financial condition and prospects are, to a material extent, subject to economic, political, and legal developments in the PRC. The PRC government has implemented various measures to encourage economic development and guide the allocation of resources. Some of these measures may benefit the overall PRC economy, but may have a negative effect to us, such as demand for our products and services and our ability to maintain our operations may suffer, which will consequently have a material adverse effect on our business, results of operations, financial condition and prospects.

Fluctuations in the value of the Renminbi and other currencies may have a material adverse impact on your investment.

During the Track Record Period, substantially all of our revenues and expenditures were denominated in Renminbi, while the net proceeds from the Global Offering will be in Hong Kong dollars. Fluctuations in the exchange rate between the Renminbi and the Hong Kong dollar will affect the relative purchasing power in Renminbi terms of the proceeds from the Global Offering. Fluctuations in the exchange rate may also cause us to incur foreign exchange losses and affect the relative value of any dividend issued by our PRC subsidiaries.

Movements in Renminbi exchange rates are affected by, among other things, changes in political and economic conditions and China's foreign exchange regime and policy. With the development of the foreign exchange market and progress towards interest rate liberalization and renminbi internationalization, the PRC government may in the future announce further changes to the exchange rate system, and we cannot assure you that the renminbi will not appreciate or depreciate significantly in value against other currencies in the future. It is difficult to predict how market forces or relevant government policies may impact the exchange rate between the Renminbi and other currencies in the future.

To date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risks. In any event, the availability and effectiveness of these hedges may be limited and we may not be able to hedge our exposure successfully, or at all.

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Policies related to currency conversion in the PRC may impact our ability to effectively utilize our cash, potentially affecting the value of your investment.

Conversion of Renminbi into foreign currencies and remittance foreign currency out of the PRC under certain circumstances shall be conducted in accordance with certain laws and regulations with respect to foreign exchange. Since revenue of our PRC subsidiaries are primarily in Renminbi, converting it into foreign currencies must comply with applicable laws and regulations.

Under current PRC foreign exchange regulations, certain current account transactions like profit distributions, interest payments, and trade-related expenses can be conducted in foreign currencies without prior approval from the State Administration of Foreign Exchange (SAFE), as long as certain procedural requirements are met. However, capital account transactions such as capital transfers, direct investments, securities investments, and repayment of borrowings are subject to foreign exchange policies and require prior approval from SAFE or registration with SAFE or authorized banks. If the foreign exchange control system affects our access to sufficient foreign currency to meet our currency needs, we may face challenges in paying our expenses as they become due.

Policies on foreign investment in the PRC may adversely affect our business, results of operations, financial condition and prospects.

The investment activities of foreign investors in the PRC are subject to certain regulations regarding the industry participated and imposed to additional verification procedures by certain authorities. The Special Management Measures (Negative List) for the Access of Foreign Investment (2024) (《外商投資准入特別管理措施(負面清單)(2024年版)》，the “Negative List”) issued by the NDRC and MOFCOM, which set out in a unified manner the restrictive measures for the access of foreign investments such as the requirements for equity and senior management, and the industries that are prohibited for foreign investment. The Negative List covers 11 industries, and any field not covered by the Negative List shall be administered under the principle of equal treatment to domestic and foreign investment. As of the Latest Practicable Date, our main business in China does not fall within the Negative List. However, certain industries are specifically prohibited for foreign investment, which may restrict us from entering into these industries afterwards. Also, as the Negative List may be updated from time to time in the future. If we cannot obtain approval from relevant approval authorities to engage in a business in China that becomes prohibited or restricted for foreign investors, we may need to sell or restructure our business which has become restricted or prohibited for foreign investment. If we need to adjust our corporate structure or business line as a result of changes in government policy on foreign investment, our business, results of operations, financial condition and prospects may be adversely affected.

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Our operations are subject to and may be affected by changes in tax laws and regulations in jurisdictions in which we operate.

We are subject to periodic examinations on fulfillment of our tax obligation under the PRC tax laws and regulations by PRC tax authorities. Although we believe that in the past, we have acted in compliance with the requirements under the relevant PRC tax laws and regulations in all material aspects and established effective internal control measures in relation to accounting regularities, we cannot assure you that future examinations by PRC tax authorities would not result in fines, other penalties or action that could adversely affect our business, results of operations, financial condition and prospects, as well as our reputation. Furthermore, PRC tax laws and regulations may be adjusted from time to time. For example, under the Individual Income Tax Law of the People's Republic of China (the "IIT Law") (《中華人民共和國個人所得稅法》), which was amended on June 30, 2011 and came into effect on September 1, 2011, foreign nationals who have domiciles in the PRC, or have no domicile in China but have resided in the PRC for one year or more, would be subject to PRC individual income tax at progressive rates on their income gained within or outside the PRC. The Standing Committee of NPC has approved the amendment of the IIT Law, which became effective on January 1, 2019. Under the amended IIT law, foreign nationals who have no domicile in China but have resided in the PRC for a total of 183 days or more in a tax year would be subject to PRC individual income tax on their income gained within or outside the PRC. Our ability to attract and retain highly skilled foreign scientists and research personnel to work in China may be materially affected by such tax regulations, which may in turn have a material adverse effect on our business, results of operations, financial condition and prospects.

The liabilities, costs, obligations, and requirements associated with these laws and regulations may cause interruptions to our operations or impact our financial position and results of operations. For example, regulations concerning transfer pricing between associated enterprises require that intra-group transactions and related-party transactions comply with the arm's length principle. If any of such transactions fail to comply with this principle, the relevant tax authorities have the power to make adjustments following certain procedures. There is no assurance that competent tax authorities will not review and challenge our intra-group transactions and related-party transactions, or that the relevant regulations or standards will remain unchanged in the future. Any determination by a tax authority that the pricing of such transactions does not comply with applicable rules may result in adjustments to taxable income, reallocation of income, or additional tax liabilities, which could adversely affect our business, operations, and financial results.

The tax laws and regulations in jurisdictions in which we operate may change from time to time in the future and may also have an adverse effect on our business, results of operations, financial condition and prospects.

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If our preferential tax treatments are revoked, become unavailable or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest and penalties in excess of our tax provisions, and our results of operations and financial condition could be adversely affected.

Operating in the EV home charging solution industry, we enjoy various types of preferential tax treatment according to the prevailing mainland Chinese tax laws. Our mainland Chinese entities may, if they meet the relevant requirements, qualify for certain types of preferential treatment, including tax relief for high-tech enterprises and Tax incentives for small and micro enterprises.

If our preferential tax treatments are revoked, become unavailable or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, the discontinuation of any of the various types of preferential tax treatment we enjoy could adversely affect our results of operations and financial condition. For details, see “Financial Information — Description of Key Components of Comprehensive Income — Taxation — PRC.”

