In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue from our five largest customers in each period was RMB1,823.7 million, RMB1,775.1 million, RMB1,814.1 million and RMB1,009.5 million, respectively, accounting for 49.9%, 43.0%, 38.2% and 34.7% of our total revenue for the respective periods.
Summary · p. 5
To the best of our knowledge, all of our five largest customers in each period during the Track Record Period were independent third parties.
Our revenue from our five largest customers in each period during the Track Record Period, calculated on the group basis, was RMB1,163.2 million, RMB1,394.7 million, RMB1,404.9 million and RMB678.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing approximately 29.1%, 33.5%, 34.5% and 34.2% of our total revenue for the respective periods.
Business · p. 142
We sell a substantial portion of our products to third-party distributors, who are our direct customers and are responsible for subsequently selling and delivering our products to hospitals, other medical institutions and pharmacies.
Business · p. 142
According to Frost & Sullivan, our sales strategy is consistent with industry practice in the pharmaceutical industry.
In each year ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, sales to our five largest customers contributed 55.8%, 66.9%, 70.2% and 71.8% of our total revenue, and sales to our largest customer contributed 32.1%, 23.5%, 21.8% and 21.0% of our total revenue, respectively.
Summary · p. 3
Our performance depends on our ability to maintain robust relationships with existing key customers while continuously broadening our customer base globally.
Financial Information · p. 185
We believe that maintaining long-term relationship with our key customers and further broadening our customer base will help us to win market share in the rapidly expanding optical communication market and further enhance our competitive position.
In 2023, 2024 and 2025 and for the six months ended June 30, 2026, revenue generated from our five largest customers in each period during the Track Record Period was RMB259.3 million, RMB498.6 million, RMB870.6 million and RMB562.9 million, respectively, accounting for 32.1%, 36.7%, 43.2% and 50.3% of our total revenue for the same periods, respectively.
Business · p. 153
The significant transaction amount attributable to Customer F reflects our focus on serving leading customers with complex application scenarios, which typically involve larger project sizes and more demanding execution and service requirements.
Business · p. 155
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, (i) all of our five largest customers in each year during the Track Record Period were Independent Third Parties; and (ii) none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year during the Track Record Period.
Our top five customers in each year or period during the Track Record Period in aggregate accounted for 16.4%, 14.4%, 22.2% and 34.8% of our total revenues in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · p. 6
Our largest customer in each year or period during the Track Record Period accounted for approximately 4.7%, 3.2%, 5.8% and 12.4% of our total revenue for the respective year or period.
Summary · p. 6
All of our five largest customers in 2023 continued their business relationships with us during a subsequent year/period.
Our aggregate revenue from the five largest customers in each year/period during the Track Record Period was RMB1,065.4 million, RMB1,454.9 million, RMB1,370.4 million and RMB318.3 million, respectively, accounting for 49.7%, 48.9%, 34.8% and
Summary · p. 4
In the same periods, our revenue from the single largest customer in each year/period during the Track Record Period amounted to RMB327.3 million, RMB489.6 million, RMB520.9 million and RMB141.3 million, accounting for 15.3%, 16.5%, 13.2% and 8.9% of our total revenue, respectively.
Business · p. 145
Save for Champion Motorsports, a subsidiary of Champion Holdings, all of our five largest customers in each year/period during the Track Record Period were Independent Third Parties.
In FY2023, FY2024, FY2025 and 1H2026, sales to our largest customer in each year/period amounted to RMB708.4 million, RMB539.4 million, RMB1,269.9 million and RMB1,005.0 million, representing 21.9%, 13.5%, 20.6% and 22.4% of our total revenue, respectively, while sales to our five largest customers in each year/period amounted to RMB1,088.7 million, RMB1,135.8 million, RMB2,118.7 million and RMB1,795.3 million, representing 33.6%, 28.4%, 34.4% and 39.9% of our total revenue, respectively.
Business · p. 133
Revenue growth from Customer A in FY2025 was mainly driven by increased market demand for power generator sets integrated with our engines, particularly for the data center industry.
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, the aggregate revenue contributed by our five largest customers in each period accounted for approximately 21.6%, 44.0%, 55.7% and 55.2% of our total revenue, respectively.
Summary · p. 10
The growing customer concentration during the Track Record Period was primarily attributable to our sales model, which focuses on delivering high-quality robotic solutions to large-scale enterprises.
