In 2023, 2024 and 2025 and the six months ended June 30, 2026, our revenue from our five largest customers, which were primarily drug distributors in China, in each year/period during the Track Record Period in aggregate accounted for 61.5%, 59.3%, 62.0% and 65.0% of our total revenue for the respective years/periods.
Summary · 第 9 页
Our revenue from our largest customer in each year/period during the Track Record Period accounted for 31.6%, 32.2%, 33.5% and 35.5% of our total revenue for the respective years/periods.
Business · 第 191 页
To the best of our knowledge, (i) all of our customers in 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 customers for each period during the Track Record Period.
During the Track Record Period and up to the Latest Practicable Date, we had no commercialized products and therefore no sale of products to customers.
Summary · 第 6 页
In 2025, we generated revenue from providing research and development services for an overseas customer, Customer A, which is a multinational pharmaceutical company.
Summary · 第 6 页
The customer engaged us to provide rAAV with our proprietary vectors to test the effect of our vectors on its product efficacy.
Revenue generated from our five largest customers accounted for 10.6%, 13.5%, 14.4% and 15.5% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively. Revenue generated from our largest customer accounted for 3.0%, 3.8%, 5.9% and 7.2% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · 第 4 页
As our products span a wide range of categories and are sold across over 140 countries and regions, our distributor base is highly diversified. As a result, we have a low level of distributor concentration risk.
Business · 第 171 页
Revenue generated from our largest distributor in each period accounted for 2.5%, 2.8%, 2.7% and 7.2%, respectively, of our total revenue in 2023, 2024 and 2025 and the three months ended March 31, 2026. Revenue generated from our ten largest distributors in each period accounted for 12.3%, 15.5%, 12.2% and 20.3%, respectively, of our total revenue during the same periods.
Our revenue from our five largest customers for each period during the Track Record Period amounted to RMB82.9 million, RMB322.3 million, RMB652.7 million and RMB433.2 million, respectively, accounting for 90.8%, 89.6%, 81.5% and 82.9% of our total revenue, respectively.
Summary · 第 8 页
Our revenue from our largest customer for each period during the Track Record Period amounted to RMB35.9 million, RMB139.6 million, RMB335.0 million and RMB224.4 million, respectively, accounting for 39.3%, 38.8%, 41.8% and 42.9% of our total revenue, respectively.
Business · 第 187 页
To the best of our knowledge, (i) all of our five largest customers for each period 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 period during the Track Record Period.
The aggregate revenue generated from our five largest customers in each year/period during the Track Record Period was RMB1,006.2 million, RMB1,098.4 million, RMB1,587.8 million, and RMB790.6 million, accounting for 21.0%, 17.8%, 16.7%, and 13.6% of our total revenue for the respective year/period.
Summary · 第 4 页
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the revenue generated from our largest customer in each year/period during the Track Record Period was RMB785.2 million, RMB795.0 million, RMB1,118.8 million, and RMB443.1 million, accounting for 16.4%, 12.9%, 11.8%, and 7.6% of our total revenue for the respective year/period.
Business · 第 173 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest customers in each year/period during the Track Record Period were Independent Third Parties, and none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year during the Track Record Period.
Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB462.4 million, RMB449.6 million, RMB547.8 million and RMB318.1 million for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 86.7%, 81.4%, 79.5% and 76.5% of our total revenue for the same year/period.
Summary · 第 7 页
Revenue from the largest customer in each year/period during the Track Record Period was RMB173.5 million, RMB137.1 million, RMB197.0 million and RMB112.6 million, respectively, accounting for 32.5%, 24.8%, 28.6% and 27.1% of our total revenue, respectively.
Business · 第 169 页
Our major customers consist of (i) direct customers, which are primarily cellular IoT module manufacturers and IoT hardware solution providers that incorporate our cellular IoT chips into their own products, and (ii) channel partners, which act as our contractual counterparties but primarily serve as procurement agents appointed directly by the underlying end customers to implement their procurement plans.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, revenue from our top five customers in each year/period amounted to RMB282.6 million, RMB292.1 million, RMB489.6 million and RMB276.2 million, respectively, accounting for approximately 88.2%, 82.3%, 78.4% and 75.7% of our total revenue for the same respective periods.
