Hong Kong IPO disclosure precedents · 335 companies, 336 items
A single customer accounts for a large share of revenue and the filing discusses reliance on it (mutual dependence, length of relationship, framework agreements).
In 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year in aggregate amounted to RMB80.2 million, RMB148.9 million and RMB431.9 million, respectively, representing 55.6%, 59.1% and 71.8% of our total revenue in the corresponding years.
Summary · p. 6
Our collaboration with Customer F is mutually beneficial.
Business · p. 160
In addition to Customer F, we have successfully expanded our customers base to include other leading optical transceiver manufacturers globally.
The revenue from our five largest customers in each year of the Track Record Period accounted for approximately 99.9%, 88.5% and 98.5% of the total revenue in 2023, 2024 and 2025, respectively, while revenue from our single largest customer represented approximately 84.8%, 22.3% and 30.8% in 2023, 2024 and 2025, respectively.
Summary · p. 2
From 2021 to 2024, only 20 molten salt tower CSP projects in China with an aggregate designed capacity of 2,160MW were substantially commenced with suppliers of collector systems engaged.
Business · p. 171
Specifically, while Customer B accounted for 84.8% of our revenue in 2023, it did not rank among our top five customers in 2024.
We derived substantially all of our revenues from license-out arrangements which was in relation to certain of our drug candidates’ intellectual property rights.
Summary · p. 7
Verdiva Bio Dev Limited(1) . . . License-out, research and development service(4) and | 128,123 | 96.0
Business · p. 203
During the Track Record Period and up to the Latest Practicable Date, we had no commercialized product and therefore had no customers from the sales of product candidates.
Our revenue from Customer A was RMB142.9 million, RMB325.8 million and RMB1,082.2 million, accounted for approximately 91.3%, 93.6% and 96.4% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · p. 4
Nevertheless, the high concentration of revenue generated from Customer A exposes us to certain risks.
Business · p. 162
Based on our stable relationship with Customer A, its growing revenue contribution during the Track Record Period, our deep involvement in the R&D and integration of its smart driving program, and technological, operational and production synergies gained through the process of supplying to Customer A's vehicle models, our Directors are of the view that our relationship with Customer A will not materially adversely change or terminate.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, our revenue from the five largest customers in each year/period during the Track Record Period was RMB56.1 million, RMB85.2 million, RMB188.1 million and RMB155.4 million, respectively, accounting for 51.2%, 48.5%, 60.6% and 55.3% of our total revenue for the respective year/period.
Summary · p. 5
In the same years/periods, our revenue from our largest customer in each year/period during the Track Record Period was RMB27.3 million, RMB31.4 million, RMB116.1 million and RMB69.5 million, respectively, accounting for 24.9%, 17.9%, 37.4% and 24.7% of our total revenue for the respective year/period.
Summary · p. 5
Our Directors believe that these arrangements are mutually advantageous, as all negotiations were conducted on an arm’s-length basis, consistent with the prevailing market practices and are comparable to those offered to our other customers and suppliers.
For the years ended December 31, 2023 and 2024 and for the nine months ended September 30, 2025, our revenue generated from our largest customer in each year/period accounted for 22.4%, 14.3% and 15.7% of our total revenue during the corresponding periods, respectively, and revenue from our five largest customers in each year/period in the aggregate accounted for 47.0%, 46.0% and 56.0% of our total revenue during the corresponding periods, respectively.
Summary · p. 11
During the Track Record Period, none of our Directors, or any Shareholders, who, to the knowledge of our Directors, owns more than 5% of our issued share capital immediately following the completion of the Global Offering nor any of their respective associates had any interest in any of our five largest customers.
Our sales to the five largest customers in each year/period during the Track Record Period were RMB381.5 million, RMB938.0 million, RMB790.6 million and RMB331.0 million, respectively, and accounted for 86.5%, 82.1%, 81.2% and 61.9% of the total revenue for the respective years/periods.
