Revenue from our five largest customers in each year/period during the Track Record Period was RMB88.2 million, RMB88.6 million, RMB102.5 million and RMB103.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, accounting for 52.9%, 51.4%, 38.3% and 55.5% of our total revenue for the same years/periods, respectively.
Summary · p. 9
A substantial portion of our five largest customers in each year/period during the Track Record Period were distributors, and sales to such distributors reflect their downstream distribution to multiple end customers rather than demand from a single end customer.
Business · p. 182
According to CIC, a certain level of customer concentration is common for independent vendors in our sector.
Revenue generated from our five largest customers in each period of the Track Record Period accounted for 25.2%, 25.0% and 25.9% of our total revenue in the same periods, respectively.
Summary · p. 5
In 2023, 2024 and 2025, revenue generated from our five largest customers in each period of the Track Record Period amounted to RMB818.4 million, RMB981.3 million and RMB1,250.2 million, respectively, accounting for 25.2%, 25.0% and 25.9% of our total revenue in the same periods, respectively.
Business · p. 125
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or, to the knowledge of our 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 contributed from our five largest customers in each year of the Track Record Period accounted for 31.9%, 30.4% and 30.6% of our total revenue, respectively.
Summary · p. 3
Our Directors confirmed that, during the Track Record Period, there was no concentration of sales to customers in any single downstream industry.
Business · p. 137
To the best of our knowledge, for each year during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each year were Independent Third Parties.
Sales to our five largest customers in each of FY2023, FY2024 and FY2025 accounted for approximately 26.5%, 38.8% and 33.7% of our total revenue respectively.
Summary · p. 4
During the same years, sales to our largest customers accounted for approximately 6.7%, 23.0% and 12.8% of our total revenue respectively.
Business · p. 137
In particular, revenue from Customer F increased significantly in FY2024 primarily due to (i) expanded collaboration across additional regions; and (ii) higher demand for our products.
For 2023, 2024 and 2025, our revenue from the five largest customers in each year during the Track Record Period in aggregate amounted to RMB486.8 million, RMB539.0 million and RMB972.8 million, representing 54.8%, 59.8% and 57.9% of our total revenue for the respective years.
Summary · p. 6
Our customer concentration is in part a structural feature of China's pharmaceutical industry.
Business · p. 176
Our revenue is ultimately driven by end-market demand from hospitals, pharmacies and patients rather than by any individual distributor's purchasing decisions, and accordingly, the apparent customer concentration at the distributor level does not reflect a corresponding concentration of underlying demand.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period together generated RMB974.2 million, RMB1,190.0 million and RMB1,291.3 million of revenue, respectively, accounting for 37.3%, 35.6% and 33.1% of our total revenue, respectively.
Summary · p. 6
In each year during the Track Record Period, our five largest customers consisted of distributors.
Business · p. 157
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers in each year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, our revenue from top five customers was RMB567.2 million, RMB630.6 million and RMB619.8 million, respectively, accounting for 45.1%, 44.8% and 40.4% of our total revenue for the respective period.
Business · p. 180
According to Frost & Sullivan, our sales and distribution arrangements are in line with industry practices in the pharmaceutical industry.
Revenue from our five largest customers in each year during the Track Record Period was RMB1,161.3 million, RMB1,651.6 million and RMB1,325.5 million, respectively, representing 13.1%, 15.3% and 12.5% of our total revenue from sales of goods for the respective year.
Summary · p. 7
Our customers are primarily end consumers in terms of revenue, while the largest customers could comprise e-commerce platforms that serve as our online distributors.
Business · p. 133
To the best of our knowledge, none of our Directors, their close associates or any Shareholders of our Company, who or which to the knowledge of the Directors owned more than 5% of our Company's issued share capital, had any interest in any of our five largest customers in each year during the Track Record Period.
In each year of 2023, 2024 and 2025, our five largest customers together generated RMB3,519.0 million, RMB3,752.2 million and RMB4,333.9 million of revenues, respectively, accounting for 65.5%, 63.3% and 63.8% of our total revenue, respectively.
Summary · p. 3
We have maintained long-term and stable collaboration relationships with our five largest customers for five to eight years.
Business · p. 154
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
Revenue from our five largest customers in each year of the Track Record Period amounted to RMB145.0 million, RMB144.2 million and RMB212.7 million, representing 21.2%, 19.4% and 22.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 8
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period are independent third parties and none of our Directors, their respective associates or any shareholder who, to the knowledge of such Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our top five customers in each year during the Track Record Period.
The aggregate revenue generated from our five largest customers for each of the years ended December 31, 2023, 2024 and 2025 accounted for 23.7%, 24.8% and 22.9%, respectively, of our total revenue during the same year. Revenue generated from our largest customer for each of the years ended December 31, 2023, 2024 and 2025 accounted for 9.0%, 10.3% and 10.5%, respectively, of our total revenue.
Summary · p. 5
Our major customers are e-commerce platforms and distributors. The aggregate revenue generated from our five largest customers for each of the years ended December 31, 2023, 2024 and 2025 accounted for 23.7%, 24.8% and 22.9%, respectively, of our total revenue during the same year.
Business · p. 132
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers were Independent Third Parties.
In 2022, 2023, 2024 and the ten months ended October 31, 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 93.0%, 78.6%, 83.0% and 88.2% 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 32.7%, 23.7%, 30.3% and 30.5% of our total revenue in the same periods, respectively.
Summary · p. 8
During the Track Record Period, we primarily sold our products to our five largest customers, which are distributors based in China.
