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 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB321.1 million and RMB294.2 million, representing approximately 98.9% and 56.6% of our total revenue for the corresponding year, respectively.
Summary · p. 8
As a result, our relationships with such benchmark customers are mutually beneficial: they provide us with opportunities to serve demanding and representative use cases, while our products and services support their continuing need for high-performance and effective AI computing infrastructure, which in turn enables us to generate recurring revenue from such customers.
Business · p. 173
The number of customers of our AI computing cluster products increased from four in 2023 to 10 in 2024 and further to 48 in 2025.
During the Track Record Period, we had only one customer, AstraZeneca, which was also one of our shareholders as of the Latest Practicable Date. For the year ended December 31, 2024 and 2025, the revenue generated from the customer amounted to US$221.3 million and US$0.6 million, respectively.
Summary · p. 8
During the Track Record Period, our revenue was primarily derived from payments we received from AstraZeneca in accordance with the AstraZeneca Agreement.
During the Track Record Period, our five largest customers generated RMB87.6 million, RMB105.1 million and RMB152.0 million of revenue in 2023, 2024 and 2025, respectively, accounting for 28.1%, 25.6% and 23.9% of our total revenue for the same years, respectively.
Summary · p. 5
The average collaboration period with nine companies among top ten PCB manufacturers in terms of revenue in 2024 in China, is approximately ten years.
Revenue contributed by our five largest customers accounted for 90.5%, 78.3% and 82.2% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer in each of the years during the Track Record Period contributed 25.0%, 26.4% and 37.0% of our total revenue, respectively, for the same years.
Summary · p. 4
We do not believe that we are mutually dependent on any of our five largest customers in each year comprising the Track Record Period, because (i) there was no single largest customer in multiple years during the Track Record Period; (ii) the revenue contribution of our five largest customers decreased from 90.5% in 2023 to 82.2% in 2025, demonstrating our ability to eliminate the reliance on our five largest customers and maintain a more balanced revenue structure; (iii) the shuffling of our five largest customers in each year comprising the Track Record Period showcased our ability to cover multiple downstream market players in the competitive smart device and IoT sectors with significantly fluctuating market share, thereby eliminating the market risks of relying on a single brand.
Business · p. 172
Our Directors are of the view that the risk of termination or material and adverse change of our relationship with any of our major customers is relatively low, based on the above and also considering that (i) we have maintained a relationship with a majority of our five largest customers in each year comprising the Track Record Period for more than three years, and currently there is no indication or sign from any of them that they will alter their existing relationship with us in any aspect in the near future; (ii) during the Track Record Period and up to the Latest Practicable Date, we did not have any material disputes with any of our major customers; (iii) there had not been any incidents of failure to renew or early termination of agreements with our major customers during the Track Record Period and up to the Latest Practicable Date; and (iv) there had not been any reduction, delay or cancellation of orders from our major customers during the Track Record Period and up to the Latest Practicable Date.
In 2023, 2024 and 2025, revenue generated from our top five customers in each period during the Track Record Period accounted for 58.0%, 67.8% and 51.6% of our total revenue for such period, respectively, and revenue generated from our largest customer in each period during the Track Record Period accounted for 17.8%, 33.2% and 16.0% of our total revenue for such period, respectively.
Summary · p. 6
We expect to further expand our customer base along with the proliferation of each business line, which could diversify our revenue streams and improve our resilience.
Financial Information · p. 182
All of our top five customers in each period during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB339.1 million, RMB439.3 million and RMB724.0 million, respectively, accounted for 31.7%, 28.0% and 26.0% of our total revenue for the same years, respectively.
Summary · p. 4
During the Track Record Period, we mainly sell sugar confectionery products to our five largest customers.
Business · p. 133
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest customers were independent third parties, and none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors 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 RMB6,005.7 million, RMB5,799.6 million and RMB6,107.4 million, respectively, accounting for 45.2%, 42.0% and 40.6% of our total revenue for the respective year.
Summary · p. 5
Revenue from our largest customer in each year during the Track Record Period amounted to RMB1,992.2 million, RMB2,437.9 million and RMB2,980.6 million, respectively, accounting for 15.0%, 17.6% and 19.8% of our total revenue for the respective year.
Business · p. 116
As a result, our transaction value retention rate for key accounts remained consistently high at 117.0%, 96.6% and 101.3% in 2023, 2024 and 2025, respectively, indicating stable and deepening customer relationships and supporting the sustainability of our results of operations.
In 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers for each year were RMB2,783.3 million, RMB2,919.3 million and RMB3,802.6 million, representing 41.5%, 41.9% and 38.5% of our revenue, respectively.
Summary · p. 4
Revenues generated from our largest customer in the same years were RMB2,249.3 million, RMB2,144.4 million and RMB2,925.3 million, representing 33.6%, 30.8% and 29.6% of our revenue, respectively.
Business · p. 156
Despite the meaningful contribution of certain affiliates of Geely Group to our overall revenue, we are actively diversifying our product portfolio and customer base.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB396.2 million, RMB432.3 million and RMB523.2 million, respectively, accounting for 29.1%, 24.4% and 15.2% of our total revenue, respectively.
Business · p. 144
All of our five largest customers in each year during the Track Record Period purchased products under our proprietary and brand partners’ brands.
Business · p. 145
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
In 2023, 2024 and 2025, revenues attributable to our top five largest customers in aggregate amounted to Rp2,520,417 million, Rp2,641,741 million and Rp3,105,655 million, respectively, accounting for 86.7%, 81.6% and 81.0% of our total revenue, respectively.
Summary · p. 3
Such customer concentration is primarily attributable to the nature of the drama series production and content licensing industry, in which a limited number of leading online video platforms and major TV broadcasters account for a significant portion of market demand.
