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)
For each of the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers in each year amounted to RMB7,879.9 million, RMB9,731.7 million and RMB10,451.1 million, accounting for 48.6%, 52.1% and 48.7% of our total revenue in the respective periods.
Business · p. 152
We believe that the likelihood of any material adverse change in or termination of our business relationship with our top five customers is low, considering that (i) we have partnered with all of these customers for long periods of time and have established mutually beneficial relationships with them; and (ii) we have gained a unique and deep understanding of their demands and preferences for supply chain solutions, giving us competitive advantages as compared to our competitors.
For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our five largest customers in each year accounted for 64.6%, 67.9%, and 48.6%, respectively, of our revenue during those periods.
Summary · p. 3
For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our largest customer in each year accounted for 20.0%, 30.2% and 14.4%, respectively, of our revenue during those periods.
Business · p. 156
Having considered the factors set out in Chapter 1.2B of the Guide, our Directors are of the view that the Group does not have material reliance on any single customer given (i) the project-based business model with natural customer turnover, (ii) the customer concentration being an industry norm as confirmed by Frost & Sullivan, (iii) the decreasing concentration trend, and (iv) the diversified business lines across Trunk Port, Trunk Pilot and Trunk City serving different customer segments.
For the years ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers accounted for 66.8%, 43.8% and 27.2% of our total revenue, respectively, while revenue generated from our largest customer for each year of the Track Record Period accounted for 23.7%, 12.1% and 6.8% of our total revenue, respectively.
Summary · p. 5
Following the expansion of its business operations after 2024, Customer A gradually transitioned to conducting such business operations in-house and ceased cooperation with us in 2025.
Business · p. 148
Accordingly, the proportion of revenue generated from direct customers in our overseas marketing services revenue increased from 30.4% for the year ended December 31, 2023 to 70.9% for the year ended December 31, 2024, and remained relatively stable at 70.6% for the year ended December 31, 2025.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each period in aggregate amounted to RMB4,807.3 million, RMB5,466.9 million and RMB5,333.0 million, respectively, representing 41.9%, 37.4% and 37.1% of our total revenue in the corresponding periods.
Summary · p. 5
For the same periods, our revenue generated from sales to our largest customer amounted to RMB3,197.9 million, RMB3,022.0 million and RMB2,719.5 million, respectively, representing 27.9%, 20.7% and 18.9% of our total revenue in the corresponding periods.
Business · p. 159
However, since our revenue and trade and bills receivables are relatively concentrated, the financial condition and procurement policies of our principal customers will materially affect our financial condition and results of operations.
In the years ended 31 December 2023, 2024 and 2025, our top five customers in each year together generated RMB1,903.5 million, RMB1,785.9 million and RMB2,485.0 million of revenues, respectively, accounting for 63.8%, 50.9% and 60.8% of our total revenue, respectively.
Business · p. 144
During the Track Record Period, we had significant customer concentration in NEVs and energy storage systems industries, with all of our top five customers for each year during the Track Record Period being part of the value chain of the abovementioned industries.
Business · p. 147
During the Track Record Period, we entered into a Global Strategic Cooperation Memorandum with LG Energy Solution, a Strategic Memorandum with Samsung SDI and a Global Strategic Cooperation Framework Agreement with EVE Energy.
During the Track Record Period, our revenue was all derived from our out-license and collaboration agreements with Junshi Biosciences and/or Junze Chuangyao.
Summary · p. 14
During the Track Record Period, all of our revenue was derived from our out-license and collaboration agreements with Junshi Biosciences and/or Junze Chuangyao.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB3,708.3 million, RMB4,658.1 million and RMB7,027.0 million, respectively, accounting for 85.0%, 84.2% and 81.4% of our total revenue for the same years.
Business · p. 144
During the Track Record Period, a majority of our revenue was generated from a small number of major customers.
Business · p. 146
Our Directors are of the view that it is unlikely that our business relationships with our major customers will materially deteriorate or be terminated, taking into account our long-standing cooperation with such customers, our track record of meeting their requirements in terms of product quality and delivery, and the absence of material disputes with them during the Track Record Period.
During each of the years ended 31 December 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period amounted to RMB178.0 million, RMB220.8 million and RMB254.7 million, representing 38.0%, 35.7% and 37.3% of our total revenue during the respective years.
Summary · p. 4
We maintain long-term and stable business relationships with our major customers, including tier-1 suppliers, OEMs and branded consumer product manufacturers.
During the Track Record Period, our revenue from the five largest customers in each year accounted for 38.3%, 59.0% and 46.8% of our total revenue, and the revenue from our largest customer amounted to approximately RMB23.0 million, RMB185.7 million and RMB94.0 million, respectively, accounting for 19.6%, 35.5% and 14.1% of our total revenue during the same year, respectively.
Summary · p. 4
While Customer F and Customer K represent a relatively significant portion of our revenue in FY2024 and FY2025, respectively, our Directors believe the concentration risk associated with these customers is mitigated by our active diversification of our customer portfolio.
Business · p. 152
As at the Latest Practicable Date, there have been no disputes or indications of material changes in our relationship with Customer F or Customer K, and our Directors expect these relationships to remain stable, supported by our tailored offerings and consistent delivery performance.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Customer A accounted for 44.1%, 35.2% and 30.0% of our total revenue, respectively; and our revenue generated from Customer B accounted for 27.7%, 32.6% and 23.3% of our total revenue, respectively.
Business · p. 158
As a result, cloud computing service providers’ customer concentration on major internet companies is an industry norm, according to CIC.
Business · p. 159
our customer concentration has improved materially over the Track Record Period.
