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)
In 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB2,285.0 million, RMB2,100.0 million and RMB4,886.5 million, representing approximately 52.8%, 55.6% and 79.2% of our total revenue for the corresponding year, respectively.
Summary · p. 4
In the same periods, the revenue generated from our largest customer in each year during the Track Record Period amounted to RMB975.4 million, RMB657.5 million and RMB3,031.7 million, representing approximately 22.6%, 17.4% and 49.1% of our total revenue for the corresponding year, respectively.
Business · p. 157
The relatively high concentration of our largest customer in each year is in line with industry norms and does not adversely affect our operational independence or sustainable business capabilities.
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.
In 2023, 2024 and 2025, our revenue from the five largest customers was RMB738.0 million, RMB975.3 million and RMB987.5 million, respectively, accounting for 46.0%, 44.0% and 42.7% of our total revenue in the same periods, respectively.
Summary · p. 4
In 2023, 2024 and 2025, our revenue from the single largest customer amounted to RMB321.8 million, RMB420.7 million and RMB343.9 million, respectively, accounting for 20.1%, 19.0% and 14.9% of our total revenue in the same periods, respectively.
Summary · p. 4
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 during the Track Record Period were Independent Third Parties.
For the year ended December 31, 2024, we derived revenue from our collaboration agreement with one business partner, as summarized in the table below. We did not generate any revenue for the year ended December 31, 2025.
Business · p. 209
Total | 106,566 100.0%
Business · p. 209
To the best 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 immediately following the completion of the [REDACTED] had an interest in our customer in each year during the Track Record Period.
Sales to our largest customer for the same periods were RMB150.7 million, RMB184.0 million and RMB182.6 million, representing 43.9%, 40.1% and 34.8% of our revenue, respectively.
Summary · p. 7
As we continuously expand our operations, our reliance on Customer A in terms of sales value as a percentage of total revenue has been gradually declining throughout the Track Record Period.
Business · p. 148
We intend to continue to maintain this relationship with Customer A in the long term as part of our ongoing efforts to drive sustainable growth and market expansion, but we have replacement strategies in place in the event of uncertainties.
In 2023, 2024, and 2025, revenue generated from our top five customers in each year amounted to RMB1.52 billion, RMB942.5 million, and RMB909.5 million, respectively, accounting for 52.6%, 34.9%, and 36.6% of our total revenue, respectively, while the largest customer in each year contributed RMB567.5 million, RMB346.8 million, and RMB236.0 million, respectively, accounting for 19.6%, 12.9%, and 9.5% of our total revenue, respectively.
Summary · p. 6
In 2023, 2024, and 2025, revenue generated from our top five customers in each applicable year amounted to RMB1.52 billion, RMB942.5 million, and RMB909.5 million, respectively, accounting for 52.6%, 34.9%, and 36.6% of our total revenue, respectively.
Financial Information · p. 165
In line with this trend, we are proactively enhancing our ability to reach and deeply serve different customers through a series of marketing efforts, including diversifying our sales channels, conducting refined operations by market segments, and enriching our proprietary brands, in order to more effectively meet various customer needs, thereby maintaining and expanding our customer base.
For the fiscal years ended March 31, 2024 and 2025 and the nine months ended December 31, 2025, sales to our largest customer amounted to RMB432.5 million, RMB549.4 million and RMB454.7 million, respectively, representing 28.0%, 25.5% and 21.8% of our revenue for the same fiscal years/period, respectively.
Summary · p. 8
As the Ying Project is located near major smelting companies in Henan Province, the PRC, we generated a significant portion of our revenue from sales to a limited number of smelting companies during the Track Record Period.
Summary · p. 8
Should any of the top five customers terminate their business relationship with us, we are of the view that we would be able to identify alternative customers on time and enter into sale and purchase agreements with them on commercially reasonable terms without significantly affecting our business operations.
For the years ended December 31, 2023, 2024 and 2025, revenues from our top five customers in each year represented 76.4%, 91.2%, and 94.6% of our total revenues for each respective year. Additionally, revenues from our single largest customer during each year accounted for 43.3%, 59.4%, and 78.9% of total revenues, respectively.
Summary · p. 5
Such revenue contribution reflects Geely Holding Group's strong position in the smart vehicle market and our growing number of projects, rather than undue reliance.
Summary · p. 10
Our Directors believe that the likelihood of Geely Holding Group terminating or materially altering its business relationship with us, particularly in relation to the use of our driving assistance solutions in its existing vehicle models, is low.
Revenue generated from our five largest customers for each year during the Track Record Period accounted for 86.0%, 78.9% and 83.8% of our total revenue for the respective year.
Summary · p. 4
To mitigate the risks associated with customer concentration, we are actively exploring opportunities in emerging markets and diversifying our customer base.
For the Track Record Period, the aggregate revenue from our five largest customers accounted for approximately 51.5%, 46.4% and 39.3% of our total revenue, respectively, and the revenue from our largest customers accounted for approximately 19.9%, 16.3% and 10.5% of our total revenue for the same periods.
Summary · p. 4
Up to the Latest Practicable Date, we had established business relationships ranging from approximately 8 to 24 years with our five largest customers, all of which are Independent Third Parties.
