Hong Kong IPO disclosure precedents · 550 companies, 554 items
a large share of revenue from the largest or five largest customers, discussed as reliance or concentration (why it is mutual, sustainable, how it will be reduced)
During the Track Record Period, revenue from our five largest customers in each year accounted for 14.2%, 33.1% and 45.8% of our total revenue for the respective year.
Summary · p. 4
The increase in revenue generated from our five largest customers in each year during the Track Record Period was primarily attributable to our strengthened cooperation with fast-expanding national snack stores.
Summary · p. 4
As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB435.3 million, RMB438.1 million and RMB374.0 million in 2023, 2024 and 2025 respectively, representing 41.5%, 42.4% and 36.6% of our total revenue in the same respective year.
Summary · p. 6
For risks relating to our major customers, see “Risk Factors — Risks Relating to our Business and Industry — Our success depends on our strong relationships with certain major customers. Any interruption of collaboration or deterioration of the relationship with our major customers could adversely affect our business, financial condition and results of operations.”
Business · p. 152
To the best of our knowledge, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB224.4 million, RMB175.4 million and RMB269.9 million in 2023, 2024 and 2025, respectively, representing 49.3%, 40.5% and 55.8% of our total revenue for the respective years.
Summary · p. 7
Revenue generated from our largest customer in each year during the Track Record Period amounted to RMB114.9 million, RMB43.0 million and RMB162.4 million in 2023, 2024 and 2025, respectively, representing 25.3%, 9.9% and 33.6% of our total revenue for the respective years.
Business · p. 158
None of our Directors, their respective close associates, or Shareholders who, to the knowledge of our Directors, own 5% or more of our issued share capital had any interest in any of our five largest customers in each year during the Track Record Period.
In 2023, 2024 and 2025, revenue from the five largest customers in each respective year was RMB42.5 million, RMB41.1 million and RMB48.4 million, respectively, accounting for 19.2%, 17.5% and 14.9% of our total revenue for the same years, respectively.
Summary · p. 4
For the years ended December 31, 2023, 2024 and 2025, revenue from our largest customer in each respective year was RMB23.1 million, RMB17.3 million and RMB11.8 million, respectively, accounting for 10.4%, 7.4% and 3.6% of our total revenue for the same years, respectively.
Business · p. 164
We do not anticipate concentration risks arising from Customer A, as we chose to cease transactions with it since September 30, 2025.
For the years ended December 31, 2023, 2024 and 2025, revenue attributable to our five largest customers amounted to RMB290.2 million, RMB382.8 million and RMB521.2 million, respectively, accounting for approximately 98.7%, 97.2% and 94.4% of our revenue for the respective periods.
Summary · p. 4
During each year in the Track Record Period, we made significant sales to our largest customer, CATL, and their revenue contribution to us was significant.
Business · p. 156
To the best knowledge of the Directors, CATL is mutually reliant on us, primarily because we also hold a significant share within CATL’s supply chain ecosystem for the products of the same categories and there are a limited number of suppliers of such intelligent equipment.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB899.0 million, RMB996.3 million and RMB1,228.0 million, accounting for 72.6%, 66.4% and 68.9% of our total revenue in the respective years.
Summary · p. 4
Accordingly, the DDIC design companies tend to maintain strong, longterm relationships with certified DDIC packaging and testing service providers, and it is common in the industry for such service providers to have a highly concentrated customer base.
Business · p. 104
In light of the above, we believe that we have mutually beneficial relationships with our major customers and that the likelihood of any material adverse change in our business with such customers in the near term is low.
In 2023, 2024 and 2025, our five largest customers in each period during the Track Record Period contributed 46.6%, 39.0% and 38.9%, respectively, to our total revenue in the same year.
Summary · p. 5
In addition, our single largest customer in each year during the Track Record Period contributed 31.9%, 28.6% and 29.2%, respectively, to our total revenue in the same year.
Summary · p. 5
To the best knowledge of our Directors, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Our revenue from the five largest customers in each year during the Track Record Period was RMB4,167.7 million, RMB5,957.6 million and RMB5,581.2 million, respectively, accounting for 36.9%, 38.5% and 28.3% of our total revenue, respectively.
Summary · p. 8
Over the same period, our revenue from the single largest customer in each year during the Track Record Period was RMB1,799.5 million, RMB1,580.5 million and RMB1,767.9 million, accounting for 16.0%, 10.2% and 9.0% of our total revenue for the respective year.
Business · p. 148
As of the Latest Practicable Date, all of our five largest customers are Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders (who owned or to the knowledge of Directors had 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.
In 2023, 2024 and 2025, revenue from our five largest customers accounted for 99.5%, 98.7% and 90.4% of our total revenue, respectively.
Summary · p. 4
We expect that our sales to our five largest customers will continue to contribute a significant portion of revenue in the foreseeable future, which is primarily attributable to the inherent concentration of the downstream passenger vehicle OEM market in China.
Business · p. 174
In light of (i) the industry practice of customer concentration as described above, (ii) the declining revenue contribution from Customer A over the Track Record Period and the fact that we did not have any single customer accounting for 30% or more of our total revenue in 2025, and (iii) the growth and increasing contribution of revenue from non-Customer A customers and new projects, our Directors are of the view that, although we have historically derived a significant portion of our revenue from Customer A, we are not materially reliant on Customer A.
Revenue generated from our top five customers in each period during the three years ended December 31, 2025 amounted to approximately RMB387.6 million, RMB336.1 million and RMB479.2 million, representing approximately 66.8%, 52.0% and 43.4% of our total revenue for the respective periods.
