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 largest customer in each year during the Track Record Period accounted for 29.7%, 45.5% and 20.6% of our total sales in the respective years.
Summary · p. 8
Revenue generated from our five largest customers in each year during the Track Record Period accounted for 46.4%, 63.1% and 40.4% of our total sales in the respective years.
Business · p. 170
To ensure long-term, sustainable growth, we are committed to diversifying our customer base.
In 2023, 2024, and 2025, revenue from the five largest customers in each year was RMB1,449.7 million, RMB1,606.4 million, and RMB1,645.2 million, respectively, accounting for 21.5%, 19.7%, and 17.5% of our total revenue, respectively.
Summary · p. 8
All of our five largest customers in each year during the Track Record Period are Independent Third Parties.
Business · p. 156
While certain business segments maintained relatively higher concentration among leading customers, we continued to broaden our customer coverage and diversify our customer portfolio.
In 2023, 2024 and 2025, sales to our five largest customers, all of whom were our distributors except for Customer H mentioned below, amounted to RMB515.2 million, RMB211.3 million and RMB609.7 million, accounting for 71.3%, 28.8% and 24.1% of our total revenue in the respective years.
Summary · p. 3
Our sales to customers were relatively concentrated in 2023, with our top five customers contributing 71.3% of our revenue and our largest customer contributing 46.4% of our revenue in that year.
Business · p. 154
In particular, the relatively high contribution of Customer A, which remained our largest customer in 2024 and 2025, was primarily attributable to our increased sales of ESS products in South Africa, where Customer A served as a key customer in that market.
During the Track Record Period, revenue contributed from our five largest customers in each year accounted for 46.3%, 38.6% and 42.0% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 14.4%, 12.8% and 12.3% of our total revenue, respectively, for the same year.
Summary · p. 6
We plan to broaden our customer base and strengthen our relationship with customers.
Business · p. 188
We consider it critical to diversify our revenue stream and plan to deepen our collaboration with existing direct sale customers and attract and establish long-term business relationship with new direct sale customers in the near future.
During the Track Record Period, revenue attributable to our five largest customers amounted to RMB57.9 million, RMB91.4 million and RMB129.0 million in 2023, 2024 and 2025, respectively, representing 11.2%, 17.5% and 22.9% of our total revenue for the respective year.
Summary · p. 5
Revenue from our largest customer in each of those years was RMB16.2 million, RMB47.5 million and RMB72.2 million, respectively, accounting for 3.1%, 9.1% and 12.8% of our total revenue, respectively.
Summary · p. 5
Revenue from our largest customer in each of these years was RMB16.2 million, RMB47.5 million and RMB72.2 million, respectively, accounting for 3.1%, 9.1% and 12.8% of our total revenue, respectively.
We generated revenue of RMB276.4 million, RMB890.8 million and RMB1,645.0 million from our top five customers, representing 59.5%, 74.1% and 67.5%, respectively, to our total revenue for the years ended December 31, 2023, 2024 and 2025.
Summary · p. 10
In addition, our Key Account Customers currently contribute a significant portion of our revenues, with our five largest customers accounting for 67.5% of our total revenue for the year ended December 31, 2025.
Financial Information · p. 203
For the year ended December 31, 2025, we maintained a Key Account Customer retention rate of 100.0% and a Key Account Customer net dollar retention rate of 180.5%.
For 2023, 2024 and 2025, our revenue from the five largest customers in each year during the Track Record Period in aggregate amounted to RMB486.8 million, RMB539.0 million and RMB972.8 million, representing 54.8%, 59.8% and 57.9% of our total revenue for the respective years.
Summary · p. 6
Our customer concentration is in part a structural feature of China's pharmaceutical industry.
Business · p. 176
Our revenue is ultimately driven by end-market demand from hospitals, pharmacies and patients rather than by any individual distributor's purchasing decisions, and accordingly, the apparent customer concentration at the distributor level does not reflect a corresponding concentration of underlying demand.
