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)
Revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB108.3 million, RMB153.7 million and RMB706.2 million, respectively, representing 43.6%, 37.9% and 74.9% of our total revenue for the respective year.
Summary · p. 4
Revenue generated from our largest customer in the same periods were RMB75.4 million, RMB61.4 million and RMB394.6 million, respectively, representing 30.4%, 15.1% and 41.8% of our total revenue for the respective year.
Business · p. 156
Revenue from the energy storage business has historically provided operating scale and cash flow support, while continued development of electric vehicle programs is expected to contribute to future volume growth, subject to OEM production schedules and market demand.
For the years ended December 31, 2024 and 2025, sales to our top five customers in aggregate amounted to approximately RMB5.3 million and RMB11.7 million, representing 73.2% and 75.6% of our total revenue, respectively.
Business · p. 164
For the years ended December 31, 2024 and 2025, sales to our largest customer for each year of the Track Record Period were RMB3.8 million and RMB3.9 million, representing 52.1% and 25.3% of our total revenue, respectively.
Business · p. 164
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material breach of the contracts with our customers, nor did we have any material disputes with our customers.
Revenue generated from our five largest customers in each year of the Track Record Period accounted for 68.4%, 59.0% and 55.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 4
This concentration reflected the concentrated nature of the lithium-ion battery manufacturing industry and the scale and purchasing requirements of lithium-ion leading battery manufacturers.
Business · p. 121
As confirmed by Frost & Sullivan, our concentration on major customers is consistent with industry practice.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period represented 47.2%, 49.5% and 61.4% of our total revenue in the same years, respectively.
Summary · p. 2
During the Track Record Period, we experienced a high level of customer concentration, with a substantial portion of our revenue derived from our largest five customers.
Business · p. 131
As of the Latest Practicable Date, none of our Directors, their associates or any of our Shareholders (who or which 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 of 2023, 2024 and 2025, our five largest customers together contributed RMB133.9 million, RMB310.1 million and RMB456.0 million of revenue, respectively, accounting for approximately 46.9%, 54.6% and 52.8% of our total revenue, respectively.
Summary · p. 7
This concentration reflects market structure rather than over-reliance, as the semiconductor chip industry is characterized by a relatively concentrated structure with a small number of major global players dominating the market.
Business · p. 170
We have implemented various measures to mitigate customer concentration risks, including actively pursuing new customer development initiatives across all business segments, expanding our product portfolio to address broader market applications, maintaining technical excellence and competitive pricing, and monitoring industry trends to anticipate changes in customer demand patterns.
Revenue from our five largest customers in each year of the Track Record Period amounted to RMB145.0 million, RMB144.2 million and RMB212.7 million, representing 21.2%, 19.4% and 22.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 8
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period are independent third parties and none of our Directors, their respective associates or any shareholder who, to the knowledge of such Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our top five customers in each year during the Track Record Period.
For the years ended December 31, 2024 and 2025, our revenue from our five largest customers in each period in aggregate accounted for 90.5% and 93.9% of our total revenue for the respective period. Our revenue from our largest customer in each period accounted for 61.2% and 59.8% of our total revenue for the respective period.
Summary · p. 10
For the years ended December 31, 2024 and 2025, our revenue from our five largest customers in each period in aggregate accounted for 90.5% and 93.9% of our total revenue for the respective period.
Business · p. 209
To the best of our knowledge, (i) all of our 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 customers for each period during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers for each year amounted to RMB787.9 million, RMB497.0 million and RMB492.2 million, respectively, accounting for 79.9%, 72.4% and 71.8% of our total revenue for the respective year, and revenue from our largest customer for each year amounted to RMB332.3 million, RMB170.4 million and RMB191.2 million, respectively, accounting for 33.7%, 24.8% and 27.9% of our total revenue for the respective year.
Summary · p. 6
During the Track Record Period, our customers primarily consisted of our distributors.
Business · p. 171
To the best of our knowledge, (i) all of our five largest customers for each year during the Track Record Period were 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 of our Company as of the Latest Practicable Date, had any interest in any of our five largest customers for each year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, our five largest customers in each of such year accounted for approximately 94.2%, 97.1% and 97.7% of our total revenue, respectively, and sales to the largest customer accounted for approximately 79.3%, 88.8% and 79.0% of our total revenue, respectively.
Summary · p. 5
During the Track Record Period, Transsion was our largest customer, and revenue generated from our sales to Transsion accounted for 79.3%, 88.8% and 79.0% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · p. 5
Our Directors are of the view that our reliance risk on Transsion is manageable as a whole, and that our business relationship with Transsion is unlikely to undergo any material adverse change or termination in the foreseeable future
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB1,086.7 million, RMB1,033.0 million and RMB1,434.3 million, respectively, accounting for 46.7%, 44.6% and 45.6% of our total revenue in these respective years.
Summary · p. 6
During the Track Record Period, to the best knowledge of our Directors, none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest customers in any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Business · p. 134
Our revenue is diversified both by end-market application and by customer type.
