依赖单一最大客户

In 2023, 2024, 2025 and the four months ended April 30, 2026, the revenue generated from our five largest customers in each year/ period during the Track Record Period was RMB139.8 million, RMB157.4 million, RMB181.2 million and RMB73.9 million, respectively, representing 67.9%, 55.1%, 44.6% and 57.0% of our total revenue, respectively.

(ii) our revenue was generated from mainstream brand customers from various downstream application scenarios, including cleaning robots, service robots, companion robots and other intelligent mobile robotic applications, and was not concentrated on demand from any single brand company or a limited number of brand companies, reflecting the diversity of our customer structure and downstream demand sources.

According to Frost & Sullivan, fluctuations in customer procurement volumes arising from project implementation schedules and end-customer procurement allocation adjustments are common in the industry.

In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from our five largest customers in each year/period during the Track Record Period accounted for 62.4%, 62.5%, 57.8% and 56.9%, respectively, of our total revenue during those years/periods.

The stability of our relationships with our major customers is primarily attributable to (i) we possess self-developed core technologies and adopt a design-in cooperation model with our major customers, under which we conduct in-depth customized development based on their specific requirements, which increases switching costs and strengthens customer stickiness; (ii) we have built long-term, stable cooperation relationships with our major customers over the years, which has fostered a deep foundation of mutual trust and has contributed to the continuity of these relationships; and (iii) our sales arrangements with distributors are typically governed by framework agreements with a term of one year, which automatically renew for successive one-year terms unless either party gives notice of termination prior to expiry, while our direct sales customers are not subject to long-term framework agreements but instead purchase on a purchase order basis.

As revenue from our five largest customers represented a meaningful portion of our total revenue during the Track Record Period, our ongoing efforts to diversify our customer base and expand into new application scenarios would help support the resilience of our revenue base and we believe these efforts could mitigate, to a certain extent, the potential risk to our revenue and profitability that could arise from the loss of, reduction in orders from, or other material changes in our business with our major customers.

In 2023, 2024, 2025 and for the three months ended March 31, 2026, the aggregate revenues generated from our five largest customers in each year/period during the Track Record Period were RMB1,588.7 million, RMB1,792.2 million, RMB2,175.0 million and RMB410.6 million, representing 90.7%, 88.5%, 89.5% and 83.1% of our revenue for the respective years/periods.

Customer A was our largest customer from 2023 to 2025 and our second largest customer for the three months ended March 31, 2026.

Our Directors are of the view that our Group’s business model is sustainable despite our customer concentration.

Revenue generated from our five largest customers in 2023, 2024, 2025 and the six months ended June 30, 2026 accounted for 93.2%, 60.1%, 51.7% and 54.7% of our total revenue in the same periods, respectively, and revenue generated from our single largest customer in each period of the Track Record Period accounted for 47.5%, 17.0%, 16.4% and 14.8% of our total revenue in the same periods, respectively.

Revenue generated from our five largest customers in each period of the Track Record Period accounted for 93.2%, 60.1%, 51.7% and 54.7% of our total revenue in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, and revenue generated from our single largest customer in each period of the Track Record Period accounted for 47.5%, 17.0%, 16.4% and 14.8% of our total revenue in the same periods, respectively.

We have maintained close and sustainable business relationships with our five largest customers in each period during the Track Record Period.

Revenue generated from our five largest customers in each period during the Track Record Period accounted for 12.7%, 14.5%, 13.4% and 16.6% of our total revenue for the respective periods.

In 2023, 2024, 2025 and the four months ended April 30, 2026, revenue generated from our five largest customers amounted to RMB7,919.6 million, RMB9,997.0 million, RMB8,786.9 million and RMB3,856.5 million, respectively, accounting for 12.7%, 14.5%, 13.4% and 16.6% of our total revenue in the same periods, respectively.

During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or, to the knowledge of our Directors, had owned more than 5% of our issued share capital) had any interest in any of our five largest customers.

During the Track Record Period, revenue derived from our top five customers in each period during the Track Record Period amounted to RMB271.0 million, RMB268.9 million, RMB287.7 million and RMB151.4 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 33.8%, 26.3%, 25.5% and 26.4% of our total revenue for the respective period.

Although we have a network of distributors, the sales contribution from our five largest distributors is relatively concentrated, which is consistent with the economic scale, market maturity, and consumer demand within the geographic regions in which these distributors operate.

We have cultivated long-term and stable relationships with our major distributors, which we believe indicates strong market recognition of our products’ competitiveness and our brand’s value.

