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 2022, 2023 and 2024, and the five months ended May 31, 2025, our five largest customers in each period during the Track Record Period contributed 54.2%, 46.1%, 38.4% and 34.0%, respectively, to our total revenues in the same year.
Summary · p. 5
As confirmed by Frost & Sullivan, having such a level of concentration is common in the energy storage batteries market due to the high concentration of market players in the telecommunication industry and data center industry.
Business · p. 231
Our Directors are of the view that despite the concentration of revenues from Customer A and Customer C, the sustainable growth of our business will not be materially affected as our relationship with the relevant customers is unlikely to experience a material adverse change or termination.
Revenue generated from our five largest customers in each year of 2022, 2023, 2024 and the three months ended March 31, 2025, amounted to RMB270.8 million, RMB639.9 million, RMB1,011.8 million and RMB215.6 million, respectively, accounting for 65.0%, 51.3%, 57.2% and 52.9% of our total revenue, respectively in the same periods.
Summary · p. 10
Our five largest customers in each year and period during the Track Record Period contributed to over half of our revenue, primarily because the SiC power semiconductor device market is relatively concentrated with few prominent market players holding a combined market share of over 95%, according to Frost & Sullivan.
Business · p. 214
(i) our business relationships with our major customers are mutually beneficial and complementary, given that our long-term cooperation with our major customers have led to our familiarity with their standards and requirements, which enable us to reduce communication costs and build mutual trust; and (iii) we had entered into long-term strategic agreements with renowned customers and suppliers.
Revenue from our single largest customer amounted to RMB25.9 million, accounting for 68.0%, of our total revenue in the five months ended May 31, 2025.
Business · p. 331
In the five months ended May 31, 2025, sales of Efsubaglutide Alfa to distributors in China accounted for 100% of our revenue from sales of Efsubaglutide Alfa during that period of RMB38.1 million.
Business · p. 326
All of our five largest customers in each year/period during the Track Record Period are independent third parties.
During the Track Record Period, we had only one customer, BeiGene.
Summary · p. 18
In 2023, we received reimbursement totaling RMB8.9 million (US$1.3 million) from BeiGene for our performance of a specified bridging study under the BeiGene Agreement.
Summary · p. 18
Our customer during the Track Record Period was an Independent Third Party.
For each year during the Track Record Period, revenue generated from our five largest customers accounted for 30.8%, 45.3% and 42.1%, respectively, of our total revenue during each period.
Summary · p. 7
Geekplus JP, one of our five largest customers in 2024, is a Japanese company in which we own approximately 39.6% equity shares.
Summary · p. 7
For each period during the Track Record Period, revenue generated from our single largest customer accounted for 9.3%, 15.4% and 15.5%, respectively, of our total revenue.
In 2022, 2023 and 2024, sales to our five largest customers amounted to RMB38,878.3 million, RMB45,282.2 million and RMB56,707.4 million, accounting for 83.3%, 83.1% and 81.1% of our total revenue in the respective periods.
Summary · p. 4
We believe that the likelihood of any material adverse change in or termination of our business relationship with our five largest customers in each year during the Track Record Period customers is low, considering that (i) we have partnered with all of these customers for long periods of time and have established mutually beneficial relationships with them; and (ii) we are involved in the very beginning of their product development process to develop the end products together, 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. 167
While we expect Customer/Supplier A to remain as our largest customer in at least 2025 and as an important customer going forward, we expect the revenue contribution from Customer/Supplier A to account for less than 50% of our total revenue in 2025.
In 2022, 2023 and 2024, the total revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB157.3 million, RMB162.6 million and RMB222.3 million, respectively, representing 44.8%, 48.3% and 50.3% of our revenue in the same year, respectively, and revenue generated from our largest customer in each year during the Track Record Period accounted for 15.4%, 20.9% and 26.8% of our revenue in the same year, respectively.
Summary · p. 7
The average length of our relationships with our five largest customers in each year during the Track Record Period is approximately 10 years; many customers choose to retain us for multiple stages as their peptide products progress toward commercialization and large-scale production as proved by the high average CDMO customer retention rate of over 90% during the Track Record Period.
Business · p. 245
Our revenue increased by 31.3% from RMB336.8 million in 2023 to RMB442.2 million in 2024, primarily due to an increase in revenue from one customer in the U.S. focusing on development of GLP-1 drugs, driven by its respective drug development progress and increased demand for our services.