In 2023, 2024 and 2025, the aggregate sales to our five largest customers in each period during the Track Record Period amounted to RMB1,195.7 million, RMB1,282.4 million and RMB2,172.5 million, respectively, accounting for 21.3%, 23.1% and 31.9% of our total revenue for the respective periods.
Summary · p. 4
In 2023, 2024 and 2025, the sales to our largest customer in each period during the Track Record Period amounted to RMB358.3 million, RMB348.0 million and RMB885.6 million, respectively, accounting for 6.4%, 6.3% and 13.0% of our total revenue for the respective periods.
Summary · p. 4
We were the supplier of the world’s top ten electrolyte manufacturers in 2025 by shipment volume (other than ourselves), and we maintain stable relationships with these customers.
Revenue from sales to our five largest customers in each year during the Track Record Period in aggregate accounted for 29.8%, 44.9% and 45.7% of our total revenue, respectively, for the corresponding years.
Summary · p. 5
Revenue from sales to our largest customer in each year during the Track Record Period accounted for 7.7%, 22.0% and 17.2% of our total revenue, respectively, for the corresponding years.
Summary · p. 5
To the best knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year during the Track Record Period.
In 2023, 2024 and 2025, the revenue from our top five customers amounted to RMB227.4 million, RMB169.8 million, and RMB303.0 million, respectively, representing 52.4%, 28.3%, and 38.1% of our total revenue, respectively.
Summary · p. 8
The change in the top five customers in 2025 was primarily driven by the successful scaling and application of our EIIR and AI-enabled intelligent products.
Business · p. 165
While one key customer from 2024 remained, four new customers ranked among our top five customers, reflecting successful large-scale deployments in sectors like new energy motors, electrical components, and semiconductors.
For the years ended December 31, 2023, 2024 and 2025, sales to our largest customer in each year contributed to 10.5%, 7.2% and 20.4% of our revenue during the respective period.
Summary · p. 8
We believe that any concentration risk among our five largest customers was not significant given their respective contribution to our total revenue set out in the table below.
Business · p. 188
During the Track Record Period, none of our Directors or their associates or any of our existing Shareholders had any interest in any of our five largest customers, all of which were Independent Third Parties.
In 2023, 2024 and 2025, our revenue from our five largest customers, amounted to RMB285.1 million, RMB341.8 million and RMB330.9 million, accounting for 78.7%, 78.4% and 70.2% of our revenue in the respective years.
Business · p. 144
Our customer concentration remains relatively high, mainly because the industries where our end customers operate, particularly in high-performance computing and AI, are dominated by a few leading companies.
Business · p. 144
Revenue generated from our single largest customer for each year during the Track Record Period accounted for 34.1%, 34.7% and 32.5%, respectively, of our revenue in the respective years.
In 2023, 2024 and 2025, revenue from our five largest customers accounted for 63.4%, 67.1% and 65.8% of our total revenue, respectively.
Summary · p. 5
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Customer A accounted for 39.8%, 28.4% and 25.7% of our total revenue, respectively.
Business · p. 137
as a Tier 0.5 supplier, we participate in joint development with Customer A from as early as the concept validation stage and remain involved throughout design, development and mass production across multiple vehicle programs.
Our five largest customers in each year during the Track Record Period accounted for approximately 36.3%, 39.9%, and 39.1% of our total revenue, respectively, and the largest customer accounted for approximately 13.7% and 13.1% and 16.3%, respectively of our total revenue for the corresponding periods.
Summary · p. 4
A majority of our five largest customers had over 5 years of business relationship with us as at the Latest Practicable Date.
Summary · p. 4
To the best of our Directors’ knowledge, information and belief, the business customers and their ultimate beneficial owners are third parties independent of our Company, subsidiaries, shareholders, directors, senior management, employees, and their respective associates.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed 45.8%, 42.2% and 48.3%, respectively, to our total revenue for relevant years.
Summary · p. 6
Sales to our largest customer in each year during the Track Record Period accounted for 15.8%, 11.6% and 20.9% of our total revenue for relevant years.
Summary · p. 6
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.
Revenue generated from our top five customers in each year during the Track Record Period accounted for 36.2%, 28.6% and 27.6% of our total revenue in 2023, 2024 and 2025, and revenue generated from our largest customer in each year during the Track Record Period accounted for 11.5%, 10.8% and 10.1% of our total revenue in the same years, respectively.
Summary · p. 3
Going forward, we also plan to further penetrate into other industries beyond semiconductor industries where we have accumulated experience and resources.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers in each period amounted to RMB1,117.8 million, RMB1,263.3 million and RMB2,130.8 million, representing 76.5%, 66.2% and 59.5% of our total revenue for the respective periods.
Summary · p. 4
We have implemented a multi-pronged strategy to reduce reliance on any single distributor, including MINISO, by establishing a broad, omni-channel sales and distribution network both domestically and internationally.
Business · p. 173
According to Frost & Sullivan, there exists adequate alternative distributors that are capable of distributing the Group’s pop toys at a similar scale to MINISO.