I am about to sign a letter of intent with another company I intend to partner with.
What does the following clause mean? I am party B here for your reference: "Both parties intend to cooperate together to gain the mutual profit. Party A has absolute priority on the cooperation with Party B other than other companies."
Sorry, I don't know what this is supposed to mean.
I suggest you ask the person who wrote it.
Obviously, you shouldn't (usually) sign any document the meaning of which is not clear.