The relevant competent authorities may require us to pay additional social insurance fees or housing provident fund or impose late payment penalties on us.

Pursuant to the PRC laws and regulations, we are required to participate in the employee social welfare plan administered by local governments. Such plan consists of pension insurance, medical insurance, work-related injury insurance, maternity insurance, unemployment insurance and housing provident fund. The amount we are required to contribute for each of our employees under such plan should be calculated based on the minimum and maximum level as from time to time prescribed by national laws and regulations and local authorities. During the Track Record Period and as of the Latest Practicable Date, we had not made social insurance and housing provident funds for some of our employees in full in accordance with the relevant PRC laws and regulations. As a result, we may be required by competent authorities to pay the outstanding amount, and may be subject to late payment penalties or enforcement application made to the court. For details, see “Business — Legal Proceedings and Non-Compliance — Social Insurance and Housing Provident Funds.” As advised by our PRC Legal Advisor, pursuant to relevant PRC laws and regulations, we may be required to pay all outstanding social insurance contributions within a prescribed period, with late fees at a daily rate of 0.05% of the outstanding amount, accruing from the date when the social insurance contributions are due. If this payment is not made within the stipulated period, the competent authority may further impose a fine of one to three times of the overdue amount on us. In addition, pursuant to relevant PRC laws and regulations, in case of a failure to pay housing provident fund in full, the relevant housing provident fund management center may require us to pay the outstanding amount within a prescribed period. If the payment is not made within such time limit, an application may be made to the PRC courts for compulsory enforcement. If these enforcement actions were taken by relevant authorities, our financial position and results of operations could be materially and adversely affected. As of the Latest Practicable Date, no competent government authorities had imposed administrative action, fine or penalty to us with respect to this non-compliance incident nor had any competent

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government authorities required us to settle the outstanding amount of social insurance payments and housing provident fund contributions. We cannot guarantee you that the competent government authorities will not require us to settle the outstanding amount within the specified time limit or impose late payment penalties on us. Such action may have an adverse impact on our results of operations and financial condition.

According to the Interpretation II of the Supreme People's Court of Issues Concerning the Application of Law in the Trial of Labor Dispute Cases (《最高人民法院關於審理勞動爭議案件適用法律問題的解釋(二)》) enacted by the Supreme People's Court on 31 July 2025 and implemented on 1 September 2025, where an employer fails to pay social insurance premiums in accordance with the law, and the employee requests to terminate the employment contract and for the employer to pay economic compensation, the people's court shall support such requests in accordance with the law. Where an employer, after making up the social insurance contributions in accordance with the law under the circumstances stipulated in the preceding paragraph, requests the employee to return the social insurance compensation already paid, the people's court shall support such request in accordance with the law. If laws and regulations regarding social insurance and housing provident fund change in the future and if we fail to comply in a timely manner, we could be subject to penalties or other risks. In addition, although no employee has raised any disputes with us in relation to social insurance or housing provident fund matters as of the Latest Practicable Date, we cannot assure you that such claims or disputes will not arise in the future, which may adversely affect our results of operations and financial condition.

PRC cybersecurity and data security measures and regulations could affect our business. Complying with applicable data protection laws and regulations is essential to avoid regulatory actions and other legal liabilities that could adversely affect our reputation.

We acquire certain personal information of our customers and users, such as telephone numbers and address, during the course of our business. For more details, please refer to the paragraphs headed “Business — Intellectual Property Rights — Information Technology System” and “Regulations — Regulations on Internet Information Security and Privacy Protection.”

On December 28, 2021, the CAC and other regulatory authorities jointly revised and promulgated the Cybersecurity Review Measures, which stipulate that (i) critical information infrastructure operators (“CIIO”) purchasing network products and services which affects or may affect national security, must file for the cybersecurity review; (ii) the internet platform operators holding personal information of more than one million users seeking a listing in a foreign country must file for the cybersecurity review; and (iii) where members of the cybersecurity review working mechanism believe that network products and services and data processing activities affect or are likely to affect national security, the Cybersecurity Review Office shall report to the Central Cyberspace Affairs Commission for approval as per procedure, and then conduct a review in accordance with the Cybersecurity Review Measures. As of the Latest Practicable Date, we had not been identified as a CIIO under current effective PRC laws and regulations. Our PRC Legal Advisor conducted consultation via the hotline

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published by the CAC on a named basis on behalf of us on February 6, 2024, with a staff member of the China Cybersecurity Review, Certification and Market Regulation Big Data Center (中國網絡安全審查認證和市場監管大數據中心) (the "CCRC"), whose name used before was 中國網絡安全審查技術與認證中心. The CCRC is a competent authority on this consultation, because it is entrusted by the Cybersecurity Review Office under the CAC with authority to accept and review of application materials and to set up a hotline for consultation regarding the cybersecurity review, according to the official announcement by the CAC. Based on such consultation, our PRC Legal Advisor advised us that we do not need to proactively file for the cybersecurity review, given Hong Kong is part of the PRC and does not belong to any "foreign country" as contemplated in the Cybersecurity Review Measures. Our PRC Legal Advisor also advised us that we are not obliged to file for the cybersecurity review when purchasing network products and services in accordance with the Cybersecurity Review Measures, on the basis that (i) as the Regulations on Protection of Critical Information Infrastructure (《關鍵信息基礎設施安全保護條例》) ("CIIO Regulation") stipulate that the competent authorities and the supervision and administration departments of the important industries and sectors involved in Article 2 ("Protection Departments") of the CIIO Regulation shall be responsible for the security protection of critical information infrastructures, and the Protection Departments shall be responsible for organizing the recognition of the critical information infrastructures within the industries and sectors according to the recognition rules, and shall inform the recognized CIIO accordingly; and (ii) as of the Latest Practicable Date, we had not received any notification from relevant regulatory authorities of being identified as a CIIO. In addition, during the Track Record Period and up to the Latest Practicable Date, we have not received any inquiry, notice, or warning from any PRC government authorities, and had not been subject to any investigation, sanctions or penalties made by any PRC government authorities regarding cybersecurity review. As the Cybersecurity Review Measures have been released recently, some provisions and implementation standards in the measures are still subject to the further guidance by relevant authorities. The relevant authorities have discretion in the interpretation and enforcement of such regulations, and we will closely monitor and assess any development in the rule-making process. If we become subject to cybersecurity review or investigations launched by PRC regulators in the future, despite our commitment to complying with applicable data protection laws and regulations, we may not be able to complete the cybersecurity review procedures on time, which may result in fines or other penalties, including suspension of relevant business, website closure, removal of our mini-programs from the relevant distribution platforms, and revocation of prerequisite licenses, as well as reputational damage or legal proceedings or actions against us, which may have a material adverse effect on our business, financial condition or results of operations.