For the years ended December 31, 2023, 2024 and 2025, the aggregate revenue generated from our top five customers amounted to HK$345.7 million, HK$449.1 million and HK$466.0 million, respectively, representing 96.7%, 94.7% and 92.9%, respectively, of our total revenue for the respective periods.
Business · p. 138
While our revenue is concentrated among a small number of major retailer customers, such customer concentration is common and structurally inherent in the decorative gardening and gardening supply industry, where procurement is typically centralized within large international retail chains.
Business · p. 140
Customer G and Customer H were both onboarded after approximately 20 months. As such onboarding cycles are lengthy, customer diversification is typically realized progressively rather than immediately.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year in aggregate amounted to RMB752.4 million, RMB752.3 million and RMB1,144.3 million, respectively, representing 80.3%, 79.9% and 86.6% of our total revenue in the corresponding years.
Summary · p. 5
For the same years, our revenue generated from sales to our largest customer amounted to RMB245.4 million, RMB313.5 million and RMB432.9 million, respectively, representing 26.2%, 33.3% and 32.8% of our total revenue in the corresponding years.
Summary · p. 5
During the Track Record Period, our customers primarily consisted of our distributors and we did not experience any material disputes with our customers.
In 2023, 2024 and 2025, the revenue generated from our five largest customers for each year amounted to RMB206.0 million, RMB358.0 million and RMB420.1 million, respectively, accounting for 99.0%, 97.4% and 89.6% of our total revenue for the corresponding year, respectively.
Summary · p. 6
Our top five customers accounted for 99.0%, 97.4% and 89.6% of our total revenue in 2023, 2024 and 2025, respectively, while our largest customer accounted for 44.5%, 46.8% and 41.4% of our total revenue during the same periods.
Business · p. 144
As an upstream provider of perceptual interaction solutions for smart devices, customer concentration is inherent regardless of the point in the value chain at which we engage in sales.
During the Track Record Period, we had only four customers, Vignette Bio, Inc. ("Vignette"), Candid, Almirall and Juri.
Summary · p. 9
In 2024, we received non-refundable upfront payments from Vignette and Candid and also generated revenue from provision of research services under the Candid Agreement.
Business · p. 223
Vignette Bio, Inc.* A clinical-stage company formed License grant Since 2024 | 428,694 | 93.4
During the Track Record Period, the aggregate revenue generated from our five largest customers in each years amounted to RMB309.7 million, RMB296.5 million and RMB862.3 million of revenues, respectively, accounting for 95.6%, 94.2% and 96.1% of our total revenue, respectively.
Summary · p. 5
Our revenue generated from Customer A was RMB148.6 million, RMB156.9 million and RMB672.4 million in 2023, 2024 and 2025, respectively, accounting for 45.9%, 49.9% and 74.9% of our total revenue in the same years, respectively.
Business · p. 131
Despite the concentration of our revenue attributable to Customer A, our Directors are of the view that the risk of any material adverse change in, or termination of, our business relationship with Customer A is relatively low, and that we are able to effectively mitigate our exposure to such risk, based on (i) mutual benefit and high switching barriers with Customer A; (ii) long term and stable relationship with Customer A, and (iii) diversification of customer base and revenue stream.
Our aggregate revenue from our five largest customers in 2023, 2024 and 2025 amounted to RMB541.8 million, RMB496.9 million and RMB505.1 million, respectively, representing 36.0%, 37.2% and 36.0% of our total revenue, respectively.
Summary · p. 7
Our key account customer retention rate remained at a consistently high level of 97.1%, 97.4% and 100.0% in 2023, 2024 and 2025, respectively, reflecting their continued recognition of our service quality and execution capabilities.
During the Track Record Period, revenue attributable to our five largest customers amounted to RMB377.3 million, RMB357.6 million and RMB446.1 million in 2023, 2024 and 2025, respectively, representing 43.8%, 25.2% and 34.3% of our total revenue for the corresponding periods.