Business · p. 156
Revenue from Customer A decreased from RMB614.6 million in 2023 to RMB104.4 million in 2024, and further to nil for the nine months ended September 30, 2025.
Business · p. 156
Nonetheless, considering the broad-based yet relatively fragmented nature of domestic customer demand and our effort to extend our customer base, as well as the current inventory level of certain of our largest customers, we expect the proportion of revenue from our top five customers to decline, reducing our reliance on their revenue contribution.
Revenue generated from each of our five largest customers in each year/period during the Track Record Period amounted to RMB42.6 million, RMB80.7 million, RMB122.7 million and RMB41.6 million, respectively, representing 42.1%, 63.0%, 47.7% and 30.5% of our total revenue, respectively.
Summary · p. 6
During the Track Record Period, changes in our five largest customers mainly resulted from our business model and customer spending patterns.
Business · p. 164
We confirm that we do not rely on any single customer.
In 2023, 2024 and 2025, the aggregate revenue generated from our top five customers for each of the years accounted for 89.9%, 88.5% and 76.4% of our total revenue, respectively.
Summary · p. 4
In 2023, 2024 and 2025, revenue from the largest customer for each of the years amounted to RMB413.3 million, RMB319.3 million and RMB337.7 million, which accounted for 47.4%, 38.8% and 39.2% of our total revenue, respectively.
Business · p. 166
As one of our Controlling Shareholders since inception, it is natural for SAIC to keep our development on its radar and consider using our solutions if they fit SAIC's demands and brings mutual benefit.
In 2023, 2024 and 2025, the revenue generated from our five largest customers amounted to RMB10,771.6 million, RMB8,860.4 million and RMB9,135.2 million, respectively, representing 70.4%, 66.1% and 58.4% of our total revenue for the respective years.
Summary · p. 4
Our Directors consider that our customer concentration during the Track Record Period is primarily attributable to the concentrated nature of the downstream new energy battery industry and our ability to meet our customers’ requirements for product innovation and stable supply at scale.
Business · p. 140
except for Customer A and Customer B in the year ended December 31, 2025, none of our five largest customers in any period of the Track Record Period individually accounted for more than 10% of our total revenue in any such period;
Revenue from our five largest customers in each period during the Track Record Period accounted for 93.0%, 93.8%, 80.9% and 83.1% of our total revenue for the respective periods.
Business · p. 263
These factors have made us an indispensable link in our major customers’ supply chains, and it is unlikely that our major customers could easily identify an alternative that could seamlessly replace us due to our HUD solutions’ highly customized integration, system-level coupling and proprietary technological barriers, which result in substantial switching costs, including high adaptation expenses, extended time investments and considerable operational risks, further solidifying the mutual reliance between our major customers and us.
Business · p. 264
To mitigate the risk of customer concentration, we have been diversifying our customer base.
Customer A has been our largest customer during each period of the Track Record Period and has played a significant role in the development and growth of our business.
Business · p. 140
According to CIC, consistent with prevailing industry practice in the new energy battery materials sector, major participants such as Customer A typically do not enter into long-term purchase commitments. Instead, our commercial arrangements are governed by annual framework agreements that set forth general terms, including product specifications.
Business · p. 141
For the years ended December 31, 2023, 2024 and 2025, our revenue attributable to Customer A amounted to RMB6,031.0 million, RMB5,251.9 million and RMB6,112.7 million, respectively, accounting for 39.4%, 39.2% and 39.0% of our total revenue, respectively.
Income from Ordinary Course of Business attributable to our five largest customers in each period during the Track Record Period amounted to RMB63.6 million, RMB67.1 million and RMB88.1 million, representing approximately 28.8%, 28.5% and 32.9% of our Income from Ordinary Course of Business generated in each year.
Summary · p. 9
To the best knowledge of our Directors, each of our five largest customers for each year during the Track Record Period is an Independent Third Party.
