Our five largest customers purchased from us in the amount of RMB892.3 million, RMB580.8 million and RMB1,238.1 million in 2023, 2024 and 2025, representing 16.6%, 12.9% and 23.6% of our total revenues, respectively.
Business · p. 135
Revenues from our largest customer in 2023, 2024 and 2025 amounted to 6.6%, 3.9% and 13.0% of our total revenues, respectively.
Business · p. 135
Therefore, our business does not compete with that of our customers.
Revenue from the five largest customers in each year during the Track Record Period amounted to RMB55.1 million, RMB45.7 million and RMB68.3 million in 2023, 2024 and 2025, respectively, accounting for 28.8%, 27.3% and 34.6% of our revenue for each of the corresponding years, respectively.
Summary · p. 4
Revenue from our largest customer in each year during the Track Record Period were RMB38.4 million, RMB15.6 million and RMB22.4 million in 2023, 2024 and 2025, respectively, accounting for 20.1%, 9.3%, and 11.4% of our total revenue for each of the corresponding years, respectively.
Business · p. 136
Our customers differ across our solutions, reflecting the distinct business models and deployment approaches adopted for each solution.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB51.7 million, RMB63.3 million and RMB68.2 million, respectively, accounting for 20.8%, 18.6% and 15.4% of our total revenue, respectively.
Business · p. 158
In the same years, our revenue from the single largest customer in each year during the Track Record Period was RMB18.2 million, RMB35.5 million and RMB19.1 million, accounting for 7.3%, 10.4% and 4.3% of our total revenue, respectively.
Business · p. 158
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
Our sales to the five largest customers in each year during the Track Record Period amounted to RMB21.0 million, RMB63.5 million and RMB126.2 million, representing 32.1%, 47.2% and 26.7% of our total revenue, respectively, and our sales to the largest customer in each year during the Track Record Period amounted to RMB4.9 million, RMB18.6 million and RMB41.5 million, representing 7.5%, 13.8% and 8.8% of our total revenue for the same year.
Summary · p. 2
We have a high-quality and diverse client base, which expanded rapidly over the Track Record Period.
Business · p. 118
All of our five largest customers were Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders who, 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.
For the years ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers accounted for 66.8%, 43.8% and 27.2% of our total revenue, respectively, while revenue generated from our largest customer for each year of the Track Record Period accounted for 23.7%, 12.1% and 6.8% of our total revenue, respectively.
Summary · p. 5
Following the expansion of its business operations after 2024, Customer A gradually transitioned to conducting such business operations in-house and ceased cooperation with us in 2025.
Business · p. 148
Accordingly, the proportion of revenue generated from direct customers in our overseas marketing services revenue increased from 30.4% for the year ended December 31, 2023 to 70.9% for the year ended December 31, 2024, and remained relatively stable at 70.6% for the year ended December 31, 2025.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each period in aggregate amounted to RMB4,807.3 million, RMB5,466.9 million and RMB5,333.0 million, respectively, representing 41.9%, 37.4% and 37.1% of our total revenue in the corresponding periods.
Summary · p. 5
For the same periods, our revenue generated from sales to our largest customer amounted to RMB3,197.9 million, RMB3,022.0 million and RMB2,719.5 million, respectively, representing 27.9%, 20.7% and 18.9% of our total revenue in the corresponding periods.
Business · p. 159
However, since our revenue and trade and bills receivables are relatively concentrated, the financial condition and procurement policies of our principal customers will materially affect our financial condition and results of operations.
For the years ended December 31, 2023, 2024, and 2025, revenue generated from our five largest customers in aggregate accounted for 72.7%, 81.7% and 82.9% of our total revenue, respectively.
Business · p. 164
Customer A is one of the two large-scale stated-owned enterprise in the power transmission and electricity supply industry in China, with a market share approximately 70% in terms of electricity market-based trading volume in 2025 according to Frost & Sullivan.
Business · p. 164
We continue to diversify our customer portfolio by expanding our presence in the data center sector, while enhancing value-added services to deepen engagement with existing key accounts.
In 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 35.6%, 52.1% and 52.3% of our total revenue of such period, respectively, and revenue generated from our largest customer for each period during the Track Record Period accounted for 9.2%, 25.2% and 31.9% of our total revenue in the same periods, respectively.
Summary · p. 4
During the Track Record Period, we derived an increasing proportion of our total revenue from Customer B, which was our second largest customer in 2023 and our largest customer in each of 2024 and 2025.
Business · p. 165
Our Directors confirm that during the Track Record Period, we had no material concentration on car brands.
In 2023, 2024 and 2025, revenue from sales to our top five customers in aggregate accounted for 25.4%, 22.3% and 12.3% of our total revenue in each year during the Track Record Period, respectively, and revenue from sales to our largest customer accounted for 10.2%, 6.3% and 3.2% of our total revenue for the same years, respectively.
Summary · p. 4
During the Track Record Period, all of our top five customers in each year during the Track Record Period were Independent Third Parties of the Group.
Summary · p. 4
While the controlling shareholder of Xin Zhifeng, one of our Shareholders, holds certain equity interest in Customer F, none of our Directors and their close associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) has any interest in any of our top five customers in each year during the Track Record Period that is required to be disclosed under the Listing Rules.
In 2023, 2024 and 2025, revenue generated from our top five customers in each year during the Track Record Period accounted for 9.7%, 27.5% and 28.5% of our total revenue, respectively, and revenue from our largest customer in each year during the Track Record Period accounted for 6.6%, 18.2% and 14.3% of our total revenue in the same periods, respectively.