In 2022, 2023 and 2024, our five largest customers together generated RMB431.5 million, RMB675.2 million and RMB876.0 million of revenue, respectively, accounting for 13.9%, 13.1% and 15.3% of our total revenue, respectively.
Summary · p. 2
In addition, revenue generated from our largest customer accounted for RMB283.2 million, RMB461.2 million and RMB637.7 million, respectively, representing 9.1%, 9.0% and 11.2% of our total revenue in 2022, 2023 and 2024, respectively.
Business · p. 237
None of our Directors and their respective associates, or Shareholders who owns 5% or more of the total issued Shares had any interest in any of our five largest customers during each year of the Track Record Period.
Our five largest customers in each year during the Track Record Period accounted for 62.4%, 72.4% and 77.9% of our total revenue for FY2022, FY2023 and FY2024, respectively; and our largest customer in each year during the Track Record Period accounted for 21.3%, 28.5% and 24.1% of our total revenue for FY2022, FY2023 and FY2024, respectively.
Business · p. 198
Our Directors are of view that our reliance on our customers, in particular, Walmart and Telebrands (being the single largest customer of different year during the Track Record Period), would not have a material adverse impact on our business sustainability, given that (i) we have maintained long-term and stable collaboration relationships with them, (ii) our framework agreements remains effective until either party intends to terminate or is automatically renewed at expiration, (iii) during the Track Record Period and up to the Latest Practicable Date, we did not have any material disputes with them, and (iv) we have maintained good business relationships, and currently, there is no indication or sign from them that our existing relationship will materially adversely change in the near future.
For each year during the Track Record Period, revenue from our five largest customers collectively accounted for 18.1%, 20.4% and 15.8% of our total revenue, respectively, and for each year during the Track Record Period, revenue from our largest customer accounted for 12.9%, 16.5% and 12.5% of our total revenue, respectively.
Summary · p. 14
During the Track Record Period, substantially all of our patients and/or customers for our hospital business consisted of individuals, and none of the five largest individual patients in each year and/or customers contributed more than 1.0% of our total revenue in each year.
Business · p. 388
As of the Latest Practicable Date, all of our five largest customers in each year during the Track Record Period were Independent Third Parties, and to the best of the knowledge of our Directors, none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital had any interest in any of our five largest customers in each year during the Track Record Period.
During the Track Record Period, we derived revenue primarily from milestone payments from LG Chem in connection with the out-licensed TT-01025.
Summary · p. 17
During the Track Record Period, we derived revenue primarily from milestone payments from LG Chem in connection with the out-licensed TT-01025.
Business · p. 393
To the knowledge of our Directors, none of our Directors, their respective associates or any of our Shareholders holding more than 5% of our issued share capital as of the Latest Practicable Date had an interest in LG Chem.
Sale to our five largest customers in each year during the Track Record Period accounted for approximately 56.2%, 53.9% and 55.6% of our total revenue respectively, and sale to our largest customer in each year during the Track Record Period accounted for approximately 22.9%, 16.5% and 17.3% of our total revenue, respectively.
Summary · p. 4
Our Directors believe that we have successfully established a solid and stable customer base with high customers’ stickiness due to our commitment to provide high-quality products with excellent services in a sustainable production environment.
During the Track Record Period, the aggregate revenue generated from our top five customers in each year amounted to RMB622.4 million, RMB1,042.2 million and RMB979.9 million, respectively, accounting for 77.2%, 63.8% and 70.7% of our total revenue in the respective year.
Summary · p. 7
For the years ended December 31, 2022, 2023 and 2024, we did not have any substantial reliance on any single customer as our largest customer was different during each of the years ended December 31, 2022, 2023 and 2024.
Business · p. 284
We believe that we will be able to mitigate customer concentration risks as we are able to change our customer composition and expand our customer base taking into account the large number of insurance companies in China and our years of experience in the industry.
For each year of the Track Record Period, sales from our five largest customers accounted for 28.7%, 24.3% and 27.2% of our total revenue, and sales from our largest customer accounted for 23.8%, 18.6% and 18.8% of our total revenue.
