For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, the revenue generated from our five largest customers for each year/period amounted to RMB46.0 million, RMB196.5 million, RMB355.8 million and RMB201.9 million, respectively, accounting for 91.5%, 85.4%, 75.2% and 75.0% of our total revenue for the corresponding year/period, respectively.
Summary · p. 6
The revenue from our largest customer for each year/period amounted to RMB23.5 million, RMB82.8 million, RMB112.9 million and RMB75.3 million, respectively, accounting for 46.9%, 36.0%, 23.9% and 28.0% of our total revenue for the corresponding year/period, respectively.
Business · p. 203
None of our Directors, their associates or any Shareholders who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers and suppliers for each year/period during the Track Record Period.
The aggregate revenue from our top five customers for FY2022, FY2023, FY2024 and 10MFY2025 accounted for 40.9%, 25.7%, 23.3% and 24.4%, respectively, of our total revenue during the same year/period.
Summary · p. 4
Revenue from our top five customers in FY2022, FY2023, FY2024 and 10MFY2025, in aggregate, amounted to RMB5,485.4 million, RMB4,476.3 million, RMB4,487.1 million and RMB4,254.9 million, which accounted for 40.9%, 25.7%, 23.3% and 24.4%, respectively, of our total revenue of the corresponding year/period.
Business · p. 192
Revenue from our single largest customer amounted to RMB2,161.1 million, RMB1,052.6 million, RMB1,115.2 million and RMB1,014.0 million for FY2022, FY2023, FY2024 and 10MFY2025, representing 16.1%, 6.0%, 5.8% and 5.8% of our total revenue respectively during the corresponding year/period.
In 2023, 2024 and nine months ended September 30, 2025, revenue from our five largest customers in each year/period during the Track Record Period amounted to US$2.1 million, US$13.4 million and US$11.6 million, representing 60.5%, 44.1% and 21.7% of our total revenue for the respective periods.
Summary · p. 12
In 2023, 2024 and nine months ended September 30, 2025, revenue derived from our largest customer in each year/period during the Track Record Period amounted to US$1.3 million, US$9.4 million and US$7.8 million, representing 37.2%, 30.9% and 14.7% of our total revenue for the respective periods.
Business · p. 293
During the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each period during the Track Record Period were independent third parties.
In each of 2022, 2023 and 2024 and for the six months ended June 30, 2025, revenue generated from our five largest customers for each of the respective year/period amounted to RMB40.1 million, RMB98.1 million, RMB133.5 million and RMB27.7 million, respectively, accounting for 23.6%, 38.3%, 46.4% and 51.5%, respectively, of our revenue.
Summary · p. 4
The composition of our five largest customers was evolving each year/period throughout the Track Record Period primarily due to our business model and the nature of digital twin products and solutions deployment.
In 2022, 2023, 2024 and the six months ended June 30, 2025, revenue generated from our five largest customers in each period was HK$102.7 million, HK$116.5 million, HK$134.1 million and HK$64.7 million, respectively, accounting for 79.6%, 56.0%, 18.5% and 22.8% of our total revenue for the same periods, respectively.
Summary · p. 8
The revenue from our single largest customer during the same periods was HK$68.1 million, HK$83.4 million, HK$76.6 million and HK$34.8 million, respectively, representing 52.8%, 40.1%, 10.6% and 12.3% of our total revenue for those periods, respectively.
In 2022, 2023 and 2024 and for the five months ended May 31, 2025, revenue from our five largest customers in each year/period comprising the Track Record Period amounted to RMB268.5 million, RMB904.1 million, RMB391.0 million and RMB158.8 million, representing 61.5%, 77.2%, 75.2% and 61.8% of our total revenue for the respective years/period, while the largest customer in each year/period contributed 21.1%, 42.0%, 43.5% and 16.6% of our total revenue, respectively, for the same years/period.
Summary · p. 7
Although there appeared to be a substantial contribution of revenue from a limited number of customers during the Track Record Period, we believe there is no material reliance risk between each of the customers and us considering the composition of our top five customers varied each year/period during the Track Record Period due to shifts in downstream demand and project cycles, which is typical in the SiC epitaxial wafer industry.
Summary · p. 7
For example, we intend to deepen customer relationships by focusing on customer needs and enhancing customer stickiness. We also aim to acquire new customers domestically and internationally to further expand our customer base.
Revenue from our five largest customers for the years ended December 31, 2022, 2023, 2024 and for the five months ended May 31, 2025 accounted for 18.6%, 23.7%, 23.8% and 24.5%, respectively, of our total revenue during the same periods.
