For the years ended December 31, 2023, 2024, 2025, and the five months ended May 31, 2026, our five largest customers in each period together generated RMB280.4 million, RMB335.6 million, RMB469.0 million and RMB239.9 million of revenues, respectively, accounting for 48.7%, 53.8%, 57.6% and 67.9% of our total revenue, respectively.
Summary · p. 4
In addition, revenues generated from our largest customer in each year or period accounted for 13.8%, 16.6%, 23.1% and 29.7% of our total revenues for the years ended December 31, 2023, 2024, 2025, and for the five months ended May 31, 2026, respectively.
Business · p. 161
To the best of our knowledge and as of the Latest Practicable Date, we were not aware of any information or arrangement that would lead to the termination of our relationships with any of our major customers.
Revenue from our largest customer in each period of the Track Record Period accounted for 20.9%, 33.4%, 15.4% and 15.6% of our total revenue, respectively.
Summary · p. 9
All of our five largest customers were Independent Third Parties during the Track Record Period.
Business · p. 167
For example, we have established joint validation laboratories in collaboration with smartphone providers, allowing us to anticipate industry trends in memory product technology.
Revenue from our five largest customers in each year of the Track Record Period amounted to USD173.4 million, USD156.9 million and USD184.6 million, representing 49.6%, 55.8% and 60.7% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 6
The increase in the revenue contribution from our largest customer during the Track Record Period was primarily attributable to our sustained sales and marketing efforts and strategic focus on our major customers.
Business · p. 137
Such high revenue concentration from our major customers is not uncommon in the industry, as confirmed by Frost & Sullivan.
In 2023, 2024 and 2025, the revenue generated from our five largest customers for each year during the Track Record Period amounted to RMB276.4 million, RMB208.1 million and RMB244.7 million, representing 36.3%, 23.8% and 26.1% of our total revenue, respectively.
Summary · p. 5
In recognition of our advanced product performance, we maintain stable relationships with our existing customers, who exhibit a high degree of customer stickiness.
Business · p. 153
We expect to further expand our customer base alongside the growth of each business line, which will help diversify our revenue streams and improve our resilience.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB6 thousand, RMB6.2 million and RMB24.9 million, respectively, accounting for 100.0%, 85.0% and 45.0% of our total revenue for the respective years.
Summary · p. 9
The declining concentration across the Track Record Period reflects the broadening of our customer base as our business scaled.
Summary · p. 9
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB6 thousand, RMB6.2 million and RMB24.9 million, respectively, accounting for 100.0%, 85.0% and 45.0% of our total revenue for the respective years.
Our five largest customers in each of 2023, 2024 and 2025 together accounted for 49.4%, 51.6% and 52.3% of our total revenue, respectively.
Summary · p. 5
Revenue from our largest customer in each year of the Track Record Period amounted to RMB53.0 million, RMB64.9 million and RMB97.5 million, respectively, accounting for 16.4%, 13.9% and 17.2% of our total revenue, respectively.
Business · p. 125
We have generally maintained long-term and stable collaboration relationships with our major customers. During the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with any of our five largest customers in each year of the Track Record Period.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year of the Track Record Period amounted to approximately RMB698.2 million, RMB966.1 million and RMB1,154.3 million, respectively, accounting for approximately 81.4%, 94.9% and 97.9%, respectively, of our total revenue for the year.
Summary · p. 3
we were the largest supplier of Customer A, which is our largest customer in 2023 and 2024 and our second largest customer in 2025, during the years ended December 31, 2023, 2024 and 2025.
Business · p. 166
according to Frost & Sullivan, it is common in the data center energy management industry to have high concentration rate of customers, primarily because the downstream data center market is relatively concentrated and the size of projects undertaken by market players in the industry varies significantly, as project scope and system complexity vary across customers.
During the Track Record Period, we were not materially dependent on any single customer.
