客户为经销商或集成商

Our revenue generated from our largest customer in each of the years ended December 31, 2022 and 2023 and the five months ended May 31, 2024 amounted to RMB7.7 million, RMB21.8 million, and RMB10.0 million, accounting for 23.4%, 32.7%, and 34.9% of our total revenue, respectively; revenue from our five largest customers in aggregate in each of the years ended December 31, 2022 and 2023 and the five months ended May 31, 2024 amounted to RMB26.8 million, RMB58.9 million, and RMB24.0 million, accounting for 81.6%, 88.5%, and 84.0% of our total revenue, respectively, indicating a relatively high customer concentration.

According to Frost & Sullivan, it is common for biopharmaceutical companies, particularly those with single approved product and in the early commercialization stage, to depend heavily on a limited number of customers.

In view of this, we plan to actively expand our customer base in overseas markets in the future.

Revenue generated from our five largest customers in each of 2021, 2022 and 2023 and the four months ended April 30, 2024 accounted for 20.7%, 18.2%, 17.6% and 15.5%, respectively, of our total revenue during those respective periods.

Revenue generated from our largest customer in each of 2021, 2022 and 2023 and the four months ended April 30, 2024 accounted for 8.4%, 7.3%, 7.1% and 6.1%, respectively, of our total revenues during those respective periods.

Except for Customer E who was our direct sales customers, all of our five largest customers in each of 2021, 2022 and 2023 and the four months ended April 30, 2024 were our distributors.

Our aggregate revenue from our five largest customers in each year of the Track Record Period amounted to RMB181.0 million, RMB120.2 million and RMB124.5 million, accounting for 26.8%, 25.7% and 25.3% of our total revenue in the respective periods

our revenue from our largest customer in each year of the Track Record Period amounted to RMB71.0 million, RMB65.1 million and RMB78.9 million, representing 10.5%, 13.9% and 16.0% of our total revenue in the respective periods.

During the Track Record Period and as of the Latest Practicable Date, our transactions and collaboration with China Grand Automotive Services Group Co., Ltd. were conducted on normal commercial terms.

For FY2020, FY2021, FY2022 and 9M2023, sales to our largest customer in each year/ period accounted for approximately 15.3%, 16.3%, 16.5% and 16.7%, of our total revenue, respectively.

To the best knowledge of our Directors, our Group is the sole supplier of potted vegetable produce and the major supplier of vegetable produce of our five largest customers in each year/ period during the Track Record Period.

The aggregated revenue contribution from our five largest customers accounted for 70.1% of our total revenue in the year ended 31 December 2019, which was reduced to 56.1%, 66.3%, 67.3% and 68.1% of our total revenue in FY2020, FY2021, FY2022 and 9M2023.