Business · p. 176
To mitigate the risks associated with customer reliance, we have implemented several strategic measures.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our largest customer in each period of the Track Record Period accounted for 14.7%, 13.5%, 8.8% and 8.2% of our revenue, respectively, while our five largest customers in each of the same periods accounted for 56.5%, 47.7%, 36.4% and 35.1% of our revenue, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our largest customer in each period of the Track Record Period accounted for 14.7%, 13.5%, 8.8% and 8.2% of our revenue, respectively, while our five largest customers in each period of the Track Record Period accounted for 56.5%, 47.7%, 36.4% and 35.1% of our revenue, respectively.
Business · p. 144
As of the Latest Practicable Date, none of our Directors or their respective associates or any Shareholder holding more than 5% of our issued share capital held any interest in any of our five largest customers.
In 2024, 2025 and for the six months ended June 30, 2026, the aggregate sales to our five largest customers represented 25.6%, 29.6% and 39.0% of our revenue, respectively, and sales to our largest customer represented 7.4%, 12.9% and 17.1% of our revenue, respectively.
Summary · p. 5
For each year/period during the Track Record Period, all our top five medical devices customers require our distributors to make full prepayment for our products, except for the contract development customer whom we provided services to.
Business · p. 178
In each year/period during the Track Record Period, all of our five largest customers were Independent Third Parties.
In 2024, 2025 and the six months ended June 30, 2026, our revenue generated from our five largest customers, on a consolidated basis, were nil, RMB5.2 million and RMB2.5 million, respectively, representing nil, 98.8% and 97.7% of our total revenue for the corresponding period.
Summary · p. 11
To the best of our knowledge, each of our five largest customers in each year/period comprising the Track Record Period is an Independent Third Party.
Summary · p. 11
Our revenue from our largest customer in 2024, 2025 and the six months ended June 30, 2026, on a consolidated basis, were nil, RMB2.3 million and RMB1.0 million, respectively, representing nil, 43.5% and 39.4% of our total revenue for the corresponding period.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period was RMB44.9 million, RMB86.8 million, RMB152.7 million and RMB37.4 million, respectively, accounting for 24.8%, 32.3%, 39.3% and 35.0% of our total revenue for the same periods, respectively.
Summary · p. 5
In 2023, 2024 and 2025 and the three months ended March 31, 2026, revenue contribution from existing customers, representing the proportion of total revenue in the current year generated by customers who contributed revenue in the previous year, was 61%, 74%, 78% and 86%, respectively.
Business · p. 210
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
Our revenue is meaningfully concentrated among major channel partners. During the Track Record Period, our five largest customers in each year/period during the Track Record Period accounted for 52.0%, 44.4%, 34.3% and 35.7% of our revenue, respectively, in 2023, 2024, 2025 and for the five months ended May 31, 2026, and our largest customer in each year/period during the Track Record Period accounted for 16.4%, 14.0%, 11.1% and 9.2% of revenue in those years/periods, respectively.
Summary · p. 3
In 2023, 2024, 2025 and for the five months ended May 31, 2026, our five largest customers in each year/period during the Track Record Period accounted for 52.0%, 44.4%, 34.3% and 35.7%, of our total revenue for each year/period, respectively.
Business · p. 170
To the best knowledge of our Directors, none of our Directors, their respective associates or any of our Shareholders holding more than 5% of our issued share capital immediately following the completion of the [REDACTED] had an interest in any of our five largest customers during the Track Record Period.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, our five largest customers together generated RMB39,750.1 million, RMB18,387.8 million, RMB24,715.6 million and RMB9,507.0 million of revenue, respectively, accounting for 96.1%, 81.4%, 71.3% and 63.6% of our total revenue, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024 and 2025 and the three months ended March 31, 2026, a significant portion of our revenue was derived from our five largest customers, which are among the leading lithium-ion battery manufacturers globally.
Business · p. 133
According to Frost & Sullivan, leading global battery manufacturers tend to forge deep, strategic partnerships with a select group of technologically advanced and scalable material suppliers rather than frequently changing suppliers, because consistency in raw material quality is critical to the performance, safety and reliability of their end-products.
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB20,854.0 million, RMB23,348.5 million, RMB26,465.4 million and RMB12,959.0 million, respectively, accounting for 8.3%, 8.6%, 9.8% and 11.7% of our total revenue in the same periods, respectively.