Summary · p. 8
For each year of the Track Record Period, sales from Customer Group A represented a sizable amount of our revenue, as we have maintained close cooperation with Customer Group A since 2006, whereby both parties are committed to establishing a stable supply relationship, which is an industry norm in the paper packaging industry in Mainland China; and Customer Group A is a leading dairy products producer in Mainland China, such that as long as they maintain a significant sales volume, our sales to them would continue to be sizeable, as our sales of paper packaging products were positively correlated with the sales volume of dairy products sold by Customer Group A for which our paper packaging is used.
Business · p. 260
To the best of our knowledge, all of our five largest customers for each year of the Track Record Period are independent third parties.
In 2022, 2023 and 2024, our revenue from the five largest customers in each year accounted for 35.3%, 36.8% and 37.0% of our total revenue in the year, respectively; and revenue from our largest customer in each year accounted for 11.6%, 12.5% and 15.0% of our total revenue in the year, respectively.
Summary · p. 6
During the Track Record Period, we maintained stable business relationships with our five largest customers in each year.
Business · p. 203
By the end of 2024, nine out of the top ten global automotive OEMs by EV sales volume are our customers, according to the GGII Report.
For each year during the Track Record Period, we generated revenue of RMB5,981.3 million, RMB9,784.9 million and RMB4,110.5 million from each of the five largest customers of the continuing operation, accounting for 53.9%, 52.6% and 41.5% of our total revenue for the corresponding years, respectively.
Summary · p. 9
For each year during the Track Record Period, our revenue from each of the largest customer of the continuing operation amounted to RMB3,336.7 million, RMB5,172.3 million and RMB1,892.1 million, accounting for 30.1%, 27.8% and 19.1% of our total revenue for the corresponding years, respectively.
Business · p. 276
According to Frost & Sullivan, the top ten PV module manufacturers globally accounted for 83.4% of the world's shipment volume in 2023.
During the Track Record Period, our revenue was primarily derived from our license and collaboration agreements with our business partners.
Business · p. 425
For the years ended December 31, 2023 and 2024, our revenue generated from our largest customer in each year accounted for 98.9% and 80.7% of our total revenue for the respective year.
Business · p. 425
The partnerships enable us to maximize the clinical value of our in-house discovered assets and provide financial resources to further invest in our pipeline development.
Russian Top-tier Retailer, our second largest customer in FY2021 and our largest customer during FY2022, FY2023 and 9M2024, accounted for approximately 11.8%, 31.5%, 48.7% and 36.8%, respectively of our total revenue for the corresponding periods.
Summary · p. 7
Despite our reliance on Russian Top-tier Retailer, as we have developed a mutually beneficial and complementary relationship with them, our Directors are of the view that the likelihood of relationship termination or material adverse changes is low because: (i) we have been the single source supplier of babycare products for one of its major babycare private labels for over three years and established a stable business relationship with Russian Top-tier Retailer; (ii) we were successfully awarded five supplemental framework supply agreements as a stable source of supply for babycare products;
Business · p. 186
In light of our mutually beneficial relationship with Russian Top-tier Retailer mentioned above, given the long-term contract with Russian Top-tier Retailer renewed in December 2023 for a term up to 31 December 2030, our Directors consider the risk of material adverse change or termination in our relationship with Russian Top-tier Retailer to be low.
Our five largest customers accounted for 100% of our revenue in each year/period of the Track Record Period, of which we had four customers in FY2021 and FY2022.
Summary · p. 4
Furthermore, our Directors believe that the relationship between our Group and Press Metal is mutually beneficial.
Business · p. 205
In terms of percentage, our sales to Press Metal dropped from 73.3% in FY2021 to 53.4% in 9M2024 to our total revenue, and in terms of volume from 70.7% in FY2021 to 53.4% in 9M2024 to our total production.
Revenue contributed by our largest customer for each year/period of the Track Record Period amounted to RMB2,126.6 million, RMB2,602.2 million, RMB2,672.1 million and RMB2,140.3 million, respectively, accounting for 56.2%, 41.5%, 37.0% and 34.4% of our total revenue for the same periods.
Summary · p. 30
For each year/period of the Track Record Period, revenue contributed by our top five customers amounted to RMB2,946.2 million, RMB5,345.8 million, RMB5,565.6 million and RMB4,904.6 million, respectively, accounting for 77.9%, 85.4%, 77.1% and 78.8% of our total revenue for the same periods, respectively.
Business · p. 371
According to Frost & Sullivan, gold mining has long been considered a sellers’ market, where gold mining companies hold a bargaining advantage over their downstream customers.