We have adopted internal measures to ensure our compliance with relevant laws and regulations, but we cannot assure you that we will always be able to comply with the evolving regulatory requirements in connection with cybersecurity, data and privacy protection in the PRC in all aspects, and a non-compliance may lead to regulatory actions against us, even not material. Even if we endeavor to comply with relevant laws and regulations and ensure those internal policies and measures to be effective and adequate, we may not always be able to do so, as these laws and regulations are relatively new and are subject to the interpretation and implementation by relevant government authorities in practice. Any resulting non-compliance

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may lead to regulatory actions, investigations or litigations against us. Even if these actions, investigations or litigations do not result in any liability to us, we could incur significant costs in investigating and defending against them and could be subject to negative publicity about our privacy and data protection practices, which may affect our reputation in the marketplace. Our potential risks related to our collection and use of data and information system could require us to implement measures to reduce our exposure to liability, which may require us to expend substantial resources and limit the attractiveness of our services to our patients and partnered hospitals. As a result, our business, results of operations financial condition and prospects could be materially and adversely affected.

You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in the jurisdictions where we operate or our management named in the document based on foreign laws.

The recognition and enforcement of judicial decisions and arbitral awards across different jurisdictions usually involve certain difficulties. If there is a treaty or agreement on mutual legal assistance signed between countries or regions belonging to different jurisdictions, it is necessary to carry out the required processes and procedures for the recognition and enforcement of a foreign legal instrument in accordance with the relevant treaty or agreement, and the recognition and enforcement of the foreign legal instrument can only be carried out upon the approval of the local relevant competent authority. Such process may be complicated and time-consuming with a possibility of non-recognition or non-enforcement. If there is no such treaty or agreement, the application for the recognition and enforcement of a foreign legal instrument can usually only be made through the principle of reciprocity, which may be even more difficult or impossible.

On July 14, 2006, the Supreme People's Court of the PRC and the Government of the Hong Kong Special Administrative Region signed an Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters (《最高人民法院關於內地與香港特別行政區法院相互認可和執行當事人協議管轄的民商事案件判決的安排》）(the "Arrangement"). Under the Arrangement, a party with an enforceable final court judgment rendered by any designated people's court of China or any designated Hong Kong court requiring payment of money in a civil and commercial case according to a written choice of court agreement, may apply for recognition and enforcement of the judgment in the relevant people's court of China or Hong Kong court. A written choice of court agreement is defined as any agreement in writing entered into between parties after the effective date of the Arrangement in which a Hong Kong court or a PRC court is expressly designated as the court having sole jurisdiction for the dispute. Therefore, it may not be possible to enforce a judgment rendered by a Hong Kong court in China if the parties in the dispute did not agree to enter into a choice of court agreement in writing. As a result, it may be difficult or impossible for investors to effect service of process against certain of our assets or Directors in China in order to seek recognition and enforcement of foreign judgments in China.

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On January 18, 2019, the Supreme People’s Court of the PRC and Hong Kong entered into an agreement regarding the scope of judgments which may be enforced between China and Hong Kong (《關於內地與香港特別行政區法院相互認可和執行民商事案件判決的安排》) (the “New Arrangement”). The New Arrangement will broaden the scope of judgments that may be enforced between China and Hong Kong under the Arrangement. Whereas a choice of jurisdiction needs to be agreed in writing in the form of an agreement between the parties for the selected jurisdiction to have exclusive jurisdiction over a matter under the Arrangement, the New Arrangement provides that the court where the judgment was sought could apply jurisdiction in accordance with the certain rules without the parties’ agreement. The New Arrangement replaced the Arrangement when the former became effective on January 29, 2024. We cannot assure you that any action brought in China by holders of H Shares to enforce a Hong Kong arbitration award made in favor of holders of H Shares would succeed.

Furthermore, although we will be subject to the Listing Rules and the Takeovers Code upon the listing of our H Shares on the Stock Exchange, the holders of H Shares will not be able to bring actions on the basis of violations of the Listing Rules and must rely on the Stock Exchange to enforce its rules. Moreover, the Takeovers Code does not have the force of law and provides only standards of commercial conduct considered acceptable for takeover and merger transactions and share repurchases in Hong Kong.

Disputes between holders of H Shares and us, our Directors, supervisors, senior officers or holders of non-listed shares, arising out of our Articles of Association or the rights or obligations conferred or imposed upon by the PRC Company Law and related rules and regulations concerning our affairs, including the transfer of our H Shares, are to be resolved through arbitration rather than by a court of law. A claimant may elect to submit a dispute to arbitration organizations in Hong Kong or in China. Awards that are made by the PRC arbitral authorities recognized under the Arbitration Ordinance of Hong Kong can be enforced in Hong Kong. Hong Kong arbitration awards may be recognized and enforced by PRC courts, subject to the satisfaction of certain PRC legal requirements. However, we cannot assure you that any action brought in China by any holder of H Shares to enforce a Hong Kong arbitral award made in favor of holders of H Shares would succeed.

Holders of our H Shares may be subject to PRC income tax obligations.

Under the current PRC tax laws and regulations, non-PRC resident individuals and non-PRC resident enterprises are subject to different tax obligations with respect to the dividends paid to them by us and the gains realized upon the sale or other disposition of H Shares.

Non-PRC resident individuals are required to pay PRC individual income tax at a 20% rate for the income derived in China under the IIT Law and its implementation guidelines. Accordingly, we are required to withhold such tax from dividend payments, unless applicable tax treaties between China and the jurisdiction in which the foreign individual resides reduce or provide an exemption for the relevant tax obligations. However, pursuant to the Circular on Certain Policy Questions Concerning Individual Income Tax (《財政部、國家稅務總局關於個

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人所得税若干政策問題的通知》 (Cai Shui Zi [1994] No. 020) issued by the MOF and SAT on May 13, 1994, the income gained by individual foreigners from dividends and bonuses of enterprises with foreign investment are exempted from individual income tax for the time being. In addition, under the IIT Law and its implementation regulations, non-PRC resident individual holders of H shares are subject to individual income tax at a rate of 20% on gains realized upon the sale or other disposition of H shares. However, pursuant to Circular of Declaring that Individual Income Tax Continues to be Exempted over Income of Individuals from the Transfer of Shares (《關於個人轉讓股票所得繼續暫免徵收個人所得稅的通知》) (Cai Shui Zi [1998] No. 61) issued by the MOF and the SAT on March 30, 1998, from January 1, 1997, the income of individuals from the transfer of the shares of listed enterprises continues to be exempted from individual income tax.

As of the Latest Practicable Date, no aforementioned provisions have expressly provided that individual income tax shall be levied on non-PRC resident individual holders on the transfer of shares in PRC resident enterprises listed on overseas stock exchanges, and to our knowledge, no such individual income tax was levied by PRC tax authorities in practice. However, there is no assurance that the PRC tax authorities will not change these practices which could result in levying income tax on non-PRC resident individual holders on gains from the sale of H shares.