Business · p. 119
Revenue from our largest customer in each period of the Track Record Period accounted for 2.1%, 2.4%, 3.1% and 4.9% of our total revenue, respectively.
Business · p. 119
All of our five largest customers during each period of the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025 and for the four months ended April 30, 2026, our revenue contributed by our five largest customers in each year/period during the Track Record Period amounted to RMB493.9 million, RMB654.8 million, RMB1,307.3 million and RMB831.3 million, respectively, accounting for 39.4%, 21.9%, 22.0% and 29.7% of our total revenue in the same periods, respectively.
Summary · p. 3
In 2023, 2024, 2025 and for the four months ended April 30, 2026, our revenue contributed by our five largest customers in each year/period during the Track Record Period amounted to RMB493.9 million, RMB654.8 million, RMB1,307.3 million and RMB831.3 million, respectively, accounting for 39.4%, 21.9%, 22.0% and 29.7% of our total revenue in the same periods, respectively.
Business · p. 153
Our major customers typically source from multiple suppliers and adjust procurement based on pricing, product availability and supply stability. Accordingly, transaction volumes with us reflect their demand for specific products during a given period rather than long-term exclusive arrangements.
In 2023, 2024 and 2025 and the four months ended April 30, 2026, revenue contributed from our five largest customers in each year/period during the Track Record Period amounted to RMB3,980.5 million, RMB4,688.5 million, RMB3,904.4 million and RMB1,468.4 million, respectively, accounting for 53.2%, 41.8%, 31.9% and 23.8% of our total revenue, respectively, for the same years/periods, while the largest customer contributed RMB1,452.6 million, RMB1,954.8 million, RMB1,742.5 million and RMB618.1 million, respectively, accounting for 19.4%, 17.4%, 14.3% and 10.0% of our total revenue, respectively, for the same years/periods.
Summary · p. 4
For each period during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each period were Independent Third Parties.
Business · p. 141
During the Track Record Period and up to the Latest Practicable Date, none of our Directors or their respective close associates or any person who, to the knowledge of the Directors, owned more than 5% of our issued share capital, had any interest in any of our five largest customers.
The aggregate sales to our five largest customers during the year ended December 31, 2024 and 2025, and the five months ended May 31, 2026 amounted to approximately RMB18.6 million, RMB28.5 million and RMB11.4 million, respectively, and accounted for approximately 37.9%, 51.5% and 68.8% of our total revenue for the respective year/period.
Summary · p. 10
The increase in contribution of revenue from the five largest customers for the year ended December 31, 2025 and five months ended May 31, 2026 was primarily due to (i) the increased purchase orders placed by the distributor of our Esomeprazole magnesium delayed-release capsules products in the U.S., which accounted for 100% of the revenue of our MAH Business for the respective year/period; and (ii) the progressive scaling down of our CRO Services during the year ended December 31, 2025 and five months ended May 31, 2026, as a result the aggregate revenue accounted by our five largest customers as a percentage of our total revenue increased during the respective year/period.
Summary · p. 10
To the best of our knowledge, our five largest customers in each year during the Track Record Period are Independent Third Parties.
During the Track Record Period, revenue from our five largest customers for each year or period during the Track Record Period was RMB183.0 million, RMB335.6 million, RMB414.9 million and RMB125.7 million in 2023, 2024 and 2025 and the three months ended March 31, 2026, accounting for 17.2%, 23.6%, 25.7% and 25.5% of our total revenue for the same periods, respectively.
Summary · p. 6
We have built a diversified customer base across China, with a balanced revenue contribution that mitigates concentration risk.
Business · p. 139
To the best of our knowledge, all of our five largest customers in each year or period during the Track Record Period were Independent Third Parties, and as of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of our Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year or period during the Track Record Period.
For the years ended March 31, 2024, 2025 and 2026, our five largest customers accounted for 24.3%, 22.8% and 35.2% of our total revenue, respectively.
Summary · p. 4
To the best knowledge of our Directors, except our Customer A, which is owned as to 17.04% by Jacobson Group Treasury Limited (a wholly-owned subsidiary of Jacobson Pharma), and the JBM Group as described in further details in the section headed “Financial Information — Related Party Transactions — Sales to Fellow Subsidiaries,” none of our Directors, or their associates, or any person who owned 5% or more of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers for each of the years during the Track Record Period.