依赖单一最大客户

During the Track Record Period, our five largest customers in each year/period together generated RMB730.8 million, RMB563.5 million, RMB722.5 million and RMB439.3 million of revenues, respectively, accounting for 43.8%, 43.0%, 36.9% and 28.8% of our total revenue, respectively.

To the best of our knowledge and as of the Latest Practicable Date, we were not aware of any information or arrangement that would lead to the termination of our relationships with any of our five largest customers.

We intend to continue to diversify our customer base.

In 2022, 2023, 2024 and the five months ended May 31, 2025, our five largest customers in each period of the Track Record Period together generated RMB119.2 million, RMB115.1 million, RMB158.4 million and RMB157.1 million of revenues, respectively, accounting for 36.4%, 34.9%, 37.6% and 42.1% of our total revenue for the respective years or periods, respectively.

To the best of our knowledge and as of the Latest Practicable Date, we were not aware of any information or arrangement that would lead to the termination of our relationships with any of our major customers.

None of our Directors and their respective associates, or Shareholders who owned 5% or more of the total issued Shares as of the Latest Practicable Date had any interest in any of our five largest customers during the Track Record Period.

Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB5,507.5 million, RMB12,018.8 million, RMB13,132.6 million and RMB5,751.4 million, respectively, and accounted for 40.8%, 87.0%, 86.6% and 79.7% of our total revenue for the same respective periods.

Revenue from Innovation New Material in 2022, 2023, 2024 and the five months ended May 31, 2025 amounted to RMB0.2 million, RMB10,891.8 million, RMB11,608.9 million and RMB4,315.9 million, respectively, and accounted for 0.0%, 78.8%, 76.6% and 59.8% of our total revenue for the same respective periods.

Short-distance transportation of liquid aluminum benefits both us, as an upstream electrolytic aluminum manufacturer, and Innovation New Material, as a downstream aluminum alloy processor.

Our revenue from our five largest customers in each period during the Track Record Period, calculated on the group level with entities controlled by the same group combined together, were RMB266.8 million, RMB199.1 million, RMB5,537.8 million and RMB85.0 million in 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively, representing 38.0%, 35.5%, 95.1% and 49.9% of our total revenue for the corresponding periods.

Our revenue from our largest customer in each period during the Track Record Period were RMB110.1 million, RMB83.6 million, RMB5,334.3 million and RMB31.1 million, respectively, representing 15.7%, 14.9%, 91.6% and 18.2% of our total revenue for the corresponding periods.

To the best of our knowledge, (i) all of our five largest customers for each year/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 five largest customers for each year/period during the Track Record Period.

In 2022, 2023, 2024 and the four months ended April 30, 2025, revenue generated from our five largest customers in each year or period of the Track Record Period in aggregate was RMB24,191 million, RMB27,927 million, RMB26,614 million and RMB21,303 million, representing 48.6%, 50.1%, 47.6% and 47.1% of our total revenue, respectively.

In 2022, 2023, 2024 and the four months ended April 30, 2025, revenue generated from our largest customer during the Track Record Period was RMB10,985 million, RMB13,578 million, RMB13,174 million and RMB4,577.7 million, representing 22.1%, 24.4%, 23.6% and 23.2% of our total revenue, respectively.

To the best of our knowledge, none of our Directors, their respective close associates or any Shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers during the Track Record Period.

In each of 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate revenue generated from our five largest customers in each year/period during the Track Record Period were US$51.7 million, US$56.1 million, US$51.4 million and US$25.9 million, representing 75.7%, 77.9%, 68.5% and 73.1% of our revenues, respectively.

Revenues generated from our largest customer in each year/period during the Track Record Period were US$21.2 million, US$22.5 million, US$30.7 million and US$11.1 million, representing 31.0%, 31.3%, 40.9% and 31.4% of our revenues, respectively.

As we continue to commercialize our Level 4 autonomous driving technology through executing our go-to-market strategies, our customer base and profile are expected to constantly change, and we expect to further reduce our customer concentration.