For FY2023, FY2024 and FY2025, we derived approximately 91.2%, 79.8% and 91.3% of our revenue, respectively, from our five largest customers.
Business · p. 144
The revenue we derived from services provided to Customer Group A amounted to approximately RMB128.5 million, RMB124.3 million and RMB121.6 million for FY2023, FY2024 and FY2025, respectively, representing approximately 78.6%, 49.3% and 40.4%, respectively, of our total revenue for the same period.
Business · p. 150
Furthermore, our Directors believe that given our established long term relationship, the reliance between our Group and Customer Group A is mutual and complimentary for the following reasons:
In each year/period during the Track Record Period, revenue contributed from each of our five largest customers accounted for 41.4%, 43.4%, 46.4% and 47.8% of our total revenue in each of 2022, 2023, 2024 and in the nine months ended September 30, 2025, respectively, while the largest customer in each year/period contributed 26.0%, 29.5%, 28.8% and 31.1% of our total revenue, respectively, for the same year/period.
Summary · p. 5
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/period of the Track Record Period were Independent Third Parties.
Business · p. 149
we achieved key customer (key customers are customers contributing to over 1% of our revenue from sales of lithium-ion battery anode material products in a certain year/period) retention rates of approximately 95.5%, 91.7%, 94.1% and 100.0% in each of 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively
During each year/period of the Track Record Period, revenue generated from our five largest customers amounted to RMB1,533.6 million, RMB1,756.7 million, RMB2,291.9 million and RMB2,270.7 million, respectively, accounting for 63.6%, 65.6%, 61.4% and 59.3% of our total revenue in the same periods, respectively.
Summary · p. 5
All of our five largest customers were Independent Third Parties during the Track Record Period.
Business · p. 155
Our Directors are of the view that, we are not subject to any material end-customer or industry concentration that would have a material adverse impact on our business operation and financial performance.
In 2024 and the nine months ended September 30, 2025, our revenue generated from our five largest customers amounted to RMB179.3 million and RMB168.1 million, respectively, accounting for 86.2%, and 81.0% of our total revenue in the respective period, respectively, and revenue generated from our largest customer alone accounted for 43.9%, and 42.3% of our total revenue in the respective period, respectively.
Summary · p. 6
We typically grant our customers credit terms up to 95 days.
Business · p. 196
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.
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from the five largest customers in each year/period during the Track Record Period was RMB2,297.3 million, RMB2,132.3 million, RMB2,249.8 million and RMB1,844.8 million, respectively, accounting for 16.1%, 13.8%, 13.8% and 15.4% of our total revenue, respectively.
Business · p. 136
In addition, due to the structure of these customers’ own core product portfolios, they usually procured from us relatively standardized solutions and products with large market demand and wide application scenarios, which resulted in relatively high annual procurement volumes from these customers to us.
Business · p. 140
To the best of our knowledge, none of our Directors, their close associates or any shareholders who own more than 5% of the issued share capital of our Company, had any interest in any of our five largest customers for each of the years/periods during the Track Record Period.
Revenue generated from our largest customer in each year or period during the Track Record Period accounted for 10.3%, 9.2% and 9.0%, respectively, of our revenue for the respective year or period.
Business · p. 164
Revenue generated from our five largest customers in each year or period during the Track Record Period accounted for 27.3%, 26.9% and 30.4%, respectively, of our revenue for the respective year or period.
Business · p. 164
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.
Revenue from our five largest customers in each year or period during the Track Record Period represented 57.5%, 57.2%, 57.7% and 54.9% of our total revenue in the same respective periods.
Summary · p. 11
Revenue from our largest customer in each year or period during the Track Record Period represented 17.9%, 15.7%, 15.4% and 17.7% of our total revenue in the same respective periods.
Business · p. 181
Tracing back to our journey with Zhejiang Topsun Holding, as of August 31, 2025, we had 85 customers with whom we maintained partnerships for more than five years, accounting for 66% of our total customer base.