In 2023, 2024 and 2025, we generated revenue from our five largest customers in each year during the Track Record Period of RMB307.1 million, RMB293.8 million and RMB343.5 million, respectively, accounting for 50.2%, 54.6% and 59.6% of our total revenue for the corresponding years.
Summary · 第 9 页
We served approximately 468 end customers through these agencies across a wide range of industries during the Track Record Period.
Summary · 第 10 页
In view of the foregoing, the Directors are of the view that our customer concentration is a natural consequence of industry practice and does not indicate undue reliance or heightened risk.
In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB105.8 million, RMB93.9 million and RMB84.0 million, respectively, accounting for 11.2%, 10.0%, and 9.2% of our total revenue in the same periods, respectively.
Summary · 第 5 页
Revenue from our largest customer in each period of the Track Record Period accounted for 5.4%, 5.0% and 3.8% of our total revenue, respectively.
Business · 第 125 页
To the best of our knowledge and as of the Latest Practicable Date, we were not aware of any information or arrangement that would lead to the termination of our relationships with any of our major customers.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB284.5 million, RMB428.8 million and RMB547.9 million, respectively, accounting for 56.1%, 77.5% and 78.0% of our total revenue for the same years, respectively.
Summary · 第 5 页
The changes in our customer base during the Track Record Period mainly reflected the project-based and customized nature of the satellite and related services as well as satellite-based solutions.
Business · 第 155 页
The customer retention rate of our satellites and related services decreased from 50.0% in 2024 to 12.5% in 2025, mainly because (i) such satellite products and services are typically provided under project-based contracts covering multiple stages over extended periods, and (ii) as our satellite capabilities continued to mature and customer relationships further deepened, customers have increasingly shifted from single-satellite procurement to multi-satellite procurement within a single project.
During the Track Record Period, revenue from our top five customers amounted to RMB130.3 million, RMB153.4 million and RMB170.7 million, accounting for 39.2%, 34.9% and 28.6% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 6 页
In addition, revenue generated from our largest customer in each period of the Track Record Period amounted to RMB48.6 million, RMB58.9 million and RMB57.2 million, accounting for 14.6%, 13.4% and 9.6% of our total revenue, respectively.
In 2023, 2024 and 2025, revenue generated from our top five customers in each period during the Track Record Period accounted for 46.2%, 55.3% and 56.4% 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 23.6%, 21.7% and 23.7% of our total revenue for such period, respectively.
Summary · 第 4 页
Despite the relatively short operating period, NEV solutions business contributed 30.1%, 48.8% and 50.7%, respectively, of our total revenue in 2023, 2024 and 2025 while a significant portion of such revenue was derived from a small number of customers.
Financial Information · 第 217 页
At an early stage of our NEV solutions business, our NEV customer base was highly concentrated. For example, in 2023, our largest NEV customer contributed 23.6% of our total revenue.
Revenue from our five largest customers for the years ended December 31, 2023, 2024 and 2025 amounted to RMB348.1 million, RMB476.4 million and RMB670.7 million, respectively, representing 23.1%, 29.3% and 36.0%, respectively, of our total revenue.
Summary · 第 8 页
During the Track Record Period and as of the Latest Practicable Date, all of our five largest customers were Independent Third Parties.
Business · 第 157 页
As of the Latest Practicable Date, none of our Directors, their respective associates or any of our shareholders (who owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
32.3%, 46.7% and 40.9% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 8.9%, 17.2% and 11.0% of our total revenue, respectively, for the same periods.
Summary · 第 7 页
During the Track Record Period, revenue contributed from our five largest customers accounted for 32.3%, 46.7% and 40.9% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 8.9%, 17.2% and 11.0% of our total revenue, respectively, for the same periods.
Business · 第 133 页
We also retain customers through long-term R&D collaborations and comprehensive after-sales support.
In each year of 2023, 2024 and 2025, revenue contributed from our five largest customers amounted to RMB106.5 million, RMB122.7 million and RMB123.9 million, respectively, accounted for 66.0%, 46.2% and 37.8% of our total revenue in the same years, respectively.