For non-PRC resident enterprises that do not have establishments or premises in China, and for those that have establishments or premises in China but whose income is not related to such establishments or premises, under the EIT Law and its implementation regulations, dividends paid by us and gains realized by such foreign enterprises upon the sale or other disposition of H Shares are subject to PRC enterprise income tax at a 10% rate. In accordance with the Circular on Issues Relating to Withholding of Enterprise Income Tax by PRC Resident Enterprises on Dividends Paid to Overseas Non-PRC Resident Enterprise Shareholders of H Shares (《關於中國居民企業向境外H股非居民企業股東派發股息代扣代繳企業所得稅有關問題的通知》) (Guo Shui Han [2008] No. 897) issued by SAT on November 6, 2008, the withholding tax rate for dividends payable to non-PRC resident enterprise holders of H Shares will be 10% and we intend to withhold tax at a rate of 10% from dividends paid to non-PRC resident enterprise holders of our H Shares (including HKSCC Nominees). Non-PRC resident enterprises that are entitled to be taxed at a reduced rate under an applicable income tax treaty or arrangement will be required to apply to the PRC tax authorities for a refund of any amount withheld in excess of the applicable treaty rate, and payment of such refund will be subject to the PRC tax authorities' approval.

Despite the arrangements mentioned above, the PRC tax laws and regulations as well as the interpretation and application of such laws and regulations may change from time to time in the future which may adversely affect the value of your investment in our H Shares.

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Payment of dividends is subject to restrictions in jurisdictions in which we operate.

Under PRC law, dividends may be paid only out of distributable profit, for which the PRC laws do not specify the applicable accounting principles. Distributable profit is our profit as determined under PRC GAAP or IFRS, whichever is lower, less any recovery of accumulated losses and appropriations to statutory and other reserves that we are required to make. We may not have sufficient or any distributable profit to enable us to make dividend distributions to our Shareholders, including in years in which we are profitable. Any distributable profit not distributed in a given year is retained and available for distribution in subsequent years. Our PRC Legal Advisor is of the view that after making up losses and appropriation of statutory reserves, we may distribute after-tax profits.

In addition, we are required to comply with the dividend distribution rules prescribed by the PRC regulatory authorities when determining our dividend payout ratios. The PRC regulatory authorities may further amend the dividend distribution rules for listed companies in the future, which may significantly affect the amount of capital available to support the development and growth of our business. Moreover, as the calculation of distributable profits under PRC GAAP is different from the calculation under IFRS in certain respects, our subsidiaries may not have distributable profits as determined under PRC GAAP, even if they have profits for that year as determined under IFRS, or vice versa.

Similarly, we may face restriction of dividend distribution from our subsidiaries in other geographic markets. For example, our subsidiaries in Thailand are required to set aside, at each dividend distribution, at least 5% of the profit until the reserve fund reaches 10% of the registered capital of the company. See "Regulations — Laws and Regulations in Relation to Our Business in Thailand — Regulation on Distribution of Dividend."

Accordingly, we may not receive sufficient distributions from our subsidiaries. Failure by our subsidiaries to pay dividends to us could have a negative impact on our cash flows and our ability to make dividend distributions to our Shareholders in the future, including those periods in which our financial statements indicate that our operations have been profitable.

RISKS RELATED TO THE GLOBAL OFFERING

There has been no prior public market for our H Shares and the liquidity and market price of our H Shares may be volatile.

Prior to the completion of the Global Offering, there has been no public market for our H Shares. There can be no guarantee that an active trading market for our H Shares will develop or be sustained after the completion of the Global Offering. The Offer Price is the result of negotiations between our Company, the Overall Coordinators (for themselves and on behalf of the Underwriters), which may not be indicative of the price at which our H Shares will be traded following completion of the Global Offering. The market price of our H Share may drop below the Offer Price at any time after completion of the Global Offering.

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RISK FACTORS

The trading price of our H Shares may be volatile, which could result in substantial losses to you.

The trading price of our H Shares may be volatile and could fluctuate widely in response to factors beyond our control, including general market conditions of the securities markets in Hong Kong, China, the United States and elsewhere in the world. In particular, the performance and fluctuation of the market prices of other companies with business operations located mainly in mainland China that have listed their securities in Hong Kong may affect the volatility in the price of and trading volumes for our H Shares. A number of mainland China-based companies have listed their securities, and some are in the process of preparing for listing their securities, in Hong Kong. Some of these companies have experienced significant volatility, including significant price declines after their initial public offerings. The trading performances of the securities of these companies at the time of or after their offerings may affect the overall investor sentiment towards mainland China-based companies listed in Hong Kong and consequently may impact the trading performance of our H Shares. Pursuant to the applicable PRC law, within the 12 months following the Listing Date, all existing Shareholders (including the Pre-IPO Investors) could not dispose of any of the Shares held by them. Due to such lock-up requirement, the liquidity and trading volume of the H Shares in the short term following the Global Offering may be significantly affected. These factors may significantly affect the market price and volatility of our H Shares, regardless of our actual operating performance.

Future sales or perceived sales of substantial amounts of our H Shares in the public market could have a material adverse effect on the price of our H Shares and our ability to raise additional capital in the future.

The market price of our H Shares could decline as a result of future sales of a substantial number of our H Shares or other securities relating to our H Shares in the public market, or the issuance of new shares or other securities, or the perception that such sales or issuances may occur. Future sales, or anticipated sales, of substantial amounts of our securities, including any future offerings, could also adversely affect our ability to raise capital at a specific time and on terms favorable to us. In addition, our shareholders may experience dilution in their holdings if we issue more securities in the future. New shares or shares-linked securities issued by us may also confer rights and privileges that take priority over those conferred by the H Shares.

You will incur immediate and substantial dilution if the Offer Price of the Offer Shares is higher than the net tangible asset value per H Share and may experience further dilution if we issue additional Shares in the future.

The Offer Price of the Offer Shares is higher than the net tangible asset value per H Share immediately prior to the Global Offering. Therefore, purchasers of the Offer Shares in the Global Offering will experience an immediate dilution in pro forma consolidated net tangible asset value. There can be no assurance that if we were to immediately liquidate after the Global Offering, any assets will be distributed to Shareholders after the creditors' claims. To expand

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our business, we may consider offering and issuing additional Shares in the future. Purchaser of the Offer Shares may experience dilution in the net tangible asset value per Share of their Shares if we issue additional Shares in the future at a price which is lower than the net tangible asset value per Share at that time.

Our Controlling Shareholders have significant influence over us and their interests may not always be aligned with the interest of our other Shareholders.