Business · p. 160
To the best of our knowledge, except for MNC Group as disclosed above, during the Track Record Period and up to the Latest Practicable Date, our top five customers were independent third parties.
Revenue from the five largest customers in each year during the Track Record Period accounted for approximately 42.4%, 33.2% and 25.3%, respectively, of our total revenue for the respective year.
Summary · p. 7
As of the Latest Practicable Date, we have formed long-term and stable supply partnerships with nine of the world’s top 10 lithium-ion battery manufacturers, and our cobalt tetroxide products have entered into the supply chains of the world’s top 10 smart phone battery manufacturers.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed 43.8%, 33.7% and 36.1%, respectively, to our total revenue.
Summary · p. 7
Sales to our largest customer in each year during the Track Record Period accounted for 27.0%, 18.9% and 21.9% of our total revenue for the respective years.
Business · p. 137
During the Track Record Period, all of our major customers were also our suppliers in the respective years.
In 2023, 2024 and 2025, our revenue from our five largest customers in each year during the Track Record Period amounted to RMB24,840.1 million, RMB15,405.9 million and RMB15,123.4 million, which accounted for 34.4%, 19.8% and 17.0%, respectively, of our total sales in the respective year.
Summary · p. 11
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.
Business · p. 197
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.
For the years ended December 31, 2024 and 2025, revenue generated from our five largest customers for each period amounted to RMB4.0 million and RMB3.1 million, representing 100.0% and 98.7% of our total revenue for the same period, respectively.
Summary · p. 7
Revenue generated from our largest customer for each period amounted to RMB2.7 million and RMB1.3 million, representing 67.6% and 41.3% of our total revenue for the same period, respectively.
Business · p. 176
To the best of our knowledge, (i) all of our five largest customers for each period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest customers for each period during the Track Record Period.
In 2023, 2024, 2025, total revenues from our five largest customers was RMB550.7 million, RMB641.7 million and RMB597.7 million, respectively, accounting for 74.8%, 73.7% and 68.4% of our total revenues, respectively.
Business · p. 86
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for the Carraro Group, (i) all of our five largest customers in each year were independent third parties; (ii) there was no past or present relationship (including business, employment, financing, family, trust or otherwise) between us, our Directors, shareholders or senior management, or any of their respective associates and the five largest customers during the Track Record Period; and (iii) none of our Directors or their respective close associates or any person who, to the knowledge of our Directors, owned more than 5% of our issued share capital or had any interest in any of our five largest customers in each year as of the Latest Practicable Date.
Business · p. 90
The Company has concentration of credit risk as 34%, 34% and 24% of total trade receivables was due from the Company’s largest customer and 82%, 93% and 73% of total trade receivables was due from the Company’s five largest customers as at December 31, 2023, 2024 and 2025, respectively.
Our revenue from the five largest customers in each year of the Track Record Period, amounted to RMB70.4 million, RMB136.6 million and RMB138.9 million, and contributed to 26.5%, 36.2% and 29.2% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · p. 6
Our single largest customer amounted to RMB28.5 million, RMB64.8 million and RMB32.4 million, and contributed to 10.7%, 17.2% and 6.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · p. 147
We derive a significant portion of our revenue from Key Accounts, particularly international circular service provider and large high-value industrial customers, and our revenue from Key Accounts accounted for 76.1%, 81.8%, and 80.8% of our total revenue in 2023, 2024 and 2025, respectively.
Revenue generated from our five largest customers in each year of 2023, 2024 and 2025 was RMB126.8 million, RMB188.7 million and RMB232.2 million, respectively, accounting for 53.1%, 57.7% and 57.7% of the total revenue in 2023, 2024 and 2025, respectively.
Business · p. 147
Distributorship is critical for our sales strategy since distributors’ expertise in selling medical devices and their robust relationships with hospitals can facilitate the expansion of our market coverage.
Business · p. 141
According to CIC, our sales and distribution approach is in line with industry norms in the medical devices sales.
In 2023, 2024 and 2025, revenue generated from our top five customers accounted for 27.0%, 23.4% and 22.0% of our total revenue, respectively, and revenue from our top customer accounted for 7.8%, 7.3% and 8.8% of our total revenue in the same periods, respectively.
Summary · p. 5
derived from a limited number of ODM customers. The shift in our business model has enabled us to transition to a healthier customer structure that is relatively more diversified, with sales driven by end consumers and our omni-sales channels.
Our relatively high customer concentration is primarily due to the fact that DES-based modern electricity service industry is still at its early development stage where asset investors are, for the time-being, limited to resourceful and seasoned investors in the energy sector, which is not uncommon according to CIC.
Summary · p. 6
Despite a relatively high customer concentration during the Track Record Period, we expect the associated risks to be manageable due to our actively broadening market presence and our ongoing diversification efforts.
Business · p. 113
In 2025, the number of our key asset investors increased to six, from whom we generated revenue of RMB453.3 million accounting for 97.8% of DES and other asset development revenue for the year, and from whom we generated gross profit of RMB45.3 million accounting for 96.5% of DES and other asset development gross profit for the year, continually enriching our core key investor matrix and significantly enhancing the stability, sustainability, and risk-resistance of profit contributions.
The revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB99.1 million, RMB106.4 million and RMB179.2 million, accounting for 74.9%, 75.1% and 80.6% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · p. 3
According to Frost & Sullivan, such customer concentration is an inherent characteristic of the automotive industry due to significant capital requirements and stringent technological thresholds, which naturally result in a consolidated market landscape.
Business · p. 129
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 most of these customers for long periods of time and have established mutually beneficial relationships with them; (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; (iii) during the Track Record Period and as of the Latest Practicable Date, we did not have any material disputes with our customers; 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.