For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, our five largest customers accounted for 56.9%, 50.9%, 47.5% and 58.5% of our total revenue, respectively, while our largest customer accounted for 23.7%, 19.7%, 17.1% and 17.8%, respectively.
Business · p. 126
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for Guangdong Rising Holdings and Guangsheng Nonferrous Metals Import & Export Co., Ltd., all of our major customers were Independent Third Parties.
Revenue generated from our five largest customers in each year during the Track Record Period accounted for 59.1%, 73.5% and 60.3% of our revenue for 2023, 2024 and 2025, respectively.
Summary · p. 2
Due to the nature of our industry verticals and business models, which are not consumer-facing and involve a relatively limited pool of customers, our business has experienced a high degree of customer concentration, which is common across these sectors.
Business · p. 175
We continue to monitor and mitigate these risks through proactive customer relationship management, market and client diversification, and robust internal planning and forecasting processes to manage revenue fluctuations and ensure long-term operational stability.
For each of the years ended December 31, 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB455.1 million, RMB706.2 million and RMB686.1 million respectively, representing 69.0%, 77.2% and 55.9% of our total revenue, respectively.
Summary · p. 9
This concentration of our major customers is mainly due to the fact that the insurance market in the PRC is highly concentrated, where the top 10 insurance providers in the PRC accounted for over 60% of the market share in 2023.
Business · p. 198
To diversify any potential risk of reliance on any customer accounting for significant percentage of revenue contributions, we are actively expanding our network of insurance company customers by deepening relationships with mid-sized and emerging insurance providers.
Revenue generated from our five largest customers for each year during the Track Record Period accounted for 86.0%, 78.9% and 83.8% of our total revenue for the respective year.
Summary · p. 4
To mitigate the risks associated with customer concentration, we are actively exploring opportunities in emerging markets and diversifying our customer base.
In 2023, 2024 and 2025, revenues attributable to our top five largest customers in aggregate amounted to Rp2,520,417 million, Rp2,641,741 million and Rp3,105,655 million, respectively, accounting for 86.7%, 81.6% and 81.0% of our total revenue, respectively.
Summary · p. 3
Such customer concentration is primarily attributable to the nature of the drama series production and content licensing industry, in which a limited number of leading online video platforms and major TV broadcasters account for a significant portion of market demand.
Business · p. 160
To the best of our knowledge, except for MNC Group as disclosed above, during the Track Record Period and up to the Latest Practicable Date, our top five customers were independent third parties.
Our customer structure is consistent with industry norms, where large OEMs and Tier-1 manufacturers account for a meaningful share of revenue due to long qualification cycles, high technical requirements and stable, recurring orders.
Business · p. 155
We believe that our level of customer concentration does not reflect undue reliance, given the breadth of our product applications and the diversity of our customer base across multiple industries and regions.
Business · p. 155
The following tables set forth our top five customers during the Track Record Period.