Immediately upon the completion of the Global Offering, without taking into account any Shares which may be issued pursuant to the exercise of the Over-Allotment Option, our Controlling Shareholders will collectively control approximately 42.93% of the voting power at our general meetings. Our Controlling Shareholders will, through their voting power at the Shareholders' meetings and their delegates on the Board, have significant influence over our business and affairs, including decisions in respect of mergers or other business combinations, acquisition or disposition of assets, issuance of additional Shares or other equity securities, timing and amount of dividend payments, and our management. Our Controlling Shareholders may not act in the best interests of our minority Shareholders. This concentration of ownership may also discourage, delay or prevent a change in control of our Company, which could deprive our Shareholders of an opportunity to receive a premium for the Shares as part of a sale of our Company and may significantly reduce the price of our H Shares.

There can be no assurance of the accuracy or completeness of certain facts, forecasts and other statistics obtained from official government sources.

This Prospectus, particularly the section headed "Industry Overview," contains information and statistics relating to the EV home charging solution industry that we obtained from various official government sources. We believe that the sources of the information are appropriate sources for such information, and we have taken reasonable care in extracting and reproducing such information. However, we cannot guarantee the quality or reliability of such source materials. The information from official governmental sources has not been independently verified by us, the Sole Sponsor, the Joint Global Coordinators, the Overall Coordinators, the Joint Bookrunners, the Joint Lead Managers, the Capital Market Intermediaries, the Underwriters or any other party involved in the Global Offering, and no representation is given as to its accuracy. Collection methods of such information may be flawed or ineffective, or there may be discrepancies between published information and market practice, which may result in the statistics being inaccurate or not comparable to statistics produced for other economies. In addition, we cannot assure you that such information is stated or compiled on the same basis or with the same degree of accuracy as or consistent with similar statistics presented elsewhere, and such information may not be complete or up to date. In any event, you should consider carefully the importance placed on such information or statistics.

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You should read the entire Prospectus carefully and should not rely on any information contained in press articles or other media regarding us and the Global Offering.

We strongly caution you not to rely on any information contained in press articles or other media regarding us and the Global Offering. Prior to the publication of this Prospectus, there has been press and media coverage regarding us, our business, our industry and the Global Offering. There may be additional media coverage regarding us, our business, our industry and the Global Offering subsequent to the date of this Prospectus but prior to the completion of the Global Offering. Such press and media coverage may include references to certain information that does not appear in this Prospectus, including certain operating and financial information and projections, valuations and other information. None of us or any other person involved in the Global Offering has authorized the disclosure of any such information in the press or media and none of us accepts any responsibility for any such press or media coverage or the accuracy or completeness of any such information or publication. We make no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication. To the extent that any such information is inconsistent or conflicts with the information contained in this Prospectus, we disclaim responsibility for it and you should not rely on such information.

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INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING

DIRECTORS' RESPONSIBILITY FOR THE CONTENTS OF THIS PROSPECTUS

This Prospectus, for which our Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance, the Securities and Futures (Stock Market Listing) Rules and the Listing Rules for the purpose of giving information to the public with regard to the Group. Our Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this Prospectus is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement in this Prospectus misleading.

UNDERWRITING AND INFORMATION ON THE GLOBAL OFFERING

This Prospectus is published solely in connection with the Hong Kong Public Offering, which forms part of the Global Offering. The Global Offering comprises the Hong Kong Public Offering of initially 597,900 Offer Shares and the International Offering of initially 5,381,000 Offer Shares (subject to, in each case, reallocation on the basis referred to under the section headed "Structure of the Global Offering" in this Prospectus and, in case of the International Offering, to any exercise of the Over-Allotment Option).

The listing of our H Shares on the Stock Exchange is sponsored by the Sole Sponsor and the Global Offering is managed by the Overall Coordinators. The Hong Kong Public Offering is fully underwritten by the Hong Kong Underwriters pursuant to the Hong Kong Underwriting Agreement. The International Underwriting Agreement relating to the International Offering is expected to be entered into on or around October 8, 2025. Further information regarding the Underwriters and the Underwriting Agreements are set out in the section headed "Underwriting."

The Hong Kong Offer Shares are offered solely on the basis of the information contained and representations made in this Prospectus and on the terms and subject to the conditions set out herein and therein. No person is authorized to give any information in connection with the Global Offering or to make any representation not contained in this Prospectus and any information or representation not contained herein and therein must not be relied upon as having been authorized by the Company, the Sole Sponsor, the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, any of their respective directors, officers, employees, partners, agents, or advisors or any other party involved in the Global Offering.

Neither the delivery of this Prospectus nor any subscription or acquisition made under it shall, under any circumstances, constitute a representation that there has been no change or development reasonably likely to involve a change in our affairs since the date of this Prospectus or imply that the information contained in this Prospectus is correct as of any date subsequent to the date of this Prospectus.

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INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING

Further information regarding the structure of the Global Offering, including its conditions, are set out in the section headed "Structure of the Global Offering," and the procedures for applying for our Hong Kong Offer Shares are set out in the section headed "How to Apply for the Hong Kong Offer Shares."

CSRC FILING

On May 13, 2025, the CSRC has issued a notification on our Company's completion of the PRC filing procedures for the listing of our H Shares on the Stock Exchange and the Global Offering. As advised by our PRC Legal Advisor, our Company has completed all necessary filings with the CSRC in the PRC in relation to the Global Offering and the Listing.

CONVERSION OF UNLISTED SHARES INTO H SHARES

The Company has applied for conversion of 53,809,907 Unlisted Shares held by all the existing Shareholders into H Shares. The relevant filing procedures in relation to the conversion of the Unlisted Shares have been completed on May 13, 2025. See the sections headed "History, Development and Corporate Structure" and "Share Capital" for details of the Shareholders and their interests in the Company and the relevant procedures for conversion of Unlisted Shares into H Shares.

RESTRICTIONS ON OFFER AND SALE OF THE OFFER SHARES

Each person acquiring the Hong Kong Offer Shares under the Hong Kong Public Offering will be required to, or be deemed by his/her acquisition of the Hong Kong Offer Shares to, confirm that he/she is aware of the restrictions on offers and sales of the Shares described in this Prospectus.

No action has been taken to permit a public offering of the Offer Shares in any jurisdiction other than Hong Kong, and no action has been taken to permit the distribution of this Prospectus in any jurisdiction other than Hong Kong. Accordingly, without limitation to the following, this Prospectus may not be used for the purpose of, and does not constitute, an offer or invitation in any jurisdiction or in any circumstances in which such an offer or invitation is not authorized or to any person to whom it is unlawful to make such an offer or invitation. The distribution of this Prospectus and the offering and sales of the Offer Shares in other jurisdictions are subject to restrictions and may not be made except as permitted under the applicable securities laws of such jurisdictions pursuant to registration with or authorization by the relevant securities regulatory authorities or an exemption therefrom. In particular, the Hong Kong Offer Shares have not been publicly offered or sold, directly or indirectly, in the PRC or the United States.

