集中度显著变动

In 2020, 2021 and 2022 and the four months ended April 30, 2023, the aggregate revenue generated from our top five customers in each period during the Track Record Period accounted for 26.7%, 19.4%, 11.6% and 13.3% of our total revenue for the respective periods.

The relatively higher contribution of our five largest customers and largest customer for 2020 and 2021 were primarily due to the larger revenue contribution from our corporate and institutional customers including shared mobility service providers and on-demand e-commerce brands following the rise of shared economy and on-demand e-commerce.

For the same periods, revenue generated from our largest customer in each period during the Track Record Period amounted to RMB390.5 million, RMB286.4 million, RMB189.0 million and RMB77.4 million, respectively, representing 16.4%, 8.4%, 4.0% and 4.7%, respectively, of our total revenue for the respective periods.

Our top five customers in each year or period during the Track Record Period in aggregate accounted for 17.4%, 11.1%, 25.8% and 46.1% of our total revenues in 2020, 2021, 2022 and in the three months ended March 31, 2023, respectively.

Our lighthouse users are primarily covered by our in-house sales team who promote our solutions to such lighthouse users, and the ultimate decisions as to choose our solutions are primarily made by the lighthouse users.

According to CIC, engagement with end users through solution partner customers is an industry norm.

During the Track Record Period, sales to our five largest customers in the years ended December 31, 2020, 2021 and 2022 and the four months ended April 30, 2023 represented approximately 19.0%, 9.6%, 10.3% and 29.9% of our total revenue in each year/period, and sales to our largest customer for the same periods represented approximately 5.9%, 2.1%, 2.3% and 10.7% of our total revenue in each year/period.

The sales to our largest customer in the four months ended April 30, 2023 represented over 10% of our total revenue in this period, primarily because of a decrease in our revenue during this period.

Our Directors confirm that our five largest customers in each period during the Track Record Period were all Independent Third Parties and that none of our Directors, their respective close associates or any Shareholder (which to the best knowledge of our Directors owned more than 5% of our share capital as of the Latest Practicable Date) had any interest, directly or indirectly, in any of our five largest customers in each period during the Track Record Period.

Revenue derived from our top five clients accounted for approximately 48.1%, 45.6% and 41.7% of our revenue respectively and the largest client accounted for approximately 13.7%, 14.2% and 10.0% of our revenue respectively for each year during the Track Record Period.

For each of the three financial years ended 31 December 2022, four out of our top five clients are 4A’s agencies which in aggregate contributed approximately 39.9%, 37.8% and 33.7% of our total revenue for the respective years.

Throughout the Track Record Period, our top five clients (other than Distributor A and Supplier A (i.e. Client E)) for each year are 4A’s advertising agencies, all of which have maintained more than 10 years of business relationship with our Group and are Repeat Clients of our Group.

In 2021 and 2022, our five largest customers in each year together accounted for 18.7% and 40.9%, respectively, of our total revenues in the same years, and our largest customer accounted for 18.7% and 39.4%, respectively, of our total revenues in the same years.

The increasing concentration of customers during the Track Record Period was due to the fact that we engaged a distributor in Hong Kong for the commercialization of CUP-MNDE and a distributor in Hainan for the pilot commercialization of CU-40102 and CU-10201, which accounted for the majority of our total revenue during the Track Record Period.

We endeavor to expand and diversify our customer base by expanding direct sales channels as well as our distributor base to substantively reduce our top customer concentration going forward.

In each year during the Track Record Period, revenue generated from our five largest customers amounted to RMB962.3 million, RMB1,161.8 million and RMB1,418.1 million, respectively, representing 26.3%, 18.9% and 17.9% of our total revenue for the same periods, respectively.

In each year during the Track Record Period, revenue generated from our largest customer amounted to RMB379.2 million, RMB454.6 million and RMB498.8 million, respectively, representing 10.4%, 7.4% and 6.3% of our total revenue for the same periods, respectively.

As a result, we have fostered a diverse, blue chip, loyal and high-quality customer base to ensure our operational stability and sustainable growth.

In 2020, 2021 and 2022, revenue from our five largest customers in each year during the Track Record Period accounted for 20.6%, 19.3% and 23.2% of our total revenue for the respective years, and revenue from our largest customer in each year during the Track Record Period accounted for 8.7%, 7.2% and 11.2% of our total revenue for the respective years.

All of our five largest customers and suppliers are independent third parties of our Group during the Track Record Period.

We aim to acquire and retain new pharmaceutical and medical device companies and continue to diversify our customer base.