In addition, during the Track Record Period, a major amount of our revenue from the cloud hospital platform services and smart healthcare products segments was from public sector customers. We focus on, and expect to continue to focus on, these customers in these segments.
Business · p. 291
We focus on customers in the public sector in the cloud hospital platform services and smart healthcare products segments. We are also exposed to the risk of any payment delay from them.
Summary · p. 11
We acquire most of our customers through tender and bidding process, with historical bidding success rate over 80%.
Customer A is a government association in charge of residential buildings and public infrastructure management in Shuozhou area.
Business · p. 282
During the Track Record Period, we received price subsidies to compensate the shortfall in revenue from our provision of heat services due to low heat rates under our Shuozhou Project.
Business · p. 282
Price subsidies to our Shuozhou Project granted to us are not one-off in nature and have been continuously granted to us.
Attributable to our comprehensive and multi-dimensional service model covering the full cycle of projects, we have fostered a loyal and high-quality customer base over the years, which primarily includes large central enterprises, local SOEs, public entities, private companies and individuals in China.
Business · p. 221
In particular, most of our operating leases for neo-excavation systems were obtained through direct negotiations (except when we were engaged with SOEs, which would require a public tender process), whilst most contracts for engineering and technical services were obtained through public tender to SOEs.
Business · p. 220
For the three years ended December 31, 2020, 2021 and 2022, revenue generated from SOEs represented 36.5%, 28.0% and 27.4% of our total revenue, respectively.
For FY2019, FY2020, FY2021 and 3Q2022, approximately RMB662.9 million, RMB453.3 million, RMB447.7 million and RMB676.5 million of our revenue was generated from the Government-related Entities, representing 36.4%, 25.6%, 24.6% and 49.5% of our total revenue during the same period, respectively.
Summary · p. 4
In light of the general expectation that the payment obligations for government projects will be honoured, our Directors take the view that the credit risk of trade receivables and contract assets in relation to our government projects that are owned by Government-related Entities is low.