Business · p. 214
We developed business relationships with all of our five largest customers through introductions facilitated by industry associations, interactions at industry exhibitions, and proactive visits initiated by both parties in response to market demand.
Business · p. 218
As of the Latest Practicable Date, none of our Directors, their respective associates or any of our shareholders (who owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
In 2022, 2023 and 2024 and the six months ended June 30, 2025, revenue from our five largest customers in each year during the Track Record Period amounted to RMB17,589.7 million, RMB14,984.2 million, RMB11,734.9 million and RMB7,245.9 million respectively, accounting for 58.0%, 43.7%, 29.2% and 34.0% of our total revenue in the respective periods.
Summary · p. 8
We believe that the likelihood of any material adverse change in or termination of our business relationship with our top five customers is low, considering that (i) we have partnered with all of these customers for long periods of time and have established mutually beneficially relationships with them; and (ii) we are involved in the very beginning of their product development process, which enables us to gain a unique and deep understanding of their demands and preferences, giving us competitive advantages as compared to our competitors.
Business · p. 217
The decrease in revenue from Customer A from RMB5,513.0 million in 2022 to RMB3,548.0 million in 2024 and further to RMB1,841.8 million in the six months ended June 30, 2025, primarily due to the decrease in prices of nickel-based materials.
The revenue attributable to our five largest customers in each year/period during the Track Record Period was RMB415.7 million, RMB307.6 million, RMB169.3 million (US$23.6 million) and RMB96.4 million (US$13.5 million) for 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, representing 78.8%, 76.6%, 46.8% and 48.4% of our total revenue for the corresponding year/period.
Summary · p. 14
The revenue attributable to our largest customer in each year/period during the Track Record Period was RMB155.9 million, RMB222.3 million, RMB88.2 million (US$12.3 million) and RMB33.1 million (US$4.6 million) for 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, representing 29.6%, 55.3%, 24.4% and 16.6% of our total revenue for the corresponding year/period.
Summary · p. 14
In 2022, 2023 and 2024, we offered services and products to 21, 36 and 91 business customers, respectively.
Revenue from our five largest customers in each year/period during the Track Record Period was RMB43.5 million, RMB58.8 million, RMB74.2 million and RMB41.9 million in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, accounting for 43.3%, 45.6%, 30.5% and 31.7% of our total revenue for the same periods, respectively.
Summary · p. 15
Our commercialization centers around increasing engagement with industry leaders, enhancing our appeal to top-tier customers.
In 2022, 2023, and 2024, and the six months ended June 30, 2025, the revenue generated from our five largest customers in each year/period of the Track Record Period amounted to RMB2,398.5 million, RMB2,122.7 million, RMB2,737.6 million, and RMB1,677.5 million, representing 63.5%, 68.8%, 74.9%, and 82.5% of our total revenue, and the revenue generated from our largest customer for each year/period represented 33.6%, 36.1%, 41.8%, and 41.7% of our total revenue, respectively.
Summary · p. 12
During the Track Record Period, Customer A was our largest customer and our revenue derived from Customer A amounted to RMB1,269.7 million, RMB1,114.7 million, RMB1,525.8 million, and RMB848.9 million, representing 33.6%, 36.1%, 41.8%, and 41.7% of our total revenue, respectively.
Business · p. 242
Customer A and our Company have an established relationship of 14 years, demonstrating our mutual dependence and strategic collaboration with Customer A.
For the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025, we generated revenue from our top five customers in each year/period during the Track Record Period amounting to RMB217.2 million, RMB217.8 million, RMB248.3 million and RMB58.7 million, respectively, accounting for 41.3%, 34.6%, 40.0% and 58.4% of our total revenue for the corresponding periods.
Business · p. 328
This difference was mainly attributable to the seasonality of our digital healthcare and wellness solutions, which typically generate lower revenue contribution in the first quarter, with a larger share of revenue recognized in the second half of the year as additional business customers are acquired.
Business · p. 328
On a like-for-like basis, the customer concentration ratio in the first quarter of 2025 was broadly consistent with that of the first quarter of 2024, demonstrating the stability of our customer base.
Revenue generated from our top five customers for each of the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025 accounted for 53.1%, 67.5%, 59.9% and 68.3%, respectively, of our total revenues during the same year/period.
Summary · p. 12
The fluctuations in revenues generated from our largest and top five customers in each year/period during the Track Record Period were primarily due to changes in our customer composition.
Summary · p. 12
Since the second half of 2022, with the mass production of our first automotive-grade ADAS LiDAR product, sales to automotive OEMs have increased significantly.