Business · p. 160
Revenue generated from our largest customer in each period during the three years ended December 31, 2025 amounted to RMB174.0 million, RMB87.5 million and RMB170.3 million, representing approximately 30.0%, 13.5% and 15.4% of our total revenue for the respective years.
Business · p. 160
(ii) actively diversifying our customer base and deepening our engagement with our business partners to mitigate customer concentration risk and tap into new demand pools;
In 2023, 2024 and 2025, revenue from our five largest customers amounted to RMB80.2 million, RMB261.3 million and RMB361.2 million, respectively, representing 60.1%, 84.6% and 69.3% of our total revenue.
Summary · p. 5
In 2023, 2024, and 2025, revenue generated from Customer B, one of our largest customers during the Track Record Period, amounted to RMB22.7 million, RMB183.3 million, and RMB207.8 million in 2023, 2024, and 2025, representing 17.0%, 59.4%, and 39.8% of our total revenue in the same years, respectively.
Business · p. 153
Nevertheless, revenue attributable to Customer B as a percentage of our total revenue dropped significantly from 2024 to 2025, as we expanded our customer base and generated more revenue from other major customers, resulting in less reliance on Customer B.
The aggregate revenue generated from our top five customers in each year of the Track Record Period amounted to RMB1,379.7 million, RMB1,203.5 million and RMB1,011.1 million, which accounted for 91.2%, 84.7% and 67.8% of our total revenue, respectively.
Summary · p. 7
We believe that our customer concentration during the Track Record Period reflects our deliberate strategy to scale in a highly competitive market, rather than any structural dependency or long-term risk.
Business · p. 162
We pursue long-term, strategic partnerships with existing customers such as Chery, Changan, Dongfeng, Changan Mazda, Nissan, Ford and BAIC, and will keep securing design-wins and deepen our penetration.
In 2024, our five largest customers accounted for 99.6% of our total revenue, among which Fosun Pharmaceutical Industrial accounted for 99.2% with an aggregate sales of RMB235.9 million.
Summary · p. 10
In 2025, our sales to our five largest customers was RMB18.0 million, accounting for 72.5% of our revenue; and our sales to our largest customer was RMB7.5 million, accounting for 30.4% of our revenue.
Business · p. 204
The revenue generated from the largest customer in 2025 was sales-based royalties, representing the final settlement in 2025 arising from the azvudine we delivered to Fosun Pharmaceutical Industrial prior to the Amendment and subsequently sold by Fosun Pharmaceutical Industrial.
In 2023, 2024 and 2025, our five largest customers for digital marketing business in each year accounted for approximately 22.5%, 18.9% and 17.0% of our total revenue, respectively, and sales to the largest customer for digital marketing business in each year accounted for approximately 8.4%, 10.1% and 6.8% of our total revenue, respectively.
Summary · p. 7
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders had any interest in any of our five largest customers in each period during the Track Record Period.
Revenue from our five largest customers in each year during the Track Record Period was RMB434.0 million, RMB452.3 million and RMB387.0 million, respectively, representing 25.1%, 26.6% and 22.0% of our total revenue in the respective years, respectively.
Summary · p. 4
Revenue from our largest customer in each year during the Track Record Period was RMB321.1 million, RMB368.2 million and RMB296.9 million, respectively, representing 18.6%, 21.7% and 16.9% of our total revenue in the respective years, respectively.
Summary · p. 4
During the Track Record Period, we did not experience any material disputes with our customers.
In 2023, 2024 and 2025, revenue from the five largest customers in each year during the Track Record Period was RMB18.7 million, RMB199.2 million and RMB417.6 million, respectively, accounting for 85.1%, 77.2% and 72.1% of our total revenue, respectively.
Summary · p. 5
Our customers emphasize long-term collaboration and require our participation in the early-stage technical validation of new battery products.
Business · p. 113
As of the Latest Practicable Date, none of our Directors, their close associates or any of our shareholders (who owned or to the knowledge of our Directors, 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 from our five largest customers for each year during the Track Record Period amounted to RMB531.2 million, RMB499.8 million, and RMB443.2 million respectively, representing approximately 45.9%, 42.7% and 29.5% of our total revenue during the respective year.
Summary · p. 5
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers for each year during the Track Record Period represented approximately 45.9%, 42.7% and 29.5% of our total revenue, and revenue from the largest customer for each year during the Track Record Period represented approximately 25.8%, 16.5% and 7.6% of our total revenue, respectively.
Business · p. 145
We aim to take a flexible approach to continue broadening our customer base and service range while strengthening our relationship with key customers.
Revenue from our five largest customers in each year of the Track Record Period amounted to RMB186.1 million, RMB215.4 million and RMB193.5 million, representing 91.4%, 44.6% and 35.3% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 4
The high revenue concentration from our major customers aligns with industry norms, as confirmed by CIC. The composition of our major customers changes over time due to several key factors, including market demand, regulatory policies and the execution timeline of specific projects.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year during the Track Record Period in aggregate amounted to RMB1.2 million, RMB75.4 million and RMB186.7 million, respectively, representing 98.9%, 60.8% and 35.8% of our total revenue in the corresponding years.
Summary · p. 8
Our revenue generated from sales to our largest customer in each year during the Track Record Period amounted to RMB1.2 million, RMB29.0 million and RMB65.4 million, respectively, representing 98.9%, 23.4% and 12.5% of our total revenue in the corresponding years.
Summary · p. 8
The relatively high customer concentration during the Track Record Period was primarily attributable to our early stage of commercialization, during which our customer base and delivery capabilities were continuing to expand.