Summary · p. 3
During the same periods, revenue attributable to our single largest customer amounted to RMB204.5 million, RMB211.2 million and RMB218.1 million in 2023, 2024 and 2025, respectively, representing 23.8%, 14.9% and 16.8% of our total revenue for the corresponding periods.
Business · p. 169
Our engagement with such key partners, particularly our stable cooperation relationship with them as well as the key contractual terms underlying such cooperation, may have material impact on our business operation and financial performance.
In 2024 and 2025, the total revenue generated from our five largest customers in each year was RMB1.8 million and RMB11.7 million, respectively, accounting for 100.0% and 96.4%, respectively, of our total revenue for the same years.
Summary · p. 6
During the same years, revenue generated from our single largest customer of each year amounted to RMB1.6 million and RMB4.8 million, respectively, representing 88.9% and 39.2%, respectively, of our total revenue for the same years.
Business · p. 197
To the best knowledge of our Directors, each of our five largest customers for each year during the Track Record Period is an Independent Third Party.
In 2023, 2024 and 2025, revenue generated from our top five customers for each year during the Track Record Period accounted for 29.3%, 37.7% and 42.3% of our total revenue of such period, respectively, and revenue generated from our largest customer for each year during the Track Record Period accounted for 8.4%, 10.9% and 12.1% of our total revenue in the same periods, respectively.
Summary · p. 3
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
Business · p. 152
Therefore, our ability to maintain favorable and stable relationship with such customers is important to our financial performance.
In 2023, 2024 and 2025, the aggregate sales to our five largest customers in each year during the Track Record Period amounted to RMB198.5 million, RMB236.0 million and RMB292.0 million, respectively, accounting for 34.4%, 35.3% and 38.0% of our total revenue, respectively.
Summary · p. 6
In 2023, 2024 and 2025, the sales to our largest customer in each year during the Track Record Period amounted to RMB54.6 million, RMB60.4 million and RMB73.8 million, respectively, accounting for 9.5%, 9.0% and 9.6% of our total revenue in each year, respectively.
Business · p. 161
We have cultivated a loyal and stable customer base, with 70% of our overseas customers in terms of revenue having maintained partnerships with us for over 11 years.
Revenue from five largest customers in each year, calculated on the group level with entities controlled by the same group combined together, amounted to RMB58.0 million, RMB64.4 million and RMB77.8 million in 2023, 2024 and 2025, respectively, representing approximately 29.3%, 29.2% and 33.1% of our total revenue for the corresponding periods.
Business · p. 180
To the best knowledge of our Directors, all of our five largest customers in each year during the Track Record Period are Independent Third Parties.
Business · p. 181
None of our Directors, their respective close associates or any shareholder who, to the knowledge of our Directors, 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 in each year during the Track Record Period.
Our five largest customers accounted for 25.0%, 27.8%, 26.1%, and 26.2% of our total revenue, respectively.
Summary · p. 6
In 2023, 2024, 2025, and for the three months ended March 31, 2026, revenue generated from our five largest customers amounted to RMB58.6 million, RMB78.8 million, RMB131.1 million, and RMB20.8 million, respectively, accounting for 25.0%, 27.8%, 26.1%, and 26.2% of our total revenue, respectively.
Business · p. 161
Revenue from key customers accounted for 71.0%, 70.0%, 81.1%, 26.8% and 56.7% of our total revenue in 2023, 2024, 2025 and for the three months ended March 31, 2025 and 2026, respectively, reflecting our increasing penetration of large enterprise customers and higher average revenue contribution from these customers.
During the Track Record Period, revenue generated from our five largest customers amounted to RMB0.7 million and RMB2.1 million in 2024 and 2025, accounting for 94.9% and 88.0% of our total revenue for the same years, respectively.
Summary · p. 7
Revenue from our single largest customer amounted to RMB0.3 million and RMB0.6 million in 2024 and 2025, accounting for 45.8% and 25.4% of our revenue for the same years, respectively.
Summary · p. 7
We believe that we maintain strong and stable relationships with our major customers.