Revenue generated from our largest customer in each period during the Track Record Period accounted for 37.1%, 36.1%, 29.0% and 37.3% of our total revenue for the respective periods, while revenue generated from our five largest customers in each period during the Track Record Period accounted for 93.6%, 89.2%, 80.4% and 85.6% of our total revenue for the respective periods.

Given our long-term cooperation with these major customers and our integration into their product development and supply chain processes, and the fact that replacing a trusted spatial sensing sensor supplier would generally require technical evaluation, product validation, supply chain requalification and production coordination, which may involve additional time, cost and execution risk, our Directors believe that our relationships with such customers are unlikely to be terminated or materially adversely affected in the ordinary course of business.

As such, we believe that the relatively high revenue contribution from our five largest customers in each year during the Track Record Period would not give rise to material reliance risk.

Sales to our five largest customers in each year/period during the Track Record Period amounted to RMB1,003.0 million, RMB759.9 million, RMB599.7 million and RMB127.5 million, accounting for 63.9%, 68.8%, 63.2% and 64.2% of our total revenue in the respective year/period.

The composition of our five largest customers has changed over the Track Record Period, consistent with changes in our revenue mix from PV manufacturing solutions towards SiPh assembly and testing equipment.

We believe that we do not unduly rely on our major customers because the products we supply to Customer J and Customer N have high technical barriers and customized features and are integrated into its supply chain.

Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB11.7 million, RMB66.5 million, RMB241.4 million and RMB162.9 million, representing 67.0%, 83.4%, 85.7% and 81.3% of our total revenue in the same periods, respectively.

According to Frost & Sullivan, given that the global robotic direct drive actuator module industry is in an early stage of penetration, similar to other upstream robotic component supply chain sectors such as micro-controller unit design, or analog chip companies, where suppliers at an early commercialization stage typically rely on a small number of anchor customers, it is an industry norm for robotic technology companies to maintain a concentrated customer base in order to secure stable order volumes and establish deep technical collaboration with longterm customers.

Accordingly, we consider that the reliance on Customer C primarily reflects the stage of our product commercialization and Customer C’s increased demands, rather than structural dependence on a single customer.

Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB829.4 million, RMB926.6 million, RMB1,020.9 million and RMB619.9 million, representing approximately 28.1%, 28.4%, 29.8% and 29.1% of our total revenue for the respective year/period, while the largest customer in each year/period during the Track Record Period contributed 11.3%, 11.7%, 10.8% and 10.6% of our total revenue, respectively, for the same year/period.

Revenue from our five largest customers in each year during the Track Record Period amounted to RMB829.4 million, RMB926.6 million, RMB1,020.9 million and RMB619.9 million, representing approximately 28.1%, 28.4%, 29.8% and 29.1% of our total revenue for the respective year/period, while the largest customer in each year during the Track Record Period contributed 11.3%, 11.7%, 10.8% and 10.6% of our total revenue, respectively, for the same years/period.

Our business dealings with a number of our top five customers during the Track Record Period have been long-standing.

In each year and period during the Track Record Period, our revenue generated from our five largest customers accounted for 90.1%, 93.7%, 89.1% and 86.5% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, while our revenue generated from the largest customer accounted for 41.1%, 42.4%, 52.7% and 51.8% of our total revenue, respectively, for the same periods.

According to CIC, such concentration lies in a reasonable range in the market of fintech services in the banking industry in Chinese Mainland and Hong Kong.

Nevertheless, we recognize the importance of customer diversification and have implemented a series of measures to mitigate our exposure to customer concentration.

Our revenue generated from sales to the five largest customers in each year/period during the Track Record Period amounted to RMB2,083.6 million, RMB2,780.6 million, RMB3,150.9 million and RMB1,957.8 million, respectively, representing 80.1%, 82.1%, 82.6% and 79.9% of our total revenue for the corresponding years/periods.

During each year/period of the Track Record Period, a majority of our revenue was generated from a small number of customers, principally because a substantial portion of our ASR-branded products is sold through a small number of distributors, which together serve a large and diversified base of downstream customers across a wide range of applications.

Taking into account the foregoing, including our diversified underlying downstream-customer base, our direct relationships with downstream customers and our ability to replace distributors or serve downstream customers directly, our Directors are of the view that we are not unduly dependent on any single customer or distributor.

