dash8400:  "Should there be revenue from, at the very least, the supply of the wafer?

I can't see any reason why not, unless somehow in the agreement states that SP takes all the revenue and then divides it according to the ownership of the parties at the end of the fiscal year.

It seems rather awkward and as far as I know we have never seen the entire contract they signed with Sanan Optoelectronics."

Possibly of interest regarding the distribution of profits is this link to the article:  China Joint Venture:  7 Considerations to Reach a Successful JV Agreement.

China Joint Venture: Top 7 Considerations When Reaching JV Agreements (china-briefing.com)

"Profit distribution

The ultimate goal of investment is to obtain profits. The profit distribution method is thus of close interest to the parties of the JV.

Article 34 of PRC Company Law sets forth the general principle of profit distribution as to sharing profit in accordance with the ratio of paid-in capital contribution.

On the other hand, Article 34 also allows the shareholders to break through above general principle by mutual agreement. That is to say, the shareholders are entitled to set out a principle on profit distribution based on their free will, such as sharing profits in accordance to certain percentage other than subscribed capital, and such principle should be included in the JV agreement.

To be noted, although the shareholders are entitled to agree on the ratio of sharing profits based on their discretion, the shareholders and the JV still need to follow the bottom line of profit repatriation, meaning that the profits can only be distributed to the shareholders after making good on losses, contributing to the statutory surplus reserve, and paying taxes.

Some foreign investors may seek for return of investment in a more time-flexible and tax-efficient way. As such, JV partners may consider discussing about other income repatriation methods, such as paying agreed service fee, royalty fee, and loan interest to the shareholders, and indicate the methods in certain terms of the JV agreement or sign separate agreements, such as service agreement, license agreement, and loan agreement to consolidate such arrangements."

Okiedo