Business · 第 143 页
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our five largest customers in each year/period amounted to RMB282.6 million, RMB292.1 million, RMB489.6 million and RMB276.2 million, respectively; accounted for 88.2%, 82.3%, 78.4% and 75.7% of our total revenue for the same periods, respectively; and sales to our largest customer amounted to RMB91.0 million, RMB74.3 million, RMB139.3 million and RMB121.4 million, respectively; accounted for 28.4%, 20.9%, 22.3% and 33.3% of our total revenue for the same periods, respectively.
Business · 第 140 页
We have entered into long-term agreements with the majority of our major customers with a term of over three years, and have maintained business relations with our key customers of acoustic enhancement material products for over seven years.
In 2024 and 2025 and for the six months ended June 30, 2026, the aggregate revenue from our only two customers was RMB168.8 million, RMB37.3 million and RMB53.3 million, respectively.
Summary · 第 7 页
During the Track Record Period, all our revenue was generated from two customers who were both pharmaceutical companies.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
前五大客户收入占比逾七成且最大客户占比过半
In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from our five largest customers in each period amounted to RMB1,297.1 million, RMB745.0 million, RMB1,261.4 million and RMB1,475.3 million, respectively, accounting for 82.3%, 73.0%, 72.2% and 74.8% of our total revenue in the respective period.
Business · 第 155 页
In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from Group A in each period amounted to RMB947.5 million, RMB605.0 million, RMB844.7 million and RMB1,105.3 million, respectively, accounting for 60.1%, 59.3%, 48.4% and 56.1% of our total revenue in the respective period.
Business · 第 156 页
Our Directors consider that our customer concentration during the Track Record Period is mainly due to the high concentration 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.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
最大客户及前五大客户收入占比较高
In 2023, 2024, 2025 and for the six months ended June 30, 2026, revenue generated from our top five customers for each year/period during the Track Record Period amounted to approximately RMB2,041.0 million, RMB2,403.2 million, RMB2,094.4 million and RMB1,259.4 million, representing 56.4%, 52.2%, 40.2% and 47.3% of our total revenue of such year, respectively.
Business · 第 165 页
Revenue generated from our largest customer for each year/period during the Track Record Period amounted to approximately RMB1,554.4 million, RMB1,623.7 million, RMB1,241.8 million and RMB748.6 million, representing 43.0%, 35.3%, 23.8% and 28.1% of our total revenue in the same year, respectively.
Business · 第 165 页
our Directors are of the view, and the Sole Sponsor concurs, that the relationship between our Group and our key customers is unlikely to materially adversely change or terminate.
In 2023, 2024 and 2025 and the six months ended June 30, 2026, our top five customers together accounted for 59.9%, 56.0%, 59.2% and 54.3%, respectively, of our total revenue, and our largest customer accounted for 21.6%, 16.2%, 19.1% and 17.6%, respectively, of our total revenue.
Summary · 第 5 页
We have developed established relationships with many of our customers and a significant portion of our revenue is generated from repeat customers.
Summary · 第 5 页
During the Track Record Period, all of our top five customers in each year or period during the Track Record Period were independent third parties.
Our revenue from the five largest customers in each period during the Track Record Period was RMB19.1 million, RMB29.6 million, RMB36.5 million and RMB34.4 million, respectively, accounting for 20.5%, 21.9%, 14.4% and 25.5% of our total revenue, respectively.
Business · 第 171 页
Our revenue from the largest customer in each period during the Track Record Period was RMB5.5 million, RMB8.2 million, RMB10.1 million and RMB13.4 million, respectively, accounting for 5.8%, 6.1%, 4.0% and 9.9% of our total revenue, respectively.
Business · 第 171 页
To our best knowledge, all of our five largest customers in each period during the Track Record Period were independent third parties.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, sales to our five largest customers amounted to RMB2,470.4 million, RMB2,187.6 million, RMB2,406.0 million and RMB784.9 million, respectively, accounting for 54.5%, 51.9%, 50.7% and 50.3% of our total sales in the respective periods.
Summary · 第 3 页
ISSI had established and maintained the business relationship with Customer A before it became a member of our Group, and we have continued this cooperation following our acquisition of ISSI.
During the Track Record Period, we generated revenue of S$35.7 million, S$61.3 million, S$68.2 million and S$62.5 million from the provision of M&E engineering services to our top five customers in 2023, 2024, 2025 and the six months ended 30 June 2026, respectively, accounting for 75.2%, 76.8%, 56.1% and 60.5% of our total revenue, respectively.
Summary · 第 3 页
In addition, during the Track Record Period, revenues generated from our largest customer in each year accounted for 24.7%, 32.3%, 21.0% and 25.4% of our total revenue, respectively.