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INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING

APPLICATION FOR LISTING OF THE H SHARE ON THE STOCK EXCHANGE

We have applied to the Listing Committee for the granting of the listing of, and permission to deal in, the H Shares to be issued by us pursuant to the Global Offering (including any Shares which may be issued pursuant to the exercise of the Over-Allotment Option) and the Conversion of Unlisted Shares into H Shares.

Dealings in the H Shares on the Stock Exchange are expected to commence on Friday, October 10, 2025. No part of our share capital was listed on or dealt in on any other stock exchange and no such listing or permission to list was being or proposed to be sought on the Stock Exchange or any other stock exchange as of the date of this Prospectus. All the Offer Shares will be registered on our H Share register of members in order to enable them to be traded on the Stock Exchange.

Under section 44B(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, any allotment made in respect of any application will be invalid if the listing of, and permission to deal in, our H Shares on the Stock Exchange is refused before the expiration of three weeks from the date of the closing of the application lists, or such longer period (not exceeding six weeks) as may, within the said three weeks, be notified to the Company by or on behalf of the Stock Exchange.

OVER-ALLOTMENT OPTION AND STABILIZATION

Details of the arrangements relating to the Over-Allotment Option and stabilization are set out under the sections headed "Underwriting" and "Structure of the Global Offering."

H SHARE REGISTER OF MEMBERS AND HONG KONG STAMP DUTY

All of the H Shares issued pursuant to applications made in the Hong Kong Public Offering will be registered on our H Share register of members to be maintained in Hong Kong by our H Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong. Our principal register of members will be maintained by us at our head office in the PRC.

Dealings in the H Shares registered in our H Share register will be subject to Hong Kong stamp duty. Hong Kong stamp duty currently is charged to each of the seller and purchaser at the ad valorem rate of 0.1% on the higher of the consideration for or the market value of the H Shares transferred. In other words, a total of 0.2% will be payable on a typical sale and purchase transaction of the H Shares. In addition, a fixed stamp duty of HK$5.00 is currently payable on each instrument of transfer of H Shares. Investors should seek professional tax advice for further details of Hong Kong stamp duty.

Unless otherwise determined by our Board, dividends will be paid to Shareholders whose names are listed on our H Share register of members in Hong Kong, by ordinary post, at the Shareholders' risk in Hong Kong dollars to the registered address of each Shareholder.

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INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING

PROFESSIONAL TAX ADVICE RECOMMENDED

Potential investors in the Global Offering are recommended to consult their professional advisors as to the taxation implications of subscribing for, purchasing, holding or disposal of, and/or dealing in the Offer Shares or exercising rights attached to them. None of us, the Sole Sponsor, the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, any of their respective directors, officers, employees, partners, agents, advisors or representatives or any other person or party involved in the Global Offering accepts responsibility for any tax effects on, or liabilities of, any person resulting from the subscription, purchasing, holding, disposition of, or dealing in, the Offer Shares or exercising any rights attached to them.

SHARES WILL BE ELIGIBLE FOR ADMISSION INTO CCASS

Subject to the granting of the listing of, and permission to deal in, the Offer Shares on the Stock Exchange and our compliance with the stock admission requirements of HKSCC, the H Shares will be accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the date of commencement of dealings in the H Shares on the Stock Exchange or any other date as determined by HKSCC. Settlement of transactions between participants of the Stock Exchange is required to take place in CCASS on the second settlement day after any trading day. All activities under CCASS are subject to the General Rules of HKSCC and the HKSCC Operational Procedures in effect from time to time. All necessary arrangements have been made for the H Shares to be admitted into CCASS.

Investors should seek the advice of their stockbrokers or other professional advisors for details of the settlement arrangements and how such arrangements will affect your rights and interests as such arrangements may affect their rights and interests.

PROCEDURES FOR APPLICATION FOR HONG KONG OFFER SHARES

The procedures for applying for Hong Kong Offer Shares are set out in the section headed "How to Apply for the Hong Kong Offer Shares."

STRUCTURE OF THE GLOBAL OFFERING

Details of the structure of the Global Offering, including its conditions, are set out in the section headed "Structure of the Global Offering."

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INFORMATION ABOUT THIS PROSPECTUS AND THE GLOBAL OFFERING

EXCHANGE RATE CONVERSION

Solely for your convenience, this Prospectus contains translations among certain amounts denominated in RMB, Hong Kong dollars and USD. No representation is made that the amounts denominated in one currency could actually be converted into the amounts denominated in another currency at the rates indicated or at all. Unless indicated otherwise, (i) the translations between RMB and USD were made at the rate of RMB7.1106 to US$1.00, being the PBOC rate prevailing on September 22, 2025, (ii) the translations between Hong Kong dollars and RMB were made at the rate of RMB0.9150 to HK$1.00, being the PBOC rate prevailing on September 22, 2025; and (iii) the translations between US dollars and Hong Kong dollars were made at the rate of HK$7.7712 to US$1.00, being the PBOC rate prevailing on September 22. Any discrepancies in any table between totals and sums of amounts listed therein are due to rounding.

LANGUAGE

If there is any inconsistency between this Prospectus and the Chinese translation of this Prospectus, this Prospectus shall prevail. However, the English names of the PRC nationals, entities, departments, facilities, certificates, titles, laws, regulations and the like are translations of their Chinese names and are included for identification purposes only. If there is any inconsistency, the Chinese name prevails.

ROUNDING

Certain amounts and percentage figures included in this Prospectus have been subject to rounding adjustments, or have been rounded to one or two decimal places. Any discrepancies in any table, chart or elsewhere between totals and sums of amounts listed therein are due to rounding.

MARKET SHARE DATA CONVENTION

The statistical and market share information contained in this Prospectus has been derived from official government publications and other sources, including information or data provided by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. Unless otherwise indicated, the information has not been verified by us independently. This statistical information may not be consistent with other statistical information from other sources within or outside the PRC. While reasonable caution has been made in the process of reproducing the data and statistics extracted from such official government publications or other sources, the Sole Sponsor and our Company, or any of their directors, employees, agents, and representatives make no representation to the appropriateness, accuracy, completeness or reliability of any such statistical and market share information.

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WAIVERS

In preparation for the Global Offering, we have sought the following waivers from strict compliance with the relevant provisions of the Listing Rules:

WAIVER IN RESPECT OF MANAGEMENT PRESENCE IN HONG KONG

Pursuant to Rule 8.12 of the Listing Rules, our Company must have a sufficient management presence in Hong Kong. This normally means that at least two of our Executive Directors must be ordinarily resident in Hong Kong. Rule 19A.15 of the Listing Rules further provides that the requirement in Rule 8.12 of the Listing Rules may be waived by having regard to, among other considerations, our arrangements for maintaining regular communication with the Stock Exchange.