Summary · 第 8 页
In each year of 2023, 2024 and 2025, revenue contributed from our largest customer amounted to RMB61.3 million, RMB49.0 million and RMB31.7 million, respectively, accounting for 38.0%, 18.5% and 9.7% of our total revenue in the same years, respectively.
Business · 第 189 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each year during the Track Record Period were Independent Third Parties.
Revenue from our five largest customers in each year during the Track Record Period accounted for 71.9%, 72.2% and 56.0% of our total revenue for the respective year.
Summary · 第 3 页
Revenue from our largest customer in each year during the Track Record Period accounted for 28.4%, 38.6% and 41.0% of our total revenue for the respective year.
Business · 第 135 页
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any Shareholders holds more than 5% of our issued share capital had any interests in any of our five largest customers in each year of the Track Record Period.
In each year during the Track Record Period, the total revenue generated from our top five customers amounted to RMB351.1 million, RMB998.5 million and RMB1,564.4 million, accounting for 82.5%, 50.7% and 39.5% of our total revenue for each year, respectively.
Summary · 第 3 页
In each year during the Track Record Period, the revenue generated from our largest customer amounted to RMB147.9 million, RMB504.9 million and RMB501.4 million, accounting for 34.8%, 25.7% and 12.7% of our total revenue for each year, respectively.
Business · 第 169 页
Therefore, certain of our top five customers in each year during the Track Record Period were battery operating leasing companies to whom we sold battery packs.
Sales to our largest customer for each year during the Track Record Period accounted for approximately 31.46%, 12.89% and 28.43% of our total revenue for the respective year.
Summary · 第 4 页
Revenue from our five largest customers for each year during the Track Record Period accounted for approximately 50.92%, 49.62% and 64.74%, respectively, of our total revenue for the respective year.
Business · 第 149 页
For key accounts, we typically seek to establish multi-platform or multi-project cooperation arrangements and embed our L1 to L4 solutions as preferred or standard configurations on our customers' EV models and BESS project pipelines.
In 2023, 2024 and 2025, revenue generated from our top five customers in each period during the Track Record Period accounted for 47.5%, 57.3% and 74.1% 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 17.4%, 20.5% and 37.0% of our total revenue for such period, respectively.
Summary · 第 6 页
We are seeking to mitigate the concentration risks by fostering relationships with emerging markets and broadening and diversifying our offerings to appeal to a wider customer base.
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 · 第 6 页
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 · 第 182 页
All of our top five customers in each period during the Track Record Period were Independent Third Parties.
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 · 第 144 页
All of our five largest customers in each year during the Track Record Period purchased products under our proprietary and brand partners’ brands.
Business · 第 145 页
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period 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 · 第 7 页
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 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 · 第 11 页
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 · 第 197 页
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.
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 · 第 5 页
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.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
前五大客户收入占比高且集中于重点资产投资者
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 · 第 6 页
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 · 第 113 页
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.
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 accounted for 9.3%, 15.7% and 24.5% of our total revenue in the corresponding periods.
Summary · 第 5 页
During the Track Record Period, our customers primarily included individual customers who subscribed our whole-course healthcare management services, and to a lesser extent, enterprise customers (i.e. pharmaceutical companies and insurance companies) and we did not experience any material disputes with our customers.
Business · 第 169 页
None of our Directors, their associates or any Shareholders who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers for each year during the Track Record Period.
In 2024 and 2025, our revenue from our five largest customers in each year in aggregate amounted to RMB147.3 million and RMB577.0 million, representing 73.7% and 87.6% of our total corresponding revenues in such period, respectively, and our revenue from the largest customer in each period amounted to RMB58.9 million and RMB333.1 million, accounted for 29.5% and 50.6% of our total corresponding revenues, respectively.
Summary · 第 11 页
During the Track Record Period, we generated revenue from sales of pharmaceutical products and out-licensing arrangements.
Business · 第 214 页
All of our five largest customers in each period during the Track Record Period are Independent Third Parties.