Business · 第 125 页
There is a concentration in our customer base due to the size of the M&E engineering projects we undertook.
Revenue from our five largest customers in each period during the Track Record Period accounted for approximately 53.7%, 81.6%, 80.2% and 94.3% of our total revenue in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
Summary · 第 7 页
Our relatively high customer concentration in terms of sales during the Track Record Period was primarily attributable to the project-based nature of our large-scale ESS solutions business.
Business · 第 140 页
For instance, we generated revenue of RMB831.9 million from our deployment in the Inner Mongolia 500 MW/2,000 MWh project, which accounted for approximately 44.5% of our total revenue in 2025.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
前五大客户收入占比逾七成且最大客户占比上升
In 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, revenue generated from our top five customers in each applicable period accounted for 84.7%, 69.5%, 77.0%, 71.6%, and 88.1% of our total revenue, respectively, and revenue generated from our largest customer in each applicable period accounted for 36.9%, 57.3%, 66.0%, 57.6% and 68.1% of our total revenue, respectively.
Summary · 第 12 页
Customer A was our largest customer in each applicable period during the Track Record Period, contributing RMB874.3 million, RMB1.37 billion, RMB2.31 billion, RMB762.3 million, and RMB1.71 billion, representing 36.9%, 57.3%, 66.0%, 57.6%, and 68.1% of our total revenue in 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, respectively.
Business · 第 157 页
According to CIC, reliance on major customers is an industry norm because the shipping industry is highly concentrated, with the top 10 container shipping groups accounted for 84.5% of total global operational container shipping volume capacity in 2025.
Revenue from our largest customer in each year/period during the Track Record Period amounted to RMB4.3 million, RMB1.0 million and RMB557.4 million, accounted for 91.4%, 75.6% and 99.9% of our sales for the respective year/period.
Summary · 第 8 页
Revenue from our four customers in 2024, three customers in 2025 and four customers in the five months ended 31 May 2026, amounted to RMB4.7 million, RMB1.3 million and RMB557.7 million, accounted for 100%, 100% and 100% of our sales for the respective year/period.
Business · 第 206 页
Revenue from technical services during the Track Record Period was concentrated due to the early-stage nature of our business operation.
For the same years/periods, revenue from our largest customer in each year/period during the Track Record Period were RMB149.3 million, RMB361.7 million, RMB384.4 million and RMB138.8 million, respectively, accounting for 72.6%, 90.8%, 85.6% and 77.4% of our total revenue, respectively.
Summary · 第 7 页
This dependency is primarily attributable to our long-standing and deep-rooted partnership with Customer A/H, which has been instrumental in positioning us as a key supplier for Customer A's ICV platforms.
Business · 第 150 页
As Customer A/H's largest supplier in the field of intelligent connectivity solutions, our relationship with Customer A/H is mutually beneficial.
In 2023, 2024 and 2025 and for the five months ended May 31, 2026, revenue contributed from our five largest customers amounted to RMB11.9 billion, RMB24.8 billion, RMB31.3 billion and RMB12.3 billion, accounting for 77.9%, 88.7%, 90.0% and 90.1% of our revenue in the respective years/period, while revenue contributed from our largest customer amounted to RMB6.1 billion, RMB17.2 billion, RMB24.7 billion and RMB9.3 billion, accounting for 39.9%, 61.6%, 71.0% and 68.2% of our revenue in the respective years/period.
Summary · 第 3 页
During the Track Record Period, we primarily sold our products to our top five customers and may be susceptible to concentration risk.
Business · 第 150 页
According to Frost & Sullivan, it is common in the precision optical solutions industry to generate a majority of revenue from a limited number of key customers, as precision optical solutions providers are often closely tied to smart device manufacturers and need to pass rigorous reliability testing, environmental adaptability verification and long-term supply commitments before entering their supply system.
Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB4,082.0 million, RMB4,063.5 million, RMB4,322.3 million and RMB1,007.8 million in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, representing 81.7%, 80.2%, 68.1% and 68.3% of our total revenue, respectively.
Summary · 第 6 页
According to Frost & Sullivan, such customer concentration is in line with industry norms for industrial intelligence platforms incubated by major manufacturing groups.
Summary · 第 13 页
Our Directors believe that our business relationship with Haier Group is commercially beneficial and mutually complementary and is in the best interests of our Company and does not give rise to any undue reliance on Haier Group.