During the Track Record Period, the aggregate revenue generated from our top five customers in each year amounted to RMB3,016.9 million, RMB3,425.5 million, and RMB4,966.2 million respectively, representing approximately 29.3%, 29.3%, and 34.6% of our total revenue in the respective year.
Summary · 第 4 页
We have maintained long-term and stable collaborative relationships with our top five customers for up to 21 years.
Business · 第 160 页
All of our top five customers were Independent Third Parties during the Track Record Period.
In 2023, 2024 and 2025, sales to our five largest customers in each year during the Track Record Period amounted to RMB2,145.6 million, RMB2,690.5 million and RMB9,847.6 million, accounting for 27.1%, 25.1% and 51.0% of our total revenue.
Business · 第 135 页
The increase in customer concentration during the Track Record Period was primarily attributable to the significant growth in orders from certain major customers, particularly in 2025, driven mainly by strong demand for our MLPCB and HDI products for AI and high-performance computing and other high-end applications.
Business · 第 138 页
We believe that we do not unduly rely on our major customers because it primarily reflects a significant increase in orders placed in connection with our HDI products for AI and high performance computing in 2025.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB291.8 million, RMB255.8 million, and RMB241.9 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing 18.0%, 14.6% and 13.0% of our total revenue for the same year.
Summary · 第 4 页
Revenue from our largest customers in each year during the Track Record Period amounted to RMB80.9 million, RMB59.7 million, and RMB75.2 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing 5.0%, 3.4%, and 4.0% of our total revenue for the same year.
Business · 第 157 页
During the Track Record Period, we did not rely on any single distributor for more than 10% of our total revenue in any given year.
In 2023, 2024 and 2025, revenue generated from our five largest customers accounted for approximately 35.3%, 35.3% and 36.2% of our total revenue during those periods, respectively, and revenue generated from our largest customer accounted for approximately 18.1%, 15.5% and 11.8%, respectively, of our total revenues during those periods, respectively.
Summary · 第 3 页
We typically grant a credit term up to 90 days, and periodically evaluate the creditworthiness of our five largest customers by reviewing their payment records and evaluating customers' financial condition.
Business · 第 148 页
We have a growing and diversified customer base spanning across different industry verticals.
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 · 第 164 页
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 · 第 164 页
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.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
前五大客户收入占比升至31.9%
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 · 第 4 页
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 · 第 4 页
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.
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 · 第 8 页
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 · 第 165 页
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.
In the years ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 51.6%, 42.4%, and 41.0% of our total revenue of such period, respectively.
Summary · 第 14 页
In the year ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 51.6%, 42.4% and 41.0% 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 27.2%, 19.6% and 14.3% of our total revenue in the same periods, respectively.
Business · 第 149 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.
During FY2023, FY2024 and FY2025, the revenue generated from our five largest customers in each year accounted for approximately 90.6%, 67.7% and 57.8%, respectively, of our total revenue during the same periods, and revenue generated from our largest customer in each year accounted for approximately 30.7%, 30.5% and 34.8%, respectively, of our total revenue during the same periods.
Summary · 第 6 页
Despite our five largest customers in each year during the Track Record Period exhibited a certain degree of customer concentration, such degree of customer concentration is not uncommon in the software development industry or the online marketing solutions industry according to CIC, and our Directors consider that such customer concentration will not constitute a significant risk to our Group because of the following reasons:
Business · 第 156 页
We generated revenue from 11, 42 and 190 customers during FY2023, FY2024 and FY2025, respectively.
In 2023, 2024 and 2025, revenue from our five largest customers in each year of the Track Record Period amounted to RMB460.6 million, RMB681.5 million and RMB1,144.5 million, respectively, accounting for 21.5%, 26.8% and 29.9% of our total revenue for the respective year.
Summary · 第 2 页
Revenue from our largest customer in 2023, 2024 and 2025 accounted for 5.2%, 8.6% and 12.4% of our total revenue in the same years, respectively.
Business · 第 116 页
During the Track Record Period, our total number of customers also trended upward, with our key customers remaining relatively stable and no attrition among our top ten customers, demonstrating strong customer stickiness.
In 2023, 2024 and 2025, aggregate revenue generated from our five largest customers in each year was RMB190.5 million, RMB226.2 million and RMB238.8 million, respectively, accounting for 39.3%, 29.9% and 22.0% of our total revenue for the same years, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025, revenue generated from our single largest customer in each year was RMB73.2 million, RMB58.0 million and RMB70.5 million, respectively, accounting for 15.1%, 7.7% and 6.5% of our total revenue for the same years.
Summary · 第 5 页
The number of total customers grew from 229 in 2023 to 327 in 2024 and further to 497 in 2025.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
往绩记录期间前五大客户收入占比最高达49.7%
Revenue generated from our top five customers in each year/period during the Track Record Period accounted for 48.0%, 49.7%, 34.3% and 27.4% of our total revenue in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, and revenue generated from our largest customer in each year/period during the Track Record Period accounted for 14.7%, 14.0%, 10.8% and 6.0% of our total revenue in the same years/periods, respectively.
Summary · 第 5 页
See “Risk Factors — Risks Relating to Our Business and Industry — We had a concentration of top five customers in each year/period during the Track Record Period” for more information about the concentration risks we face relating to our top five customers in each year/period during the Track Record Period.