For the years ended December 31, 2023, 2024, and 2025, revenue generated from our five largest customers in aggregate accounted for 72.7%, 81.7% and 82.9% of our total revenue, respectively.
Business · p. 164
Customer A is one of the two large-scale stated-owned enterprise in the power transmission and electricity supply industry in China, with a market share approximately 70% in terms of electricity market-based trading volume in 2025 according to Frost & Sullivan.
Business · p. 164
We continue to diversify our customer portfolio by expanding our presence in the data center sector, while enhancing value-added services to deepen engagement with existing key accounts.
In 2023, 2024 and 2025, revenue generated from our five largest customers accounted for 63.6%, 54.0% and 51.0% of our total revenue, respectively.
Summary · p. 4
During the same years, our single largest customer contributed to 35.1%, 17.3% and 15.8% of our total revenue, respectively.
Summary · p. 4
Relying on our outstanding R&D capabilities, rapid demand response capabilities and consistently stable product quality, we have established stable long-term relationships with well-known customers in downstream industries through joint product development.
In 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 35.6%, 52.1% and 52.3% of our total revenue of such period, respectively, and revenue generated from our largest customer for each period during the Track Record Period accounted for 9.2%, 25.2% and 31.9% of our total revenue in the same periods, respectively.
Summary · p. 4
During the Track Record Period, we derived an increasing proportion of our total revenue from Customer B, which was our second largest customer in 2023 and our largest customer in each of 2024 and 2025.
Business · p. 165
Our Directors confirm that during the Track Record Period, we had no material concentration on car brands.
Revenues generated from our largest customer for FY2023, FY2024 and FY2025 accounted for 30.0%, 33.0% and 32.7% of our total revenue for the respective years.
Business · p. 136
our Directors are of the view that the concentration of our sales to our five largest customers does not give rise to any material reliance issue that would have a material adverse impact on our business operation and financial performance
Business · p. 137
(ii) a majority of our major customers are leading IC companies in the Chinese Mainland that impose very stringent qualification requirements on selecting their suppliers, and we have undergone lengthy and complex validation processes with them, and it would take time and cost for them to purchase from a new supplier
For 2025, revenue generated from our largest customer amounted to RMB107.4 million, representing 100.0% of our total revenue for the same year.
Summary · p. 7
During the Track Record Period, our revenue was primarily derived from out-licensing and collaboration arrangements with Biohaven, including income of intellectual property to collaborators, representing non-refundable and non-deductible upfront payments received from collaborators.
Business · p. 214
We will also actively pursue new collaboration opportunities to diversify our revenue sources.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year amounted to RMB313.2 million, RMB737.1 million and RMB3,609.8 million, respectively, accounting for 99.7%, 99.9%, and 99.5% of our total revenue in the same years, respectively.
Summary · p. 5
We believe that the relationship between us and Geely Related Group is unlikely to materially adversely change or terminate.
Summary · p. 6
We will be able to effectively mitigate the relevant exposure through the following approaches: (i) we have and will continue to expand our OEM customer base leveraging the quality of our products and our R&D capability; and (ii) we have strategically expanded into the AIDC power supply system and embodied intelligence domain-controlled electric drive system segments to further diversify our solution portfolio.
In 2023, 2024 and 2025, revenue from sales to our top five customers in aggregate accounted for 25.4%, 22.3% and 12.3% of our total revenue in each year during the Track Record Period, respectively, and revenue from sales to our largest customer accounted for 10.2%, 6.3% and 3.2% of our total revenue for the same years, respectively.
Summary · p. 4
During the Track Record Period, all of our top five customers in each year during the Track Record Period were Independent Third Parties of the Group.
Summary · p. 4
While the controlling shareholder of Xin Zhifeng, one of our Shareholders, holds certain equity interest in Customer F, none of our Directors and their close associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) has any interest in any of our top five customers in each year during the Track Record Period that is required to be disclosed under the Listing Rules.
In 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 78.6%, 88.8% and 78.3% of our total revenue of such period, respectively.
Summary · p. 5
Revenue generated from Customer A amounted to RMB86.9 million, RMB162.3 million and RMB114.7 million, respectively, accounting for 57.9%, 66.5% and 33.1% of our total revenue in the same respective periods.
Business · p. 148
To the best knowledge of the Company, during the Track Record Period, the amount of purchases from our Company as a percentage of the total purchases of Customer A was approximately 80% in each respective periods.
In 2023, 2024 and 2025, revenue generated from our top five customers in each year during the Track Record Period accounted for 9.7%, 27.5% and 28.5% of our total revenue, respectively, and revenue from our largest customer in each year during the Track Record Period accounted for 6.6%, 18.2% and 14.3% of our total revenue in the same periods, respectively.
Summary · p. 6
In 2023, 2024 and 2025, revenue generated from our top five customers in each year during the Track Record Period accounted for 9.7%, 27.5% and 28.5% of our total revenue, respectively, and revenue from our largest customer in each year during the Track Record Period accounted for 6.6%, 18.2% and 14.3% of our total revenue in the same periods, respectively.
Business · p. 144
We do not believe that we relied on any particular customer to generate a significant portion of our revenue during the Track Record Period.
In each year/period during the Track Record Period, our five largest customers for each relevant year/period together generated RMB4,111.5 million, RMB6,792.0 million, RMB10,102.8 million and RMB3,628.7 million of our revenues, respectively, accounting for 46.0%, 50.9%, 53.3% and 58.4% of our total revenue, respectively.
Summary · p. 5
To the best of our knowledge, all of our five largest customers in each year/period during the Track Record Period were Independent Third Parties.
Business · p. 152
We have maintained stable, long-term relationships with five of our global end customers for 20 years or more.