For the three months ended March 31, 2025, the revenue from our five largest customers in aggregate accounted for 45.3% of our total revenue, and our largest customer contributed 23.5% of our total revenue.
Summary · p. 12
Our five largest customers during the Track Record period are CDCs in first and second-tier cities in China.
We have a large customer base and we do not rely on any single customer.
Summary · p. 6
In 2022, 2023 and 2024 revenue from our five largest customers in each year during the Track Record Period accounted for 30.8%, 27.4% and 26.7% respectively, of our total revenues during the same years.
Summary · p. 6
In 2022, 2023 and 2024, revenue from our largest customer in each year during the Track Record Period accounted for 13.1%, 9.3% and 7.0%, respectively, of our total revenues during those years.
For each of FY2022, FY2023 and FY2024, revenue from our top five customers amounted to approximately RMB164.7 million, RMB126.2 million and RMB95.0 million, respectively, representing approximately 41.9%, 36.2% and 27.2% of our total revenue during the same period.
Summary · p. 10
During the same periods, the revenue from our largest customer amounted to approximately RMB90.0 million, RMB62.6 million and RMB41.2 million, respectively, accounting for 22.9%, 18.0% and 11.8% of our total revenue, respectively.
Business · p. 228
The revenue from our top five customers decreased during the Track Record Period primarily due to the decrease in revenue from Customer Group A, resulting from the softened market demands for portable study printer for self-study when physical lessons or tutoring had revived after the impact of COVID-19.
For the years ended December 31, 2022, 2023 and 2024, the aggregate revenue generated from our five largest customers were US$7.6 million, US$12.0 million and US$11.1 million, respectively, representing 42.7%, 49.8% and 54.5% of our revenue, respectively.
Summary · p. 19
As we further increase market penetration of GASTROClear™ and Fortitude™ in Singapore and other jurisdictions and expand our commercialization channels, we expect the percentage of the aggregate revenue generated from our five largest customers out of our total consolidated revenue will decrease.
Business · p. 413
We generally allow for a credit period of up to one month, and for certain customers we may grant an extended credit term of up to twelve months.
In 2021, 2022, 2023 and 2024, sales to our largest customer in each year during the Track Record Period amounted to RMB828.3 million, RMB962.5 million, RMB1,179.1 million and RMB1,462.3 million, representing 55.2%, 29.3%, 28.3% and 28.5% of our total revenue for the respective year, respectively, while our five largest customers in each year during the Track Record Period amounted to RMB1,337.4 million, RMB2,972.7 million, RMB3,238.2 million and RMB4,530.0 million, representing 89.1%, 90.4%, 77.8% and 88.2% of our total revenue for the respective years, respectively.
Summary · p. 9
The increase in the percentage of our revenues from the five largest customers of the total revenue in 2024 was primarily due to (i) our strategic focus on top OEM customers which we are collaborating more vehicle models given tight production capacity in 2024; (ii) the revenue growth from three of our top five customers, which increased by 24.0%, 12.3% and 79.3% compared to 2023, resulting in an overall increase in the proportion of revenue contributed by our top five customers; and (iii) in addition, the revenue contribution of our ESS business decreased from 7.6% of total revenues in 2023 to 4.2% in 2024.
For FY2021, FY2022, FY2023 and 9M2024, our revenue attributable to our largest customer in each year/period during the Track Record Period accounted for approximately 5.7%, 12.4%, 16.2% and 11.2% of our total revenue, respectively, while our revenue attributable to our five largest customers in each year/period during the Track Record Period in aggregate accounted for approximately 18.8%, 26.8%, 31.8% and 28.5% of our total revenue, respectively.
Summary · p. 11
The five largest customers of our Group in each year/period during the Track Record Period are Independent Third Parties to us.
Business · p. 268
According to the Industry Consultant, the credit terms for wholesalers of cooking oil in Jiangsu Province are typically up to 60 days.
In 2021, 2022, 2023 and the six months ended June 30, 2024, revenue generated from our five largest customers in each year/period accounted for 56.4%, 50.3%, 34.4% and 35.9%, respectively, of our revenue during those periods.
Summary · p. 7
Partially in response to this trend and as we planned to reduce the risk associated with reliance on a limited number of large municipal level customers, we have refined our sales strategy with a more granular approach in addition to the existing centralized bulk sales to municipal healthcare administrators who determine the deployment of our products and services at county, district and community levels.
Business · p. 206
We started to directly sell to an increased number of county, district and community-level healthcare administrators, which helps reduce the risk associated with reliance on a limited number of large municipal-level customers.