In 2024, 2025 and the six months ended June 30, 2026, revenue generated from our five largest customers for daily-care products in each year/period amounted to RMB1.9 million, RMB1.1 million and RMB0.4 million, representing 36.9%, 32.9% and 20.2% of our total revenue for the respective years/period.
Summary · p. 7
Revenue generated from our single largest customer for each year/period amounted to RMB0.6 million, RMB0.4 million and RMB0.2 million, representing 11.5%, 13.5% and 10.8% of our total revenue for the respective year/period.
Summary · p. 8
To the best of our knowledge, the top five largest customers in each year during the Track Record Period are Independent Third Parties.
During the Track Record Period, we generated revenue from two customers through (i) providing research and development services, and (ii) joint development arrangements.
Summary · p. 10
To the best of our knowledge, the two customers during the Track Record Period are Independent Third Parties.
Business · p. 203
This relatively low subsequent settlement rate was primarily attributable to the fact that we did not have any commercialized products and our revenue was highly concentrated in two key customers.
During the Track Record Period, we had only four customers, Vignette Bio, Inc. ("Vignette"), Candid, Almirall and Juri.
Summary · p. 9
In 2024, we received non-refundable upfront payments from Vignette and Candid and also generated revenue from provision of research services under the Candid Agreement.
Business · p. 223
Vignette Bio, Inc.* A clinical-stage company formed License grant Since 2024 | 428,694 | 93.4
During the Track Record Period, we only had two customers, our related parties PETS and MCG, who rented heavy equipment from us.
Summary · p. 8
Sales to our largest customer for each year of the Track Record Period amounted to US$1.4 million, US$1.7 million, US$0.1 million, accounting for 97.46%, 100% and 100% of our revenue for the same periods, respectively.
Summary · p. 8
During the Track Record Period, the sole service we provided was the rental of MMI’s heavy equipment to PETS, which has been one of our subsidiaries since June 2024, and/or our related entities, namely, PT Bumi Suksesindo (“BSI”) and PT Merdeka Mining Servis (“MMS”), to support construction and mining preparation activities at the PETS mine and BSI’s mine operations.
During the Track Record Period, we had received revenue from our customer, primarily representing upfront fees and technology transfer milestone payment related to the LP-168 License Agreement.
Summary · p. 8
In 2024 and 2025, our revenue generated from this customer amounted to nil and RMB32.1 million, respectively.
Summary · p. 8
To the best of our knowledge, our customer during the Track Record Period is an Independent Third Party.
During the Track Record Period, we had only one customer, AstraZeneca, which was also one of our shareholders as of the Latest Practicable Date. For the year ended December 31, 2024 and 2025, the revenue generated from the customer amounted to US$221.3 million and US$0.6 million, respectively.
Summary · p. 8
During the Track Record Period, our revenue was primarily derived from payments we received from AstraZeneca in accordance with the AstraZeneca Agreement.
For the years ended December 31, 2024 and 2025, revenue generated from our five largest customers for each period amounted to RMB4.0 million and RMB3.1 million, representing 100.0% and 98.7% of our total revenue for the same period, respectively.
Summary · p. 7
Revenue generated from our largest customer for each period amounted to RMB2.7 million and RMB1.3 million, representing 67.6% and 41.3% of our total revenue for the same period, respectively.
Business · p. 176
To the best of our knowledge, (i) all of our five largest customers for each period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest customers for each period during the Track Record Period.
In each of the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, we generated revenue of RMB46.9 million, RMB74.0 million and RMB68.9 million from our five largest customers, respectively, representing 97.7%, 46.3% and 46.1% of our total revenue for the respective periods.
Business · p. 386
The credit terms were determined on a case-by-case basis and varied significantly depending on the scale and bargaining power of the specific customer, as we are at the early stage of commercialization and had a limited number of sales of our Core Products.
During the Track Record Period, we only generated revenue from one customer, Jiangxi Tungsten Corporation Limited, since we just commenced commercial production for phase I in April 2025 and only made sales to this customer pursuant to our sales agreements with them.
Business · p. 282
We only had one customer during the Track Record Period, and none of our Directors or their associates, and none of our existing Shareholders who (to the knowledge of our Directors) own more than five percent of our issued share capital, had any interest in this customer.
Business · p. 283
To mitigate the risk of deriving our revenue from a very limited number of customers, we had implemented and intend to implement the following measures:
For each financial year/period during the Track Record Period, our revenue generated from our top five customers collectively accounted for approximately 93.4%, 67.2%, 55.8% and 76.1% of our total revenue, respectively, whilst our revenue generated from our largest customer accounted for approximately 39.0%, 24.4%, 22.8% and 29.8% of our total revenue, respectively.
Summary · p. 9
Owing to the substantial contract sum of our ICV-related platform projects, only a limited number of SOEs and large private enterprises can afford such platform building projects at the current preliminary development stage of the ICV industry.
Business · p. 259
In the meantime, we have made and will continue to make efforts to reduce our customer concentration and expand our customer base by (i) increasing our efforts and resources to develop customers from the private sector while at the same time maintaining existing and developing new customers in the public sector; (ii) increasing our R&D investment to improve our technologies, products and services to better serve the needs of customers in the rapidly evolving ICV industry; and (iii) exploring business opportunities for our products and services in other industries.
In 2020, 2021, 2022 and three months ended March 31, 2023, we had four, three, four and four revenue contributing unconsolidated funds, respectively, which altogether contributed 100% of our total revenue from private equity investment business.
Business · p. 274
During the Track Record Period, our largest external fund investor as of December 31, 2020, 2021, 2022 and March 31, 2023 contributed 10.3%, 9.1% and 9.1% and 9.1% of our funds' total committed capital as of the same dates, respectively, and our five largest external fund investors as of December 31, 2020, 2021 and 2022 and March 31, 2023 in aggregate contributed 28.7%, 27.3%, 27.2% and 27.3% of our funds' total committed capital as of the same dates, respectively.
Business · p. 274
To the best knowledge of our Directors, as of the same dates, each of our top five external fund investors had net assets of not less than RMB10.0 million.
In each period of the Track Record Period, the aggregate sales to our five largest customers were RMB5.0 million, RMB0.5 million and RMB0.06 million, representing 98.8%, 84.6% and 89.1% of our total sales, respectively.
Summary · p. 13
All of our top five customers in each period during the Track Record Period are independent third parties and located in the PRC.