In 2023, 2024 and the four months ended April 30, 2025, our revenue generated from our five largest customers in each year/period during the Track Record Period in aggregate accounted for 99.3%, 86.6% and 91.2% of our total revenue in the respective year/period, respectively, and revenue generated from our largest customer alone in each year/period during the Track Record Period accounted for 51.1%, 65.1% and 77.2% of our total revenue in each respective year/period, respectively.

To the best of knowledge of our Directors, all of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.

Considering standard commercial practices and the prevailing market conditions, according to CIC, our retention of the exclusive API supply rights at beginning and subsequently transferring such rights are in line with industry norms and are supported by sufficient market basis and precedents.

In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue generated from our largest customer in each period accounted for 11.9%, 24.4%, 19.3%, 20.0% and 18.9% of our revenue during those periods, respectively.

Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB323.4 million, RMB526.5 million, RMB484.3 million, RMB196.6 million and RMB202.3 million, respectively, representing approximately 25.4%, 36.0%, 35.1%, 34.7% and 31.4% of our revenue in the corresponding periods, respectively.

Our major clients mainly consisted of (i) enterprises, which operate both online and offline businesses and aim to reach customers mainly in consumer goods, food and beverage, automotive and 3C industries, build or strengthen brand image, achieve sales conversion and realize business growth through different combinations of our full spectrum of marketing intelligence products and (ii) offline retail and restaurant chain operators, which are focused on building future-oriented stores that utilize smart operations to optimize their business processes, enhance customer experience, and sustain long-term growth.

Revenue from our five largest customers during the Track Record Period amounted to RMB7,354.3 million, RMB4,645.6 million, RMB5,937.4 million and RMB2,355.9 million in 2022, 2023, 2024 and the four months ended April 30, 2025, respectively, representing 9.1%, 6.3%, 7.6% and 8.0% of our total revenue for the same respective periods.

Our global and diverse customer base strengthens our resilience throughout economic cycles.

Revenue from our largest customer amounted to RMB1,868.2 million, RMB1,337.8 million, RMB1,956.9 million and RMB595.80 million in 2022, 2023, 2024 and the four months ended April 30, 2025, respectively, representing 2.3%, 1.8%, 2.5% and 2.0% of our total revenue for the same respective periods.

During the Track Record Period, revenue generated from our five largest customers in each period amounted to RMB3,332.1 million, RMB3,610.9 million, RMB4,063.9 million and RMB1,567.3 million, respectively, accounting for 64.0%, 63.9%, 58.3% and 63.2% of our total revenue from continuing operations in the same periods, respectively.

We have maintained long-term and stable collaborative relationships with our five largest customers for three to nine years.

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, and currently there is no indication or sign that they will alter the existing relationship with us in any aspect in the near future.

In 2022, 2023, 2024 and the five months ended May 31, 2025, our revenue generated from our five largest customers in aggregate in each year/period amounted to RMB180.8 million, RMB231.9 million, RMB338.9 million and RMB178.8 million, respectively, accounting for 85.1%, 73.3%, 72.6% and 71.7% of our total revenue, respectively.

Our reliance on a limited number of customers reflects China’s procurement regime under the VBP schemes and aligns with industry norms, according to CIC.

The relationships between the Group and its key distributors are unlikely to materially adversely change or terminate, and the Group has effective measures in place to mitigate the relevant risk exposure.

In 2022, 2023 and 2024, and the three months ended March 31, 2025, the aggregate revenues generated from our five largest customers in each period were RMB459.3 million, RMB466.9 million, RMB333.1 million and RMB116.2 million, representing 65.8%, 69.6%, 56.1% and 53.5% of our revenues, respectively.

According to Frost & Sullivan, customer concentration is common in the home EV charging industry in China, largely because there are relatively few EV manufacturers.

Our products and services are integrated into customers' operations, resulting in significant switching costs and operational risks for customers seeking to replace us.

Revenue from our largest customer in each year during the Track Record Period amounted to approximately HK$44.0 million and HK$59.6 million for FY2023/24 and FY2024/25, respectively, representing approximately 35.7% and 38.5% of our total revenue for the respective year.