Summary · p. 4
We typically collaborate closely with customers throughout their product development cycles to achieve design alignment and production according to customised specifications, and to develop new products and optimise existing offerings.
Revenue contributed from our largest customer in each year during the Track Record Period amounted to RMB4,923.8 million, RMB1,269.2 million and RMB558.2 million in the respective years, accounting for 51.9%, 21.8% and 8.4% of our total revenue for the same years, respectively.
Summary · p. 3
In 2023, 2024 and 2025, our revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB6,068.7 million, RMB1,842.9 million and RMB1,201.6 million, respectively, accounting for 64.0%, 31.6% and 18.0% of our total revenue in the same years, respectively.
Business · p. 134
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 during the Track Record Period were Independent Third Parties.
In each of the years ended December 31, 2023, 2024 and 2025, we generated revenue of RMB1,103.3 million, RMB1,584.5 million, and RMB1,009.4 million from our five largest customers, respectively, representing 58.4%, 63.2%, and 64.7% of our total revenue for the respective periods.
Summary · p. 9
Our major customers primarily comprise national-level or regional leading enterprises in the pharmaceutical distribution industry.
Financial Information · p. 224
As of the Latest Practicable Date, none of our Directors, their respective close associates or any of our shareholders (who, 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 each year during the Track Record Period.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period accounted for 72.9%,76.0% and 74.4% of our total revenue, respectively; and revenue generated from our largest customer in each year during the Track Record Period accounted for 38.7%, 45.1% and 39.0% of our total revenue, respectively.
Summary · p. 3
According to F&S, our customer concentration level is not uncommon in the automotive component industry primarily due to (i) the stringent and lengthy OEM qualification process, which typically leads to strong long-term relationships once suppliers are selected by OEM customers; and (ii) customized designs are required for specific OEM mass-production programs, resulting in high switching costs and limited substitutability.
Business · p. 119
We also continue to expand and diversify our customer base, including by pursuing new OEM customers, vehicle platforms and design wins.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from the five largest customers in each year during the Track Record Period accounted for 57.7%, 78.9% and 57.4% of our total revenue for the same years, respectively.
Summary · p. 5
Revenue generated from Customer A amounted to RMB195.1 million, RMB422.2 million and RMB325.5 million, representing 36.8%, 64.4% and 41.3% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · p. 150
It is commercially rational and strategically advantageous for us to serve a leading telecom operator like Customer A to ensure effective commercialization and market penetration of our GJ AI workforces.
For each of 2023, 2024 and 2025, revenue from our five largest customers was RMB216.6 million, RMB230.2 million, and RMB330.1 million, accounting for 51.0%, 46.5%, and 55.1% of our total revenue, respectively, while revenue from our single largest customer accounted for 23.3%, 15.8% and 17.7% of our total revenue, respectively.
Business · p. 147
In 2025, revenue generated from our repeat customers was RMB498.8 million, accounting for 83.2% of our total revenue.
Business · p. 147
We believe the combination of the abovementioned factors effectively mitigates our customer concentration risk.
In 2023, 2024 and 2025, the revenue that we generated from our five largest customers in each year during the Track Record Period amounted to RMB321.0 million, RMB451.1 million and RMB496.3 million, representing 62.2%, 68.4% and 70.1% of our total revenue, respectively.
Summary · p. 4
The revenue that we generated from our largest customer during the Track Record Period amounted to RMB182.3 million, RMB297.6 million and RMB259.1 million, representing 35.3%, 45.2% and 36.6% of our total revenue, respectively.
Business · p. 144
Such customization increases the switching costs for Customer A and reduces the likelihood of rapid replacement by another service provider.
Revenue generated from our largest customer in 2023, 2024 and 2025 accounted for 24.4%, 26.5% and 40.5%, respectively, of our revenue during same periods.
Summary · p. 4
Revenue generated from our five largest customers in 2023, 2024 and 2025 accounted for 84.9%, 87.0% and 88.2%, respectively, of our revenue during same periods.
Summary · p. 4
During the Track Record Period, our customer concentration was primarily attributable to (i) the high value of our orders, as we focused on large-scale mining projects, and (ii) the limited number of customers, reflecting the high entry barriers of the mining industry and stringent qualification requirements.
In 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in aggregate amounted to HKD548.4 million, HKD557.8 million and HKD587.2 million, respectively, representing 25.2%, 24.9% and 26.8% of our total revenue in the corresponding periods.
Summary · p. 4
For the same periods, our revenue generated from sales to our largest customer amounted to HKD397.7 million, HKD302.4 million and HKD264.8 million, respectively, representing 18.2%, 13.5% and 12.1% of our total revenue in the corresponding periods.
Business · p. 109
To the best of our knowledge, except for CTG Group, all of our five largest customers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB24,734.5 million, RMB26,122.3 million and RMB25,814.1 million, accounting for 73.5%, 71.0% and 64.4% of our total revenue in the respective years.
Summary · p. 3
During the Track Record Period, sales to our top five customers and our largest customer were relatively concentrated, with the top five customers contributing to 73.5%, 71.0% and 64.4% of our revenue and the top customer contributing to 55.8%, 51.3% and 46.5% of our revenue in 2023, 2024 and 2025, respectively.
Business · p. 153
We believe that we do not unduly rely on our major customers.