Business · p. 167
Our Directors are of the view that our relationship with our largest five customers is unlikely to materially and adversely change or terminate because we have maintained a long-term and stable business relationship with them.
Revenue generated from our top five customers in each year during the Track Record Period accounted for 16.6%, 20.2% and 19.2% of our total revenue in 2023, 2024 and 2025, respectively, and revenue generated from our largest customer in each year during the Track Record Period accounted for 4.4%, 5.2% and 6.8% of our total revenue in the same years, respectively.
Summary · p. 10
During each year of the Track Record Period, our top five customers in each year during the Track Record Period comprised exclusively of distributors.
Business · p. 170
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their close associates or any shareholders which, to the best 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 top five customers in each year during the Track Record Period.
For the years ended December 31, 2022, 2023 and 2024 and for the six months ended June 30, 2025, the aggregate revenue generated from our five largest customers in each year/period during the Track Record Period amounted to RMB4.7 billion, RMB4.3 billion, RMB20.2 billion and RMB7.4 billion, respectively, which accounted for 13.9%, 12.0%, 13.9% and 11.9% of our total revenue for the respective years/periods.
Summary · p. 8
Customer A is a substantial shareholder of us, and three Directors hold various positions in Customer A and/or its associates.
During the Track Record Period, our customers were mainly distributors. For the years ended December 31, 2023 and 2024, and the six months ended June 30, 2025, revenue generated from our five largest customers for each year/period amounted to RMB28.6 thousand, RMB13.8 million and RMB11.4 million, representing approximately 100.0%, 46.0% and 64.0% of our total revenue for the corresponding year/period, respectively.
Summary · p. 21
In the same periods, revenue generated from our largest customer for each year/period amounted to RMB12.7 thousand, RMB6.6 million, and RMB6.2 million, representing approximately 44.5%, 21.9% and 34.4% of our total revenue for the corresponding year/period, respectively.
Business · p. 347
During the Track Record Period, we have maintained good business relationships with our key distributors. We believe our distributorship model is in line with the industry form.
In 2022, 2023 and 2024, our five largest customers in each year during the Track Record Period together generated RMB182.7 million, RMB208.3 million, and RMB281.2 million of revenues, respectively, accounting for 56.6%, 50.6%, and 46.8% of our total revenue, respectively.
Summary · p. 3
Revenue from our largest customer in each year of the Track Record Period accounted for 20.9%, 17.5% and 15.0% of our total revenue, respectively.
Business · p. 172
We have maintained long-term and stable collaboration relationships with our five largest customers in each year of the Track Record Period for five to nine years.
In each of the years ended December 31, 2022, 2023 and 2024, we generated revenue of RMB12,724.9 million, RMB14,163.9 million, and RMB16,437.1 million from our five largest customers, respectively, representing 59.8%, 62.0%, and 58.7% of our total revenue for the respective periods.
Summary · p. 9
The credit terms that we provided to our five largest customers generally ranged from 30 to 90 days after the invoice date, with payments made through wire transfers or banks' acceptance bills.
Business · p. 322
To the best knowledge of our Directors, in each year during the Track Record Period, all of our five largest customers were Independent Third Parties.
In 2022, 2023 and 2024, the revenue attributable to our five largest customers for each year of the Track Record Period amounted to RMB125.6 million, RMB201.4 million and RMB276.2 million, respectively, representing 34.9%, 43.4% and 43.5% of our total revenue for the corresponding years.
Summary · p. 13
Revenue attributable to our single largest customer amounted to RMB27.2 million, RMB47.4 million and RMB86.9 million for the same years, accounting for 7.6%, 10.2% and 13.7% of our total revenue, respectively.
Summary · p. 13
Our Directors confirm that our sales to our five largest customers for each year during the Track Record Period were conducted on standard commercial terms and negotiated on an arm's length basis.
The revenue we derived from our five largest customers of each of the years ended December 31, 2021, 2022 and 2023 and the six months ended June 30, 2024 accounted for approximately 23.2%, 17.6%, 18.7% and 21.3% of our total revenue for each of the respective year/ period.
Summary · p. 11
Our five largest customers of each year/period of the Track Record Period primarily consist of provincial-dealers, except for an online retailing platform as one of our five largest customers in 2021 and six months ended June 30, 2024, and one franchisee as one of our five largest customers in 2023.
Business · p. 337
During the Track Record Period, we were not dependent on any single customer.
The aggregate sales to our five largest customers, calculated on the group level with entities controlled by the same group combined together, for 2021, 2022, 2023 and the six months ended June 30, 2024 were RMB725.9 million, RMB539.4 million, RMB571.6 million and RMB328.6 million, respectively, representing 55.5%, 47.9%, 44.4% and 46.8% of our revenue for the respective period.
Summary · p. 10
Sales to our largest customer for 2021, 2022, 2023 and the six months ended June 30, 2024 were RMB330.9 million, RMB263.1 million, RMB281.5 million and RMB151.8 million, respectively, representing 25.3%, 23.4%, 21.9% and 21.6% of our revenue for the respective period.
Summary · p. 10
The aggregate sales to our five largest customers, calculated on the group level with entities controlled by the same group combined together, for 2021, 2022, 2023 and the six months ended June 30, 2024 were RMB725.9 million, RMB539.4 million, RMB571.6 million and RMB328.6 million, respectively, representing 55.5%, 47.9%, 44.4% and 46.8% of our revenue for the respective period.