Business · 第 162 页
Our Directors confirm that, save for Customer G, none of our Directors, their respective associates or, to the best of their knowledge, any Shareholder holding more than 5% of our issued share capital, held any interest in any of our top five customers in each year/period during the Track Record Period.
For the same periods, sales to our top five customers (taken, where applicable, on a group basis) amounted to RMB172.6 million, RMB210.3 million and RMB223.4 million, representing 12.3%, 18.2% and 22.1% of our total revenue, respectively.
Business · 第 149 页
We have established a stable and long-term relationship with our customers. Most of our top five customers during the Track Record Period have business relationship with us from 5 years to 8 years.
Business · 第 149 页
For the same periods, sales to our top five customers (taken, where applicable, on a group basis) amounted to RMB172.6 million, RMB210.3 million and RMB223.4 million, representing 12.3%, 18.2% and 22.1% of our total revenue, respectively.
For the years ended December 31, 2022, 2023, 2024 and the eight months ended August 31, 2025, our five largest customers in each year/period during the Track Record Period contributed approximately 22.5%, 28.4%, 29.8% and 26.5% of our total revenue, respectively.
Summary · 第 9 页
As of the Latest Practicable Date, we were not aware of any information or arrangements which would lead to cessation or termination of our relationships with any of our five largest customers in each year/period during the Track Record Period.
Business · 第 215 页
Major customers, who contribute substantially to our revenue, are especially crucial.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our top five customers in each year/period during the Track Record Period accounted for 38.2%, 50.7%, 46.6% and 44.2% of our total revenue for such year/period, respectively, and revenue generated from our largest customer in each year/period during the Track Record Period accounted for 13.0%, 16.3%, 17.6% and 16.6% of our total revenue for such year/period, respectively.
Summary · 第 6 页
Therefore, our ability to maintain favorable and stable relationship with such customers is important to our financial performance.
Financial Information · 第 218 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.
For the years ended December 31, 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB637.1 million, RMB915.3 million, RMB1,006.8 million and RMB1,413.8 million, respectively, which accounted for 16.4%, 19.7%, 25.1% and 37.2% of our total revenue, respectively.
Summary · 第 12 页
The increase in customer concentration in the first nine months of 2025 was mainly due to the structure of the industrial robotics industry and market dynamics.
Business · 第 233 页
However, despite the increasingly higher customer concentration, we consciously monitor our customer concentration level and aim to mitigate relevant risks by (i) expanding into other industries and overseas markets to diversify our customer base and reduce reliance on any single industry or customer, (ii) upgrading our products to diversify our application scenarios, and (iii) collaborating with channel partners to reach small and medium-sized enterprises, while our global presence in regions such as Europe and Southeast Asia helps smooth regional market fluctuations.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our five largest customers in each year/period of the Track Record Period amounted to RMB701.2 million, RMB847.2 million, RMB1,388.8 million and RMB1,398.0 million, respectively, accounting for 30.4%, 39.5%, 47.2% and 49.5% of our total revenue in the same year/period, respectively.
Summary · 第 11 页
In particular, in 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our largest customer, Customer F, accounted for 24.3%, 32.5% and 28.2% of our total revenue, respectively.
Business · 第 240 页
While major customers may possess strong bargaining power, which may affect our pricing and profitability, we believe the benefits outweigh the associated risks.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
往绩记录期间前五大客户收入占比约三成
Revenue from our five largest customers in each year/period during the Track Record Period was RMB114.4 million, RMB122.1 million, RMB149.1 million and RMB80.0 million, respectively, representing 36.5%, 32.5%, 29.6% and 32.1% of our total revenue for the same respective periods.
Summary · 第 15 页
During the Track Record Period, the composition of our five largest customers changed to some extent, primarily because our customer relationships are closely tied to specific projects rather than long-term centralized contracts.
Business · 第 278 页
We manage the risks associated with customer turnover through robust project management, diversified customer acquisition strategies to ensure continuity and stability in our operations.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
往绩记录期间前五大客户收入占比为11.5%至19.3%
In 2022, 2023, 2024 and the nine months ended September 30, 2025, (i) our five largest customers in each year/period during the Track Record Period contributed 12.6%, 11.5%, 12.7% and 19.3% to our total revenue for the respective year/period; and (ii) our largest customer in each year/period during the Track Record Period accounted for 5.5%, 5.2%, 4.0% and 9.7% of our total revenue for the respective year/period.
Summary · 第 4 页
As of the Latest Practicable Date, we had maintained stable business relationship with our major customers for approximately 13 years in average.
Business · 第 159 页
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholder which to the best knowledge of our Directors owned more than 5% of the issued share capital of our Company, had any interest in our five largest customers in each year/period during the Track Record Period.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
往绩记录期间前五大客户收入占比最高达73.8%
Revenue from our five largest customers during each year/period in the Track Record Period accounted for 73.8%, 57.0%, 45.6% and 52.4%, respectively, of our total revenue for the respective year/period.
Summary · 第 5 页
Revenue from our largest customer for each year/period in during the Track Record Period accounted for approximately 40.1%, 17.5%, 15.2% and 27.2% of our total revenue for the respective year/period.