Summary · p. 6
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year amounted to RMB5,082.1 million, RMB4,701.4 million and RMB5,445.6 million, respectively, representing 23.4%, 28.4% and 33.4% of our total revenue for the respective year, while revenue generated from our largest customer in each year amounted to RMB1,593.1 million, RMB1,855.5 million and RMB1,698.7 million, respectively, representing 7.3%, 11.2% and 10.4% of our total revenue for the respective year.
Summary · p. 6
We generally maintain stable relationships with our customers and provide customer service to enhance customer loyalty.
For the year ended December 31, 2023, 2024 and 2025, the aggregate sales to our five largest customers were RMB355.6 million, RMB353.1 million and RMB643.9 million, representing 26.9%, 22.3% and 30.8% of our revenue, respectively.
Business · p. 156
Sales to our largest customer for the respective years were RMB106.6 million, RMB82.6 million and RMB197.5 million, representing 8.1%, 5.2% and 9.5% of our revenue, respectively.
Business · p. 156
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year during the Track Record Period.
In 2023, 2024 and 2025, revenue generated from our top five customers for each year during the Track Record Period accounted for 24.4%, 18.0% and 21.5% of our total revenue of such period, respectively, and revenue generated from our largest customer for each year during the Track Record Period accounted for 5.7%, 4.6% and 5.2% of our total revenue in the same periods, respectively.
Summary · p. 5
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each year during the Track Record Period were independent third parties.
During the Track Record Period, the aggregate revenue generated from our five largest customers in each year was RMB283.0 million, RMB564.5 million, and RMB822.7 million, representing 46.8%, 63.4%, and 65.7% of our revenue, respectively.
Summary · p. 5
During the Track Record Period, our largest customer represented approximately 16.6%, 21.8%, and 22.7% of our total revenue in 2023, 2024 and 2025, respectively, while our top five customers in 2023, 2024 and 2025, accounted for approximately 46.8%, 63.4%, and 65.7% of our total revenue in the same period, respectively.
Financial Information · p. 190
We expect that increased orders from such customers will help improve our capacity utilization and enable us to benefit from economies of scale.
In 2023, 2024, and 2025, revenue from the five largest customers in each year was RMB1,449.7 million, RMB1,606.4 million, and RMB1,645.2 million, respectively, accounting for 21.5%, 19.7%, and 17.5% of our total revenue, respectively.
Summary · p. 8
All of our five largest customers in each year during the Track Record Period are Independent Third Parties.
Business · p. 156
While certain business segments maintained relatively higher concentration among leading customers, we continued to broaden our customer coverage and diversify our customer portfolio.
In 2023, 2024 and 2025, sales to our five largest customers, all of whom were our distributors except for Customer H mentioned below, amounted to RMB515.2 million, RMB211.3 million and RMB609.7 million, accounting for 71.3%, 28.8% and 24.1% of our total revenue in the respective years.
Summary · p. 3
Our sales to customers were relatively concentrated in 2023, with our top five customers contributing 71.3% of our revenue and our largest customer contributing 46.4% of our revenue in that year.
Business · p. 154
In particular, the relatively high contribution of Customer A, which remained our largest customer in 2024 and 2025, was primarily attributable to our increased sales of ESS products in South Africa, where Customer A served as a key customer in that market.
During the Track Record Period, revenue attributable to our five largest customers amounted to RMB57.9 million, RMB91.4 million and RMB129.0 million in 2023, 2024 and 2025, respectively, representing 11.2%, 17.5% and 22.9% of our total revenue for the respective year.
Summary · p. 5
Revenue from our largest customer in each of those years was RMB16.2 million, RMB47.5 million and RMB72.2 million, respectively, accounting for 3.1%, 9.1% and 12.8% of our total revenue, respectively.
Summary · p. 5
Revenue from our largest customer in each of these years was RMB16.2 million, RMB47.5 million and RMB72.2 million, respectively, accounting for 3.1%, 9.1% and 12.8% of our total revenue, respectively.