We do not have sufficient management presence in Hong Kong for the purpose of satisfying the requirements under Rule 8.12 of the Listing Rules. Our Group's management, business operations and assets are primarily based outside Hong Kong. The principal management headquarters and senior management of our Group are primarily based in China. Our Directors consider that either by means of relocation of our existing Executive Directors or the appointment of Executive Directors who will be ordinarily resident in Hong Kong would not be beneficial to, or appropriate for, our Group and therefore would not be in the best interests of our Company and our Shareholders as a whole.

Accordingly, pursuant to Rule 19A.15 of the Listing Rules, we have applied to the Stock Exchange for, and the Stock Exchange has granted us, a waiver from strict compliance with the requirements under Rule 8.12 and Rule 19A.15 of the Listing Rules. We will ensure that there is a regular and effective communication between us and the Stock Exchange by way of the following arrangements:

(a) pursuant to Rule 3.05 of the Listing Rules, we have appointed and will continue to maintain two authorized representatives, who will act as our principal channel of communication with the Stock Exchange and ensure that our Company complies with the Listing Rules at all times. The two authorized representatives are Dr. Huang and Ms. Au Wing Sze (區詠詩) (“Ms. Au”). Each of our authorized representatives will be available to meet with the Stock Exchange within a reasonable time frame upon the request of the Stock Exchange and will be readily contactable by phone and email. Each of the authorized representatives is authorized to communicate on our behalf with the Stock Exchange;

(b) each of the authorized representatives has means to contact all of our Directors (including our independent non-executive Directors) promptly at all times as and when the Stock Exchange wishes to contact our Directors for any matters. To enhance communication between the Stock Exchange, our authorized representatives and our Directors, we have implemented a policy that (i) each Director has provided their respective contact details (including phone number and e-mail address) to the authorized representatives; (ii) in the event that a Director expects to travel or is otherwise out of office, he/she will endeavour to provide his/her phone number of the place of his/her accommodation to the authorized representatives or maintain an open line of communication via his/her mobile phone;

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WAIVERS

(c) our Directors who are not ordinarily resident in Hong Kong possess or can apply for valid travel documents to visit Hong Kong and will be able to meet with the Stock Exchange within a reasonable period of time when required;

(d) we have appointed Shenwan Hongyuan Capital (H.K.) Limited as our compliance advisor (the “Compliance Advisor”) pursuant to Rule 3A.19 of the Listing Rules for a period commencing on the Listing Date and ending on the date on which we comply with Rule 13.46 of the Listing Rules in respect of our financial results for the first full financial year commencing after the Listing Date. The Compliance Advisor will have access at all times to our authorized representatives, our Directors and our senior management as prescribed by Rule 3A.23 of the Listing Rules, who will act as the additional channel of communication with the Stock Exchange when the authorized representatives are not available. Our Company shall ensure that our authorized representatives, Directors and our senior management members will timely provide such information and assistance as the Compliance Advisor may need or may reasonably request in connection with the performance of the Compliance Advisor’s duties as set forth in the Listing Rules;

(e) we have provided the Stock Exchange with the names, mobile phone numbers, office phone numbers, fax numbers and email addresses of at least two of the Compliance Advisor’s officers who will act as our Compliance Advisor’s contact persons between the Stock Exchange and our Company. We will inform the Stock Exchange as soon as practicable in respect of any change of authorized representatives and/or the Compliance Advisor;

(f) each of our Directors has provided their respective mobile phone numbers, office phone numbers, email addresses and fax numbers (if applicable) to the Stock Exchange;

(g) we will appoint other professional advisors (including legal advisors in Hong Kong) after the Listing to assist us in dealing with any questions which may be raised by the Stock Exchange and to ensure that there will be prompt and effective communication with the Stock Exchange; and

(h) our Company has designated our staff members as the communication officer at our headquarters after the Listing who will be responsible for maintaining day-to-day communication with the authorized representatives and our Company’s professional advisors in Hong Kong, including our legal advisors in Hong Kong and the Compliance Advisor, to keep abreast of any correspondences and/or enquiries from the Stock Exchange and report to our Executive Directors to further facilitate communication between the Stock Exchange and our Company.

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WAIVER IN RESPECT OF JOINT COMPANY SECRETARIES

Pursuant to Rules 3.28 and 8.17 of the Listing Rules, we must appoint a company secretary who, by virtue of his/her academic or professional qualifications or relevant experience, is, in the opinion of the Stock Exchange, capable of discharging the functions of the company secretary. Note 1 to Rule 3.28 of the Listing Rules provides that the Stock Exchange considers the following academic or professional qualifications to be acceptable:

(a) a member of The Hong Kong Chartered Governance Institute;

(b) a solicitor or barrister as defined in the Legal Practitioners Ordinance (Chapter 159 of the Laws of Hong Kong); and

(c) a certified public accountant as defined in the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong).

Note 2 to Rule 3.28 of the Listing Rules further provides that the Stock Exchange considers the following factors in assessing the "relevant experience" of the individual:

(a) length of employment with the issuer and other issuers and the roles he/she played;

(b) familiarity with the Listing Rules and other relevant laws and regulations including the SFO, the Companies Ordinance, the Companies (Winding Up and Miscellaneous Provisions) Ordinance and the Takeovers Code;

(c) relevant training taken and/or to be taken in addition to the minimum requirement under Rule 3.29 of the Listing Rules; and

(d) professional qualifications in other jurisdictions.

Our Company has appointed Mr. Jiang Yuxiao (蔣宇驍) ("Mr. Jiang"), as one of our joint company secretaries. Mr. Jiang has extensive experience in financing and investment services. The Company believes that it would be in the best interests of the Company and the corporate governance of the Group to have as its joint company secretary a person such as Mr. Jiang, who is the secretary of Board and who has day-to-day knowledge of the Company's affairs. Mr. Jiang has the necessary nexus to the Board and close working relationship with management of the Company in order to perform the function of a joint company secretary and to take the necessary actions in the most effective and efficient manner. However, Mr. Jiang presently does not possess any of the qualifications under Rules 3.28 and 8.17 of the Listing Rules, and may not be able to solely fulfill the requirements of the Listing Rules. Therefore, we have appointed Ms. Au Wing Sze (區詠詩) ("Ms. Au"), an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom, who fully meets the requirements stipulated under Rules 3.28 and 8.17 of the Listing Rules to act as the other joint company secretary and to provide assistance to Mr. Jiang for an initial period of three years from the Listing Date to enable Mr. Jiang to acquire the "relevant experience" under Note 2 to Rule 3.28 of the Listing Rules so as to fully comply with the requirements set forth under Rules 3.28 and 8.17 of the Listing Rules.