Summary · p. 6
In 2023, 2024 and 2025, revenue generated from our top five customers in each year during the Track Record Period accounted for 9.7%, 27.5% and 28.5% of our total revenue, respectively, and revenue from our largest customer in each year during the Track Record Period accounted for 6.6%, 18.2% and 14.3% of our total revenue in the same periods, respectively.
Business · p. 144
We do not believe that we relied on any particular customer to generate a significant portion of our revenue during the Track Record Period.
In each year/period during the Track Record Period, our five largest customers for each relevant year/period together generated RMB4,111.5 million, RMB6,792.0 million, RMB10,102.8 million and RMB3,628.7 million of our revenues, respectively, accounting for 46.0%, 50.9%, 53.3% and 58.4% of our total revenue, respectively.
Summary · p. 5
To the best of our knowledge, all of our five largest customers in each year/period during the Track Record Period were Independent Third Parties.
Business · p. 152
We have maintained stable, long-term relationships with five of our global end customers for 20 years or more.
During the Track Record Period, revenue from our five largest customers in each year accounted for 14.2%, 33.1% and 45.8% of our total revenue for the respective year.
Summary · p. 4
The increase in revenue generated from our five largest customers in each year during the Track Record Period was primarily attributable to our strengthened cooperation with fast-expanding national snack stores.
Summary · p. 4
As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
In 2023, 2024 and 2025, revenue from the five largest customers in each respective year was RMB42.5 million, RMB41.1 million and RMB48.4 million, respectively, accounting for 19.2%, 17.5% and 14.9% of our total revenue for the same years, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024 and 2025, revenue from our largest customer in each respective year was RMB23.1 million, RMB17.3 million and RMB11.8 million, respectively, accounting for 10.4%, 7.4% and 3.6% of our total revenue for the same years, respectively.
Business · p. 164
We do not anticipate concentration risks arising from Customer A, as we chose to cease transactions with it since September 30, 2025.
The aggregate revenue generated from our top five customers in each year of the Track Record Period amounted to RMB1,379.7 million, RMB1,203.5 million and RMB1,011.1 million, which accounted for 91.2%, 84.7% and 67.8% of our total revenue, respectively.
Summary · p. 7
We believe that our customer concentration during the Track Record Period reflects our deliberate strategy to scale in a highly competitive market, rather than any structural dependency or long-term risk.
Business · p. 162
We pursue long-term, strategic partnerships with existing customers such as Chery, Changan, Dongfeng, Changan Mazda, Nissan, Ford and BAIC, and will keep securing design-wins and deepen our penetration.
Revenue from our five largest customers in each year of the Track Record Period amounted to RMB186.1 million, RMB215.4 million and RMB193.5 million, representing 91.4%, 44.6% and 35.3% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 4
The high revenue concentration from our major customers aligns with industry norms, as confirmed by CIC. The composition of our major customers changes over time due to several key factors, including market demand, regulatory policies and the execution timeline of specific projects.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year during the Track Record Period in aggregate amounted to RMB1.2 million, RMB75.4 million and RMB186.7 million, respectively, representing 98.9%, 60.8% and 35.8% of our total revenue in the corresponding years.
Summary · p. 8
Our revenue generated from sales to our largest customer in each year during the Track Record Period amounted to RMB1.2 million, RMB29.0 million and RMB65.4 million, respectively, representing 98.9%, 23.4% and 12.5% of our total revenue in the corresponding years.
Summary · p. 8
The relatively high customer concentration during the Track Record Period was primarily attributable to our early stage of commercialization, during which our customer base and delivery capabilities were continuing to expand.
In 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB2,285.0 million, RMB2,100.0 million and RMB4,886.5 million, representing approximately 52.8%, 55.6% and 79.2% of our total revenue for the corresponding year, respectively.
Summary · p. 4
In the same periods, the revenue generated from our largest customer in each year during the Track Record Period amounted to RMB975.4 million, RMB657.5 million and RMB3,031.7 million, representing approximately 22.6%, 17.4% and 49.1% of our total revenue for the corresponding year, respectively.
Business · p. 157
The relatively high concentration of our largest customer in each year is in line with industry norms and does not adversely affect our operational independence or sustainable business capabilities.
In 2023, 2024, and 2025, revenue generated from our top five customers in each year amounted to RMB1.52 billion, RMB942.5 million, and RMB909.5 million, respectively, accounting for 52.6%, 34.9%, and 36.6% of our total revenue, respectively, while the largest customer in each year contributed RMB567.5 million, RMB346.8 million, and RMB236.0 million, respectively, accounting for 19.6%, 12.9%, and 9.5% of our total revenue, respectively.
Summary · p. 6
In 2023, 2024, and 2025, revenue generated from our top five customers in each applicable year amounted to RMB1.52 billion, RMB942.5 million, and RMB909.5 million, respectively, accounting for 52.6%, 34.9%, and 36.6% of our total revenue, respectively.
Financial Information · p. 165
In line with this trend, we are proactively enhancing our ability to reach and deeply serve different customers through a series of marketing efforts, including diversifying our sales channels, conducting refined operations by market segments, and enriching our proprietary brands, in order to more effectively meet various customer needs, thereby maintaining and expanding our customer base.
Revenue contributed from our largest customer in each year during the Track Record Period amounted to RMB4,923.8 million, RMB1,269.2 million and RMB558.2 million in the respective years, accounting for 51.9%, 21.8% and 8.4% of our total revenue for the same years, respectively.
Summary · p. 3
In 2023, 2024 and 2025, our revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB6,068.7 million, RMB1,842.9 million and RMB1,201.6 million, respectively, accounting for 64.0%, 31.6% and 18.0% of our total revenue in the same years, respectively.
Business · p. 134
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.