During the Track Record Period, the aggregate revenue generated from our five largest customers in each years amounted to RMB309.7 million, RMB296.5 million and RMB862.3 million of revenues, respectively, accounting for 95.6%, 94.2% and 96.1% of our total revenue, respectively.
Summary · p. 5
Our revenue generated from Customer A was RMB148.6 million, RMB156.9 million and RMB672.4 million in 2023, 2024 and 2025, respectively, accounting for 45.9%, 49.9% and 74.9% of our total revenue in the same years, respectively.
Business · p. 131
Despite the concentration of our revenue attributable to Customer A, our Directors are of the view that the risk of any material adverse change in, or termination of, our business relationship with Customer A is relatively low, and that we are able to effectively mitigate our exposure to such risk, based on (i) mutual benefit and high switching barriers with Customer A; (ii) long term and stable relationship with Customer A, and (iii) diversification of customer base and revenue stream.
In 2023, 2024 and 2025, revenue generated from our top five customers for each year during the Track Record Period accounted for 29.3%, 37.7% and 42.3% of our total revenue of such period, respectively, and revenue generated from our largest customer for each year during the Track Record Period accounted for 8.4%, 10.9% and 12.1% of our total revenue in the same periods, respectively.
Summary · p. 3
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
Business · p. 152
Therefore, our ability to maintain favorable and stable relationship with such customers is important to our financial performance.
Our five largest customers accounted for 25.0%, 27.8%, 26.1%, and 26.2% of our total revenue, respectively.
Summary · p. 6
In 2023, 2024, 2025, and for the three months ended March 31, 2026, revenue generated from our five largest customers amounted to RMB58.6 million, RMB78.8 million, RMB131.1 million, and RMB20.8 million, respectively, accounting for 25.0%, 27.8%, 26.1%, and 26.2% of our total revenue, respectively.
Business · p. 161
Revenue from key customers accounted for 71.0%, 70.0%, 81.1%, 26.8% and 56.7% of our total revenue in 2023, 2024, 2025 and for the three months ended March 31, 2025 and 2026, respectively, reflecting our increasing penetration of large enterprise customers and higher average revenue contribution from these customers.
For FY2023, FY2024 and FY2025, the percentage of our total revenue attributable to our top customer for each year during the Track Record Period amounted to 11.3%, 29.3% and 20.1% respectively, while the percentage of our total revenue attributable to our top five customers for each year during the Track Record Period combined amounted to 37.9%, 56.6% and 51.1%, respectively.
Business · p. 134
To the best of our Directors’ knowledge, information and belief, each of our top five customers in each year during the Track Record Period was an Independent Third Party.
Business · p. 137
According to the Industry Report, it is common in the PRC for end users to procure data integration and analytical application solutions through system integrators when selecting suppliers or service providers, thereby alleviating the time burden of negotiating with multiple suppliers or service providers and allows end users to benefit from a range of other ancillary services offered by system integrators.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB17,766.8 million, RMB24,772.9 million and RMB29,555.3 million, respectively, accounting for 52.0%, 56.0% and 57.5% of our total revenue, respectively.
Summary · p. 7
The increase in customer concentration during the Track Record Period was primarily attributable to the continued expansion of our imaging and display business.
Business · p. 163
We believe that our long-term relationships with major customers contribute to the stable growth of our revenue.
In 2023, 2024 and 2025, revenue from our top five customers in aggregate accounted for 23.5%, 30.2% and 41.6% of our total revenue, respectively, while revenue attributable to our largest customer in the same years accounted for 7.4%, 7.8% and 13.7%, respectively.
Business · p. 137
Our Directors are of the view that, and the Sole Sponsor concurs, the revenue contribution from our top five customers is expected to further increase in the near term, as leading customers are continuing to expand capacity and increase production, which is expected to translate into higher procurement demand for our products.