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WAIVERS

Accordingly, we have applied to the Stock Exchange for, and the Stock Exchange has granted, a waiver from strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules such that Mr. Jiang may be appointed as a joint company secretary of our Company. The waiver is valid for an initial period of three years from the Listing Date, and is granted on the condition that Ms. Au will work closely with Mr. Jiang to jointly discharge the duties and responsibilities as company secretary and assist Mr. Jiang in acquiring the relevant experience as required under Rules 3.28 and 8.17 of the Listing Rules. Ms. Au will also assist Mr. Jiang in organizing Board meetings and Shareholders' meetings of our Company as well as other matters of our Company which are incidental to the duties of a company secretary. Ms. Au is expected to work closely with Mr. Jiang and will maintain regular contact with Mr. Jiang, the Directors, the Supervisors and the senior management of our Company. The waiver will be revoked immediately if Ms. Au ceases to provide assistance to Mr. Jiang as a joint company secretary for the three-year period after the Listing or where there are material breaches of the Listing Rules by our Company. In addition, Mr. Jiang will comply with the annual professional training requirement under Rule 3.29 of the Listing Rules and will enhance his knowledge of the Listing Rules during the three-year period from the Listing. Mr. Jiang will also be assisted by (a) the Compliance Advisor of our Company, particularly in relation to compliance with the Listing Rules; and (b) the Hong Kong legal advisors of our Company, on matters concerning our Company's ongoing compliance with the Listing Rules and the applicable laws and regulations.

Before the end of the three-year period, the Company must demonstrate and seek the Exchange's confirmation that Mr. Jiang, having had the benefit of Ms. Au's assistance during the three-year period, has attained the relevant experience under note 2 to Rule 3.28 and is capable of discharging the functions of company secretary so that a further waiver would not be necessary.

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DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

DIRECTORS

Name	Address	Nationality
Executive Directors
Dr. Huang Zhiming (黄志明)	Room 1102, No. 12
Lane 10, Weide Road
Yangpu District, Shanghai
PRC	Chinese
Mr. Li Xinrui (李欣瑞)	Room 402, No. 15
Lane 1199, Jiangwancheng Road
Yangpu District, Shanghai
PRC	Chinese
Independent Non-Executive Directors
Ms. Sun Zhili (孫枝麗)	Room C2, The Repulse Bay Apartments, No. 101
Repulse Bay Road, Repulse Bay
Hong Kong	Chinese (Hong Kong)
Ms. Wu Yushan (吳瑜珊)	Room 601, Building 37, No. 13
Wanshou Road
Siming District, Xiamen, Fujian
PRC	Chinese
Dr. Lu Ming (陸銘)	Room 1401, No. 26
Lane 2828, Chuanzhou Highway
Pudong New District, Shanghai
PRC	Chinese

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DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

SUPERVISORS

Mr. Shen Qi (沈琪)
Room 1201, No. 11
Lane 815, Taolin Road
Pudong New District, Shanghai
PRC
Chinese

Ms. Dai Can (戴燦)
Room 7B, Building 1
Block 1, Hongshu Lvzhou
Futian District, Shenzhen, Guangdong
PRC
Chinese

Mr. Liu Xi (劉希)
Room 205, Building 8
No. 1088 Pingxingguan Road
Jing'an District, Shanghai
PRC
Chinese

For details with respect to our Directors and Supervisors, see “Directors, Supervisors and Senior Management.”

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DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

PARTIES INVOLVED IN THE GLOBAL OFFERING

Sole Sponsor

Shenwan Hongyuan Capital (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

Sponsor-Overall Coordinator

Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

Overall Coordinators

Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

BOCOM International Securities Limited
9/F, Man Yee Building
68 Des Voeux Road Central
Hong Kong

China Industrial Securities International
Capital Limited
32/F, Infinitus Plaza
199 Des Voeux Road Central
Sheung Wan
Hong Kong

First Shanghai Securities Limited
19/F, Wing On House
71 Des Voeux Road Central
Hong Kong

Joint Global Coordinators

Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

BOCOM International Securities Limited
9/F, Man Yee Building
68 Des Voeux Road Central
Hong Kong

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DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

China Industrial Securities International
Capital Limited
32/F, Infinitus Plaza
199 Des Voeux Road Central
Sheung Wan
Hong Kong

First Shanghai Securities Limited
19/F, Wing On House
71 Des Voeux Road Central
Hong Kong

Joint Bookrunners

Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

BOCOM International Securities Limited
9/F, Man Yee Building
68 Des Voeux Road Central
Hong Kong

China Industrial Securities International
Capital Limited
32/F, Infinitus Plaza
199 Des Voeux Road Central
Sheung Wan
Hong Kong

First Shanghai Securities Limited
19/F, Wing On House
71 Des Voeux Road Central
Hong Kong

Livermore Holdings Limited
Unit 1214A, 12/F, Tower II
Cheung Sha Wan Plaza
833 Cheung Sha Wan Road
Kowloon
Hong Kong

– 115 –

DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

Yellow River Securities Limited
Room 2701B, 27/F, Tower 1,
Admiralty Center
18 Harcourt Road
Admiralty
Hong Kong

SPDB International Capital Limited
33/F, SPD Bank Tower
1 Hennessy Road
Hong Kong

Joint Lead Managers

Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

BOCOM International Securities Limited
9/F, Man Yee Building
68 Des Voeux Road Central
Hong Kong

China Industrial Securities International
Capital Limited
32/F, Infinitus Plaza
199 Des Voeux Road Central
Sheung Wan
Hong Kong

First Shanghai Securities Limited
19/F, Wing On House
71 Des Voeux Road Central
Hong Kong

Livermore Holdings Limited
Unit 1214A, 12/F, Tower II
Cheung Sha Wan Plaza
833 Cheung Sha Wan Road
Kowloon
Hong Kong

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DIRECTORS, SUPERVISORS AND PARTIES INVOLVED IN THE GLOBAL OFFERING

Yellow River Securities Limited
Room 2701B, 27/F, Tower 1,
Admiralty Center
18 Harcourt Road
Admiralty
Hong Kong

SPDB International Capital Limited
33/F, SPD Bank Tower
1 Hennessy Road
Hong Kong

West Bull Securities Limited
2701-2703, 27/F, Infinitus Plaza
199 Des Voeux Rd Central
Sheung Wan
Hong Kong

Yuen Meta (International) Securities Limited
2601, 26/F, Wanchai Central Building
89 Lockhart Road
Wanchai
Hong Kong

Capital Market Intermediaries
Shenwan Hongyuan Securities (H.K.) Limited
Level 6, Three Pacific Place
1 Queen's Road East
Hong Kong

BOCOM International Securities Limited
9/F, Man Yee Building
68 Des Voeux Road Central
Hong Kong

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