In each of 2023, 2024 and 2025, our five largest customers together contributed RMB133.9 million, RMB310.1 million and RMB456.0 million of revenue, respectively, accounting for approximately 46.9%, 54.6% and 52.8% of our total revenue, respectively.
Summary · 第 7 页
This concentration reflects market structure rather than over-reliance, as the semiconductor chip industry is characterized by a relatively concentrated structure with a small number of major global players dominating the market.
Business · 第 170 页
We have implemented various measures to mitigate customer concentration risks, including actively pursuing new customer development initiatives across all business segments, expanding our product portfolio to address broader market applications, maintaining technical excellence and competitive pricing, and monitoring industry trends to anticipate changes in customer demand patterns.
For the years ended December 31, 2024 and 2025, our revenue from our five largest customers in each period in aggregate accounted for 90.5% and 93.9% of our total revenue for the respective period. Our revenue from our largest customer in each period accounted for 61.2% and 59.8% of our total revenue for the respective period.
Summary · 第 10 页
For the years ended December 31, 2024 and 2025, our revenue from our five largest customers in each period in aggregate accounted for 90.5% and 93.9% of our total revenue for the respective period.
Business · 第 209 页
To the best of our knowledge, (i) all of our customers for each period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our customers for each period during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers for each year amounted to RMB787.9 million, RMB497.0 million and RMB492.2 million, respectively, accounting for 79.9%, 72.4% and 71.8% of our total revenue for the respective year, and revenue from our largest customer for each year amounted to RMB332.3 million, RMB170.4 million and RMB191.2 million, respectively, accounting for 33.7%, 24.8% and 27.9% of our total revenue for the respective year.
Summary · 第 6 页
During the Track Record Period, our customers primarily consisted of our distributors.
Business · 第 171 页
To the best of our knowledge, (i) all of our five largest customers for each year during the Track Record Period were Independent Third Parties; and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest customers for each year during the Track Record Period.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
前五大客户收入占比逾九成，最大客户传音占比近八成
For the years ended December 31, 2023, 2024 and 2025, our five largest customers in each of such year accounted for approximately 94.2%, 97.1% and 97.7% of our total revenue, respectively, and sales to the largest customer accounted for approximately 79.3%, 88.8% and 79.0% of our total revenue, respectively.
Summary · 第 5 页
During the Track Record Period, Transsion was our largest customer, and revenue generated from our sales to Transsion accounted for 79.3%, 88.8% and 79.0% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 5 页
Our Directors are of the view that our reliance risk on Transsion is manageable as a whole, and that our business relationship with Transsion is unlikely to undergo any material adverse change or termination in the foreseeable future
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB1,086.7 million, RMB1,033.0 million and RMB1,434.3 million, respectively, accounting for 46.7%, 44.6% and 45.6% of our total revenue in these respective years.
Summary · 第 6 页
During the Track Record Period, to the best knowledge of our Directors, none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest customers in any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Business · 第 134 页
Our revenue is diversified both by end-market application and by customer type.
Revenue from sales to our five largest customers in each year during the Track Record Period in aggregate accounted for 29.8%, 44.9% and 45.7% of our total revenue, respectively, for the corresponding years.
Summary · 第 5 页
Revenue from sales to our largest customer in each year during the Track Record Period accounted for 7.7%, 22.0% and 17.2% of our total revenue, respectively, for the corresponding years.
Summary · 第 5 页
To the best knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, sales to our largest customer in each year contributed to 10.5%, 7.2% and 20.4% of our revenue during the respective period.
Summary · 第 8 页
We believe that any concentration risk among our five largest customers was not significant given their respective contribution to our total revenue set out in the table below.
Business · 第 188 页
During the Track Record Period, none of our Directors or their associates or any of our existing Shareholders had any interest in any of our five largest customers, all of which were Independent Third Parties.
In 2023, 2024 and 2025, our revenue from our five largest customers, amounted to RMB285.1 million, RMB341.8 million and RMB330.9 million, accounting for 78.7%, 78.4% and 70.2% of our revenue in the respective years.
Business · 第 144 页
Our customer concentration remains relatively high, mainly because the industries where our end customers operate, particularly in high-performance computing and AI, are dominated by a few leading companies.
Business · 第 144 页
Revenue generated from our single largest customer for each year during the Track Record Period accounted for 34.1%, 34.7% and 32.5%, respectively, of our revenue in the respective years.
In 2023, 2024 and 2025, revenue from our five largest customers accounted for 63.4%, 67.1% and 65.8% of our total revenue, respectively.
Summary · 第 5 页
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Customer A accounted for 39.8%, 28.4% and 25.7% of our total revenue, respectively.
Business · 第 137 页
as a Tier 0.5 supplier, we participate in joint development with Customer A from as early as the concept validation stage and remain involved throughout design, development and mass production across multiple vehicle programs.
Our five largest customers in each year during the Track Record Period accounted for approximately 36.3%, 39.9%, and 39.1% of our total revenue, respectively, and the largest customer accounted for approximately 13.7% and 13.1% and 16.3%, respectively of our total revenue for the corresponding periods.
Summary · 第 4 页
A majority of our five largest customers had over 5 years of business relationship with us as at the Latest Practicable Date.
Summary · 第 4 页
To the best of our Directors’ knowledge, information and belief, the business customers and their ultimate beneficial owners are third parties independent of our Company, subsidiaries, shareholders, directors, senior management, employees, and their respective associates.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed 45.8%, 42.2% and 48.3%, respectively, to our total revenue for relevant years.