During the Track Record Period, our top five customers accounted for RMB181.6 million, RMB241.8 million, RMB249.2 million, and RMB146.0 million, accounting for 51.7%, 45.4%, 44.1%, and 43.3% of our total revenue in 2023, 2024, 2025, and in the six months ended June 30, 2026, respectively.

During the Track Record Period, we maintained stable business relationships with our five largest customers in each year/period.

As of the Latest Practicable Date, none of our Directors, their respective associates or any Shareholder who owns more than 5% of the issued share capital of our Company immediately following the completion of the [REDACTED] had any interest in our five largest customers in each year/period during the Track Record Period.

In 2023, 2024, 2025, and the six months ended June 30, 2026, we generated revenue of RMB1,729.4 million, RMB2,053.4 million, RMB2,387.6 million, and RMB1,376.9 million from our five largest customers, respectively, representing 51.3%, 51.2%, 54.9%, and 55.5% of our total revenue for these respective periods.

We commenced business relationship with Customer A in 2004.

To the best of our knowledge, none of our Directors, their associates, or any of our shareholders (who owned or to the knowledge of our Directors had owned more than five percent of our issued share capital) had any interest in any of our five largest customers in each year/period during the Track Record Period.

Our revenue from our five largest customers in each period during the Track Record Period amounted to RMB2,712.3 million, RMB2,804.2 million, RMB3,499.5 million and RMB2,803.3 million, respectively, accounting for 85.8%, 87.3%, 83.1% and 82.4% of our total revenue in the same periods, respectively.

Our Directors consider that, although the revenue from Customer A was relatively concentrated during the Track Record Period, our business model is still sustainable, because (i) our relationship with Customer A is unlikely to materially deteriorate or terminate; and (ii) with the rapid expansion of our production capacity, we are continuously exploring new opportunities to further diversify our customer composition.

According to Frost & Sullivan, as of the Latest Practicable Date, there were no more than five qualified suppliers from whom Customer A can source substitute products.

In FY2023, FY2024, FY2025 and 3M2026, revenue generated from our five largest customers in each year/period during the Track Record Period amounted to RMB174.0 million, RMB193.0 million, RMB242.6 million and RMB63.7 million, respectively, representing approximately 71.3%, 72.2%, 76.4% and 83.2% of our total revenue in the respective years/periods, while our largest customer in each year/period during the Track Record Period, accounted for approximately 31.9%, 37.6%, 36.7% and 31.6% of our total revenue respectively in the same years/periods.

During the Track Record Period our revenue was concentrated among our top five customers.

Taking the foregoing into account, our Directors consider that, although our major customers possess relatively greater ability to negotiate commercial terms, the customer concentration did not materially adversely affect our pricing, overall gross profit margin, credit terms or other material commercial arrangements during the Track Record Period.

During the Track Record Period, we had only one customer.

For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, revenue generated from this customer for each period amounted to RMB0.9 million, RMB0.5 million and nil, representing approximately 100.0%, 100.0% and nil of our total revenue for the same period, respectively.

During the Track Record Period, our revenue was primarily derived from technology transfer related to a preclinical program.

In 2023, 2024, and 2025, our top five customers together accounted for approximately 42.0%, 34.6%, and 34.6% of our total revenue, respectively.

The decline in the percentage contribution of our top five customers from 2023 to 2024 reflects a further diversification of our customer base.

We have a diversified customer base without over-reliance on any single customer. Our top five customers are primarily battery and electronic component manufacturers.

In 2023, 2024, 2025 and the six months ended June 30, 2026, our revenue from the five largest customers in each period during the Track Record Period in total was RMB20,715.5 million, RMB25,480.3 million, RMB23,891.3 million and RMB12,281.3 million, respectively, accounting for 36.2%, 39.5%, 40.4% and 32.3% of our total revenue in the same periods, respectively.

In the same periods, our revenue from the single largest customer in each period during the Track Record Period was RMB7,825.7 million, RMB9,841.9 million, RMB8,512.9 million and RMB3,452.4 million, respectively, accounting for 13.7%, 15.3%, 14.4% and 9.1% of our total revenue in the same periods, respectively.

To the best of our knowledge, save for CHINT Group, all of our five largest customers in each period during the Track Record Period were independent third parties.

Revenue generated from our five largest customers in 2024 and 2025 and the six months ended June 30, 2026, accounted for 60.8%, 56.2% and 44.8%, respectively, of our revenue for the respective periods.

We generally require payment in advance before delivery, and credit terms are granted only in exceptional circumstances.

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 or period during the Track Record Period were Independent Third Parties.