It is an industry norm for E&M contractors in Hong Kong such as our Group to have a degree of customer concentration of up to 70% given the prominence of government and major corporate clients, a focus on capital-intensive, large-scale projects, and the specialised, technical nature of E&M services — such as HVAC, electrical systems, plumbing, and fire safety — which restricts the pool of both qualified providers and clients.

Our Directors confirm that our Group has not been suspended or revoked as an approved E&M contractor by any of our customers during the Track Record Period and up to the Latest Practicable Date.

Our revenue generated from our five largest customers in each year/period during the Track Record Period, on a consolidated basis, were RMB210.4 million, RMB386.3 million, RMB403.8 million and RMB89.3 million in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively, representing 60.2%, 69.4%, 66.4% and 65.6% of our total revenue for the corresponding year/period.

We normally require our distributors to make full payment before shipment, except that we may grant a credit term of 60 to 90 days to distributors that we consider crucial to our business.

To the best of our knowledge, (i) all of our five largest customers for each year/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 five largest customers for each year/period during the Track Record Period.

The aggregate revenue generated from our top five customers of each of the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025 amounted to RMB1,018.5 million, RMB966.4 million, RMB1,902.1 million and RMB610.8 million, which accounted for 83.6%, 64.6%, 74.4% and 81.1% of our total revenue of the relevant year/period, respectively.

According to CIC, the high concentration rate of major customers is the industry norm of the automotive intelligence industry, because of the strong demand for specific products and solutions, such as smart cockpits solutions, from certain vehicle models.

Looking ahead, our strategy involves expanding our design wins and prioritizing various high-quality vehicle models to achieve market success.

For the six months ended June 30, 2025, revenue contributed by our top five customers and our largest customer amounted to US$1,964.8 million and US$989.0 million, respectively, accounting for 98.4% and 49.6% of our total revenue for the same period, respectively.

We mainly identify and procure customers by inviting bids from potential customers.

Our Directors are of the view that there is not likely to be material adverse change and deterioration in or termination of the relationship between the Group and the Zijin Mining Group, on the basis that (i) Zijin Mining is and will continue to be our Controlling Shareholder, and (ii) the commercial relationship between Zijin Mining and us is longstanding and mutually beneficial.

For FY2022, FY2023, FY2024 and 5M2025, sales to our five largest customers in each year/period during the Track Record Period amounted to RMB295.67 million, RMB405.76 million, RMB398.40 million and RMB214.45 million, accounting for 91.34%, 91.08%, 87.26% and 92.83% of our total revenue, respectively, and sales to our single largest customer in each year/period during the Track Record Period amounted to RMB115.87 million, RMB143.83 million, RMB116.66 million and RMB103.28 million, accounting for 35.80%, 32.29%, 25.55% and 44.71% of our total revenue during the respective periods.

We have maintained good relationships with our major customers, and we have worked with most of them for over five years.

All of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.

In 2022, 2023 and 2024 and the six months ended June 30, 2025, our top five customers in each period during the Track Record Period accounted for 25.0%, 31.7%, 32.6% and 33.9% of our total revenue for the respective periods.

Our largest customer accounted for approximately 11.5%, 11.5%, 12.9% and 15.4% of our revenue in each year/period during the Track Record Period.

Customer A is a subsidiary of a leading e-commerce company listed on the NASDAQ and the Hong Kong Stock Exchange.

In 2023 and 2024 and first four months of 2025, our revenue was generated from three customers relating to multiple performance obligations including (1) grants of licenses to intellectual property rights and (2) the research and development services.

In 2023 and 2024 and the four months ended April 30, 2025, our revenue was mainly generated from three customers relating to multiple performance obligations including (1) grants of licenses to intellectual property rights, (2) the research and development services and

To the best of our knowledge, the three customers during the Track Record Period are Independent Third Parties.

In 2022, 2023, 2024 and the three months ended March 31, 2025, our revenue from our five largest customers in each year/period in the aggregate accounted for 18.3%, 17.5%, 18.9% and 18.1% of our total revenue during the corresponding years/periods, respectively.

Our revenue from the largest customer in each year/period during the Track Record Period accounted for 9.6%, 7.9%, 7.5% and 6.3% of the total revenue for the respective periods.

To the best of our knowledge, 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 in each year/period during the Track Record Period.