Summary · 第 6 页
Sales to our largest customer in each year during the Track Record Period accounted for 15.8%, 11.6% and 20.9% of our total revenue for relevant years.
Summary · 第 6 页
To the best knowledge of our Directors, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Revenue generated from our top five customers in each year during the Track Record Period accounted for 36.2%, 28.6% and 27.6% of our total revenue in 2023, 2024 and 2025, and revenue generated from our largest customer in each year during the Track Record Period accounted for 11.5%, 10.8% and 10.1% of our total revenue in the same years, respectively.
Summary · 第 3 页
Going forward, we also plan to further penetrate into other industries beyond semiconductor industries where we have accumulated experience and resources.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers in each period amounted to RMB1,117.8 million, RMB1,263.3 million and RMB2,130.8 million, representing 76.5%, 66.2% and 59.5% of our total revenue for the respective periods.
Summary · 第 4 页
We have implemented a multi-pronged strategy to reduce reliance on any single distributor, including MINISO, by establishing a broad, omni-channel sales and distribution network both domestically and internationally.
Business · 第 173 页
According to Frost & Sullivan, there exists adequate alternative distributors that are capable of distributing the Group’s pop toys at a similar scale to MINISO.
In 2023, 2024 and 2025, total revenue from our five largest customers was RMB615.0 million, RMB629.1 million and RMB571.5 million, respectively, accounting for 42.7%, 42.3% and 38.9% of our total revenue, respectively.
Summary · 第 6 页
In the same years, revenue from our single largest customer in each year during the Track Record Period was RMB471.6 million, RMB501.5 million and RMB477.0 million, respectively, accounting for 32.8%, 33.7% and 32.4% of our total revenue, respectively.
Business · 第 177 页
Xiaomi is our largest customer and significant commercial partner.
In 2023, 2024, and 2025, revenue generated from our top five customers in each applicable year accounted for 74.4%, 95.1%, and 78.3% of our total revenue, respectively, and revenue generated from our largest customer in each applicable year accounted for 32.2%, 81.5%, and 37.4% of our total revenue, respectively.
Summary · 第 5 页
According to CIC, customer concentration is common among those chip customization service companies with a high revenue contribution from AI-related applications, as the relevant customer base is relatively concentrated and primarily consists of a limited number of large downstream AI cloud service providers;
Business · 第 120 页
Revenue from Customer B accounted for 81.5% of our total revenue in 2024, because we completed chip design for various contracts with it and recognized revenue accordingly during the year.
In each year for the years ended December 31, 2023, 2024 and 2025, purchases by our five largest customers in each period accounted for 71.2%, 58.7% and 58.5% of our total revenue, respectively; during the same years, purchases by our largest customer accounted for 52.7%, 40.0% and 36.1% of our total revenue, respectively.
Business · 第 158 页
Our Directors consider that our customer concentration during the Track Record Period is mainly due to the concentrated nature of the downstream lithium-ion battery industry, and our ability to meet our customers’ requirements for product innovation and for stable supply at large scale.
Business · 第 158 页
We believe that it is mutually beneficial and complementary for both our major customers and us to maintain our business relationships.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed revenue of RMB1,758.9 million, RMB1,951.1 million and RMB2,620.1 million, respectively, accounting for 86.9%, 82.9% and 88.2% of our total revenue, respectively.
Summary · 第 3 页
Revenue from our largest customer in each year of the Track Record Period accounted 39.1%, 37.5% and 35.3% of our total revenue, respectively.
Business · 第 155 页
During the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with any of our five largest customers in each year of the Track Record Period, and currently there is no indication or sign that they will alter the existing relationship with us in any aspect in the near future.
北京⾼能时代环境技术股份有限公司Beijing GeoEnviron Engineering & Technology, Inc.
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 during the Track Record Period accounted for approximately 33.8%, 30.8% and 26.1%, respectively, of our total revenue for the respective year.
Summary · 第 6 页
Revenue from our largest customer in each year during the Track Record Period accounted for approximately 9.8%, 11.8% and 6.9% of our total revenue for the respective year.
Summary · 第 6 页
Through the cultivation of strong, positive relationships with our established suppliers and customers, we aim to periodically broaden our customer and supplier base, thereby mitigating operational risks associated with dependency on a singular entity;
Our revenue generated from our top five largest customers were RMB2,188.7 million, RMB2,775.3 million and RMB2,830.4 million for the year ended December 31, 2023, 2024 and 2025, respectively, accounting for approximately 52.9%, 56.5% and 51.6% of our total revenue for the respective periods.
Summary · 第 5 页
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 are independent.
Business · 第 139 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.
Our aggregate sales to our five largest customers in 2023, 2024 and 2025 were approximately RMB458.6 million, RMB441.5 million and RMB560.6 million, accounting for 96.2%, 92.2% and 79.3% of our total revenue for the respective years.
Summary · 第 4 页
Our aggregate sales to our largest customer in 2023, 2024 and 2025 were approximately RMB221.9 million, RMB228.8 million and RMB315.2 million, accounting for 46.5%, 47.8% and 44.6% of the total revenue for the respective periods.
Business · 第 140 页
We have concentration of credit risk as 53%, 52% and 39%, of the gross carrying amount of trade receivables was due from our largest customer as of December 3l, 2023, 2024 and 2025, respectively, while 93%, 92% and 74% of the gross carrying amount of trade receivables were due from our five largest customers as of December 31, 2023, 2024 and 2025, respectively.